ASPEN GROUP — Management Reports 2022

Nov 3, 2022

Perth WA

1

Snapshot

Housing Highest Aspen Group WA’s Appeal Shortages Target Market Weighting to Business Model WA[1] ✓ Strong Economy Perth metro vacancy rate only 0.4%[2] ✓ Plentiful Jobs The c.40% of Australian Provider of Quality households who can afford to ✓ Attractive Lifestyle Rents growing rapidly – Accommodation on extreme shortage at Competitive Terms in pay no more than $400pw in 38% ✓ Population Growth <$400pw rent or $400k purchase price Residential, Retirement and for their accommodation ✓ Low Housing Costs Prices increasing, but still Park Communities needs compared to East Coast of generally below new Australia replacement cost (which has increased materially)

==> picture [144 x 95] intentionally omitted <==

1. Proportion of total property portfolio invested in WA based on book value at 30 June 2022. 2. SQM Research – September 2022

2

Perth Apartment Portfolio (PAP)

Valuation Update

Rest of PAP

132 Guildford Rd Maylands

395 apartments 10 storey building with 119 apartments, a freestanding house, under-utilised land and expansive views across the Swan River to Perth CBD Internal refurbs almost complete - externals underway Expected total acquisition and project costs of $68m - Redevelopment opportunity and specification has $172k per unit improved materially from initial expectations – commencing soon Already >98% occupied Expected total acquisition and project costs of $19m - $307pw average passing rent $158k per unit (contracted bumps of $20-30pw after 6 months) Expected stabilised NOI of $1.3m per annum Expected stabilised NOI of $4.1m per annum 6.8% on cost 6.0% on cost

Four properties valued in October 2022 Whole building basis (not strata titled basis) CBRE: Kathleen Ave and Tenth Ave Maylands JLL: Seventh Ave Maylands and Stirling Hwy Claremont Combined completed value of $55.2m - $242k per unit WACR of 4.76% Combined valuation uplift to cost of $19m or 53% These latest valuation parameters were consistent with our 30 June 2022 book values for the PAP properties – we still expect at least $20m valuation uplift in future accounts as projects are completed

==> picture [118 x 41] intentionally omitted <==

3

==> picture [534 x 240] intentionally omitted <==

==> picture [534 x 240] intentionally omitted <==

----- Start of picture text -----

Lynn Street Trigg
----- End of picture text -----

WA Overview

==> picture [207 x 96] intentionally omitted <==

4

Aspen’s Western Australia Portfolio

1 2 3 5 2

About 38% of Aspen’s property assets are based in WA1 Western Australia Land Area (Hectares) Dwellings / Sites2 Book Value ($m)2 Value per Dwelling/Site Cap Rate1 1 Perth Apartment Portfolio 4.7 514 $93.48 $182k 4.22% 2 Perth House Portfolio 2.5 67 $24.30 $363k 3.50% 3 Mandurah Gardens 6.8 158 $16.05 $102k 6.25% 4 Aspen Karratha Village 2.9 180 $15.50 $86k 16.00% 5 Meadowbrooke 9.1 184 $3.26 $18k 9.00% Total WA 26.0 1,103 $152.59 $138k 4

1. Based on 30 June 2022 book values. 2. As at at 30 June 2022 – post this date, two houses have been sold from the Perth House Portfolio and one apartment has been created from under-utilised space in the Perth Apartment Portfolio.

5

Western Australia’s Robust Economy

==> picture [896 x 451] intentionally omitted <==

Infographic source: Western Australia State Government. As at 15 September 2022. ^ Annual average growth in 2021-2022. ^^ Annual average growth in 2021.

