ASPEN GROUP — Capital/Financing Update 2015

Apr 15, 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 3, Newspaper House129 St Georges Terrace, PerthWestern Australia, 6000Telephone: 08 9220 8400Facsimile: 08 9220 8401Email: homemail@aspengroup.com.au----- End of picture text -----

ASX ANNOUNCEMENT 16 April 2015

Spearwood property sale

Aspen Group ( ASX:APZ ) is pleased to announce that a conditional contract has been executed for the sale of a portion of the Spearwood Industrial Estate in Perth (Spearwood). The sale price is $35.0 million for this portion, which is consistent with the valuation for 100% of Spearwood of $68 million as at 31 December 2014.

Spearwood is Aspen Group’s sole remaining material non-core asset. The portion subject to this sales contract has been vacant since December 2014. It is also subject to an environmental reclassification process, which is currently in progress. The other portion of the site, which is on an existing separate title, is fully leased with an approximate 5 year lease term remaining.

In commenting on the sale, the Aspen Group chief executive Clem Salwin said “This is a major transaction for Aspen in our successful transition to a specialised accommodation provider. The sale is in line with Aspen’s strategy of divesting its remaining non-core assets and reinvestment into the accommodation sector.

“The sale of this part of Spearwood to an owner occupier provides an optimal outcome for Aspen.

“Our focus will now shift to the sale of the remainder of the Spearwood site. This is an attractive asset, with a strong lease covenant and a long 5 year lease duration,” he added.

Settlement of this sale is conditional upon a number of matters. These matters include that the environmental assessment process (which has been underway for some time), results in that part of the site affected by its historic landuse, achieving classification from the WA Department of Environment as “restricted use”. Other conditions include the finalisation of structural and geotechnical due diligence and the purchaser obtaining regulatory approvals to use the site for its operational requirements. The conditions are expected to take several months to be satisfied.

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	For further information please contact:Clem SalwinChief Executive OfficerPhone: (+61) 8 9220 8400Email: clems@aspengroup.com.au	For media enquiries:David TaskerProfessional Public RelationsPhone: (+61) 8 9388 0944Mobile: (+61) 433 112 936Email: david.tasker@ppr.com.au

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