ASF GROUP LIMITED — Capital/Financing Update 2020

Oct 22, 2020

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 October 2020

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

Dear Madam/Sir

Loan to KEY

ASF Group Limited (“ASF”) advises that it has entered into a Loan Agreement with Key Petroleum Limited (ASX: KEY) for the granting of an unsecured loan of A$250,000 (“Loan”) to KEY.

Principal terms of the Loan include:

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

• (b) Loan Maturity Date – 30 September 2021; and

• (c) Repayment – any outstanding Loan and interest is repayable in cash:

  • (i) on the Loan Maturity Date; or

  • (ii) any time prior to the Loan Maturity Date by ASF giving 45 days written notice to KEY; or

  • (iii) any time prior to the Loan Maturity Date by KEY giving 15 days written notice to ASF.

Information about ASF

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 oil & gas, resources, property, infrastructure, travel and financial services sectors.

This announcement has been authorised by the Board of ASF Group Limited

For more information please contact: William Kuan Company Secretary ASF Group Limited Ph: +612 9251 9088

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