ASPEN GROUP — Major Shareholding Notification 2020

Oct 7, 2020

605 Page 1 of 2 15 July 2001

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme

ASPEN GROUP

ACN/ARSN 004 160 927

1. Details of substantial holder (1)

Pinnacle Investment Management Group Limited (and its subsidiaries Name listed in Annexure A)

ACN/ARSN (if applicable)

100 325 184

The holder ceased to be a substantial holder on 02/10/2020 The previous notice was given to the company on 18/09/2020 The previous notice was dated 18/09/2020

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (4)	Consideration given in relation to change (5)	Class (6) and number of securities affected	Person's votes affected
REFER TO ANNEXURE A PART 1 AND PART 2

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
REFER TO ANNEXURE B - NO CHANGES

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
REFER TO ANNEXURE C

Signature

print name CALVIN KWOK

capacity COMPANY SECRETARY

605 Page 2 of 2 15 July 2001

sign here

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date 08/10/2020

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

ASPEN GROUP LIMITED

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Annexure A - Part 1
Date of Change Person whose relevant interest changed Nature of change Consideration Number of Person's Class of securities
given in relation securities votes
to change affected affected
Pinnacle Investment Management Group Limited Disposal of securities by one or $ - - 476,940 - 476,940 Ordinary fully paid
Pinnacle Investment Management Limited more affiliated investment
Ariano Pty Limited (ACN 605 250 799) managers which it or its
Next Financial Limited (ACN 081 722 894) associates holds directly or
Next Financial Nominees Pty Ltd (ACN 093 252 576) indirectly above 20% voting
Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115) power in (see Annexure A – Part
Investment Solutions Client Services Pty Ltd (ACN 117 898 334) 2) and/or Pinnacle Fund Services
Priority Funds Management Pty Ltd (ACN 120 826 575) Limited, who each in turn hold
Priority Investment Management Pty Ltd (ACN 116 943 456 relevant interests in the securities
PNI Option Plan Managers Pty Ltd (ACN 125 030 766) the subject of this notice.
Pinnacle RE Services Limited (ACN 130 508 379)
Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
Pinnacle Investment Management (UK) Limited (Company
Number 11026111)
POSH Nominees Pty Limited (ACN 620 094 251)
2/10/2020
Pinnacle Fund Services Limited (ACN 082 494 362) Disposal of securities in its $ - - 476,940 - 476,940 Ordinary fully paid
capacity as responsible entity or
trustee of registered or
unregistered schemes and/or
relevant interest by virtue of
section 608(3)of the Corporations
Act as it or its associates holds
directly or indirectly above 20%
voting power in one or more
affiliated investment managers
(see Annexure A – Part 2) who
each in turn hold relevant
interests in the securities the
subject of this notice.
2/10/2020
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Pinnacle Investment Management Group Limited Acquisition of securities by one or $ 6,677.55 6,136 6,136 Ordinary fully paid
Pinnacle Investment Management Limited more affiliated investment
Ariano Pty Limited (ACN 605 250 799) managers which it or its
Next Financial Limited (ACN 081 722 894) associates holds directly or
Next Financial Nominees Pty Ltd (ACN 093 252 576) indirectly above 20% voting
Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115) power in (see Annexure A – Part
Investment Solutions Client Services Pty Ltd (ACN 117 898 334) 2) and/or Pinnacle Fund Services
Priority Funds Management Pty Ltd (ACN 120 826 575) Limited, who each in turn hold
Priority Investment Management Pty Ltd (ACN 116 943 456 relevant interests in the securities
PNI Option Plan Managers Pty Ltd (ACN 125 030 766) the subject of this notice.
Pinnacle RE Services Limited (ACN 130 508 379)
Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
Pinnacle Investment Management (UK) Limited (Company
Number 11026111)
POSH Nominees Pty Limited (ACN 620 094 251)
2/10/2020
Pinnacle Fund Services Limited (ACN 082 494 362) Acquisition of securities in its $ 6,677.55 6,136 6,136 Ordinary fully paid
capacity as responsible entity or
trustee of registered or
unregistered schemes and/or
relevant interest by virtue of
section 608(3)of the Corporations
Act as it or its associates holds
directly or indirectly above 20%
voting power in one or more
affiliated investment managers
(see Annexure A – Part 2) who
each in turn hold relevant
interests in the securities the
subject of this notice.
2/10/2020
Pinnacle Investment Management Group Limited Acquisition of securities by one or $ 25,413.23 23,492 23,492 Ordinary fully paid
Pinnacle Investment Management Limited more affiliated investment
Ariano Pty Limited (ACN 605 250 799) managers which it or its
Next Financial Limited (ACN 081 722 894) associates holds directly or
Next Financial Nominees Pty Ltd (ACN 093 252 576) indirectly above 20% voting
Next Financial Nominees No. 2 Pty Ltd (ACN 132 819 115) power in (see Annexure A – Part
Investment Solutions Client Services Pty Ltd (ACN 117 898 334) 2) and/or Pinnacle Fund Services
Priority Funds Management Pty Ltd (ACN 120 826 575) Limited, who each in turn hold
Priority Investment Management Pty Ltd (ACN 116 943 456 relevant interests in the securities
PNI Option Plan Managers Pty Ltd (ACN 125 030 766) the subject of this notice.
Pinnacle RE Services Limited (ACN 130 508 379)
Pinnacle Services Administration Pty Ltd (ACN 126 175 148)
Pinnacle Investment Management (UK) Limited (Company
Number 11026111)
POSH Nominees Pty Limited (ACN 620 094 251)
5/10/2020
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Pinnacle Fund Services Limited (ACN 082 494 362) Acquisition of securities in its $ 25,413.23 23,492 23,492 Ordinary fully paid
capacity as responsible entity or
trustee of registered or
unregistered schemes and/or
relevant interest by virtue of
section 608(3)of the Corporations
Act as it or its associates holds
directly or indirectly above 20%
voting power in one or more
affiliated investment managers
(see Annexure A – Part 2) who
each in turn hold relevant
interests in the securities the
subject of this notice.
5/10/2020
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This is Annexure "A - Part 1" as mentioned in form 605 Notice of ceasing to be a substantial holder

