ASF GROUP LIMITED — Capital/Financing Update 2009

Mar 30, 2009

ASF GROUP LIMITED

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

31 March 2009 Australian Stock Exchange 20 Bridge Street SYDNEY NSW 2000 Via: www.asx.online.com

Conversion of Loan to equity

ASF Group Limited is pleased to announce that Goldchoice Investments Limited (“Goldchoice”) has elected to convert its loan of $1,000,000 into equity in the Company in accordance with the terms of the loan agreement between Goldchoice and the Company dated 1 July 2006.

Accordingly, the Company has issued and allotted 13,333,333 ordinary shares to Goldchoice in full satisfaction of the loan principal and is now debt free.

Goldchoice, a Hong Kong based investment company, is now entitled to 17,653,958 shares of ASF Group Limited amounting to 7.88% of the issued share capital of the Company.

Also as previously reported, Goldchoice has agreed to subscribe for three placements of shares at market prices in the Company in the period to 31 December 2009 to raise $1.5 million (less the amount of funds raised from any other investors in this period), if so requested by the Company.

ASF Group is the integrator for Australia-China Energy & Resource business

For further information contact:

Barry Neal Company Secretary Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com