ASPEN GROUP — AGM Information 2007

Nov 25, 2007

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Aspen Group Presentation to 2007 Annual General Meeting

“Creating wealth through intelligent property investment”

“Creating wealth through intelligent property investment”

Annual General Meeting 2007

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Contents

1. Overview

1. 2007 Financial Year in Review

2. 2008 Financial Year To Date

3. Property Portfolio

4. Funds Management

5. Summary and Outlook

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1. Overview Business Structure

		Investment Property	Funds Management	Equity Investments
	% Revenue	56%	44%	Included in funds management
	Description	�Portfolio of diversified property assets �Characterised by strong income security through high quality tenants and long term leases	�Driving DPU and EPU Growth �Efficient use of capital �Leverages Aspen’s core property expertise	�Co-invests in funds –Strategic stakes –Enhance investor confidence –Accretive returns to APZ �Ongoing funding activities to support growth
	Assets Managed	$336 million	7 funds $971 million GAUM	Aspen Diversified $16.0m Aspen Parks $11.2m Aspen Living $22.0m Aspen Villages $13.3m ADF No1 $46.4m

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1. Overview

Personnel

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BOARD OF DIRECTORS

Terry Budge Non-executive Director Seng Fai Chan Non-executive Director Matthew McCann Non-executive Director

Reg Gillard Non-executive Chairman Angelo Del Borrello Managing Director Gavin Hawkins Executive Director Finance

ASPEN GROUP	ASPEN GROUP	Asset		Funds	Financial
		Management	Corporate	Management	Control	Compliance	Totals
Divisional	Head	S Price	R Morrison	R Botha	D Cardoso	D Mortimer
No. Staff:	WA	2	3	5	10	2	22
	Other States	2	-	3	-	-	5
		4	3	8	10	2	27

FUNDS	Aspen	Aspen	Aspen	Aspen	Aspen	Aspen	Property
MANAGEMENT	Parks	Diversified	Living	Developments	Villages	Communities	Securities	Totals
Divisional Head	L Brolese	S Price	B Acott	P Hall	M Rance	W Marshall	A Lawrence
No. Staff: WA	11	2	6	9	2	1	-	31
Other States	2	2	1	8	-	-	1	14
	13	4	7	17	2	1	1	45

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1. Overview

Track Record

Aspen continues to drive earnings and distribution growth

	FY04 (¢)		FY05 (¢)		FY06 (¢)		FY07 (¢)	3YR CAGR
EPS*	8.4	+4.2%	8.75	+46.4%	12.81	+21.9%	15.62	23.0%
DPS	7.25	+15.2%	8.35	+19.8%	10	+27.5%	12.75	20.7%
NTA	70	+15.7%	81	+25.2%	101.4	+30.2%	132	23.5%

*** Underlying**

DPS increased from 3.5 cents to 3.875 cents (15.5 cents annualised) for FY08

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1. Overview Strong Market Performance

Aspen continues to outperform ASX/S&P 200 Property Index

Total Returns

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APZ S&P 200
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Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07

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Contents

1. Overview

2. 2007 Financial Year in Review

1. 2008 Financial Year To Date

2. Property Portfolio

3. Funds Management

4. Summary and Outlook

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2. 2007 Financial Year in Review

Highlights

• 18% growth in property portfolio on $46.1m of revaluations

• Underlying EPS increased 22%

• DPS increased 28%

• Underlying EPS 23% above DPS

• Acquisition and successful syndication of three residential land estates

• Significant growth in existing funds management vehicles

• Acquisition of Caversham Property creates Aspen Development Fund No 1

• Balance sheet strengthened through significantly lower gearing

• Continued growth in investment portfolio

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2. 2007 Financial Year in Review Performance

	FY	FY	%
	2007	2006	Change
Net Profit After Tax	73.82	34.49	�114%
Underlying Net Profit* ($’m)	33.49	18.47	�81%
Underlying EPS* (cents)	15.62	12.81	� 22%
DPS (cents)	12.75	10.00	� 28%
Underlying Earnings above Distribution (cents)	2.87	2.81	� 2%

• Underlying net profit after tax represents net profit after tax excluding the following non cash items:

• movements in fair value of investment properties $39.4 million

• movement in fair value of hedge instruments $ 2.0 million

• share option expenses ($ 1.1 million)

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2. 2007 Financial Year in Review Financial Position

	FY	FY	%
	2007	2006	Change
Gross Assets Under Management ($’m)	1,224	620	�97%
Investment Property (Revaluations) ($’m)	336	284	�18%
Gearing	31%	47%	�16%
NTA (cents)	132	101	�31%

