ASPEN GROUP — Capital/Financing Update 2013

Sep 10, 2013

Level 3, 129 St Georges Tce Pert h WA 6000 PO Box Z5025, St Georges Tce Pert h WA 6831

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T + 61 8 9220 8400 F + 61 8 9220 8401

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ASX Market Announcements ASX Limited Exchange Plaza 2 The Esplanade Perth WA 6000

11 September 2013

Aspen Group – notice under sections 708A(5)(e) and 1012DA(5)(e) of the Corporations Act 2001 (Cth)

Aspen Group has today issued 5,764,706 stapled securities in Aspen Group ( New Securities ) to Clement Salwin, the Chief Executive Officer and Managing Director of Aspen Group. Aspen Group securityholders recently approved the issue at an extraordinary general meeting held on 6 September 2013.

Aspen Group comprises Aspen Funds Management Limited (ABN 48 104 332 278) ( AFML ), as responsible entity of Aspen Property Trust (ARSN 104 807 767) ( APT ) and Aspen Group Limited ( AGL ). Stapled securities in Aspen Group comprise one ordinary share in AGL and one unit in APT.

Under the terms of the issue, the stapled securities are subject to a voluntary escrow period for a period of 12 months unless one of the following occurs:

• a change of control of Aspen Group;

• the voluntary or compulsory winding up of Aspen Group; or

• 80% of Aspen Group’s non-cash assets, as set out on the balance set as at 30 June 2013 of the audited accounts, have been realised (for cash or otherwise).

Notification under section 708A(5)(e)

AGL gives notice under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Act ) that:

• (a) AGL issued the New Securities without disclosure to Mr Salwin under Part 6D.2 of the Act;

• (b) as at the date of this notice, AGL has complied with:

  • (1) the provisions of Chapter 2M of the Act as they apply to AGL; and

  • (2) section 674 of the Act; and

• (c) as at the date of this notice, there is no information that is ‘excluded information’ within the meaning of sections 708A(7) and 708A(8) of the Act.

Notification under section 1012DA(5)(e)

AFML, on behalf of APT, gives notice under section 1012DA(5)(e) of the Act that:

• (a) the New Securities were issued without a Product Disclosure Statement being prepared;

• (b) this notice is given by it under section 1012DA(5)(e) of the Act;

• (c) as a disclosing entity, AFML, in its capacity as responsible entity of APT, is subject to regular reporting and disclosure obligations;

• (d) as at the date of this notice, AFML has complied with:

  • (1) the provisions of Chapter 2M of the Act as they apply to APT; and

  • (2) section 674 of the Act as it applies to APT; and

• (e) as at the date of this notice, there is no information that is ‘excluded information’ within the meaning of sections 1012DA(7) and 1012DA(8) of the Act.

Eric Lee Company Secretary Aspen Group

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