BENEFICIAL OWNERSHIP DISCLOSURE BY UNITHOLDERS OF STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) Fund

/NOT FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Feb. 22, 2022 /CNW/ - Daniel Drimmer announced today that in connection with the initial public offering (the "Public Offering") of Starlight Western Canada Multi-Family (No. 2) Fund (the "Fund") on February 22, 2022, he acquired, through D.D. Acquisitions Partnership ("DDAP"), beneficial ownership of 600,000 class C trust units ("Class C Units") of the Fund at a price of $10.00 per Class C Unit for an aggregate subscription price of $6,000,000. The Fund's head office is located at 3280 Bloor St West, Suite 1400, Toronto, Ontario M8X 2X3.

2387349 Ontario Limited also announced today that pursuant to the Public Offering, it acquired beneficial ownership of 500,000 Class C Units of the Fund at a price of $10.00 per Class C Unit for an aggregate subscription price of $5,000,000.

Arlene Christiansen also announced today that pursuant to the Public Offering, she acquired, through Christiansen Investments Inc., beneficial ownership of 500,000 Class C Units of the Fund at a price of $10.00 per Class C Unit for an aggregate subscription price of $5,000,000.

Mark Pathy also announced today that pursuant to a concurrent private placement completed alongside the Offering (the "Private Placement", and together with the Public Offering, the "Offering"), he acquired, through Mavrik Corp., beneficial ownership of 500,000 Class C Units of the Fund at a price of $10.00 per Class C Unit for an aggregate subscription price of $5,000,000.

Upon completion of the Offering, the Class C Units beneficially owned by Mr. Drimmer represented approximately 17.7% of all issued and outstanding Class C Units.

Upon completion of the Offering, the Class C Units beneficially owned by 2387349 Ontario Limited represented approximately 14.8% of all issued and outstanding Class C Units.

Upon completion of the Offering, the Class C Units beneficially owned by Ms. Christiansen represented approximately 14.8% of all issued and outstanding Class C Units.

Upon completion of the Offering, the Class C Units beneficially owned by Mr. Pathy represented approximately 14.8% of all issued and outstanding Class C Units.

Mr. Daniel Drimmer's indirect ownership of, or control or direction over, Class C Units is for investment purposes and is intended to further align the interests of Mr. Daniel Drimmer with those of the Fund's other unitholders.  Mr. Daniel Drimmer, through DDAP or otherwise, may acquire additional trust units of the Fund ("Units") or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units in private transactions or otherwise, on such terms and at such times as Mr. Daniel Drimmer may deem advisable depending upon an ongoing evaluation of the Units, the Fund, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Mr. Daniel Drimmer and/or other considerations.

2387349 Ontario Limited's ownership of Class C Units is for investment purposes.  2387349 Ontario Limited may acquire additional Units or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units in private transactions or otherwise, on such terms and at such times as 2387349 Ontario Limited may deem advisable depending upon an ongoing evaluation of the Units, the Fund, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of 2387349 Ontario Limited and/or other considerations.

Ms. Christiansen's indirect ownership of Class C Units is for investment purposes. Ms. Christiansen, through Christiansen Investments Inc. or otherwise, may acquire additional Units or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units in private transactions or otherwise, on such terms and at such times as Ms. Christiansen may deem advisable depending upon an ongoing evaluation of the Units, the Fund, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Ms. Christiansen and/or other considerations.

Mr. Pathy's indirect ownership of Class C Units is for investment purposes. Mr. Pathy, through Mavrik Corp. or otherwise, may acquire additional Units or may dispose of any or all of the beneficially held Units from time to time through, among other things, the purchase or sale of Units in private transactions or otherwise, on such terms and at such times as Mr. Pathy may deem advisable depending upon an ongoing evaluation of the Units, the Fund, prevailing market conditions, the availability of Units at prices that would make the purchase or sale of Units desirable, other investment opportunities, liquidity requirements of Mr. Pathy. and/or other considerations.

DDAP is an Ontario general partnership, the principal business of which is to make investments with its head office at 3280 Bloor St West, Suite 1400, Toronto, Ontario M8X 2X3.

2387349 Ontario Limited is a corporation existing under the laws of the Province of Ontario, the principal business of which is investments with an office at 3280 Bloor Street West, Centre Tower, Suite 1400,Toronto, Ontario M8X 2X3

Christiansen Investments Inc. is a corporation existing under the laws of the Province of Ontario, the principal business of which is investments with its head office at 188 North Shore Blvd. E. Burlington, ON L7T 1W4.

Mavrik Corp. is a corporation existing under the federal laws of Canada, the principal business of which is investments with its head office at 99 Prince Street, Suite 700, Montréal, QC H3C 2M7.

Each of the foregoing holders of units of the Fund disclaims acting jointly or in concert with the other foregoing holders of Units unless expressly noted herein, and notes that this press release has been issued by all such holders purely for reasons of administrative efficiency following today's completion of the Offering and the concurrent private placement.  Any presumption of joint or in concert actor based solely upon the issuance or content of this press release is inaccurate.

For further information and to obtain a copy of the early warning reports to be filed by each of the foregoing holders of Units under applicable Canadian securities laws, please see the Fund's profile on SEDAR at www.sedar.com.

SOURCE Starlight Group Property Holdings Inc.

Contact Information: DDAP, 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, M8X 2X3, [phone]; 2387349 Ontario Limited, 3280 Bloor Street West, Suite 1400, Centre Tower, Toronto, ON, M8X 2X3, [phone]; Christiansen Investments Inc., c/o Arlene Christiansen, 188 North Shore Blvd. E., Burlington, ON, L7T 1W4, [phone]; Mavrik Corp., 99 Prince Street, Suite 700, Montréal, QC, H3C 2M7, [phone]