NEXTED GROUP LIMITED — Capital/Financing Update 2018

May 28, 2018

29 May 2018

Australian Securities Exchange Limited Via e-lodgement ASX Code ICT

Dept of Home Affairs grants iCollege Training visa approval

Key points:

• iCollege has been granted approval by the Department of Home Affairs to act as a sponsor under 403, 407 and 408 visa subclasses

• The 407 visa subclass is the training visa with additional activities available through the additional subclasses

• Approval until 17 May 2023

• iCollege may sponsor international students and graduates to undertake workplace training programs in Australia to enhance their skills

• iCollege is required to develop individual training plans for each nominated participant and monitor progression throughout the duration of the visa

• iCollege has secured a number of training partners for the delivery of on the job training for suitably qualified and approved applicants

Alignment with strategic priorities

In February 2018, the Board of iCollege set clear strategic direction for iCollege following integration of Manthano Ltd. This announcement demonstrates adherence to the following priorities:

• Pursue vertical integration, providing control of supply chain and educational outcomes;

• Deliver training using up to date and relevant delivery methods;

• Develop appropriate Government and industry relationships; and

• Increasing on-shore demand through international delivery.

The Board of iCollege is pleased to announce that iCollege has been approved as a temporary activities sponsor for the following visa classes:

• Temporary Work (International Relations) (class GD) (subclass 403) visa,

• Training (class GF) (subclass 407) visa and

• Temporary Activity (class GG) (subclass 408) visa.

The approval allows iCollege to enter into employment agreements with suitably qualified and approved visa applicants following nomination by iCollege. All successful applicants will be placed into paid employment for a period of 6, 12 or 24 months with one of our training partners. iCollege will provide a structured training plan for all successful applicants outlining activities and outcomes designed to enhance and up skill the successful applicants. iCollege will provide trainers and assessors to monitor and mentor all applicants through the duration of their work placement in Australia.

This is by no means a small undertaking and the board and executive of iCollege takes their responsibilities as an approved sponsor extremely seriously. This sponsorship status is a privilege and iCollege will take every action possible to ensure that we comply fully with the Department of Home Affairs directions and the appropriate legislation.

It is the intention of iCollege to utilise the newly established iStudy, to ensure that we attract the highest calibre of candidate to participate in the opportunity to enhance their skills through an individualised training plan delivered in the workplace during paid practical placement.

Additionally, the Company will ensure that students trained under our overseas partnerships (Birla Edutech – India) are offered the opportunity to undergo practical placement in Australia allowing them to demonstrate the skills learned in the classroom in an Australian work environment.

We see this as an excellent opportunity to share the high standards of customer service and quality product provided by our training partners. Additionally, it provides an opportunity for local staff to learn about other cultures and cuisine– an extremely attractive proposition for our overseas sourced students in a global economy.

There are three types of occupational training (nomination eligibility types) covered by this visa:

• workplace-based training required for registration;

• structured workplace-based training to enhance skills in an eligible occupation; and

• training that promotes capacity building overseas, (this type includes the following categories):

• overseas qualification;

• government support; and

• professional development.

Workplace-based occupational training (not including professional development) must be for at least 30 hours a week, of which no more than 30 per cent can be classroom-based.

This is an important step in the iCollege journey to provide quality training outcomes through the most appropriate and up to date training methods and the board looks forward to providing further updates as this exciting initiative unfolds.

Ends –

For further Information:

Mr. Ash Katta –

Managing Director iCollege Limited +61 8 9466 9008 ash.katta@icollege.edu.au