NEXTED GROUP LIMITED — Investor Presentation 2021

Nov 22, 2021

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(ASX:ICT)

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Company Presentation

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Company Portfolio

Extensive in demand course range to offer prospective students

Combined group offers increased range of courses and delivery locations.

Sustained growth in the health, community services and hospitality sectors due to ongoing skill shortages.

Extended Student Lifecycle

Significant new up-selling and cross selling opportunities across the combined group.

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Legend - Market Sector
Go Study Australia has offices
Student
in France, Italy, Spain, Chile,
Recruitment Colombia, Mexico & Australia.
Student International Domestic Online
Recruitment
English Language English
ELICOS Language
Healthcare &
Building & Business &
Construction Community Management Coding
Vocational & Services
Short Courses
Hospitality/
Foundation Business &
Design Marketing
Skills/Business Management
Higher
Education
Technology
Coding
Design
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iCollege Funding Sources

Holding accreditations for multiple sources of government supported tuition funding enables iCollege to significantly expand its market appeal and reach.

iCollege is the only ASX listed organisation to hold accreditations for subsidized training contracts across 5 Australian states and territories plus Commonwealth Supported Places, FEE-HELP and Vet Student Loans.

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INTERNATIONAL
EDUCATION MARKET VET STUDENT
- FEE FOR SERVICE LOANS - $275M2
$31.7bn1
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SUBSIDISED COMMONWEALTH STATE GOVERNMENT SUPPORTED PLACES CONTRACTS - $6.2bn2

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INFECTION CONTROL
FUND - $80M3
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JOB TRAINER - $1bn4

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FEE-HELP
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1 https://www.ieaa.org.au/about-us/sector-stats

• 2 https://www.ncver.edu.au/news-and-events/media-releases/government-funding-of-vet-2019-data-now-available

• 3 https://ministers.dese.gov.au/cash/infection-control-training-fast-tracked-re-opening-businesses

• 4 https://www.dese.gov.au/skills-reform/jobtrainer-fund

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Strategic Rationale for the RedHill Acquisition

Completing of the acquisition of RedHill Education Limited in October 2021 has created a new foundation for iCollege to build upon:

Combining iCollege and RedHill brings together two Australian industry leaders creating a champion education portfolio delivering:

a diversified earnings base

an expansive geographic footprint

strengthened balance sheet

greater liquidity and increased market capitalisation

Immediate and longer term cost and revenue synergy opportunities, not otherwise available to the standalone entities.

The company benefits from the combined management talent of both organisations which has been carefully selected to ensure business stability and continuity. Leveraging the existing strengths and experience of each company’s existing boards and management helps de-risk the execution of the various cost and revenue synergy opportunities.

Expanded student agent network provides an opportunity to increase international reach and student enrolment pipelines, ensuring a boost in student numbers upon reopening of Australia’s borders.

Leveraging existing relationships to maintain strong ongoing engagement with industry, government and regulatory bodies.

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Proforma Financials

iCollege ideally placed to recover revenues and earnings to pre-pandemic levels when international borders re-open and international students resume arriving into Australia.

	iCollege	RedHill	Combined
Revenue FY20	$10.8m	$64.6m	$75.4m
Operating EBITDA FY20 (post AASB16)	($1.1m)	$10.8m	$9.7m
Revenue FY21	$16.3m	$43.5m	$59.8m
Operating EBITDA FY21 (post AASB16)	$2.9m	$8.3m	$11.2m

• *EBITDA represents operating results excluding one time costs

FY21 REVENUE BY SECTOR*

FY21 REVENUE BY STATE*

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Student
Recruitment Online
2%
7%
Hospitality
11% QLD
17%
VIC
Technology 29% WA
& Design Business 8%
26% 26% SA
5%
ACT
ELICOS NSW 1%
38%
17%
Aged Care
Other 7%
6%
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FY21 REVENUE BY STUDENT MARKET*

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Domestic
34.2%
International
65.8%
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*combined iCollege and RedHill FY21 revenues

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4 [th]
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International Student Market - Poised for Recovery

International education was Australia’s 4[th] largest export at

$31.7 Billion

2020 INTERNATIONAL EDUCATION TUITION VALUE BY STATE

2020 INTERNATIONAL STUDENT ENROLMENT BY EDUCATION SECTOR

International education supported more than 240,000 jobs across the Australian economy*

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Schools
Non-award 3%
5%
ELICOS & VET
46%
Higher Education
46%
https://www.ieaa.org.au/blog/2020-by-the-numbers
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NT
QLD
$5.4b
WA
$2.1b
SA
NSW
$13.4b
VIC
$12.8b
iCollege active international student campus
iCollege active domestic student campus only
T
iCollege inactive
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686,104

international students studied in Australia in 2020**

iCollege is well placed to be a major participant in rebuilding the important international education industry in Australia.

