IPO Investor Presentation June 2018

This presentation is date d Ju ne 22 , 2018. A final prospectus containing i m po rtan t information relating to the securities describedin this presentation has bee n fi le d with securities commissions or similar authorities in e ach of the provinces and territories of Canada. A copy of the final prospectus, and any amendment thereto, is re quired to be delivered with this presentation. This presentation d oe s no t provide ful l disclosure of all mate rial facts relating to the securities offered. Inve stors should re ad the final prospectus and any amendments thereto for disclosure of th os e facts, especially risk factors relating to the securities offered, be fore making an investment de cis i o n. Disclaimer

General Prospective investors should rely only on information contained in the final prospectus dated June 22, 2018 (the “prospectus”). Th is presentation is qualified in its entirety by reference to, and must be read in conjunction wi th, the information contained in the prospectus. A prospective investor is not entitled to rely on parts of the information contained in this presentation to the exclusion ofothers. None of Mi n to Apartment Real Estat e Investment T rust (the “REIT”, “us”, “we” or “our”), Mi n to Properties Inc. (“MPI” or the “Promoter”), nor the Underwriters has authorized any other person to provide prospective investors with different information. Ifa prospective investor isprovided with different or inconsistent information, the prospective investor should not rely on such information. Neither the REIT nor the Unde rwrit ers is making an offer to sell Units in any jurisdiction wh ere such an offer or sale is prohibited. Unless otherwise stated, the information contained in th is presentation is accurate only as of the date of th is presentation, regardless of the tim e of delivery of this presentation or any sale of Units. The REIT’s business, financial condition, results of operations and prospects may have changed since the date of this presentation. No securities regulatory authority has expressed an opinion about the securities and it is an offence to claim otherwise. The securities have not been, and wil l not be, register ed under the Uni ted States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United Stat es and may not be offered, s o l d, or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The prospectus does no t constitute an offer to sell or solicitation ofan offer to buyany of these securities in the United States. All dollar am o un ts in this presentation are sta ted in Canadian d o ll ars and refer ences to dollars or “$” are to Canadian currency, unless otherwise indicated. Capitalized terms that are not defined in thi s presentation have the meanings ascribed to them in the prospectus. Graphs and tables demonstrating the historical performance of the Initial Properties contained in this presentation are intended only to illustrate past perfo rmance and are not necessarily indicative of future performance. Marke t and Industry Data This presentation includes market and industry data and forecasts that we re obtained from third-­‐party sources, industry publications and publicly available information as well as industry data prepa red by management on the basis of its knowledge of the mu l ti -­‐residential rental sector in w h i ch the REIT wi ll op erat e (includingmanagement’s estimates and assumptions relating to the sector based on that knowledge). Management’s knowledge of the Canadian mu l ti -­‐ residential rental sec tor has been developed through its experience and participation in the sector. Management believes that its industry data is accurat e and that its estimat es and assumptions are reasonable, but there can be no assurance as to the accuracy orcompleteness of this data. Third-­‐party sources generally state that th e information contained therein has been obtained from sources believed to be reliable, but there c an be no assurance as to the accuracy or completeness of included information. Although management believes it to be reliable, neither the REIT nor the Underw rite rs have independently verified any of the data from management or third-­‐par ty sources ref er red to in this presentation, or analyzed or verified the underlying studies or s urveys relied upon or referred to by such sources, or ascertained the underlying economic assumptions relied u po n by su ch s o urces . Forward-­‐Looking Information This presentation contains “forward-­‐looking information” as defined under Canadian securities laws (collectively, “forward-­‐looking statements”) w h i ch reflect manag ement’s expectations rega rding objectives, pl an s , go al s, strategi es, future growth, results of operations, performance and business prospects and opportunities of the REIT. The words “p l an s ”, “expects”, “do es no t expect”, “goals”, “seek”, “strategy”, “future”, “estimates”, “intends”, “anticipates”, “does not anticipate”, “projected”, “b eli eves” or variations of su ch wo rd s and phrases or statements to the effect that ce rtain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”, “likely”, “occur”, “be achi eved ” or “continue” and similar expressions identify forward-­‐looking statements. In addition, any statements tha t refer to exp ecta tions, intentions,projections or other charact erizations of future ev ents or circumstances contain forward-­‐ looking statements. Forward-­‐looking statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-­‐looking statements a re qualified in their entiret y by the inherent risks, uncertainties and changes in circumstances surrounding future expecta tions w h i ch are difficult to predict and many of wh i c h are beyond the control of the REIT, including that the transactions contemplated herein and in the prospectus are completed. Forward-­‐looking statements are necessarily based on a number of estimates and assumptions that, while co ns i d ered reasonable by management of the REIT as of the date of thi s presentation, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The REIT’s estimates, beliefs and assumptions, wh i ch may prove to be incorrect, include the various assumptions set forth herein, including, bu t not limited to, the REIT’s future growth potential, results ofoperations, future prospects and opportunities, demographicand industry trends, no change in legislative or regulatory matt ers, future levels of indebtedness, the tax laws as currently in effect, the continuing availability of capital and current economic conditions. When relying on forward-­‐looking statements to mak e decisions, the REIT cautions readers not to place undue reliance on these statements, as forwa rd-­‐looking statements involve significant risks and uncertainties. Forwa rd-­‐looking statem ents s h o ul d not be read as guarantees of future performance or results and will notnecessarily be accurate indications of whether or not the times at or by whi ch such performance or results will be achieved. For further details on the forward-­‐looking information i ncl u ded in this presentation, see “Forward-­‐Looking Statements” in the prospectus. An investment in our trust units is subject to a number of risks that should be considered by a prospective purchaser. Prospective purchasers should carefully co ns i d er the risk factors described under “Risk Factors” in the prospectus before purchasing u ni ts . Ifany risks or uncertainties described in the prospectus materialize, or if the o pi ni o n s, estimates or assumptions underlying the forward-­‐looking statements prove incorrect, ac tual results or future events might vary materially from those anticipated in the forwa rd-­‐looking statements. The opinions, estimates or assumptions refer red to in and described in great er detail in the prospectus should be considered carefully by reade rs. Although management has attempted to identify i m po rtan t risk factors that co u ld cause actual results to differ materially from tho s e contained in forward-­‐looking statements, there may be other risk factors no t presently kn o wn or that management believes are not material that could also cause actual results or futu re events to differ materially from those expressed in such forward-­‐looking statements. Cert ain statements included in this presentation may be co ns i d ered a “financial outlook” for purposes of applicable Canadian securities l aws, and as such, the financial outlook may not be appropriate for purposes other than thi s presenta tion. All forward-­‐looking statements are based only on information currently available to the REIT and are made as of the dat e of this presentation. Except as expressly required by applicable Canadian securities law, the REIT assumes no obligation to publicly update or revise any forward-­‐looking statement, whether as a result of new information, future events or otherwise. All forward-­‐looking statements in thi s presentation are qualified by these cautionary statements. Non-­‐IFRS Measures In thi s presentation, the REIT uses certain non-­‐IFRS financial measures, which include funds from operations (“FFO”), adjusted funds from operations (“AFFO”), net operating i n co m e (“NOI”) and Same Property NOI to measure, compare and explain the operating results and financial performance of the REIT. Th ese t erms are commonly used by entities in the real estateindustry as useful metrics for measuring performance. How eve r, they do not have any standardized meaningprescribed by IFRS and are not necessarily comparable to similar measures presented by other publicly traded entities. These measures should be considered as supplemental in nature and not as a substitute for relat ed financial information prepared in accordance with IFRS. For further details on these no n -­‐IFRS measures and real estate industry metrics, including relevant definitions and reconciliations, see “N o n -­‐IFRS Measures” in the prospectus. Comparable Companies Any comparables used in thi s presentation outline cert ain public company and real esta te investment trusts ( the “Comparables”). The Comparables are considered to be an appropriate basis for comparison with the REIT based on their similar size, industry, fo cu s and additional criteria. The information relating to the Comparables has been obtained or derived from public so u rces . The REIT and the Underwrite rs have relied up o n and have not attempted to independently verify the completeness, accuracy and fair presentation of su ch information. If the Comparables contain a misrepresentation, investors do not have a remedy under securities legislation in any province of Canada. Investors are cautioned that the re are risks inherent in making an investment decision based on the Comparables, that past and estimated performance is not indicative of future performance, and that the performance of the REIT may materially differ from that of the Comparables. Accordingly, an i nves tm en t decision s ho u ld not be made in reliance on the Comparables.

