ASPEN GROUP — Annual Report 2008

Aug 17, 2008

Annual Results 2008

1

		Investment Property	Funds Management	Equity Investments
	Assets Managed	• 12 properties • $394M	• 7 Divisions • $1,053M	•8 Investments •$82M
	Description	•Portfolio of diversified property assets •Strong income security through high quality tenants and long term leases •Underpins funds management growth through finance facilities	•Driving DPU and EPU Growth •Efficient use of capital •Leverages Aspen’s core property expertise •Long term and growth sectors •Broadens Aspen revenue streams and sector exposure	•Co-invests in funds -Strategic stakes -Enhance investor confidence -Accretive returns to APZ •Ongoing funding activities to support growth

Annual Results 2008

2

1. Highlights

2. Financial Summary

3. Property Portfolio

4. Funds Management

5. Outlook

6. Appendix 1 – Property Portfolio

Annual Results 2008

3

1.

• Continued strong track record of underlying EPS and DPS growth

• Distributions continue to be paid from underlying earnings

• Strong property portfolio performance

• Launch of 4 funds – Aspen Villages, Aspen Communities, Aspen Select and Aspen Parks Wholesale

• St Kilda Rd building secured a 10 year lease with L’Oreal for circa 50% of net lettable area

• Woodside secured as anchor tenant for Aspen Karratha Village Development

• Entry into S&P ASX 300 Index

• Enjoyed market recognition through:

• National Property Council award “Excellence & Innovation” for Adelaide CBD Office Tower

• Aspen Parks received 5 Star Morningstar rating

• Further strengthening of management team

Annual Results 2008

4

Underlying EPS/ DPS Growth Profile

Underlying 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

• Strong real rental growth

Five year CAGR

• EPS 18.1%

• DPS 22.6%

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18 100%
17.0
16 15.6 15.5
80%
14
12.8 12.8
60%
12
10.0
10
40%
8.8
8.4 8.4
8 7.4
7.3
20%
5.6
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4 0%
FY03 FY04 FY05 FY06 FY07 FY08
DPS EPS Gearing
Gearing
Cents Per Security
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Annual Results 2008

5

1. Highlights

2. Financial Summary

3. Property Portfolio

4. Funds Management

5. Summary

6. Appendix 1 – Property Portfolio

Annual Results 2008

6

7 7

Annual Results 2008

Income from operations Rental income Funds management Other Income Expenses Direct property expenses Commissions Administrative expenses Other expenses Total Expenses Share of profit of associates Financial Expenses Profit Before Tax Income tax benefit (expense) Profit after Tax from Underlying Earnings Underlying EPS Distribution	FY08 ($M) FY07 ($M) Change % 32.6 31.6 35.7 24.3 10.2 5.1 78.5 61.0 29% (9.6) (8.7) (1.3) (0.9) (18.1) (10.6) (1.1) (0.1) (30.1) (20.3) 48% 5.3 3.1 (12.5) (9.4) 41.2 34.4 2.6 (0.9) 43.8 33.5 31% 17.01 cents 15.62 cents 9% 15.50 cents 12.75 cents 22%

Annual Results 2008

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Annual Results 2008 99

Reconciliation of Net Profit After Tax to Underlying Earnings

	FY08 ($M)	FY07 ($M)
Underlying Net Profit	43.8	33.5
Swap revaluations	1.4	2.0
Property revaluations	33.7	46.1
Share option expense	(3.5)	(1.1)
Property revaluations underlying Funds	0.3	0.2
Associated tax expense*	(4.9)	(6.9)
Net Profit as per Financial Report	70.8	73.8

• Tax expense at 30% on Septimus Roe revaluation uplift of c$17m

Annual Results 2008

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		30 Jun 08	30 Jun 07	Key Changes
Assets		$m	$m	$m
Current Assets	Cash and Other	84.7	87.5
Non Current	Investment Properties	393.8	341.3	52.5
	Equity Investments	81.9	93.3
	Other	92.3	14.8	77.5
Total Assets		652.7	536.9
Current Liabilities	Borrowings	16.0	5.0
	Other	27.9	25.6
Non Current	Borrowings	213.6	161.3	52.3
	Other	15.3	13.2
Total Liabilities		272.8	205.1
Net Assets		379.9	331.8
NTA		$1.41	$1.32	$0.09
Gearing		33%	31%

Annual Results 2008

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Stapled Securities on Issue 264.6 million Market Cap (at $1.24 closing price, 30 June 2008) 328.1 million Total Security holders Circa 3,600 Institutional 63% Retail 37% Aspen was included in the S&P ASX 300 Index in March 2008

