Amendment to Dividend, NAV and Investment Update

28 February 2013

Duet Real Estate Finance Limited

("DREF" or the "Company")

AMENDMENT TO DIVIDEND, NAV AND INVESTMENT UPDATE

The following amendment has been made to the 'Dividend, NAV and Investment Update' announcement released on 28 February 2013 at 07:01 under RNS No 8353Y.

The announcement referred to the declaration of a dividend payable on 29 March 2013. As 29 March 2013 is a bank holiday, the dividend will be payable on 28 March 2013.

All other details remain unchanged.

The full amended text is shown below.

Dividend

The board of the Company is pleased to announce a dividend of 2.0 pence per Ordinary Share in respect of the quarter to 31 December 2012, payable on 28 March 2013 to those Shareholders on the register as at 8 March 2013.

As the Master Fund completes its investment program, the Investment Adviser has greater visibility over the returns on the investments in the portfolio which, on a quarterly basis, vary substantially. Given the Company's stated objective of paying out to Shareholders all of its income received from the Master Fund (net of expenses and working capital requirements), Shareholders can expect to see the level of each quarter's dividend fluctuate accordingly. However, the board anticipates that, barring any major unforeseen circumstances, the Company is on track to provide Shareholders with dividends which, taken over the course of a 12 month period, should meet the 7 per cent per annum targeted at the time of the IPO.

NAV

The unaudited net asset value as at 31 December 2012 is 98.5 pence per Ordinary Share.

Investment Update

In December, the Master Fund completed a €8.5 million senior loan backed by an office and warehouse portfolio of 23 assets situated in the Netherlands, with a Loan to Value ratio ("LTV") of 48% and projected Internal Rate of Return ("IRR") of 15.1%, Furthermore, in January, the Master Fund advanced a €7 million mezzanine loan secured by an office tower in Brussels, with a LTV of 73.3% and projected IRR of 14.6%.

It is expected that the Master Fund will complete imminently the final two transactions of its investment programme. The Company will update the market on this in due course.

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