EJF Investments : Notice of Annual General Meeting

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. It contains proposals relating to EJF Investments Ltd (the "Company") on which you are being asked to vote. If you are in any doubt as to the action you should take or the contents of this document, you are recommended to seek your own personal financial advice immediately from your stockbroker, solicitor, accountant or other independent financial adviser, duly authorised under the Financial Services and Markets Act 2000 of the United Kingdom (as amended) if you are resident in the United Kingdom or, if not, from another appropriately authorised independent financial adviser.

If you sell or have sold or otherwise transferred all of your Ordinary Shares, please send this document, together with the accompanying Form of Proxy, as soon as possible to the purchaser or transferee, or to the stockbroker, bank or other agent through whom the sale or transfer is or was effected, for delivery to the purchaser or transferee. If you have sold only part of your holding of Ordinary Shares, you should retain these documents and consult the stockbroker, bank or other agent through whom the sale was effected.

The Company is a closed ended collective investment fund incorporated as a public company limited by shares in Jersey on 20 October 2016 with an unlimited life and is established in Jersey as a listed fund pursuant to the Jersey Listed Fund Guide published by the Jersey Financial Services Commission (the "JFSC"), as amended from time to time, and the Collective Investment Funds (Jersey) Law 1988, as amended. The Company is regulated by the JFSC.

Notice of the annual general meeting of the Company to be held at IFC1, The Esplanade, St Helier, Jersey, JE1 4BP at 11am - 12pm (BST) on 6 June 2024 (the "Annual General Meeting" or "AGM"), is set out at page 15 of this document. The Form of Proxy is enclosed.

EJF INVESTMENTS LTD

(a company incorporated in Jersey under The Companies (Jersey) Law, 1991 (as amended) with registered

number 122353)

NOTICE OF ANNUAL GENERAL MEETING

You are requested to return the Form of Proxy accompanying this document. To be valid the Form of Proxy must be completed, either electronically or in hard copy form, in accordance with the instructions detailed in the Form of Proxy. If a hard copy Form of Proxy is completed then it must be signed and returned to the Registrar, Computershare Investor Services (Jersey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY. It is recommended that you complete the Form of Proxy as soon as possible as, to be valid, your completed form must be received by the Registrar not later than 11.00am (BST) on 04 June 2024.

If you are a member of CREST, you may be able to make a proxy appointment or instruction using CREST, such CREST Proxy Instruction to be received by no later than 11.00am (BST) on 4 June 2024. Further details can be found in the notes to the Notice of Annual General Meeting under the heading "CREST Members".

The completion and return of a Form of Proxy or completing and transmitting a CREST Proxy Instruction will not prevent you from attending and voting at the Annual General Meeting in person if you wish (and are able to do so).

This document should be read as a whole. Your attention is drawn to the letter from the Chair of the Company on page 3 of this document, which includes a recommendation from the Board that you vote in favour of the Resolutions to be proposed at the Annual General Meeting.

KEY TIMES AND DATES
Latest time and date for receipt of Forms of Proxy	11.00am (BST) on 4 June 2024
Latest time and date for receipt of CREST Proxy Instructions	11.00am (BST) on 4 June 2024
Annual General Meeting	11.00am (BST) on 6 June 2024

This document is not a prospectus and does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of the Company in any jurisdiction, including (without limitation) the United States, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever in any jurisdiction, including (without limitation) the United States. The Shares of the Company have not been and will not be registered under the U.S. Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and (if issued) may not be offered, sold, pledged, delivered or otherwise transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, any "U.S. persons" as defined in Regulation S under the U.S. Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction in the United States. There will be no public offer of any such securities in the United States.

The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any relevant restrictions. In particular, subject to certain exceptions, this document is not for distribution, directly or indirectly, in, into or from the United States, Canada or South Africa or to U.S. Persons. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdictions. This document is and may be communicated only to (and is directed only at) persons to whom such communication may lawfully be made.

For your information, ZDP Shareholders do not have the right to receive notice of, or to attend or vote at, the AGM.

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LETTER FROM THE CHAIR OF EJF INVESTMENTS LTD (the "Company")

(a company incorporated in Jersey under The Companies (Jersey) Law 1991 (as amended)

with registered number 122353)

Registered Office: IFC1, The Esplanade, St Helier, Jersey, JE1 4BP

Directors (all non­executive):

Alan Dunphy (Interim Chair)

Nick Watkins

17 May 2024

NOTICE OF ANNUAL GENERAL MEETING

Dear Shareholder,

I am pleased to send to you the notice of the Company's annual general meeting, which is being held at the Company's registered office at IFC1, The Esplanade, St Helier, Jersey, JE1 4BP at 11am - 12pm BST on

• June 2024 (the "Annual General Meeting" or "AGM").