Minto Apartment | REIT IPO Investor Presentation | PG 2 Presenters

Michael Waters, Chief Executive Officer Minto Apartment REIT • CEO of The Minto Group of Companies (“Minto”) since 2013; CFO 2007-­‐2011; President of Minto Communities 2011-­‐2013 • Over 25 years experience in real estate finance, investment and development, and financial advisory services • Led the transformation of Minto -­‐ into a world class, fully-­‐integrated real estate investment management company • Previous experience at Intrawest Corporation, PricewaterhouseCoopers LLP and KPMG LLP • Serves on the board of REALpac, Algonquin College and the Algonquin Foundation • Bachelor of Commerce, UBC; CPA, CA; Chartered Financial Analyst charterholder; MBA, Wharton School

Robert Pike, President and Chief Operating Officer Minto Apartment REIT • President of Minto Properties since 2011 • Over 37 years of real estate experience • Responsible for investment and asset management, investment transactions, development and property operations • Previous experience with ING Real Estate Canada, Summit REIT, First Pro Shopping Centres, Meritus Realty Advisors, and Beutel Goodman Real Estate Group • Bachelor of Commerce, McMaster University; Institute of Corporate Directors designation (ICD.D)

Julie Morin, Chief Financial Officer Minto Apartment REIT • Chief Financial Officer of the Minto Group of Companies following recent promotion, previously Vice President Finance, Minto since 2014 • Finance professional with over 20 years of experience • Responsible for overall strategic and financial management, including financial -­‐ reporting, long range business planning, treasury and tax • Previous experience Telesat with Canada, Brookfield Renewable Energy Group and Ernst & Young LLP • Bachelor of Commerce, University of ; CPA, CA

Minto Apartment | REIT IPO Investor Presentation | PG 3 REIT Overview

The REIT’s portfolio will consist of all of Minto’s wholly-­‐owned multi-­‐residential properties

22 %(1) $ (1) properties comprising ~98 1,358 Occupancy Average 4,279 monthly rent suites

EDMONTON Number Num of Properties: 3 Number Num of Suites: 251 CALGARY Number Num of Properties: 1 Number Num of Suites: 144 OTTAWA Number Num of Properties: 14 Number Num of Suites: 3,060 TORONTO Number Num of Properties: 4 1.As at March 31, 2018; excludes furnished suites and 12 suites held offline for Number Num of Suites: 824 renovations as at March 31. Occupancy inclusive of the offline suites is 97.7%

Opportunity to invest in high -­‐ quality multi residential rental properties strategically located across attractive centres urban in Canada

Minto Apartment | REIT IPO Investor Presentation | PG 4 The Minto Group of Companies

