TORONTO – May 8, 2008 – Timbercreek Asset Management Inc. (the “FundManager”), on behalf of Timbercreek Mortgage Investment Corporation (the “Fund”),has filed a preliminary prospectus dated May 7, 2008 with Canadian securitiesregulatory authorities in each of the provinces and territories of Canada,other than Quebec.

This prospectus qualifies the distribution (the “Offering”) ofsubscription receipts (“Subscription Receipts”) of the Fund. Each SubscriptionReceipt represents the right to receive one Class A share of the Fund withoutpayment of additional consideration. The Fund, which is a newly-incorporatedcompany under the laws of the Province of Ontario and which will be managed byTimbercreek Asset Management Inc., provides investors with an opportunity toreceive attractive yields by investing indirectly, through holding shares ofthe Fund, in mortgage loan investments (“Mortgage Assets”) selected and determinedto be high quality by the Fund Manager.

The investment objective of the Fund is, with a primary focus oncapital preservation, to acquire and maintain a diversified portfolio ofMortgage Assets that generates attractive, stable returns in order to permitthe Fund to pay monthly distributions to its shareholders.

For the 12-month period ending December 31, 2008, the Fund Manageris targeting an annualized yield of approximately 9%. Thereafter, in thelong-term, the Fund Manager is targeting an aggregate annual yield (net of allfees and expenses of the Fund) equal to the then current yield to maturity onthe two-year Government of Canada bond yield (the “2-Yr GOC Yield”) plus 550basis points. For the year ended December 31, 2007, the average 2-Yr GOC yieldwas 4.19%.

The Offering is made by a syndicate of agents led by BerkshireSecurities Inc. and Raymond James Ltd., and including Dundee SecuritiesCorporation, Newport Securities L.P., Burgeonvest Securities Limited and IPCSecurities Corporation.

The preliminary prospectus with respect to the Offeringremains subject to completion or amendment. Copies of the preliminary prospectusmay be obtained from any one of the agents listed above. There will not be anysale or any acceptance of an offer to buy the securities until a receipt forthe final prospectus has been issued.

This press release does not constitute an offer to sell or the solicitationof an offer to buy securities of the Fund in the United States

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