TIMBERCREEK MORTGAGE INVESTMENT CORPORATION ANNOUNCES OCTOBER 2010 DIVIDEND
FOR TSX LISTED CLASS A SHARES

Toronto Stock Exchange: TMC

TORONTO, Oct. 20 /CNW/ - Timbercreek Mortgage Investment Corporation (the "Fund") is pleased to announce that its board of directors (the "Board") has declared a monthly dividend of $0.068 per class A share of the Fund ("Class A Shares") to be paid on November 15, 2010 to holders of Class A Shares of record on October 29, 2010. 

The Fund also offers a Dividend Reinvestment Plan (the "Plan").  The Plan provides eligible holders of class A shares of the Fund ("Class A Shares") a convenient means to purchase additional Class A Shares by reinvesting their cash dividends at a potential discount and without having to pay commissions, service charges or brokerage fees. 

At the discretion of the Board of Directors of the Fund (the "Board"), shares for the reinvestment of distributions will be acquired in the open market at prevailing prices or issued from treasury at 95 percent of the average market price.  At this time, the Board confirms that the Fund will continue to issue shares from treasury until such time as the Board elects otherwise.  Class A Shares acquired under the Plan will be automatically enrolled in the Plan. Shareholders who hold their Class A Shares through a broker, financial institution or other nominee ("beneficial owners") must enroll for distribution reinvestment through their nominee holder.

The full text of the Plan will be mailed to registered shareholders in the near future. These documents may also be obtained on the Timbercreek website at www.timbercreekfunds.com.

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. 

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For further information:

Timbercreek Asset Management Inc.
Sanjay Junnarkar
Investor Relations
416.306.9967 x266
[email protected]