Please refer to the TSX Venture Exchange bulletin dated Dec. 16, 2025, for the exchange's announcement and acceptance of the reorganization of Starlight U.S. Residential Fund and details relating to exchange of existing listed and unlisted units of the fund into limited partnership units of Starlight U.S. Residential Fund (Multi-Family) Investment LP (SURF LP).

Substitutional listing, name change, company tier reclassification

The closing of the reorganization is scheduled to occur after the market close on Dec. 23, 2025.

Listing date:  Effective at the close of business on Dec. 23, 2025, Canadian-dollar-denominated Class A units (SURF.UN) of SURF LP will be listed on the exchange as a Tier 2 issuer in substitution for the currently listed Class A and Class U units (SURF.A and SURF.U, respectively) of the fund.

Commence date:  SURF.UN will commence trading at the opening of business on Dec. 24, 2025, upon confirmation of the closing of the reorganization. A further notice will be issued upon receipt of closing confirmation.

Effective on Dec. 24, 2025, the tier classification will change from Tier 1 to Tier 2.

SURF LP is classified as a real estate issuer.

Capitalization:  32,583,447 Class A units

Escrowed shares:  not applicable

Transfer agent:  TSX Trust Company

Trading symbol:  SURF.UN (new)

Cusip No.:  85555K 20 4 (new)

For further information, refer to the information circular dated Nov. 6, 2025, posted on SEDAR+, and the news releases dated Oct. 10, 2025, Oct. 21, 2025, Dec. 11, 2025, and the expected confirmation of closing to be announced on Dec. 23, 2025.

Delisting

Effective at the close of business on Dec. 23, 2025, the Class A and Class U units (SURF.A and SURF.U, respectively) of Starlight U.S. Residential Fund will be delisted from the exchange at the request of the fund as a result of the anticipated reorganization completion.

For more information, please refer to the fund's news releases dated Oct. 10, 2025, Oct. 21, 2025, and Dec. 11, 2025, the expected confirmation of closing to be announced on Dec. 23, 2025, and the fund's information circular dated Nov. 6, 2025, posted on SEDAR+.