Mr. Todd Cook reports

NORTHVIEW FUND ANNOUNCES RESULTS OF VOTING FOR TRUSTEES AT ANNUAL AND SPECIAL MEETING OF UNITHOLDERS AND PROVIDES UPDATE ON TRANSACTION CLOSING

Northview Fund has released the results of voting at its annual and special meeting of unitholders held earlier today. The fund received overwhelming approval to all items voted on, including the transaction (as defined herein), election of nominees listed in the management information circular dated June 30, 2023, as trustees of the fund, appointment of the auditor and the adoption of an equity incentive plan.

Recapitalization transaction

At the meeting, unitholders approved the special resolution, the full text of which is set out in Appendix H to the management information circular dated June 30, 2023, approving the acquisition of three portfolios of properties in accordance with three separate purchase and sale agreements, each dated June 12, 2023, and the proposed amendments to the fund's second amended and restated declaration of trust dated Feb. 15, 2022, and certain other matters, including the determination of the "carried interest" represented by the existing Class B limited partnership units of Northview Canadian HY Holdings LP (the transaction), as more particularly described or otherwise set forth in the circular.

The attached table is a summary of the votes cast by unitholders, voting together as a single class.

The transaction also received the requisite majority of the minority approvals required under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101) and the TSX Company Manual. The attached table is a summary of the votes cast by unitholders (excluding units of the fund held by unitholders required to be excluded pursuant to MI 61-101).

Election of trustees

Unitholders also voted in favour of all trustees nominated at the meeting. Detailed results of the election of trustees are provided in the attached table.

Appointment of auditor

At the meeting, unitholders also voted on the appointment of KPMG LLP as auditor of the fund until the next annual meeting of unitholders or until a successor is appointed, and the trustees of the fund were authorized to fix the remuneration of the auditor.

Equity incentive plan

At the meeting, unitholders voted on approving the adoption of the fund's equity incentive plan.

Details of the voting results on all matters considered at the meeting are available in the fund's report of voting results, which is available under the fund's profile on SEDAR.

Transaction update

Subject to the satisfaction or waiver of customary closing conditions, the transaction is expected to be completed on or about Aug. 14, 2023, with the trading of Northview's units on a consolidated basis, under the name Northview Residential REIT and new ticker symbol to NRR.UN to occur shortly thereafter.

About Northview Fund

The fund is a closed-end fund established pursuant to a declaration of trust under the laws of the Province of Ontario for the primary purpose of indirectly acquiring, owning and operating a portfolio of income-producing rental properties in secondary markets within Canada.

We seek Safe Harbor.