Premier Canadian fully integrated real estate company with 63 years of history

85,000+ new homes built 1,100 employees in Canada and the United States 13,000+ rental suites managed Developed 15 of the 22 2.5 million sq. ft properties in the REIT, owned and/or of commercial space managed 85% of the portfolio for > 10 years $4.1 billion of real estate $1.9 billion of multi-­‐residential assets under management transactions since 2010

Motivation for Launching Minto Apartment REIT • Minto intends to use the REIT as its exclusive income-­‐producing multi-­‐residential vehicle over time • Access to capital to fund Minto's multi-­‐residential deal flow • Family estate-­‐planning purposes

Minto Properties to retain an effective 62.4% interest in the REIT following the closing of the IPO, ensuring its interests are aligned with Unitholders

Minto Apartment | REIT IPO Investor Presentation | PG 5 A Leader in the Industry

2017 -­‐ Amenities Award of Excellence 2017 -­‐ Customer Service Award of Excellence 2016 -­‐ Community Service Excellence 2016 -­‐ Certified Rental Building Member Company of the Year

2016 -­‐ New Home Builder of the Year (Large Volume) Four-­‐time winner -­‐ Green Builder of the Year

2016 -­‐ Project of the Year (High -­‐ or Mid Rise) for Bside at Minto Westside, Toronto Two-­‐time winner -­‐ Ontario Home Builder of the Year

LEED Gold Certification for 979 in Ottawa, Martin Grove in Toronto and Roehampton in Toronto LEED SILVER for Minto Place and 180 Kent in Ottawa

Two-­‐time winner -­‐ Green Builder of the Year (Low-­‐Rise) (including 2017)

1 of 4 Canadian builders selected and recognized in 2017 for designing, building and selling high production Net Zero homes.

2016 GOLD Certification at Canada Building, 344 Slater Street and 180 in Ottawa 2016 PLATINUM Certification at Enterprise Building, 427 West in Ottawa

Minto Apartment | REIT IPO Investor Presentation | PG 6 Investment Highlights

Attractive Asset Class with High Quality Compelling Portfolio with Strategic Avenues Supply/Demand Significant Scale for Growth Characteristics 1 2 3

Benefits of an Experienced Industry-­‐Leading Management Conservative Vertically-­‐Integrated Team and a Strong Financial Metrics Platform with Strong Independent Support Growth and Alignment of Interests Board of Trustees Distributions 4 5 6

Minto Apartment | REIT IPO Investor Presentation | PG 7 Martin Grove, Toronto

Parkwood Hills, Ottawa

Attractive Asset Class with Compelling Supply/Demand Characteristics

Minto one80five, Ottawa

Minto Yorkville, Toronto Multi-­‐Residential Sector Dynamics

● Shorter duration leases provide inflation hedge ● Diverse tenant base limits concentration risk ● Defensive asset class less susceptible to economic cycles ● Favourable demographic and economic trends ● High barriers to entry • Management intensiveness requires institutional management platform • Economies of scale difficult for new entrants to achieve • Replacement costs versus new build ● Availability of lower cost CMHC-­‐insured debt financing ● Fragmented sector offers potential for consolidation

Minto Roehampton, Toronto

Minto Apartment | REIT IPO Investor Presentation | PG 9 Multi-­‐Residential Sector Exhibits Highest -­‐ Risk Adjusted Returns

2.8x 2.6x 2.6x

2.4x 2.3x 2.2x

2.0x 1.8x 1.8x 1.7x

1.6x Total Return to Risk Ratio to Return Total 1.4x

1.2x

1.0x Multi-­‐Residential Retail Industrial Office

Source: ICREIM/IPD, -­‐ 2002 2017. Total returns are risk-­‐adjusted by dividing them by their respective standard deviations

Superior risk adjusted returns since 2002 (the period from which data is readily available)

Minto Apartment | REIT IPO Investor Presentation | PG 10 Strong Population Growth in the REIT’s Initial Markets

OTTAWA TORONTO CALGARY EDMONTON

1,100,000 7,000,000 1,800,000 1,600,000

1,050,000 6,500,000 1,600,000 1,400,000

1,000,000 6,000,000 1,400,000 1,200,000

950,000 5,500,000 1,200,000 1,000,000

2016 2022E 2016 2022E 2016 2022E 2016 2022E Canada population expected to grow ~9% between 2016 and 2022 primarily driven by immigration 400,000 350,000 Net Annual International Migration 300,000 250,000 200,000 150,000 100,000 50,000 0 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019E Canada Ontario Canada Forecast Sources: Statistics Canada, Government of Canada (forecast immigration), Sitewise/PCensus (2022 forecast population)

Steady immigration to Canada, with ~67% opting for rental housing upon arrival

Minto Apartment | REIT IPO Investor Presentation | PG 11 Rental Market Increasingly Affordable vs. Home Ownership

Canada Home Affordability Gap $1,600 Toronto Average Two Bedroom Rent 40.0% 300 Personal Income of %

$1,400 33.3% 6.8% CAGR $1,327

250 $1,200 26.7% Monthly Rent Monthly $1,061

200 $1,000 20.0% 2007 2009 2011 2013 2015 2017E 2019E Toronto ('07-­‐'16 CAGR: 2.5%) % of Personal Income 3.3% CAGR 150 $1,400 40.0%

2.4% CAGR Ottawa Average Two Bedroom Rent Personal Income of % Indexed to 2001 = 100 2001 to Indexed $1,201 $1,200 33.3% 100

$1,000 $961 26.7% Monthly Rent Monthly

50 2001 2003 2005 2007 2009 2011 2013 2015 $800 20.0% 2007 2009 2011 2013 2015 2017E 2019E Avg. 2BR Rent Personal Income / Capita Teranet House Price Index Ottawa ('07-­‐'16 CAGR: 2.5%) % of Personal Income • Personal income growth has outpaced the average growth in 2-­‐bedroom rents, while significantly lagging the appreciation of house prices • The average monthly rent in Toronto and Ottawa as a proportion of disposable income remains steady • The gap between the cost of home ownership and average two bedroom rents continues to widen

