ASF GROUP LIMITED — Capital/Financing Update 2019

Jan 6, 2019

==> picture [121 x 38] intentionally omitted <==

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 January 2019 The Manager Company Announcements Australian Stock Exchange Ltd 20 Bridge Street Sydney NSW 2000 via: www.asxonline.com

ASF Group Limited announces Fundraising

Dear Shareholders

The directors of ASF Group Limited (ASX: AFA) ( Company ) wish to advise that the Company intends to offer eligible shareholders an opportunity to participate in a non-underwritten share purchase plan ( SPP ) to raise A$5 million.

The SPP will offer shareholders the opportunity to subscribe for up to A$15,000 worth of shares in the capital of the Company in increments of A$1,000 at a fixed price of A$0.08 per share, which is a 6.67% premium to the closing price of the Company's shares on 4 January 2019 of A$0.075 and a 7.24% premium to the volume weighted average price of the Company's shares calculated over the 5 trading days prior to the announcement of the SPP, being A$0.0746.

New shares issued under the SPP will rank equally with the Company's existing shares. Shareholders participating in the SPP will not incur brokerage or other transaction costs.

Further details of the SPP will be communicated to shareholders in due course.

In addition to the SPP, the Company intends to conduct a placement of shares to sophisticated and/or professional investors to raise up to a further $9 million at a price no less than A$0.08 per share.

Yours faithfully ASF Group Limited

==> picture [59 x 41] intentionally omitted <==

……………………....................……

Min Yang Chairman

About the Company

ASF Group Limited (ASX: AFA) is unique among ASX-listed public companies as it powers business between the East and West. ASF is an 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 new energy, mining & resources, property, infrastructure, venture capital and financial services.

For further information, please contact:

William Kuan Company Secretary ASF Group Limited E: williamkuan@asfgroupltd.com T: + 61 2 9251 9088