ASF GROUP LIMITED — Capital/Financing Update 2011

Mar 30, 2011

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

31 March 2011

The Manager Company Announcements Australian Stock Exchange Ltd 20 Bridge Street Sydney 2000

Dear Sir/Madam

ASF starts Infrastructure Planning for its Canning Basin Coal Asset

ASF Group Limited is pleased to announce that it has reached a strategic co-operation agreement with CCCC Guangzhou Dredging Co., Ltd (“ CCGD ”) a Chinese company which has as its ultimate parent China Communications Construction Company Limited (“ CCCCL ”).

CCCCL, which is listed on the Hong Kong Exchange, is China’s largest port construction and design company and is ranked World No. 224 among the US Fortune 500 in 2010.

The co-operation agreement with CCGD states that:

1. ASF Group is exploring its Western Australian tenements for thermal coal and any future mine development would require considerable new infrastructure and Port development;

2. ASF Group and CCGD intend to work together with a view to developing the appropriate infrastructure and Ports in Western Australia with CCGD assisting in port construction and design; organizing funds and providing technical support to the projects;

3. CCGD is prepared to act as a general contractor for the various port and infrastructure projects; and

4. CCGD also invites ASF Group to participate in its port development projects in China.

ASF Group has been carrying out exploration programs for thermal coal on its tenements in Western Australia with the view to establishing resources for future development.

Chairman of ASF Group, Ms Min Yang, said “the Company welcomes this Agreement with CCCC Guangzhou Dredging Co., Ltd and looks forward to developing an exciting co-operative business relationship with China Communications Construction Company Limited over time, to the mutual benefit of both Groups.”

For further information contact Justin Clarke, Development and Operations Director (Ph: 612 92519088).

William Kuan Company Secretary Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com