TR-1: Notification of Major Interest in Shares

For filings with the FCA include the annex

For filings with issuer exclude the annex

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Real Estate Credit Investments PCC Limited

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

City Financial Investment Company Limited, acting as Investment Manager of City Financial Diversified Fixed Interest Fund, CF IF Pennine Pathfinder Fund & CF IF Pennine Diversified Fund (merged into City Financial Multi Asset Diversified Fund on 27/06/2014 & 08/11/2013 respectively), CF IF Pennine Dynamic (merged into City Financial Multi Asset Growth Fund 27/06/2014) and (City Financial MultiManager Income Fund (merged into City Financial Multi Asset Balanced Fund on 02/10/2013)

4. Full name of shareholder(s)  (if different from 3.):iv

BNY Mellon Trust and Depositary as Trustee to the City Financial Diversified Fixed Interest Fund, City Financial Multi Asset Diversified Fund, City Financial Multi Asset Growth Fund and City Financial Multi Asset Balanced Fund

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

13th December 2013

6. Date on which issuer notified:

17th September 2014

7. Threshold(s) that is/are crossed orreached: vi, vii

5%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB00B0HW5366

3,588,800

3,588,800

3,698,800

3,698,800

5.08%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

3,698,800

5.08%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

N/A

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

14. Contact name:

Chris Sturdee

15. Contact telephone number:

020 7451 9600