As noted in the announcement dated 2 May 2024, Joanna Dentskevich has resigned as a director of the Company and its Subsidiary and I am serving as interim chair pending the recruitment of a new director. A Nomination Committee has been formed and the process to recruit a new director to serve as chair is underway.

On behalf of the Board I would like to thank Joanna for her valued and respected contribution and leadership during her time on the Board and wish her well for the future.

2023 was dominated by a challenging macroeconomic and geopolitical backdrop. Certain subsectors of the US banking sector were very much in the spotlight as a result of several highly significant events, including the failure of SVB and Signature Bank, the US Government engineered and back-stopped sale of FRB to JP Morgan and the voluntary liquidation of Silvergate. Of the four banks, the Company's only exposure was to Silvergate and equivalent to less than 2.5% of the NAV at that time on a look-through basis and prior to any recoveries. In the last quarter of the year, the US banking sector staged a comeback as the Fed signalled that it may not only be near the end of its rate hiking campaign, but also potentially ready to cut rates several times in 2024.

Due to the impact of these events on broader market sentiment, the CDO Equity Tranches held by the Company recorded material unrealised mark-to-market losses in the year. These mark-to-market losses were also further influenced by the FDIC auction of small bank debt assets seized from Signature Bank which together resulted in the Company generating a Total Return (as defined in the Annual Report) of (7.27)% for the year.

Despite these challenges, I am pleased to confirm that the Company continued to pay dividends in line with its Target Dividend (as defined in the Annual Report) as the underlying cashflows remained robust notwithstanding lower valuations.

The underlying portfolio return component of Total Return of (2.03)% during the year was primarily driven by losses from Securitisation and Related Investments of (2.97)%. This reflected a mark-to-market loss of (12.39)% on the CDO Equity Tranches which was offset by a healthy 9.43% net return largely from interest accruals. Elsewhere, the Speciality Finance Investments as well as US bank debt exposure recorded modest gains for the year. There have been no reported defaults further to the Company's limited look-through exposure to Silvergate, where a meaningful recovery is currently anticipated in due course.

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Aside from the purchase of two US bank issued subordinated debt instruments, the majority of the Company's unrestricted cash was placed into a money market fund to benefit from the higher interest rate environment, awaiting deployment for when appropriate opportunities arise. The Company also exited two small European debt positions during the year and exited its investment in the Armadillo portfolio (the Company's investment in law firm lending to fund mass tort litigation), in line with its strategy, which was a pleasing outcome. The US banking sector also experienced valuation declines for much of 2023 following several highly significant events in the sector, including the failure of four banks. As a result, no new securitisation deals were underwritten during the year in the market in which the Company operates and there were accordingly no related investment opportunities presented to the Company.

Given most of the Subsidiary's investments are currently denominated in USD, the Manager, under an approved authority from the Board, hedges a portion of this exposure to reduce the impact of overall FX movements which, as a result of Sterling strengthening against the USD during the year, limited FX losses to (2.56)% for the year. As at 31 December 2023, 56.2% of the underlying USD exposure was hedged, with Board approval having been given in June 2023 to increase the upper hedging limit from 60% to 75% of US Dollar assets.

Post year end, the US banking sector performance remained uneven as New York Community Bank's (NYCB's) struggles continued to dominate headlines. In March 2024 NYCB received over USD1bn equity capital investment from firms led by former Treasury Secretary Seteven Munchin which the Manager considers as stable capital and believes should ease concerns about NYCB's capital levels. While the Manager initially expected that NYCB would explore asset sales and Capital Relief Transactions ("CRT") as first steps, deposit runs had started at NYCB. The capital raise combined with a new CEO in the former OCC head Joseph Otting, served to stem any further depositor concerns. Although NYCB looks to be in a better position with regard to management and capital levels, the Manager remains concerned primarily with the bank's Office CRE exposure and interest-onlyrent-regulated multifamily portfolio. The Manager expects NYCB to increase reserves materially for these exposures in coming quarters, however, the Manager does not believe it is representative of typical small and medium sized bank credit quality.

As reported previously, the Company's exposure to NYCB through its CDO Equity Tranches is less than 2.5% NAV on a look through basis.