Annual Results 2008

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Debt Profile(30 June 2008)
Gearing	33%
Percentage Hedged	52%
Average Hedge Maturity Profile	2.6 yrs
Weighted average cost of funds	7.46%
Senior Debt Facility Expiry	Oct 2011
Look-through gearing	41%
Net interest cover covenant	1.5 times
	FY08	FY09 annualised
Actual Interest Cover	1.84	2.35

Annual Results 2008

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Application of Debt Facilities (30 June 2008)

Core:
Property portfolio	$116.6m	(Net of cash)
Non-core:*
Funds management loans	$60.6m
Assets held for sale/seeded	$34.0m

• To be repaid as equity and/or debt is secured within each funds management entity as follows:

Funds Mgt Loans Aspen Parks Aspen Diversified Aspen Living Aspen Villages Assets held for sale/seeded Aspen Communities ADF	Equity Debt $30.0m $10.0m $ 4.8m $10.0m $15.0m $ 1.5m $10.3m $4.0m $ 9.0m

Interest is generally charged by Aspen Group to each fund at a rate of 2.0% - 3.5% above the 90 day bank bill rate and is reflected in the Aspen Group accounts as interest income.

Annual Results 2008

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1. Highlights

2. Financial Summary

3. Property Portfolio

4. Funds Management

5. Outlook

6. Appendix 1 – Property Portfolio

Annual Results 2008

15

Key Indicators

• Weighted Average Lease Expiry 4.0 years

• Weighted Average Occupancy 97%

• � Weighted Average Cap rate 7.8%

Highlights

• Capitalised on Perth CBD office strength with 22% lift in Septimus Roe Square valuation, based on market rent assumptions of $400psm – now achieving $625psm

• Entry to Adelaide CBD market has paid dividends with 20% valuation uplift on MTAA House in 12 months - improved occupancy from 88% to 99%

• St Kilda Rd. tenant risk (Hewlett Packard) eliminated with 10 yr L’Oreal lease on 4,278 sqm (51%)

• New Lease to Ministry of Works for 3500sqm in the Alcoa Building at $320psm up from $195psm

• Exposure weighted to strong office markets

• Secured Woodside as anchor tenant (5yr + 5) for Karratha Village (180 accommodation units)

Annual Results 2008

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23%
40
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30
25
20
15
10
5
0
FY07 (A) FY08 (A) FY09 (F)
$ Millions
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• Capitalise on record low vacancy rates in Perth CBD

• Capitalise on positive outlook for Adelaide CBD market (18 year low in vacancy rates)

• Karratha Village comes on line with long term Woodside lease (Completes Dec 08)

• Septimus Roe to capitalise on lease renewal and market review program

Key assumptions:

• CPI adjustments at 3.0 %

• Market reviews at current rates

Annual Results 2008

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Portfolio View

• Calendar 2008 valuations in place for 5 of 10 properties

• Average underlying rent growth across all properties of 8% for FY08 and projected 23% for FY09 due to exposure to strong WA and SA markets

• Assets well positioned to absorb any cap rate softening without effecting valuation

Septimus Roe Square

• Last valuation (Dec 07) of $93.9m at a conservative cap rate of 7.75% with market rent assumption of $400psm. Current market rent being achieved at $625psm

• Passing yield at valuation was 4.74% now increased to 7.10%

Alcoa Office Complex

• Valued February 2008 at $24.0m at a cap rate of 7.50%

• Property re-valued in July 2008 at $29.0m at a cap rate of 7.75%, with uplift based on new Lease to Ministry of Works (unsigned but tenant has performed). Valuation has yet to be booked.

• Additional 9,250sqm office site approved for development at the Alcoa Office Complex site and development approval for a mixed use apartment complex

Annual Results 2008

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564 St. Kilda Road

• Last valuation (Dec 07) of $31.9m at a cap rate of 7.00% with market rent assumption of $330psm gross Recent deals covering 6,237.1sqm (74% of NLA) have ranged between $344psm and $384psm gross. A further 635sqm is agreed at $384psm gross, which will take vacancy to 0%.

