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Aspen Group Property Portfolio August 2011

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About Aspen Group	3
Investment Property Portfolio	5
Funds Management	11
Aspen Living	14
Aspen Development Fund No. 1	21
Aspen Parks	25
Aspen Diversif ed	28

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2 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

About Aspen Group

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Aspen Group was formed in 2001 with a vision of building a leading property investment group by acquiring and managing quality property assets and creating and managing innovative property funds and syndicates.

Since then, Aspen Group has grown to become a member of the S&P/ASX 300 Index with assets under management of circa $1.3 billion.

Today, Aspen’s core strength remains in the Group’s broad expertise across property acquisition, development and management, enabling the Group to provide fi rst class property solutions to investors and generate attractive returns for shareholders.

This portfolio provides an overview of all properties and developments owned by Aspen Group and its managed Funds. More information on Aspen’s activities can be found on our website www.aspengroup.com.au

Funds Management

Investment Property Portfolio

Aspen has developed a reputation for creating successful funds management products and related services across core-plus, value-add and opportunistic strategies. These managed funds have provided investment opportunities across a broad spectrum of property sectors including tourist and accommodation parks, residential land subdivisions, and commercial development.

Aspen directly owns and manages a diversifi ed portfolio of commercial property assets Australia-wide with a core to core plus focus. The portfolio is concentrated in the offi ce and industrial sectors and has grown through acquisitions and portfolio revaluations, driven by strong inhouse property management capabilities.

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Group Assets

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Aspen Group directly owned properties
Aspen Funds owned properties
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4 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Investment Property Portfolio

The Aspen Group’s key foundation lies in the strength of its robust and proven underlying commercial property portfolio. This portfolio comprises seven core assets which are valued at $327 million.

This portfolio of properties allows Aspen Group to provide consistent income and long term growth in asset values, as well as security, to support growth in the Group’s funds management activities.

Aspen also has a direct development portfolio consisting of $28 million of non-core land assets which will either be developed in the short term and/or recycled.

Aspen Group’s property team is fi rmly focused on managing the portfolio’s maturity profi le, securing further longterm tenants and ensuring the portfolio continues to deliver a high-quality recurring rental stream to the Group.

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Income Covenant Profile Portfolio Geographic Diversification Portfolio Sector Diversification
(by Value) (by Value) (by Value)
QLD 3%
VIC 6%
Other 22%
Government Other
29% WA 63% 13%
SA 28% Commercial
61%
Industrial
Major 26%
Corporate
49%
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All diagrams assume completion of the ATO Building.

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Investment Property Portfolio - Summary

Property	Property	State	Primary	Latest	Book	Capitalisation
			Use	Independent	Value	Rate
				Valuation
Septimus Roe, Perth		WA	Off ce	Dec 09	$87.0m	9.25%
Alcoa Off ce Complex, Booragoon		WA	Off ce	Dec 09	$28.0m	9.00%
Browns Road, Noble Park		VIC	Industrial	Jun 10	$21.0m	10.00%
51	Heaton Street, Rocklea	QLD	Industrial	Jun 10	$9.5m	10.00%
ATO Building1		SA	Off ce	N/A	$49.6m	N/A
Woolstores, Spearwood		WA	Industrial	Jun 11	$58.0m	9.75%
Karratha Village, Karratha		WA	Accommodation	Jun 10	$44.0m	18.50%
Total					$297.1m 9.47%***

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Weighted Average Capitalisation Rate (ex Karratha).

** Sovereign Gardens, Ballina is classifi ed as investment properties in the Group accounts however is excluded for the purposes of this document as it is a non-commercial asset, being primarily land ($30.3m). 1. Currently under construction. APZ interest is 50% of building on completion. Forecast value on completion is $95m.

Septimus Roe Square, WA

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6 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Investment Property Portfolio

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SEPTIMUS ROE SQUARE
256 ADELAIDE TERRACE, PERTH, WA
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ALCOA BUILDING
LOT 4, DAVY STREET, BOORAGOON, WA
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Septimus Roe Square is a medium rise offi ce building comprising two levels of basement parking, ground, and 16 upper offi ce levels. The building has undergone extensive refurbishment in 1990 and ongoing refurbishment of various upper level lobby, offi ce and ground fl oor sections has occurred over recent years. More recently the ground fl oor of the property has undergone extensive refurbishment, with it being extended to comprise further retail tenancies.