Most recently on 26 April 2024, in what the Manager believes to have been driven by interest rate mismanagement idiosyncratic to Republic First Bancorp ("Republic First") and not reflective of the current broader market sentiment, this bank was seized by Pennsylvania regulators and subsequently sold to Fulton Bank. The Company has exposure to notes issued by Republic First through two of its CDO Equity Tranche investments. Based on the current mechanics of the sale to Fulton Bank, it is the view of the Manager that there may not be any material recovery of the debt issued by Republic First. If the cash collected by the relevant CDO at the end of its life is insufficient to pay all of its investors, then such losses (as reduced by any over collateralisation at each deal level) are absorbed first by the CDO Equity Tranches of each of the respective deals. The Manager is monitoring the situation closely, and notes that as reported in the Performance Report for 30 September 2023 NAV, a mark down was already taken on relevant CDO Equity Tranches considering the broader market as well as the deferral on this exposure. Absent any recovery and considering the current over-collateralisation in the respective deals, the Manager estimates there could be a potential loss of up to 1% of the Company's most recently published NAV (March 2024) on a look-through basis.

RESOLUTIONS

The full wording of each of the Resolutions summarised below is set out in the Notice of Annual General Meeting at page 15 of this document.

The following Resolutions will be proposed as Ordinary Resolutions at the AGM:

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Resolution 1: To receive and adopt the report of the Directors and the Annual Report and audited financial statements of the Company for the year ended 31 December 2023.

Resolution 2: To approve the Directors' remuneration report (which is set out in the Annual Report and audited financial statements of the Company for the year ended 31 December 2023).

Resolution 3: To re-elect Alan Dunphy as a director of the Company.

Resolution 4: To re-elect Nick Watkins as a director of the Company.

Resolution 5: To increase the aggregate cap per annum for the Directors' remuneration from £150,000 to £200,000.

Resolution 6: To approve the Company's dividend policy.

Resolution 7: To appoint KPMG LLP as the Company's auditor.

Resolution 8: Conditional upon Resolution 7 being passed, to authorise the Audit and Risk Committee, for and on behalf of the Board, to determine the remuneration of KPMG LLP as the Company's auditor.

The following Resolutions will be proposed as Special Resolutions at the AGM:

Resolution 9: To authorise the Company to purchase up to 9,165,665 of its own Ordinary Shares, representing approximately 14.99 per cent. of the Company's total issued ordinary share capital (exclusive of Ordinary Shares held in treasury) and to either cancel or hold in treasury any Ordinary Shares so purchased.

Resolution 10: To authorise the Directors to allot and issue (or to sell Ordinary Shares from treasury) up to 7,695,370 Ordinary Shares, representing approximately 10 per cent. of the Company's total issued ordinary share capital (inclusive of Ordinary Shares held in treasury) as if the pre-emption rights in the Articles did not apply.

A notice convening the AGM and setting out details of the Resolutions in full is set out at page 15 of this document. Below is an explanation in respect of the Resolutions to be proposed at the AGM.

ORDINARY RESOLUTIONS

The following Resolutions are all proposed as Ordinary Resolutions. Ordinary Resolutions each require a simple majority of votes cast at the AGM in order to be passed.

Resolution 1: Annual Report and financial statements.

The Directors are required to present the report of the Directors and the Annual Report and audited financial statements of the Company for the year ended 31 December 2023 to the Annual General Meeting.

Resolution 2: Directors' remuneration report.

Although it is not a requirement under Companies Law to have the annual report on remuneration approved by Shareholders, the Board believes that, as a company whose shares are admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange, it is good practice to do so.

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The annual remuneration report (as set out at pages 31-32 of the Annual Report and audited financial statements of the Company for the year ended 31 December 2023) provides details on Directors' remuneration during the period and is subject to an advisory shareholder vote (however, no Director's remuneration is conditional upon passing this Resolution 2).

Resolutions 3 and 4: Re­election of directors.

The Board comprises two Directors, both of whom are independent. The Board has adopted a policy that all Directors shall be put forward for re-election at each annual general meeting. It is proposed that both of the current Directors be re-elected.

Directors' Biographies

The Directors' biographical details are set out below for your information:

Alan Dunphy, independent non-executive director and Audit and Risk Committee Chair

Alan Dunphy has over 25 years of experience in the offshore financial industry moving to Jersey in 1998 to join the Assurance and Business Advisory Division of PricewaterhouseCoopers. Since 2014 Alan has worked for Altum Group as a director on fund and corporate client structures before which he was managing director of fund management group Bennelong Asset Management for 8 years. Prior to this Alan was a director of Capita Fiduciary Group and also worked at Abacus Financial Services Group. Alan is a fellow of the Institute of Chartered Accountant in Ireland. Alan was appointed as a director of the Company on 12 December 2016.

