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NexPoint Residential Trust completes spin-off from NexPoint Credit Strategies Fund

March 2015

Client(s) NexPoint Residential Trust, Inc.

Jones Day represented NexPoint Residential Trust, Inc., a REIT focused on multifamily properties in the Southeastern United States, in connection with its spin-off from NexPoint Credit Strategies Fund, a non-diversified, closed-end investment company. NexPoint Residential Trust is externally managed by NexPoint Real Estate Advisors, L.P., an affiliate of Highland Capital Management, L.P.

Prior to spin-off, NexPoint Credit Strategies Fund received shareholder approval of the advisory agreement between NexPoint Residential Trust and NexPoint Real Estate Advisors. In addition, the participants in the spin-off received an exemptive order from the Securities and Exchange Commission under the Investment Company Act of 1940 permitting the spin-off and related transactions. Following the spin-off, NexPoint Residential Trust and NexPoint Credit Strategies Fund are each independent public companies listed on the New York Stock Exchange.

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