ASPEN GROUP — Major Shareholding Notification 2020

Jun 10, 2020

Notice of initial substantial shareholder

Form 603 Corporations Law Section 671B

Aspen Group Limited Level 8, Septimus Roe Square To: 256 Adelaide Terrace PERTH WA 6000 1. Details of substantial shareholder Legg Mason Asset Management Limited (ABN 76 004 838 849) and each of the bodies corporate listed in Annexure A The holder became a substantial holder on 5/06/2020 2. Details of voting power The total number of votes attached to all the voting shares in the company or voting interest in the scheme that the substantial holder or an associate had a relevant interest in on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities	Person’s vote	Voting Power
FullyPaid Ordinary	5,708,742	5,708,742	5.03%
3.Details of relevant interests
Holder of relevant interest	Nature of relevant interest		Class and number of securities
Legg Mason Asset Management Australia Limited	Shares were acquired pursuant to contracts entered into in the ordinary course of business on a stock market of a stock exchange containing no terms and conditions other than standard terms and conditions		See Annexure C
4.Details of present registered holders The persons registered as holders of the securities referred to in paragraph 3 above are as follows: Holder of relevant interest Registered holder of securities Class and number of securities 5.Consideration See Annexure C The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:
Holder of relevant interest	Date of acquisition	Consideration	Class and number of securities
Legg Mason Asset Management Australia Limited	Refer to Annexure B
6.Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows: Name and ACN/ABN(if applicable) As per Annexure A 7.Addresses The addresses of the persons named in this form are as follows: Name Nature of association Legg Mason Asset Management Australia Limited Level 47, 120 Collins Street, Melbourne VIC 3000 10-June-2020 Farhaana Desai Legg Mason Asset Management Australia Limited Nature of association Each of the bodies corporate referred to in Annexure A is a related body corporate of Legg Mason Asset Management Australia Limited.

ANNEXURE A

LeggMason, Inc. Subsidiaries	LeggMason, Inc. Subsidiaries
Name of Undertaking	Nature of Close Link
LeggMason,Inc.	Parent Undertaking
LeggMason & Co.,LLC	Subsidiaryof Parent Undertaking
LeggMason Asset Management Australia Limited	Subsidiaryof Parent Undertaking
LeggMason Asset Management HongKongLimited	Subsidiaryof Parent Undertaking
LeggMason Asset Management(Japan)Co.,Ltd.	Subsidiaryof Parent Undertaking
LeggMason Asset Management Singapore Pte. Limited	Subsidiaryof Parent Undertaking
LeggMason Charitable Foundation,Inc.	Subsidiaryof Parent Undertaking
LeggMason International Equities Limited	Subsidiaryof Parent Undertaking
LeggMason Investment Funds Limited	Subsidiaryof Parent Undertaking
LeggMason Investments(Europe)Limited	Subsidiaryof Parent Undertaking
LeggMason Investments(Ireland)Limited	Subsidiaryof Parent Undertaking
LeggMason Investments(Taiwan)Limited	Subsidiaryof Parent Undertaking
LeggMason Investments(Switzerland)GmbH	Subsidiaryof Parent Undertaking
LeggMason Holding (Switzerland)GmbH	Subsidiaryof Parent Undertaking
LeggMason Political Action Committee(“PAC”)	Subsidiaryof Parent Undertaking
LeggMason Towarzystwo FunduszyInwestycyjnych Spolka Akcyjna	Subsidiaryof Parent Undertaking
Brandywine(UK)Holdings Limited
The Baltimore Company	Subsidiaryof Parent Undertaking
LeggMason & Co(UK)Limited	Subsidiaryof Parent Undertaking
LeggMason Canada Holdings Ltd	Subsidiaryof Parent Undertaking
LeggMason Commercial Real Estate Services,Inc.	Subsidiaryof Parent Undertaking
LeggMason FundingLtd	Subsidiaryof Parent Undertaking
LeggMason Global Holdings Ltd	Subsidiaryof Parent Undertaking
LeggMason Holdings,LLC	Subsidiaryof Parent Undertaking
LeggMason International Holdings,LLC	Subsidiaryof Parent Undertaking
LeggMason International Holdings(Cayman)Limited	Subsidiaryof Parent Undertaking
LeggMason(Chile)Inversiones HoldingLimitada	Subsidiaryof Parent Undertaking
LeggMason Investments Holdings Limited	Subsidiaryof Parent Undertaking
LeggMason Investments Nominees Limited	Subsidiaryof Parent Undertaking
LeggMason Real Estate Securities Advisors,Inc.	Subsidiaryof Parent Undertaking
LeggMason RealtyGroup,Inc.	Subsidiaryof Parent Undertaking
LeggMason RealtyPartners,Inc.	Subsidiaryof Parent Undertaking
LeggMason Tower,Inc.	Subsidiaryof Parent Undertaking
LM BAM,Inc.	Subsidiaryof Parent Undertaking
LM(BVI)Limited	Subsidiaryof Parent Undertaking
LM Capital Support V,LLC	Subsidiaryof Parent Undertaking
LM Holdings Limited	Subsidiaryof Parent Undertaking
LM Holdings 2 Limited	Subsidiaryof Parent Undertaking
LM International HoldingLP	Subsidiaryof Parent Undertaking
LM Tower,LLC	Subsidiaryof Parent Undertaking
LMI Nominees Limited	Subsidiaryof Parent Undertaking
Nova Scotia Company	Subsidiaryof Parent Undertaking
Barrett Associates,Inc.	Subsidiaryof Parent Undertaking
Brandywine Global Investment Management,LLC	Subsidiaryof Parent Undertaking
Brandywine Global Investment Management(Canada),ULC	Subsidiaryof Parent Undertaking
Brandywine Global Investment Management(Europe)Limited	Subsidiaryof Parent Undertaking

