EJF Investments : Publication of Prospectus and Placing Programme

FO R	IM	M	EDIAT ER EL EAS E
N O T	FO	R	R EL EAS E,P U BL ICAT IO N	O R DIST R IBU T IO N ,IN W HO L E O R IN P AR T ,DIR ECT L Y O R IN DIR ECT L Y,IN O R
IN T O	O R	FR O M	T HE U N IT ED S T AT ES ,AN Y M EM BER S T AT E O FT HE EU R O P EAN ECO N O M IC AR EA (O T HER T HAN
T HE U N IT ED KIN GDO M AN D T HE R EP U BL IC O FIR EL AN D),AU S T R AL IA,CAN ADA,S O U T H AFR ICA O R AN Y O T HER
JU R ISDICT IO N	W HER EIT IS U N L AW	FU L T O DO S O .

1. hisannouncem entisan advertisem entforthe purposesofthe P rospectusR ulesofthe U K FinancialConduct Authority (the "FCA")and not aprospectusand not an offerofsecuritiesforsale in any jurisdiction.N either thisannouncem entnoranythingcontained hereinshallform thebasisof,orberelied uponinconnectionw ith, any offerorcom m itm ent w hatsoeverin any jurisdiction.Investorsshould not purchase orsubscribe forany sharesreferred to in thisannouncem ent except on the basisofinform ation in the P rospectus(asdefined below )to be published shortly by the Com pany (asdefined below ).A copy ofthe P rospectus,follow ing its publication,w illbe available from the Com pany'sw ebsite (w w w .EJFI.com ),subject to applicable securities law s,and atitsregistered officeatIFC 1,T heEsplanade,S t.Helier,Jersey JE1 4BP ,ChannelIslands.

24 June2019

EJF Investments Ltd (the "Company")

Publication of Prospectus and Placing Programme

T he Board ofthe Com pany ispleased to announce the publication ofaprospectus(the "Prospectus") in

relationtothe12 m onthplacingprogram m eofupto150 m illionO rdinary S haresand/orC S haresand upto75

m illionnew ZDP S hares(the"Placing Programme").T heP rospectushasbeenapproved by theFCA.

In light ofthe attractive pipeline ofpotentialinvestm entsw hich the M anagercontinuesto see,the Directors

believe tha the P lacing P rogram m e w illenable the Com pany to accessadditionalcapitalforinvestm ent on

attractiveterm s,subjecttom arketconditions.

Any proceedsof the P lacing P rogram m e w illbe used to pursue additionalinvestm ent opportunitiesin

accordance w ith the Com pany'sinvestm entobjective and investm entpolicy.P riorto m aking investm ents,the

Com pany w illhold theproceedsfrom eachplacingincashorcashequivalents.

Expected Placing Programme Timetable

2019 AGM

P rospectuspublished

P lacingP rogram m eopens

P ublication of the P lacing P rice in respect of each P lacing

Adm ission and dealingsin S harescom m ence on the L ondonS tockExchange

Crediting ofCR ES T stock accountsin respect ofthe S hares

(1)

S harecertificatesdespatched (w hereapplicable)

21 June2019

1. June2019

1. June2019

As soon as reasonably practicable follow ing the closingofeachP lacing

8.00 a.m . on each day on w hich S haresare issued pursuanttoaP lacing

8.00 a.m . on each day on w hich S haresare issued pursuanttoaP lacing

Approxim ately one w eek follow ing Adm ission ofthe relevantS hares

L ast date for S haresto be issued pursuant to the 23 June2020 P lacingP rogram m e

________________

1. O r assoon aspracticable thereafter. N o tem porary docum entsof title w illbe issued. T hes w illbe despatched by postattheapplicant'srisk.

1. copy ofthe P rospectusw illshortly be available from the Com pany'sw ebsite (w w w .EJFI.com ),subject to applicable securitieslaw s,and at itsregistered office at IFC 1,T he Esplanade,S t. Helier,Jersey JE1 4BP , ChannelIslands. In addition,the P rospectushasbeen subm itted to the N ationalS torage M echanism (the "NSM")and w illshortly beavailableforinspectionat:http://w w w .m orningstar.co.uk/uk/N S M

1. erm snotdefined inthisannouncem entshallhavethesam em eaningasthedefined term sintheP rospectus. T heISIN ofthenew ZDP S haresw illbeJE00BK1W V903 and theS EDO L w illbeBK1W V90.

