ASPEN GROUP — Capital/Financing Update 2007

Dec 10, 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 11 DECEMBER 2007

ACQUISITION OF INDUSTRIAL PROPERTY BY ASPEN DIVERSIFIED PROPERTY FUND

Aspen Group (ASX:APZ) is pleased to announce the acquisition of a $13.6 million industrial property for its unlisted Aspen Diversified Property Fund (Aspen Diversified).

The industrial complex at 60 Grindle Road, Wacol, Queensland is to be acquired with a 15 year leaseback to the vendors, Cook Freeze Pty Ltd, a leading provider of pre-prepared and packaged food solutions.

Aspen Group Managing Director Mr Angelo Del Borrello said the proposed acquisition provided a secure long term leased property to complement the Fund’s existing portfolio.

“We are delighted to have secured a property with a 15 year lease, at an attractive yield, in such a tight market, which also fits well with our strategy to have a mix of single tenant and multi tenanted properties”, said Mr Del Borrello.

The property comprises of a combination of cold storage, food production and storage facilities, with smaller areas set aside for offices, loading docks and maintenance sheds. The gross lettable area is 9,020 square metres on a site of 45,220 square metres, providing the opportunity for future development and yield enhancement of the property.

Mr Del Borrello said “we continue to seek quality acquisitions in the $5 million to $30 million range to achieve our target of $250 million in assets for the Fund while providing a current yield to investors in excess of 8% per annum”.

The acquisition brings to ten the number of properties in Aspen Diversified which are now spread across four states of Australia. The Fund’s total portfolio will increase to $167 million with further acquisitions to be sought.

Settlement is due on 21 December 2007.

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For further information please contact:

Angelo Del Borrello John McGlue Managing Director, Aspen Group Porter Novelli Phone: (08) 9220 8400 Phone: (08) 9386 1233 Mobile: 0419 335 411 Mobile: 0417 926 915

Or visit www.aspengroup.com.au

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