THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO

LEI: 213800L5751QTTVEA774

13 November 2023

This announcement contains inside information

Marwyn Value Investors Limited ("MVIL" or the "Company")

Investment in Zegona Communications Plc

MVIL is pleased to announce that funds managed by Marwyn Investment Management LLP have made an investment of £7.845 million in Zegona Communications Plc ("Zegona") as part of a total equity placing of ?300 million (£262 million).

On 31 October 2023, Zegona announced that it had entered into binding agreements with Vodafone Europe B.V. in relation to the acquisition of 100% of Vodafone Holdings Europe, S.L.U. ("Vodafone Spain") for ?5.0 billion, funded through a combination of new debt, Vodafone financing and this equity placing.

The transaction values Vodafone Spain at an enterprise value of ?5.0 billion, representing a multiple of 3.9x EBITDAaL, as defined in Zegona's announcement. Full details of the transaction are available on Zegona's website.

Zegona was founded by the current management team of Eamonn O'Hare and Robert Samuelson, alongside Marwyn, in 2015 with a 'Buy-Fix-Sell' strategy within European TMT. Zegona's first buy-fix-sell asset, Telecable, was acquired in August 2015 and sold to Euskaltel in July 2017 with Zegona retaining a 15% stake in Euskaltel (later increased to over 20%). Zegona returned the majority of proceeds from the sale of Euskaltel in 2021 via a tender offer.

MVIL Investment

Funds managed by Marwyn Investment Management LLP (the "Manager") have invested £7.845 million in Zegona, of which approximately £6.23 million is attributable to the Ordinary shares of MVIL and approximately £0.04 million is attributable to the 2021 Realisation shares of MVIL. As it is over 3 years since the creation of the 2016 Realisation shares of MVIL, there is no allocation to the 2016 Realisation shares.

Marwyn Value Investors Limited is a closed-ended investment company on the London Stock Exchange Specialist Fund Segment - a fully regulated market for professional, institutional and sophisticated investors. Marwyn's 12 comparable listed acquisition companies that have acquired platform businesses have gone on to make over 80 subsequent transactions, delivering over £4.3 billion in equity profits and an aggregate return to shareholders of 119 per cent on invested capital as at 31 October 2023.

For further information see www.marwynvalue.com. Neither the content of the Company's website, nor the content on any website accessible from hyperlinks on its website for any other website, is incorporated into, or forms part of, this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.

This announcement contains inside information for the purposes of Article 7 of the UK version of EU Regulation 596/2014 which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"), and is disclosed in accordance with the Company's obligations under MAR. The person responsible for making this announcement is Robert Ware, Chairman, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

Company enquiries:

Company Secretary - Aztec Financial Services (Jersey) Limited

Chris Copperwaite / Magdala Mullegadoo

Telephone: 01534 833000

Investor Relations

Kam Bansil

Telephone: 020 7039 1901

PR Adviser - FGS Global

Rollo Head 07768 994987

Chris Sibbald 07855 955531

Corporate Broker - Liberum Capital Limited

Chris Clarke / Owen Matthews

Telephone: 0203 100 2200

Shares in the Company are not designed or intended for retail investors. Marwyn Investment Management LLP, the Manager, does not promote shares in the Company to retail investors and they should not be offered to retail investors.