ENQUIRIES

For the Investment Manager EJFInvestm entsM anagerL L C

P eterS tage/Ham m ad Khan/M attGill

pstage@ ejfcap.com /hkhan@ ejfcap.com /m gill@ ejfcap.com [phone] /[phone] /[phone]

For the Company Secretary and Administrator

BN P P aribasS ecuritiesS ervicesS .C.A.Jersey Branch jersey.bp2s.ejf.cosec@ bnpparibas.com

[phone]/[phone]

For the Broker

1. um isS ecuritiesL im ited David L uck
   d.luck@ num is.com [phone]

About EJF Investments Ltd

T he Com pany isa registered closed-ended lim ited liability com pany incorporated in Jersey under the Com panies(Jersey)L aw 1991,asam ended,on20 O ctober2016 w ithregistered num ber122353.T heCom pany isregulated by the Jersey FinancialS ervicesCom m ission (the "JFSC"). T he JFS C isprotected by both the Collective Investm ent Funds(Jersey) L aw 1988 and the FinancialS ervices(Jersey) L aw 1998,asam ended, againstliability arisingfrom thedischargeofitsfunctionsundersuchlaw s.

T heJFS C hasnotreview ed orapproved thisannouncem ent.

LEI: 549300X ZYEQ CL A1ZAT 25

Important Notice

T hisannouncem entisnotintended tobeinvestm entadvice.

1. he inform ation contained in thisannouncem entisforbackground purposesonly and doesnotpurportto be fullor com plete. It isalso subject to change. Before subscribing for any S hares,personsview ing this announcem ent should ensure tha they fully understand and accept the risksw hich w illbe set out in the

1. rospectus.T hevalueofS haresisnotguaranteed and can fallasw ellasrisedueto stockm arketand currency m ovem ents. W hen you sellyourinvestm entyou m ay getbacklessthan you originally invested.T hepriceand valueofsecuritiescan go dow n asw ellasup,and investorsm ay getbacklessthan they invested ornothingat all.T here isno guarantee thatthe grossredem ption yield m ay be achieved.P otentialinvestorsshould consult an independent financialadvisorasto the suitability ofthe S haresreferred to in thisadvertisem ent forthe personconcerned.

1. eitherthisannouncem ent northe inform ation contained herein isforpublication,distribution orrelease,in w hole or in part,directly or indirectly,in or into or from the U nited S tates(including itsterritoriesand possessions),any m em berstate ofthe European Econom ic Area(otherthan the U nited Kingdom and the R epublicofIreland),Australia,Canada,S outh Africa,orto any person in any ofthosejurisdictionsorany other jurisdiction w here to do so w ould constitute aviolation ofthe relevant law sofsuch jurisdiction.Any P lacing underthe P lacing P rogram m e and the distribution ofthisannouncem ent m ay be restricted by law in certain jurisdictionsand personsinto w hose possession thisannouncem ent orany docum ent orotherinform ation referred to herein com esshould inform them selvesabout and observe any such restriction.Any failure to com ply w iththeserestrictionsm ay constituteaviolationofthesecuritieslaw sofany suchjurisdiction.

T hisannouncem ent doesnot contain or constitute an offer of,or the solicitation of an offer to buy or subscribe for,the securitiesreferred to herein to any person in any jurisdiction,including the U nited S tates, Australia,Canadaor S outh Africaor in any jurisdiction to w hom or in w hich such offer or solicitation is unlaw ful.

T he securitiesto w hich thisannouncem ent relateshave not been and w illnot be registered underthe U .S . S ecuritiesAct of1933,asam ended (the "Securities Act") or w ith any regulating authority or under any applicable securitieslaw sofany state orotherjurisdiction ofthe U nited S tates,and m ay notbe offered,sold, pledged or otherw ise transferred w ithin the U nited S tatesor to U S personsunlessregistered under the S ecuritiesAct or pursuant to an exem ption from ,or in a transaction not subject to,the registration requirem entsoftheS ecuritiesActand in com pliancew ith applicablestatelaw .T herew illbeno publicofferof the securitiesin the U nited S tates. T he securitiesreferred to herein have not been registered under the applicable securitieslaw sofAustralia,Canada,S outh AfricaorJapan and,subject to certain exceptions,m ay notbe offered orsold w ithin Australia,Canada,S outh AfricaorJapan orto any national,residentorcitizen of Australia,Canada,S outhAfricaorJapan.