Alcoa Building is a high quality 5 level offi ce development specifi cally constructed for Alcoa of Australia Limited. The property comprises a net lettable area of 7,645 sqm along with 17 undercover carbays and 213 open carbays.

The property adjoins Garden City Shopping Centre being Perth’s premium Regional Shopping Centre. Further development potential exists on the site.

The property is located on a prominent corner within the Perth CBD.

SUMMARY INFORMATION

CLASS	CBD Off ce Building
NLA	17,548 sqm
CAR SPACES	126 bays
ACQUISITION DATE	Oct-02
BOOK VALUE	$87.0m
VALUATION DATE	Dec-09
CAPITALISATION RATE	9.25%
MAJOR TENANTS: Aurecon, Aspen Group, Minister for Works

SUMMARY INFORMATION

CLASS	Suburban Off ce Building	Suburban Off ce Building
NLA		7,645 sqm
CAR SPACES		230 bays
ACQUISITION DATE		Aug-03
BOOK VALUE		$28.0m
VALUATION DATE		Dec-09
CAPITALISATION RATE		9.00%

MAJOR TENANTS: Alcoa, Minister for Works

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Investment Property Portfolio

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215 BROWNS ROAD
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51-63 HEATON STREET
ROCKLEA, QLD
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NOBLE PARK, VIC

The property is improved with two industrial warehouse buildings of approximately 10,639 and 3,885 sqm respectively situated on a total site area of 26,070 sqm The larger building comprises approximately 580 sqm of offi ce accommodation and 10,059 sqm of warehouse/factory accommodation. The second building is a modern concrete tilt panel warehouse and comprises approximately 140 sqm of offi ce accommodation and 3,745 sqm of high clearance warehouse. Rocklea is located approximately 9 kms south of the Brisbane CBD.

The property is a multi-tenanted complex of offi ce/warehouse buildings incorporating low clearance warehouse accommodation of 19,310 sqm, modern warehouse accommodation of 22,400 sqm with a two level offi ce/ showroom component of 1,800 sqm. There is on-site car parking for more than 400 vehicles. Noble Park is an established major industrial precinct located approximately 27 kms south east of Melbourne’s CBD.

SUMMARY INFORMATION

CLASS	Industrial
GLA	43,510 sqm
CAR SPACES	400 bays
ACQUISITION DATE	Oct-04
BOOK VALUE	$21.0m
VALUATION DATE	Jun-10
CAPITALISATION RATE	10.00%
MAJOR TENANTS: UR1 International, Parton Wine Distribution,
E&S Trading

CLASS	Industrial
GLA	14,524 sqm
CAR SPACES	Multiple
ACQUISITION DATE	Sep-04
BOOK VALUE	$9.5m
VALUATION DATE	Jun-10
CAPITALISATION RATE	10.00%

MAJOR TENANT: GMAC

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8 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Investment Property Portfolio

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WOOLSTORES
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CNR PHOENIX & SUDLOW ROAD, BIBRA LAKE, WA

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KARRATHA VILLAGE
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LOT 1 RADLEY DRIVE, KARRATHA, WA

The property is a large industrial development which is utilised for wool storage. The buildings comprise two large industrial warehouses with a total area of 102,339 sqm on a site of 29.37 hectares. The large land area of the site lends itself to future subdivision potential with the benefi t of a secured cashfl ow. The property is located 5 kms from the Fremantle port facilities.

Developed on the site is an accommodation village comprising a total of 180 units. The individual unit layouts comprise 1 main room separated into a lounge/living area with a partitioned bedroom and a separate ensuite facility. Other facilities include a large communal facility comprising restaurant, kitchen, recreation room and gymnasium, 2 freestanding laundry buildings, swimming pool and tennis court.

The property is securely leased to Woodside Burrup Pty Ltd for a 5 year term.

