Mr. Todd Cook reports

NORTHVIEW RESIDENTIAL REIT ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED RECAPITALIZATION TRANSACTION, INCLUDING THE ACQUISITION OF THREE PORTFOLIOS FOR $742 MILLION

Northview Fund has completed its unitholder-approved recapitalization transaction, including the acquisition of three multifamily portfolios comprising 20 properties for an aggregate purchase price of approximately $742-million. As a result of the transaction, the existing Class C units and Class F units were subdivided by their exchange ratios and the exchange ratios were amended such that Class C units and Class F units are now exchangeable on a 1:1 basis for the REIT's (real estate investment trust) listed Class A units. Effective upon closing of the transaction, the REIT's name was changed from Northview Fund to Northview Residential REIT.

Immediately following the closing of the transaction, each of the REIT's classes of trust units was consolidated on a 1:1.75 basis. The REIT's transfer agent will mail letters of transmittal to registered unitholders to facilitate the consolidation.

Effective opening of trading on Aug. 23, 2023, the Class A units are expected to trade on an as-consolidated basis under the new ticker symbol NRR.UN.

About Northview Fund (Northview Residential REIT)

The REIT is a real estate investment trust 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.