ASPEN GROUP — Major Shareholding Notification 2025

Dec 21, 2025

604 page 1/2 15 July 2001

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme Aspen Group Limited ACN/ARSN ACN 004 145 868 1. Details of substantial holder (1) Name Cooper Investors Pty Limited ACN/ARSN (if applicable) ACN 100 409 890

There was a change in the interests of the substantial holder on 17 / 12 / 2025 The previous notice was given to the company on 18 / 11 / 2025 The previous notice was dated 18 / 11 / 2025

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

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Class of securities (4) Previous notice Present notice
Person’s votes Voting power (5) Person’s votes Voting power (5)
Ordinary 25,842,328 11.3510% 22,738,012 9.9875%
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3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

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Date of change Person whose relevant Nature of Consideration Class and Person’s votes
interest changed change (6) given in relation number of affected
to change (7) securities affected
Various dates Cooper Investors Pty Purchase of shares as per See Annexure A
between 15/11/2025 Limited Annexure A
and 17/12/2025
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4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes	Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes	Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes	Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes	Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes	Holder of relevant interest Registered holder of securities Person entitled to be registered as holder (8) Nature of relevant interest (6) Class and number of securities Person’s votes
See Annexure B

604 page 2/2 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association	Name and ACN/ARSN (if applicable) Nature of association
Not applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Cooper InvestorsPtyLimited	Level 12, 8ExhibitionStreet,Melbourne,VIC.3000

Signature

print name Jacqueline Verhaeg Capacity: Head of Compliance sign here date 19 / 12 / 2025

DIRECTIONS

(1) If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of “associate” in section 9 of the Corporations Act 2001.

• (3) See the definition of “relevant interest” in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person’s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of “relevant agreement” in section 9 of the Corporations Act 2001.

(7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write “unknown”.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

604 GUIDE page 1/1 13 March 2000

GUIDE

This guide does not form part of the prescribed form and is included by ASIC to assist you in completing and lodging form 604.

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Signature This form must be signed by either a director or a secretary of the substantial holder.
Lodging Period Nil
Lodging Fee Nil
Other forms to be Nil
completed
Additional information
(a) If additional space is required to complete a question, the information may be included
on a separate piece of paper annexed to the form.
(b) This notice must be given to a listed company, or the responsible entity for a listed
managed investment scheme. A copy of this notice must also be given to each relevant
securities exchange.
(c) The person must give a copy of this notice:
(i) within 2 business days after they become aware of the information; or
(ii) by 9.30 am on the next trading day of the relevant securities exchange after they
become aware of the information if:
(A) a takeover bid is made for voting shares in the company or voting interests
in the scheme; and
(B) the person becomes aware of the information during the bid period.
Annexures
To make any annexure conform to the regulations, you must
1 use A4 size paper of white or light pastel colour with a margin of at least 10mm on all
sides
2 show the corporation name and ACN or ARBN
3 number the pages consecutively
4 print or type in BLOCK letters in dark blue or black ink so that the document is clearly
legible when photocopied
5 identify the annexure with the mark such as A, B, C, etc
6 endorse the annexure with the words:
This is annexure (mark) of (number) pages referred to in form (form number and title)
7 sign and date the annexure
The annexure must be signed by the same person(s) who signed the form.
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Information in this guide is intended as a guide only. Please consult your accountant or solicitor for further advice

APZ 17/12/25 ANNEXURE A

Trade Date Ticker Security Quantity Price Amount Curr 17/12/2025 APZ Aspen Group Limited (3,104,316.00) $ 5.47 $ 16,980,608.52 AUD

APZ 1/12/25 ANNEXURE B

Holder of Relevant Interest Registered Holder of Securities

Cooper Investors Pty Ltd JP Morgan Nominees Australia Pty Ltd Cooper Investors Pty Ltd Citi Group

Persons entitled to be registered as holder Nature of Relevant Interest JP Morgan Nominees Australia Pty Ltd Investment Manager Citi Group Investment Manager Total holdings Shares Outstanding Percentage holding	Number of Securities Persons Votes 3,421,240.00 3,421,240.00 19,316,772.00 19,316,772.00 22,738,012.00 22,738,012.00 227,665,433 9.9875%