SUMMARY INFORMATION

CLASS	Industrial
GBA	102,339 sqm
CAR SPACES	Multiple
ACQUISITION DATE	Aug-03
BOOK VALUE	$58.00m
VALUATION DATE	Jun-11
CAPITALISATION RATE	9.75%
MAJOR TENANT: Elders

SUMMARY INFORMATION
CLASS	Accommodation
NO. UNITS	180 units
CAR SPACES	Multiple
ACQUISITION DATE	N/A
BOOK VALUE	$44.0m
VALUATION DATE	Jun-10
CAPITALISATION RATE	18.50%
MAJOR TENANT: Woodside

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Investment Property Portfolio

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ATO BUILDING
ADELAIDE, SA
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The ATO Building is a major offi ce tower development of 36,700 sqm within the Adelaide City Central precinct, fronting both Franklin and Bentham Streets. Agreements for lease have been entered into with the Australian Tax Offi ce and Australia Post for approximately 98.5% of the net lettable area and the building has a weighted average lease expiry of 14.4 years. The ATO Building, which will be the largest commercial offi ce building in Adelaide, will have a 5 star Greenstar Version 3 rating and is targeting a 4.5 star NABERS rating. The building is on schedule for practical completion in October 2012 and is currently circa 30% completed on a forecast cost to complete basis.

Aspen Group holds a 50% interest in joint venture with Telstra Super Scheme.

SUMMARY INFORMATION
CLASS	CBD Off ce Building
NLA	36,215 sqm
ACQUISITION DATE	Feb 2011
BOOK VALUE	$49.63m
VALUATION DATE	N/A
CAPITALISATION RATE	N/A

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10 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Funds Management

The Funds Management division was established in 2004 to leverage Aspen’s core asset management expertise to create innovative property sector funds. The division continues to evolve, enabling the Group to broaden its property sector reach and derive additional revenue.

The Funds Management division provides four avenues of income generation for the Group:

Management fees on the circa $1 billion of assets held within the Aspen Funds;
Transaction fees on acquisition and development activities undertaken on behalf of each Fund;
Equity profi ts though the Group’s cornerstone investment in each Fund which aligns Aspen’s interest as both Fund Manager and investor; and
Interest on loans provided to fund vehicles.

Key sector focuses for the Funds Management division are:

Residential land – Aspen Living;
Commercial Development – Aspen Development Fund No. 1;
Holiday and Accommodation Parks – Aspen Parks;
Core Income – Aspen Diversifi ed.

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Coogee Beach Holiday Park, WA

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Funds Management - Summary

Funds	Sector	Investment	Investor	Assets Under
		Structure	Markets	Management
Aspen Living	Land Development	Closed-End	Wholesale
		Syndicates	Sophisticated	$319 million
Aspen Developments	Commercial and	Closed-End	Wholesale
	Residential Development	Syndicate	Sophisticated	$254 million
Aspen Parks	Tourism and	Open-Ended	Retail	$288 million
	Accommodation Parks	Stapled Security
Aspen Diversified	Diversified Commercial	Open-Ended Trust	Retail	$131 million
	Core Income

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Aspen Funds Management by Aspen Funds Management by Aspen Funds Management by
Brand (value) Investor Market (value) Investment Structure (value)
Diversified
Aspen 13%
Living
Open Ended
32%
Stapled
Retail Wholesale/ Security Closed End
42% Sophisticated 29% Syndicates
Parks 58% 58%
29%
Open
Development Ended
Fund 26% Trust 13%
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12 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Funds Management - Portfolio

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Aspen�Living ADF��No.1
Residential Developments
5�Assets�(AUM�319M)$ 14�Assets�(AUM�254M)$
Aspen�Parks
Aspen�Diversified
Tourism��&�
Core�Income
Accommodation
9�Assets�(AUM�$131M)
25 Assets (AUM $288M)
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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Living

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Aspen Living is responsible for the development of large scale, masterplanned land estates with six * estates presently under management. The division has established strong in-house project management, sales and marketing, and administration teams committed to developing quality land estates in keeping with the surrounding environment.

*Byford on the Scarp is an asset of Aspen Development Fund No. 1.

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St Leonards Estate, WA.

