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Jabil Announces Stock Split & Management Expansion Plans

Company Cites Expanded Operations As Catalyst

28 January 1999
St. Petersburg, Florida

Forward - Looking Statement

Jabil Circuit, Inc. (NYSE: JBL) plans to announce at its Annual Meeting of Shareholders today a two-for-one stock split and the expansion of its corporate management structure.

The Company said the stock split would be in the form of a 100 percent stock dividend. The record date for the stock split will be February 5, 1999 with distribution of the split shares on February 17, 1999. The stock dividend will increase the number of Common Stock shares outstanding from approximately 38.8 million shares to approximately 77.6 million shares.

In addition to the stock split, the Company announced a comprehensive management expansion plan. "We believe this strengthened management team will provide the leadership needed for continued success in the growing electronic manufacturing services industry," said William D. Morean, Chairman and C.E.O. "With these promotions we are empowering our key operational leaders and focusing senior management on the strategic issues we believe will determine the future growth of our business." The changes to be announced are:

Jabil President Thomas A. Sansone was promoted to Vice Chairman. In his new role, Sansone will continue his focus on the strategic positioning of Jabil, communication with the financial community and advising officers with day-to-day operating responsibilities. Sansone has served as President of Jabil since September 1988 and as a Director since 1983.

Senior Vice President of Business Development, Timothy L. Main was promoted to President of the Company. Main will assume responsibility for the day-to-day direction and business operation of Jabil. Main joined Jabil in 1987 and has served in a variety of positions with the Company, including Vice President Business Development, Project Manager, Operations Manager and Production Control Manager.

Mark Mondello has been promoted to Senior Vice President of Business Development at Jabil. Mondello joined the Company in 1992 and most recently served as Vice President of Business Development. Mondello has also worked as a Jabil Business Unit Manager and a Production Line Supervisor.

Wesley "Butch" Edwards, Senior Vice President of Operations, has been given significantly increased responsibilities. Edwards will oversee all operations worldwide and will direct the activities of five vice presidents in the global manufacturing organization. Edwards joined the Company in July 1988 and has served as Senior Vice President, Operations since August 1996 after holding a broad array of operational positions including Vice President of Operations, Operations Manager and Manufacturing Manager.

Executive Vice President of Operations, Ronald J. Rapp will assume a strategic role as Senior Vice President of Operational Development. In his new role Rapp will continue to focus on three key development areas: systems, technology and human development. Rapp will also continue to be active in acquisitions and greenfield opportunities and will develop a dedicated organization to handle this activity. Rapp has also served as Chief Financial Officer, Controller and Director of Jabil.

William E. Peters was promoted to Vice President, Operations. In his new role, Peters will assume day-to-day operating responsibility for all manufacturing operations worldwide. Peters joined Jabil in 1990 and has served as Operations Manager, Purchasing Manager and Buyer for the Company.

About Jabil

Jabil Circuit, Inc. is a worldwide independent provider of electronic manufacturing services. The company designs and manufacturers circuit board assemblies and systems for major original equipment manufacturers in the communications, computer peripherals, personal computer, automotive and consumer electronics markets. Jabil offers product design, board design, mechanical and production design, prototype assembly, volume board assembly, systems assembly and direct fulfillment services from 11 manufacturing facilities in North America, Europe and Asia.

This release contains certain forward-looking statements, which are subject to a number of risks and uncertainties. Some factors that could cause actual results to differ materially include: business conditions and growth in the contract manufacturing industry and the general economy; variability of operating results; dependence on a limited number of customers; limited availability of components; dependence on certain industries; variability of customer requirements; and other risk factors described in the company's most recently filed SEC documents such as the Form 10-K, filed 12/7/98.