Employee Stock Option/ Share Scheme::Employee Stock Option Scheme

Issuer & Securities

Announcement Title: Employee Stock Option/ Share Scheme
Date &Time of Broadcast: 14-Sep-2018 22:47:19
Status: New
Announcement Sub Title: Employee Stock Option Scheme
Announcement Reference: SG180914OTHRPYLN
Submitted By (Co./ Ind. Name): Chew Hua Seng
Designation: Chairman & CEO
Effective Date and Time of the event: 14/09/2018 00:00:00
Description (Please provide a detailed description of the event in the box below): DISCLOSURE IN COMPLIANCE WITH RULE 704(29) GRANT OF OPTIONS

The Board of Directors of Raffles Education Corporation Limited (the Company ) wishes to announce the grant of options pursuant to the Raffles Education Corporation Employees Share Option Scheme (Year 2011).

The details of the grant of options are as follows:

(1) Date of Grant: 14 September 2018.

(2) Exercise price of options granted: S$0.148.
The exercise price is equal to the average of the last dealt prices of the Company's shares for a period of five (5) consecutive market days immediately preceding the date of the grant.

(3) Number of options granted: 3,195,000.

(4) Market price of securities on the date of the grant: S$0.151.

(5) Number of options granted to directors: Nil.

(6) Number of options granted to controlling shareholders and their associates: Nil.

(7) Validity period of the options: 10 years from the date of grant.

By Order of the Board
RAFFLES EDUCATION CORPORATION LIMITED

Chew Hua Seng
Chairman

14 August 2018