ASPEN GROUP — Capital/Financing Update 2021

Sep 9, 2021

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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

Not for release to US wire services or distribution in the United States

ASX ANNOUNCEMENT 10 September 2021

Aspen Group

Successful Completion of Security Purchase Plan

Aspen Group (which comprises Aspen Group Limited and Aspen Property Trust) (ASX: APZ) (“ Aspen ’’) is pleased to announce the successful completion of its Security Purchase Plan (“ SPP ”), following closing of the SPP at 5:00pm (AEST) on Wednesday, 8 September 2021. A total of approximately $5.07 million was raised under the SPP, with approximately 3.81 million new APZ securities (“ New Securities ”) to be issued to eligible applicants at an issue price of $1.33 per New Security.

The SPP was strongly supported with over 500 security holders participating and approximately $9.46 million of demand. Aspen has exercised its discretion to increase the size of the raising above the originally planned $2.75 million and has set the limit at $5.07 million. Given the high level of demand under the SPP, the allocation of New Securities also involves a scale back of applications, whereby each applicant will receive the entire number of securities they applied for subject to a maximum cap of 0.65x their security holding at the record date. This scaling methodology prevents a disproportionate allocation of stock to holders with nominal security holdings.

The New Securities are expected to be issued on Wednesday, 15 September 2021 and to commence trading on Thursday, 16 September 2021. The New Securities will rank equally with existing APZ securities and will be entitled to the distribution for the half year ending 31 December 2021. Refunds for application monies where applications were scaled back or due to rounding in the final allocations will be processed in accordance with the terms of the SPP. Holding statements will be issued to eligible applicants on Thursday, 16 September 2021.

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Announcement authorised by the Board of Aspen Group Limited.

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

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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.

This announcement has been prepared for publication in Australia and may not be released to the US wire services or distributed in the United States. This announcement does not constitute an offer of securities for sale in the United States or any other jurisdiction. Any securities described in this announcement may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration.

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