DANIEL DRIMMER, CHAIRMAN OF NORTHVIEW RESIDENTIAL REIT, ANNOUNCES RECEIPT OF EXEMPTIVE RELIEF, INTENTION TO PURCHASE CLASS A UNITS PURSUANT TO TAKEOVER BID EXEMPTION

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 13, 2024 /CNW/ - Mr. Daniel Drimmer ("Mr. Drimmer") announced today that he has received exemptive relief from the Alberta Securities Commission permitting Mr. Drimmer and his affiliates, together with persons acting jointly or in concert with him, to exclude the trust units of Northview Residential REIT (the "REIT") acquired or deemed to be acquired indirectly by Mr. Drimmer pursuant to the REIT's recapitalization event in August 2023 from the thresholds set out in the "Normal Course Purchase Exemption" in National Instrument 62-104 – Take-Over Bids and Issuer Bids (the "NCPE"). Accordingly, Mr. Drimmer will be permitted to utilize the NCPE to acquire additional Class A trust units (the "Class A Units") of the REIT in the open market without triggering a takeover bid requirement so long as the acquisitions within any 12-month period do not exceed 5% of the securities of that class outstanding at the beginning of the 12-month period.

As a result of receiving this exemptive relief, Mr. Drimmer also announced today his intention to purchase up to 5% of the issued and outstanding Class A Units on the open market in order to take advantage of opportunities to purchase Class A Units at attractive prices and to provide liquidity to the market.

Mr. Drimmer's beneficial ownership or, and control or direction over units of the REIT and its subsidiaries is for investment purposes and is intended to further align his interests with those of the REIT's other unitholders. Mr. Drimmer may acquire additional units of the REIT or may dispose of any or all of the beneficially held units from time to time through, among other things, the purchase or sale of units on the open market or in private transactions or otherwise, on such terms and at such times as Mr. Drimmer may deem advisable depending upon an ongoing evaluation of the units of the REIT, the REIT, prevailing market conditions, the availability of units at prices that would make the purchase or sale of units desirable, other investment opportunities, liquidity requirements of Mr. Drimmer and/or other considerations.

SOURCE Daniel Drimmer

Daniel Drimmer, 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, M8X 2X3, [phone]