Grant of awards to Directors under LTIP

6 July 2016

Joules Group plc

Grant of awards to Directors under LTIP

Joules Group plc ("Joules" or "the Company") announces today that it has granted awards over ordinary shares of 1p each in the Company ("Ordinary Shares") under the Joules 2016 Long Term Incentive Plan (the "LTIP") to the Directors as set out below.

The vesting of the awards is subject to ongoing employment with the Company and the achievement of a performance condition based upon Joules' Earnings Per Share in the financial year to May 2019. Ordinarily, the awards will vest (subject to the achievement of the performance condition) following the publication of Joules' Annual Report and Accounts for the year ended May 2019.

Each award under the LTIP has been granted in the form of an option with an exercise price per share of £0.01.

\* The awards granted to Colin Porter and Marc Dench have been granted in the form of tax qualifying LTIP awards and consist of the LTIP award referred to above and a separate tax advantaged option under Joules 2016 Executive Share Option Plan over 17,441 Ordinary Shares each with an exercise price of £1.72 per share. Each tax advantaged option is subject to the same performance condition as applies to the LTIP award. On the exercise of the LTIP award and tax advantaged option, the extent to which the LTIP award is capable of exercise shall be reduced to take account of the gain made on the exercise of the tax advantaged option, to ensure that the pre-tax value delivered to the participant is not increased by the grant of the tax advantaged option.

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