Timbercreek Asset Management Announced Joint Venture with KingsettCapital in Ottawa

TORONTO, ON – JUNE 12, 2007:Timbercreek Asset Management (“Timbercreek”) is pleased to announce that it hasentered into a joint venture partnership with Kingsett Capital to purchase theControlex Portfolio of multi-residential real estate in Ottawa, Ontario. Theportfolio consists of 14 buildings located throughout the downtown core ofOttawa, comprising 1,191 units. The acquisition officially closed May 29, 2007.

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, discretionaryinvestment advisors and qualified individuals.