ASPEN GROUP — Board/Management Information 2011

Oct 25, 2011

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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 / MEDIA RELEASE 26 October 2011

CHAIRMAN TO STEP DOWN AT ANNUAL GENERAL MEETING

Aspen Group wishes to advise that Mr Reg Gillard has announced his intention to step down as Chairman of the Group, with effect from the 2011 Annual General Meeting to be held in Perth on Monday 28 November 2011.

As part of the Board succession plan, a current non-executive director Mr Frank Zipfinger, has agreed to succeed Mr Gillard as Chairman. Mr Zipfinger was appointed to the Board of Aspen in January 2011 and will take up the position of Chairman after the Annual General Meeting.

Mr Zipfinger brings vast experience and commercial acumen to the role, having been Chairman of the Board of Mallesons Stephen Jaques (Sydney) and a Managing Partner and Board member of the firm at various times since 1992.

He currently is a Non-Executive Director of listed Galileo Japan Trust (ASX: GJT), a director of the Melbourne Business School and holds several other directorships in not for profit organisations.

Mr Gillard, who joined Aspen Group as it’s founding Chairman in 2001 said that after ten years in the role, and having steered the Group through the Global Financial Crisis, it was an appropriate time for him to step down. During his tenure the Group has grown substantially to become a significant participant in the property industry and a member of the S&P / ASX 300 index, through creating and managing a number of funds management products and investing in a high quality investment portfolio.

“It has been both a rewarding and challenging decade as Chairman of Aspen Group, highlighted by periods of rapid growth as well as financial consolidation. I am pleased to be able to step aside with the knowledge that Aspen has a stable platform on which it can forge ahead, as demonstrated by our sound FY11 financial result and FY12 outlook,” Mr Gillard said.

Aspen Group Managing Director Gavin Hawkins paid tribute to Mr Gillard acknowledging his service and contribution to the development of the Group.

“Reg has provided outstanding leadership and guidance for our Board, executive management team and employees, bringing a high level of integrity and experience to the role. He has been a tremendous leader and trusted adviser for everyone at Aspen Group.”

Mr Gillard has agreed to remain as a non-executive director of Aspen Group until such time as the Board makes a further appointment as part of its non-executive director search process.

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For further information please contact:

Gavin Hawkins Managing Director, Aspen Group Phone: (08) 9220 8400 Mobile: 0402 148 279

David Tasker Professional Public Relations Phone: (08) 9388 0944 Mobile: 0433 112 936 Email: david.tasker@ppr.com.au

About Aspen Group

Aspen Group is an ASX listed property investment and funds management group, focused on acquiring quality property assets and creating and managing innovative property funds and syndicates.

Formed in 2001, Aspen has progressed to now be a member of the S&P/ASX 300 index with assets under management in excess of A$1.3 billion.

Aspen’s core strength lies within the Group’s broad expertise across property acquisition, development and management enabling the Group to provide leading edge property solutions.

Aspen directly owns and manages a well diversified portfolio of commercial property assets Australia-wide. The portfolio is spread across the office, industrial and retail sectors and has grown through acquisitions and portfolio revaluations of existing properties driven by a strong property management focus.

Aspen also has developed an outstanding reputation for creating unique and successful funds management products and related services. These managed funds have provided investment opportunities across a broad spectrum of property sectors including tourist parks, residential land subdivisions, CBD office developments, private hospital developments and retirement and accommodation villages.

Aspen continues to source acquisition opportunities for both balance sheet and syndication purposes in order to achieve further growth in both assets and earnings for security holders.

Website: www.aspengroup.com.au

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