ASF GROUP LIMITED — Major Shareholding Notification 2008

Jan 29, 2008

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ASF GROUP LIMITED

ABN 50 008 924 570 Bennelong Suite 2, 3B Macquarie Street Sydney, NSW 2000, Australia Telephone: (61 2) 9251 9088 Facsimile: (61 2) 9251 9066 www.asfgroupltd.com

MEDIA RELEASE

30 January 2008

The Manager Company Announcements Australian Stock Exchange 20 Bridge Street Sydney 2000 Via: www.asx.online.com

CITIC BECOMES ASF SHAREHOLDER

ASF Group Limited ( ASF ) is pleased to announce that CITIC International Assets Management Limited ( CIAM ) has emerged as a 4.68% shareholder of ASF. The transaction was between FY Holdings Ltd (ASF’s largest shareholder) and CIAM prior to ASF’s re-quotation. CIAM now is the 5[th] largest shareholder in ASF.

CIAM is a Hong Kong based asset management and direct investments company which is owned 40% by CITIC International Financial Holdings Limited, its largest shareholder. CITIC International Financial Holdings Limited is owned 100% by CITIC Group of Beijing and is the financial flagship of CITIC outside of mainland China.

Chairman of ASF, Ms Min Yang, said “the Company welcomes CIAM as a shareholder and looks forward to the prospect of developing a co-operative business relationship with CIAM, over time, to the mutual benefit of both companies .”

The shares of ASF were re-quoted yesterday on the ASX under stock code ‘AFA’. The company has undergone a major restructuring process over the past two years which has included recapitalization and changes of name, business activities and control.

ASF Group is a company that has being successfully creating and conducting two way business and investment between Australia and China. Its activities and investments are in the following sectors:

• Resources

• Property;

• Travel

• Venture Capital.

For further information contact: Geoff Baker Executive Director Ph: +612 92519088 Fax: +612 92519066 www.asfgroupltd.com