ASF GROUP LIMITED — Capital/Financing Update 2008

Oct 13, 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

14 October 2008

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

“Cleansing Statement”

Dear Sir

ASF Group Limited ( ASX Code AFA ) seeks to rely on section 708A(5) of the Corporations Act 2001 and provides notice to the ASX for purposes of Section 708A(5)(e) of the Corporations Act 2001 of the following details:

• ASF has issued 10,749,107 ordinary fully paid shares (Shares) in the Company to nominees of Guangzhou Zhongsai Investment Consulting Co Ltd, an investment group in China.

• ASF issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act 2001.

The Company states that as of the date of this notice:

1. It has complied with the relevant provisions of Chapter 2M of the Corporations Act as they apply to the Company and Section 674 of the Corporations Act; and

2. It is not aware of any excluded information within the meaning of Sections 708A(7) and Section 708A(8) of the Corporations Act.

An Appendix 3B concerning the issue and allotment of the Shares was lodged with the ASX by the Company on 25 June 2008 in respect of 1,666,666 shares and on 29 September 2008 in respect of 9,082,441 shares.

Yours faithfully,

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Tony Teng Company Secretary Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com