ASPEN GROUP — Capital/Financing Update 2025

Sep 25, 2025

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Aspen Group Limited ABN 50 004 160 927 Suite 21, 285A Crown Street Surry Hills NSW 2010 Telephone: 02 9151 7500 Email: homemail@aspengroup.com.au

ASX ANNOUNCEMENT 25 September 2025

New Acquisition – Aspen Wallaroo, SA

Aspen Group (ASX: APZ) is pleased to announce that it has entered a conditional contract to acquire the remaining stages of the Wallaroo Shores master planned community for $14.1m.

The project is located in Wallaroo, a scenic coastal town on South Australia’s Yorke Peninsula, on the Copper Coast, approximately 160kms or 2 hours’ drive north west of the Adelaide CBD and 1.5 hours from Aspen Highway 1. The Copper Coast is one of South Australia’s fastest growing regions with a high rate of retiree migration, it is estimated that the population could grow to 30,000+ people over the next 25 years, a ~90% increase[1] . Wallaroo and Yorke Peninsula are easily accessed from the northern suburbs of Adelaide which is expected to be the main growth area of Adelaide in the future.

The site totals 13.45 hectares, fronting a foreshore reserve, and is close to the Wallaroo Marina. The site benefits from ~$8m of prior investment in infrastructure works including construction of Liberator Way, which is the road that connects the site to the main town centre.

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Aspen and the Copper Coast Council have agreed a concept masterplan that comprises more than 300 sites including 200 lifestyle land lease sites, residential build-to-rent (BTR), townhouses and residential land lots, plus a commercial and retail precinct. Aspen will seek formal development approval after the transaction settles.

The acquisition will increase Aspen’s development pipeline to 16 attractively located projects with close to 2,500 sites, diversified across lifestyle land lease, residential BTR and residential land, which have different customer bases.

The purchase price equates to ~$1.1m per hectare or around $50,000 per proposed dwelling/site.

The acquisition will be funded with debt and interest will be capitalised until the project becomes income producing.

1. Copper Coast Economic Development and Marketing Plan - https://www.coppercoast.sa.gov.au/council/documentsand-publications/plans-and-reports

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

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 address may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.

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Koala Shores Holiday Park, NSW