Slide 1: Aspen Group Annual Results 2005
Aspen Group ASPEN Annual Results GROUP 2005
Slide 2: Aspen Group - Overview
Aspen Group - Overview Financial Summary Property Portfolio Funds Management Directors and Management Summary Annual Results 2005
Slide 3: Diversified property investment and management group
>» Diversified property investment and management group >» Stapled security structure » $189M diversified property portfolio (on-balance sheet) » Strong track record of earnings and NTA growth » Funds management division >» Aspen Parks — $57m tourist park portfolio >» Aspen Diversified - $49m commer
Slide 4: Group structure and properties
[— Septimus Roe Square [— Alcoa Office Complex [— Elders Woolstores [— Browns Road, Noble Park [— Heaton Street, Rocklea [— Garden Town, Toowoomba | 564 St Kilda Road ~_ York Street, Sydney Aspen Parks Property Fund Aspen Diversified Property Fund Aspen Living Villages syndicate 1 L— Aspen Parks Pro
Slide 5: Highlights
ghts . . Net Profit After Tax >» Net operating profit increased by 84% to $7.45m @ 000's > EPS increased from 1.68 cps to 1.75 cps 7,447 >» DPU increased from 1.45 cps to 1.67cps > Total AUM increased to $308.5m > Property portfolio increased from $99m to $202.5m* » Expansion into eastern states — p
Slide 6: Financial Summary: DPU and EPU History
Agenda Financial Summary DPU and EPU History Cents 2003 2004 2005 2006 Be peu eeu Note: 1. 2003 Annualised for comparative purposes 2. 2004A, 2005A and 2006F June year end Annual Results 2005
Slide 7: Financial Performance
imaricial Performance FYOS FYO4 Change $ § % Property Income 16.48m 11.73m + 40% Property Expenses (3.68m) (2.55m) + 44y, Funds Management Income 3.98m 0.93m + 328% Other Income 0.68m 0.35m + 94% Net Total Income 17.46m 10.46m + 67% Interest Expense 6.32m 4.50m +140% Funds Management Commission 0.64
Slide 8: Balance sheet
30 June 05 30 June 04 Change $ $ % Investment Properties 202.5m 98.8m +105% Other Assets 20.9m 4.9m +326% Total Assets 223.4m 103.7m +115% Borrowings 133.9m 65.1m +106% Other Liabilities 5.2m 2.7m + 93% Total Liabilities 139.1m 67.8m +105% Net Assets 84.3m 35.9m +135% NTA 16.2c 14.0c +16% Gearing 59
Slide 9: Capital and Debt Structure
apitaland Debt Structure Capital Structure Stapled Securities on Issue 521.4M Listed Options on Issue (25c, Oct 05} 24.9M Unlisted Options on Issue 19.7M (18. 75c, 20c, 26c Various Exercise dates) Debt Profile Existing Fixed Floating Total Borrowings $133m Core Debt (at 40% gearing} $81m 100% - Subs
Slide 10: Property Portfolio
Property Portfolio 40 Annual Results 2005
Slide 11: Portfolio Overview
yocn Overview » Blue Chip tenants » Acquired six properties during the year with a book value of $97.5m » Secure lease expiry profile » High occupancy rate across portfolio » Increased sector and geographic diversification » Property income represents 78% of total group income » Investment portfolio
Slide 12: Major Tenants
Major Tenants Lease Expiry Income % of Elders/Futuris 2012 22% Hewlett Packard 2008 13% Alcoa 2014 11% ACME Fine Furniture 2012 6% IGA 2019 2% TOTAL 54% 50% 40% 30% 20% 10% 0% 12 + ALCOA Lease Expiry Profile by Income 4% (1S 0% i [ ve 6% %% 94 2005 2006 «2007 «2008» 2009-2010 01) 2014+ Annual Result
Slide 13: Property locations and occupancy
Location Sector Book Value Property AS millions OCCUPANCY Septimus Roe Square Perth, WA Office 30.2 90% Alcoa Office Complex Booragoon, WA Office 184 100% Elders Woolstores Spearwood, WA Industrial 42.8 100% Noble Park Melbourne, VIC Industrial 22.3 100% Rocklea Brisbane, QLD Industrial 95 100% 564
Slide 14: Portfolio Sector Diversification
Portfolio Sector Diversification 2004 iby value) Retail 13% Industrial 40% Industrial 38% Retail 19% Office 49% Office 41% 2004 Portfolio Geographic Diversification 2005 iby value) WA 49% VIC 25% WA 100% NSW 2% QLD 24% 14 Annual Results 2005
Slide 15: Septimus Roe Square and Alcoa Office Building
_... Septimus Roe Square ‘Address Building Area Tenanis Occupancy Lease Terms Book Value Yield Level 8, 256 Adelaide Terrace, Perth WA 16,883 sqm plus 126 car bays 38 tenants including Westpac, BankWest, Fujitsu, Mitchell Corp, lluka Resources, Sun Micro and Commonwealth Govt. 80% Variable $30.2 mil
