Real Estate Credit Investments Ltd (RECI) Ord NPV

The Investment Objective of the Company is to provide Shareholders with attractive and stable returns, primarily in the form of quarterly dividends. The Company invests in real estate debt secured by commercial real estate in Western Europe, focusing primarily on the United Kingdom and France.

Management Fee at 1.25% of NAV. Performance fee is calculated as Adjusted performance NAV - NAV per share at the beginning of the performance period increased by an annual rate of 7% x 20% x the time weighted average number of core shares in issue in the period since the starting date. Contract terminable on notice period of 24 months.

Subject to the applicable requirements and restrictions contained in the Companies Law, the Company may consider making interim dividend payments to Shareholders, having regard to the net income remaining after the potential reinvestment of cash or other uses of income, at a level the Directors deem appropriate, in their sole discretion, from time to time. There is no fixed date on which it is expected that dividends will be paid to Shareholders. The Directors intend that the Company pays dividends to Shareholders when it is able and appropriate to do so. It is the intention of the Company to continue to pay a stable quarterly dividend with the potential for additional payments if investment returns permit.

Ravi Stickney

Ravi Stickney joined Cheyne in 2008, and is responsible for managing a portfolio of €500 million in direct commercial real estate mezzanine loans and CMBS spread across the UK and Europe. Previously he was on ING Bank's proprietary investments desk, with sole responsibility for managing a €400 million long / short portfolio of predominantly subordinate interests in European commercial real estate loans and CMBS. Prior to that, he was at Lehman Brothers, structuring and executing UK and European CMBS/RMBS and commercial real estate B loans and mezzanine loans. He acted as sole operating advisor to the restructuring and eventual sale of the first distressed UK CMBS deal. He continues to play an active role in the direction of various distressed European real estate loans. He began his career on the UK commercial real estate desk at Ernst & Young. He serves on the Executive Committee of the Commercial Mortgage Securities Association in Europe.

Andreas TautscherChairman, Sally-Ann Farnon, Mark Thompson, Colleen McHugh