ASPEN GROUP — Director's Dealing 2015

Sep 28, 2015

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 30/09/01 Amended 01/01/11

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 28 September 2015

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

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

Direct or indirect interest	Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	ZFT Investments Pty Ltd
Date of change	29 September 2015
No. of securities held prior to change	187,141 Stapled Securities being:i) 70,000 Stapled Securities – directinterestii) 117,141 Stapled Securities – indirectinterest
Class	Stapled Securities
Number acquired	8,991 Stapled Securities
Number disposed	NIL
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation	$1.365 per Stapled Security

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

No. of securities held after change 196,132 Stapled Securities being: i) 70,000 Stapled Securities – direct interest ii) 126,132 Stapled Securities – indirect interest Nature of change On-market trade Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

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 contract N/ANature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities to whichinterest related prior to changeNote: Details are only required for a contract in relationto which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuationInterest after change----- End of picture text -----

Part 3 –[+] Closed period

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----- Start of picture text ----- Were the interests in the securities or contracts detailed Noabove traded during a [+] closed period where prior writtenclearance was required?If so, was prior written clearance provided to allow the tradeto proceed during this period?If prior written clearance was provided, on what date was thisprovided?----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011