ASPEN GROUP — Capital/Financing Update 2007

Oct 30, 2007

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30 October 2007

Market Announcement

Company Announcements Office

Australian Stock Exchange Limited

Successful Property Sales (Contracts Exchanged)

Further to earlier announcements made in the annual report and year end update, and as part of an ongoing rationalisation of the company’s property holdings, Gowings is pleased to report that contracts have been exchanged for the sale of its 50% interest in Norton Street Leichhardt and the last remaining block of the Bayview Heights Estate development.

Total expected proceeds of approximately $9.2 million will be re-allocated to listed Australian and international equities.

Further, the company has also entered into a 2 part agreement with the Aspen Group Limited to exchange its Dundee Beach Tourist Park for a right to invest in 2 of Aspen’s unlisted property funds for a total consideration of $5 million.

Gowings is a shareholder in the Aspen Group and is pleased to be further developing this relationship through this agreement.

Suite 21, Jones Bay Wharf, 26 - 32 Pirrama Road, Pyrmont NSW 2009 Phone: 61 2 9264 6321 Fax: 61 2 9264 6240 www.gowings.com.au