Update to Aspen Group rental property portfolio announcement

ASX ANNOUNCEMENT
                                                                         13 November 2019

     Update: Appointed managing agent for Aspen Group
                 rental property portfolio
The Agency Group Australia (ASX:AU1) (“The Agency” or “the Company”) wishes to provide
further information in relation to the appointment of subsidiary, The Agency Property
Management, as managing agent for the recently acquired $20 million Perth rental portfolio
of ASX-listed accommodation provider Aspen Group (“Aspen”) (ASX: APZ)1.

The appointment, as sole property management provider for Aspen Group’s $20 million
investment, will see The Agency Property Management assume management of 84 residential
properties located in various Perth locations.

The Agency Property Management and Aspen have entered into an industry standard
Management Authority agreement, which sees The Agency Property Management receive
an agreed annual fee (paid monthly) and ancillary fees on a property by property basis.

The Agency does not believe this confidential agreement is material, from either a financial
or number of property management perspective, as it currently (including Aspen) has 1,109
managements in Western Australia and 4,671 under management nationally.

This agreement is the first property management agreement with a large corporate client,
which The Agency believes is material to its growth plans.

                                                   ENDS

1
    Refer ASX announcement dated 7 November 2019

If you require further information, please contact:

 Investors                                      Media
 The Agency Australia Ltd                       Chapter One Advisors
 Paul Niardone                                  David Tasker / Colin Jacoby
 T: +61 08 9204 7955                            T: +61 433 112 936 / +61 439 980 359
                                                E: dtasker@chapteroneadvisors.com.au

Website: www.theagency.com.au