Update on the Implementation of Strategic Plan

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Jelmoli has further progressed the implementation of the strategic
plan announced on 9 April 2008.

The controlling shareholder of Jelmoli, Pelham Investments S.A., has
expressed its support in principle for the first step of the
announced group strategy, which is the split-up of Jelmoli into a
Real Estate and an Investment Company. Both entities will be listed
on the Swiss Stock Exchange (SWX) and will rank among the leading
players in Switzerland in their respective businesses. The Real
Estate Company will have a conservative capital structure with a LTV
ratio in the range of 40% to 50% in order to allow the company to
have the necessary flexibility to actively develop its business in
the future. The Investment Company will have its headquarters in
Switzerland. While the investment strategy will be finalised over the
coming months, the main focus will be to seek attractive
opportunities with return profiles that are not as easily accessible
for public investors.

The split is expected to take the form of a tax-neutral distribution
of the shares of the Investment Company, resulting in Jelmoli
shareholders holding shares of the both separate entities. The split
is subject to shareholders' approval in an extraordinary shareholders
meeting with simple majority which is envisaged to take place in Q3
2008. The split is further subject to the completion of the review of
the tax, legal and financial aspects of the transaction, which is
already well under way.

The discussion with shareholders about the second step of the
strategy, the unification of the current dual class share structure
in the Real Estate Company, will continue over the coming months.
This unification would require Pelham Investments S.A. to give up
its voting majority in exchange for an appropriate reverse premium.
Such reverse premium would relate the value of the stake of Pelham
Investments S.A. in the separated Real Estate Company. The
unification of shares and the payment of a reverse premium would be
subject to shareholders approval with a qualified majority, which
implies that Pelham Investments S.A. and a significant number of
other shareholders will have to agree on the appropriate reverse
premium. An extraordinary shareholders meeting would take place once
step one of the strategy has been completed. Jelmoli anticipates that
step one and step two could be completed by early 2009.

Jelmoli will inform its shareholders about further progress and the
timetable going forward at the general meeting of shareholders
scheduled for 18 June 2008. Formal resolutions about the strategic
reorientation of the Company will not be presented for shareholders
approval at this shareholder meeting.

Contacts:

Media: Dr. Jörg Neef, Hirzel. Neef. Schmid. Konsulenten
Tel. +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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WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX;
Listed:
Main Market in SWX Swiss Exchange;