ASF GROUP LIMITED — Capital/Financing Update 2008

Jun 24, 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

25 June 2008

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

Investment by Guangzhou Zhongsai Investment Co Ltd

ASF Group Limited ( ASX Code AFA ) is pleased to announce that it has finalized an Agreement with Guangzhou Zhongsai Investment Consulting Co Ltd (‘Zhongsai’) an investment group in Guangzhou, China for Zhongsai or its nominees to subscribe into ASF Group Ltd up to A$3 million of new equity capital no later than 30 August 2008.

The Company will issue these shares as a private placement to new investors and has now received the first tranche of A$200,000 subscribed at 12c per share thereby allotting 1,666,666 ordinary shares in accordance with the terms of the Agreement.

The funds raised pursuant to the Agreement will be used for working capital purposes, including the further expansion of ASF Resources Pty Ltd and other existing businesses.

Ms Min Yang, Chairman said

“ASF Group is very pleased to partner with Guangzhou Zhongsai Investment Consulting Co Ltd as it intends to work with the Company to facilitate investment from China into Australia. ASF Group believes this will provide an ideal platform and opportunity for corporate and institutional investors from China to invest in the Australian market.”

ASF Group is a company that has being successfully creating and conducting two way business and investment between Australia and China. Its activities and investments are in the following sectors:

• Resources

• Property;

• Travel

• Investment & Services

For further information contact:

Geoff Baker Director Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com