Slide 1: 2007 Half Year Results
Slide 2: 1. Highlights
oo 1. Highlights 2 Half Year Results 2007
Slide 3: Key highlights
11g! lig Some of the key highlights include: Continued strong earnings performance Strengthened balance sheet through lower gearing Establishment of Aspen Development Fund No1 through acquisition of Futuris property arm for $233.7 million Substantial growth in Aspen Estates business with current gro
Slide 4: Financial Results
Financial Results Half Year Results 2007
Slide 5: Performance relative to 1H FY06
Performance relative to 1H FY 06 Profit After Tax $55.1 m a 621% Underlying Profit After Tax $11.7m a 57% EPS 28.44¢ a 362% Underlying EPS 6.02 ¢ a 0.3% DPS 5.75 ¢ a 28% Financial Position relative to June 06 GAUM * $1.1 bn a 73% NTA ** $1.24 mn 23% Gearing 34% v 13% * Following acquisition of Caver
Slide 6: DPS and EPS History
‘DPS and EPS History > Earnings and distribution growth has been driven by: » Growth in the funds management business » Expansion of syndicated land subdivision business » Aspen’s active management style » Organic growth in rents » Revaluation of properties CENTS PER SECURITY 16 14 12 10 4 Year DPS
Slide 7: Security Price Performance
ty Pricé Performance Total Returns vs ASX/S&P 200 Property Trust Index (XPJ) »Compound total return of 47% p/a over last 3 years. »Total return over 3 years of 219% =Aspen Group wes XP JF 200 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 7 Half Year Results 2007
Slide 8: HY07 vs HY06 results summary
HY07 ($M) HY06 ($M) Change % Total Revenue 72.44 17.92 304% a Total Underlying Revenue* 23.38 17.55 33% NPAT 55.06 7.63 621% Underlying NPAT* 11.65 7.43 57% mf EPS* 6.02 ¢ 6.00 c 0.3% DPS 5.75 ¢ 45¢ 28% * Adjusted to exclude non cash items namely movements in fair value of investment properties, equ
Slide 9: Income statement HY07 vs HY06
HYO7 ($M) HY 06 ($M) Change % Revenue Rental income 14.44 10.70 Funds management 7.20 6.40 Property revaluations 48.20 Nil Financial income and other 2.60 0.82 Total Revenue 72.44 17.92 304% Expenses Direct property expenses 449 3.13 Employment costs 2.68 1.61 Financial expenses 4.85 3.47 Other expe
Slide 10: Balance sheet
co <i : 31 Dec 06 30 Jun 06 Change % Total Assets 446.7 m 352.4 m 27% Liabilities Total Liabilities _ Net Assets NTA‘ $1.24 $1.01 23% Gearing** 34% 47% 13% © * Increases to $1.30 post entitlement offer ** Reduces to 24% post entitlement offer and repayment of short term syndicate loans 10 Half Year
Slide 11: Capital and Debt
pital’‘and Debt Capital Structure 31 Dec 06 Post Entitlement Stapled Securities on Issue 210.6M 242.4M Unlisted Options on issue 2.1M 1.9M Market Cap (at $2.35 open price, 23 February 07) $ 494.9M $ 569.6M Debt Profile at 31 December 2006 Total Fixed Floating Borrowings $153 m $129 m $24m Average Co
Slide 12: 42 Half Year Results 2007
42 Half Year Results 2007
Slide 13: Assets Managed
Description Assets Managed * Includes Acquisitions not yet settled 13 Half Year Results 2007
Slide 14: Aspen Group functions and staff numbers
Asset Funds Financial Aspen Group Functions Management Corporate Management Control Compliance Divisional Head S Price R Morrison R Both ; D Cardoso D Mortimer Head Office Staff Numbers WA 2 3 5 10 2 22 NSW 2 2 4 vic 1 1 SA 4 3 8 10 2 27 Aspen Aspen Developments Diversified Divisional Head L Brolese
Slide 15: 15 Half Year Results 2007
15 Half Year Results 2007
Slide 16: Direct office property assets
St, Kilda Rd, Melbourne <<<<<—<—<—<—=——X—— Building Area «8,470.2 sqm plus 173 car parking bays Tenants Hewlett Packard Occupancy 94% Book Value $27.6 milion Alcoa Office Building, Perth Building Area 7888 sam plus 230 car bays. Tenants Alcoa of Australia Limited Occupancy 400% Book Value $22.6 mill
Slide 17: Office Update
ice Upd Currie Street » Re-valued by $10m to $77m as a result of yield compression in the Adelaide commercial market and increased leasing activity in the building « Take up of vacant spaces by existing tenants Septimus Roe Square Strong Perth CBD office market and aggressive leasing has lifted occu
Slide 18: Industrial properties
__Elders Woolstores, Fremantle Noble Park. Melbourne : Rocklea, Brisbane Building Area 100,800 sqm Building Area 42,747 sqmn plus 400 parking bays Building Area «14,585 sqm plus 150 car bays Tenant Elders Limited (subsidiary of Futuris Limited) Tenants AEP industries and Palazzo Tenants Acme Fine Fu
Slide 19: Industrial update: Elders Woolstores
Elders Woolstores Revaluation by $12.5 m to $57.5m due to: » Yield compression in WA industrial property market due to supply shortage » Increase in redevelopment potential of the land has also increased the valuation » Substantial increase in surrounding land values of both light industrial and res
