Update

Snoozebox Holdings plc

("Snoozebox" or "the Company")

Update

Following the changes to the management team announced on 26 April 2013, the newly formed Executive Committee has reviewed the business, focussing on all aspects including strategy, operations and capital requirements. The review is now substantially complete and the business requires some reorganisation, improved systems and a more rigorous approach to management. In addition, the Company will require further capital to support its 2013 trading programme and to fund and exploit its current pipeline of opportunities. The Board is exploring its options with regards to such funding.

The events pipeline for 2013 is underway and of the 14 events originally scheduled, Snoozebox has decided to withdraw from two events as the prospective return was likely to be inadequate. The current expectations for 2014 are positive.

17th May 2013

Enquiries:

Website: www.snoozebox.com