KILMER BROWNFIELD FUND COMPLETES ITS MISSISSAUGA PROJECT

Toronto, ON - October 17, 2008 - The Kilmer Brownfield Equity Fund L.P. successfully completed the remediation and sale of the 11-acre former brownfield property on South Sheridan Way in Mississauga, Ontario. Records of Site Condition were filed with the Ontario Ministry of the Environment in September 2008 and the property was sold on September 24, 2008 to O.R.E. Development Corporation, a major industrial/commercial developer, for further development and build-out.

The redevelopment of the property involved the demolition of the vacated 180,000 sq. ft. purpose-built manufacturing facility, the remediation of impacted soil and groundwater to generic and risk-based standards following the Ontario Ministry of Environment (MOE) regulations, and the replacement of the aged sanitary sewer infrastructure. The integrated site remediation program included two risk assessments and involved source removal, product recovery, groundwater treatment and air testing. The remediation program was completed on-time and on-budget. Kilmer also placed a specialized environmental insurance policy to provide supplemental assurance and support for site redevelopment. Regulatory site closure was obtained through the filing of two Records of Site Condition with the MOE. The property was sold in a shovel-ready state to O.R.E. for redevelopment into industrial/commercial use.

Michael Hanna, Vice President and General Manager of O.R.E., commented: "Kilmer's team was highly professional and their skillful approach to the remediation of the site will enable us to effectively complete the redevelopment and reposition this once difficult site in the marketplace."

The clean-up and repositioning of the site provided clear benefits to the community and Kilmer enjoyed a high level of support for the project from local residents and government alike. Carolyn Goodison, director of the Benedet Woods Community Association commended Kilmer in its dealings with the local residents: "They kept our association informed of all developments and were also responsive to our residents' concerns as these arose."

ABOUT KILMER:
The Kilmer Brownfield Equity Fund L.P. is Canada's first private equity investment fund dedicated to the redevelopment of brownfields in Canada. In 2006, the Fund was awarded a Special Brownie Award from the Canadian Urban Institute in recognition of its contribution to the advancement of the brownfield industry in Canada.