Slide 20: Garden Town, Toowoomba
eta’ | [ Garden Town, Toowoomba Building Area 12.434sqm plus 750 car bays * Tenant re-mix continues Tenants Super IGA Supermarket, two subd-major and multiple speciality tenancies Ovcupancy 9% « Food court redevelopment planned Book Value $36.9 million 20 Half Year Results 2007
Slide 21: 5. Investment Assets
5. Investment Assets 2 Half Year Results 2007
Slide 22: Investments in Aspen controlled funds
>» Alignment of interests through cornerstone position in Aspen controlled funds >» Adds further diversity to direct property exposure >» Supports growth in funds management activities » Strong yield from Parks and Diversified funds Location Sector nn Aspen Diversified Property Fund WA, NSW, Vic Com
Slide 23: 23 Half Year Results 2007
23 Half Year Results 2007
Slide 24: Aspen Development / Diversified
Aspen Aspen Development Diversified 24 Half Year Results 2007
Slide 25: Strategy - Aspen Parks
Strategy » Strategic land holds - Parks generally in excellent locations with potential for capital appreciation » Potential to develop excess land and generate capital upside » Fragmented industry providing asset growth potential » Services multiple growing market segments: “grey nomads”; permanent
Slide 26: Aspen Parks locations map
Bauiona. [BLAND Gareway PiLpARs EO CAPE Moines Min DOLPHIN: RESORT : ) i WALLAMGA RIVER, Coocer Beach : TTIWOROLD Bay WOcoMAN Point Pony Bucusrs ALBuny Wopones Horseshoe NARRABY 26 Half Year Results 2007
Slide 27: Aspen Diversified Property Fund strategy
Asp | Property Fund Strategy » Leverages Aspen’s core commercial property expertise » Target properties in the $5 — $30 million range (too large for individual investors but too small for LPTs, institutional investors) » Competitive distribution yield of 8% paid monthly » Objective to grow GAUM to $
Slide 28: Aspen Diversified Property Fund
sper Divers Sector Diversification Geographic Diversification a Property Fund Location Sector Book Value A$ millions Property Investments Champion Drive Shopping Centre Perth, WA Retail 9.4 Abernethy Park Kewdale, WA Industrial 114.6 Riseley Corporate Centre Booragoon, WA Office V7 BSD Cardno Cenire
Slide 29: Strategy - Aspen Estates
Strategy » Leverages Aspen’s expertise in residential subdivision to provide attractive returns to investors and long term recurring fee streams for Aspen » Aim to acquire advanced developments which are revenue generating at purchase. This results in a short lead time to positive cashflows for inve
Slide 30: Dunsborough Lakes and Whitsunday Shores
Aspen Aspen Dunsborough Whitsunday Lakes Ltd Shores Ltd Number of Lots Location Development Timeframe 30 Half Year Results 2007
Slide 31: Strategy - Aspen Villages
Strategy » Launched June 2005 to manage the development of residential accommodation villages » Acquisition of sites through development land controlled by Aspen (eg Aspen Parks and Aspen Estates) but will also acquire sites from third parties » Baby boomers who retire early, mining industry and ann
Slide 32: 32 Half Year Results 2007
32 Half Year Results 2007
Slide 33: Strong balance sheet will enable further growth in funds management
Strong balance sheet will enable further growth in funds management business Continue to source new acquisitions across all markets and sectors at appropriate returns Growth from new and existing funds management initiatives Focus on earnings growth through astute investment selection (not just grow
Slide 34: Disclaimer
This presentation has been prepared by Aspen Group (“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
Slide 35: 8. Appendix - Property Portfolio
8. Appendix 1 — Property Portfolio 35 Half Year Results 2007
Slide 36: Property portfolio book values and occupancy
Book Value Location Sector A$ millions Occupancy Septimus Roe Square Perth, WA Office 76.0 98% Alcoa Office Complex Booragoon, WA Office 22.6 100% 564 St. Kilda Road Melbourne, VIC Office 27.6 94% 33 York Street Sydney, NSW Office 3.2 100% Elders Woolstores Spearwood, WA Industrial 57.5 100% Noble P
Slide 37: Portfolio sector and geographic diversification
Retail 19%, Office 43% Industrial 38% Portlalio Sector Diversification December 2005 December 2006 Office 61% Industrial 28% Retail 17%. NSW 2% Qld 24% Vic 24% WA 52% Portfolie Geographic Diversification December 2005 December 2006 WA 46% Vie 16% SA 23% Qld 14% NSW 1% 37 Half Year Results 2007
Slide 38: Tenancy summary: lease expiry profile
rtfo “Tenancy summar Balanced expiry profile reduces risk in any one year Lease Expiry Profile by Income 25% 23% 20% 15% 10% 5% 1 / amin 0% # 2007 2008 2009 2010 2011 2012 2013 2014 2015+ 38 Half Year Results 2007