Portfolio Update

20 November 2019

Hadrian's Wall Secured Investments Limited

Portfolio Update

Further to the announcement made by Hadrian's Wall Secured Investments Limited (the "Company") on 2 October 2019, the board of the Company (the "Board") is providing this update with respect to Biomass Premium Fuels Limited ("BPFL") and Biomass Optimum Fuels Limited ("BOFL").

BPFL has been engaged in ongoing discussions and due diligence with the aim of entering into a joint venture or partnership with another party. Unfortunately, after exploring a number of possible options such an arrangement does not currently appear to be possible. Further, Hadrian's Wall Capital Limited, the Company's Investment Adviser (the "Investment Adviser"), has advised the Board that, as a result of recent and unexpected developments, the partnership between BOFL and SDL is unlikely be sustained beyond the near term.

As a result the Investment Adviser expects that the Company will incur a material loss on its investments in BPFL and BOFL. Given the lack of any certainty as to the future for BPFL and the recent adverse change in the situation with BOFL, the Board has taken the decision to provision for a total loss on BPFL and BOFL and accordingly has increased the loss reserves against these assets from £3.2 million in aggregate to £18.1 million in aggregate. The Investment Adviser continues to explore options for BPFL and BOFL and recovery from the related assets and further updates will be provided in due course.

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 Matt Falla of Praxis Fund Services Limited.

LEI: 213800ABN7VKMVNOLG14

Contact Details

Hadrian's Wall Capital Limited (Investment Adviser)Ron Miao / Mike SchozerTelephone 020 3026 8620

Winterflood Investment Trusts (Corporate Broker)Joe Winkley / Neil MorganTelephone 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.