Barossa Money Show Lino Brolese (CEO) Aspen Parks October 2009

1. Barossa Money Show Lino Brolese (CEO) Aspen Parks October 2009 “Creating wealth through intelligent property investment”

2. Property Market Overview Current state of the Property Market • In 2007 there was a substantial weight of funds chasing institutional grade assets with tightening investment parameters in a climate of rising interest rates and funding costs. • The landscape changed significantly in 2008 as a result of the GFC. Listed and unlisted property groups attempted to divest non-core assets to reduce gearing and ultimately reduce the cost of debt in a market with limited buyers. This resulted in a number of stressed sales showing significant softening in property values. • In a market with the absence of buyers and with loan to value ratios at critically high levels, many listed property trusts have recently completed capital raisings to reduce LVR. • Commercial property sales throughout 2008 and 2009 were down significantly on those levels experienced throughout 2007. • Leasing demand across all property classes has softened considerably over the past year which has impacted significantly on property values. Tenant default is also a real issue in the current market. • Given recent capital raisings and fund re-financing it would appear the property market has now stabilised with further dramatic falls in values across all classes unlikely.

3. Property Market Overview (cont.) Going Forward • We anticipate that risk pricing (required investment yield) will in the short to medium term remain at a premium to those levels witnessed in 2007, however do not believe further softening will take place. • The low interest rate environment should have a positive impact in property values however availability of debt still remains relatively tight. • The recent interest rate rises and strengthening Australian dollar are signs that confidence is returning to the market. • Commercial property fundamentals such as low vacancy rates, rental rates, constrained supply and income growth potential still remain positive and are likely to strengthen with the recent announcements of planned resource projects throughout Australia (i.e Gorgon) • Property is an illiquid long term investment. The long term property fundamentals within the Australian property market have not softened.

4. Unlisted vs Listed UNLISTED LISTED Direct property VS Property plus management companies Valued by professional valuers VS Valued by valuers plus the market sentiment Unit price – appraised annually VS Unit price – appraised daily Performance Driver VS Financial Markets / Anticipation Economy / Real Activity

5. Aspen Parks Property Fund “A Walk in the Park” Lino Brolese, CEO October 2009

6. Why Aspen Parks Property Fund? • Opportunity to access and land bank large land holdings – generally sought after locations ie. waterfront • Recession proofing – counter cyclical as holiday makers favour cheaper holidays during economic downturns • Fragmented industry providing opportunities to acquire parks with below market tariffs • Opportunity to acquire in an industry not dominated by institutional investors – not affected by same factors as the highly institutional commercial property market

7. Caravan Parks – Common Perceptions

8. Today’s Reality – Modern Tourist Park

9. Industry Statistics

10. Industry Statistics

11. Industry Statistics CARAVAN / HOLIDAY PARK STATISTICS Caravan Park Infrastructure Value $5.5 billion (CRVA) Consumer expenditure $6.7 billion (TRA) 86% of the Australian population has stayed in the Caravanning Industry at one point in their lives. (CRVA) Key Indicators (based on 1450+ caravan parks with more than 40 powered sites/cabins) (ABS) Sites Nights Available Nightly 233,026 (ABS) Turnover $1.036 billion – 2008 (up from $754,218 in 2003) CARAVAN INDUSTRY STATISTICS Industry turnover $3.1 billion (approx) Persons Employed more than 25,000 (CRVA) New Caravans Manufactured 18,900 (2008) (RVMAA) A new Recreational Vehicle is Manufactured approximately every 6 minutes in Australia. (CRVA) The production of caravans and other Recreational Vehicles has more than quadrupled since the early 1990’s. (CRVA) 22% of the Australian population either own or intend to own in the next two years a Recreational Vehicle of some kind. (CRVA)

12. Aspen Parks Property Fund Fund Strategy • Strategic land holding - Parks generally in excellent locations with potential for capital appreciation • Diverse income streams reducing reliance on any one sector (permanents, annuals, resource workers) • Potential for cost effective development of land or reconfigure park layout to generate capital upside

13. Existing Properties Existing Properties New Acquisitions New Acquisitions Fund Portfolio - 2004/05 Portfolio Summary No. of Properties: 8 Capital Value: $56.7m Turnover: $11.3m No. of Employees: 105 DARWIN Port Hedland Airlie Beach Karratha Exmouth BRISBANE Perth PERTH Fremantle SYDNEY ADELAIDE MELBOURNE

14. Fund Portfolio - Current Portfolio Summary No. of Properties: 25 Property Value: $270m Turnover: $65m (F09) No. of Employees: 460 DARWIN Kununurra Port Hedland Airlie Beach Karratha Exmouth Ningaloo BRISBANE Monkey Mia Roxby Downs Perth Port Augusta PERTH Forster- Tuncurry Fremantle Albury- Wodonga Mildura SYDNEY ADELAIDE Echuca-Moama Eden MELBOURNE

15. Geographical Diversification (Capital Value) 2004/2005 Current

16. Income Diversification Tourism Sector Total Portfolio

17. Acquisition Process

18. Portfolio Regional Presence

19. Aspen Developments - Cabin Design

20. Value-Adding - Masterplanning

21. Case StudyMaidens Inn Holiday Park (Echuca/Moama)

22. Masterplan

23. Land Bank Opportunities Ashley Gardens Holiday Village, Melbourne

24. On-line Marketing

25. Fund Performance Investment History as at 30 September 2009 Growth in value of $10,000 invested at inception Includes distributions, but assumes no reinvestment

26. Why Invest …. Key Features • Unique opportunity to invest in a growing niche property sector • Monthly income distributions – currently approx 8.3%pa (as at 1 October 2009) • Income is generated from a well diversified mix of park occupants and locations geographically diverse • Adds diversity to most investment portfolios • The Aspen Parks brand is becoming highly recognised Australia-wide • All direct property - no exposure to the volatility of the listed property market • Open-ended fund enabling further property acquisitions and additional investment • Strong Fund Ratings • Lonsec: Upper Recommend - April 2009 • Morning Star: Best performing fund (Unlisted and Direct Property, Australia) - July 2008 • Co-investment (approx 20%) by the Aspen Group (ASX:APZ), a successful listed Property and Funds Manager with assets under management in excess of $1.3 billion

27. For further details contact … Thornton Group Head Office 60 Greenhill Road WAYVILLE SA Contact: Dean Guse, Director (08) 8271 5144 Barossa Office 49 Murray Street Nuriootpa SA Contact: Anthony Prior, Financial Advisor (08) 8561 2400

28. Disclaimer This presentation has been prepared by Aspen Group (“Aspen”) and should not be considered in any way to be an offer, invitation, solicitation or recommendation with respect to the subscription for, purchase or sale of any security, and neither this document nor anything in it shall form the basis of any contract or commitment. Prospective investors should make their own independent evaluation of an investment in Aspen . Nothing in this presentation constitutes investment, legal, tax or other advice. The information in this presentation does not take into account your investment objectives, financial situation or particular needs. The information does not purport to constitute all of the information that a potential investor may require in making an investment decision. Aspen has prepared this presentation based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Aspen , its directors, employees or agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this presentation or its contents or otherwise arising in connection with it. All references to dollar amounts are in Australian currency unless otherwise stated.