ASPEN GROUP — Capital/Financing Update 2012

Mar 19, 2012

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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 / MEDIA RELEASE 20 March 2012

SALE OF ROCKLEA BUILDING

Aspen Group is pleased to announce that it has executed an unconditional contract for the sale of its Heaton Street, Rocklea industrial building in Queensland for $7.35m (plus GST), with settlement scheduled to occur on 15 May 2012.

The sale price is a discount to the current book value of $8.1 million, however the asset was deemed as non-core for the Aspen portfolio and requires capital expenditure in the short term. As the building has been vacant since August 2011, its disposal represents a positive outcome with respect to the capital management efficiency of the Group.

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For further information please contact:

Gavin Hawkins David Tasker Managing Director, Aspen Group Professional Public Relations Phone: (08) 9220 8400 Phone: (08) 9388 0944 Mobile: 0402 148 279 Mobile: 0433 112 936 Email: david.tasker@ppr.com.au

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 to now be a member of the S&P/ASX 300 index with assets under management in excess of A$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

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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 look for acquisition opportunities for both balance sheet and syndication purposes in order to achieve further growth in both assets and earnings for security holders.

Website: www.aspengroup.com.au

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