Sources: Statistics Canada, Conference Board of Canada, CMHC, Teranet Relative affordability of -­‐ multi residential rental vs. home ownership is driving rental growth in the REIT's markets

Minto Apartment | REIT IPO Investor Presentation | PG 12 Limited Rental Supply Growth and Low Vacancy

Toronto Rental Starts (Suites) vs. Rental Vacancy Ottawa Rental Starts (Suites) vs. Rental Vacancy 3,000 6.0% 3,000 6.0%

2,500 5.0% 2,500 5.0% Vacancy % Vacancy 2,000 4.0% % Vacancy 2,000 4.0%

1,500 3.0% 1,500 3.0%

1,000 2.0% 1,000 2.0% Rental Starts (suites) Starts Rental Rental Starts (suites) Starts Rental 500 1.0% 500 1.0%

0 0.0% 0 0.0% 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017

Toronto Rental Starts Toronto Vacancy Canada Vacancy Ottawa Rental Starts Ottawa Vacancy Canada Vacancy

• Canadian rental stock has only increased by 394,532 suites since 1995, despite a 7.0 million increase in the population • Continued low vacancy rates suggest demand exceeds supply • Adoption of Ontario’s Fair Housing Plan in 2017 extended rent controls to buildings built after 1991, which is likely to discourage new rental projects which will continue to impact the supply/demand imbalance • Intensive management approach required given development complexity, short leases, high tenant turnover and stringent regulations, and acts as a barrier to entry • High land and construction costs limit supply of more affordable rentals as newly built suites can only economically target the highest-­‐end segment of the market

Source: CMHC

Supply continues to be highly constrained in the REIT’s key markets

Minto Apartment | REIT IPO Investor Presentation | PG 13 Martin Grove, Toronto

Hi-­‐Level Place, Edmonton

High-­‐Quality Portfolio with Significant Scale

Minto Yorkville, Toronto

The Carlisle, Ottawa Portfolio Highlights

Minto Yorkville, Toronto

properties 22 comprising 4,279 suites Urban in desirable nodes or locations downtown areas with excellent walk scores make the properties more attractive to target demographic Highest in-­‐place rent $55M of capital Management has among public peers investment into the long operating portfolio over past track record with REIT portfolio 3 years, ~$29M in 2017

Unique exposure to high quality properties located in urban centres will continue to be a compelling long-­‐term investment opportunity

Minto Apartment | REIT IPO Investor Presentation | PG 15 Select Asset Profiles

Minto Yorkville Minto one80five Castle Hill Toronto Ottawa Ottawa Number of Suites: 181 Number of Suites: 417 Number of Suites: 176 Average Rent/Suite: $3,858(1) Average Rent/Suite: $1,636(1) Average Rent/Suite: $1,209(1) Amenities: Valet service, fitness Amenities: Full-­‐service gym with Amenities: Fitness centre, indoor centre with personal training 20-­‐metre salt water pool, party pool, tenant lounge, BBQ area, section, retail space occupied by room, media room, billiards room, considerable greenspace Pusateri’s Fine Foods housekeeping services Location: Clyde Avenue and Baseline Location: Bay Street and Yorkville Location: Lyon Street and Laurier Road, just ten minutes from Avenue, Toronto’s most upscale retail Avenue West in Ottawa’s central Parliament Hill in McKellar Heights and residential area business district area of West Ottawa Year Minto built: 2004 Year Minto built: 1988; converted Year built: 1971 Occupancy: 98.7%(1) to multi-­‐residential in 2014 Occupancy: 95.5%(1) (1) Capital Investment Rationale: Occupancy: 99.3% Capital Investment Rationale: Recently renovated to current luxury Capital Investment Rationale: Repositioning opportunity to drive market standard which continues to Recently repurposed from hotel to enhanced revenue drive higher occupancy and revenue state-­‐of-­‐the-­‐art multi-­‐residential asset growth

1.As at March 31, 2018; excludes furnished suites and commercial area at Minto Yorkville xcl and Minto one80five. Yorkville e udes four offline suites under renovation as at March 31, 2018; including the suites would result in a 93.8% occupancy for the property

Minto Apartment | REIT IPO Investor Presentation | PG 16 Key Portfolio Stats

Forecast NOI Appraised Value (1)

Calgary Calgary Edmonton 3% Edmonton 4% 4% 3%

Appraisal Toronto NOI Value 30% $48.7 million $1.123 billion Toronto Ottawa Ottawa 34% 59% 63%

1. Excludes portfolio premium of 5%

Over 90% of appraised value and NOI in attractive Toronto and Ottawa markets

Minto Apartment | REIT IPO Investor Presentation | PG 17 Suite Mix Positioned to Capitalize on Renter Demographic Trends

Suite Mix Propensity to Rent by Age Group (Canada) by % of suites

3+ Beds Bachelor 17% 4%

1 Bed 100.0% 39% 75.0%

50.0%

25.0%

– 15-­‐24 25-­‐34 35-­‐44 45-­‐54 55-­‐64 65-­‐74 75+ % of 2016 Renters 7.8% 22.8% 17.9% 16.8% 14.9% 10.7% 9.1%

Source: Statistics Canada 2 Beds 2011 2016 40%

• Suite mix comprising 83% bachelor, 1 or 2 bedrooms matches demand which is primarily driven by the under-­‐35 age group in urban locations • 57% of the total suites represent 2 or 3 bedrooms – well positioned to capitalize on the growing demand from families due to the widening housing affordability gap

