Aspen Group Ltd.

  Aspen Group Ltd., the Group's parent company, is publicly traded on the Tel Aviv Stock Exchange. The Group comprises Aspen Properties (1990) Ltd. (100%) and other subsidiaries. Controlled by businessman Rony Zarom (49.19%) and managed by Ilan Gifman, CPA, the company is involved in income-producing real estate in Israel and abroad (mainly in Germany, Switzerland and the Netherlands), in the initiation and development of projects in the residential and leisure sectors and in the establishment and acquisition of solar farms and facilities for producing electricity in Israel and Italy via third parties.
  Aspen Group (previously known as Aspen Building and Development Ltd.) had assets of about NIS 1.8 billion, and equity of approximately NIS 371 million, including minority interest as of December 31, 2011. Midroog Ltd. (Israel), an affiliate of Moody's Investors Service, has reaffirmed the A3 rating of the company's debentures, confirming a stable outlook. The company owns over 373,000 square meters of property leased to more than 300 tenants.
  Solar Energy - Aspen strongly believes in integrating financial feasibility with social responsibility. The group has constructed thirteen 50-kilowatt solar power stations, six facilities on buildings owned by the company and seven facilities in Israel's upper Galilee on rented facilities. In addition, a solar power station is currently under development in the south of Italy.

  International market - Recent acquisitions include:   
   • a 11,611 square meter office complex in Dortmund, Germany with Deutsche Telekom as the anchor tenant  

   • a 2,390 square meter commercial property ten kilometers south of Frankfurt, Germany with a REWE supermarket as the anchor tenant   
   • a 7,741 square meter office building in Bruhl, Germany, near the city of Keln leased for ten years to Deutsch Telekom

   • a 44,000 square meter logistics center in Venlo, Holland leased to Tommy Hilfiger.

   The company continues to expand its operations both in Israel and abroad.

	Three Months Ended December 31
Income Statement Data ($m)	2011	2010
Total Revenues	8.7	7.6
Gross Profit	7.1	5.5
Gross Margins  %	82%	73%
Operating Income	4.4	4.3
Interest, Net	-4.2	-4.2
Pretax Income	0.3	0.0
Net Income	3.5	-0.9
Data translated at the average NIS/$ exchange rate of each period.

	Year Ended December 31
Income Statement Data ($m)	2011	2010	2009
Total Revenues	31.7	27.5	26.1
Gross Profit	26.2	21.3	18.5
Gross Margins %	83%	77%	71%
Operating Income	28.6	22.4	17.1
Interest, Net	-17.9	-15.6	-11.6
Pretax Income	10.6	6.8	5.2
Net Income	11.3	3.6	8.2
Diluted Earnings Per Share ($)	0.22	0.08	0.19
Data translated at the average NIS/$ exchange rate of each year.

Balance Sheet Data ($m)	12/31/11	12/31/10
Total Cash & Equivalents	29.2	44.6
Current Assets	44.6	65.4
Total Assets	464.5	399.7
Current Liabilities	64.7	60.5
Total Equity	97.2	85.3
Data translated at the NIS/$ exchange rate at each balance sheet date.

Key Financial Ratios	12/31/11	12/31/10
Current Ratio	0.7x	1.1x
L-T Debt/Equity	295.8%	276.1%

Dividend Policy

Company to distribute up to 50% of net income.