The Board believes that Mr Dunphy has used both his accounting skills and finance industry and funds experience to competently lead the Audit and Risk Committee and provide valuable input to the Board on all issues.

Mr Dunphy has been appointed Interim Chair of the Company while the Nomination Committee considers candidates for the new Director position (such new Director to act as chair to the Company upon their effective appointment).

Nick Watkins, independent non-executive director and Management Engagement Committee Chair Nick Watkins started his career as a corporate tax lawyer with Dechert LLP in London in 1997. He is currently a partner and director of Altair Partners Limited, which provides independent directors to funds and regulated entities. Prior to joining Altair in 2014, he was global head of transaction management for Deutsche Bank's Alternative Fund Services division in Jersey and prior to that was assistant managing director and senior in-houselegal counsel at Citco in the Cayman Islands. Nick is a qualified solicitor in England and Wales. Nick was appointed as a director of the Company on 17 March 2017.

The Board believes that Mr Watkins' legal skills and business experience continues to provide a relevant and complementary skillset which strengthens and provides valuable insight to the Board.

Any election (or retirement) of Directors will be made in accordance with Jersey regulatory requirements.

Resolution 5: Increase in aggregate cap per annum for Directors' remuneration.

As detailed in the Directors' remuneration report (as set out at pages 31-32 of the Annual Report and audited financial statements of the Company for the year ended 31 December 2023), the Directors' remuneration reached the current aggregate cap per annum for remuneration under the Articles of Association for the Company of £150,000. It is proposed to increase this aggregate cap per annum to £200,000 in order to provide for future inflation in the market and ensure that the Company can continue to attract and maintain director talent on the Board going forwards, particularly during the Board's current and future transition.

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Resolution 6: Approval of the Company's dividend policy.

The Company's policy is to pay dividends on a quarterly basis shortly after each dividend is declared in April, July, October and January in each financial year. As the last dividend in respect of any financial period is payable prior to the relevant annual general meeting, it is declared as an interim dividend and accordingly, there is no final dividend payable.

The Board is conscious that this means that Shareholders will not be given the opportunity to vote on the payment of a final dividend. Accordingly, it has been decided that Shareholders will be asked to confirm their approval of the Company's current dividend policy to continue to pay quarterly interim dividends.

The Board has an objective of targeting an annual dividend of 10.7 pence per share for the financial year to 31 December 2024, to be distributed evenly in four quarterly payments, which equates to a yield of approximately 6.7% per cent. per annum based on the Company's NAV per Ordinary Share on 31 December 2023. For the avoidance of doubt, this dividend policy does not form part of the Company's investment policy.

The Company declared and paid interim dividends totalling 10.7 pence per Ordinary Share in respect of the financial year ended 31 December 2023 and declared, on 2 May, an interim dividend of 2.675 pence per Ordinary Share in respect of the financial quarter ended 31 March 2024, to be paid on or around 31 May 2024.

As at the date of this Circular, there have been no changes to the Company's dividend policy. The Board will continue to monitor market conditions when determining future dividends. If the Board deems it to be in the best interests of the Company's Shareholders to adjust the Company's dividend policy, this will be communicated by way of an announcement to Shareholders at the appropriate time.

Resolution 7: Appointment of KPMG LLP as the Company's auditor.

At each annual general meeting the Company is required to appoint an auditor to serve from the conclusion of that meeting until the conclusion of the next annual general meeting of the Company. The Board, on the recommendation of the Audit and Risk Committee, recommends the appointment of KPMG LLP as the Company's auditor to hold office from the end of the AGM until the end of the Company's next annual general meeting.

Resolution 8: Authorising the Audit and Risk Committee to determine the remuneration of KPMG LLP as the Company's auditor.

Conditional upon Resolution 7 being passed, the Board is seeking authority for the Audit and Risk Committee (for and on behalf of the Directors) to determine the remuneration of KPMG LLP as the Company's auditor.

SPECIAL RESOLUTIONS

The following Resolutions are all proposed as Special Resolutions. Special Resolutions each require a two- thirds majority of votes cast at the AGM in order to be passed.

Resolution 9: To authorise the Company to purchase its own Ordinary Shares and to either cancel or hold in treasury any Ordinary Shares so purchased.