Balanced mix of suite offerings well positioned to benefit from continued rental demand

Minto Apartment | REIT IPO Investor Presentation | PG 18 Third Party Reports

Independent Appraisal • Aggregate value of Initial Properties is $1.123 billion (excludes 5% portfolio premium) • 10.7% discount to NAV(1)(2) • The appraised value also represents a 10.8% discount to replacement cost

Environmental Assessments • No items that warranted furtherenvironmental assessment investigations

Property Condition Assessments • No significant deferred capex identifiedin the portfolio • PCA estimated 5 year average capex reserve of $858/suite per year • Capex reserve of $900/suite in the AFFO Forecast

1.Based on offering price of $14.50 per Unit 2.The Enterprise Value for the portfolio represents a 5.7% discount to appraised premium value, excluding any portfolio

Institutionally maintained and operated, offered at a discount to appraised value and replacement cost

Minto Apartment | REIT IPO Investor Presentation | PG 19 Castleview, Ottawa

Minto one80five, Ottawa

Strategic Avenues for Growth

Martin Grove, Toronto

Richgrove, Toronto Organic Growth Opportunities

1. Gain-­‐to-­‐lease on existing rents(1)

Average Monthly Management's Estimate of Percentage Annualized Estimated Geographic Node Total Suites In-­‐Place Rent/Suite(2) Monthly Market (2) Rent Gain-­‐to-­‐Lease Gain-­‐to-­‐Lease

Toronto 669 $1,632 $1,843 12.9% $1,690,414 Ottawa 2,878 1,317 1,400 6.3% 2,854,813 Alberta 358 1,172 1,301 11.0% 556,032 Total / Average 3,905 $1,358 $1,466 8.0% $5,101,259

Note: Data as of March 31, 2018. Excludes furnished suites and vacant suites.

2. Drive revenue, and create value -­‐ through in suite and common area improvements

Under Construction Market Testing Future Opportunities (next -­‐ 24 36 months) 5 Properties 2 Properties 4 Properties 628 suites 367 suites >1,000 suites

3. Intensification • Richgrove fully zoned and entitled to add a new ~225 suite tower • Additional low density sites being explored for potential initiatives

1. Market rents estimated on a suite type basis taking into account local market conditions ch and recent leasing activity at ea property 2. Weighted average by suite

Significant organic growth embedded in portfolio

Minto Apartment | REIT IPO Investor Presentation | PG 21 Well Positioned for External Growth

Strategic Alliance Agreement • Right of First Opportunity (ROFO) to acquire or invest in multi-­‐residential rental properties in Canada • Intention is that the REIT will be Minto’s exclusive vehicle for all of its -­‐ Canadian income producing multi-­‐residential holdings over time

Partially Owned Assets(1) • Minto holds a significant equity interest (“Minto Interests”) proportionate ($510 million asset value) in $1.7 billion of high quality multi-­‐residential assets for which it is the managing investor • Development pipeline of ~$800 million / ~1,500 suites comprising: • Zoned – 146 suites • Planning applications in progress – 875 suites • Under construction – 501 suites • Minto will notify the REIT when REIT suitable investments become available

1. Not subject to ROFO

Significant pipeline of acquisition and development opportunities Minto from

Minto Apartment | REIT IPO Investor Presentation | PG 22 Well Positioned for External – Growth Third Party Properties

• Target high quality multi-­‐residential properties in urban centres across Canada • Stabilized properties with no significant maintenance issues or material near-­‐term capital expenditures • Stabilized properties with intensification opportunities Stabilized • Under-­‐managed properties with near term value-­‐add potential Properties • Select development opportunities

Roehampton, Toronto • Canadian multi-­‐residential sector is highly fragmented • Extensive consolidation opportunity • Management estimates top 10 industry participants own ~12% of residential suites • Leverage management’s extensive network of industry relationships to access off-­‐market transactions • Post IPO acquisition capacity of up to ~$200 million of assets without accessing equity markets Newly Acquired Under-­‐managed Properties

Edmonton Portfolio

Minto Properties has a demonstrated ability to source and execute transactions, with ~$1.9 billion of transactions completed since 2010

Minto Apartment | REIT IPO Investor Presentation | PG 23 Case Study – Edmonton Portfolio

Recently acquired 3 urban high-­‐rise concrete towers in Edmonton, comprising 251 suites

The properties were undermanaged and require a major capital program to realize the significant gain-­‐to-­‐lease rent for the REIT

Minto Apartment | REIT IPO Investor Presentation | PG 24 Case Study – Edmonton Portfolio

• Asset management program focused on: • Renovating common areas, corridors, amenity space and -­‐ in suite upgrades • Addressing deferred capital expenditures • Active revenue/yield management • Opportunity to increase existing rents >20% • Purchase price – ~ $37 million (~$147K/suite) • Replacement cost – ~ $64 million (~$254K/unit) • Appraised value at time of acquisition $41.3 million • Vacancy at acquisition – 23% • Average sitting rent at acquisition – $984; Current average monthly rent lift of $200 per suite • Program has commenced in H1 2018, substantial value-­‐add left to the REIT

Acquired a sizeable -­‐ high rise portfolio at a 42% discount to replacement cost

Minto Apartment | REIT IPO Investor Presentation | PG 25 Case Study – Minto one80five

Pursued a highest and best use strategy by repositioning the hotel into a premium multi-­‐residential asset

Minto Apartment | REIT IPO Investor Presentation | PG 26 Case Study – Minto one80five

