Intention to convert C Shares

13 December 2018

Hadrian's Wall Secured Investment Limited

Intention to convert C shares

Hadrian's Wall Secured Investments Limited (the "Company") is pleased to announce that it will shortly be converting the C Shares into Ordinary Shares (the "Conversion"). The Company expects the "Calculation Time" to be close of business on 13 December 2018, when the Conversion Ratio will be calculated, and the Record Date for the Conversion to fall on 17 December 2018. The last day for trading in the C Shares on the London Stock Exchange for normal settlement (in order to enable settlement prior to Conversion) will be 13 December 2018. It is intended that the NAVs to be used for the Conversion will be based on those to be announced in respect of 30 November 2018, adjusted as appropriate for income, expenses and any valuation updates in the period from, but excluding, 30 November 2018 up to the Calculation Time.

Terms used in this announcement shall, unless the context otherwise requires, bear the meanings given to them in the prospectus published by the Company on 2 May 2017.

Contact Details

Hadrian's Wall Capital (Investment Adviser)

Ron Miao / Mike Schozer 020 3026 8620

International Fund Management (Investment Manager)

Chris Hickling 01481 737600

Winterflood Investment Trusts (Corporate Broker)

Joe Winkley / Neil Morgan 020 3100 0000