ASPEN GROUP — Capital/Financing Update 2012

Oct 18, 2012

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Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767 Level 3, Newspaper House 129 St Georges Terrace, Perth Western Australia, 6000 Telephone: 08 9220 8400 Facsimile: 08 9220 8401

ASX ANNOUNCEMENT Email: homemail@aspengroup.com.au

MEDIA RELEASE

ASX ANNOUNCEMENT 19 October 2012

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

Aspen Group Successfully completes the Retail Component of its $101.4 million Entitlement Offer

Aspen Group (“Aspen”: ASX: APZ) today announces the successful completion of the retail component of its 1 for 1 accelerated pro-rata non-renounceable entitlement offer (“Entitlement Offer”) of new Aspen securities (“New Securities”) at an offer price of $0.17 per New Security.

The retail component of the Entitlement Offer (“Retail Entitlement Offer”) opened on Wednesday, 3 October 2012 and closed at 5pm (AWST) on Wednesday, 17 October 2012.

Aspen received valid applications under the Retail Entitlement Offer from eligible securityholders for approximately 90 million New Securities in respect of their pro-rata entitlements. Aspen also received applications under the Retail Entitlement Offer from eligible securityholders for approximately 5 million New Securities in excess of their entitlements (“Additional Securities”). Applications for Additional Securities will not be subject to any scale back.

As the Entitlement Offer was fully underwritten, the shortfall, after the allocation of all Additional Securities, of approximately 187 million New Securities will be allotted to institutional and sophisticated investors.

As announced on 25 September 2012 the institutional component of the Entitlement Offer (“Institutional Entitlement Offer”) raised gross proceeds of approximately A$59 million. The combined proceeds of the Entitlement Offer raised approximately A$101.4 million for Aspen.

Allotment and issue of New Securities issued under the Retail Entitlement Offer is scheduled to occur on Thursday, 25 October 2012. Trading of New Securities is expected to commence on Friday, 26 October 2012 on a normal basis.

New Securities issued under the Entitlement Offer will rank equally with existing Aspen securities on issue and will be eligible for the forecast 1H13 distribution of 0.75 cents per security.[1]

1 Full year forecast FY13 distribution of 1.5 cents per security. Distribution payout of 80% of cash Core Operating Earnings. Core Operating Earnings defined as rental income from Aspen’s on balance sheet investment property assets and recurring funds management income from Aspen Parks Property Fund. Core Operating Earnings excludes all income and direct expenses associated with the non-core assets. Aspen is forecasting the non-core assets to be neutral to operating profit in FY13.

Aspen Group ASX Announcement 19 October 2012

Tax impact of investing

For capital gains tax purposes, New Securities consist of two separate assets, a unit in Aspen Property Trust (“APT”) and a share in Aspen Group Limited (“AGL”). The initial capital gains tax cost base to stapled securityholders of the New Securities is $0.14 per share for AGL shares and $0.03 per unit for APT.

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For further information please contact:

Hugh Martin Brett Fullarton Interim Chief Executive Officer Chief Financial Officer Phone: (+61) 8 9220 8400 Phone: (+61) 8 9220 8400 Email : hughm@aspengroup.com.au Email: brettf@aspengroup.com.au

For media enquiries:

David Tasker Professional Public Relations Phone: (+61) 8 9388 0944 Mobile: (+61) 433 112 936 Email: david.tasker@ppr.com.au

Aspen Group ASX Announcement 19 October 2012

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