ASF GROUP LIMITED — Capital/Financing Update 2017

Mar 21, 2017

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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

22 March 2017

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

Dear Sir/Madam

$10M Convertible Loan

Further to the announcement of ASF Group Limited (“ ASF ”) dated 27 February 2017, ASF is pleased to announce that it has executed a Convertible Loan Agreement with Star Diamond Developments Limited (“ Star Diamond ”) in relation to the $10 million convertible loan facility (“ Loan ”) granted by Star Diamond.

Principal terms of the Loan include:

• (a) Interest rate – 10% per annum, payable in cash on quarterly basis;

• (b) Maturity date – on or before 30 June 2018;

• (c) Repayment – ASF may, at its sole discretion, repay the outstanding Loan and interest by either one or combination of (i) the issue of shares in ASF’s subsidiaries; or (ii) the transfer of securities held by ASF or its subsidiaries; or (iii) cash.

Further a draw down notice has been issued to Star Diamond for the part draw down of $6 million of the Loan.

Information about ASF

ASF Group Limited (ASX: AFA) is unique among ASX-listed public companies. It is a Sino-Australian investment and trading house which focuses principally on the identification, incubation and realization of opportunities in areas of synergy between China, Australia, UK and Europe including oil & gas, resources, property, infrastructure, travel and financial services sectors.

ASF is part of the S&P/ASX All Ordinaries Index (AOI) which consists of the largest 500 companies listed on the ASX.

Geoff Baker Director Ph: +612 9251 9088