Mr. Michael Waters reports

MINTO APARTMENT REIT ANNOUNCES APPOINTMENT OF PRESIDENT AND CHIEF OPERATING OFFICER

Minto Apartment Real Estate Investment Trust has appointed Jonathan Li as president and chief operating officer, effective April, 2022. In this role, Mr. Li will work with Michael Waters, chief executive officer of the REIT, on the overall strategic direction of the REIT, including investment performance and growth, capital structure, and communication with key stakeholders.

Mr. Li brings over 20 years of capital market experience to the REIT, having worked in investment and corporate banking at BMO Capital Markets, most recently as a managing director in the North American real estate investment banking group. He has acted as an adviser to some of North America's most prominent REITs, including Minto Apartment, and his experience includes strategic growth, market positioning, acquisitions, divestitures, capital raising, capital structure management and dividend policy. Mr. Li has raised over $14-billion of equity and debt capital and advised on over $10-billion of merger-and-acquisition transactions in the REIT sector. He holds a bachelor of commerce degree from McGill University.

Roger Greenberg, chairman of the REIT, commented: "I am delighted to welcome Jonathan to the REIT's senior leadership team. He has been a trusted adviser, and his breadth of financial knowledge, leadership skills and relevant experience will be very valuable assets to the REIT."

Michael Waters, chief executive officer of the REIT, added: "Jonathan's extensive capital markets experience and industry relationships are highly complementary to our existing investment, development and asset management teams. His intimate knowledge of the REIT, its portfolio and our key executives will allow him to fit in seamlessly and help drive our strategic growth objectives to create long-term unitholder value."

About Minto Apartment Real Estate Investment Trust

Minto Apartment 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, Edmonton and greater Vancouver.

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