ASPEN GROUP — Capital/Financing Update 2021

Aug 19, 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 20 August 2021

Aspen Group Successfully Completes Equity Raising

Aspen Group (which comprises Aspen Group Limited and the Aspen Property Trust) (ASX: APZ) (“ Aspen ”) is pleased to announce the completion of the institutional placement on Thursday, 19 August 2021 (“ Placement ”), raising $23.2 million through the issue of 17.455 million new APZ securities (“ New Securities ”) at an issue price of $1.33 per New Security.

The New Securities will settle on Tuesday, 24 August 2021, with allotment and normal trading to occur on Wednesday, 25 August 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.

Aspen confirms that, pursuant to ASX Listing Rule 7.1, the Placement is within Aspen’s existing 15% placement capacity and accordingly securityholder approval is not required.

David Dixon, Joint CEO of Aspen said, “The Placement was strongly supported by existing institutional securityholders and new institutional investors who are pleased to see Aspen growing its business of providing quality accommodation on competitive terms in residential, retirement and park communities. The new equity will be used to part fund our acquisition of a portfolio of apartments in Perth’s inner metro suburbs. We intend to refurbish most of the apartments and lease them at very competitive rents to our customers, while generating an attractive yield for our shareholders”.

Security Purchase Plan (SPP)

Aspen is also offering a SPP to securityholders who were on the register as at 7:00pm (AEST) on 18 August 2021 and are eligible securityholders with registered addresses in Australia and New Zealand. These eligible securityholders can acquire up to $30,000 worth of New Securities at a fixed price of $1.33 per New Security. If the total value of applications exceeds $2.75 million Aspen may scale back applications, or increase the total amount raised under the SPP. 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. The SPP is not underwritten. Further information about the SPP will be mailed to eligible securityholders on or around Thursday, 26 August 2021.

Resumption of trading

APZ securities are expected to resume trading on the ASX from market open today.

Announcement authorised by the Board of Aspen Group Limited.

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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 address 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 address constitutes investment, legal, tax or other advice. The information in this address 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 address 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 address. 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 address or its contents or otherwise arising in connection with it.

This address 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 address will actually occur as contemplated. All references to dollar amounts are in Australian currency.

This address has been prepared for publication in Australia and may not be released to the US wire services or distributed in the United States. This address does not constitute an offer of securities for sale in the United States or any other jurisdiction. Any securities described in this address 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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Barlings Beach Holiday Park, NSW

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Koala Shores Holiday Park, NSW
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