QAF LIMITED

(Company Registration No. 195800035D)

NOTICE OF A DIRECTOR'S (INCLUDING A DIRECTOR WHO IS A SUBSTANTIAL SHAREHOLDER) INTEREST AND CHANGE IN INTEREST *

* Asterisks denote mandatory information

Name of Announcer *

QAF LTD

Company Registration No.

195800035D

Announcement submitted on behalf of

QAF LTD

Announcement is submitted with respect to *

QAF LTD

Announcement is submitted by *

Lee Woan Ling

Designation *

Company Secretary

Date & Time of Broadcast

11-Jan-2012 17:36:46

Announcement No.

00041

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

>> PART I

1. Date of notice to issuer * 11-01-2012
2. Name of Director * Lin Kejian
3. Please tick one or more appropriate box(es):*
• Notice of a Director's (including a director who is a substantial shareholder) Interest and Change in
Interest. [Please complete Part II and IV]

>> PART II

1. Date of change of Interest 10-01-2012
2. Name of Registered Holder Tian Wan Enterprises Company Limited
3. Circumstance(s) giving rise to the interest or change in interest
Open Market Purchase
# Please specify details
4. Information relating to shares held in the name of the Registered Holder
No. of Shares held before the change 112,044,124
As a percentage of issued share capital 21.61 %
No. of Shares which are subject of this
notice 133,000
As a percentage of issued share capital 0.03 %
Amount of consideration (excluding brokerage and stamp duties) per share paid or received
0.60970
No. of Shares held after the change 112,177,124
As a percentage of issued share capital 21.64 %

>> PART III

1. Date of change of Interest
2. The change in the percentage level From % To %
3. Circumstance(s) giving rise to the interest or change in interest
[Select Option]
# Please specify details
4. A statement of whether the change in the percentage level is the result of a transaction or a series of
transactions:

>> PART IV

1. Holdings of Director, including direct and deemed interest :

Direct

Deemed

No. of shares held before the change

0

207,455,509

As a percentage of issued share capital

0 %

40.01 %

No. of shares held after the change

0

207,588,509

As a percentage of issued share capital

0 %

40.04 %

Footnotes (1) Mr Lin Kejian is deemed to have an interest in the shares of QAF Limited held by Tian Wan Enterprises Company Limited and Tian Wan Equities Company Limited pursuant to Section 7 of the Companies Act.
(2) Percentage before and after the change is calculated based on the
Company's issued number of 518,440,634 ordinary shares as at 11 January
2012.

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Notice of a Director's (including a Director who is a Substantial Shareholder) interest and change in interest: Lin Kejian