EJF Investments : PDMR Dealings

FOR IMMEDIATE RELEASE

29May 2019

EJF INVESTMENTS LTD

Notification of transactions by directors, persons discharging managerial responsibilities and

persons closely associated with them

EJF Investm ents Ltd.("EJFI" or the "Company")announces that on 28 May 2019 (the "Notification Date")the Com pany procured (as agent for the Manager (as defined below)and not as principal)the transfer of 390,286 ordinary shares of no par value in the Com pany ("Ordinary Shares") at an average price of 190 pence per share (together,the "2018 Incentive Shares")to EJF Investm ents Manager LLC (the "Manager"),the Com pany's investm ent m anager.

This transaction and the transaction that occurred on 28 February 2019 are in full satisfaction of the incentive fee payable by the Com pany to the Manager for the incentive fee period ending 31 Decem ber 2018,in accordance with the term s of the m anagem ent agreem ent (as am ended from tim e to tim e) between (am ong other persons) the Com pany and the Manager (the "Management Agreement").

The Manager is a "person discharging m anagerial responsibilities" (a "PDMR")for the purposes of Regulation (EU)No 596/2014onMarket Abuse ("MAR").

The Com pany was also notified on the Notification Date that on the sam e date the Manager allocated and distributed the 2018 Incentive Shares to certain of its officers and affiliates in the proportions set out below,in each case for nil consideration (the "Allocations").The Allocations have been m ade by the Manager inaccordance with its own incentive plan.

The Com pany was also notified on the Notification Date that on the sam e date,as a consequence of the Allocations:

• Neal J.W ilson,the Chief Executive Officer of the Manager,a non-executive director of the Com pany and a PDMR for the purposes of MAR,acquired 78,058 Ordinary Shares from the Manager;
• Lindsay J.Sparacino,the Co-Chief Investm ent Officer of the Manager and a PDMR for the purposes of MAR,acquired 39,029Ordinary Shares from the Manager;
• Peter A.Stage,the Chief Financial Officer of the Manager and a PDMR for the purposes of MAR,acquired 39,029Ordinary Shares from the Manager;
• Ham m ad W .Khan,the Senior Managing Director,Europe,of the Manager and a PDMR for the purposes of MAR,acquired 39,029Ordinary Shares from the Manager;and
• EJF Capital Lim ited,a wholly-owned subsidiary of EJF Capital LLC and a "person closely associated" with the Manager for the purposes of MAR,acquired 195,141 Ordinary Shares from the Manager.

Each of Mr W ilson,Ms Sparacino,Mr Stage,Mr Khan and EJF Capital Lim ited have previously entered into deeds of adherence to the lock-in deed applicable to the Manager and,therefore,the Ordinary Shares acquired by them as set out above are subject to the restrictions set out in such lock- in deed (including,am ong others,a restriction on transferring any Ordinary Shares received by the Manager pursuant to the Managem ent Agreem ent for a period of six m onths following the date on whichthe Manager receives any such Ordinary Shares).

Following settlem ent of all of these transactions:

• the Manager is interested in 375,000 zero dividend preference shares with a redem ption date in 2022,representing approxim ately 2.5% of the issued shares in that class of shares in the capital of the Com pany;
• Mr W ilson is interested in 1,408,070 Ordinary Shares,representing approxim ately 2.19% of the issued shares in that class of shares in the capital of the Com pany,and 375,000 zero dividend preference shares with a redem ption date in 2022,representing approxim ately 2.5% of the issued shares inthat class of shares inthe capital of the Com pany;
• Ms Sparacino is interested in 136,992 Ordinary Shares,representing approxim ately 0.21% of the issued shares in that class of shares inthe capital of the Com pany;
• Mr Stage is interested in 113,157 Ordinary Shares,representing approxim ately 0.18% of the issued shares in that class of shares inthe capital of the Com pany;
• Mr Khan is interested in 113,157 Ordinary Shares,representing approxim ately 0.18% of the issued shares in that class of shares inthe capital of the Com pany;and
• EJF Capital Lim ited is interested in 565,774 Ordinary Shares,representing approxim ately 0.88% of the issued shares inthat class of shares inthe capital of the Com pany.

Shares in the capital of the Com pany held in treasury have not been taken into account in the calculationof the above percentages.

The notifications below,m ade in accordance with the requirem ents of MAR,provide further detail in relation to the above transactions:

1	Details of the person discharging managerial responsibilities / person closely associated
(a)	Nam e			EJF Investm ents Manager LLC
2	Reason for the notification
(a)	Position/status			The Com pany's investm ent m anager
(b)	Initial notification/Am endm ent	Initial notification
3	Details of the issuer, emission	allowance market participant, auction platform, auctioneer
	or auction monitor
(a)	Nam e			EJF Investm ents Ltd
(b)	LEI			549300XZYEQCLA1ZAT25
4	Details of the transaction(s):	section to be repeated for (i)each type of instrument;(ii)
	each type of transaction;(iii)each date;and (iv)each place where transactions have been
	conducted
(a)	Description	of	financial	Ordinary shares of no par value
	instrum ent,type of instrum ent
	Identificationcode		JE00BF0D1M25
(b)	Nature of the transaction	Purchase of Ordinary Shares
(c)	Price(s)and volum e(s)	Price(s)	Volum e(s)
				£1.90	390,286
(d)	Aggregate inform ation

