ASF GROUP LIMITED — Capital/Financing Update 2020

Jun 24, 2020

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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

25 June 2020

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

Dear Sir/Madam

Extension of Loan Facilities

ASF Group Limited (“ ASF” ) refers to the $20 million convertible loan facilities (“ Loan Facility ”) granted by Star Diamond Developments Limited (“ Star Diamond ”) and is pleased to announce that Star Diamond has agreed to increase the Loan Facility by $3 million to a total of $23 million and to extend the maturity date of the Loan Facility for one year to 31 October 2021. The Loan Facility can only be converted into shares of ASF’s subsidiaries and/or the securities held by ASF or its subsidiaries. As at the date of this announcement, a total of $18.15 million Loan Facility has been drawn down.

Further, ASF announces that it has agreed with Rey Resources Limited to extend the maturity date for the $2 million loan facility granted to Rey (“ Rey Facility” ) from 30 June 2020 to 31 October 2021. All other terms and conditions of the Rey Facility remain the same.

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.

Authorised by:

William Kuan Company Secretary ASF Group Limited Ph: +612 9251 9088