Mr. Evan Kirsh reports

STARLIGHT U.S. MULTI-FAMILY (NO. 2) CORE FUND ANNOUNCES APRIL, 2014, DISTRIBUTIONS

Starlight U.S. Multi-Family (No. 2) Core Fund has declared cash distributions on the outstanding Class A units, Class C units, Class D units, Class F units and Class U units for the period from April 1, 2014, to April 30, 2014. The distribution amounts will be as follows:

1. A distribution of 5.833 cents per Class A unit, representing approximately 70 cents per unit on an annualized basis;
2. A distribution of 5.833 cents per Class C unit, representing approximately 70 cents per unit on an annualized basis;
3. A distribution of 5.833 cents per Class D unit, representing approximately 70 cents per unit on an annualized basis;
4. A distribution of 5.833 cents per Class F unit, representing approximately 70 cents per unit on an annualized basis;
5. A distribution of 5.833 U.S. cents per Class U unit, representing approximately 70 U.S. cents per unit on an annualized basis.

The distributions will be paid on May 15, 2014, to unitholders of record as at April 30, 2014. The distribution amounts in respect of the Class A units, Class D units, Class F units and Class U units reflect the applicable agent's fee (as defined in the fund's amended and restated limited partnership agreement dated Nov. 5, 2013) that such classes of units were subject to. The distribution amounts also reflect the full deployment of the proceeds of the fund's initial public offering following the acquisition of the fund's 75-per-cent interest in Soho Parkway Apartments on April 1, 2014.