ASF GROUP LIMITED — Capital/Financing Update 2013

Dec 29, 2013

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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

30 December 2013

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

Dear Madam/Sir

Second Conversion of the Convertible Facility

Further to the announcement of ASF Group Limited (“ ASF ”) dated 19 December 2013 in relation to the partial conversion and repayment to Star Diamond Developments Limited (“ Star Diamond ”) of a principal amount of $3 million convertible loan facility (“ Convertible Loan ”), ASF is pleased to announce that Star Diamond has further converted $4 million Convertible Loan into 36,363,636 fully paid ordinary shares representing approximately 8.54% of the enlarged issued capital of ASF at a price of $0.11 per share (" Second Conversion ").

The issue price represents a premium of approximately 8.85% above the VWAP of ASF shares in the preceding five trading days. Shares for the Second Conversion are issued under the 15% threshold stipulated under Listing Rules 7.1. Following completion of the Second Conversion, the outstanding principal amount of the Convertible Loan has been reduced to $2 million.

Information about ASF

ASF is unique among ASX-listed public companies in Australia as a creator and facilitator of two-way cross-border investments, trade and funds management between China and Australia. Since its transformation into a Sino-Australian investment and trading house in 2006, ASF has focused principally on the identification, incubation and realisation of opportunities across various industries.

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

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