T hisannouncem ent isonly addressed to and directed at qualified investorsw ithin the m eaning ofArticle 2(1)(e) ofthe P rospectusDirective (Directive 2003/71/EC asam ended,including by Directive 2010/73/EC) ("Qualified Investors")(1)in the U nited Kingdom w ho (i)are personsw ho have professionalexperience in m attersrelating to investm entsfalling w ithin Article 19(5) ofthe FinancialS ervicesand M arketsAct 2000 (FinancialP rom otion)O rder2005,asam ended (the "Order"),(ii)are personsw ho are high net w orth entities falling w ithin Article 49(2)(a)to (d)ofthe O rderand (iii)are personsto w hom it m ay otherw ise be law fulto com m unicate itto (allsuch personsbeing referred to as"relevant persons")and (2)in the R epublicofIreland w ho are "professional investors" under the European U nion (Alternative Investm ent Fund M anagers) R egulations2013 (the"AIFM Regulations")and therequirem entsoftheCentralBankofIreland.In accordance w ith regulation 43 ofthe AIFM R egulations,the intention to m arket to P rofessionalInvestorsin Ireland has been notified to the Central Bank of Ireland. Any investm ent or investm ent activity to w hich this announcem entrelatesisavailableonly to relevantpersonsin theU nited Kingdom and "professionalinvestors" in the R epublicofIreland and w illbe engaged in only w ith such persons.O therpersonsshould notrely oract uponthisannouncem entorany ofitscontents.

1. hisannouncem entisnotintended to bean offerorplacem entforthepurposesoftheAlternativeInvestm ent Fund M anagersDirective("AIFMD"),and any "m arketing"asdefined inAIFM D w ill,induecourse,takeplacein accordance w ith the national private placem ent regim es of the applicable European Econom ic Area

jurisdictionsinw hichtheM anagerregistersunderAIFM D form arketing.

T he S hareshave not been and w illnot be registered underthe FinancialInstrum entsand Exchange Act of Japan (Act N o. 25 of1948),asam ended (the "FIEA"). Accordingly,the S hareshave not been,directly or indirectly,offered orsold and w illnotbe,directly orindirectly,offered to sold in Japan orto,orforthebenefit of,a resident of Japan (w hich term asused herein m eansany person resident in Japan,including any corporation orotherentity organised underthelaw sofJapan)orto othersforre-offeringorresale,directly or indirectly,inJapanorto,orforthebenefitof,any residentinJapan,exceptpursuanttoanexem ptionfrom the registration requirem entsof,and otherw ise in com pliance w ith,FIEA and otherrelevantlaw sand regulations ofJapan.

• hisannouncem ent containsstatem entsthat are,orm ay be deem ed to be,"forw ard‐looking statem ents".
• hese forw ard‐looking statem entsm ay be identified by the use offorw ard‐looking term inology,including the term s"believes","expects","anticipates","intends","plans","estim ates","aim ","forecast","projects","m ay", "w ill" or "should" or,in each case,their negative or other variationsor com parable term inology,or by discussionsofstrategy,plans,objectives,goals,future eventsorintentions.Forw ard‐looking statem entsm ay and often do differm aterially from actualresults.T he forw ard‐looking statem entsreflect the Com pany's,the
  M anager'sand EJF CapitalL L C'scurrent view w ith respect to future eventsand are subjectto risksrelating to future eventsand otherrisks,uncertaintiesand assum ptionsrelating to the Com pany'sbusiness,resultsof operations,financialposition,liquidity,prospects,grow th,strategiesand the industry in w hich the Com pany operates.T he forw ard‐looking statem entsspeakonly asofthe date they are m ade and cannotbe relied upon asaguide to future perform ance. Forw ard‐looking statem entsare necessarily based upon anum ber of estim atesand assum ptionsthat,w hile considered reasonable by the Com pany,the M anagerand EJF Capital L L C,are inherently subjectto significantbusiness,econom icand com petitive uncertaintiesand contingencies. Know n and unknow n factorscould cause actualresultsto differ m aterially from those projected in the forw ard‐looking statem ents.Asaresult,investorsare cautioned notto place undue reliance on such forw ard‐

looking statem ents.Forw ard‐looking statem entsspeakonly asoftheirdate and the Com pany,the M anager,

EJF CapitalL L C,N um isS ecuritiesL im ited ("Numis") and any ofsuch person'srespective directors,officers, em ployees,agents,affiliatesoradvisorsexpressly disclaim any obligation to supplem ent,am end,update or

revise any ofthe forw ard‐looking statem entsm ade herein,exceptw here itw ould be required to do so under

applicable law .Itisup to the recipientofthisannouncem entto m ake itsow n assessm entasto the validity of

such forw ard‐looking statem entsand assum ptions.N o statem entin thisannouncem entisintended asaprofit

forecastoraprofitestim ate.

T hisannouncem ent doesnot constitute a recom m endation concerning any P lacing under the P lacing P rogram m e. T he Com pany isnot regulated by the FCA and FCA protection doesnot apply to any P lacing undertheP lacingP rogram m e.

1. um is,w hich isauthorised and regulated by the FCA in the U nited Kingdom ,isacting exclusively forthe Com pany and no one else in connection w ith the m attersdescribed in thisannouncem ent.N um isw illnot regard any otherperson (w hetherornot arecipient ofthisdocum ent)asaclient in relation thereto and w ill notbe responsible to anyone otherthan the Com pany forproviding the protectionsafforded to itsclientsnor forgivingadviceinrelationto any P lacingundertheP lacingP rogram m e,thecontentsofthisannouncem entor any transactionorarrangem entorotherm atterreferred to herein.

