Investment Objective
To provide stable, tax advantaged income returns, paid monthly, along with capital growth over the long term. The high level of income generated by the Fund is expected to result in consistent overall returns with relatively low volatility.

Investment Strategy
To acquire and expand a portfolio of park properties (caravan parks/tourist parks/accommodation parks) to a minimum value of $150 million over the next five years. The Fund seeks strong yielding parks with the potential for expansion or redevelopment into modern park resorts. Each park will be actively managed to ensure returns are maximized through income and capital growth.

Manager Profile
The Fund is managed by Aspen Funds Management Limited, a subsidiary of Aspen Group. The directors of Aspen Funds Management have many years experience in corporate management, property investments and management (including parks), and financial services. Aspen Group is a public company listed on the Australian Stock Exchange and included in the All Ordinaries Index. Its primary activities are property investment and management, and Aspen currently has in excess of $500m in assets under management.

Fund Details as at 31 August 2006
 

Date Established	July 2004
Total Fund Assets	Circa $100 million
Management Fee	1.5% of gross assets p.a.
Minimum Investment	$10,000
Redemptions (refer to Aspen Group Liquidity Facility)	Not available
Income Distributions	Monthly
Gearing	Target 55%
Application Price	Refer to company's website

Performance (1 year to 30 June 2005)
 

Total Return	27.4%
Income Distribution	10 cents per stapled security

Fund Structure
The Fund is a stapled security structure comprising one unit in Aspen Parks Property Trust, and one share in Aspen Parks Property Management Ltd. The unit and share are joined together to form a stapled security.

Investment Term
The Fund is an illiquid Fund, that is, there is no provision for redemptions. As such, investors should consider the Fund as a long term investment.

It is the Manager’s intention to make recommendations to security holders seven years from the date of commencement of the Fund, regarding the continuation of the Fund. Such recommendations would include seeking to have the Fund listed on the ASX or disposal of assets and return of capital to investors.

Aspen Group Liquidity Facility
To help investors wishing to sell their holding, Aspen Group has agreed to purchase a minimum of $250,000 worth of ADPF securities per calendar quarter at a 5% discount to the prevailing application price. Full details of the facility are available from the Manager. The Manager may revise the size of this facility upwards as the Fund continues to grow.

Asset	Location	% of Assets
Perth Holiday Park	Caversham, WA	6.3%
Coogee Beach Holiday Park	Coogee,WA	4.9%
Woodman Point Holiday Park	Woodman Point, WA	6.7%
Cooke Point Holiday Park	Port Hedland, WA	8.8%
Balmoral Holiday Park	Karratha, WA	4.9%
Pilbara Holiday Park	Karratha, WA	7.4%
Exmouth Cape Holiday Park	Exmouth, WA	3.7%
Island Gateway Caravan Park	Airlie Beach, QLD	8.5%
Twofold Bay Beach Resort	Eden, NSW	8.0%
Yarraby Holiday and Tourist Park	Echuca, VIC	9.4%
Wallamba River Holiday Park	North Tuncurry, NSW	8.0%
Monkey Mia Dolphin Resort	Shark Bay, WA	8.5%
Horseshoe Lagoon	Moama, NSW	8.6%
Big 4 Holiday Park	Port Augusta, SA	6.3%

Location of properties owned by Aspen Parks


Note: This document is issued by Aspen Funds Management Limited ABN 48 104 322 278, AFS Licence 227933. This document provides general information only and is not financial produce advice. You should read the current offer document and if necessary consult a financial adviser before making any investment decisions.

Further information about the Fund can be obtained from Aspen Group by telephoning 08 9220 8400