Holding(s) in Company

Asfare Group plc
19 December 2003


                                Asfare Group Plc

                       Disclosure of Interests in Shares

The Company was informed on 16 December 2003 that following a purchase of
630,000 shares via a placing on 12 December 2003, Singer & Friedlander
Investment Management Limited has the following interest in Asfare Group Plc:

-         630,000 Ordinary shares, which based on there being 4,200,000 Ordinary
          shares in issue represents 15% of this class of capital.

Of which, following the placing on 12 December 2003, Singer & Friedlander AIM 3
Venture Capital Trust has the following interest in Asfare Group Plc:

-         321, 393 Ordinary shares, which based on there being 4,200,000
          Ordinary shares in issue represents 7.652% of this class of capital.

All shares are held on behalf of discretionary clients.




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