Securities Law & Instruments

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- exemption from s. 2.1(2) of NI 81-101 to file a prospectus more than 90 days after the date of the receipt for the preliminary prospectus -- National Instrument 81-101 Mutual Fund Prospectus Disclosure

Applicable Legislative Provisions

National Instrument 81-101 Mutual Fund Prospectus Disclosure, ss. 2.1(2), 6.1.

June 19, 2015

McCarthy Tetrault LLP

Attention: Christian O. Blidariu

Dear Sirs/Mesdames:

Re: Timbercreek Global Real Estate Income Fund

Preliminary Simplified Prospectus, Annual Information Form and Fund Facts dated February 18, 2015

Exemptive Relief Application under Part 6 of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101)

Application No. 2015/0342; SEDAR Project Number 2309276

By letter dated May 19, 2015 (the Application), Timbercreek Asset Management Ltd., the manager of the Fund applied to the Director of the Ontario Securities Commission (the Director) under section 6.1 of NI 81-101 for relief from the operation of subsection 2.1(2) of NI 81-101, which prohibits an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Fund's prospectus, subject to the condition that the prospectus be filed no later than June 19, 2015.

Yours very truly,

"Raymond Chan"
Manager, Investment Funds and Structured Products Branch
Ontario Securities Commission