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Aspen GroupCiti Conference20 October 2026
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2 -10% 0% 10% 20% 30% 40% 50% Aspen Simple Average of Listed Peers ROE = Pre Tax Comprehensive Income Divided by Starting NAV (pre DTL) Each FY1 FY21FY22FY23FY24FY25FY26 Aspen Generates Superior Returns for Securityholders through Various Means OwnerProprietary mindset – Aspen owns 100% of its properties and projects with no joint venture, profit sharing or fund interests and conflicts to considerOperatorMaximising profitability through intensive management of properties and offering various lease durations and services to customers – not a passive rent collector DeveloperCost effective creation of quality accommodation through brownfield and greenfield development that is well suited to the market opportunity and Aspen’s core customer baseCapital ManagerDisciplined acquisitions + offering various funding options to customers + recycling capital to optimise portfolio, maximise profits and equity value, and reduce risk Maintaining high ROE on a NAV base that has grown 2.3x over 5 years while also growing DPS 1. Listed Peers includes Ingenia Communities, Lifestyle Communities and Gemlife Communities from its 1HFY26 (annualised). Average 23% Average 10%
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3 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 FY19FY20FY21FY22FY23FY24FY25FY26 Net Asset Value per Security (pre DTL)2 0 5 10 15 20 25 FY19FY20FY21FY22FY23FY24FY25FY26 Underlying Pre Tax EPS (cents)1 Strong Growth in Both Underlying EPS and NAV (Not Growing EPS at the Expense of NAV) 1. Underlying EPS - a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial report for full definition. 2. NAV – Net Asset Value - excludes DTL provision for tax that would be payable by Aspen Group Limited if it sold all its assets at book value (Trust accounts do not provision for tax liabilities) 14% CAGR since FY1923% CAGR since FY19
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4 $264$260$257$273$315$325$346 $111$114$108$132$157$169$193 42%44%42%48%50%52%56% 0% 10% 20% 30% 40% 50% 60% $0 $100 $200 $300 $400 $500 FY20FY21FY22FY23FY24FY25FY26 Rentals - Average Weekly Rent per Dwelling/Site and NRI Margin Average Weekly Gross RentAverage Weekly Net RentNRI Margin (rhs) Keeping Rents and Prices Affordable while Extracting Higher Profit Margins 1. Rent includes ancillary and deferred management fee revenue at some properties. Average rent equals total revenue divided by average number of dwellings/sites in the period. 2. NRI – Net Rental Income Average gross rent up only 5% per annum - average net rent up 10% per annum $276k$332k$366k$418k$464k$469k $82k$94k$95k$115k$133k$145k 33%31% 28%30%31%34% 0% 5% 10% 15% 20% 25% 30% 35% $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 FY21FY22FY23FY24FY25FY26 Lifestyle Development – Average House Sale Price and DP Margin Average Sales Price (inc. GST)Average Realised Development Profit (ex. GST)Realised DP Margin (rhs)
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5 Aspen’s Rental Portfolio is Skewing to Higher Growth / Lower Risk Residential Properties Over Time 1. FY26 pro forma adjusted for acquisition of ECH Villa Portfolio and sale of Barlings Beach and Black Dolphin tourism parks post 30 June 2026 $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 FY19FY27 (F) Net Rental Income - $m ResidentialLifestyleParks $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 FY19FY26 Pro Forma Property Value - $m ResidentialLifestyleParks qAustralia’s Residential market is worth over $12 trillion - Residential Rental segment is ~35% and Lifestyle is ~2% by number of dwellings qAspen offers a variety of lease types - skewing to Residential leases over time:-Buying, redeveloping and building more Residential properties-Converting lifetime Retirement Village agreements to more flexible Residential leases -Converting short term Park agreements to Residential and Lifestyle leases-Selling tourist-centric Park properties qResidential property in our markets typically trades at ~3% cap rate or 33x Price/EBITDA – large premium to Lifestyle, commercial property and other asset classes due to superior growth and risk dynamics Many Park residents on longer term Residential and Lifestyle land leases
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6 Coorong Quays and Alexandrina CoveLatest Residential Conversion Acquisitions – Adelaide Villa PortfolioAt AcquisitionACHECHAVPSettled22 Aug 20258 Sept 2026Properties182038Dwellings113198311Average # Bedrooms2.21.41.7Land Area - SQM31,81140,98272,793 RV Lease81%60%66%Residential Lease12%22%20%Vacant7%18%14% Purchase Price$16m$41m$57mRV Resident Loan Obligation$32m$11m$42mCombined Cost$48m$51m$99mPer Dwelling$423k$259k$319kPer Bedroom$194k$179k$186kPSM of Land$1,509$1,244$1,342 Glandore Rosslyn Park Myrtle Bank Glenunga Magill Marden
