Marwyn Val. Regulatory News (MVI)

15 July 2015

Marwyn Value Investors Limited

("MVIL" or the "Company")

Disposal of interest in Entertainment One Ltd ("Entertainment One" or "eOne")

§ Partial disposal of Entertainment One generating gross proceeds of approximately £87.5 million for Marwyn Value Investors LP (the "Master Fund") of which approximately £61.1 million is attributable to the Company based on the Company's percentage ownership of the Master Fund as at 30 June 2015.

§ The Company announces that approximately £5.3 million is to be returned to shareholders under the Company's distribution policy for net capital gains, further details of which are outlined below.

The Directors of Marwyn Value Investors Limited (the "Company") are pleased to announce that the underlying fund in which it has invested, Marwyn Value Investors LP, has sold 26.5 million depositary interests representing common shares in Entertainment One (ETO LN) at a price of £3.30 per share, raising gross proceeds of approximately £87.5 million, of which approximately £61.1 million is attributable to the Company.

The Master Fund is now beneficially interested in approximately 52.9 million common shares of eOne, representing approximately 17.9% of eOne's issued common share capital.

Entertainment One was founded in 2008 following the initial reverse acquisition of Entertainment One Income Trust. Since that date eOne has established itself as a leading international entertainment company that specialises in the acquisition, production and distribution of film and television content as well as being the the owner of world class properties including Peppa Pig.

As a result of the Master Fund's reduced shareholding, James Corsellis, who has represented Marwyn on eOne's Board since 2007, has stepped down from the Board of eOne with immediate effect.

Marwyn remains supportive of the eOne management team and is confident that they will continue to deliver on the eOne growth story.

Darren Throop, President and CEO of eOne said "Marwyn's involvement has been critical to the success and growth of eOne. We look forward to their continued support as an investor and would like to thank both James Corsellis and Mark Watts for their contributions on the Board over the years."

James Corsellis said "On behalf of the Marwyn team, I am grateful for the dedication and hard work of Darren Throop, Giles Willits and all of all the directors and employees of Entertainment One. Over the last 8 years, they have been instrumental in the company's extraordinary success in building a world-class entertainment business. This remains an important investment for Marwyn and we continue to be excited by the scale of the opportunity that faces Entertainment One going forward."

Return of Net Capital Gains

Pursuant to the distribution policy, where the Master Fund disposes of an asset for a net capital gain (being the net sale proceeds received on a disposal of a security for a net consideration higher than its value on 27 August 2013 in the case of investments held at that date, including eOne) and has not already returned an aggregate amount in excess of 50% of that gain and any previous such gain, the Company will make an additional capital return of the difference to Shareholders. Previous distributions pursuant to the distribution policy count towards the amounts for net capital gains to be distributed under this distribution policy (ie the progressive annual capital returns in January each year will be treated as if they were returns for this purpose). These distributions currently amount to £10.6m: £5.3 in January 2014 (8p/share) and £5.3 million in January 2015 (8.255p/share).

The transaction has generated gross proceeds of approximately £87.5 million, of which approximately £61.1 million is attributable to the Company, of which, under the distribution policy referred to above, the Company will return £5.3 million to Shareholders. The Company is currently in a close period pending the announcement of its interim results for the six months ended 30 June 2015. However, the Board is considering the most appropriate mechanism and timing for returning the £5.3 million to Shareholders and will release a further update in due course.

Current Portfolio & Use of Proceeds

The Master Fund continues to hold investments in BCA Marketplace plc, Zegona Communications plc and Le Chameau Holdings (through Marwyn Management Partners Plc) and intends to use the proceeds (net of the cash to be distributed pursuant to the distribution policy) to support follow on investments in those companies and to support the launch of new management teams and acquisition companies.

No cash is currently due to be paid pursuant to the management incentive allocation.

Unaudited Net Asset Value

Following this disposal the estimated NAV of the Fund as at 14 July 2015 is 303.22 pence per share.

Fund Performance

The Company is a closed-ended investment company whose shares are traded on the London Stock Exchange Specialist Fund Market - a fully regulated market for professional, institutional and sophisticated investors. Current investments through Marwyn Value Investors L.P. (the "Master Fund") include BCA Marketplace plc, Zegona Communications plc and Le Chameau (through the Master Fund's holding in MMP plc).

Since its launch in 2006, the Master Fund has made 14 quoted investments, investing approximately £330 million and raising over £2 billion in co-investment from public market institutions. From inception to 30 June 2015 the Company has produced net returns of 303.04%1, placing it in the top 5 performing investment funds across all categories2.

1 Returns quoted for MVIL Shareholders to 30 June 2015 from inception in February 2006

2 Performance quoted to 30 June 2015 based on Morningstar analysis of 210 LSE Listed Funds which were operating during the period from February 2006 to 30 June 2015

Company enquiries:

-End-