Page 115 - ALEF EDUCATION PR REPORT - JUNE 2024

Ghannam Butti Almazrouei, ADX's Chairman and Abdulla Salem Alnuaimi, ADX's
Chief Executive Officer.

The ceremony was also attended by the Alef Education board, alongside senior
executives of both Alef Education and the ADX.

Alef Education shares began trading following the successful public offering,
which raised AED1.89 billion through the sale of 1.4 billion shares, or 20% of the
company, at AED1.35 per share. At the time of listing, the Group's market
capitalisation was AED9.45 billion.

The Group's IPO met with robust demand from investors. The Offering was 39x
oversubscribed, even after the retail tranche was increased from 8% to 10%.

Alahmadi said, "Education is a cornerstone of societal and economic
advancement, and Alef Education is proud to be creating innovative artificial
intelligence solutions that help improve academic outcomes at a time of
widening educational gaps worldwide. The rapid success of Alef Education also
reflects the environment the Abu Dhabi government has created to nurture tech
startups and to support their capital markets journeys."

Alphonso, in turn, stated, "The robust demand for shares of Alef Education is a
vote of confidence in the company's strong fundamentals and attractive growth
prospects. The Group's robust financial position and capacity to raise capital

position it well to take advantage of growth opportunities and continue
maximising shareholder value. As an established EdTech player with a strong
track record of success across its countries of operation, including the UAE,
Indonesia, the US, and Morocco, Alef Education stands to benefit from further
scale as a market leader."

For the financial years ending 31st December 2024 and 2025, the company
intends to pay a target minimum dividend amount to investors equivalent to an
annualised dividend of AED135 million relating to its performance for the
financial year ending 31st December 2024 and AED135 million relating to its
performance for the financial year ending 31st December 2025.

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