• OpenLearning reaches agreement to extinguish outstanding debt and convert circa $1.0m to equity with largest shareholder ECA
• Conversion to be at 1.8c per share, representing a 25% premium to 30-day VWAP
• Conversion will fully extinguish OpenLearning's outstanding debt obligations to ECA

OpenLearning Limited (ASX: OLL) has reached an agreement to extinguish outstanding debt and convert circa $1.0m of the remaining debt to equity with its largest shareholder Education Centre of Australia (ECA). The outstanding circa $1.0m debt will convert to approximately 55,514,367 shares at a price of 1.8c, which represents a 25% premium to the 30-day volume weighted average price (VWAP) on the ASX as at 8 September 2025. This will fully extinguish the Company's outstanding debt obligations to ECA under the agreement. Rupesh Singh, Managing Director of ECA and Director of OpenLearning, stated that he remains firmly committed to OpenLearning's technological innovation and long-term vision, and that the Company has demonstrated significant progress this year by growing its SaaS LMS revenue, while simultaneously reducing costs and moving closer to break even. OpenLearning Managing Director, Adam Brimo, added that the Company is pleased to reaffirm its longstanding partnership with ECA, and that their decision to convert debt into equity at a 25% premium above market price underscores their trust in OpenLearning's long-term strategy and growth prospects in the Edtech sector.