• Deployed ~ $26 million into common areas, corridors, -­‐ in suite upgrades, window replacement and repurposed hotel banquet space into extensive amenity space • Created ~ $51 million in value versus a capital spend of ~ $26 million • Q4 2017 CBD Ottawa hotel – cap rate 7.50% • Q4 2017 appraised value – cap rate 4.50%

Repurposed an -­‐ all suite hotel into a premium -­‐ multi residential asset, capitalizing on ~ 300 bps difference in cap rates

Minto Apartment | REIT IPO Investor Presentation | PG 27 Benefits of an -­‐ Industry Leading, Vertically-­‐ Integrated Platform with Strong Alignment of Interests REIT to Leverage Best-­‐in-­‐Class Operating Platform

Fully Integrated Real Estate Operating Significant Benefit Platform with Strong Track Record to the REIT • Long track-­‐record with the Initial Properties Asset Acquisitions Management • Established institutional relationships to facilitate future growth

Finance and Property • Highly scalable platform to service REIT Accounting Management as growth is achieved • Proven governance and reporting 1,100 capabilities Development and professionals Sustainability • Alignment of interest significant through Construction ownership, sole Canadian multi-­‐residential vehicle(1)

• $900 million of off market • Leading customer service • Access to a fully integrated development acquisitions since 2010 • Scaled to manage platform, with a significant track record • 18% IRR managing $4 billion+ in assets • Corporate-­‐level management and support institutional capital • Extensive relationships since 2010 services capped by Minto at of 32bps in real estate industry (2) • 63 years’ experience GBV

1. Excludes interests in Minto’s existing multi-­‐residential partnerships and -­‐ co ownerships 2. Excludes Public Company Costs

Minto's best-­‐in-­‐class real estate operating platform to drive value-­‐creation for Unitholders

Minto Apartment | REIT IPO Investor Presentation | PG 29 Management of the REIT and Relationship with Minto

• REIT to directly employ ~195 employees across executive, asset and property management functions • ~90 of these employees will also be employed by Minto • Minto will provide the REIT with access -­‐ to its best in-­‐class real estate platform:

Administrative Support Development and Construction Strategic Alliance Agreement Management Agreement Agreement

• Administrative services • Minto granted option to develop • REIT will have a Right of First provided by Minto projects it brings to the REIT Opportunity on all Opportunities • Cost recovery basis • Development and construction presented by Minto • Term of 5 years, with 5 year fees at market rate • Automatic termination upon the renewal at REIT's option • Coterminous with Strategic later of: Alliance Agreement • No cost termination at GBV of • Termination of Administrative $2 billion, end of term or upon Support Agreement, and change of control of the REIT • Minto equity interest in REIT less than 33% • Minto to cap total corporate management expenses(1) incurred by REIT at 32bps of GBV for the initial term of the Administrative Support Agreement

1. Excludes Public Company Costs

Minto to provide the REIT -­‐ with cost efficient access to its best-­‐in-­‐class real estate platform

Minto Apartment | REIT IPO Investor Presentation | PG 30 Experienced Management Team and a Strong Independent Board of Trustees Strong Leadership

Combined 105 years of real estate experience

Michael Waters, Chief Executive Officer • Responsible for overall strategic direction of the REIT, including investment, growth and capital structure • Over 25 years experience in real estate finance, investment and development; joined Minto in 2007

Robert Pike, President and Chief Operating Officer • Oversees investment and asset management, investment transactions, development and property operations • Over 37 years of real estate experience; joined Minto in 2011

Julie Morin, Chief Financial Officer • Responsible for overall strategic and financial management, including financial reporting, long-­‐range business planning, treasury and tax • Finance professional with over 20 years of experience; joined Minto in 2014 Jaime McKenna, Chief Investment Officer • Responsible for investment transactions for the REIT • Finance and Investment professional with over 17 years of experience; joined Minto in 2008

George Van Noten , Senior Vice-­‐President, Operations • Responsible for multi-­‐residential and commercial property operations • 29 years’ experience in executive property operations; joined Minto in 2006

Seasoned management team with a strong track record of performance on growth initiatives for institutional clients

Minto Apartment | REIT IPO Investor Presentation | PG 32 Board of Trustees

Name Career Highlights

Allan Kimberley • Corporate Director currently serving on the boards of Partners REIT, Orlando Corporation and the Ontario Science Centre Lead Trustee, • Had a long and distinguished career in investment banking, including serving as Vice Chairman men and Managing Director of Invest t Banking, Member of Audit Committee Real Estate at CIBC World Markets

Simon Nyilassy • Founder and CEO of Marigold & Associates Inc., a senior housing development company Chair Audit Committee, Member • Previously served as President and CEO of Regal Lifestyle Communities Inc. from 2011-­‐2015 and Calloway Real Estate ust Investment Tr of Compensation, Governance from 2005-­‐2011 and Nominating Committee

Jacqueline Moss • Corporate Director with more than 20 years experience in strategy development, corporate governance, nd legal, human resources a complex Chair Compensation, merger and acquisition matters Governance and Nominating • Currently serves on the board and as Chair of the Human Resources Committee of Investment Management Corporation Ontario, co-­‐chair of the Independent Committee Human Resources Committee of Soulpepper Theatre Company and Chair of the Nominations and Governance -­‐ Committee and vice chair of the Corporation of Massey Hall and Roy Thomson Hall

Heather Kirk • Corporate Director with more than 20 years of capital markets experience in the Canadian REIT sector Member of Audit Committee • Most recently Managing Director of Equity Research and Analyst at BMO Capital Markets Compensation, Governance • Previous experience at National Bank Financial, and Inc., independent brokers in REIT equity research and investment banking and Nominating Committee