6

WA – Fastest Growing State by Output with Lowest Unemployment Rate

==> picture [896 x 451] intentionally omitted <==

Source: ABS / Reserve Bank of Australia

7

Extreme Shortage of Rentals – Particularly at Aspen’s Low Rent Points

==> picture [896 x 451] intentionally omitted <==

----- Start of picture text -----

Aspen’s core customer base is the 40% of Australian households who can afford to pay no more than $400pw in rent...
Residential Vacancies - Perth Metro [1] % of New Rentals Offered at <$400pw [2]
12,000 6% 60%
10,000 5% 50%
8,000 4% 40%
6,000 3% 30%
4,000 2% 20%
2,000 1% 10%
0 0% 0%
2005 2007 2009 2011 2013 2015 2017 2019 2021 Sydney Melbourne Brisbane Perth Adelaide Canberra Darwin Hobart
Number of Vacant Dwellings Vacancy Rate (rhs) Mar-20 Sep-21 Sep-22
----- End of picture text -----

Source: 1. SQM Research 2. PropTrack

8

==> picture [534 x 240] intentionally omitted <==

==> picture [534 x 240] intentionally omitted <==

----- Start of picture text -----

Lynn Street Trigg
----- End of picture text -----

Perth Apartment Portfolio Overview

==> picture [284 x 102] intentionally omitted <==

9

Perth Apartment Portfolio Summary

==> picture [851 x 430] intentionally omitted <==

----- Start of picture text -----

▪ Perth inner metro locations
▪ Typically, large land lots that could
accommodate higher density over time
(in some cases would require zoning
Trigg (10 apartments)
changes) – total of 4.7 hectares of land
▪ Buildings mainly built in the 1970s
▪ Nearly all apartments have been or will
be extensively refurbished to maximise
occupancy and rents, and improve Glendalough (14)
efficiency and safety
Maylands (392)
▪ 515 residential apartments with an
estimated internal floorspace of about
55sqms on average
▪
Mixture of mainly 1 and 2 bedrooms - Swanbourne (8)
856 bedrooms in total - average of 1.7
bedrooms per apartment
Claremont (48)
▪ At least 1 car space per apartment
▪ Very affordable rent and price points – Applecross (43)
lower end of local markets
----- End of picture text -----

10

Perth Apartment Portfolio – Return Estimates

132 Guildford Road Given the excellent location and views, and structural integrity of the building, we have decided to enhance the project scope relative to the other buildings - improved layout of apartments, higher quality fitout, new lifts, upgrade of external areas Estimated project cost $100k per unit - costs are still being finalised We are also planning for the potential to add more apartments in future (currently not approved or considered in the valuation) Currently 387 apartments occupied at average rent of $307pw – typical rent bumps of $25-30pw after first 6 months of lease Added 1 apartment in under- utilised space – more to come Only $27m of the expected uplift was taken up in 30 June 2022 accounts Acquisition Estimates - September 2021 Stabilised Post Refurbishment - November 2022 Estimates Portfolio at Acquisition(A) Stabilised Portfolio Post Refurbishment All Except 132 Guildford Rd 132 Guildford Road Maylands Total PAP Apartments 514 514 395 120 515 Occupied 211 488 387 118 505 Occupancy Rate 41% 95% 98% 98% 98% Acquisition Cost - $m $55 $55 $48 $7 $55 Project Costs - $m $0 $25 $20 $12 $32 Total Cost - $m $55 $80 $68 $19 $87 Per Apartment $107,237 $155,875 $172,468 $158,167 $169,136 Average Rent per Week $215 $275 $325 $325 $325 Annual Gross Rent - $m $2.4 $7.0 $6.5 $2.0 $8.5 Annual NOI - $m $0.7 $4.1 $4.1 $1.3 $5.4 Margin 28% 58% 63% 65% 63% Gross Yield on Cost 4.3% 8.7% 9.6% 10.5% 9.8% Net Yield on Cost 1.2% 5.1% 6.0% 6.8% 6.2% Completion Value - $m $104.2 $100.9 $33.0 $133.9 Per Apartment $202,638 $255,544 $275,000 $260,078 Gross Yield on Value 6.7% 6.5% 6.0% 6.4% Net Yield on Value 3.9% 4.1% 3.9% 4.0% Uplift on Total Cost - $m $24 $33 $14 $47 Uplift on Total Cost - % 30% 48% 74% 54% Expected Completion Dec-22 Jun-24

11

Metro Residential Median Rents by Suburb v. Aspen’s Average Rents

==> picture [835 x 367] intentionally omitted <==

----- Start of picture text -----

Houses
Apartments
$2,500 $2,500
$2,000 $2,000
Dalkeith (adjoins Claremont)
$1,500 $1,500
Applecross
$1,000 $1,000
$500 $500
$0 $0
Sydney Melbourne Brisbane Perth Adelaide Canberra Darwin Hobart Sydney Melbourne Brisbane Perth Adelaide Canberra Darwin Hobart
Most Expensive Suburb Least Expensive Suburb Most Expensive Suburb Least Expensive Suburb
----- End of picture text -----

