Standard Life : Notification of Major Interest in Shares

In reference to section 9, the shares detailed are managed by the named discretionary investment management entity within multiple portfolios on behalf of underlying clients, based on investment management agreements whereby the client has delegated the exercise of the voting power to the referenced investment manager.

This disclosure is to reflect the fact that the voting rights held indirectly by the underlying intermediate holding company Standard Life Investments (Holdings) Limited ('SLIHL') and the underlying investment management entity Standard Life Investments Limited ('SLIL') decreased below a notifiable threshold due to trading on 13 December 2018. SLIHL now effectively holds and SLIL now holds the delegated voting rights to 4.80% of the shares in Real Estate Credit Investments Limited. Prior to this crossing, SLIHL and SLIL effectively held 5.00% of the delegated voting rights.