FORUM STUDENT LIVING FUND I FILES PRELIMINARY PROSPECTUS FOR INITIAL PUBLIC OFFERING

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 22, 2026 /CNW/ - Forum Student Living Fund I (the "Trust") announced today that it has filed with the securities commissions or similar authorities in each of the provinces of Canada, except Québec, and obtained a receipt for, a preliminary prospectus for an initial public offering of trust units (the "Offering"). The preliminary prospectus qualifies the distribution of a minimum of C$40 million and a maximum of C$75 million of Class A Units and Class F Units of the Trust at a price of C$10.00 per Class A Unit and Class F Unit. Forum Asset Management Inc. (the "Manager"), directly or through an affiliate, has committed to subscribe for 5% of the total gross proceeds raised pursuant to the Offering and any concurrent private placements. In addition, the Trust may also indirectly raise additional proceeds by way of a private placement of subsidiary limited partnership units up to maximum total proceeds from the Offering and all private placements of approximately C$105 million, inclusive of the Manager commitment.

The Trust is an unincorporated investment trust and was established for the primary purpose of investing in a portfolio of Canadian purpose-built student accommodation ("PBSA") properties. Following completion of the Offering, the Trust intends to indirectly acquire interests in a portfolio of four income producing PBSA properties and a preferred interest in one PBSA development (the "Portfolio"), each located in Ontario, Canada. The Trust expects to deploy substantially all of the net proceeds of the Offering to indirectly acquire the interests in the Portfolio with the remainder retained for working capital and expenses. The Trust will not directly or indirectly acquire any additional real property with the net proceeds of the Offering or from any other financing sources.

The Manager, an affiliate of Forum Investment and Development Corporation ("Forum"), is the promoter of the Trust and will also act as manager of the Trust and the Portfolio. Forum is an investor, developer and asset manager operating across North America for over 30 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. The enterprise value of Forum's assets under management currently exceeds $3.8 billion.

CIBC Capital Markets is acting as lead agent for the Offering, with a syndicate of agents including iA Private Wealth Inc., Wellington-Altus Private Wealth Inc., Canaccord Genuity Corp., CI Investment Services Inc., Desjardins Securities Inc., Raymond James Ltd and Richardson Wealth Limited (collectively, the "Agents").

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Trust in the United States, nor shall there be any sale of the securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

A preliminary prospectus containing important information relating to these securities has been filed with securities commissions or similar authorities in each of the provinces of Canada, except Québec. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus may be obtained from the Agents and is available on SEDAR+ at www.sedarplus.ca. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Forward-looking Statements

This news release contains statements that include forward-looking information within the meaning of Canadian securities laws. These forward-looking statements reflect the current expectations of the Trust, Forum, and the Manager regarding future events, including statements concerning the use of proceeds of the Offering. In some cases, forward-looking statements can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts.

Material factors and assumptions used by management of the Trust to develop the forward-looking information include, but are not limited to, the Trust's current expectations about: demand in the Canadian PBSA market; demographic trends in Canada; student enrollment levels at nearby post-secondary institutions, including domestic and international student enrollment trends and policies affecting international student study permits; the underlying credit quality of post-secondary institutions; the realization of property value appreciation and timing thereof; the inventory of PBSA properties; the availability of PBSA properties for acquisition (other than the properties comprising the Portfolio) and the price at which such properties may be acquired; the price at which properties may be disposed and the availability of liquidity in real estate capital markets at the time of disposition; achievable rental rates, occupancy levels and leasing velocity at the properties comprising the Portfolio; closing and other transaction costs in connection with the acquisition and disposition of or interests in the properties comprising the Portfolio; the availability of mortgage financing and current interest rates; the capital structure of the Trust; the extent of competition for PBSA properties; assumptions about the markets in which the Trust intends to operate; assumptions about the future supply and demand of the Canadian PBSA industry; assumptions on the stability of the PBSA asset class and expected stability of the Trust; expenditures and fees in connection with the maintenance, operation and administration of the properties comprising the Portfolio; any capital costs to expand the scope of the Portfolio; the ability of the Manager to manage and operate the properties comprising the Portfolio; the global and Canadian economic environment, including changes in interest rates, capitalization rates and the rate of inflation; fluctuating global economic conditions; and governmental regulations or tax laws. While management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Although management believes the expectations reflected in such forward-looking statements are reasonable and represent the Trust's internal projections, expectations and beliefs at this time, such statements involve known and unknown risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond the Trust's control, could cause actual results in future periods to differ materially from current expectations of estimated or anticipated events or results expressed or implied by such forward-looking statements. Such factors include the risks identified in the preliminary prospectus, including under the heading "Risk Factors" therein. Readers are cautioned against placing undue reliance on forward-looking statements. Except as required by applicable Canadian securities laws, the Trust undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

SOURCE Forum Student Living Fund I

For further information, please contact: Domenic Gallippi, Managing Director, Alternative Assets, [email protected]