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Board Of Directors Rejects Request From A Group Of Minority Shareholders

Jelmoli (JMLIF.PK) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------

Jelmoli Holding Ltd has received a request from Franklin Mutual Advisers, LLC, Fortelus Special Situations Master Fund Ltd., Sandelman Partners International LLP and Obrem Capital Management that BDO Visura be replaced by Deloitte & Touche GmbH (Düsseldorf, Germany) as candidates for appointment as experts under items 8.1 and 8.2 and Prof. Dr. Peter Nobel under item 8.3 of the agenda of the Annual General Meeting of Jelmoli on 18 June 2008. The reason for this request is that BDO Visura cannot act as expert due to conflict of interest and informed Franklin/Fortelus/ Sandelman/Obrem accordingly. While Jelmoli fully concurs that an expert must be independent it rejects the accusations presented by Franklin/Fortelus/Sandelman/ Obrem in their press release of 13 June 2008 by which they seek to blame Jelmoli for their own omission not to finally clear conflicts with BDO Visura prior to proposing them as independent expert.

In addition, Franklin/Fortelus/Sandelman/Obrem have submitted a new request for the appointment of Prof. Dr. Peter Nobel and Bernhard Binzegger as experts to assist and supervise the board of directors of Jelmoli in respect of their evaluation of the strategic plan, and to review that plan and the implementation thereof. The board of directors of Jelmoli rejects this request. The request comes too late because according to law the shareholders meeting can only decide on matters which have been duly announced to it at least 20 days in advance. The law aims to assure that all shareholders and their proxies have sufficient time to evaluate matters on which they are supposed to vote on at a shareholders meeting. The law only foresees very specific exceptions from this rule none of which apply in this case. Further, according to the applicants' own press release, the experts' role would be "to assist and supervise the board of directors [of Jelmoli] in respect of their evaluation of the strategic plan for Jelmoli". Such task conflicts with the inalienable competencies of the board of directors according to law. Finally, Jelmoli notes that Prof. Nobel is a long standing member of the board of Magazine zum Globus, one of Jelmoli's main competitors in the retail business and one of its most important tenants. This is not compatible with the task to supervise and assist the board of Jelmoli on strategic matters and on conflicts of interest.

Contact person

Media: Dr. Jörg Neef, Hirzel. Neef. Schmid. Konsulenten +41 79 405 56 32, eMail: joerg.neef@konsulenten.ch

Internet: www.jelmoliholding.ch / www.huginonline.ch/JEL WAP mobile: wap.huginonline.com (Press Releases Jelmoli) E-mail: info@jelmoliholding.ch

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St. Annagasse 18 Zürich

WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX; Listed: Main Market in SWX Swiss Exchange;

LINK: http://hugin.info/100248/R/1228035/260370.pdf

Jelmoli

http://www.jelmoli-holding.ch/

ISIN: CH0000668464

Stock Identifier: XSWX.JEL

US: JMLIF.PK

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