ASPEN GROUP — Capital/Financing Update 2014

Sep 10, 2014

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----- Start of picture text ----- Aspen Group LimitedABN 50 004 160 927Aspen Property TrustARSN 104 807 767Level 3, Newspaper House129 St Georges Terrace, PerthWestern Australia, 6000Telephone: 08 9220 8400Facsimile: 08 9220 8401Email: homemail@aspengroup.com.au----- End of picture text -----

MARKET RELEASE

ASX ANNOUNCEMENT 11 September 2014

COMPLETION OF DEBT REFINANCING

Aspen Group is pleased to announce that it has executed documentation to refinance its debt facility. The available debt limit has been increased to $50.0 million (previously $26.8 million) and the maturity date extended to August 2016. This is consistent with the terms announced as part of Aspen Group’s FY14 financial results which were released on 25 August 2014.

Aspen Group CEO, Clem Salwin commented. “This debt facility underlines the strengthened financial position of Aspen Group and has been secured at a significantly lower cost. It provides greater scope for flexibility with our capital structure, including potential investment, as well as our current share buyback programme.”

Separately, Aspen Group’s wholly owned subsidiary, Aspen Funds Management Limited, the Manager of the Aspen Parks Property Fund (APPF), advises that a new debt facility has been executed for APPF. The new debt facility provides APPF with an increased limit of up to $125.0 million (previously $108.0 million) with a three year term to August 2017.

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For further information please contact:

Clem Salwin Adam Marrs Ekamper Chief Executive Officer & Managing Director Chief Financial Officer Phone: (+61) 8 9220 8400 Phone: (+61) 8 9220 8400 Email: clems@aspengroup.com.au Email: adame@aspengroup.com.au

Media enquiries

David Tasker Professional Public Relations Phone: 0433 112 936 Email: david.tasker@ppr.com.au

Aspen Group ASX Announcement – debt refinancing Sept 2014