NEXTED GROUP LIMITED — Capital/Financing Update 2016

Jun 15, 2016

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16 June 2016

Dear Shareholder

FULLY UNDERWRITTEN NON-RENOUNCEABLE RIGHTS ISSUE – SHAREHOLDER NOTICE

The Directors of iCollege Limited (“ICT or the Company”) announced on 26 May 2016 a Fully Underwritten Pro-rata Nonrenounceable Rights Issue (Rights Issue) to raise up to $3.1M before costs.

Eligible shareholders have the opportunity to subscribe on the basis of one (1) Share for every one (1) Share at a price of $0.04 with a free attaching option exercisable at $0.08 expiring three years from issue on a One (1) for Two (2) basis held by shareholders. The Company intends on applying to the ASX to have the Options quoted (“Rights Issue”).

The Directors have determined that the Record Date for the offer under the Rights Issue is 5pm (AEST) on 20 June 2016. Accordingly, those persons who are registered as a Shareholder on the Record Date and are otherwise considered to be an Eligible Shareholder will be eligible to participate in the offer pursuant to the Rights Issue.

The Company will apply for official quotation by ASX of the Shares and Options to be issued pursuant to the Rights Issue. In calculating entitlements under the Rights Issue fractions will be rounded to the nearest whole number.

The timetable and important dates of the Rights Issue are:

Event	Date
Announcement of Offer	26 May2016
Appendix 3B,cleansingnotice and Prospectus lodged with ASX	14 June 2016
Notice sent to Shareholders	16 June 2016
Notice sent to Optionholders	16 June 2016
‘Ex’ date1	17 June 2016
Record Date(5.00pm(AEST))2	20 June 2016
Prospectus sent to Eligible Shareholders and announcement of issue of theProspectus	22 June 2016
OpeningDate	22 June 2016
ClosingDate(5.00pm(AEST))	8 July2016
Deferred settlement tradingcommences	11 July2016
ASX notified of anyunder-subscriptions	13 July2016
Issue of new Securities and deferred settlement tradingends	15 July2016
Issue of holdingstatements and commencement of tradingof new Securities	18 July2016

Notes:

1. The date from which Shares commence trading without the entitlement to participate in the Offer.

2. The date for determining the Entitlements of Eligible Shareholders to participate in the Offer.

Note: These dates are determined based upon the current expectations of the directors and may, subject to the ASX Listing Rules, be changed without notice. The directors may extend the closing date by giving at least 3 business days’ notice to ASX prior to the closing date.

iCollege Ltd ABN 75 105 012 066 ASX: ICT

Suite 1 Ground Floor 437 Roberts Road Subiaco WA 6008

P: (08) 9466 9008 F: (08) 9381 1122 Email: admin@icollege.edu.au

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Funds raised by the Company after expenses from the Rights Issue will be applied as follows:

• The leasing and development of suitable CRICOS compliant (zoned 9B) facilities for the purpose of the delivery of training to foreign students

• Employment of suitably qualified instructional staff to cater for the expected increase in training participants

• Customisation of Diploma teaching materials for bespoke blended sports and education programs

• The continued expansion of the Company’s Foundation Skills program allowing the delivery to Corrective Services in QLD, SA, ACT, NSW and WA

• Further development of partnerships that foster improved completion rates and therefore higher employment outcomes

The Company have entered into an Underwriting Agreement with Executive Chairman Mr Ross Cotton, through Richmond Food Systems Pty Ltd, an entity which he controls, to undertake a fully underwritten Rights Issue.

A Prospectus will be mailed to all shareholders eligible to participate, including an Entitlement and Acceptance Form which will entitle eligible shareholders to take up their respective entitlements from 22 June 2016 until the Closing Date. Eligible shareholders will be able to apply for additional securities over and above their entitlement as part of the shortfall offer. Further details of the shortfall are contained in the Prospectus.

I encourage shareholders to carefully read the Prospectus when you receive it in the post and consider investing in the Rights Issue.

Yours sincerely

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Stuart Manifold Chief Executive Officer

iCollege Ltd ACN 75 105 012 066 ASX: ICT

Suite 1 Ground Floor 437 Roberts Road Subiaco WA 6008

P: (08) 9466 9008 F: (08) 9381 1122 Email: admin@icollege..edu.au

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