9 October 2017

Marwyn Value Investors Limited

(the "Company")

RETURNS TO REALISATION SHAREHOLDERS

Further to the announcement made on 30 August 2017, the sale of shares in Zegona Communications plc ("Zegona") via a tender offer generated gross proceeds attributable to holders of the Company's Realisation Shares of approximately £3.8 million.

The Company will return to Realisation Shareholders a total amount of £3.8 million (the "Distribution"), equivalent to a return of 44.755 pence per Realisation Share, by way of a capital redemption of the Company's Realisation Shares.

The Distribution will be effected by way of a redemption undertaken pro rata to holdings of Realisation Shares on the register as at the close of business on the record date for the redemption, being 27 October 2017.  The number of Realisation Shares to be redeemed will be calculated by reference to the net asset value per Realisation Share as at 6 October 2017.

The net asset value for 6 October 2017 and the number of Realisation Shares that will be redeemed on a pro rata basis in order to give effect to the capital return will be announced by the Company on or before 20 October 2017.  Fractions of Realisation Shares will not be redeemed and so the number of Realisation Shares held by each Shareholder to be redeemed will be rounded down to the nearest whole number of Realisation Shares.

As at today's date, the Company has 8,520,206 Realisation Shares in issue. All of the Realisation Shares redeemed on the redemption date will be cancelled. A further announcement will be released following the record date to confirm the new number of Realisation Shares in issue.

Further details on the changes to the ISIN of the Realisation Shares caused by the redemption will be announced shortly. The payment of the redemption monies to eligible holders of Realisation Shares is expected to be effected through CREST (in the case of holders of depository interests relating to the Realisation Shares) or by cheque (in the case of Realisation Shares held in certificated form) on 17 November 2017.

Expected Timetable:

Company enquiries:

Louisa Bonney / Scott Danks

Axio Capital Solutions Limited

Telephone: 01534 761240

Henry Freeman / Steve Pearce

Liberum Capital Limited

Telephone: 020 3100 2200

PR enquiries:

Alex Child-Villiers / Ed Orlebar

Temple Bar Advisory Limited

Telephone: 020 7002 1080

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