ASF GROUP LIMITED — Capital/Financing Update 2013

Nov 14, 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

15 November 2013

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

Dear Sir/Madam

Pro-rata non-renounceable 1 for 2 Rights Issue to Eligible Shareholders

ASF Group Limited (ASX: AFA) is pleased to announce a pro-rata non-renounceable one (1) for two (2) rights issue of fully paid ordinary shares in the capital of the Company. The offer is not underwritten.

As at the record date of Tuesday, 26 November 2013, the Company will offer Eligible Shareholders one (1) share for every two (2) shares held at $0.10 per share. Compared to the weighted average price of the Company’s shares on the ASX in the five trading days up to and including Thursday, 14 November 2013, of $0.152 (rounded to three decimal places), the offer price represents a discount of approximately 34%. Compared to the closing price of the Company’s shares on the ASX on Thursday, 14 November 2013 also of $0.12, the offer price of $0.10 per share again represents a discount of approximately 17%.

Details of the Offer are contained in the offer document to be issued on Monday, 18 November 2013. The offer document and personalised acceptance forms will be mailed to Eligible Shareholders on Friday, 29 November 2013. The closing date for the offer will be Friday, 13 December 2013.

The Company currently has 326,606,287 shares on issue. The maximum number of securities that may be issued under the rights issue is 163,303,144 shares. Shares issued under the rights issue will rank equally with existing shares. The Company will apply for official quotation on ASX of the new shares.

The maximum amount raised by the Offer would be $16,330,314 if every Shareholder exercised its Rights to purchase New Shares, before expenses. The Offer is not underwritten and thus Directors are not able at this time to state the amount of funds the Offer will raise.

The Offer will be made to Eligible Shareholders in an Offer Document which includes a personalised entitlement and acceptance form (Application Form). The Offer Document provides further details on how to participate in the Offer.

The purpose of the Offer is to raise funds for working capital for the Company and to fund future investment opportunities of the Company.

The Offer Document is available on the Company's website at www.asfgroupltd.com and from the Company's registered office at Bennelong, 2/3B Macquarie Street, Sydney NSW 2000.

Any person considering acquiring shares under the Offer should read the Offer Document carefully. Applications for shares under the Offer may only be made using the Application Form to be attached to, or accompanying the Offer Document. Shares will only be issued on the basis of an Application Form issued together with the Offer Document.

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The following timetable is indicative only. All dates are subject to change and accordingly are indicative only. The Company has the right to vary the dates of the Offer, without prior notice, subject to the Corporations Act and the ASX Listing Rules.

Event	Date
Announcement of Offer	15 November 2013
Offer Document, Appendix 3B and Section 708AA cleansing notice released to ASX	18 November 2013
Notice to Shareholders containing information required by Listing Rules	19 November 2013
“Ex” Date	20 November 2013
Record Date to determine Entitlement to New Shares	26 November 2013
Despatch of Offer Document and Application Form and announcement that dispatch completed	29 November 2013
Closing Date	13 December 2013
Securities quoted on a deferred settlement basis	16 December 2013
ASX notified of under subscriptions	17 December 2013
Allotment of New Shares, despatch date of holding statements	19 December 2013
Trading commences for New Shares on a normal settlement basis	20 December 2013

William Kuan

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