NAV, Portfolio Update & Compliance with Model Code

25 July 2012

Duet Real Estate Finance Limited (the "Company")

NAV, Portfolio Update and Compliance with the Model Code

The Company is pleased to announce its unaudited net asset value as at 30 June 2012 of 98.1 pence per Ordinary Share. In accordance with its regular quarterly timetable the Company expects to announce its Q2 2012 dividend prior to 31 August 2012.

On 18 July 2012 the Master Fund advanced a loan of £8.9 million, to a well-established sponsor secured by a business park in the South-East of England with a loan to value of less than 50% and projected IRR of 12.5%. Furthermore, the Master Fund has today completed its restructuring of its Healthcare loan as part of a broader restructuring of the borrower group. As part of the restructuring the Master Fund has advanced a loan of £4.3 million to the borrower group.

Following completion of the above transactions, the Master Fund is 60% invested.

In accordance with Listing Rule 15.5.1(4), the Company confirms that all inside information (as defined in section 118C of the Financial Services and Markets Act 2000) has been and will continue to be notified to a regulatory information service ("RIS") and that the Directors and the Company are not in possession of any additional inside information that has not been notified to a RIS.

Accordingly, the Company will continue to adopt the Model Code during the close period in relation to the financial results for the period ended 30 June 2012, with the exception of the following activities which may be undertaken:

a) dealings by persons discharging managerial responsibilities in the Company;

b) purchases by the Company of its own securities; and

c) sales of treasury shares for cash or transfers (except for sales and transfers by the Company of treasury shares in the circumstances set out in LR 12.6.2R).

For further information, please contact:

DRC Capital LLP

Dale Lattanzio +44 (0)20 7042 0600

Cyrus Korat