• WALE of 6.8 years up from 0.9 years prior to L’Oreal deal. Annual growth of 4% on the majority of leases

• Most recent sale on St Kilda Rd (May 2008) was at $3,678 psm, for a lower standard building (570 St Kilda) with WALE of 2.9years. Last valuation for the property was at $3,796 psm

Elders Woolstores

• Last valuation (Dec 06) for $57.5m at a cap rate of 8.5%

• Passing rent (single tenant) of $4.2m or $45psm. Market rent equates to $55-60psm or approximately $5.8m

• Market review on option in 2012. Significant upside opportunity exists if tenant does not renew through redevelopment

Noble Park

• June 2008 valuation of $22.8m down from $25.0m in May 2006

• Current cap rate of 9.40% (Previous 8.60%)

Annual Results 2008

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55 Currie Street

• Last valuation (Dec 07) of $93.5m at a cap rate of 7.25% with market rent assumption of $330psm. Current market rent forecast at $375-$400psm.

Garden Town

• Last independent valuation (June 07) of $35.0m at a cap rate of 6.75%

• Valuation written back to $30m reflecting forecast 100bps softening in cap rate

Rocklea

• April 2008 valuation of $14.8m at cap rate of 7.70%

• WALE 6.6 years

Karratha Village

• April 2008 on-completion valuation of $42.5m at cap rate of 17.50%

33 York Street

• Last valuation (June 07) at a cap rate of 7.25% with market rent assumption of $500psm gross

• Market demand for space at $550psm+ gross

Annual Results 2008

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Income Property	Location	Sector	Latest Valuation	Cap Rate	Book Value ($m)	Occupancy
Septimus Roe Square	Perth, WA	Office	December 2007	7.75%	93.9	100%
Alcoa Office Complex	Booragoon, WA	Office	February 2008	7.50%	26.2	100%
564 St. Kilda Road	Melbourne, VIC	Office	December 2007	7.00%	32.1	100%
33 York Street	Sydney, NSW	Office	June 2007	7.25%	3.2	100%
55 Currie Street	Adelaide, SA	Office	December 2007	7.25%	94.3	99%
Elders Woolstores	Spearwood, WA	Industrial	December 2006	8.50%	57.5	100%
Noble Park	Melbourne, VIC	Industrial	June 2008	9.40%	22.8	72%
Rocklea	Brisbane, QLD	Industrial	April 2008	7.75%	14.7	100%
Garden Town	Toowoomba, QLD	Retail	June 2008	7.75%	30.0	90%
Karratha Village	Karratha, WA	Accom.	April 2008	17.50%	8.6*	100%*
Total					383.3

*Currently under development and contracted to be fully leased on completion – on-completion value $42.5m with total projected completion cost $29m

Annual Results 2008

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Annual Results 2008

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Lease Expiry Profile by Financial Year

25.0%

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20.0%
15.0%
10.0%
5.0%
0.0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Key Tenant Expiry

Tenant	Financial Year	% of Income
Elders*	2012	15%
DIMIA	2015	7%
Centrelink	2011	5%
L’Oreal	2018	4%
Minister for Works	2014	4%
Alcoa	2014	3%
Total		38%

* Key lease expiry mitigated by redevelopment potential of site, being 29 ha’s of industrial land 5km from the Fremantle Port

Annual Results 2008

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• Construction of a 180 room modular home village.

• Woodside committed to a 5 year lease (+ 5 year option) over 160 rooms.

• Initial annualised revenue of $10.2 million.

• Total project costs circa $29 million (incl. land).

Artist’s Impression of Karratha Village

• First stage tenanted, with full completion by Dec 08.

• Asset pays for itself within 4 years.

• Estimated EPS Impact

• FY09 - 0.9cps

• FY10 - 1.8cps

Annual Results 2008

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1. Highlights

2. Financial Summary

3. Property Portfolio

4. Funds Management

5. Outlook

6. Appendix 1 – Property Portfolio

Annual Results 2008

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• Leverages Aspen’s core asset management expertise

• Growing fee income base across multiple sectors and asset types (Increase

• of 47% on FY07)

• In-house skill sets across all property sectors

• Efficient use of Aspen capital i.e High ROI

• 6 established funds management business sectors

• National distribution network established resulting in increased year on year inflows

