ASPEN GROUP — Director's Dealing 2011

Jan 17, 2011

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity:	Aspen Group
	ABN 50 004 160 927

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Gavin Hawkins
Date of last notice	1 October 2010

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Direct or indirect interest	Direct
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.
Date of change	18 January 2011
No. of securities held prior to change	18,172,466 Stapled Securities
Class	Performance Rights. These can only beexercised to the extent the vesting conditionsare satisfied. The vesting conditions are 3years continued employment, minimuminternal performance ratings and TotalShareholder Return (TSR) and Earnings PerShare (EPS) vesting conditions.
Number acquired	2,015,027 Performance Rights
Number disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluation	$384,870 ($0.191 per Performance Right)
No. of securities held after change	18,172,466 Stapled Securities2,015,027 Performance Rights

• See chapter 19 for defined terms.

Appendix 3Y Page 1

30/9/2001

Appendix 3Y Change of Director’s Interest Notice

Nature of change Pursuant to offer made under Performance Example: on-market trade, off-market trade, exercise of options, issue Rights Plan approved at the Annual of securities under dividend reinvestment plan, participation in buyback General Meeting held on 29 November 2010.

Part 2 – Change of director’s interests in contracts

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms. Appendix 3Y Page 2

30/9/2001