Conversion to Open End Fund:

Effective January 23, 2018, each Class A unitholder of Timbercreek Global Real Estate Fund received approximately 1.32 Series A units of open-end fund Timbercreek Global Real Estate Income Fund for each Class A unit held on a tax-deferred basis. Each Class B unitholder of Timbercreek Global Real Estate Fund received approximately 1.44 Series F units of open-end fund Timbercreek Global Real Estate Income Fund for each Class B unit held on a tax-deferred basis. Units of Timbercreek Global Real Estate Fund were delisted on January 15, 2018.