5 JUNE 2007

Aspen Group is pleased to announce that it has entered into an exclusive joint venture
agreement with Australia’s top ranked professional golfer Adam Scott and his golf course design
company Scott Golf Designs (“Scott Group”) to develop a series of golf courses within residential
estates around Australia.

The joint venture has successfully launched its first such development being the Aspen
Whitsunday Shores Estate, just north of Airlie Beach near the town of Bowen, Queensland.

The joint venture brings together two successful yet still emerging talents, an exciting combination
with the potential to produce word class living and golfing communities well into the future. Both
Aspen and the Scott Group believe their combined expertise will enable them to identify and
secure sites ahead of others and take advantage of the growing demand for golf course
community living.

Demand for golf course communities is being largely driven by the retiree population seeking a
‘sea’ or ‘tree’ change, with the open spaces of a golf course estate making for an attractive living
proposition for both golfers and non golfers alike.

The growth in Australia follows a similar experience in the US, where for example over 50% of golf
courses in Florida are integrated with residential developments. Research from America has found
that golf courses have the potential to add significant value to property located within a 2 km
radius.

Aspen Managing Director Angelo Del Borrello said Adam Scott’s position as a world class golf
professional (currently ranked No. 3 in the world) and the professional design capabilities of Scott
Golf Designs managed by Adam’s father Philip Scott would contribute significant value to Aspen’s
future residential projects.

“Aspen’s property development success combined with the Scotts’ professional golfing profile and
credentials will create outstanding opportunities to expand our portfolio through the development
of attractive residential estate golfing communities,” said Mr Del Borrello.

Adam Scott said that he was looking forward to working alongside Aspen in the creation of world
class golfing communities.

“Aspen have an enviable track record in the property industry and have demonstrated to us a
commitment to develop quality residential estates which are in keeping with our vision and
fundamental to a successful long term arrangement,” Mr Scott said.

“Our ambition is to design and build world class championship courses that rank alongside the
best in Australia and internationally. The outstanding opportunity to develop these courses in
residential estates with a proven quality developer such as Aspen is very compelling,” said Mr
Scott.

Aspen and Scott Group will both invest in each of the future developments, consistent with
Aspen’s co-investment strategy within its managed entities.

Each of the new residential estates will be syndicated and offered to professional and/or retail
investors through an unlisted funds management vehicle, in line with existing Aspen projects under
its “Aspen Living” brand.

Joint Venture Launches with Aspen Whitsunday Shores Estate
Aspen’s Whitsunday Shores Estate in Bowen, northern Queensland is the first project to be
developed in conjunction with Adam Scott.

The 269 hectare coastal land Estate was acquired by the Aspen Group managed entity Aspen
Whitsunday Shores Pty Ltd in December 2006 for $23 million. The Estate’s development proposal
includes 669 residential lots surrounding an 18 hole championship golf course.

About Aspen Group
Perth based Aspen Group (ASX:APZ) specialises in the investment, ownership and management
of property assets and property related investment funds Australia wide.

Aspen’s rapid expansion since 2004 has seen the Company introduce five unlisted managed
funds spanning the company’s interest in resort accommodation parks, the retirement sector, land
subdivision syndicates, property development syndicates and commercial, industrial and retail
property assets.

In the past three years Aspen has undertaken an aggressive national acquisition program across
all property sectors, expanding its assets under management to over $1.1 billion in value and
forging a position among the top diversified property management groups listed on the ASX.
Aspen Group entered the ASX All Ordinaries Index in 2006 and has significantly outperformed the
ASX 300 Property Sector Index in total investor return in three consecutive financial years.

About Adam Scott / Scott Golf Designs

Adam Scott was born in 1980 in Adelaide but largely raised in Queensland, taking a keen interest
in golf from a young age. A successful junior career in Australia included wins in the 1996 and
1997 Australian Junior Championship. Encouraged by his results Adam headed overseas to gain
further experience, attending college in the United States of America and playing a number of
tournaments in Europe. Following several top 10 finishes Adam made the decision to turn
professional in June 2000.

Adam was quick to demonstrate his promising ability securing his European Tour card after only
seven tournaments and achieving a world ranking inside the top 50 within 18 months. Adam
secured his first win in the ultimate challenge in world golf, the US PGA Tour, winning the
Deutsche Bank Championship in 2003 and breaking into the world top 20 in the official rankings.
Adam has now won 13 events on the international pro tours and is the highest ranked Australian
male professional golfer.

Scott Golf Designs is a full service golf course design company, managed by Phil Scott and staffed
by a team of industry professionals. Scott Design personnel have vast experience in the design,
construction and management of golf courses in Australia and continue to undertake projects
internationally.