ASPEN GROUP — Capital/Financing Update 2008

Oct 23, 2008

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----- Start of picture text ----- Aspen Group LimitedABN 50 004 160 927Aspen Property TrustARSN 104 807 767Level 8, Septimus Roe Square256 Adelaide Terrace, PerthWestern Australia, 6000Telephone: 08 9220 8400Facsimile: 08 9220 8401Email: homemail@aspengroup.com.au----- End of picture text -----

ASX ANNOUNCEMENT 24 October 2008

PLACEMENT – CORPORATIONS ACT DISCLOSURE

Aspen Group refers to the Appendix 3B lodged today in relation to the placement of 24,518,325 stapled securities.

In accordance with Section 708A (5)(e) and Section 1012DA 5(e) of the Corporations Act Aspen Group advises:

• (a) the securities have been issued without a prospectus or a product disclosure statement;

• (b) as a disclosing entity, Aspen Group is subject to regular reporting and disclosure obligations;

• (c) Aspen Group has complied with the provisions of Chapter 2M and Section 674 of the Corporations Act as they apply to Aspen Group; and

• (d) There is no excluded information required to be disclosed as referred to in Sub-Sections (7) and (8) of Sections 708A and 1012DA of the Corporations Act.

For further information please contact Aspen Group on (08) 9220 8400.

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Gavin Hawkins Executive Director