This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the Company. The tender offer will be made only by an Offer to Purchase and related Letter of Transmittal, which will be mailed to shareholders and be available free of charge on the Securities and Exchange Commission's website at www.sec.gov. Shareholders should read these documents carefully. The tender offer is not being made to (nor will tenders be accepted from or on behalf of) holders of shares in any jurisdiction in which the making of the tender offer or the acceptance thereof would not be in compliance with the laws of such jurisdiction.

The Company's Board of Directors has approved the tender offer. However, neither the Company nor its Board of Directors makes any recommendation to any shareholder as to whether to tender or refrain from tendering shares in the tender offer.

D. F. King & Co., Inc. has been retained as information agent for the tender offer. Shareholders who have questions about the tender offer, require assistance with the procedures to tender shares, or need additional copies of tender offer materials may call the information agent collect at (212) 269-5550 (for banks and brokers) or toll-free at (800) 290-6431.

SOURCE: ASA Limited

ASA Limited 
David J. Christensen, 800-432-3378 or 716-883-2428 
President and Chief Executive Officer 
or 
Julian Reid, +44 7768 068 200 
Chairman of the Board

Dial-in information is as follows:
Live Participant Dial-in (Toll Free U.S.):  877-407-9210
Live Participant Dial-in (International):   201-689-8049
Slide viewing:                              www.asaltd.com
Date:                                       September 3, 2009
Time:                                       11:00 a.m. Eastern Time (8:00 a.m. Pacific Time)

The call is being simultaneously webcast and can be accessed for viewing the accompanying visuals, or for a listen-only mode, by going to the Company's website at www.asaltd.com and clicking on "Live Conference Call" on the Home page. A question and answer period will be available for participants calling in at the telephone numbers above.

A replay of the webcast will be available shortly following the conference call for a limited time. You can find the archived presentation by going to the Company's website at www.asaltd.com and clicking on "Conference Calls and Webcasts," which appears toward the bottom of the Home page and on the "Investor Information" page.

SOURCE: ASA Limited

ASA Limited 
David J. Christensen 
President and Chief Executive Officer 
800-432-3378 or 716-883-2428