Real Est.cred Regulatory News (RECI)

This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any shares referred to in this announcement except on the basis of information in the prospectus published by Real Estate Credit Investments PCC Limited on 16 October 2013 and the supplementary prospectus dated 17 June 2014 in connection with the admission of the New Core Shares to the Official List of the UK Listing Authority and the main market of the London Stock Exchange plc. This announcement is not for release, publication, or distribution, directly or indirectly, in whole or in part, to US persons or into or within the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, Japan, or South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

REAL ESTATE CREDIT INVESTMENTS PCC LIMITED

Publication of Supplementary Prospectus

18 June 2014

Real Estate Credit Investments PCC Limited (the "Company") has published a supplementary prospectus approved by the UK Listing Authority. The publication of the supplementary prospectus is a regulatory requirement under the Prospectus Rules following the publication of the Company's annual report and accounts for the financial year ended 31 March 2014.

The supplementary prospectus is supplemental to, and should be read in conjunction with, the Prospectus published by the Company on 16 October 2013 in relation to the Placing Programme.

Copies of the supplementary prospectus will shortly be available for inspection at www.hemscott.com/nsm.do and on the Company's website at www.recreditinvest.com. Until 13 August 2014, copies will also be available for collection from the registered office of the Company at First Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 6HJ and the offices of Cheyne Capital Management (UK) LLP, Stornoway House, 13 Cleveland Row, London SW1A 1DH.

Terms used and not defined in this announcement have the meanings given in the Prospectus.

For further information, please contact:

Public Relations: Henrietta Dehn +44 (0)20 3540 6455

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

Important Notices:

This announcement does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any share in the Company or securities in any other entity, in any jurisdiction, including the United States, Australia, Canada, Japan, or South Africa nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract or investment decision whatsoever, in any jurisdiction. This announcement does not constitute a recommendation regarding any securities.

This announcement, and the information contained therein, is not for viewing, release, distribution or publication in or into the United States, Canada, Australia, Japan or South Africa or any other jurisdiction where applicable laws prohibit its release, distribution or publication, and will not be made available to any national, resident or citizen of the United States, Canada, Australia, Japan or South Africa. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes must inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the federal securities law of the United States and the laws of other jurisdictions.

The shares to be issued by the Company (the "Securities") have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The Securities may not be offered, sold, resold, pledged, delivered, distributed or otherwise transferred, directly or indirectly, into or within the United States, or to, or for the account or benefit of, US persons (as defined in Regulation S under the Securities Act). No public offering of the Securities is being made in the United States. The Company has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the Securities will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the Securities may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act.

All investments are subject to risk, including the loss of the principal amount invested. Past performance is no guarantee of future returns. All investments to be held by the Company involve a substantial degree of risk, including the risk of total loss. You should always seek expert legal, financial, tax and other professional advice before making any investment decision.

None of the Company, the Investment Manager, Liberum Capital their affiliates nor any other person (including without limitation, the directors, officers, employees, partners, agents, representatives, members and advisers of the Company, the Investment Manager, Liberum and their affiliates), undertakes any obligation to update or revise any statement made in this announcement (including, without limitation, any forward looking statements), whether as a result of new information, future events or otherwise.