• Four new funds launched in FY08

• Gross assets under management $1.05 billion

Annual Results 2008

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Branding	Aspen Parks	Aspen Diversified	Aspen Living	Aspen Developments	Aspen Villages	Aspen Communities
Sector	Tourism and Accomodation	Core Income	Residential Estates	Development Fund Series	Modular Product Affordable Accommodation	Retirement Aged Care
Asset value	$252 million	$185 million	$306 million	$245 million	$30 million	$35 million
GRV	n/a	n/a	$1,332 million	$1,486 million	$290 million	$401 million
Launched	Apr 04	Apr 05	Jan 06	May 07	Jun 08	Aug 08
No of assets	25	12	4	16	6	3
Fund structure	Unlisted Stapled	Unlisted Trust	Unlisted Coy	Unlisted Coy	Unlisted Stapled	Unlisted Stapled
Investors	Retail	Retail	Wholesale Sophisticated	Wholesale Sophisticated	Wholesale Sophisticated	Wholesale Sophisticated

Note: Aspen Select Property Fund is a hybrid fund created in March 08 and invests predominantly in Aspen funds

Annual Results 2008

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• Majority of funds closed end with wholesale/sophisticated investor base

• Only two funds provide liquidity options (limited scope for outflows)

• Parks $250K per quarter, Diversified 6% of NTA p.a.

• Established national business development team

• Increased platform representation for retail funds – BT Wrap, Solar, Assetlink, Symetry, Beacon, Netwealth, Personal Choice (Asgard)

• Proven distribution capacity at retail and wholesale levels

• 48% increase in retail inflows for FY08

Annual Results 2008

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Funds raised by Aspen Managed Funds

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Cumulative
240
220
200
180
Retail
160
Wholesale
140
$'M 120
100
80
60
40
20
-
Jun-05 Jun-06 Jun-07 Jun-08
1 WA 1 WA 2 WA/SA 2 WA/SA
1 NSW 2 NSW/Qld 2 NSW
1 VIC/Tas 1 Qld
1 VIC/Tas
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Number of BDM’s

Annual Results 2008

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Strategy

To acquire, manage and expand a portfolio of park properties providing regular income and capital growth, capture benefits of well located land holdings with high income yields

Year in Review

• Acquisitions of $64.1m increased portfolio to $252 million

• Independent research rating increased to recommended (upper end) by Lonsec

• Total return of 18.8% pa since inception

• Received 5 Star Morningstar (No 1 performing Australian Fund – as per AFR 16/07/08)

Outlook

• Number of significant development opportunities within existing portfolio

• Maximise opportunities of Parks located in major resource industry regions

• (Port Hedland, Karratha and Roxby Downs)

• Secure accretive acquisition opportunities expected to arise in current markets

Annual Results 2008

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Geographically diverse network of 25 Parks

Annual Results 2008 Annual Results 2008

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Acquisitions FY08

• Myall Grove, Roxby Downs, SA - $11.5m

• Seven Park Portfolio - Victoria and NSW - $43.1m

• Monkey Mia - Remaining 50% share - $9.5m

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Monkey Mia
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Developments FY08

• 21 cabins developed across Pilbara, Wymah Valley, Myall Grove, Wallamba River, Ashley Gardens and Horseshoe Lagoon Parks for $1.5m

• Backpackers developed at Exmouth

• Balmoral Park expansion commenced in Karratha for further 125 cabins

Annual Results 2008

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Strategy

To acquire commercial property assets in the $5m – $30m range with a focus on high yielding assets and/or with value add opportunities

Year in Review

• Total return since inception 11.8% pa

• 4 acquisitions totalling $39 million in FY08

• Realised strong profit on disposal of Abernethy Park property

• Acquisition activity was constrained through higher funding costs

Outlook

• Continue to take active approach in recycling lower yielding assets

• Look for opportunities to acquire attractively priced assets via distressed vendors

• Continue to actively manage the portfolio to enhance returns for unitholders

Annual Results 2008

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			Latest
			Valuation	Book
Property	Location	Sector	Date	Value
5 Memorial Drive	Shellharbour, NSW	Office/ Retail	Dec 2007	$8.5m
2 Apollo Place	Lane Cove, NSW	Office	Dec 2007	$9.2m
3 Apollo Place	Lane Cove, NSW	Office	Dec 2007	$7.8m
60 Grindle St	Wacol, QLD	Industrial	Dec 2007	$13.6m
Springvale Road	Mulgrave, VIC	Industrial	Jun 2007	$20.0m
Homemaker City	Castle Hill NSW	Retail	Jun 2008	$21.0m
Holeproof Complex	Nunawading VIC	Industrial	Nov 2007	$28.5m
Mount St Building	North Sydney NSW	Office	Dec 2006	$33.7m
Trailcraft Industrial Complex	Henderson WA	Industrial	Jun 2008	$10.5m
Champion Drv. Centre	Armadale WA	Retail	May 2008	$13.0m
Riseley Corporate Centre	Booragoon WA	Office	Jun 2008	$9.5m
Cardno BSD Centre	Subiaco WA	Office	Jun 2008	$9.7m
Total				$185.0m

Annual Results 2008 Annual Results 2008

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Cardno BSD Centre, CBD
Subiaco, WA
West Perth
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Annual Results 2008

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Trailcraft Industrial Complex, Henderson , WA

Riseley Corporate Centre, Booragoon, WA

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Strategy

Leverages Aspen’s in-house expertise in residential land subdivision to develop quality land estates, provide attractive returns to investors and long term recurring funds management income for Aspen.

