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Timbercreek raises US$153.8 million in public offering and private placement

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Confidential Clients

On July 4, 2012, Timbercreek Senior Mortgage Investment Corporation (the "Company") announced that it had completed an offering of 14,950,000 class A shares (the "Offering"), which included the exercise of an over-allotment option of 15%, for aggregate gross proceeds of $149,500,000. The class A shares were offered to the public by a syndicate of agents co-led by Raymond James Ltd., TD Securities Inc. and CIBC and including BMO Nesbitt Burns Inc., GMP Securities L.P., RBC Dominion Securities Inc., National Bank Financial Inc., Scotiabank, Manulife Securities Incorporated, Canaccord Genuity Corp. and Macquarie Capital Markets Canada Ltd. (the "Agents"). In addition, under a non-brokered private placement, the Company also issued 430,000 subscription receipts (the "Subscription Receipts") at $10.00 per Subscription Receipt for gross proceeds of $4,300,000. Holders of Subscription Receipts received 1.0402 class A shares of the Company for each Subscription Receipt held upon the exchange of the Subscription Receipts for class A shares. The Company will use the net proceeds from the Offering and the private placement to acquire and manage a diversified portfolio made up of first mortgages with customized terms that are secured by primarily residential (including multi-residential) real estate as well as office, retail and industrial properties, located primarily in large urban markets and their surrounding areas. The Company is managed by Timbercreek Asset Management Ltd., who also acts as the portfolio advisor for the Company. The class A shares are listed on the Toronto Stock Exchange. The Agents were represented by a team of Fasken Martineau lawyers that included John Sabetti and Francesco Tallarico, Jeffrey Gebert (corporate/securities), Dugan Edmison (real estate) and Mitchell Thaw (tax).



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