14 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Living - Property Summary

Property	State	Number of	Current	Projected Gross	Development
		Lots	Average	Realestate or	Timeframe
		Remaining	Lot Price	Realisable Value	(Years)
Dunsborough Lakes	WA	1,076	$220k	$391m	10
Seaside Fern Bay	NSW	771	$260k	$260m	9
St Leonards Estate	WA	810	$260k	$273m	5
Whitsunday Shores	Qld	805	$160k	$256m	13
Enclave at St Leonards	WA	181	220k	$40m	2

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Dunsborough Lakes, WA

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Living - Dunsborough Lakes

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Ideally located at the gateway to the world renowned Margaret River wine region is Dunsborough, a favorite holiday location and increasingly popular as a permanent living address for many Western Australians. Dunsborough Lakes is an established premium estate situated around an 18-hole championship golf course, adjoins the town centre and is only minutes from the area’s pristine beaches.

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16 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Living - St Leonards Estate

Located in the picturesque Swan Valley Wine Region in Perth, Western Australia, St Leonards Estate will house in excess of 1,000 families in a rural and viticulture setting and is well positioned to benefi t from an increased population in one of Perth’s key growth corridors, only 15 minutes from the Perth CBD. The estate has one of the largest new home display villages in the area, contributing to its strong appeal with buyers.

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Living - Seaside Fern Bay

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Nestled in pristine coastal bushland just north of thriving Newcastle, Seaside Fern Bay provides a classic countercyclical opportunity for Aspen Living. An established and successful project to date, this 881 lot estate provides a foothold in the growing Newcastle residential market, Australia’s sixth largest city.

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18 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Living - Whitsunday Shores

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The town of Bowen in North Queensland, home to Whitsunday Shores Estate, is expected to benefi t signifi cantly from major infrastructure and resource projects in the region. This established estate has 805 remaining lots many with views to the Whitsunday Islands.

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Living - Enclave at St Leonards

Enclave at St Leonards is Ideally located at the gateway to the famous Swan Valley region and within the popular St Leonards Estate precinct in West Swan, Western Australia.

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The Enclave’s central location in the Swan Valley wine and tourist region, in close proximity to the major employment areas of Midland and Perth CBD makes it a very well sought after development with demonstrated high demand for new housing.

West Swan is approximately 15km North East of the Perth CBD in a rapidly expanding residential corridor, which includes the highly successful Ellenbrook Estate 7km to the North.

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Midland 4km Reid Highway
St Leonards Private Estate
Residential Land Estate
Whiteman Park
Vines Resort & Golf Course 14km
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20 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Development Fund No. 1

Aspen Development Fund No. 1 (ADF No. 1) was established in May 2007 as a multisector portfolio and initially comprised of 18 development projects including CBD offi ce towers, retirement villages, private hospitals and land subdivisions.

Campbelltown Private Hospital, NSW

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Norwest Private Hospital, NSW

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Byford On The Scarp, WA

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Status of Developments Development Portfolio by Sector
Breakdown of Projects by Status (by GRV)
($m Book Value)
In Planning 57% Commercial Retirement 13%
•Chittering 48%
•Upper Swan Completed Stock 18%
•Waggrakine •Mariner Resort
•Adelaide - Other •Campbelltown Commercial Hospital 2%
•Norwest
Awaiting Funding In Progress 14%
Residential 37%
11% •Byford by the Scarp
•Currambine
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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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ADF No. 1 - Project Overview

