ASPEN GROUP — Capital/Financing Update 2021

Dec 1, 2021

==> picture [198 x 79] intentionally omitted <==

==> picture [135 x 106] intentionally omitted <==

----- Start of picture text -----

Aspen Group Limited
ABN 50 004 160 927
Aspen Property Trust
ARSN 104 807 767
Suite 21, 285A Crown Street
Surry Hills NSW 2010
Telephone: 02 9151 7500
Email: homemail@aspengroup.com.au
----- End of picture text -----

ASX ANNOUNCEMENT 2 December 2021

Settlement of Meadowbrooke Lifestyle Estate

Aspen Group (ASX: APZ) (‘‘Aspen’’) is pleased to announce that it has settled the acquisition of the Meadowbrooke Lifestyle Estate (‘‘Meadowbrooke ’’ ) in Boyanup, Western Australia.

Aspen is continuing to build scale in the retirement/lifestyle sector and now owns and manages eight retirement communities across four states with 515 leased dwellings/sites. Additionally, Aspen owns and manages approximately 670 approved sites in its development pipeline[1] .

Meadowbrooke is a retirement community which is operated under a land lease model. The property comprises 9.1 hectares and approvals are in place for 181 houses of which 17 have been built and sold to date. It already has substantial infrastructure and community facilities in place including a large good quality club house, a craft room/activity centre, bowling green and gymnasium, workshop/shed, caravan and boat parking, and 3 self-contained villas that are currently offered for lease on a short stay basis. Full site infrastructure is in place for the next 78 houses.

The purchase price of $3.258 million (excluding transaction costs) equates to about $358,000 per hectare and $18,000 per approved site. We believe the price is less than 50% of replacement cost.

The property currently makes a small operating loss including the costs of holding the development land. We expect to create value for shareholders by generating cash profits from the sale of houses and from a valuation uplift on the serviced land sites once they are leased. Additionally, annuity style income is expected to grow as the estate is developed over time.

We expect the acquisition to be accretive to both NAV and EPS over the medium term.

==> picture [412 x 242] intentionally omitted <==

1 Includes Mount Barker, SA part of which may be converted to a land lease community subject to council approval. Includes Alexandrina Cove Lifestyle Village in Coorong Quays, SA which is managed by Aspen.

1

==> picture [198 x 120] intentionally omitted <==

==> picture [198 x 129] intentionally omitted <==

==> picture [197 x 139] intentionally omitted <==

==> picture [204 x 120] intentionally omitted <==

==> picture [204 x 128] intentionally omitted <==

==> picture [204 x 139] intentionally omitted <==

Further information regarding the acquisition was released to the ASX on 5 November 2021.

Announcement authorised by the Board of Aspen Group Limited.

END

For further information, please contact: David Dixon John Carter Joint Chief Executive Officer Joint Chief Executive Officer Phone: (+61) 2 9151 7584 Phone: (+61) 2 9151 7586 Email: davidd@aspengroup.com.au Email: johnc@aspengroup.com.au

2

Disclaimer

This announcement has been prepared by Aspen Group Limited on behalf of Aspen Group Limited and Aspen Property Trust (“Aspen”) and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen. Nothing in this announcement constitutes investment, legal, tax or other advice. The information in this announcement does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision.

Aspen has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Aspen, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.

This announcement contains forward looking information. Indications of, and guidance on, future earnings, distributions and financial position and performance are forward looking statements. Forward looking statements are based on Aspen’s current intentions, plans, expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors which could cause actual results to differ materially. Aspen and its related bodies corporate and their respective directors, officers, employees, agents, and advisers do not give any assurance or guarantee that the occurrence of any forward-looking information, view or intention referred to in this announcement will actually occur as contemplated. All references to dollar amounts are in Australian currency.

==> picture [455 x 304] intentionally omitted <==

==> picture [198 x 80] intentionally omitted <==

3