ASF GROUP LIMITED — Capital/Financing Update 2008

Jan 24, 2008

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- BALANCE SHEETS AS AT 30 JUNE 2007 and Pro forma post Capital Raising

$000’s	Audited HistoricalConsolidated1		Pro formaConsolidatedActual Raising2
Current Assets
Cash and cash equivalents	2,066		4,304
Trade and other receivables	4,806		4,806
Inventories	5		5
Total Current Assets	6,877		9,115
Non-Current Assets
Trade and other receivables	247		247
Plant & equipment	621		621
Other Non Current Assets	180180
Intangible assets	3,241		3,241
Total Non-Current Assets	4,289		4,289
Total Assets	11,166		13,404
Current Liabilities
Trade and other payables	4,134		4,134
Financial Liabilities	2,084		2,084
Current tax liabilities	1		1
Total Current Liabilities	6,219		6,219
Total Liabilities	6,219		6,219
Net Assets	4,947		7,185
Shareholders Equity
Issued Capital	39,011		42,499
Reserves	(442)		(442)
Retained Earnings	(35,141)		(36,391)
Parent EntityInterest	3,428		5,666
Minority Interest	1,519		1,519
Total Shareholders Equity	4,947		7,185

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Notes:

1. Column 1 represents the Balance Sheet of ASF Group Limited as at 30 June 2007.

2. Column 2 represents:

   • the adjustments required to reflect the conduct of the Offer as set out in the Company’s 2007 Prospectus, comprising the actual issue of 10,185,800 shares at 25 cents each to raise $2,546,450, less expected costs of the Offer of $308,000. The impact of the Share Offer is to increase issued share capital and cash by $2,238,450 and;

   • the adjustments required to reflect the issue of shares to Directors as approved by the Annual General Meeting of the company. The effect of the issue is to increase share capital by $1,250,000 and to reduce earnings by $1,250,000.

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