REALpacWelcomes Newest Member, TimbercreekAsset Management Inc. 

Toronto,February 17, 2006 – The Real Property Association of Canada announced today theaddition of Timbercreek Asset Management Inc.as the newest member to itsnational industry association. Timbercreek’s REALpac Member Representativeswill be Blair Tamblyn, a founding partner and the

Presidentand CEO, and Ugo Bizzarri, also a founding partner, Executive VP and CFO ofTimbercreek Asset Management Inc. “We are pleased to welcome Blair, Ugo and theirstaff to REALpac, and look forward to Timbercreek's continued growth while aREALpac member”, said the association’s Executive Director, Michael Brooks. “Weare excited to be REALpac’s newest member. As a private owner/operator ofmulti-family real estate in Canada, we feel we will bring a unique perspectiveto the table. We look forward to working with the association and its membersin the future to pursue interests important to our industry”, said Blair Tamblyn.

TimbercreekAsset Management Inc. is one of Canada’s fastest growing alternative assetclass investment managers. TAMI has a value oriented investment philosophy, andspecializes in providing conservatively managed, risk adverse privateinvestment opportunities to institutions, trusts and endowment funds,discretionary investment advisors and qualified individuals. TAMI currentlymanages approximately $200 million in assets through its private funds,predominately in the real estate sector. Please join us in welcomingTimbercreek Asset Management Inc. at a REALpac event in the future. We encourageyou to strengthen your relationships with all REALpac members at our firstLeadership Dinner of 2006, on Wednesday, March 1, 2006 at the National Club inToronto.

AboutREALpac

REALpacis Canada’s premier association for investment real property leaders whosemission is to bring together the country’s real property investment leaders tocollectively influence public policy, to educate government and the public, andto ensure stable and beneficial real estate capital and property markets in

Canada.REALpac members currently own in excess of CDN $120 Billion in real estateassets located in the major centres across Canada and include real estateinvestment trusts, publicly traded and large private companies, banks,brokerages, crown corporations, investment dealers, life companies, and pensionfunds.

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Foradditional information, please contact: Michael Brooks, Executive Director, mbrooks@realpac.ca,

(416)642-2700 x. 225 and Robert Campanelli, Director, Marketing & MemberServices,

rcampanelli@realpac.ca, (416) 642-2700 x. 222.