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Project GRV Sector Description of Project
Tourist Accommodation
Mariner 13 50% interest Tourist Architecturally designed resort of 82 short stay apartments and residential townhouses on the
Apartments Accommodation oceanfront in Geraldton, the major city in the mid west region of Western Australia.
Adelaide Commercial
Tower 4 214 Offi ce A proposed 32,760 NLA offi ce tower over 24 fl oors with 150 car bays on a portion of the site at
2-10 Franklin Street.
Adelaide Post 27 Retail 99 year leasehold interest in the heritage listed GPO building on the corner of William and
Offi ce Franklin Street, Adelaide, occupying a historic location. The Building is ideally positioned for
redevelopment into high end retail and boutique offi ces.
Darling Building 2 Apartments /strata A vacant heritage building over 5 levels on the corner of Bentham and Franklin Street, which has
offi ce the potential for boutique offi ce or residential apartment development.
Tower 7 81 Hotel Residential Development site in the heart of the Adelaide City Central precinct, earmarked as a future hotel
or residential development.
ATO Building 134 Offi ce Currently being developed for Franklin Street Property Trust. 98.5% of the 36,215 sqm NLA
building has been pre-leased to the ATO and Australia Post. The building is expected to be
completed in October 2012.
Electra House 6 Entertainment Located on King William Street in the heart of Adelaide, this historic 3 level building is
earmarked for redevelopment as a boutique hotel and restaurant.
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22 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

ADF No. 1 - Project Overview

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Project GRV Sector Description of Project
Tourist Accommodation
Byford on the 85 Residential Land A well established residential subdivision in the Byford township involves the progressive
Scarp Subdivision development of land under a master-planned project. Upon completion, this quality estate will
consist of approximately 685 residential lots set in a picturesque landscape on the Darling Scarp.
Chittering 42 Rural Residential Land Located 80 kilometres north east of Perth, this 1,431 hectare site is currently zoned rural. The
Subdivision strategy is to subdivide the land for rural residential lots.
Upper Swan 57 Subdivision land Bank Situated in the Swan Valley region approximately 30 kilometres east of Perth. This vacant site of
150 hectares is on a major arterial route which serves Western Australia’s burgeoning resource
areas. Planning is well progressed for development as a major transport depot.
Waggakrine 27 40% interest Rural Two rural land holdings for staged subdivision of 421 rural residential lots located on the north
Residential Subdivision eastern outskirts of Geraldton, to be developed in partnership with one of the regions major
developers.
Healthcare and Retirement
Campbelltown 1 Strata Hospital and 450 sqm of medical suites developed as part of the Campbelltown Private Hospital and Medical
Private Hospital Medical Suites Centre complex in the growing south western corridor of Sydney. This project has been
completed.
Norwest Private 18 Strata Hospital and A 170 bed private hospital and 8,000sqm medical centre complex, located 34kms from Sydney in
Hospital Medical Suites the fast growing north western region. Completed in 2009, the Fund holds approximately 1,400
sqm of medical space and a carpark for sale. Healthscope Limited, one of Australia’s largest
healthcare providers, is the hospital operator.
Currambine 100 Retirement Village A retirement development site comprising 6 hectare site in Perth’s northern suburbs. Superbly
Retirement located adjacent to major rail, road and shopping services, the fully approved development is
Village being undertaken for a leading aged care housing provider in the not for profi t sector.
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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Adelaide City Central
Site, SA
B1 – Tower 1
B2 – Tower 2
B3 – Electra
B4 – Tower 4
B5 – GPO
B6 – GPO
B7 – Tower 7
B8 – ATO Building
B9 – Darling Building
B8
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ADF No. 1 - Key Projects

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Electra House, Adelaide

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ATO Building, Adelaide

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24 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Parks

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Aspen Parks Property Fund was established in June 2004 as a value add property fund to acquire, manage and expand a portfolio of tourist and accommodation parks. The Fund’s key objective is to provide unitholders with regular income and the potential for capital growth, capturing the benefi ts of well located land holdings with attractive income yields.

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Monkey Mia Dolphin Resort, WA

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Geographical Diversification Sector Diversification Tourist Sites by Type
% of book value % of revenue % of sites
NSW Food & Beverage Backpackers
17% 15% Tourist 6% Cabin/Chalet
WA-North 52% 38%
32%
Annual/
Perth
Perm
Metro
12%
10%
QLD
3%
SA
6%
Mining/ Caravan/
Semi Perm Camping
WA-Mid Coast 18% Vic 14% 21% 56%
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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Parks - Portfolio Summary

