Slide 1: Preliminary Annual Results Briefing 2004
Preliminary Annual Results Briefing* 2004 *Based on unaudited financial results for the year ended 30 June 2004
Slide 2: Key achievements for FY04
Key achievements for FY04 Financial summary Overview of Aspen Group Aspen Parks Property Fund Aspen Group Properties
Slide 3: Completion of stapled security structure
Completion of stapled security structure Settlement of two key acquisitions ~ Alcoa Office Building for $17.4M ~ Elders Woolstores for $35.5M $21M capital raising (600+ new retail investors) Increased institutional presence on register Establishment of Aspen Parks Property Fund Distribution per secu
Slide 4: Strong growth in revenue and earnings
» Aspen has shown strong growth in revenue and earnings in 2004, reflecting: ~ acquisition of Elders and Alcoa properties ~ establishment of Aspen Parks Property Fund » EPS increased by 120% and DPS by 159% » Debt profile ~ 60% fixed at average 6.98% ~ Fixed debt has 4 years to mature ~ 40% variable
Slide 5: Diversified property investment and management group
Diversified property investment and management group Stapled security structure $100M diversified property portfolio ~ Five property assets in WA Funds management division ~ Aspen Parks - $28M tourist park portfolio High yielding at 9.5% Aspen Group Share Price! 17.5¢ 12 Month High/Low 18c/13.5¢ Sha
Slide 6: Board and Capital Structure
Board Capital Structure Reg Gillard Angelo Del Borello_ Chairman ; “Managing Director Gavin Hawkins Director Finance Peter Hall Non-executive Director Seng Fai Chan Non-executive Director Securities on Issue 256.5M Listed Options on Issue 24.9M Unlisted Options on Issue 19.7M Senior Management Key S
Slide 7: Settled the acquisition of the Alcoa and Elders properties
» Settled the acquisition of the Alcoa and Elders properties in August 2003, contributing 11 months net income to the FY04 result « Septimus Roe ~ Increased occupancy from 81% to 86% ~ Increased tenant enquiry in recent months ~ Increased average rents from 150psqm to 157psqm ~ Relocated Aspen head
Slide 8: Property Portfolio Update
4’Property Portfolio Update » Midland Cinema ~ Continuing discussions with WA Planning Commission re land acquisition for road widening ~ Exploring options for utilisation of surplus land ~ Seeking to lease up vacancies in foodcourt » Champion Drive ~ High level of enquiry from prospective new tenan
Slide 9: Aspen Parks Property Fund launch and forecasts
In April 2004, Aspen launched its caravan park Forecasts FYOS —Fv06 property syndicate, Aspen Parks Property Fund Revenue $8.6M_ $9.7M EBITDA $4.9M $5.6M . . . EBIT $3.8M $4.5M The Fund acquired six tourist parks from Fleetwood Not Prone S23M $3.6M Corporation for $28M Return on Equity 12.9% 15.5% A
Slide 10: Aspen Parks holiday park locations and details
Location Port Hedland Karratha Perth Holiday Park Cooke Point | Balmoral Pilbara Perth Coogee Beach Woodman Point Number of Licensed Bays 195 204 188 189 185 252 Land Area (ha) 3.07 6.30 8.59 9.61 4.08 7.94 Undeveloped Area (approx ha} NIA 2.00 2.00 4.00 NIA NIA Tenure Lihold Fihold Fihold Fihold Lf
Slide 11: Benefits to Aspen Group
Ss enefits to Aspen Group Recurring funds management income supplemented by one-off fees from growth of portfolio Fee Structure: Management Fee of 1.5% of the annual GUAM Performance Fee of 25% of all profits in excess of a 10.0% yield Project Development fee of 6.5% on capital expenditure projects
Slide 12: Aspen Group Properties
A ASPEN Group Limited Aspen Group Properties
Slide 13: Alcoa Office Building, Booragoon WA
Alcoa Office Building, Booragoon WA Description Office building complex comprising modern § level office building and 230 car bays. Located adjacent to Westifeld's Garden City Shopping Centre Acquisition Date August 2003 Site Area 1.65ha Building Area 7,889m? Completion Date 1984 Purchase Price $17.
Slide 14: Elders Woolstores, Spearwood WA
Elders Woolstores, Spearwood WA Description Large industrial property containing two warehouses and administration offices Acquisition Date August 2003 Site Area 29.37ha Building Area 100,800m? Completion Date August 2003 Purchase Price $35.5M Valuation (Knight Frank) $35.5M (341 July 2003) Initial
Slide 15: Septimus Roe Square, Perth WA
Square Septimus Roe Square, Perth WA Description Modern 17 story office building in the Perth CBD with primary frontages to Adelaide Terrace and Victoria Avenue Acquisition Date October 2002 Site Area 3,679m? Building Area 16,883m? Average Floor Plate 1,046m? Completion Date 1976 Purchase Price $28.
Slide 16: Midland Cinema Complex, Midland WA
Midland Cinema Complex, Midland WA Description Cinema complex with seven auditoriums seating approximately 1,449 patrons and six food-court tenancies Acquisition Date November 2002 Site Area 1.65ha Building Area 1,449 cinema seats (7 cinemas + foodcourt) Strata Lot 1 - 4,500m? Strata Lot 2 ~ 3,555 m
Slide 17: Champion Drive Shopping Centre, Armadale WA
Champion Drive Shopping Centre, Armadale WA Description Modern neighbourhood classified shopping centre currently incorporating a 2,500 square metre Coles Supermarket as the anchor tenant, a total of 11 specialty tenancies, and 2 ATMs Acquisition Date November 2002 Site Area 2,04ha Building Area 3,9