Inconnectionw ithany P lacingundertheP lacingP rogram m e,N um isand any ofitsaffiliates,actingasinvestors fortheirow n accounts,m ay subscribe fororpurchase S haresand othersecuritiesofthe Com pany and in that capacity m ay retain,purchase,sell,offerto sellorotherw ise dealfortheirow n accountsin such S haresand othersecuritiesofthe Com pany orrelated investm entsin connection w ith any P lacing underthe P lacing

1. rogram m e orotherw ise.Accordingly,referencesin the P rospectusto the S haresand othersecuritiesofthe Com pany being offered,subscribed,issued,acquired,sold,placed orotherw ise dealt in should be read as includingany offer,subscription,issue,sale,acquisition,placingordealingin theS haresand othersecuritiesof theCom pany by N um isand any ofitsaffiliatesactingasinvestorsfortheirow n accounts.Inaddition,N um isor itsaffiliatesm ay enterinto financing arrangem entsand sw apsin connection w ith w hich itoritsaffiliatesm ay from tim e to tim e acquire,hold ordispose ofS haresand othersecuritiesofthe Com pany.N eitherN um isnor any ofitsaffiliatesintend to disclose the extent ofany such investm ent ortransactionsotherw ise than in accordancew ithany legalorregulatory obligationstodoso.

Apartfrom theresponsibilitiesand liabilities,ifany,w hich m ay beim posed on N um isby theFinancialS ervices and M arketsAct2000 (asam ended)orthe regulatory regim e established thereunder,orunderthe regulatory regim e ofany jurisdiction w here exclusion ofliability underthe relevant regulatory regim e w ould be illegal, void orunenforceable,neitherN um isnorany ofitsaffiliates,directors,officers,em ployees,advisorsoragents acceptsany responsibility orliability w hatsoeverfor,orm akesany representation orw arranty,expressor im plied,astothetruth,accuracy,com pletenessorfairnessoftheinform ationcontained inthisannouncem ent (orw hetherany inform ation hasbeen om itted from the announcem ent)orany otherinform ation relating to the Com pany,itssubsidiariesorassociated com panies,w hetherw ritten,oralorin avisualorelectronicform , and how soever transm itted or m ade available or for any losshow soever arising from any use of this announcem entoritscontentsorotherw isearisinginconnectiontherew ith.

Information for Distributors

S olely for the purposes of the product governance requirem ents contained w ithin: (a) EU Directive 2014/65/EU on m arketsin financialinstrum ents,asam ended ("MiFID II");(b)Articles9 and 10 ofCom m ission Delegated Directive (EU )2017/593 supplem enting M iFID II; and (c)localim plem enting m easures,in the U K being the FCA'sP roduct Intervention and Governance S ourcebook (P R O D) (togetherthe "MiFID II Product Governance Requirements"),and disclaim ing all and any liability,w hether arising in tort,contract or otherw ise,w hich any "m anufacturer" (forthe purposesofthe M iFID IIP roduct Governance R equirem ents) m ay otherw ise have w ith respectthereto,the S hareshave been subjectto aproductapprovalprocess,w hich hasdeterm ined tha such S haresare:(i)com patible w ith an end target m arket of(a)retailinvestorsw ho do not need aguaranteed incom e orcapitalprotection,w ho (eitheralone orin conjunction w ith an appropriate financialorotheradviser)are capable ofevaluating the m eritsand risksofsuch an investm entand w ho have sufficient resourcesto be able to bearany lossestha m ay result therefrom and (b)investorsw ho m eet the criteriaofprofessionalclientsand eligible counterpartieseach asdefined in M iFID II; and (ii) eligible for distributionthroughalldistributionchannelsasareperm itted by M iFID IIforeachtypeofinvestor(the"Target Market Assessment").

1. otw ithstanding the T arget M arket Assessm ent,distributorsshould note that: the price ofthe S haresm ay declineand investorscould loseallorpartoftheirinvestm ent;the S haresofferno guaranteed incom eand no capitalprotection; and an investm ent in the S haresiscom patible only w ith investorsw ho do not need a guaranteed incom e orcapitalprotection,w ho (eitheralone orin conjunction w ith an appropriate financialor otheradviser)are capable ofevaluating the m eritsand risk ofsuch an investm ent and w ho have sufficient

resourcesto be able to bearany lossestha m ay result therefrom .T he T arget M arket Assessm ent isw ithout prejudice to the requirem entsofany contractual,legalorregulatory selling restrictionsin relation to the P lacing P rogram m e (including any P lacing thereunder). Furtherm ore,it isnoted that,notw ithstanding the