Company Announcements

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Craven House Capital plc

("Craven House" or the "Company")

Investee company update: Magazinos.com

The Company confirms that together with the management of Magazinos.com and following the successful IPO of Readly International ("Readly") on Nasdaq Stockholm (ticker READ.ST) yesterday, it is evaluating a number of opportunities for the public flotation or industry sale/partial sale of its subsidiary Magazinos.com.

Johannes Hellstrom, a journalist at Reuters reported on the Nasdaq Stockholm (www.nasdaq.com) yesterday, that "Shares in Readly rose in early trading on its first day as a listed company. Readly shares traded as high as 64 crowns per share, giving Readly a market value of around 2.35 billion Swedish crowns (USD $267 million).

That compared with the fixed subscription price of 59 crowns in the IPO, which Readly said was oversubscribed more than 10 times excluding shares acquired by cornerstone investors."

Magazinos.com operates out of Stockholm and is wholly-owned by Garimon Limited which is, in turn, owned 30% by Craven House Capital.

The shareholders and board of Garimon believe that now is the appropriate time to consider broadening the Magazinos' shareholder base by means either of the public markets (listing on a stock exchange) or through a partial sale to a "major" in the digital publishing field. The board of Garimon believe the two alternatives are not mutually exclusive and either could give Magazinos access to the resources to finance and accelerate its future growth.

The board of Magazinos also believes that a flotation by means of IPO and/or partnering with a major industry investor should increase the awareness of Magazinos among magazine readers, publishers, advertisers and the general public.

Craven House has been informed that Magazinos has recently become revenue generative and profitable*. Garimon Management have informed Craven House that they believe Magazinos will become cash-flow positive within the next year.

* Unaudited and as at date of writing; results for current financial year not yet known

Simon Hohenthal, CEO of Magazinos - "It's an exciting time for us at Magazinos. We have built Magazinos to lead the digitalisation of the magazine industry and change the way people read magazines - and today we can proudly state that Magazinos is a world leader in digital distribution based on content with well over 10,000 titles published for magazines with users in over 70 countries and local content from over 20 active markets.

At the same time, the digitalisation of the magazine market is still at an early stage with a digital penetration of less than 20 percent. Magazinos offers a much-appreciated reading experience through a FREEMIUM model of "all-you-can-read", which is the model that consumers prefer today as it is free to read everything at Magazinos. Magazinos has magazines from thousands of publishers and has over 2,000 publishers who have applied for Magazinos to publish their magazines digitally."

Richard Wall, Chairman of the Board of Magazinos / Garimon - "Magazinos has been a private company since its inception in 2013, and now the main owners and the board believe that it is the right time for Magazinos to raise the profile of the business and to capitalise on the foundations already laid by seeking access to the resources which will enable a step-change in the growth of the business. Magazinos' goal is to become a world leader in digital magazine distribution, already occupying the number one spot by content range. I am convinced that Magazinos is well positioned to become a world leader and can continue to transform the magazine market"

About Magazinos

According to its management, Magazinos is a world leader in content in the category of digital magazine distribution, with well over 10,000 magazines for readers to read freely through Magazinos. Magazinos is available online both on the Internet and via the iOS and Android apps. Magazinos has users in more than 70 countries and was founded in 2013

For further information, please visit the Magazinos at www.magazinos.com 

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About Craven House Capital:

The Company's Investing Policy is to invest in or acquire a portfolio of companies, partnerships, joint ventures, businesses or other assets globally in any geographic jurisdiction. The company will invest in both developed and developing markets providing long term patient capital and is often involved in special situations, restructuring, expansion and turn around investments in crisis and transitioning economies.