Mr. Paul Baron reports

MINTO APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES CLOSING OF GOING-PRIVATE TRANSACTION WITH CRESTPOINT REAL ESTATE INVESTMENTS LIMITED PARTNERSHIP AND MINTO GROUP

Minto Apartment Real Estate Investment Trust has closed its previously announced plan of arrangement pursuant to which an affiliate of Crestpoint Real Estate Investments LP acquired all of the REIT's issued and outstanding trust units, other than trust units held directly or indirectly by Minto Properties Inc. and its affiliates and certain senior officers, for $18.00 per trust unit in cash.

In connection with the completion of the transaction, the trust units were delisted from the Toronto Stock Exchange at the close of trading on Aug. 6, 2026. An application has been made for the REIT to cease to be a reporting issuer under applicable Canadian securities laws.

Consideration for the trust units has been remitted to TSX Trust Company as depositary under the arrangement, and will be paid to former holders of trust units as soon as reasonably practicable after the date hereof (or, in the case of registered holders of trust units, as soon as reasonably practicable after a properly completed and signed letter of transmittal is received by the depositary together with the certificate(s) (if applicable) representing trust units formerly held).

Further details regarding the arrangement are set out in the news release of the REIT dated Jan. 5, 2026, and the REIT's management information circular dated Jan. 29, 2026, each of which are available under the REIT's SEDAR+ profile.

Early warning reporting

Further to the requirements of National Instrument 62-104 -- Take-Over Bids and Issuer Bids and National Instrument 62-103 -- The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers, Minto Partnership B LP will file an amended early warning report and Crestpoint will file a new early warning report in connection with the closing of the transaction.

The transaction was completed pursuant to the terms of the arrangement agreement dated Jan. 5, 2026, as amended by amending agreements dated March 2, 2026, and July 31, 2026, between the REIT, Minto Apartment GP Inc., Minto and Crestpoint.

Immediately before the completion of the transaction, Minto Partnership B LP and its affiliates had ownership of, or exercised control or direction over: (i) 25,755,029 special voting units of the REIT issued in connection with the outstanding Class B limited partnership units of Minto Apartment LP, an Ontario limited partnership and the operating subsidiary of the REIT; and (ii) 896,459 trust units, collectively representing 42.7 per cent of the total voting interest in the REIT. Following completion of the transaction, Minto and its affiliates, including Minto Partnership B LP, collectively own limited partnership interests in the partnership representing an approximate 49.3-per-cent ownership interest. A copy of the amended early warning report will be filed with the applicable securities commissions and will be made available under the REIT's SEDAR+ profile. Further information and a copy of the amended early warning report of Minto Partnership B may be obtained by contacting: Paul Baron, chief financial officer, Minto Group, 613-782-5765. Minto Partnership B is an Ontario limited partnership and an indirect subsidiary of Minto. The head office address of Minto Partnership B and the REIT is 200-180 Kent Street, Ottawa, Ont., K1P 0B6.

Immediately before the completion of the transaction, Crestpoint Real Estate (Pine) LP (the acquiror) did not have ownership of, or exercise control or direction over, any trust units. Following completion of the transaction, the acquiror owns limited partnership interests in the partnership representing an approximate 50.06-per-cent ownership interest. A copy of the early warning report will be filed with the applicable securities commissions and will be made available under the REIT's SEDAR+ profile. Further information and a copy of the early warning report of acquiror may be obtained by contacting: Lindsay Stiles, chief operating officer, Crestpoint, 416-523-6269. The acquiror, a limited partnership existing under the laws of the Province of Ontario, is an affiliate of Crestpoint. Crestpoint is an affiliate of Connor, Clark & Lunn Financial Group Ltd. The head office address of acquiror is 130 King St. West, suite 1400, Toronto, Ont., M5X 1C8.

Minto, Crestpoint and the retained interest holders have entered into certain postclosing governance arrangements with respect to the business and affairs of the partnership and the REIT.

About Minto Apartment Real Estate Investment Trust

The REIT is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multiresidential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multiresidential rental properties located in Toronto, Montreal, Ottawa, Calgary and Vancouver.

About Crestpoint Real Estate Investments Ltd.

Crestpoint Real Estate Investments is an affiliate of Connor, Clark & Lunn Financial Group (CC&L), a multiboutique asset management firm whose affiliates collectively manage over $222-billion in assets for individuals, advisers and institutional investors. Established in 1982, CC&L has over 40 years of experience and has grown to be one of Canada's largest independently owned asset management firms with a presence across North America, Europe and Asia. CC&L's strategies span across equities, fixed income, alternative investments and multiassets.

Crestpoint, established in 2010, focuses on commercial real estate and debt investments. Crestpoint collectively manages approximately $14-billion on behalf of institutional and high-net-worth clients and is a rapidly growing real estate investment and asset manager across Canada. Crestpoint's strategies span core plus real estate, opportunistic real estate, commercial debt investment, and segregated funds and co-investments in all four major sectors in real estate.

About Minto Group

The Minto Group is a premier real estate firm in Canada with a fully integrated real estate investment, development and management platform. Founded in 1955, Minto has built more than 100,000 new homes and continues to own and manage residential and commercial rental properties. With over 1,300 employees in Canada and the United States, the company's expertise spans the full spectrum of real estate investment disciplines. Minto has been recognized by Deloitte as one of Canada's best managed companies.

We seek Safe Harbor.