Portfolio Update

Duet Real Estate Finance Limited ("DREF" or the "Company")

Portfolio Update

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

Following the closing of the placing by the Company in August, the Master Fund has achieved its target size raising total commitments of £300m, enabling the Master Fund to execute on its developed pipeline of opportunities. The Master Fund is now closed to new capital.

The Master Fund has made a further investment as part of a total £80m mezzanine financing arranged by Duet Private Equity Limited (the "Investment Adviser") for Blackstone's recent acquisition of the Mint Hotel portfolio.

The Master Fund is now 44% invested and the invested portfolio is expected to achieve an average annual cash coupon of approximately 9% and expected gross IRR of 15.4%.

The Investment Adviser has seen an increase in new deal enquiries from all parts of the market, and the active deal pipeline continues to grow, currently standing at £200m.

Dale Lattanzio, Chief Investment Officer of the Investment Adviser, said:

"We have been actively pursuing investments and are pleased to complete this significant transaction. We continue to pursue interesting investments for the Master Fund as capital remains in short supply for financing commercial property"

Enquiries:

Duet Private Equity Limited +44(0)20 7290 9778

Dale Lattanzio

Cyrus Korat