ASPEN GROUP — Board/Management Information 2007

Jul 23, 2007

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Aspen Group Limited ABN 50 004 160 927

Aspen Property Trust ARSN 104 807 767

Level 8, Septimus Roe Square 256 Adelaide Terrace, Perth Western Australia, 6000

Telephone: 08 9220 8400 Facsimile: 08 9220 8401 Email: homemail@aspengroup.com.au

ASX ANNOUNCEMENT 24 JULY 2007

NEW APPOINTMENT TO HEAD RETIREMENT AND AGED CARE DIVISION

Aspen Group (ASX:APZ) is pleased to announce the appointment of Mr William Marshall as Chief Executive Officer of its newly created Retirement and Aged Care Division, bringing over 20 years experience in the management of health and retirement facilities.

Mr Marshall will oversee the development of retirement and aged care communities throughout Australia that will be recognised for their high quality products and services, while accomplishing an appropriate balance between the business needs of Aspen and the needs of communities and clients through innovative and contemporary thinking.

Aspen has identified the retirement and aged care sector as one which provides substantial long term growth prospects. Having recently acquired several retirement and aged care assets as part of the Caversham Properties acquisition, Aspen believes the combined skills of Mr Marshall and Caversham will enable Aspen to quickly gain a significant presence in this sector.

Aspen Group Managing Director Mr Angelo Del Borrello said the retirement and aged care sector provided further growth opportunities for Aspen Group.

“The rapid growth in people aged over 65 is expected to provide strong underlying demand for retirement and aged care facilities within Australia, which are growing in popularity due to the mix of high and low care living options and broad range of recreational facilities” said Mr Del Borrello

Mr Del Borrello added, ”Mr Marshall will drive Aspen’s strategy of developing large scale retirement and aged care villages on greenfield sites utilising Aspen’s in-house development skills and expertise”.

The move into the retirement and aged care sector provides an opportunity for Aspen to further expand its fund management activities. Aspen has identified three sites with the potential to accommodate some 750 living units, providing immediate scale for a new investment fund.

Mr Marshall joins Aspen from the SwanCare Group where as CEO he was responsible for the strategic direction, business development and management of an organisation of some 350 staff, providing 300 high and low care beds and 700 independent living units. This followed a successful management career in both the private and public health systems. Mr Marshall also holds formal qualifications in Health Administration.

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For further information please contact:

Angelo Del Borrello Managing Director, Aspen Group Phone: (08) 9220 8400 Mobile: 0419 335 411 Or visit www.aspengroup.com.au

John McGlue Porter Novelli Phone: (08) 9386 1233 Mobile: 0417 926 915

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