Investment Update

22 December 2016

Duet Real Estate Finance Limited

("DREF" or the "Company")

Investment Update

The board of the Company is pleased to announce that the full repayment of all principal and accrued interest has been received on the Master Fund's UK Healthcare bonds (CMBS 1), earning returns in-line with its investment criteria. The Company's share of proceeds realised by the Master Fund totals £1.1 million, equivalent to 1.56 pence per share.

The board is anticipating the full realisation of its investment in the Master Fund in the short term and is exploring the best method of distributing proceeds to shareholders shortly thereafter.

A further announcement will be made in due course.

For further information, please contact:

DRC Capital LLP +44 (0)20 7042 0600

Dale Lattanzio

Cyrus Korat

Stifel Nicolaus Europe Limited +44 (0)20 7710 7600

Neil Winward

Mark Bloomfield

Tunga Chigovanyika