Investment Manager’s Q1 Investor Presentation

29 July 2022

Real Estate Credit Investments Limited

Investment Manager's Q1 Investor Presentation

Real Estate Credit Investments Limited ("RECI" or "the Company") is pleased to announce that the Investment Manager's Q1 Investor Presentation is now available on the Company's website at:

https://www.recreditinvest.com/investors/results-reports-and-presentations/#currentPage=1

An extract from the Summary section of the presentation is set out for investors in the Appendix to this announcement.

For further information, please contact:

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

Investment Manager:     Richard Lang (Cheyne)                                                      +44 (0)20 7968 7328

Appendix: Q1 Investor Presentation Extract

Key Quarter Updates

•     Portfolio

-    6 new deals completed (£63.5m of commitments) since 31 March 2022, showing strength of opportunity post the initial impact of Covid

-    No defaults in the portfolio

-    Successful and favourable completion on the last remaining hotel loan restructuring

-    Migration of portfolio to senior lending in keeping with the compelling opportunity set therein

•     Cash

-    Cash reserves remain robust, targeted at between 5% to 10% of NAV

•     Dividend

-    Dividends maintained at 3p per quarter, 8.1% yield, based on share price, as at 30 June 2022

•     Employs term matched financing, alongside flexible short dated financing

-    Successful term matching financing on selected senior loan deals

•     Opportunities

-    Bank lending remains constrained across Europe and high barriers to entry secures a continued compelling investment landscape, especially in senior lending

-    The Company expects to deploy its currently available cash resources to its near term commitments, and if cash resources permit, in some of the potential new deals in the Cheyne pipeline

-    Cheyne's pipeline includes a mix of UK, French and Spanish opportunities, which all offer attractive yields

Summary : Investment Opportunity

ü Attractive returns from low LTV credit exposure to UK and European commercial real estate assets

•     Weighted Average LTV on underlying investments of 59.8% as at 30 June 2022

•     Predominantly large, well capitalised, and experienced institutional borrowers

ü Quarterly dividends delivered consistently since October 2013

•     The Company has consistently sought to pay a stable quarterly dividend

•     This has led to a stable annualised dividend of around 7% of NAV

ü Highly granular book

•     62 positions

ü Transparent and conservative leverage

•     Net leverage 17.8% (with £37.6m cash) as at 30 June 2022 versus a leverage limit of 40%

ü Access to established real estate investment team at Cheyne, which manages c$5bn AUM

ü Access to pipeline of enhanced return investment opportunities identified by Cheyne

ü Robust mitigation against a rising rates environment

•     A high yielding portfolio, combined with a short weighted average life of under 2 years, ensures minimal exposure to yield widening and the ability to redeploy quickly at higher rates