NEXTED GROUP LIMITED — Capital/Financing Update 2022

Jun 27, 2022

28 JUNE 2022

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ASX / MEDIA RELEASE

FY22 FINANCIAL GUIDANCE – FORECASTING RECORD OPERATING CASH FLOWS

1. FY22 FINANCIAL GUIDANCE

iCollege Limited ( ASX: ICT ) ( iCollege or the Company ) is pleased to provide the following guidance in relation to its expected financial performance for the quarter ending 30 June 2022 (Q4 FY22) and for the financial year ending 30 June 2022 (FY22).

Forecast guidance for Q4 FY22 includes:

• Positive quarterly Operating Cash Flows of approximately $8.0 million, an increase of $2.9 million over the previous quarter (Q3 FY22: $5.1 million); and

• Closing cash balance at the end of June 2022 of approximately $30.0 million (including term deposits of $3.0 million), an increase of $4.5 million over the previous quarter (31 March 2022: $25.5 million).

Forecast guidance for FY22 full year includes:

• Revenues in the range of $46.0 million - $47.0 million, up approximately 185% over the prior corresponding period (PCP) (FY21: $16.3 million);

• Positive Operating Cash Flows of approximately $10.0 million; and

• Closing cash balance at the end of June 2022 of approximately $30.0 million (including term deposits of $3.0 million), an increase of $25.5 million over PCP (30 June 2021: $4.5 million).

The Company will release its detailed quarterly cashflow and activity report for Q4 FY22 before the end of July 2022.

2. ORGANIC GROWTH INITIATIVES

Approval obtained to launch 4 new bachelor degrees

The Company recently received confirmation from the Australian Government’s Tertiary Education Quality and Standards Agency (TEQSA) that 4 new internally developed bachelor degrees have successfully obtained unconditional accreditation for the maximum possible seven year period.

The 4 new degrees are:

• Bachelor of 2D Animation

• Bachelor of 3D Animation

• Bachelor of Games Design

• Bachelor of Film

These new bachelor degrees will be launched in August 2022 to both domestic and international students, and will be offered alongside the Company’s existing bachelor degree and diploma courses and programmes. The directors expect that these new bachelor degrees will deliver revenue growth starting H2 FY23.

iCollege Limited

Level 2, 7 Kelly Street, Ultimo, NSW, 2007 T +612 8355 3820 | E investors@icollege.edu.au | W www.icollege.edu.au

On track to launch Greenwich into Brisbane in July 2022

The Company recently announced its intention to launch its Greenwich business into the Brisbane market by leveraging available campus capacity, existing student recruitment agent partnerships and organisational capabilities. Directors are pleased to confirm that this launch plan is on track and operations are expected to commence in early July 2022.

Greenwich currently delivers English Language Intensive Courses for Overseas Students (ELICOS) and vocational courses to international students in Sydney and Melbourne and has a substantial presence and strong track record in those markets. The directors are confident that Greenwich will successfully compete in the Brisbane market, and that this geographic expansion will contribute to revenue growth in FY23.

This announcement has been approved for release by the Board of iCollege.

For further information:

Glenn Elith Chief Executive Officer glenn.elith@icollege.edu.au

Lisa Jones Company Secretary lisa.jones@icollege.edu.au

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