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Contents

1. Overview

2. 2007 Financial Year in Review

3. 2008 Financial Year To Date

4. Property Portfolio

5. Funds Management

6. Summary and Outlook

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3. 2008 Financial Year To Date

Capital and Debt Structure

Debt Profile (30 September 2007) Total Fixed Floating Borrowings $197.1 m $129.6 m $67.5 m Average Cost of Debt 6.98% 6.56% 7.62% Average Maturity Profile 3.1 yrs 30 days Gearing 35% Unused Facility Limit $59.7m Capital Structure Current Stapled Securities on Issue 250.3 million Unlisted Options on Issue 0.2 million Market Cap (at $2.68 closing price, 20 November 2007) $671 million Total Securityholders _Circa_3,500 Institutional 66% Retail 34% Substantial Securityholders UBS Global Asset Management Deutsche (Institutional Group) Acorn Capital Limited AMP Capital Investors CBA/Colonial First State SG Hiscock & Co**	Substantial Securityholders
	UBS Global Asset Management
	Deutsche (Institutional Group)
	Acorn Capital Limited
	AMP Capital Investors
	CBA/Colonial First State
	SG Hiscock & Co

*** On repayment of fund loans, gearing will reduce to 30% and unused facility limit will increase to $100m**

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3. 2008 Financial Year To Date Highlights

• Increase in distribution from 3.5 cents to 3.875 cents per security

• L’Oreal secured as key tenant for St Kilda Rd property

• Acquisition of 8 properties for Aspen Parks for $54.6 million

• Established Aspen Communities

• Additional properties secured for launch of forthcoming Aspen Villages Fund

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Contents

1. Overview

2. 2007 Financial Year in Review

3. 2008 Financial Year To Date

4. Property Portfolio

5. Funds Management

6. Summary and Outlook

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4.

Property Portfolio Overview

• Strong revaluation performance in FY07 – 18% increase

• Secure lease expiry profile of 4.65 years

• St Kilda Rd. tenant risk (Hewlett Packard) eliminated with 10 yr L’Oreal lease

• Occupancy rate 96% across portfolio

• Sound sector and geographic diversification

• Portfolio reflects Aspen’s acquisition strategy

• Typically $30 – $80 million

• Attractive running yield

• Income security leveraged to value add opportunities

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4. Property Portfolio Summary

	Location	Sector	Book Value A$ millions	Occupancy
Septimus Roe Square	Perth, WA	Office	76.6	100%
Alcoa Office Complex	Booragoon, WA	Office	22.9	100%
564 St. Kilda Road	Melbourne, VIC	Office	27.6	100%
33 York Street	Sydney, NSW	Office	3.2	100%
Elders Woolstores	Spearwood, WA	Industrial	57.5	100%
Noble Park	Melbourne, VIC	Industrial	25.0	96%
Rocklea	Brisbane, QLD	Industrial	11.0	100%
Garden Town	Toowoomba, QLD	Retail	35.0	86%
55 Currie Street	Adelaide, SA	Office	77.0	94%
Total			335.8

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4. Property Portfolio Leasing Profile

Lease expiry profile by financial year

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30%
25%
20%
15%
10%
5%
0%
2008 2010 2012 2014 2016 2018 2020
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Key Tenants	Lease Expiry	% of Income
Elders	2012	16%
DIMIA	2015	7%
Alcoa	2014	6%
L’Oreal	2018	5%
Centrelink	2011	5%
Total		39%

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4. Property Portfolio Diversification

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Contents

1. Corporate Structure

2. 2007 Financial Year in Review

3. 2008 Financial Year To Date

4. Property Portfolio

5. Funds Management

6. Summary and Outlook

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5. Funds Management

Overview

• Leverages Aspen’s core property management expertise

• Provides investment opportunities not really available to investors

• Important source of EPS/DPS growth with efficient use of Aspen’s capital

• Unlisted open ended Funds provide a natural growth driver

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5. Funds Management Divisions

Branding	Aspen Parks	Aspen Diversified	Aspen Living	Aspen Developments	Aspen Villages	Aspen Communities
Sector	Resort Park	Core Income	Syndicated Land	Development Fund Series	Affordable Living/Retirement	Retirement Aged Care
Asset value	$217 million*	$163 million	$258 million	$265 million	$34 million*	$34 million*
Commenced	Apr 04	Apr 05	Nov 05	Feb 07	Jun 05	Sept 07
Target assets	$250 million	$250 million	$1 billion	$500 million	$250 million	$250 million
No of assets	26	9	4	18	7	2
Fund structure	Unlisted Stapled	Unlisted Trust	Unlisted Coy	Unlisted Coy	Unlisted Stapled	Unlisted Stapled
Investors	Retail	Retail	Wholesale/Retail	Wholesale	Retail/Wholesale	Retail/Wholesale

