Signet Jewelers : Signet Completes Acquisition of Zale Corporation

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE PUBLICATION, DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. SIGNET JEWELERS LIMITED HAS FILED A FORM 8-K WITH THE SEC FOR THE COMPLETION OF THE ACQUISITION TO WHICH THIS COMMUNICATION RELATES. MORE COMPLETE INFORMATION ABOUT THE COMPLETION OF THE ACQUISITION MENTIONED IN THIS COMMUNICATION CAN BE VIEWED FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT WWW.SEC.GOV.

SIGNET JEWELERS LIMITED ANNOUNCE COMPLETION OF ACQUISITION OF ZALE CORPORATION

HAMILTON, Bermuda, May 29, 2014 - Signet Jewelers Limited ("Signet", NYSE and LSE: SIG). On May 29, 2014, Signet completed the previously announced acquisition of Zale Corporation, a Delaware corporation ("Zale ") for an aggregate consideration of approximately US$1.46 billion, through the merger of Carat Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Signet ("Merger Sub "), with and into Zale (the "Merger "), pursuant to the definitive agreement, dated as of February 19, 2014, by and among Signet, Merger Sub and Zale (the "Merger Agreement ").

At completion of the Merger, each share of common stock, par value US$0.01 per share, of Zale (the "Zale Common Stock") issued and outstanding immediately prior to the effective time of the Merger (other than shares of Zale Common Stock (i) owned by Signet or its subsidiaries, (ii) owned by Zale as treasury stock, or by any of its subsidiaries and (iii) as to which dissenters' rights have been properly exercised), was cancelled and converted into the right to receive US$21.00 per share in cash.

The foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, a copy of which is attached as Exhibit 2.1 of the Current Report on Form 8-K filed by Zale with the Securities and Exchange Commission (the "SEC") on February 19, 2014, and which is incorporated herein by reference.

Forward Looking Statements

Thisannouncement may contain forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including but not limited to market conditions and such other factors as may be discussed in Signet's filings with the SEC.  Signet undertakes no obligation to update any filings to reflect events or circumstances occurring after the date of this announcement.

Signet Contacts

For further information please contact:

James Grant, VP Investor Relations, Signet Jewelers              +1 (330) 668-5412