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Property	State	Total	Date of Most	Latest	Capitalisation
		Land Area	Recent Independent	Independent	Rate
		(Ha)	Valuation	Valuation ($m)
1. Woodman Point	WA	7.9	Jun 10	8.8	12.5%
2. Coogee Beach	WA	4.1	Mar 09	7.6	13.5%
3. Perth Vineyards	WA	9.6	Dec 10	9.3	11.0%
4. Pilbara	WA	5.7	Apr 11	37.0	18.8%
5. Balmoral	WA	7.6	Mar 11	15.0	15.1%
6. Cooke Point	WA	3.1	Sep 10	26.0	24.9%
7. Exmouth Cape	WA	8.3	Mar 11	9.5	12.6%
8. Island Gateway	QLD	3.2	Mar 09	7.9	10.8%
9. Twofold Bay	NSW	6.7	Mar 09	6.7	11.2%
10. Yarraby	Vic	9.4	Oct 10	8.8	11.5%
11. Wallamba River	NSW	7.7	Mar 09	6.7	10.1%
12. Monkey Mia Dolphin Resort	WA	9.1	Sep 10	20.7	11.5%
13. Horseshoe Lagoon	NSW	13.3	Mar 09	8.9	11.1%
14. Port Augusta BIG4	SA	4.4	Mar 09	5.4	12.8%
15. Wymah Valley	NSW	140.0	Dec 10	2.2	13.0%
16. Ashley Gardens	Vic	7.9	Mar 11	15.8	11.3%
17. Ningaloo Reef Resort	WA	1.8	Apr 11	18.5	10.5%
18. Kununurra Country Club	WA	2.7	Apr 09	9.6	11.5%
19. Myall Grove	SA	8.7	Mar 09	9.5	17.5%
20. Golden River	Vic	2.5	Dec 10	4.3	12.1%
21. Shady River	NSW	10.8	Jun 10	5.7	11.5%
22. Geelong Riverview	Vic	2.6	Mar 09	3.4	21.0%
23. Murray River	NSW	1.3	Jun 10	0.7	22.0%
24. Boathaven	Vic	2.4	Mar 09	6.8	12.2%
25. Maidens Inn	NSW	15.5	Apr 11	14.6	11.2%
		296.3		269.41

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Excludes $1.4m relating to the value of five houseboats at Murray River Holiday Park.

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26 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Diversified

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Aspen Diversifi ed Property Fund is a core income fund with a strategy of investing in commercial properties within the $5 million to $30 million range.

Property	State	Primary	Latest	Book	Capitalisation
		Use	Independent	Value	Rate
			Valuation
80 Mount Street, North Sydney	NSW	Off ce	Jun 2011	$27.5m	9.00%
2 Apollo Place, Lane Cove	NSW	Off ce	Jun 2011	$8.20m	9.25%
3 Apollo Place, Lane Cove	NSW	Off ce	Jun 2011	$7.05m	9.25%
5 Burra Place, Shellharbour	NSW	Off ce/Retail	Jun 2011	$7.40m	9.50%
Industrial Complex, Nunawading	VIC	Industrial	Jun 2011	$18.20m	8.25%
677 Springvale Road, Mulgrave	VIC	Industrial	Jun 2011	$17.50m	9.50%
60 Grindle Road, Wacol	QLD	Industrial	Jun 2011	$12.40m	9.25%
Homemaker City, Castle Hill	NSW	Retail	Jun 2011	$16.70m	10.50%
Total				$114.95m	9.27%

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28 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Diversified - Portfolio Summary

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Homemaker City, Castle Hill, NSW

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Portfolio Geographic Diversification Portfolio Sector Diversification
(by Value) (by Value)
Vic 31%
Retail 14%
Industrial 42%
NSW 58%
Office 44%
Qld 11%
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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Diversified

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80 MOUNT STREET
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NORTH SYDNEY, NSW

The property is a substantial offi ce tower strategically positioned on a highly visiblecorner within the North Sydney CBD. The building comprises 14 levels of offi ce accommodation and ground fl oor retail, in addition there are 3 levels of basement carparking.

