NEXTED GROUP LIMITED — Capital/Financing Update 2015

Dec 13, 2015

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14 December 2015

CONVERSION OF CONVERTIBLE NOTES

ASX Announcement

The Board of iCollege (“ICT or the Company”) is pleased to announce the conversion of $300,000 of convertible notes (Notes), $275,000 into shares and $25,000 to cash. This follows acceptance of an agreement to vary the conversion terms to that of the Rights Issue as announced on 19 October 2015. The issue price on conversion is 10 cents (down from 15 cents) and are issued one (1) free option to acquire a share in the Company for every two (2) shares issued on conversion of the Notes, exercisable at 20 cents and expiring 24 July 2017.

The Notes have been converted into 2,750,000 fully paid ordinary shares (Conversion Shares) and 1,375,000 options (Conversion Options).

An Appendix 3B will be lodged on completion of the issue of the new securities.

Commenting on the conversion, the Executive Chairman, Ross Cotton said “We are pleased our convertible note holders have shown confidence in the Company at a slight premium to the market share price”.

-ENDS-

For further Information:

Mr Ross Cotton Executive Chairman +61 (0) 419 870 363

ross.cotton@icollege.edu.au

About iCollege Limited

iCollege Limited is an ASX listed training organisation positioned to become one of Australia's leading educators.

iCollege has a demonstrated commitment and clear strategy to provide ethical and sustainable training to Australian students through over 170 accredited and non-accredited courses. This has enabled the Company to achieve high quality student outcomes, including course completion rates of over 70 per cent of students, against an industry average of around 35 per cent. iCollege students have excellent employment prospects upon graduation and are assisted through iCollege’s growing network of strategic partnerships with peak industry bodies, like the Western

iCollege Ltd ABN 75 105 012 066 ASX: ICT

P: (08) 6380 2555 Suite 1 Ground Floor F: (08) 9381 1122 437 Roberts Road Email: admin@icollege.net Subiaco WA 6008

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Australian Business Association and Clubs Queensland.

This strategy and the outstanding student outcomes it produces have facilitated iCollege’s shift to a user pay revenue model, accompanied by additional income from State Government funding programs. Additionally, iCollege is paving the way for fresh funding sources for students from both the public and private sectors, through its network of partnerships. As well as organic growth, iCollege is pursuing a targeted acquisition strategy to build the Company’s portfolio of Registered Training Organisations.

iCollege Ltd ACN 75 105 012 066 ASX: ICT

Suite 1 Ground Floor 437 Roberts Road Subiaco WA 6008

P: (08) 6380 2555 F: (08) 9381 1122 Email: admin@icollege.net

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