Real Est.cred Regulatory News (RECI)

1st July 2016

Real Estate Credit Investments PCC Limited (the "Company")

Directorate changes and change of Audit Committee Chairman

Continuing its programme of refreshing the Board, the Company announces the following:

Chris Spencer, a Non-Executive Director of the Company and Chairman of the Audit Committee, has notified the Board that he does not intend to stand for re-election as a Director of the Company at the 2016 Annual General Meeting of the Company to be held on 16 September 2016 ("the AGM").

The Board is pleased to announce that from the conclusion of the AGM, John Hallam, a Non-Executive Director since March 2016, will become Chairman of the Audit Committee. Mr Hallam is currently a member of the Company's Audit and Nomination Committees.

Bob Cowdell, Chairman, commented: "Chris has been an integral part of the Board since the Company's launch in 2005 and led the Audit Committee throughout times of significant regulatory and financial reporting change. The Board would like to thank him for his hard work and much appreciated contribution during his tenure and wish him well for the future.

We are fortunate that John Hallam will bring a wealth of experience and financial expertise as successor to Chris as Chair of the Audit Committee from September."

Mark Burton has advised the Board of his wish to step down as a Director to focus on his other interests and stands down from the Board today. The Chairman commented "I would like to thank Mark for his valued contribution to the Board and wish him every success for the future".

Sarah Evans is appointed today as a Non-Executive Director of the Company. Mrs Evans will also serve as a member of the Company's Audit Committee and Nomination Committee and will stand for election at the AGM. Sarah Evans, a Guernsey resident, is a Chartered Accountant and a non-executive director of several listed investment funds. She is also a director of the UK Investment Companies' trade body, the AIC. She spent over six years with the Barclays Bank plc group from 1994 to 2001. During that time she was a treasury director and, from 1996 to 1998, she was Finance Director of Barclays Mercantile, where she was responsible for all aspects of financial control and operational risk management. Previously, Mrs Evans ran her own consultancy business advising financial institutions on all aspects of securitisation. From 1982 to 1988 she was with Kleinwort Benson, latterly as head of group finance.

Welcoming Sarah Evans to the Board, Bob Cowdell said: "I am delighted that Sarah has agreed to join the Board and look forward to working with her. She brings extensive treasury, credit and securitisation experience, which complements the skillsets of the existing Board and, allied to her experience as a listed investment fund director, will be of great value to the Company going forward'.

Sarah Evans is or was within the previous five years a director of the following publicly quoted companies:

Current:

HICL Infrastructure Company Limited

Crystal Amber Fund Limited

NB Distressed Debt Investment Fund Limited

Previous:

CQS Diversified Fund Limited

HarbourVest Senior Loans Europe Limited

J P Morgan Senior Secured Loan Fund Limited

No further disclosures are required for Sarah Evans in respect of paragraphs 9.6.13R (1) - (6) of the Financial Conduct Authority's Listing Rules, other than the declaration that Mrs Evans was a director of Brimbul Ltd until 30 March 1994 and that Brimbul Ltd went into voluntary liquidation on 22 March 1995. The Statement of Affairs prepared on 6 March 1995 showed an estimated total deficiency to Brimbul Ltd's shareholders and creditors of £64,238.

Broker: Richard Crawley / Richard Bootle (Liberum Capital) +44 (0)20 3100 2222

Investor Relations: Nicole Von Westenholz (Cheyne) +44 (0)20 7968 7482