Slide 16: Elders Woolstores and Noble Park
Elders Woolstores yecasomsesiasy LLL Address, Buiding Area ASHP Sreases Occupancy Lease Terms Book Value Yield Speanwood WA {near Fremantie} 100,800 sqm Elders Limited (subsidiary of Futuris Limited} Annual 4.25% increases 100% 45 years from July 1997 $42.8 million 5% Note: Yield is current net inco
Slide 17: Rocklea and St. Kilda Rd
Rocklea LLL ‘Address 51-63 Heaton Ra, Rocklea, Brisbane Qld Building Area 14,585 sqm plus 150 car bays Tenants Acme Fine Furniture Occupancy 100% Lease Terms 8 years from settlement Book Value $9.5 million Yield 2.3% Note: Yield is current net income divided by book value 17 St. Kilda Rd LLL EEE ‘Ad
Slide 18: Garden Town, Toowoomba and 33 York Street
Garden Town, Toowoomba Address Cnr Margaret & Victoria St, Toowoomba QLD Building Area 12.434sqm plus 750 car bays Tenants Super IGA Supermarket, two sub-major and multiple speciality tenancies Occupancy 96% Lease Terms Variable Book Value $36.6 million Yield 8.5% Z 43 York Street, Sydney Address Bu
Slide 19: Funds Management
pee gon Funds Management 19 Annual Results 2005
Slide 20: Funds Management Overview
Overview » Aspen currently has 3 funds management entities * Aspen Parks Property Fund * Aspen Diversified Property Fund * Aspen Living Village Pty Ltd No. 1 » Leverages Aspen’s core property management expertise » Provides investment opportunities not really available to investors » Important sourc
Slide 21: Aspen Parks Property Fund Background
Background ra Unlisted Property Fund — stapled security Established April 2004 Caravan Park Home Resorts: Asset class not readily available to investors Aspen holds ~15% of the fund Current AUM of $57 million with 5 year objective of $150 million AUM from commencement Seeks to serve multiple growing
Slide 22: Highlights
Highlights » Initial capital raising of $25.5m closed over-subscribed >» Revaluation of initial 6 parks resulted in $6.37m increase over purchase price. » Potential to develop/re-develop parks and generate further capital upside » Investors received 10% income return and 17.4% capital growth in 2005
Slide 23: Aspen Diversified Property Fund Background
Background » Launched April 2005 » 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) » Aspen holds ~15% cornerstone investment » Objective to grow AUM to $250 milli
Slide 24: Highlights
Highlights » Initial assets (5 properties) purchased for $36.1m settled June/July 2005 » Additional asset acquired August for $8.44m Sector Diversification » Portfolio comprises 6 properties » Renegotiation of leases for key tenants » ANZ - 5 years » Home Building Society — 5 years » Police & Nurses
Slide 25: Aspen Living Villages Background
Background » Launched June 2005 » Established to manage the development of residential accommodation villages » Utilises development land controlled by Aspen (eg Aspen Parks Property Fund) but will also acquire sites from third parties » Baby boomers who retire early, mining industry annuals — requi
Slide 26: Directors and Management
Directors and Management 26 Annual Results 2005
Slide 27: Board of Directors
Board of Directors Reg Gillard Non-executive Chairman Angelo Del ‘Borrello. ° Managing Director Gavin Hawkins Director Finance Andrew Martin Non- executive Director Seng Fai Non- executive Director Terry Budge Non- executive Director Management Team Stuart Price Associate Director - Property Stuart
Slide 28: Summary
Summary 28 Annual Results 2005
Slide 29: Summary
mmary — » National property group > Well positioned to deliver sustainable growth > Continue to source new acquisitions across all markets and sectors at appropriate yields » Diversified income streams » Organic growth and balance sheet strength from on balance sheet property assets » Growth from ne
Slide 30: Growth in assets under management timeline
140.0 tort nm : : : : : tt (4) Creates Aspen Parks | (8) Accpisiion of 215. : + (8) Establishes: Fund + Browns Road, Noble Park and'541 : + Aspen Living 4120.0 ' Heaton Street, Rocka Wr Vilages fm | Acquisition of : : : € Septimus Roe (2) Stapling of units in : : & Square Aspen Property Trust and :
Slide 31: 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