SUMMARY INFORMATION

CLASS	CBD Fringe Off ce Building
NLA	6,332 sqm
CAR SPACES	35 bays
ACQUISITION DATE	Dec-05
BOOK VALUE	$27.5m
VALUATION DATE	Jun-11
VALUER	M3 Property
CAPITALISATION RATE	9.00%

MAJOR TENANTS: Sydney Institute of ERP, HCL Services, Tract Consultants

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2 APOLLO PLACE
LANE COVE, NSW
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The property is a 3 level commercial offi ce building located in the Lane Cove Industrial Estate. The building has a total Net Lettable Area of 3,995 sqm with basement parking provided for 98 vehicles fully leased to Optus Administration Pty Limited with lease agreements expiring in February and June 2012. Lane Cove is located approximately 12 kms north west of the Sydney CBD and within close proximity to other commercial/industrial areas including Artarmon, St Leonards and North Ryde.

SUMMARY INFORMATION

CLASS	Suburban Off ce Building
NLA	3,995 sqm
CAR SPACES	98 bays
ACQUISITION DATE	Dec-07
BOOK VALUE	$8.20m
VALUATION DATE	Jun-11
VALUER	M3 Property
CAPITALISATION RATE	9.25%
LEASE EXPIRY	May-12

MAJOR TENANT: Optus Administration

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30 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Diversified

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3 APOLLO PLACE
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LANE COVE, NSW
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5 BURRA PLACE
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SHELLHARBOUR CITY CENTRE, NSW
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The property is a 2 level commercial offi ce building located in the Lane Cove Industrial Estate. The building has a total Net Lettable Area of 3,480 sqm with basement parking provided for 69 vehicles fully leased to Steinhoff Asia Pacifi c Ltd. Lane Cove is located approximately 12 kms north west of the Sydney CBD and within close proximity to other commercial/ industrial areas including Artarmon, St Leonards and North Ryde.

The property is situated within the new Shellharbour City Centre being approximately 100kms south of Sydney. Shellharbour City Centre is the commercial hub of the growing greater Shellharbour region. The property comprises a modern 3 level offi ce/retail building with associated carparking constructed in 2001.

SUMMARY INFORMATION

CLASS	Suburban Off ce Building
NLA	3,480 sqm
CAR SPACES	69 bays
ACQUISITION DATE	Dec-07
BOOK VALUE	$7.05m
VALUATION DATE	Jun-11
VALUER	M3 Property
CAPITALISATION RATE	9.25%
LEASE EXPIRY	Sep-12

SUMMARY INFORMATION

CLASS	Commercial Building
NLA	2,992 sqm
CAR SPACES	21 bays
ACQUISITION DATE	Dec-07
BOOK VALUE	$7.40m
VALUATION DATE	Jun-11
VALUER	Colliers
CAPITALISATION RATE	9.50%

MAJOR TENANTS: Rebel Sport, Dept.of Community Services

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Aspen Diversified

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INDUSTRIAL COMPLEX
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72-96, STATION STREET, NUNAWADING, VIC

The property is a quality offi ce/industrial facility situated in the established industrial precinct of Nunawading located approximately 20 kms north of the Melbourne CBD. The complex has a total lettable area of 22,542 sqm including 2,000 sqm of quality offi ce accommodation and is currently fully occupied by the Autobarn group of companies from March 2011 on a 15 year lease.

SUMMARY INFORMATION

CLASS	Industrial
GLA	22,542 sqm
CAR SPACES	334 bays
ACQUISITION DATE	Dec-05
BOOK VALUE	$18.20m
VALUATION DATE	Jun-11
VALUER	M3 Property
CAPITALISATION RATE	8.25%
LEASE EXPIRY	Feb-26

MAJOR TENANT: Autobarn

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677 SPRINGVALE ROAD
MULGRAVE, VIC
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The subject property is a modern offi ce/warehouse complex providing 9 tenantable units with ancillary laboratories, hard stand areas and onsite parking. The main building comprises good quality offi ce accommodation of single and double storey construction featuring a combination of open plan work stations and partitioned offi ces. The complex includes 300 designated open air and undercroft car bays. Mulgrave is one of Melbourne’s most sought after industrial/business precincts located only 1 km from the Monash Freeway.

