ASPEN GROUP — Director's Dealing 2012

Oct 25, 2012

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	Frank Zipfinger
Date of last notice	22 May 2012

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 relevant interest.
Date of change	22 October 201225 October 2012
No. of securities held prior to change	211,012 Stapled Securities
Class	Stapled Securities
Number acquired	77,976 Stapled Securities211,012 Stapled Securities
Number disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$0.175 per Stapled Security$0.17 per Stapled Security
No. of securities held after change	500,000 Stapled Securities
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	77,976 securities on-market trade211,012 securities entitlement offer

• See chapter 19 for defined terms.

Appendix 3Y Page 1

30/9/2001

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

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----- Start of picture text ----- Detail of contractNature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract inrelation to which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, providedetails and an estimated valuationInterest after change----- End of picture text -----

Part 3 – Closed Period

Were the interests in the securities or contracts No detailed above traded during a closed period where prior written clearance was required? If so, was prior written clearance provided to allow the N/A trade to proceed during this period? If prior written clearance was provided, on what date N/A was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

30/9/2001