• *Australian Bureau of Statistics (2020) Australian Government (2018)

• **Department of Education, Skills and Employment (YTD December 2020)

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Student Study Intentions Remain Strong

INTENTION TO COMMENCE STUDY AS PLANNED

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7%
14%
79%
Yes I don’t know No
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79% of students with current offers are holding on to their plans

IDP Connect research shows international students still intend to study in Australia, and there is significant pent up demand from prospective students who will seek to enter the country and commence studying when international borders re-open.

PREFERENCE OF DELIVERY MODE

Defer entry to study face-to-face

Undecided

Online but transition to face-to-face

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45% 38% 17%
40% 34%
28%
12%
31%
11%
Apr 20 Jun 20 Jul 21 Apr 20 Jun 20 Jul 21 Apr 20 Jun 20 Jul 21
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Opportunity to enhance course delivery models by blending online and face-to-face delivery

Source: International Student Crossroads Research, released July 2021 by IDP Connect

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Vaccination Rates across Top 10 Source Countries

There are strong vaccination rates using Australian TGA approved vaccines across most of iCollege’s top 10 international student source countries. iCollege is therefore well positioned to welcome back international students from its wide range of source countries when international border restricitions are lifted.

The Australian Government is showing clear intention to re-open international borders with countries that have high vaccination rates as a priority, welcoming back fully vaccinated citizens from Japan and South Korea from 1[st] December 2021 that have a valid Australian visa.[1]

Top 10 source countries for the combined entity in FY20:

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Colombia 44% 20% 64%
Brazil 60% 16% 76%
Thailand 53% 12% 65%
Japan 76% 79%
Turkey 58% 7% 66%
Spain 80% 82%
France 69% 8% 77%
Italy 73% 5% 78%
South Korea 78% 82%
Philippines 23% 7% 30%
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Share of people fully vaccinated against COVID-19

Share of people partly vaccinated against COVID-19

Official data collated by Our World in Data. This data is only available for countries which report the breakdown of doses administered by first and second doses in absolute numbers. CC BY

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1 http://www.pm.gov.au/media/further-steps-reopen-australia-and-secure-our-economic-recovery

International Border Opening Plans By State

There is positive intention by Commonwealth and State Governments to resume international student arrivals into Australia to rebuild the international education industry.

In a media statement released by the Federal government on 22 November 2021, it was confirmed that fully vaccinated international students will be permitted to return to Australia without applying for a travel exemption from 1[st] December 2021. International students will need to comply with any remaining quarantine requirements in the state or territory of their arrival for the time being.[1]

VIC NSW QLD SA WA ACT International Late Dec 2021 Late Jan 2022 Start of 2022 End of 2021 6 Dec 2021 Early 2022 when 90% vaccination when 90% vaccination Student Return academic year target is reached target is reached 250 per 250 per Limits * * * * fortnight fortnight Initially only University Students . iCollege is an approved The second stage (early participant in the NSW Priority to Medical Plans 2022) will enable more Government Pilot and/or allied health Awaiting Awaiting Tertiary education international students to Program commencing students. advice advice students only initially. return including those in early December. enrolled in private education providers. Requirement to Fully vaccinated with TGA[] recognised vaccines avoid quarantine Current 90% + 90% + 70% + 70% + 70% + 90% + vaccination rate**

Additional Notes:

Figures accurate as of 22/11/2021

• *No information available

• **Therapeutic Goods Administration (Department of Health)

References:

Student arrival plans and updates (studyaustralia.gov.au) International Student Arrivals Plan | Coronavirus Victoria Safe return of international students to Western Australia | StudyPerth

Supporting the safe return of international students to NSW - Study NSW Vaccination numbers and statistics | Australian Government Department of Health Travel restrictions | COVID-19 and the border (homeaffairs.gov.au)

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1 http://www.pm.gov.au/media/further-steps-reopen-australia-and-secure-our-economic-recovery

iCollege Integration Program Update

Integration of the RedHill acquisition has commenced, and is expected to deliver cost synergies and future significant revenue synergies.

