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aspen Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767 21 Oxford Street Bondi Junction NSW 2022 Telephone : 02 9151 7500 Email : homemail@aspengroup.com.au ASX ANNOUNCEMENT 25 February 2021 Aspen Group Financial Results - First Half FY21 Continued Growth in Earnings , Distributions and NAV Aspen Group ( which comprises Aspen Group Limited and the Aspen Property Trust ) ( ASX : APZ ) ( " Aspen " ) is pleased to provide its financial results for the half year ending 31 December 2020 . Key Highlights ( compared to 1H FY20 ) Operating Total Revenue $ 17.77m Driven by diversified business and Profit * $ 5.29m measured exposure 8 % 45 % to development EPS * 4.55 cents 20 % Continuing the strong growth in FY20 of 32 % notwithstanding a larger equity base and less gearing Property NOI up 11 % Margin improved from 42 % to 47 % Development & Trading Profit up 135 % Margin improved from 32 % to 34 % Net Corporate Overheads down 15 % MER reduced to 2.0 % annualised DPS 3.10 cents 13 % Distribution over 70 % Tax Deferred NAV $ 1.20 5 % Only Aspen Karratha Village externally revalued in 1H Portfolio attractively valued on a WACR of 8.3 % and $ 79k per approved site including land and dwellings Gearing of 23 % - capacity to fund additional growth opportunities within the portfolio and through new acquisitions Operating Profit is a non - IFRS measure – refer to definition in financial statements