Aspen’s Perth House Portfolio Actual Average Rent - $402pw

Aspen’s PAP Average Expected Rent (stabilised post refurb) - $325pw

Source: Corelogic Quarterly Rental Review September 2022

12

Residential Gross Yields: Market Median v. Aspen Portfolio Book Valuation[1]

==> picture [818 x 322] intentionally omitted <==

----- Start of picture text -----

Houses Apartments
Sydney Sydney
Melbourne Melbourne
Brisbane Brisbane
Perth 5.6% Perth 6.5%
Adelaide Adelaide
Canberra Canberra
Darwin Darwin
Hobart Hobart
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00%
----- End of picture text -----

Aspen’s Perth House Portfolio Weighted Average

Aspen’s Perth Apartment Portfolio Weighted Average (post completion)

==> picture [118 x 41] intentionally omitted <==

1. Gross Yield = Median Rent (annualised) / Median Price. Source: Corelogic Quarterly Rental Review September 2022 and Aspen Group

13

==> picture [534 x 240] intentionally omitted <==

==> picture [534 x 240] intentionally omitted <==

----- Start of picture text -----

126 Peninsula Road, Maylands
----- End of picture text -----

Maylands Properties

==> picture [284 x 102] intentionally omitted <==

14

Maylands

• ✓ Only 5kms from Perth CBD

✓ Good transport links – car, train, bus

✓ Cultural and creative hub that is gentrifying - home of the West Australian Ballet and Youth Jazz Orchestra

✓ Large public open spaces including parks and golf course along the Swan River

✓ Socio demographics relative to WA averages: younger, more born overseas, more working, higher tertiary educated and professional occupation, more using public transport, more renting

==> picture [613 x 348] intentionally omitted <==

==> picture [118 x 41] intentionally omitted <==

15

Kathleen Ave and Peninsula Rd Maylands Aggregation – At Acquisition

1.65 hectares of land 10 individual buildings 167 apartments Aspen acquisition - $12.6m Market transaction – Feb 2020 $763psm of land $1.16m $75k per unit $758psm of vacant land

16

Kathleen Ave and Peninsula Rd Maylands Aggregation - Refurbished

126 Peninsula Road Maylands

Kathleen Ave & Peninsula Rd Aggregation Total Per Apartment Land Area – sqms 16,510 Land Titles 5 Buildings 10 Apartments 167 Bedrooms 334 2.0 Carspaces 176 1.1 Income Current Occupancy 98.8% Contracted Rent (post rent bumps) - $m / pw $2.82 $329 Expected NOI - $m / pw $1.78 $207 Margin 63% Valuation Valuer CBRE Date June & Oct 2022 WACR 4.79% Value on Completion - $m $37.63 $225,315 Acquisition Cost - $m $12.93 $77,425 Expected Total Refurbishment Costs - $m $8.70 $52,078 Expected Total Cost - Completed - $m $21.63 $129,503 Valuation Uplift - $m $16.00 $95,812 Valuation Uplift -% 74%

17

16-18 Tenth Avenue Maylands

16-18 Tenth Avenue Maylands

==> picture [189 x 168] intentionally omitted <==

==> picture [188 x 168] intentionally omitted <==

Opportunities ✓Apartments are already strata titled and could be sold individually - CBRE estimates a value of $290k per strata titled apartment - total of $3.86m above whole building value 16-18 Tenth Avenue Maylands Total Per Apartment Land Area – sqms 4,062 Land Titles 1 Buildings 2 Apartments (already strata titled) 60 Bedrooms 120 2.0 Carspaces 65 1.1 Income Current Occupancy 100.0% Contracted Rent (post rent bumps) - $m / pw $0.99 $316 Expected NOI - $m / pw $0.62 $199 Margin 63% Valuation Valuer CBRE Date Oct 2022 Cap Rate 4.75% Value of Building on Completion - $m $13.54 $225,637 Acquisition Cost - $m $3.18 $53,000 Expected Total Refurbishment Costs - $m $3.77 $62,867 Expected Total Cost - Completed - $m $6.95 $115,867 Valuation Uplift - $m $6.59 $137,213 Valuation Uplift -% 95%