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Finance
People & Information
Culture Technology
Integration
management
Websites and office Facilities &
Material
Comms Contracts
Compliance,
Governance &
Accreditation
& Quality Secretariat
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Early integration wins within 1[st] 3 weeks:

High level integration plan , workstreams and organizational design approved.

Board & Exec SteerCo and project governance established.

Detailed plans, Objectives and Key Results developed for each workstream.

Cost synergies of $1.3m annualised now confirmed and will be actioned within first 12 months.

On track to integrate our core HR, Payroll and Finance systems in December 2021.

Refreshed iCollege website and associated brand websites to be relaunched in December 2021.

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National Campus Footprint

The combined group creates significant opportunities to expand the geographic delivery locations of current course offerings, creating operating advantages and a more diverse geographical revenue base.

Immediately available campus capacity provides significant operating leverage as Australia comes out of COVID-19 pandemic circumstances and international students return to Australia.

In addition to iCollege’s campus locations there are 16 offshore student agency offices sourcing international students to be enrolled into iCollege and other education institutions.

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Cairns
NT
QLD
WA Brisbane
Gold Coast
SA
NSW
Perth
Sydney
ACT
Adelaide
Canberra
VIC
Melbourne
TOTAL iCOLLEGE CAMPUS LOCATIONS: 15
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Greater Market Capitalisation and Liquidity

Combines two respected industry participants, creating a substantial organisation with a national campus footprint delivering a wide range of courses and programs to both international and domestic students.

MARKET CAPITALISATION

LIQUIDITY ANALYSIS

Due to iCollege’s larger average daily trading volume over the last 12 months, the merger should provide greater liquidity to shareholders.

Strong balance sheet provides opportunity to actively pursue organic and inorganic earnings accretive growth initiatives.

• 1 Based on ICT share price of $0.13 on 11 August 2021 being the last trading day prior to the joint announcement of the transaction, and current basic number of ordinary shares outstanding of 581.6 million

• 2 Based on ICT implied offer value of $1.235 (ICT share price of $0.13 on 11 August 2021 being the last trading day prior to the joint announcement of the transaction and 9.5x exchange ratio) and current basic number of ordinary shares outstanding of 50.8 million

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$30.7M
shares traded3
$138.4M
$75.6M
$62.8M
$8.3M
shares traded3
Combined
1
2
Group
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3 Source: IRESS

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iCollege Board

SIMON TOLHURST - Chairman

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Previous Role: iCollege Non-Executive Chairman

Simon joined the board of iCollege as a Non-Executive Chairman in 2017 and has guided corporate governance of the business while working closely with the board and management to facilitate the turnaround of the company. Simon is a Partner in HWL Ebsworth’s Brisbane office and has over 25 years of legal practice. He was named in The Australian Financial Review’s Best Lawyers™ as one of Australia’s best lawyers in the Litigation category.

BADRI GOSAVI - Executive Director & Head of Growth

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Previous Role: iCollege Executive Director and CFO

Badri joined the board of iCollege in May 2018 taking on the roles of Executive Director and Chief Financial Officer. Badri has been significantly involved in all aspects of the business. His initial priorities were the redevelopment of all operating systems and restructure of the management team. Badri developed and supervised the cost management regime while working with the operations team to develop multiple domestic and international revenue streams.

ASHISH KATTA - Non-Executive Director

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Previous Role: iCollege MD & CEO

Ashish joined iCollege in 2017 as Non-Executive Director and was appointed the Managing Director and CEO of iCollege, post the Manthano acquisition in 2018. Ashish has extensive experience in the vocational education industry and has managed multiple education businesses both in Australia and overseas. He was instrumental in the iCollege turnaround and was responsible for the strategic and risk management initiatives undertaken.

SANDRA HOOK - Non-Executive Director

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Previous Role: RedHill Non-Executive Director

Sandra brings 25+ years experience developing and implementing successful business and brand strategies, driving growth and leading change. She is currently a Non-Executive Director on publicly listed, private and government boards and her board experience spans diverse sectors including communications, food, research, technology, digital governance & policy, marketing services, MedTech and education.

As a former MD, CEO, COO & CMO for Australia’s largest media companies, she bring a strong customer-centric lens and technology focus.

WILLIAM DEANE - Non-Executive Director

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Previous Role: RedHill Non-Executive Director

William Deane is a Non-Executive Director and Founder of RedHill. William is a founder and Director of Exto Partners Pty Ltd, a Sydneybased investment company formed in 2003. He has practised as a corporate lawyer in Australia with Blake Dawson and in the United States with Skadden Arps and Sidley Austin. As a lawyer he focussed on equity capital markets and mergers and acquisitions.