Year in Review

• Generally difficult market conditions for residential land sales resulting in lower than forecast lot sales

• Sale of retirement sites at Dunsborough Lakes and St Leonards totalling $25.5m a positive

• Significant planning achievements including:

• Master plan approved for Whitsunday Shores, eliminating zoning risk and increasing lot yield by 22% to 828 lots

• Rezoning of St Leonard’s Estate from urban deferred to urban – Resulting in 60% uplift in project value

• Revised development guide plan approved for Dunsborough Lakes eliminating risk of remaining unzoned land

Outlook

• Significant increase in opportunities countered by more difficult capital/debt markets

• St Leonard’s comes on line with Stage 1 construction expected 1H09

• Whitsunday Shores to benefit from announced major infrastructure projects

• Fern Bay & Dunsborough Lakes to remain soft in 1H09 with potential pickup in sale activity in 2H09

Annual Results 2008

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Aspen Dunsborough Lakes Aspen Whitsunday Shores St Leonards Estate Fern Bay Seaside Village Total	Aspen Dunsborough Lakes Aspen Whitsunday Shores St Leonards Estate Fern Bay Seaside Village Total
Number of Lots Remaining 1,319 828 1,138	886 4,171
Projected Gross Realisable Value $469m $245m $351m	$266m $1,331m
Location Dunsborough WA Bowen QLD Perth WA	Stockton NSW
Development Timeframe (Years) 12 12 11	10

Target IRR of 18% plus

Aspen Living is also Project Manager for “Aspen Developments” residential estates, namely Byford by the Scarp and Chittering Estate which comprises circa 1,200 lots with end values of circa $360 million.

Annual Results 2008

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Strategy

To create a series of development funds using in-house development and sector expertise i.e. health, retirement, commercial and residential.

Year in Review (Aspen Development Fund No1)

• Tower One - Adelaide CBD, received National Property Council award for “Excellence & Innovation”

• Completion and sale of Tower Two (12,600 sqm), Adelaide CBD on schedule to Sachsen Fonds

• Commencement of Norwest Private Hospital development and securing of Healthscope as a key tenant

Outlook

• Continue to progress developments within ADF No1, particularly 34,000 sqm Tower in Adelaide City Central

• (Tower “h” following slide), Norwest Private Hospital and Currambine retirement village development

• Capitalise on ADF No1 exposure to strengthening Adelaide CBD market

• Looking for additional Fund opportunities that may flow from the current market

Annual Results 2008

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Adelaide City Central

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e
i a
h
b
g
d
c
f
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Key

• a. Office Tower b. Office Tower c. Bar/restaurant d. Office Tower e. Office Tower

• f. Adelaide GPO/Retail g. Hotel/ Residential h. Office Tower i. Residential apartments

Tower b with Tower a in background

Annual Results 2008

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Norwest Private Hospital (Construction progress)

Annual Results 2008

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Norwest Private Hospital (artists impression)

Annual Results 2008

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Strategy

Open ended hybrid product seeking to provide exposure across traditional and non-traditional sectors (parks, communities, villages) and access to wholesale closed end opportunities

Total return target of 12% pa with income distributed quarterly

Year in Review

• Product launched March 2008

• Aspen has seed invested $10 million in the Fund

• Received investment grade research rating from Lonsec

Outlook

• Continue roll out of marketing campaign

• Retail investors via investment platforms

• Wholesale/sophisticated investors via direct investment

Annual Results 2008

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Strategy

To acquire, develop and manage residential accommodation villages utilising modular home product, specifically targeting early retirees requiring affordable accommodation solutions in a secure resort style village.

