ASF GROUP LIMITED — Capital/Financing Update 2011

Mar 6, 2011

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ASF GROUP LIMITED

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

7 March 2011

The Manager Company Announcements Australian Stock Exchange Ltd 20 Bridge Street Sydney 2000 via: www.asxonline.com

Dear Madam/Sir

ADDITIONAL DEPOSIT - SHARE SUBSCRIPTION AGREEMENT WITH YONGBIN

We refer to the announcement by ASF Group Limited (the “Company”) dated 6 December 2010 concerning a Share Subscription Agreement (the “Agreement”) entered into with Yongbin International Holdings Limited (“Yongbin”) whereby Yongbin is to acquire a 20% interest in ASF Resources Pty Ltd (“ASFR”) upon the subscription of A$6 million.

ASFR’s principal activity is to develop the Company’s prospective coal tenements in northern Western Australian. Pursuant to the Agreement, Yongbin advanced a non refundable deposit of $1.0 million of the subscription monies due under the Agreement.

The parties have agreed to amend the Agreement as follows:

• Yongbin has increased the non refundable deposit to $1.5 million by making a further payment to the Company of $0.5 million

• the term of the Agreement has been extended to 21 April 2011 by which date the balance of the subscription monies in the amount of $4.5 million are due and payable.

The Company looks forward to future co-operation with Yongbin in successfully further developing ASFR’s activities in Western Australia and in the resources sector generally.

For further information contact:

William Kuan Company Secretary Ph: +612 92519088 Fax: +612 92519066