Mr. Evan Kirsh reports

STARLIGHT U.S. RESIDENTIAL FUND PROVIDES UPDATE ON CLOSING OF REORGANIZATION TRANSACTION; CLOSING EXPECTED DECEMBER 30, 2025

Starlight U.S. Residential Fund (now Starlight U.S. Residential Fund (Multi-Family) Investment LP) has provided an update on the expecting closing of its previously announced reorganization transaction. Closing is now expected on Dec. 30, 2025, pending receipt of a final lender consent to the reorganization. The unitholders of the fund approved the reorganization at the Dec. 10, 2025, special meeting of the fund, with approximately 99 per cent of votes cast in favour of the reorganization and approximately 90 per cent voting in favour of the U.S.-dollar unitholder resolution in order to receive Canadian-dollar-denominated Class A units of Starlight U.S. Residential (Multi-Family) Investment LP.

As a result of the original planned implementation of the reorganization on Dec. 23, 2025, the fund's Class A and Class U units have been delisted from the TSX Venture Exchange as of the close of market on Dec. 23, 2025. Unitholders will receive the LP units following closing of the reorganization. The LP units have been listed under the symbol SURF.UN on the TSX-V but have been and will remain halted pending confirmation of closing of the reorganization. Trading will commence following a bulletin from the TSX-V.

The final record date for the conversion of existing fund classes of units to LP units was Dec. 18, 2025, upon which the due bill period (as defined below) commenced.

As previously announced, the TSX-V implemented due bill trading for reorganization, with due bills attached to underlying listed securities from the record date (Dec. 18, 2025), until the close of trading on Dec. 23, 2025. Buyers of units during the due bill period would become entitled to receive LP units, provided they remained holders on the implementation date for the reorganization. Although no further trading will occur in the units, as the Class A units and Class U units of the Fund have been delisted pending completion of the reorganization, the due bill redemption date has been extended to Dec. 31, 2025. Unitholders entitled to receive the LP units should expect receipt of such LP units on or about Dec. 31, 2025. Unitholders prior to the due bill period who do not purchase or sell units during the due bill period will not have their applicable LP units impacted by the due bill process.

It is expected that trading will commence in the LP units on or about Jan. 5, 2026, assuming closing of the reorganization after markets close on Dec. 30, 2025.

About Starlight U.S. Residential Fund (now Starlight U.S. Residential Fund (Multi-Family) Investment LP)

The fund is a closed-end trust formed under and governed by the laws of the Province of Ontario, pursuant to a declaration of trust dated Sept. 23, 2021, as amended and restated. The fund was established for the primary purpose of directly or indirectly acquiring, owning and operating a portfolio primarily composed of income-producing residential properties in the fund's target metrics or that can achieve significant increases in rental rates as a result of undertaking high-return, value-add capital expenditures and active asset management. The fund currently owns interests in three multifamily properties consisting of 1,029 suites.

We seek Safe Harbor.