Offer homes at 40-60% of median house price in relevant state

Year in Review

• Fund launched in May 2008

• Portfolio of properties increased to 6 sites with a total contracted value of $30 million

• Locations in Port Macquarie and Tuncurry (NSW), Mornington Peninsula (VIC), Dundee Beach (NT), Mildura (Vic) and Byford (WA)

Outlook

• Completion of initial capital raising $40m

• Leverage positive market conditions i.e. affordable housing issues

• Development to commence on three sites in 1H FY09

Annual Results 2008

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Annual Results 2008

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Strategy

To develop and manage built form retirement villages and aged care facilities in a sustainable community environment.

Typical sites will comprise 200-300 living units on 7-12ha land.

Year in Review

• Fund launched in August 2008 with three sites secured worth $34 million

• William Marshall, previously CEO of Swancare Group joined Aspen in September 07 to head Aspen Communities

• Revised development plan approved for Ballina Village and aged care site sold

Outlook

• Completion of initial capital raising $35m

• Official re-launch of Ballina site under Aspen Communities banner 1H FY09

• Capitalise on strong and growing demand for over 55’s living

Annual Results 2008

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Annual Results 2008

47

1. Highlights

2. Financial Summary

3. Property Portfolio

4. Funds Management

5. Outlook

6. Appendix 1 – Property Portfolio

Annual Results 2008

48

Current Market Issues

Debt Facilities/Gearing

Aspen Position

• Gearing at 33% within Aspen’s target range with scope to further reduce

• Senior facility expiry October 2011

• 52% hedged and average swap term 2.6 years

Distribution payments from capital or revaluations

• Track record of paying DPS from underlying EPS

• Continued strong rental growth on current portfolio and Karratha Village development

• Pipeline of funds management income complimented by four new funds

Carrying value of assets

• Portfolio values resilient through:

• Strong market rental growth;

• Over 50% portfolio exposure to strong Perth and Adelaide CBD office markets;

• � Portfolio cap rates not stretched (Ave. 7.8% excluding Karratha); and

• Portfolio vacancy of circa 3%.

Limited growth outlook

• through capital and debt scarcity

• Selective but high value acquisition strategy

• New acquisition deals will need to be more structured in short to medium term

• � Significant organic growth within structure of existing funds

Annual Results 2008

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• Maintain gearing at lower end of target range

• Disciplined overhead management

• Selective acquisition strategy

• Potentially more modest growth

• Off market advantageous terms

• Maximise significant potential within existing portfolio and funds management businesses

• Maintain current annualised distribution level of 15.50 cents per security

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There will be winners and losers from the changed landscape, so why is Aspen well placed to prosper?

• Growing rental income stream from property portfolio (not reliant on asset disposals)

• Long term financing in place

• Simple and understandable business model which delivers attractive return on capital

• Growing level of income from maturing funds under management complemented by new funds management initiatives

• Track record of identifying and converting opportunities

• No international property exposure

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Movement in earnings and share price

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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.

Annual Results 2008

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Septimus Roe Square, Perth

Building Area 16,883 sqm plus 126 car bays Tenants 38 tenants including BankWest, Subway, Dome Cafe, Sun, State Police Connel Wagner, Commonwealth Gvt. Occupancy 100% Book Value $93.9 million

Alcoa Office Building, Perth Building Area 7888 sqm plus 230 car bays Tenants Alcoa of Australia Limited Minister of Works Occupancy 100% Book Value $26.2 million

Annual Results 2008

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55 Currie Street, Adelaide

Building Area 25,655 sqm plus 95 car parking bays Tenants Occupancy 99% Book Value $94.3 million

St. Kilda Rd, Melbourne Building Area 8,470 sqm plus 173 car parking bays Tenants L’Oreal Occupancy 100% Book Value $32.1 million

33 York Street, Sydney

Building Area 539 sqm plus 3 car bays Tenants Aspen Group Occupancy 100% Book Value $3.2 million

Annual Results 2008

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Elders Woolstores, Fremantle

Noble Park. Melbourne

Building Area 100,800 sqm Building Area 42,747 sqm plus 400 parking bays Tenant Elders Limited (subsidiary of Futuris Limited) Tenants Palazzo Distribution Services UR1 International Occupancy 100% Occupancy 72% Book Value $57.5 million Book Value $22.75 million

Rocklea, Brisbane

Building Area 14,555 sqm plus 150 car bays Tenants Acme Fine Furniture, McConochie Occupancy 100% Book Value $14.7 million

Annual Results 2008

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Garden Town, Toowoomba

Building Area 12.434sqm plus 750 car bays Tenants Super IGA Supermarket, two sub-major and multiple speciality tenancies Occupancy 90% Book Value $30.0 million

Annual Results 2008

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