SUMMARY INFORMATION

CLASS		Industrial
NLA		12,409 sqm
CAR SPACES		300 bays
ACQUISITION DATE		Jun-07
BOOK VALUE		$17.50m
VALUATION DATE		Jun-11
VALUER		M3 Property
CAPITALISATION RATE		9.50%
MAJOR TENANTS:	Optus Administration, HRL Limited,
	Mizuno Corporation

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32 ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

Aspen Diversified

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60 GRINDLE ROAD
WACOL, QLD
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CASTLE HILL HOMEMAKER CENTRE
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6 VICTORIA AVENUE, CASTLE HILL, NSW
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The property is a modern, purpose built cold storage and food preparation facility on a 4 ha site. The improvements comprise a large, high clearance production fl oor room along the northern alignment of the building with extensive cold storage and freezer rooms toward the western end of the building. Ample car parking is provided toward the eastern part of the property. The industrial suburb of Wacol is located approximately 16kms from the centre of the Brisbane CBD, close to main arterial roadways.

SUMMARY INFORMATION

CLASS	Industrial
GLA	9,020 sqm
CAR SPACES	Multiple
ACQUISITION DATE	Dec-07
BOOK VALUE	$12.4m
VALUATION DATE	Jun-11
VALUER	CB Richard Ellis
CAPITALISATION RATE	9.25%
LEASE EXPIRY	Dec-24
MAJOR TENANT: Cook Freeze Pty Ltd

The property is a bulky goods retail centre located in Castle Hill, approximately 30 kms from the Sydney CBD and within one of Sydney’s strongest growth corridors. The property features 16 large retail stores of varying sizes anchored by several quality bulky goods retail tenants. The centre provides ample onsite parking, both open air and undercover.

SUMMARY INFORMATION

CLASS		Retail (Bulky Goods)
GLA		11,263 sqm
CAR SPACES		265 bays
ACQUISITION DATE		Feb-06
BOOK VALUE		$16.70m
VALUATION DATE		Jun-11
VALUER		CB Richard Ellis
CAPITALISATION RATE		10.50%
MAJOR TENANTS:	Rays Outdoors, Fantastic Furniture,
	Baby Kingdom

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ASPEN GROUP PROPERTY PORTFOLIO AUGUST 2011

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Investor Enquiries Freecall: 1800 220 840 www.aspengroup.com.au

Important Information: This document contains information of a general nature and is believed to be accurate at the time of printing. This document is not intended to provide financial advice, and does not take into account any person’s financial situation, needs or objectives. Should you wish to invest in any products discussed, please seek your own financial advice from your financial adviser.

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AI assistant

ASPEN GROUP — Fund Information / Factsheet 2011

64404_rns_2011-08-30_6e9b5014-bf4a-41f4-a271-7d1a501022b2.pdf

Aspen Group Property Portfolio August 2011

Table of Contents

About Aspen Group

Funds Management

Investment Property Portfolio

Aspen Group Assets

Investment Property Portfolio

Investment Property Portfolio - Summary

Investment Property Portfolio

SUMMARY INFORMATION

SUMMARY INFORMATION

Investment Property Portfolio

SUMMARY INFORMATION

SUMMARY INFORMATION

Investment Property Portfolio

SUMMARY INFORMATION

Investment Property Portfolio

Funds Management

Funds Management - Summary

Funds Management - Portfolio

Aspen Living

Aspen Living - Property Summary

Aspen Living - Dunsborough Lakes

Aspen Living - St Leonards Estate

Aspen Living - Seaside Fern Bay

Aspen Living - Whitsunday Shores

Aspen Living - Enclave at St Leonards

Aspen Development Fund No. 1

ADF No. 1 - Project Overview

ADF No. 1 - Project Overview

ADF No. 1 - Key Projects

Aspen Parks

Aspen Parks - Portfolio Summary

Aspen Diversified

Aspen Diversified - Portfolio Summary

Aspen Diversified

SUMMARY INFORMATION

SUMMARY INFORMATION

Aspen Diversified

SUMMARY INFORMATION

SUMMARY INFORMATION

Aspen Diversified

SUMMARY INFORMATION

SUMMARY INFORMATION

Aspen Diversified

SUMMARY INFORMATION

SUMMARY INFORMATION

More from ASPEN GROUP

ASPEN GROUP Fund Information / Factsheet 2011