ASF GROUP LIMITED — Capital/Financing Update 2023

May 29, 2023

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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

30 May 2023

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

Dear Sir/Madam

Variation of Star Diamond Loan Facility and Rey Loan Facility

ASF Group Limited (“ ASF” ) refers to the $25 million convertible loan facilities (“ SD Facility ”) granted by Star Diamond Developments Limited (“ Star Diamond ”) to ASF and is pleased to announce that Star Diamond has agreed to extend the maturity date of the SD Facility for one year to 31 October 2024.

ASF also agrees with Rey Resources Limited (“ Rey ”) for the extension of maturity date of the $2 million loan facility (“ Rey Facility ”) granted to Rey from 31 October 2023 to 31 October 2024.

Saved as aforesaid, all other terms and conditions of the SD Facility and Rey Facility remain unchanged.

Information about ASF

ASF Group Limited (ASX: AFA) is a diversified investment company with an international outlook and a history of more than 40 years. In an increasingly dynamic global market, we are experienced in spearheading strategic trade and investment between Australia and the world. Our insight and experience with transnational trade and investment allows us to generate value and maximise returns in our focus sectors of property, resources, technology and financial services.

Authorised by the Board of ASF Group Limited.

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