Company Privatized

Milestone Apartments Real Estate Investment Trust (TSX: MST.UN) ("Milestone" or the "REIT") announced details regarding the closing of the previously announced going private transaction whereby an affiliate of Starwood Capital Group ("Starwood") will acquire all of Milestone's subsidiaries and assets (the "Transaction") and Milestone unitholders ("Unitholders") will receive US$16.25 per trust unit("Unit") of the REIT. In addition, the REIT announced that an additional US$0.05041 per Unit, which would otherwise be the monthly April distribution, will be included in the amounts payable on closing, such that the total liquidating distribution payable to Unitholders will be US$16.30041 per Unit (the "Consideration"). The Transaction is expected to close on April 28, 2017 (the "Closing Date"), subject to satisfaction of customary closing conditions, and the Units are expected to be delisted from the TSX at the close of business on the Closing Date. Unitholders received the Consideration on or about May 3, 2017. If a Unitholder elects to receive the Consideration in Canadian dollars, it will be converted from U.S. dollars into Canadian dollars at a rate available on the Closing Date to Computershare Trust Company of Canada, which is serving as the redemption and exchange agent with respect to the Transaction.