Portfolio Update

23 March 2020

HWSI Realisation Fund Limited

Portfolio update - Significant loan repayment

The Board of HWSI Realisation Fund Limited (the "Company") is pleased to announce that the Company has received cash of £27.2 million from the early repayment, in full, of the Company's largest specialised finance company loan, a loan to a firm that specializes in small business loans to SME companies. The repayment amount comprises the full capital balance and all accrued interest, together with an early repayment fee of approximately £1.2 million.

It is the Board's intention to return to Shareholders through the Company's B Share Mechanism, detailed in the Company's circular dated 5 March 2020, an amount broadly equal to this loan repayment and the Board expects to make a further announcement of the details shortly.

The information contained within this announcement constitutes inside information. The person responsible for arranging for the release of this announcement on behalf of the Company is Hannah Girard of Praxis Fund Services Limited.

LEI: 213800ABN7VKMVNOLG14

Contact Details

David Warr (Chairman)

Telephone 01481 737600

Brett Miller (Director)

Telephone 07770447338

Winterflood Investment Trusts (Corporate Broker)

Neil Morgan

Telephone 020 3100 0000

Forward-looking statements

This press release may contain forward-looking statements with respect to the Company's future financial performance and position. Such statements are based on current expectations, estimates and projections of the Company and information currently available to the Company. The Company cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. The Company accepts no obligation to update the statements contained in this press release, unless required by law.