		Aggregated volum e	390,286
		Price			£741,543.40
(e)	Date of transaction			28May 2019
(f)	Place of transaction			On-m arket
1	Details of the person discharging managerial responsibilities / person closely
	associated
(a)	Nam e			Neal J.W ilson
2	Reason for the notification
(a)	Position/status			Non-executive director of the Com pany and Chief Executive
					Officer of the Manager
(b)	Initial notification/Am endm ent		Initial notification
3	Details of the issuer, emission allowance market participant, auction platform,
	auctioneer or auction monitor
(a)	Nam e			EJF Investm ents Ltd
(b)	LEI				549300XZYEQCLA1ZAT25
4	Details of the transaction(s):	section to be repeated for (i)each type of instrument;(ii)
	each type of transaction;(iii)each date;and (iv)each place where transactions have
	been conducted
(a)	Description of	financial		Ordinary shares of no par value
	instrum ent,type of instrum ent
	Identificationcode			JE00BF0D1M25
(b)	Nature of the transaction		Transfer of Ordinary Shares
(c)	Price(s)and volum e(s)		Price(s)		Volum e(s)
					£0.00		78,058
(d)	Aggregate inform ation
		Aggregated volum e		78,058
		Price			£0.00
(e)	Date of transaction			28May 2019
(f)	Place of transaction			On-m arket
1	Details of the person discharging managerial responsibilities / person closely
	associated
(a)	Nam e			Lindsay Sparacino
2	Reason for the notification

(a)	Position/status			Co-Chief Investm ent Officer of the Manager
(b)	Initial notification/Am endm ent		Initial notification
3	Details of the issuer, emission allowance market participant, auction platform,
	auctioneer or auction monitor
(a)	Nam e			EJF Investm ents Ltd
(b)	LEI				549300XZYEQCLA1ZAT25
4	Details of the transaction(s):	section to be repeated for (i)each type of instrument;(ii)
	each type of transaction;(iii)each date;and (iv)each place where transactions have
	been conducted
(a)	Description of	financial		Ordinary shares of no par value
	instrum ent,type of instrum ent
	Identificationcode			JE00BF0D1M25
(b)	Nature of the transaction		Transfer of Ordinary Shares
(c)	Price(s)and volum e(s)		Price(s)		Volum e(s)
					£0.00		39,029
(d)	Aggregate inform ation
		Aggregated volum e		39,029
		Price			£0.00
(e)	Date of transaction			28May 2019
(f)	Place of transaction			On-m arket

1	Details of the person discharging managerial responsibilities / person closely
	associated
(a)	Nam e				Peter Stage
2	Reason for the notification
(a)	Position/status				Chief Financial Officer of the Manager
(b)	Initial notification/Am endm ent		Initial notification
3	Details of the issuer, emission allowance market participant, auction platform,
	auctioneer or auction monitor
(a)	Nam e				EJF Investm ents Ltd
(b)	LEI				549300XZYEQCLA1ZAT25
4	Details of the transaction(s):	section to be repeated for (i)each type of instrument;(ii)
	each type of transaction;(iii)each date;and (iv)each place where transactions have
	been conducted
(a)	Description	of	financial		Ordinary shares of no par value
	instrum ent,type of instrum ent
	Identificationcode			JE00BF0D1M25

(b)	Nature of the transaction		Transfer of Ordinary Shares
(c)	Price(s)and volum e(s)		Price(s)		Volum e(s)
					£0.00		39,029
(d)	Aggregate inform ation
		Aggregated volum e		39,029
		Price			£0.00
(e)	Date of transaction			28May 2019
(f)	Place of transaction			On-m arket
1	Details of the person discharging managerial responsibilities / person closely
	associated
(a)	Nam e			Ham m ad W .Khan
2	Reason for the notification
(a)	Position/status			Senior Managing Director,Europe,of the Manager
(b)	Initial notification/Am endm ent		Initial notification
3	Details of the issuer, emission allowance market participant, auction platform,
	auctioneer or auction monitor
(a)	Nam e			EJF Investm ents Ltd
(b)	LEI				549300XZYEQCLA1ZAT25
4	Details of the transaction(s):	section to be repeated for (i)each type of instrument;(ii)
	each type of transaction;(iii)each date;and (iv)each place where transactions have
	been conducted
(a)	Description of	financial		Ordinary shares of no par value
	instrum ent,type of instrum ent
	Identificationcode			JE00BF0D1M25
(b)	Nature of the transaction		Transfer of Ordinary Shares
(c)	Price(s)and volum e(s)		Price(s)		Volum e(s)
					£0.00		39,029
(d)	Aggregate inform ation
		Aggregated volum e		39,029
		Price			£0.00
(e)	Date of transaction			28May 2019
(f)	Place of transaction			On-m arket