Roger Greenberg • Joined the Minto Group in 1985, served -­‐ as CEO from 1991 2013 Executive Chairman • Executive Chairman of Minto Group • Executive Chairman and Managing Partner of Ottawa Sports and Entertainment Group • Member of the Order of Canada, the Federation of Rental-­‐Housing Providers of Ontario Lifetime Achievement Award, of Ottawa Chamber Commerce Lifetime Achievement Award, Ottawa Business Journal’s CEO of the Year 2004

Michael Waters • Led the transformation of Minto into a world-­‐class, fully-­‐integrated real estate investment management firm Chief Executive Officer • Previous experience at Intrawest Corporation, PricewaterhouseCoopers LLP and KPMG LLP • Serves on the board of REALpac, Algonquin College and the Algonquin Foundation

Not Independent Philip Orsino • Corporate Director currently serving on the boards of Bank of Montreal and Hydro One Ltd. • President and CEO of Brightwaters Strategic Solutions Inc. • Former President and CEO of Jeld-­‐Wen Inc. and Masonite International Corp. • Director and Chair of the Audit Committee of Minto

Highly experienced, majority independent Board of Trustees with diverse skills and experience

Minto Apartment | REIT IPO Investor Presentation | PG 33 Financial Review Financial Review

Forecast Financials

(Figures in C$ thousands) 12 Month Period Ending June 30, 2019

Total Revenue $82,217 Expenses Property Operating ($16,639) Property Taxes (9,218) Utilities (7,699) Total Expenses (33,556) Net Operating Income $48,661 Finance Costs (16,264) General, Administrative and Trust Expenses (4,400) FFO $27,997 Maintenance Capex (3,851) Amortization of -­‐ Mark to-­‐Market on Debt (985) AFFO $23,161

Note: See Disclaimers – Non-­‐IFRS Measures and Real Estate Industry Metrics and Forward Looking Information

Minto Apartment | REIT IPO Investor Presentation | PG 35 Financial Review

NOI Bridge

(Figures in C$ thousands) Pro Forma Minto Apartment REIT NOI for twelve months ended March 31, 2018 $46,872 Rent increases, unit lease up, lower vacancy and unit roll over to market rates 2,340 Increase in property operating expenses (26) Increase in utilities expenses (288) Increase in real estate property tax expenses (237)

Forecast Net Operating Income $48,661 Forecast Net Operating Income Growth 3.8%

• For the 3-­‐years ending December 31, 2017, Same Property NOI CAGR was 8.4%

Note: See Disclaimers – Non-­‐IFRS Measures and Real Estate Industry Metrics and Forward Looking Information

Minto Apartment | REIT IPO Investor Presentation | PG 36 Conservative Financial Metrics Support Growth and Distributions

• Annual cash distribution of $0.41 per Unit • AFFO payout ratio of approximately 65% • Anticipated total debt of $527 million, representing 46.7% Debt to GBV ratio on closing • Long-­‐term target D/GBV 50-­‐55% • Weighted average interest rate of 3.17% • $150 million Credit Facility provides enhanced liquidity • Total available liquidity of $121.5 million at closing

Debt Maturity Schedule Maturity Profile (1) $129.7 • ~95% of debt comprised -­‐ of fixed rate term $101.5 $106.5 debt, of which ~77% -­‐ is of lower cost $84.3 CMHC-­‐insured mortgage debt • Weighted average maturity of approximately $44.2 6.2 years $25.7 $28.5 -­‐

2019 2020 2021 2022 2023 2024 2025 2026 and after

1.As of the date hereof

Conservative payout ratio and leverage profile supports healthy, sustainable distributions to Unitholders while providing cash for strategic growth initiatives

Minto Apartment | REIT IPO Investor Presentation | PG 37 Investment Highlights

Attractive Asset Class with High Quality Compelling Portfolio with Strategic Avenues Supply/Demand Significant Scale for Growth Characteristics 1 2 3

Benefits of an Experienced Industry-­‐Leading Management Conservative Vertically-­‐Integrated Team and a Strong Financial Metrics Platform with Strong Independent Support Growth and Alignment of Interests Board of Trustees Distributions 4 5 6

Minto Apartment | REIT IPO Investor Presentation | PG 38 Offering Summary

Issuer Minto Apartment Real Estate Investment Trust

Offering $200 million

Over-­‐allotment option 15%

Issue price $14.50 per unit

Expected Annual Cash 2.83% Distribution Yield

Initial AFFO Payout Ratio 65% of Forecast AFFO

Use of proceeds Indirectly fund the acquisition of the Initial Properties and transaction costs associated with the offering

Distribution policy Monthly

Minto Properties Inc. will hold an aggregate of 22.9 million Class B Units, representing an approximate Retained interest 62.4% interest in the REIT (approximately 56.8% if the over-­‐allotment option is exercised in full)

Listing Applied for TSX: MI.UN

Pricing June 21, 2018

Closing July 3, 2018

Minto Apartment | REIT IPO Investor Presentation | PG 39 Comparable Companies

In accordance with Section 13.7(4)(b) of National Instrument 41-­‐101 – General Prospectus Requirements, all information related to comparables the REIT’s and any disclosure relating to comparables, which is contained in the presentation to be provided to potential investors, has been removed from this template version for purposes of filing on the System for Electronic Document Analysis and Retrieval (SEDAR).