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7 Other Examples of Conversion to Highest Value Residential UseAdelaide Caravan Park SAConversion of Park to Residential BTR and Townhouses Australind WAConversion of FIFO Workers Accommodation to Residential and Lifestyle Community §Australind, a suburb of Bunbury, WA’s second largest city with a regional (SA4) population of about 200,000 and growing quickly§Was a brand new, partially built FIFO worker accommodation facility §Approved for development into 409 dwellings/sites:⎼Residential BTR: 102x mainly 2-bedroom houses ⎼Lifestyle: 306x sites ⎼Central building to be converted to community clubhouses for Residential and Lifestyle residents, plus a commercial / retail component for lease §Purchase price of $32.25m – expected gross developed value >$200m §Hackney, a premium residential suburb only 10-minute walk to Adelaide CBD and Oval - local median house price >$2m §Approved for development into 121 dwellings:⎼Residential BTR: 74 apartments and café⎼Residential BTS: 46 premium townhouses§Current book value of $21.5m as a Park – expected gross developed value >$140m Highway 1 Paralowie SAConversion of Part of Park into Lifestyle Community §Paralowie is in Adelaide metro, only 23kms or 30-minute drive north of the CBD §Being redeveloped / remixed to create three distinct resident precincts – Short Stay, Worker / “Permanent” and Lifestyle §The Lifestyle precinct was previously haphazard, low-quality housing - most of the residents have been relocated to other parts of the Park §The remix project alone is expected to release >$10m of net cash while HWY1s stabilised NRI increases and improves in quality§In addition, Council-led rezoning is underway on 11HA of spare land for Employment and Park Use Short StayWorker / PermanentsLifestyle
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8 Aspen Can Take Advantage of Organic and New Growth Opportunities with its Strong Balance Sheet 1. Excludes groups with large funds management businesses – eg. Goodman Group and Charter Hall. Some groups have off-balance sheet debt and do not report look-through gearing which can be considerably higher. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Reported Gearing Ratio - FY26 Aspen GroupOther ASX Listed Real Estate Groups1 qAspen’s property portfolio and rental streams have continually improved, and operating leverage has declined - NRI margin has increased from 42% in FY20 to 56% in FY26, heading towards 65% as the portfolio continues to skew to high margin Residential and Lifestyle properties qFinancial leverage has also declined and is now at the low end of ASX listed real estate peers - Aspen’s gearing was 18% and interest cover ratio was 6.2x at 30 June 2026 qAspen does not need to sell newly developed properties to remain in compliance with debt covenants – Aspen remains in control of whether to sell or rent properties to generate the best returns for securityholders qAspen has significant organic growth opportunities with its substantial low-cost development pipeline and increasingly attractive acquisition opportunities
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9 Aspen is Well on Track to Deliver At Least 20% Growth in Underlying EBITDA and Pre Tax EPS in FY27 Underlying Operating Earnings11Q FY261Q FY27ChangeFY26FY27 GuidanceChange Net Rental Income2 (NRI)$10.9m$12.7m16%$42.4m$44.0m4%NRI Margin55%58%3ppt56% Development Settlements304653%16124049%Realised Development Profit (DP)$4.0m$7.9m98%$21.7m$33.0m52%Realised DP Margin - %31%36%5ppt33%Realised DP Margin - Per Settlement$135k$168k24%$135k$138k2% Underlying EBITDA$12.9m$17.8m38%$54.2m$66.0m22% Underlying Pre Tax EPS – cents5.37.134%21.826.120%. 1. Underlying Operating Earnings is a non-statutory accounting measure that is determined to present, in the opinion of the directors, the operating activities of Aspen in a way that appropriately reflects Aspen’s underlying operating performance – refer to financial reports for full definition. 2. Rent includes ancillary and deferred management fee revenue at some properties. RentalsLong stay: essentially fully leased with typically 3-5% pa rent increase – our rents are ~10% below market on our estimates Short stay: mixed - tourism and corporate demand generally holding up better than expectedDevelopmentLifestyle: sales rate has slowed, but somewhat due to lack of available completed stock for sale – no settlement delaysResidential land lots: slowed materially post Federal Budget / additional interest rate increases – cancellation rate has increased, but we are managing to re-contract with new buyersAt end of 1Q there were 169 settlements and contracts on hand representing 78% of FY27 DP guidance
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DisclaimerAspen Group (ASX: APZ) comprises the stapling of Aspen Group Limited and Aspen Property Trust ("Aspen"). The Responsible Entity (“RE”) of the Aspen Property Trust is Evolution Trustees Limited (ABN 29 611 839 519, AFSL 486217).This presentation has been prepared by Aspen Group Limited on behalf of Aspen and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen. Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision.Aspen has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aspen, its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.This presentation contains forward looking information. Indications of, and guidance on, future earnings, distributions and financial position and performance are forward looking statements. Forward looking statements are based on Aspen’s current intentions, plans, expectations, assumptions, and beliefs about future events and are subject to risks, uncertainties and other factors which could cause actual results to differ materially. Aspen and its related bodies corporate and their respective directors, officers, employees, agents, and advisers do not give any assurance or guarantee that the occurrence of any forward-looking information, view or intention referred to in this presentation will actually occur as contemplated. All references to dollar amounts are in Australian currency. 10