LISA JONES - Company Secretary

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Previous Role: RedHill Company Secretary

Lisa is an experienced corporate lawyer, corporate affairs adviser and Company Secretary with particular experience working with emerging and high growth companies in the biotech, media & technology and oil & gas sectors. She has a commercial approach and practical understanding of issues facing management after having held executive roles in private and ASX listed companies.

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iCollege Management

GLENN ELITH

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Previous Role: RedHill MD & CEO

Glenn has developed broad strategic and operational leadership capabilities through performing senior executive roles across the consumer goods, hospitality, retail and services industry sectors. Glenn was appointed Chief Executive Officer of RedHill Education Limited in 2012, and led that organisation through periods of significant transformation, expansion and high growth before the iCollege acquisition.

Glenn is an active advocate of the Australian private education industry, including through his position on the NSW Government’s International Education Advisory Board.

MICHAEL FAHEY

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Previous Role: RedHill CFO

Michael has over 30 years of finance experience across multiple business sectors including pharmaceuticals, consumer goods, utilities and professional services. Michael brings deep functional finance and operational experience including operational finance expertise, leading M&A transactions and implementing largescale system transformations.

Michael has extensive international experience and has lived and worked in Switzerland, Singapore, England and the USA. Michael is a Chartered Accountant and a member of the Australian Institute of Company Directors.

BADRI GOSAVI

Executive Director & Head of Growth

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Previous Role: iCollege Executive Director and CFO

Badri joined the board of iCollege in May 2018 taking on the roles of Executive Director and Chief Financial Officer. Badri has been significantly involved in all aspects of the business. His initial priorities were the redevelopment of all operating systems and restructure of the management team. Badri developed and supervised the cost management regime while working with the operations team to develop multiple domestic and international revenue streams.

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Investor Highlights

• Leading diversified portfolio of education businesses, positioned to invest, innovate and compete in a rapidly growing marketplace.

National campus footprint and strong online delivery capabilities.

• Highly regarded and experienced board and management team with a demonstrated track record of delivering growth, expansion and shareholder value.

Very well positioned for the recovery of the international student market, with strong brand reputation.

Strong track record of regulatory compliance and extensive industry partnerships for student internships and job outcomes.

Board mandate to focus on further growth and expansion – organic and inorganic.

Strong international student capabilities, including operating the Go Study Australia business to source international students from Europe and South America to study in Australia.

Extensive international student agency network representing a broad range of nationalities.

Revenue growth activities currently underway or under consideration

Establishment of new purpose built campus in the Brisbane CBD with the ability to deliver multiple brands and course types.

Expansion of aged care courses into regional Queensland with new Cairns campus now operational.

Expected revenue growth from WA traineeships application approved by Western Australian Department of Training and Workforce Development in September 2021.

Upselling and cross-selling brands and courses across the merged group.

Considering geographic expansion of existing courses and brand where campus facilities exist.

• Accelerated growth of online courses and programs delivered to international students ahead of welcoming them back into Australia.

Graduate diploma courses launched by Greenwich Management College.

• Exploring accretive acquisition targets to deliver growth in shareholder value.

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Disclaimer

This presentation does not constitute an offer or invitation in any jurisdiction, or to any person to whom, such an offer would be unlawful. This presentation is not intended as an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in the United States or to any person to whom it is unlawful to make such an offer or solicitation. The securities that may be included in any offering have not been, and will not be, registered under the US Securities Act.

This presentation should not be relied upon as a representation of any matter that a potential investor should consider in evaluating the company. The company and its affiliates or any of its directors, agents, officers or employees do not make any representation or warranty, express or implied, as to or endorsement of, the accuracy or completeness of any information, statements, representations or forecasts contained in this presentation and they do not accept any liability for any statement made in, or omitted from, this presentation.

Prospective investors should make their own independent evaluation of an investment in the company. Nothing in this presentation should be construed as a financial product advice, whether personal or general, for the purposes of Section 766B of the Corporations Act. This presentation consists purely of observable information and does not involve or imply a recommendation or a statement of opinion in respect of whether to buy, sell or hold a financial product. The company has not considered any of your objectives, financial situation or needs.

This presentation and contents has been made available as a general update and may not be reproduced or disclosed to third parties or made public in any way without the express written permission of the company.

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THANK YOU

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