Anonymous Intelligence Company Inc. — Board/Management Information 2021

Nov 11, 2021

FORM 51-102F3 MATERIAL CHANGE REPORT

1. Name and Address of Company

Timbercreek Financial Corp. (the “ Company ”) 25 Price Street Toronto, Ontario M4W 1Z1

2. Date of Material Change

November 9, 2021

3. News Release

A news release was issued and disseminated on November 10, 2021 through the facilities of GlobeNewswire and filed on SEDAR (www.sedar.com).

4. Summary of Material Change

On November 10, 2021, the Company announced the appointments of Deborah Robinson and Tracy Johnston to its board of directors (the “ Board of Directors ”) and that Steven Scott would no longer serve on the Board of Directors, effective November 9, 2021.

5. Full Description of Material Change

Effective November 9, 2021, the Company announced the following changes to its Board of Directors:

• Deborah Robinson joins the Board of Directors as an independent director. Ms. Robinson is President and the Founder of Bay Street HR, and has over 25 years of diverse Human Resources and Governance experience in a variety of sectors and has an extensive network in the Canadian Capital Markets community. Prior to founding Bay Street HR, Ms. Robinson was an Executive Director at CIBC World Markets, overseeing human resources for Global Investment Banking. Ms. Robinson is a director of Park Lawn (TSX:PLC), Blockchain Foundry (CSNX:BCFN), a Director and Co-Founder of Best Buddies Charitable Foundation and is a graduate of the Directors Education Program of the Institute of Corporate Directors and holds the institute's ICD.D designation.

• Tracy Johnston, Chief Financial Officer of the Company and Timbercreek Capital, joins the Board as a director. Ms. Johnston is responsible for overseeing financial and taxation reporting, treasury, corporate financing and the financial reporting and risk analytics platform. Ms. Johnston has over 15 years of progressive finance experience. Prior to joining Timbercreek, Ms. Johnston held positions at Cadillac Fairview and

DREAM Office REIT. Ms. Johnston started her career in the assurance and advisory practice at Deloitte and has her CPA, CA designation.

• Steven Scott, a long-time director of the Company is resigning from the Board to focus on other commitments. Mr. Scott will remain strategically involved as an investor in and director of, the broader asset management platform.

6. Reliance on Subsection 7.1(2) of National Instrument 51-102

Not applicable.

7. Omitted Information

Not applicable.

8. Executive Officer

Inquiries regarding the material change and this report may be directed to:

Blair Tamblyn Chief Executive Officer btamblyn@timbercreek.com 1-844-304-9967

9. Date of Report

November 10, 2021