ASF GROUP LIMITED — Board/Management Information 2012

Nov 13, 2012

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ASF GROUP LIMITED

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

14 November 2012

The Manager Company Announcements Australian Stock Exchange Ltd 20 Bridge Street Sydney 2000 via: www.asxonline.com

Dear Madam/Sir

Rey Resources Limited (Rey)

We refer to a letter to Rey shareholders from the Chairman of Rey entitled ‘ASF Group seeks changes to the Rey Board’ ( the Rey Announcement), released by Rey to the ASX today.

ASF Group’s two representatives on the Rey Board have been participating in the discussions with other Rey directors, referred to in the Rey Announcement, concerning the size and composition of the Rey Board of Directors. These discussions have been harmonious but inconclusive to date.

ASF’s interest, as a substantial shareholder of Rey, is for Rey to have a smaller but balanced board with the requisite skills to further develop and govern the company in the best interests of Rey and its shareholders as a whole. ASF is now considering what steps it should take to see that appropriate change occurs in relation to Rey’s Board composition.

Unfortunately ASF Group representatives on the Rey Board were not given a copy of the Rey Announcement prior to its release and had no opportunity to contribute to the announcement. In light of this, ASF Group makes this announcement to clarify the issues.

William Kuan Company Secretary Ph: +612 9251 9088 Fax: +612 9251 9066

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