Real Est.cred Regulatory News (RECI)

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12 December 2011

REAL ESTATE CREDIT INVESTMENTS PCC LIMITED

ANNOUNCEMENT OF SHARE BUY-BACK PROGRAMME

Real Estate Credit Investments PCC Limited ("RECI PCC" or the "Company") today announces the launch of a preference share buy-back programme (the "Programme") with the objective of reducing the issued preference share capital of the Company. The Programme will commence with effect from today and will be conducted in accordance with the authorisation granted to the Company by shareholders at the AGM held on 16 September 2011.

RECI PCC has appointed Liberum Capital Limited ("Liberum") and The Royal Bank of Scotland plc ("RBS") to manage the Programme and has authorised Liberum and RBS to effect on-market purchases of redeemable preference shares of no par value (the "Preference Shares") on behalf of the Company on the Main Market of the London Stock Exchange plc (the "Exchange").

Pursuant to and during the term of the Programme, Liberum and RBS may independently of, and without influence by RECI PCC, purchase Preference Shares from time to time at its absolute discretion provided that:

1) the maximum price payable for a Preference Share on the Exchange is an amount equal to the higher of:

a. 105 per cent. of the average market value of the Company's Preference Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased; or

b. the higher of the price of the last independent trade and the highest current bid stipulated by Article 5(1) of the Commission Regulation (Directive 2003/6/EC) 22 December 2003 implementing the Market Abuse Directive with regard to exemptions for buy back programmes and stabilisation of Financial Instruments (No. 2273/2003); and

2) the aggregate number of Preference Shares which may be acquired on behalf of the Company in connection with the Programme shall not exceed 7,488,809 (representing 14.99% of the Company's issued Preference Shares).

Preference Share buy-backs under the Programme will be made pursuant to the shareholder authority granted to the Company at the Annual General Meeting held on 16 September 2011.

Due to the limited liquidity in the Preference Shares, a buy-back of Preference Shares pursuant to the Programme on any trading day is likely to represent a significant proportion of the daily trading volume in the Preference Shares on the Exchange (and is likely to materially exceed the 25% and 50% limits of the average daily trading volume of November 2011 as referred to in the Commission Regulation (EC) No. 2273/2003 on buy-back programmes).

RECI PCC will announce any market repurchase of Preference Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. To the extent permitted by law, Preference Shares bought back under the Programme are expected to be held in treasury.

-ENDS-

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