ASPEN GROUP — Director's Dealing 2022

May 31, 2022

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	John Carter
Date of last notice	8 December 2021

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	Direct or indirect interest	Direct or indirect interest	Direct and indirect	Direct and indirect	Direct and indirect	Direct and indirect	Direct and indirect
	Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.			Indirect: Mill Hill Capital Pty LtdHurtle Myrtle Pty Ltd atf Carter EvansSuper Fund. BeneficiaryLorwestPtyLtdatfLorwestTrust.BeneficiaryRupert Baroona Pty Ltd atf Carter Trust.Beneficiary
	Date of change			1 June 2022
	No. of securities held prior to change			1. 881,396 Performance rights2. 9,187,342 Stapled Securities – Mill HillCapital Pty Ltd3. 1,043,278 Stapled Securities - HurtleMyrtle Pty Ltd atf Carter Evans SuperFund4. 39,885 Stapled Securities - LorwestPty Ltd atf Lorwest Trust
				4.	39,885 St	apled Secu	rities - Lo
					Pty Ltd atf	Lorwest Tru	st
	Class			Sta	pled Securit	ies

• See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquired	324,884 Stapled Securities - Hurtle Myrtle
	Pty Ltd atf Carter Evans Super Fund
	1,299,536 Stapled Securities - Rupert
	Baroona Pty Ltd atf Carter Trust
Number disposed	Nil
Value/Consideration	$1.507 per stapled security
Note: If consideration is non-cash, provide details and estimated
valuation
No. of securities held after change	1. 881,396 Performance rights
	2. 9,187,342 Stapled Securities – Mill Hill
	Capital Pty Ltd
	3. 1,368,162 Stapled Securities - Hurtle
	Myrtle Pty Ltd atf Carter Evans Super
	Fund
	4. 39,885 Stapled Securities - Lorwest
	Pty Ltd atf Lorwest Trust
	5. 1,299,536 Stapled Securities - Rupert
	Baroona Pty Ltd atf Carter Trust
Nature of change	Issue of stapled securities as consideration
Example: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	for sell of shares in Hindmarsh Marina (SA)Pty Ltd under Share Purchase Agreement,
	acquisition approved at the Extraordinary
	General Meeting held on 26 May 2022

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.

Detail of contract	N/A
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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 3