ASF GROUP LIMITED — Board/Management Information 2008

Aug 7, 2008

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ASF GROUP LIMITED

ABN 50 008 924 570 Bennelong Suite 2, 3B Macquarie Street Sydney, NSW 2000, Australia Telephone: (61 2) 9251 9088 Facsimile: (61 2) 9251 9066 www.asfgroupltd.com

08 August 2008

The Manager Company Announcements Australian Stock Exchange 20 Bridge Street Sydney 2000 Via: www.asx.online.com

Macau Travel Business

The Company announces the following in relation to its 40% holding in ASF Macau Multinational Holdings Limited (ASF MMH) which in turn owns 100% of the Macau based travel business, Multinational Youth Travel Agency Limited (MYTA).

• The Company continues to hold a 40% interest in ASF MMH which in turn owns 100% of MYTA the company that operates our existing Macau based travel business.

• As part of a streamlining of the board and management arrangements of the Macau based travel business, the Company relinquished board control of ASF MMH effective on and from 1 July 2008.

• The Company’s co-shareholder in ASF MMH, Mr Alex Lao who is an experienced travel business operator has assumed board and management control of ASF MMH. Mr Lao is currently Chairman of MYTA and a non-executive director, Vice Chairman of ASF Group Limited.

• The Company is pleased with the financial and operating performance of MYTA and as part of these arrangements, is establishing a dividend policy to unlock so of the profits of the Travel group.

• As a result of these changes the Company has been equity accounting its 40% investment in ASF MMH effective on and from 1 July 2008. This investment was previously consolidated as a controlled entity of the Company in the financial year ending 30 June 2008.

For further information contact:

David Fang Executive Director ASF Group Limited Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com