NAV and Dividend for Q4 2011 and Portfolio Update

22 February 2012

Duet Real Estate Finance Limited

("DREF" or the "Company")

NAV and Dividend for the Quarter to 31 December 2011

and Portfolio Update

NAV and Dividend

The board of DREF is pleased to announce a dividend of 1 pence per Ordinary Share for the quarter to 31 December 2011, payable on 23 March 2012 to those Shareholders on the register on 2 March 2012.

In addition, the Company is able to report an unaudited NAV as at 31 December 2011 of 97.4* pence per Ordinary Share.

Portfolio Update

DREF is pleased to announce further progress in deploying capital and building the investment portfolio of the European Real Estate Debt Fund LP (the "Master Fund").

The Master Fund has made a further investment of €22m in a mezzanine loan, secured by a portfolio of retail properties located throughout Germany.

The Master Fund is now 53% invested and the Investment Manager is in advanced discussions on a pipeline of 12 opportunities totalling £352m. The Company expects to be able to announce further investments in the near future.

The Company intends to provide a portfolio review with its 31 December 2011 final results due to be released towards the end of March 2012.

* The NAV of the Master Fund has been calculated on an amortised cost basis. This valuation method spreads out the arrangement fees received by the Master Fund over the anticipated life of the relevant loans, and will be used to calculate the NAV of the Master Fund in the future. The Investment Adviser estimates that the impact of this methodology on the Company's 31 December 2011 NAV is -0.5 pence per ordinary share.

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