Brandywine Global Investment Management(Asia)Pte. Limited	Subsidiaryof Parent Undertaking
ClearBridge,LLC	Subsidiaryof Parent Undertaking
ClearBridge Investments,LLC	Subsidiaryof Parent Undertaking
ClearBridge Management Holdings LLC	Subsidiaryof Parent Undertaking
Clarion Partners Holdings LLC	Subsidiaryof Parent Undertaking
CP Intermediate Holdco,Inc.	Subsidiaryof Parent Undertaking
Clarion Partners,LLC	Subsidiaryof Parent Undertaking
Clarion Partners Europe,Ltd.	Subsidiaryof Parent Undertaking
Clarion REIM South America Holdings,LLC	Subsidiaryof Parent Undertaking
Clarion REIM South America Investimentos Imobiliarios LTDA	Subsidiaryof Parent Undertaking
LM/Clarion I,LLC	Subsidiaryof Parent Undertaking
LM/Clarion II,LLC	Subsidiaryof Parent Undertaking
LeggMason ClearBridge Holdings LLC	Subsidiaryof Parent Undertaking
LeggMason Fund Asset Management,Inc.	Subsidiaryof Parent Undertaking
LeggMason Investor Services,LLC	Subsidiaryof Parent Undertaking
LeggMason Partners Fund Advisor,LLC	Subsidiaryof Parent Undertaking
LeggMason Private Portfolio Group,LLC	Subsidiaryof Parent Undertaking
LM Pelican Holdings,L.P.	Subsidiaryof Parent Undertaking
LMM,LLC	Subsidiaryof Parent Undertaking
LMOBC,Inc.	Subsidiaryof Parent Undertaking
LMP Select,LLC	Subsidiaryof Parent Undertaking
Martin Currie Investment Management Limited	Subsidiaryof Parent Undertaking
Martin Currie Fund Management Limited	Subsidiaryof Parent Undertaking
Martin Currie Asia PTE Limited	Subsidiaryof Parent Undertaking
Martin Currie Inc.	Subsidiaryof Parent Undertaking
Permal GroupLtd	Subsidiaryof Parent Undertaking
Permal GroupLLC	Subsidiaryof Parent Undertaking
Permal GroupHoldings LLC	Subsidiaryof Parent Undertaking
Permal Capital Holdings LLC	Subsidiaryof Parent Undertaking
Permal Capital Management,LLC	Subsidiaryof Parent Undertaking
Permal UK Limited	Subsidiaryof Parent Undertaking
Permal Cayman International LP	Subsidiaryof Parent Undertaking
Permal MEP Cayman LP	Subsidiaryof Parent Undertaking
EnTrustPermal GroupHoldings LLC	Subsidiaryof Parent Undertaking
EnTrustPermal LLC	Subsidiaryof Parent Undertaking
QS Batterymarch Financial Management,Inc.	Subsidiaryof Parent Undertaking
QS Investors Fund Management,LLC	Subsidiaryof Parent Undertaking
QS Investors Holdings,LLC	Subsidiaryof Parent Undertaking
QS Investors,LLC	Subsidiaryof Parent Undertaking
RARE Infrastructure Limited	Subsidiaryof Parent Undertaking
RARE Infrastructure Finance PtyLimited	Subsidiaryof Parent Undertaking
RARE Infrastructure(Sovereign Enterprise No. 1)PtyLimited	Subsidiaryof Parent Undertaking
RARE Infrastructure(Europe)PtyLimited	Subsidiaryof Parent Undertaking
RARE Infrastructure(North America)PtyLimited	Subsidiaryof Parent Undertaking
RARE Holdings PtyLimited	Subsidiaryof Parent Undertaking
RARE Infrastructure(UK)Limited	Subsidiaryof Parent Undertaking
RARE Infrastructure USA,Inc.	Subsidiaryof Parent Undertaking
TreasuryRARE Holdings PtyLimited	Subsidiaryof Parent Undertaking
RARE IP Trust	Subsidiaryof Parent Undertaking
LeggMason Australia Holdings PtyLimited	Subsidiaryof Parent Undertaking
LeggMason Royce Holdings,LLC	Subsidiaryof Parent Undertaking

