ASPEN GROUP — Capital/Financing Update 2021

Aug 30, 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

ASX ANNOUNCEMENT 31 August 2021

Settlement of Wodonga Gardens Retirement Estate

Aspen Group (ASX: APZ) (“ Aspen ”) is pleased to announce that it has settled the acquisition of the Wodonga Gardens Retirement Estate (‘‘ Wodonga Gardens ’’) in West Wodonga, Victoria.

Wodonga Gardens is a quality retirement village and one of the largest in the region under development and offering new houses. The property spans 8.8 hectares and comprises 172 houses of which 51 have been built to date, plus a community building. The Albury-Wodonga region has a population of over 100,000 and is growing, driven by its major regional city status and facilities, job prospects, lifestyle choices, and a lower cost of living compared to the major cities.

We propose to develop future stages under a land lease community model as we believe it is a more attractive ownership structure for our customers, subject to the relevant approvals being obtained. We also intend to reduce exit fees for existing residents.

The property has been independently valued in line with the purchase price of $6.01 million. The valuer applied a 16% discount rate and a 3% growth rate on the contracted deferred management fee stream, and a rate of about $700k per hectare on the spare land which equates to approximately $27k per approved site.

Aspen now owns and manages seven retirement communities across four states with approximately 490 leased dwellings/sites and over 460 additional sites in the development phase[1] .

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

Wodonga Gardens Retirement Estate

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1 Including Mount Barker, SA (STCA) and Alexandrina Cove Lifestyle Village in Coorong Quays, SA which is managed by Aspen.

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Further information regarding the acquisition was released to the ASX on 23 July 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.

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