*Post settlement of contracted properties

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5. Funds Management New Initiatives

Aspen Parks and Aspen Diversified to become platform friendly

• Targeting personal superannuation investors and model portfolios

• Growing popularity of Aspen Parks with financial planners as a portfolio diversifier

• Expand current platform availability – BT, Netwealth Wrap, Netwealth Super, MLC Masterkey

Property Securities Fund

• Appointment of Anton Lawrence as Chief Investment Officer

• Former Director of MIA research house

• Development of Aspen Select Property Fund offering diversified property sector exposure

• Leverage Aspen’s property and distribution capabilities

Aspen Villages Fund

• Seven properties secured to seed new Fund

Aspen Communities

• Expansion into retirement and aged care living

• Recruitment of Bill Marshall (former SwanCare CEO) to Head division

• Seed assets acquired and under review

• 5 properties identified, two under contract

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5. Funds Management Aspen Parks Property Fund

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 living; mining sector

• Diverse income streams

Highlights

• Target GAUM ($150 million) achieved in only 3 years

• Provided original investors with total return of 19.5% pa since inception

• Circa 1,300 investors

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• Acquisition of eight Parks

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5.

Funds Management

Aspen Parks Property Fund

Coral Bay

Coogee

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Monkey Mia

Roxby Downs

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5. Funds Management Aspen Parks Property Fund

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Kununurra
Island Gateway
Cooke Point
Balmoral
Pilbara
Exmouth
Ningaloo Reef
Monkey Mia BRISBANE
Roxby Downs
Perth
Port Augusta Wallamba River
Coogee Beach
Woodman Point
ADELAIDE Horseshoe SYDNEY
Wymah Valley
Yarraby Twofold Bay
Existing portfolio Ashley Gardens
Acquired in 2006/07 MELBOURNE
Acquired in 2007/08
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5. Funds Management

Aspen Diversified 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 $250 million over 5 years

Highlights

• Total return for FY07 18.28%

• Acquisition of Mulgrave industrial property

• New tenants during FY07 – TAB Ltd, HRL Ltd, Optus

• Strong key tenants - Pacific Brands (Holeproof), Coles, Cardno BSD, Trailcraft, ANZ

• Weighted average lease expiry increased to 4.2 years

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• Disposal of Midland Cinema Complex

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5. Funds Management Aspen Diversified Property Fund

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Property	Location	Use	Acquisition Date	Book Value
Springvale Road	Mulgrave, VIC	Industrial	Jun 2007	$20.0m
Homemaker City	Castle Hill NSW	Retail	Feb 2006	$28.0m
Holeproof Complex	Nunawading VIC	Industrial	Dec 2005	$28.0m
Mount St Building	North Sydney NSW	Office	Dec 2005	$33.5m
Trailcraft Industrial Complex	Henderson WA	Industrial	Aug 2005	$9.1m
Abernethy Park	Kewdale WA	Industrial	Jun 2005	$11.6m
Champion Drv Retail Centre	Armadale WA	Retail	Jul 2005	$9.3m
Riseley Corporate Centre	Booragoon WA	Office	Jun 2005	$7.7m
Cardno BSD Centre	Subiaco WA	Office	Jun 2005	$5.6m
Total				$152.8m

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5. Funds Management Aspen Living

Aspen Dunsborough Lakes Aspen Whitsunday Shores West Swan Estate Fern Bay Seaside Village Total	Aspen Dunsborough Lakes Aspen Whitsunday Shores West Swan Estate Fern Bay Seaside Village Total
Number of Lots Remaining 1,143 669 1135	850 3,797
Gross Realisable Value($’m) 406 189 334	238 1,167
Location Dunsborough WA Bowen QLD Perth WA	Stockton NSW
Development Timeframe (Years) 11 11 8.75	8.5

Aspen Living is also Project Manager for “Aspen Developments” residential estates, namely Byford by the Scarp and Chittering Estate which comprises 1,200 lots.

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5. Funds Management Aspen Living

Strategy

• Leverages Aspen’s expertise in residential subdivision to provide attractive returns to investors and long term recurring funds management income for Aspen.

• Aim to acquire advanced developments which are revenue generating at purchase. This results in a short lead time to positive cashflows for investors.

• In-house expertise used to reposition underperforming developments and increase market awareness.

