Mr. Edward Fu reports

MINTO APARTMENT REIT ANNOUNCES EXTENSION OF FIFTH + BANK OPTION TO PURCHASE AND CONVERTIBLE DEVELOPMENT LOAN

Minto Properties Inc. (MPI) has agreed to extend the outside date for the Minto Apartment Real Estate Investment Trust's option to purchase Fifth + Bank to Dec. 31, 2023 (previously June 30, 2023), and to extend the maturity date of the convertible development loan related to Fifth + Bank (the CDL) until Jan. 31, 2024 (previously July 31, 2023).

In addition, MPI has agreed to amend the coupon payable under the CDL commencing July 1, 2023, to be equal to the all-in interest rate the REIT pays from time to time for its revolving credit facility, subject to a maximum interest rate payable of 7 per cent per annum and a minimum interest rate payable of 5 per cent per annum. Currently, the CDL coupon is 6 per cent per annum, and the REIT's cost on its credit facility is approximately 6.68 per cent per annum.

"MPI continues to work collaboratively with the REIT on these amendments," said Jonathan Li, the REIT's incoming chief executive officer. "The extension of the purchase option provides the REIT with further optionality to purchase an attractive asset, and the amendment to the CDL coupon means that the CDL coupon will be equal to the current cost of capital on the REIT's credit facility."

Fifth + Bank is a newly constructed 163-suite mixed-use multiresidential rental and retail property located at 99 Fifth Ave. in the Glebe neighbourhood of Ottawa, Ont. The REIT has the exclusive option to purchase the property at 95 per cent of its then appraised fair market value as determined by independent and qualified third party appraisers.

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 and developments located in Toronto, Montreal, Ottawa, Vancouver, Victoria, Calgary and Edmonton.

We seek Safe Harbor.