Change of Service Providers Announcement

This announcement contains inside information.

Date and time of release: 27 February 2019

Change of Service Providers

Real Estate Credit Investments Limited (the "Company") announces that with effect from 1st March 2019, the following have been appointed as service providers to the Company:

1. Citco Fund Services (Guernsey) Limited will be appointed as designated manager and administrator;

2. Aztec Financial Services (Guernsey) Limited will be appointed to provide corporate secretarial services; and

3. The Bank of New York Mellon (International) Limited will be appointed as depositary.

The Company's existing service arrangements with State Street (Guernsey) Limited (the "Administrator"), State Street Fund Services (Ireland) Limited (the "Sub-Administrator") and State Street Custody Services (Guernsey) Limited (the "Depositary"), will cease on the same date.

Following a tender process initiated by the Board in autumn 2018, a number of potentially suitable firms were identified and interviewed before the new service providers were selected.

Further to these changes and with effect from 1st March 2019, the Company's new registered office address will be: East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, GY1 3PP.

Enquiries:

Cheyne Capital Management (UK) LLP - Richard Lang: +44 (0)20 7968 7328

Aztec Financial Services (Guernsey) Limited - Chris Copperwaite: +44 (0)1481 749 700

State Street (Guernsey) Limited - Frederick Kanyike: +44 (0)1481 704 530