DECEMBER 14, 2007. TORONTO, ONT. – Timbercreek Asset Management Inc. (“TAMI”) announced today that,on behalf of Timbercreek Investments Inc. (“T.I.I.”), at a special meeting ofT.I.I. preferred shareholders and T.I.I. debenture holders (together the“T.I.I. Security holders”), T.I.I. Security holders approve the mergerarrangement providing for the acquisition of T.I.I. by Timbercreek REIT(“Arrangement”). The Arrangement is scheduled to close on December 31, 2007 at5:30 p.m.. Upon the closing of the Arrangement T.I.I. will become a whollyowned subsidiary of Timbercreek REIT.

TimbercreekAsset Management Inc. (“TAMI”) is one of Canada’s fastest growing alternativeasset class investment managers. TAMI has a value oriented investmentphilosophy, and specializes in providing conservatively managed, risk adverseprivate investment opportunities to institutions, trusts and endowment funds,discretionary investment advisors and qualified individuals. Timbercreek AssetManagement Inc. is the exclusive asset manager for Timbercreek Investments Inc.and Timbercreek REIT, which collectively own a portfolio of multi-family realestate with a total asset value of approximately $700 million.

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