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Calvin Kwok Company Secretary

Date: 08/10/2020

ASPEN GROUP LIMITED

Annexure A - Part 2 Affiliated Investment Managers in which Pinnacle has over 20% voting power Antipodes Partners Limited (ACN 602 042 035) Hyperion Asset Management Limited (ACN 080 135 897) Metrics Credit Partners Pty Limited (ACN 150 646 996) Palisade Investment Partners Limited (ACN 124 326 361) Plato Investment Management Limited (ACN 120 730 136) Resolution Capital Limited (ACN 108 584 167) Solaris Investment Management Limited (ACN 128 512 621) Two Trees Investment Management Pty Limited (ACN 616 424 170) Riparian Capital Partners Pty Ltd (ACN 630 179 752)

This is Annexure "A - Part 2" as mentioned in form 605 Notice of ceasing to be a substantial holder

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Calvin Kwok Company Secretary Date: 08/10/2020

ASPEN GROUP LIMITED

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Annexure B
Name ACN Nature of Association
Pinnacle Investment Management 100 325 184 Related body corporate of each other entity listed in
Group Limited Annexure B.
Pinnacle Investment Management 109 659 109 Related body corporate of each other entity listed in
Limited Annexure B.
Pinnacle Fund Services Limited 082 494 362 Related body corporate of each other entity listed in
Annexure B.
Ariano Pty Limited 605 250 799 Related body corporate of each other entity listed in
Annexure B.
Next Financial Limited 081 722 894 Related body corporate of each other entity listed in
Annexure B.
Next Financial Nominees Pty Ltd 093 252 576 Related body corporate of each other entity listed in
Annexure B.
Next Financial Nominees No. 2 Pty 132 819 115 Related body corporate of each other entity listed in
Ltd Annexure B.
Investment Solutions Client 117 898 334 Related body corporate of each other entity listed in
Services Pty Ltd Annexure B.
Priority Funds Management Pty Ltd 120 826 575 Related body corporate of each other entity listed in
Annexure B.
Priority Investment Management Pty 116 943 456 Related body corporate of each other entity listed in
Ltd Annexure B.
PNI Option Plan Managers Pty Ltd 116 943 456 Related body corporate of each other entity listed in
Annexure B.
Pinnacle RE Services Limited 130 508 379 Related body corporate of each other entity listed in
Annexure B.
Pinnacle Services Administration 126 175 148 Related body corporate of each other entity listed in
Pty Ltd Annexure B.
Pinnacle Investment Management Company Related body corporate of each other entity listed in
(UK) Limited Number Annexure B.
11026111
POSH Nominees Pty Limited 620 094 251 Related body corporate of each other entity listed in
Annexure B.
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This is Annexure "B" as mentioned in form 605 Notice of ceasing to be a substantial holder

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Calvin Kwok Company Secretary Date: 08/10/2020

ASPEN GROUP LIMITED Annexure C

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Name Address
Pinnacle Investment Management Group Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Group Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Fund Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Ariano Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Next Financial Nominees No. 2 Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Investment Solutions Client Services Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Funds Management Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Priority Investment Management Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
PNI Option Plan Managers Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Investment Management (UK) Limited 7th Floor, Dashwood House, 69 Old Broad Street, London EC2M 1QS, United Kingdom
Pinnacle RE Services Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
Pinnacle Services Administration Pty Ltd Level 19, 307 Queen St, Brisbane QLD 4000, Australia
POSH Nominees Pty Limited Level 19, 307 Queen St, Brisbane QLD 4000, Australia
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This is Annexure "C" as mentioned in form 605 Notice of ceasing to be a substantial holder

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Calvin Kwok Company Secretary Date: 08/10/2020