Timbercreek Mortgage Investment Corporation announces October 2008 dividend for privately held Class B Shares

    Toronto Stock Exchange: TMC

    TORONTO, Oct. 23 /CNW/ - Timbercreek Mortgage Investment Corporation (the
"Fund") is pleased to announce that its board of directors (the "Board") has
declared a monthly dividend of $0.0829 per class B share of the Fund ("Class B
Shares") to be paid on November 14, 2008 to holders of Class B Shares of
record on October 31, 2008. As of October 23, 2008 there were
1,509,279 Class B Shares outstanding.

    About the Fund

    The Fund provides investors with an opportunity to receive attractive
yields by investing indirectly, through holding shares of the Fund, in
mortgage loan investments selected and determined to be high quality by its
manager, Timbercreek Asset Management Inc. The investment objective of the
Fund is, with a primary focus on capital preservation, to acquire and maintain
a diversified portfolio of mortgage loan investments that generates
attractive, stable returns in order to permit the Fund to pay monthly
distributions to its shareholders.

    %SEDAR: 00026881E

For further information:

For further information: Timbercreek Asset Management Inc., Carrie
Morris, Director, Investor Relations, (416) 306-9967 x250,

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Timbercreek Mortgage Investment Corporation

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