NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION

THIS ANNOUNCEMENT RELATES TO THE RECOMMENDED CASH OFFER FOR TRIBAL GROUP PLC, TO BE IMPLEMENTED BY SCHEME OF ARRANGEMENT, ANNOUNCED UNDER RULE 2.7 OF THE TAKEOVER CODE

FOR IMMEDIATE RELEASE

21 November 2023

Jenzabar, Inc.

Acquisition of further shares in Tribal Group plc

Further to its announcement yesterday, Jenzabar, Inc. ("Jenzabar") confirms that it has agreed to acquire a further 11,663,313 shares in Tribal Group plc ("Tribal"), increasing its aggregate ownership to 56,139,342 shares, which represents 26.45% of Tribal's issued share capital.

As previously stated, Jenzabar strongly opposes the offer announced by Ellucian Company L.P. ("Ellucian") on 5 October 2023 to acquire the entire issued and to be issued share capital of Tribal at 74 pence per share by way of a scheme of arrangement (the "Ellucian Offer") and will vote all of its shares against the Ellucian Offer in any general meeting or other shareholder vote undertaken by Tribal to effect its implementation.

Enquiries:

For further information contact:

Greenhill (Financial Adviser to Jenzabar)                                                                    ​            ​  ​   +44 20 7198 7400

Dean Rodrigues          

David Wyles

Peel Hunt (Sole Executing Broker to Jenzabar)                                                                       ​   ​   +44 20 7418 8900

Richard Chambers

Equity Syndicate - Jock Maxwell Macdonald/ Sohail Akbar

Important notice

Greenhill & Co. International LLP ("Greenhill"), which is authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting as financial adviser exclusively to Jenzabar and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than Jenzabar for providing the protections afforded to clients of Greenhill or its affiliates, nor for providing advice in relation to any matter referred to herein.

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as sole executing broker exclusively for Jenzabar and for no one else in connection with the matters referred to in this announcement and neither Peel Hunt nor any of its affiliates will be responsible to anyone other than Jenzabar for providing the protections afforded to clients of Peel Hunt or for providing advice in relation to the contents of, or matters referred to in, this announcement.