Under Resolution 9, the Company seeks Shareholder approval to authorise the Company to make market purchases of its Ordinary Shares for up to 9,165,665 Ordinary Shares, representing approximately 14.99 per cent. of the Company's issued ordinary share capital (exclusive of Ordinary Shares held in treasury) as at the Latest Practicable Date.

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Resolution 9 (which is set out in the Notice of Annual General Meeting) specifies the minimum and maximum prices at which such Ordinary Shares may be purchased under this authority.

The authority sought would, if approved, replace the authority granted by Resolution 10 of the Shareholder Resolutions passed at the annual general meeting of the Company held on 13 June 2023, which will expire on the conclusion of the AGM.

The Company will only exercise this authority to purchase Ordinary Shares in the market in compliance with the Articles and the Companies Law, and after careful consideration by the Directors (taking into account, among other things, the Manager's recommendation, market conditions, other investment opportunities, appropriate gearing levels and the overall financial position of the Company) and in circumstances where it would be in the best interests of Shareholders and the Company generally (as determined by the Directors).

Subject to the Articles and the Companies Law, the Directors intend that any Ordinary Shares purchased in the market under this authority will be cancelled or held in treasury. Any Ordinary Shares held in treasury may in the future be cancelled, transferred or sold for cash, or used to meet the Company's payment obligations under the Management Agreement. Whilst any Ordinary Shares are held in treasury, such Ordinary Shares are not entitled to receive any dividends and have no voting rights.

The Directors believe that it is appropriate for the Company to have the option to hold its own Ordinary Shares in treasury and that doing so enables the Company to re-sell or transfer the Ordinary Shares quickly and cost effectively or use them to satisfy obligations under the Management Agreement and provides the Company with additional flexibility in the management of its capital base. The decision whether to cancel any Ordinary Shares purchased by the Company or hold in treasury such Ordinary Shares will be made by the Directors at the time of purchase, on the basis of what they consider to be the Company's and Shareholders' best interests. The Directors will have regard to any investor group guidelines which may be in force at the time of any such purchase, cancellation, holding or re-sale of Ordinary Shares held in treasury. As at the Latest Practicable Date before publication of this Notice of Annual General Meeting, 15,808,509 Ordinary Shares were held in treasury by the Company.

If approved, the authority sought under Resolution 9 will expire at the end of the Company's next annual general meeting, or on 5 June 2025, whichever is sooner. The Directors intend to seek renewal of this authority at each annual general meeting of the Company.

Purchases of Ordinary Shares may be made only in accordance with the Companies Law, the Articles and the Disclosure Guidance and Transparency Rules. Although the Company is not required to comply with the provisions of Chapter 12 of the Listing Rules regarding market repurchases by the Company of its Shares, the Company has adopted a policy consistent with the provisions of Listing Rules 12.4.1 and

12.4.2. Shareholders should note that the purchase of Ordinary Shares by the Company is at the absolute discretion of the Directors and is subject to the working capital requirements of the Company and the amount of cash available to the Company to fund such purchases.

The Directors have considered any potential conflicts of interest which may arise through any repurchase of the Ordinary Shares and do not believe they are conflicted in recommending that shareholders vote in favour of this resolution.

Resolution 10: Resolution authorising the disapplication of pre­emption rights.

The Articles contain pre-emption rights (the "Pre­Emption Rights") which mean that, in order for the Directors to have the authority, in certain circumstances, to issue equity securities (as defined in the Articles) (or sell equity securities from treasury) for cash free of the Pre-Emption Rights, such PreEmption Rights must be disapplied.

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Resolution 10 is the disapplication authority sought and is to authorise the Directors to allot and issue (or to sell Ordinary Shares from treasury) up to 10 per cent. of the Company's issued ordinary share capital (inclusive of Ordinary Shares held in treasury) as at the Latest Practicable Date as if the pre-emption rights in the Articles did not apply.

Resolution 10 would, if approved, replace the authority granted by Resolution 11 of the Shareholder Resolutions passed at the annual general meeting of the Company on 13 June 2023, which will expire on the conclusion of the AGM.

In the Directors' opinion, the disapplication of the Pre-Emption Rights as proposed in Resolution 10 will have the following benefits for Shareholders:

• the Company may be able to raise additional capital promptly, enabling it to take advantage of current and future investment opportunities, thereby further diversifying its investment portfolio;
• an increase in the market capitalisation of the Company may help to make the Company attractive to a wider investor base;
• it is expected that the liquidity of the Company's Ordinary Shares on the secondary market may be further enhanced as a result of a larger and more diversified shareholder base; and
• the Company's fixed running costs would be spread across a wider shareholder base, thereby reducing the total expense ratio.

