STARLIGHT U.S. MULTI-FAMILY CORE FUNDS TO CONSOLIDATE AND ADD ADDITIONAL PROPERTIES TO CREATE STARLIGHT U.S. MULTI-FAMILY (NO. 5) CORE FUND COMPRISED OF 6,792 MULTI-FAMILY UNITS WITH VALUE OF APPROXIMATELY CDN$1.4 BILLION

Existing Starlight Funds

Campar Starlight

Arrangement Fund 5

Offering

Benefits to the Fund 5 Unitholders

1. Increased cash distributions

Existing Units

2. Superior investment in a larger, more geographically diversified fund with further upside potential

3. Experienced management with track record of value creation

4. Tax deferral for unitholders

Arrangement Agreement

Unitholder Approvals and Voting Support

OSC

MI 61-101

Board Recommendation

Boards

IN FAVOUR

Management Information Circular and Meeting Date

About the Existing Starlight Funds and Fund 5

Forward-Looking Statements

Non-IFRS Measures

Exchange Values and Total Distribution Increase1

2