Minto Apartment | REIT IPO Investor Presentation | PG 40 Contact Information

Michael Waters Robert Pike Julie Morin Chief Executive Officer President & Chief Operating Officer Chief Financial Officer Minto Apartment REIT Minto Apartment REIT Minto Apartment REIT [email protected] [email protected] [email protected] t: 613.782.2369 t: 416.915.3810 t: 613.696.8198 c: 613.513.5146 c: 416.409.6967 c: 613.878.2467

Minto Apartment | REIT IPO Investor Presentation | PG 41 The Carlisle, Ottawa

Laurier, Calgary

Appendix

Minto Yorkville, Toronto

Richgrove, Toronto Property List

To t al Y e ar Net Rentable Avg. Su ite Asset Physical Average Ave rage Mo n th ly # Property City Su ite s Built Area (Sq. Ft) Size ( Sq . ft) (1 ) Typ e Occupancy (%) (1 ) Monthly Rent(1 ) Rent / Sq. (2 ft. ) On t ar io 1. Ric hgrove 7 & Richgrove 21 Drive Toronto 258 1969 249,682 968 High-­‐Rise 98.4% $1,539 $1.59

2. Martin Grove Toronto 237 2011 140,194 592 High-­‐Rise 100.0% $910 $1.54 620 Martin Grove Road (3) 3. Minto Yorkville Toronto 181 2004 177,765(4) 981 High-­‐Rise 98.7%(5) $3,858 $3.93 61 Yorkville Avenue (3) 4. Roehampton $2.97 150 Roehampton Avenue Toronto 148 2007 95,513 634 High-­‐Rise 98.1% $1,885 Minto one80five(3) $2.35 5. Ottawa 417 1988 286,979 696 High-­‐Rise 99.3% $1,636 185 L yon Street North Garden Homes & Townhomes (6) $1.19 6. Ottawa 393 1969 471,909 1,201 Low-­‐Rise 99.5% $1,433 Various Meadowlands, Chesterton, Bowhill , Deer Park, Forest Park, Fisher Aventura 7. Ottawa 354 1983 241,494 682 High-­‐Rise 99.2% $1,117 $1.64 18 & 20 Deerfield Drive Huron 8. Ottawa 251 1971 193,677 772 High-­‐Rise 98.4% $1,244 $1.61 1339 Meadowlands Drive East Seneca 9. Ottawa 251 1972 193,677 772 High-­‐Rise 96.8% $1,240 $1.61 1343 Meadowlands Drive East Castleview 10. Ottawa 241 1973 171,625 712 High-­‐Rise 98.3% $1,335 $1.87 1755 Skyline -­‐ Garden Homes, Maisonettes W and a lk u ps (6) 11. Ottawa 227 1972 210,087 925 Low-­‐Rise 97.8% $1,283 $1.39 24 -­‐ 58 Northview Road -­‐ and 25 33, 34, 35, -­‐ 36, 38 44 Eleanor Drive The Carlisle (7) 12. Ottawa 191 1985 260,221 1,134 High-­‐Rise 99.0% $1,834 $1.62 221 L yon Street North and 440 Laurier Avenue West Castle Hill 13. Ottawa 176 1971 135,589 770 High-­‐Rise 95.5% $1,209 $1.57 1000 Castle Hill Crescent Grenadier 14. Ottawa 157 1963 108,241 689 High-­‐Rise 96.2% $1,043 $1.51 1129 Meadowlands Drive East Tanglewood 15. Ottawa 122 1975 116,748 957 Low-­‐Rise 99.2% $1,282 $1.34 1-­‐27 & -­‐ 12 26 Woodfield Drive Eleanor 16. Ottawa 117 1973 85,855 734 High-­‐Rise 98.3% $1,181 $1.61 30 Eleanor Drive Frontenac 17. Ottawa 104 1962 62,764 604 High-­‐Rise 96.2% $1,027 $1.70 1192 Meadowlands Drive East Stratford 18. Ottawa 59 1962 38,812 658 Mid-­‐Rise 98.3% $1,042 $1.58 1186 Meadowlands Drive East Ontario Total / Wtd. Average(8) 3,884 1979 3,240,832 826 98.4% $1,378 $1.67 Albe rta L aurier(3) 19. Calgary 144 2012 113,103 790 Mid-­‐Rise 97.8% $1,391 $1.76 100 & 200 Quarry Villas SE The Lancaster House (5) 20. Edmonton 98 1968 71,512 730 High-­‐Rise 92.8% $1,027 $1.41 10025 115 Street NW York House (5) 21. Edmonton 92 1968 70,292 764 High-­‐Rise 96.6% $1,116 $1.46 10030 114 Street NW Hi-­‐L evel Plac e (5) 22. Edmonton 61 1959 44,331 727 High-­‐Rise 89.8% $965 $1.33 11005 98 Avenue NW A lberta Total / Wtd. Average(8) 395 1983 299,238 758 95.0% $1,165 $1.54 Portfolio Total Wtd / . Average(8) 4,279 1980 3,540,070 820 98.0% $1,358 $1.66

Note: As at March 31, 2018 1. Excludes furnished suites and commercial area 2. Calculated as average monthly rent divided by average unfurnished suite size 3. Suite counts for Roehampton, Minto Yorkville, Minto one80five and The Laurier include furnished at suites, representing approxim ely 31.9% of total suites at these properties. Average suite size, occupancy, average monthly rent and average rent per squarefoot exclude furnished suites 4. Includes 11,910 square feet of commercial space 5. Excludes 12 offline suites under renovation as at March 31, 2018 across MintoYorkville (4), The Lancaster House (1), York -­‐ House (5) and Hi Level Place (2). Occupancies inclusive of these suites as follows: Minto Yorkville –93.8%, The Lancaster House – 91.8%, York House – 91.3%, Hi-­‐Level Place – 86.9% and Portfolio – Total 97.7% 6. Represents the weighted average year of construction 7. Includes 43,629 square feet of commercial space 8. Average year built weighted by total suites; average suite size, occupancy, average monthly foo rent and average per square t weighted by total unfurnished suites

Minto Apartment | REIT IPO Investor Presentation | PG 43