ASPEN GROUP — Capital/Financing Update 2015

Nov 26, 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 27 November 2015

Aspen Parks Property Fund – Operating performance update

Aspen Group (ASX: APZ) notes the announcement of operating performance update for the four month period ended October 2015 by Aspen Parks Property Fund. A copy of that update 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 T 1800 220 840 F +61 8 9225 7411 w www.aspenfunds.com.au e funds@aspengroup.com.au

Continuous Disclosure

Aspen Parks Property Fund

Date: 27 November 2015 Title: Operating performance update

Aspen Parks Property Fund (APPF) provides the following update on operating performance for the four month period ended October 2015, due to the current takeover offer[(1)] for APPF.

On a like-for-like basis, unaudited net property income was down 16% for the four month period to October 2015 compared with the same period to October 2014. This largely reflects the continuing trend of weakness in those properties operating in the resources sector, as well as the subdued conditions in Western Australia more generally.

Operating performance remains materially in line with expectations, with unaudited net property income being 2% below budget for the four month period.

Transaction costs, in the event that the offer[(1)] is completed, are estimated to have an impact of approximately 1.0 cent on the NAV per APPF security.

There has been no change in the annualised distribution rate of 4.0 cents per APPF security.

If you have any queries, please contact your financial adviser or Aspen Investor Services on 1800 220 840.

Phil Barker

Head of Funds Management

• (1) The unsolicited, off-market takeover offer (“Offer”) 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).

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Appendix

Operating performance, four month period, October 2015 vs October 2014

Property NOI($m)	Oct-14Oct-15variance
RevenueShort stay / residentialResourcesTotalCostsShort stay / residentialResourcesTotalNet incomeShort stay / residentialResourcesTotalMarginsShort stay / residentialResourcesTotal	10.110.10%4.33.2-26%
	14.413.3-8%5.15.33%2.02.0-4%
	7.17.21%5.04.9-3%2.31.2-47%
	7.36.1-16%50%48%-2%53%38%-14%
	51%46%-5%

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