FOR IMMEDIATE RELEASE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, ANY MEMBER STATE OF THE EUROPEAN ECONOMIC AREA (OTHER THAN THE REPUBLIC OF IRELAND), AUSTRALIA, CANADA, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DO SO.

3 December 2021

EJF INVESTMENTS LTD

PDMR Dealings

EJF Investments Ltd ("EJFI" or the "Company") announces that, in accordance with its dealing code, EJF Capital Limited, a wholly-owned subsidiary of EJF Capital LLC (together with EJF Capital Limited, "EJF") and a "person closely associated" with EJF Investments Manager LLC, which is the Company's investment manager (the "Manager"), unconditionally agreed on 30 November 2021 to acquire 70,751 ordinary shares in the Company ("Ordinary Shares") at an average price of £1.285 per share from Hammad W. Khan in a private off-market transaction.

Mr. Khan is leaving EJF with the best wishes of the Company's Board of Directors to pursue a new opportunity and has stepped down as Co-Chief Investment Officer of the Manager. Mr. Khan currently remains a "person discharging managerial responsibilities" (a "PDMR") for the purposes of Regulation (EU) No 596/2014 on Market Abuse ("MAR"). Neal Wilson, currently a voting member of the Manager's investment committee and Co-Chief Executive Officer of EJF, will replace Hammad Khan and has joined Peter Stage as Co-Chief Investment Officer of the Manager.

Following the settlement of this transaction:

·    EJF Capital Limited is interested in 1,878,246 Ordinary Shares, representing approximately 3.07% of the issued Ordinary Shares.

·    Mr Khan has sold all of his Ordinary Shares.

Shares in the capital of the Company held in treasury have not been taken into account in the calculation of the above percentages.

The notifications below, made in accordance with the requirements of MAR, provides further detail in relation to the above transaction:

ENQUIRIES

For the Investment Manager

EJF Investments Manager LLC

Peter Stage / Hammad Khan / Matt Gill

pstage@ejfcap.com / hkhan@ejfcap.com / mgill@ejfcap.com

+44 203 752 6775 / +44 203 752 6771 / +44 203 752 6774

For the Company Secretary and Administrator

BNP Paribas Securities Services S.C.A. Jersey Branch

jersey.bp2s.ejf.cosec@bnpparibas.com

+44 1534 709 181/ +44 1534 813 996

For the Broker

Numis Securities Limited

David Luck

d.luck@numis.com

+44 20 7260 1301

About EJF Investments Ltd

EJFI is a registered closed-ended limited liability company incorporated in Jersey under the Companies (Jersey) Law 1991, as amended, on 20 October 2016 with registered number 122353. The Company is regulated by the Jersey Financial Services Commission (the "JFSC"). The JFSC is protected by both the Collective Investment Funds (Jersey) Law 1988 and the Financial Services (Jersey) Law 1998, as amended, against liability arising from the discharge of its functions under such laws.

The JFSC has not reviewed or approved this announcement.

LEI:  549300XZYEQCLA1ZAT25

Investor information & warnings

The latest available information on the Company can be accessed via its website at www.ejfi.com.

This communication has been issued by, and is the sole responsibility of, the Company and is for information purposes only. It is not, and is not intended to be an invitation, inducement, offer or solicitation to deal in the shares of the Company. The price and value of shares in the Company and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares in the Company. An investment in the Company should be considered only as part of a balanced portfolio of which it should not form a disproportionate part. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.