Company Update

19 October 2015

Company Update

The Board of Real Estate Credit Investments PCC Limited ('the Company") announces a change to its senior portfolio management team following the decision of Graham Emmett to leave Cheyne Capital Management ("Cheyne"), the investment manager of the Company.

The Company's Board and Cheyne have agreed that with immediate effect, Ravi Stickney, the Head of Cheyne's real estate business, will take responsibility for and continue to manage with his team, the Company's portfolio in accordance with the current investment policy and objective. Cheyne's real estate team comprises 13 professionals managing approximately USD 2.2 billion in real estate credit.

For further information, please contact:

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

Public Relations: Adrian Flook / James MacFarlane (CTF) +44 (0)20 3540 6456

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