Royce & Associates,LP	Subsidiaryof Parent Undertaking
Royce & Associates GP,LLC	Subsidiaryof Parent Undertaking
Royce Fund Services,Inc.	Subsidiaryof Parent Undertaking
Royce Management Company,LLC	Subsidiaryof Parent Undertaking
Western Asset Management Company	Subsidiaryof Parent Undertaking
Western Asset Management CompanyLtd- Japan	Subsidiaryof Parent Undertaking
Western Asset Management CompanyLimited- UK	Subsidiaryof Parent Undertaking
Western Asset Management CompanyPtyLtd- Australia	Subsidiaryof Parent Undertaking
Western Asset Management Company Distribuidora de Titulos E Valores Mobiliarios Limitada	Subsidiary of Parent Undertaking
Western Asset Management CompanyPte. Ltd.- Singapore	Subsidiaryof Parent Undertaking
Batterymarch Asia GP,LTD	Subsidiaryof Parent Undertaking
BGIM Capital Management,LLC	Subsidiaryof Parent Undertaking
BMML,Inc.	Subsidiaryof Parent Undertaking
GraySeifert & Company,LLC	Subsidiaryof Parent Undertaking
LM Asset Services,LLC	Subsidiaryof Parent Undertaking
Martin Currie(Holdings)Limited	Subsidiaryof Parent Undertaking
Martin Currie Limited	Subsidiaryof Parent Undertaking
Martin Currie(Bermuda)Limited	Subsidiaryof Parent Undertaking
China Healthcare GP Limited	Subsidiaryof Parent Undertaking
China Development Capital GP Limited	Subsidiaryof Parent Undertaking
Martin Currie Absolute Return Fund GP Limited	Subsidiaryof Parent Undertaking
Moorgate Investment Management Limited(Dormant)	Subsidiaryof Parent Undertaking
Martin Currie Trustees Limited(Dormant)	Subsidiaryof Parent Undertaking
Pelican Holdings I,LLC	Subsidiaryof Parent Undertaking
Pelican Holdings II,LLC	Subsidiaryof Parent Undertaking
Permal GroupHoldings Ltd.	Subsidiaryof Parent Undertaking
Permal GroupSAS	Subsidiaryof Parent Undertaking
LM Cayco Ltd	Subsidiaryof Parent Undertaking
Permal Investment Management Services Limited	Subsidiaryof Parent Undertaking
Permal(HongKong)Ltd.	Subsidiaryof Parent Undertaking
Permal Pte. Ltd.	Subsidiaryof Parent Undertaking
Permal(Isle of Man)Ltd.	Subsidiaryof Parent Undertaking
Permal Business Consulting (Shanghai)Ltd.	Subsidiaryof Parent Undertaking
Permal Business Consulting (Beijing)Co.,Ltd.	Subsidiaryof Parent Undertaking
The St. James Bank & Trust Co. Ltd.	Subsidiaryof Parent Undertaking
SJBTC Ltd.	Subsidiaryof Parent Undertaking
W & P Fund Services Ltd.	Subsidiaryof Parent Undertaking
Saintco Ltd.	Subsidiaryof Parent Undertaking
Permal(PGI)LLC	Subsidiaryof Parent Undertaking
Permal Asset Management LLC	Subsidiaryof Parent Undertaking
Permal GP,LLC	Subsidiaryof Parent Undertaking
Precidian Investments,LLC	Subsidiaryof Parent Undertaking
Western Asset Holdings(Australia)PtyLtd.	Subsidiaryof Parent Undertaking
Western Asset Management(Cayman)Holdings Limited	Subsidiaryof Parent Undertaking
Western Asset Management(UK)Holdings Limited	Subsidiaryof Parent Undertaking
Western Asset Management(Brazil)Holdings Limitada	Subsidiaryof Parent Undertaking
EnTrustPermal Partners Holdings LLC	Subsidiaryof Parent Undertaking
EnTrustPermal Partners LLC	Subsidiaryof Parent Undertaking
EnTrust Permal FOF Management GP LLC	Subsidiaryof Parent Undertaking
EnTrust Capital Management LP	Subsidiaryof Parent Undertaking

EnTrust Securities LLC	Subsidiaryof Parent Undertaking
EnTrust Partners Offshore LLC	Subsidiaryof Parent Undertaking
EnTrust Partners Offshore LP	Subsidiaryof Parent Undertaking
EnTrust Focus Partners LP	Subsidiaryof Parent Undertaking
EnTrust Investment Management Pte. Ltd.	Subsidiaryof Parent Undertaking
EnTrust Capital(UK)LLP	Subsidiaryof Parent Undertaking
EnTrust Middle East Ltd.	Subsidiaryof Parent Undertaking

Annexure B	Annexure B	Annexure B	Annexure B	Annexure B
LeggMason AssetManagementAustraliaLimited
Trade date	Trade	Consideration	Quantity	Class

Annexure C

Holder of relevant interest and Registed holder of securities	Person entitled to be registered as holder	Nature of relevant interest	Class and number of securities affected
Legg Mason Asset Management Australia Limited	BNP			Fully Paid ordinary
Legg Mason Asset Management Australia Limited	Citi			Fully Paid ordinary
Legg Mason Asset Management Australia Limited	RBC			Fully Paid ordinary