18

132 Guildford Road Maylands

==> picture [459 x 412] intentionally omitted <==

	132 Guildford Road Maylands Total Per Apartment
	Land Area – sqms 6,347
	Apartments 120
	- 1 bedroom 89
	- 2 bedroom 30
	- 3 bedroom house 1
	Bedrooms 152 1.3
	Carspaces 125 1.0
	Acquisition Cost - $m $6.98 $58,167
	Valuation 30 June 2022 - $m $9.53 $79,417
	Valuation Uplift - $m $2.55 $21,250
	Valuation Uplift -% 37%

Opportunities

✓ Refurbishment and leasing of existing apartments

✓ Additional revenue sources – rooftop, laundry, community facilities ✓ Potential to add floorspace on under-utilised land (STCA)

==> picture [118 x 41] intentionally omitted <==

19

132 Guildford Road Comparable - 96 Guildford Road*

67/96 Guildford Road: 2 bed + 1 bathroom + 1 car space Asking rent of $500 per week

==> picture [274 x 307] intentionally omitted <==

----- Start of picture text -----

132 Guildford Road, Maylands
----- End of picture text -----

==> picture [274 x 371] intentionally omitted <==

----- Start of picture text -----

96 Guildford Road, Mount Lawley
----- End of picture text -----

61/96 Guildford Road: 2 bed + 1 bathroom + 1 car space Sold $280k

==> picture [118 x 41] intentionally omitted <==

*Aspen does not own 96 Guildford Road

20

132 Guildford Rd – Two of the Proposed New Floorplans

2 Bedrooms with Balcony – c.63sqms 1 Bedroom with Balcony – c.48sqms

==> picture [409 x 396] intentionally omitted <==

==> picture [405 x 396] intentionally omitted <==

21

==> picture [534 x 240] intentionally omitted <==

==> picture [534 x 240] intentionally omitted <==

Claremont

==> picture [284 x 102] intentionally omitted <==

22

230 Stirling Highway Claremont

Under-utilised land c.1,800sqms 3 storey apartment building

Opportunities ✓Prime location in upmarket suburb suitable for mixed use apartments and commercial ✓Refurbishment and leasing of existing apartments (laundry converted to one bedroom apartment) ✓Potential to add floorspace on under- utilised land (STCA) ✓Council has proposed planning changes allowing up to 6 storeys and 125 apartments (average of 75sqms) plus over 2,000sqms of commercial space on the site (not yet approved) 230 Stirling Highway Claremont Total Per Apartment Land Area – sqms 4,720 Land Titles 2 Buildings 1 Apartments 48 Bedrooms 48 1.0 Carspaces 50 1.0 Income Current Occupancy 97.9% Contracted Rent (post rent bumps) - $m / pw $0.74 $303 Expected NOI - $m / pw $0.47 $191 Margin 63% Valuation Valuer JLL Date Nov 2022 Cap Rate 4.50% Value of Building on Completion - $m $11.15 $232,292 Value of Spare Land - $m $3.40 Total Value on Completion - $m $14.55 $303,125 Acquisition Cost - $m $9.14 $190,417 Expected Total Refurbishment Costs - $m $2.82 $58,750 Expected Total Cost - Completed - $m $11.96 $249,167 Valuation Uplift - $m $2.59 $53,958 Valuation Uplift -% 22%

23

230 Stirling Highway Claremont – Standard Refurbished Apartment

==> picture [896 x 451] intentionally omitted <==

24

Disclaimer

This presentation has been prepared by Aspen Group Limited on behalf of Aspen Group Limited and Aspen Property Trust (“ ”) 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 presentation constitutes investment, legal, tax or other advice. The information in this presentation 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 presentation 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 presentation. 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 presentation or its contents or otherwise arising in connection with it. This presentation 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 ’ 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 presentation will actually occur as contemplated. All references to dollar amounts are in Australian currency.

==> picture [208 x 96] intentionally omitted <==

==> picture [118 x 41] intentionally omitted <==

Perth, WA