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Highlights

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• Land bank

3,797 lots

• On-completion value $1.2 billion

• Development period

• 0-11 years

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5. Funds Management Aspen Living

Aspen Dunsborough Lakes

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5. Funds Management Aspen Living

Fern Bay Seaside Village

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Whitsunday Shores

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5. Funds Management Aspen Developments

Aspen Development Fund No1

Background

• Acquisition of the Caversham Property Group (property division of Futuris)

• Settled May 2007

• Off market transaction

• First in series of proposed development funds

Key Elements of Futuris Transaction

• Acquisition price of $233.7m

• 18 projects across 3 states

• Multi-sector: construction, residential development, health/ retirement

• Caversham employees transferred to Aspen

Structure

• 8 year closed end wholesale fund

• $90 million equity (Aspen, Futuris, Victor Smorgon Group: 25% each)

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• IRR 20% plus

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5. Funds Management Aspen Developments

Aspen Development Fund No.1

Portfolio Breakdown	Estimated	Key	Location
	Value	Projects
Residential Subdivisions	$64.4million	-Byford By The Scarp	WA
		-Chittering Valley	WA
		-Geraldton	WA
Commercial Construction	$71.5million	-City Central Project
		Adelaide CBD	SA
		8 Buildings
Hospital and Retirement	$97.8million	-Cambelltown Retirement	NSW
Construction		-Cambelltown Commercial	NSW
		-Currambine Retirement	WA
		-Norwest Hospital	NSW

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5. Funds Management

Aspen Developments

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Annual General Meeting 2007

5. Funds Management Aspen Developments

Campbelltown Private Hospital

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5. Funds Management Aspen Developments

Campbelltown Retirement Village

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5.

Funds Management Aspen Villages

Strategy

• Management of the development of residential accommodation villages

• Acquisition of sites through development land controlled by Aspen (eg. Aspen Parks and Aspen Living) but will

• also acquire sites from third parties

• Baby boomers who retire early, mining industry and annuals (tourists) – requirement for low cost residential accommodation

• Launch fund first quarter 2008

Status

• Portfolio of properties has recently increased to 7 sites (currently warehoused for new fund launch)

• Locations in Port Macquarie and Tuncurry (NSW), Mornington Peninsula (VIC), Dundee Beach (NT), Karratha

• (WA), Mildura (VIC) and Byford (WA)

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5. Funds Management Aspen Communities

Strategy

• Announced division commencement in August 2007

• 200-300 home villages on 7-12ha land

• Utilise development expertise of Aspen Developments (formerly Caversham Property)

• Capitalise on strong and growing demand for over 65’s living

• Launch fund first quarter 2008

� Status

• William Marshall recently joined Aspen to head Aspen Communities

• Previously CEO of SwanCare Group where he managed a business comprising 300 high and low care beds and 700 independent living units.

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• Five sites presently under review, two under contract

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Contents

1. Corporate Structure

2. 2007 Financial Year in Review

3. 2008 Financial Year To Date

4. Property Portfolio

5. Funds Management

6. Summary and Outlook

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6.

Summary

DPS and EPS Track Record

EPS/ DPS Growth Profile

Earnings and distribution growth has been driven by:

• Growth in the funds management business

• Expansion of syndicated land estates

• Aspen’s active property management style

• Organic growth in rents

• Revaluation of properties

Distribution increase for Sept quarter to 3.875 cps (15.5cps annualised)

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16 15.6 15.5
4 Year EPS
CAGR 20.5%
14
12.8 12.8
12 4 Year DPS
CAGR 22.8%
10.0
10
8.8
8.4 8.4
8 7.4
7.3
5.6
6
4
FY03 FY04 FY05 FY06 FY07 FY08
forecast
DPS EPS
C en ts Per Secu rity
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6. Summary Strong Asset Growth

• Strong pipeline of acquisitions for funds

• � Extensive networks to source deal flow

• � Proven ability to develop unique funds

• � Strong team of professionals

• � Proven capital raising track record in wholesale and retail

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Assets Under Management
($m)
1,400
1,200
1,000
800
600
400
200
0
03 04 05 06 07
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6. Outlook

• Strong balance sheet will enable further asset acquisition opportunities for investment portfolio

• Growth from new and existing funds management initiatives

• Focus on earnings growth through astute investment selection (not just growth for growth's sake)

• Continuing expansion of retail and wholesale distribution channels

• Launch of Aspen Villages and Aspen Communities funds

• Wholesale Parks and Diversified and Aspen Select Fund to facilitate distribution growth

• Large pipeline of potential opportunities being reviewed

• Distribution increased to 15.5 cents annualised commencing September quarter

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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 any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen . Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision.

Aspen has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aspen , its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it.

All references to dollar amounts are in Australian currency unless otherwise stated.

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