Portfolio Update

18 December 2017

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

Portfolio update

The Company continues to invest the proceeds of its C share issue of May 2017 and is pleased to provide an update on its progress to date. The Company has now closed or executed commitments for loans in the C share portfolio with a total value of £32 million, which represents 73% of the C share net proceeds of £44 million.

The Company is also actively negotiating commitments with several other borrowers representing transactions with a value of approximately £17 million and is in discussions with additional borrowers in respect of over £40 million of further potential loans. In keeping with its expectation set out in the C share prospectus, therefore, the Company's investment adviser expects the proceeds of the C share issue to be fully deployed during the first quarter of 2018.

Conversion of the C shares will take place in the first quarter of 2018 and the Company expects to achieve its target dividend of 6 pence per share per annum in respect of the combined ordinary shares and C shares for the quarter ending 31 March 2018, being the first dividend declared after conversion and payable in May 2018.

The loan portfolio of the Company continues to perform in line with expectations. Further details of the loan portfolio are included in the quarterly fact sheets, which can be found on the Company's website, along with summaries of the Company's loans set out under the 'Selected Transactions' tab. The Company's website is as follows http://hadrianswallcapital.com/fund-information-details/.

Contact Details

Hadrian's Wall Capital (Investment Adviser)

Ron Miao 020 3026 8626

International Fund Management (Investment Manager)

Chris Hickling 01481 737600

Winterflood Investment Trusts (Corporate Broker)

Joe Winkley / Neil Morgan 020 3100 0000