ASPEN GROUP — Capital/Financing Update 2009

Mar 31, 2009

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ASX ANNOUNCEMENT 1 April 2009

Finalisation of Debt Facilities

Aspen Group announced on 25 February 2009 that it had agreed key terms with its primary lender, National Australia Bank for several new debt facilities. The facilities related to Aspen Group’s primary debt facility, as well as extensions to three of its Aspen Living property syndicates and were subject to formal documentation and execution.

Aspen Group is pleased to advise that formal execution of these new debt facilities has now occurred.

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For further information please contact:

Angelo Del Borrello Managing Director, Aspen Group Phone: (08) 9220 8400 Mobile: 0419 335 411

John McGlue FD Third Person Phone: (08) 9386 1233 Mobile: 0417 926 915

Or visit www.aspengroup.com.au

Aspen Group ASX Announcement 01/04/09

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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 rapidly and is now a member of the S&P/ASX 300 index with assets under management in excess of $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 securityholders.

Aspen Group ASX Announcement 01/04/09

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