ASF GROUP LIMITED — Capital/Financing Update 2012

Jul 22, 2012

ASF GROUP LIMITED

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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

23 July 2012

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

Dear Madam/Sir

Extension of Rey Subscription

Reference is made to the announcement of ASF dated 18 June 2012. Terms used herein shall bear the same meanings in the announcement unless the context otherwise defined.

Pursuant to the terms of the Subscription Agreements, the proposed subscription of 90 million Rey Shares at an issue price of 12 cents each is subject to approval by the shareholders of Rey at the shareholders meeting to be held no later than 14 August 2012 (“Condition Precedent Sunset Date”). Further, ASF had been granted a 60 day exclusivity period on negotiations with respect to a potential transaction on the Duchess Paradise Project (“Exclusivity Period”).

ASF wishes to advise the parties have signed a variation to the Subscription Agreements such that the Condition Precedent Sunset Date has been extended to 14 September 2012 and the Exclusivity Period extended to the date that is 14 days after the Condition Precedent Sunset Date.

William Kuan Company Secretary Ph: +612 9251 9088 Fax: +612 9251 9066

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