ASPEN GROUP — Capital/Financing Update 2015

Dec 1, 2015

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MARKET RELEASE

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----- Start of picture text ----- Aspen Group LimitedABN 50 004 160 927Aspen Property TrustARSN 104 807 767Level 18, 9 Hunter StreetSydney NSW 2000Telephone: 02 9151 7500Facsimile: 02 9151 7599Email: homemail@aspengroup.com.au----- End of picture text -----

ASX ANNOUNCEMENT 2 December 2015

Aspen Parks Property Fund – Bidder’s Update

Aspen Group (ASX: APZ) notes the announcement by Aspen Funds Management Limited as Manager of Aspen Parks Property Fund that it has received a notice from Beston Parks Land Co Pty Ltd (ACN 111 783 423) as trustee for the Beston Accommodation Parks Trust (ABN 61 229 965 660), a wholly owned subsidiary of Discovery Parks Holdings Pty Ltd (ACN 127 847 269). A copy of that announcement is attached.

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Aspen Parks Property Fund ARSN: 108 328 669

Aspen Parks Property Management Ltd ABN 91 096 790 331 Aspen Funds Management Ltd ABN 48 104 322 278

Suite 9, Level 1 100 Railway Road Subiaco WA 6008

PO Box 2003 Subiaco WA 6904

Continuous Disclosure

T +61 8 9220 8400 F +61 8 9225 7411 w www.aspenfunds.com.au e funds@aspengroup.com.au

Aspen Parks Property Fund

Date: 2 December 2015 Title: Bidder’s Update

Aspen Funds Management Limited as Manager of the Aspen Parks Property Fund advises that it has received the notice attached from Beston Parks Land Co Pty Ltd (ACN 111 783 423) as trustee for the Beston Accommodation Parks Trust (ABN 61 229 965 660), a wholly owned subsidiary of Discovery Parks Holdings Pty Ltd (ACN 127 847 269).

NOTICE UNDER SECTION 630(3) OF THE CORPORATIONS ACT 2001 (CTH)

To: Aspen Parks Property Management Limited (ACN 096 790 331)

and

Aspen Funds Management Limited (ACN 104 322 278) as responsible entity for the Aspen Parks Property Trust (ARSN 108 328 669) both of Level 18, 9-13 Hunter Street Sydney NSW 2000

Australian Securities & Investments Commission

This notice is given by Beston Parks Land Co Pty Ltd (ACN 111 783 423) as trustee for Beston Accommodation Parks Trust (ABN 61 229 965 660) ( Discovery Bidder ) and concerns the offers dated 9 November 2015 made by Discovery Bidder in the off-market takeover bid to acquire all of the ordinary shares in Aspen Parks Property Management Limited (ACN 096 790 331) stapled to units in Aspen Parks Property Trust (ARSN 108 328 669) ( Offers ).

For the purposes of section 630(3) of the Corporations Act 2001 (Cth), Discovery Bidder gives notice that:

• (a) as at the date of this notice, Discovery Bidder has, by notice dated 20 November 2015, freed the Offers of all defeating conditions; and

• (b) as at 30 November 2015, Discovery Bidder’s voting power in Aspen Parks Property Management Limited was 7.73%.

DATED 1 December 2015