ASPEN GROUP — Director's Dealing 2022

May 19, 2022

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Amended 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	Clive Appleton
Date of last notice	2 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 and Indirect
Nature of indirect interest	Appleton PSF Pty Ltd atf CR & J Appleton
(including registered holder)	PSF A/C - Beneficiary
Note: Provide details of the circumstances giving rise to the relevantinterest.	Ms Judith Appleton & Ms Natalie Appleton
	atf Max Apples Super Fund A/C -
	Beneficiary
Date of change	19 May 2022
No. of securities held prior to change	87,618 Stapled Securities under Appleton
	PSF Pty Ltd atf CR & J Appleton PSF A/C
	547,241 Stapled Securities under Clive
	Robert Appleton Share Fund
	61,596 Stapled Securities under Ms Judith
	Appleton & Ms Natalie Appleton atf Max
	Apples Super Fund A/C
Class	Stapled Securities

• See chapter 19 for defined terms.

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Number acquiredNumber disposedValue/ConsiderationNote: If consideration is non-cash, provide details and estimatedvaluationNo. of securities held after changeNature of changeExample: on-market trade, off-market trade, exercise of options,issue of securities under dividend reinvestment plan, participation inbuy-back	3,512 Stapled SecuritiesNil$1.52 per Stapled Security91,130 Stapled Securities under AppletonPSF Pty Ltd atf CR & J Appleton PSF A/C547,241 Stapled Securities under CliveRobert Appleton Share Fund 61,596 Stapled Securities under Ms JudithAppleton & Ms Natalie Appleton atf MaxApples Super Fund A/COn market purchase

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 contractNature 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 inrelation to which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuationInterest after change

N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

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