Net Asset Value(s) and C Share Conversion Update

16 February 2018

Hadrian's Wall Secured Investments Limited (the "Company")

Net Asset Values as at 31 January 2018 and C Share conversion update

Ordinary Shares

The Company announces that the unaudited cum-income net asset value per Ordinary Share as at 31 January 2018 was 99.66 pence.

C Shares

The Company announces that the unaudited cum-income net asset value per C Share as at 31 January 2018 was 97.66 pence.

C Share conversion update

The above NAVs will be used for the C Share conversion, adjusted as appropriate for income and expenses in the period from, but excluding, 31 January 2018 up to the "Calculation Time", being close of business on 20 February 2018 when the Conversion Ratio will be calculated, and by deducting the Q4 2017 dividend from the Ordinary Share NAV. The Record Date for the C Share conversion will be 22 February 2018 and it is expected that the results of the conversion will be announced on 23 February 2018.

Applications will be made to the UK Listing Authority and to the London Stock Exchange for all of the Ordinary Shares arising on conversion to be admitted to the premium segment of the Official List and to trading on the main market of the London Stock Exchange, respectively. It is expected that admission will become effective and that dealings in the Ordinary Shares will commence on or around 27 February 2018.

Note

The net asset values continue to be reported on an effective interest rate ("EIR") basis excluding certain adjustments which principally relate to upfront fees received. EIR reconciliations are provided in the Company's year end and interim financial statements.

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 Telephone 020 3026 8620

International Fund Management (Investment Manager)

Chris Hickling Telephone 01481 737600

Winterflood Investment Trusts (Corporate Broker)

Joe Winkley / Neil Morgan Telephone 020 3100 0000