Exercise of Options and Director Dealing

Jelf Group plc

('Jelf' or 'the Group')

Exercise of Options and Director Dealing

The Jelf Group Plc Employee Benefit Trust ("EBT") has today allotted 57,813 ordinary shares of 1 pence ("Ordinary Shares") to John Harding, Group FD, following the exercise of certain EMI Options belonging to Mr. Harding at a price of 96p ("the Exercise"). Consequently, Mr. Harding and the EBT's shareholding have changed. Mr. Harding now holds 450,131 Ordinary Shares representing 0.52 per cent. of the Group's total voting rights and the EBT now holds 2,897,825 Ordinary Shares representing 3.38 per cent. of the Group's total voting rights.

The shares acquired by Mr Harding pursuant to the Exercise are subject to the irrevocable undertaking provided by Mr Harding in respect of the Offer for Jelf by Marsh & McLennan Companies Acquisition Limited as announced on 10 September 2015. Following the Exercise the irrevocable undertakings given by Jelf Directors and their connected persons in relation to the Recommended Combination now relate to a total of [5,478,764] Jelf shares, amounting to 6.40 per cent. of the total issued share capital of the Group.

The irrevocable undertakings given by Mr Harding and the other Jelf Directors will cease to be binding only if the Scheme or Offer lapses or is withdrawn and no new, revised or replacement Scheme or Offer is announced in accordance with Rule 2.7 of the Code at the same time. The undertaking will remain binding in the event that a higher competing offer for Jelf is made.

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