Net Asset Value Update

HWSI Realisation Fund Limited ("HWSIL")

14 August 2020

Net Asset Value update

Following the publication on 10 August 2020 of a scheme document in relation to the recommended cash offer from Cubitt Trade Holdings LLC for the entire issued share capital of HWSIL to be implemented by means of a scheme of arrangement under Part VIII of The Companies (Guernsey) Law, 2008 (as amended), which is expected to become effective on 9 September 2020, the Board of HWSIL has determined to suspend the publication of HWSIL's monthly NAV.

LEI: 213800ABN7VKMVNOLG14

Contact Details:

International Fund Management (Investment Manager)Chris HicklingTelephone: 01481 737600

Praxis Fund Services Limited (Administrator)Ben Le PrevostTelephone: 01481 755524

Winterflood Investment Trusts (Corporate Broker)Neil MorganTelephone: 020 3100 0000