Stabilisation Notice

24 July 2018

Not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States of America, Australia, Japan, Singapore, the United Arab Emirates, the Kingdom of Saudi Arabia or any jurisdiction in which such distribution would be unlawful.

ASA International Group plc

Post-stabilisation notice and exercise of the over-allotment option

Full exercise of the over-allotment option

Citigroup Global Markets Limited, acting as the stabilising manager in connection with the initial public offering (the "Offer") of shares in ASA International Group plc (the "Company"), has today given notice to exercise the over-allotment option granted by Catalyst Microfinance Investors in respect of 4,000,000 ordinary shares of the Company (the "Over-allotment Shares") at the Offer price of 313 pence per Over-allotment Share (the "Over-allotment Option"). Settlement of the Over-allotment Option will take place on 27 July 2018.

Including the exercise of the Over-allotment Option, the final total size of the Offer was 44,000,000 ordinary shares in total (representing 44 per cent. of the ordinary shares in the Company currently in issue).

Stabilisation notice

Further to its announcement on 13 July 2018, Citigroup Global Markets Limited (Contact: Syndicate Desk +44 20 7986 9000), in its capacity as stabilisation manager, hereby gives notice that it did not undertake stabilisation (within the meaning of Article 3.2(d) of Market Abuse Regulation (EU/596/2014)) in relation to the offer of the following securities and is terminating the stabilisation period early:

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement is addressed to and directed at persons in Member States of the European Economic Area ("Member States") who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC, as amended) and related implementation measures ("Qualified Investors"). In addition, in the United Kingdom, this announcement is being distributed only to, and is directed only at Qualified Investors who are, (i) persons who have professional experience in matters relating to investments falling within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and/or (ii) who are high net worth bodies corporate, unincorporated associations and partnerships or the trustees of high value trusts falling within Article 49(2)(a) to (d) of the Order, and (iii) other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). If you are not a Relevant Person, you should not act upon, or rely on, this announcement. Neither this announcement nor any copy of it may be made or transmitted into the United States, or distributed, directly or indirectly, in the United States. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada, Japan, Hong Kong, India, Singapore, South Africa, the United Arab Emirates or the Kingdom of Saudi Arabia or to any persons in any of those jurisdictions, except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, Japanese, Hong Kong, Indian, Singaporean, South African, United Arab Emirates' or Saudi Arabian securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions.

The securities to which this announcement relates have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any regulatory authority or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state law. There will be no public offer of the securities in the United States.