New Ordinary Shares will only be issued (or sold from treasury) under Resolution 10 at a minimum issue price equal to the last published NAV per Ordinary Share at the time of allotment together with a premium intended to at least cover the costs and expenses of the issue or sale from treasury of such Ordinary Shares (including without limitation any commissions), thereby avoiding any dilution of NAV per Ordinary Share.

Whilst existing Shareholders' voting rights will be diluted (to the extent that existing Ordinary Shareholders do not subscribe for or purchase further Ordinary Shares), the Directors believe this consideration is offset by the benefits set out above.

The Directors will use the authority granted under Resolution 10 (if passed) only when they consider it to be in the best interests of Shareholders and the Company generally.

Any Ordinary Shares issued pursuant to the authorities granted by Resolution 10 (if passed) will be issued in registered form and may be held in certificated or uncertificated form. Temporary documents of title will not be issued pending the dispatch of definitive certificates for the Ordinary Shares. The new Ordinary Shares will rank equally with existing Ordinary Shares, including as to any right to receive dividends (save for any dividends or other distributions declared, made or paid on the Ordinary Shares by reference to a record date prior to the allotment of the relevant new Ordinary Shares).

An application will be made to the London Stock Exchange for any new Ordinary Shares issued pursuant to Resolution 10 to be admitted to trading on the Specialist Fund Segment of the Main Market of the London Stock Exchange.

If approved, this authority will expire at the end of the Company's next annual general meeting, or on 5 June 2025, whichever is sooner. The Directors may seek a renewal of this authority at each annual general meeting of the Company.

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Please contact the Company Secretary ([e-mail]) prior to 11.00 am (BST) on 4 June 2024 if you are considering attending the AGM in person to ensure that appropriate arrangements are in place to facilitate your attendance at the AGM.

Please also contact the Company Secretary prior to 11.00 am (BST) on 4 June 2024 if you are considering appointing someone other than the chair of the meeting to act as your proxy.

Shareholders who wish to ask a question of the Board relating to the business of the meeting can do so by sending an email to the Company Secretary ([e-mail]) prior to 11.00 am (BST) on 4 June 2024.

In the event that changes are made to the AGM arrangements contained in the Notice of AGM, then updated information will be communicated via the Company's website (https://www.ejfi.com/) and the London Stock Exchange.

Action to be taken

The action to be taken in respect of the AGM depends on whether you hold your Shares in certificated form or in uncertificated form (that is, in CREST).

Certificated Shareholders

Please check that you have received a Form of Proxy for use in respect of the AGM with this document.

You are strongly encouraged to complete your Form of Proxy, either electronically or in hard copy form, in accordance with the instructions printed thereon. Certificated Shareholders may vote online by visiting www.investorcentre.co.uk/eproxy. Please note you will require the control number, PIN and shareholder reference number detailed on your Form of Proxy form to access online voting.

If a hard copy Form of Proxy is completed then it must be signed and returned to the Registrar, Computershare Investor Services (Jersey) Limited, c/o The Pavilions, Bridgwater Road, Bristol, BS99 6ZY.

It is recommended that you complete the Form of Proxy as soon as possible as, to be valid, your completed form must be received by the Registrar (either in hard copy, or electronically) not later than 11.00 am (BST) on 4 June 2024.

Submission of the Form of Proxy will enable your vote to be counted at the AGM in the event of your absence. The completion and return of the Form of Proxy will not prevent you from attending and voting at the AGM or any adjournment thereof, in person should you wish to do so and are able to do so.

If you have any queries relating to the completion of the Form of Proxy, please contact Computershare Investor Services (Jersey) Limited on [phone]. Calls are charged at the standard geographic rate and may vary depending on the provider. Calls outside the United Kingdom will be charged at the applicable international rate. The helpline is open between 9.00 am - 5.30 pm (BST), Monday to Friday excluding public holidays in England and Wales. Please note that Computershare Investor Services (Jersey) Limited can only provide information regarding the completion of the Form of Proxy and cannot provide any financial, legal or tax advice. Calls may be recorded and monitored for security and training purposes.

Uncertificated Shareholders

CREST members can appoint proxies using the CREST electronic proxy appointment service and transmit a CREST Proxy Instruction in accordance with the procedures set out in the CREST Manual (available via www.euroclear.com/CREST).

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