Placing of Shares with a Syndicate

ADAMAS FINANCE ASIA LIMITED

("ADAM" or the "Company")

Completion of the Placing of Shares with a Syndicate of Three Third-Party Investors

Following the Company's Share Buyback announcement on 23 December 2019, Adamas Finance Asia Limited (AIM: ADAM), the London quoted company focused on providing shareholders with attractive uncorrelated, risk adjusted returns from a diversified portfolio of pan-Asian investments, is pleased to announce that, pursuant to that announcement, it has successfully placed 1,264,000 of such shares with a syndicate of three third-party investors at a price of GBP 0.161 (USD 0.21) per Ordinary Share, for an aggregate consideration of GBP 203,504 (USD 265,440).

As previously announced, a portion of the shares bought by the Company in December were expected to be placed with a syndicate of third-party investors, which has now been successfully concluded by ADAM. The price at which the Company placed the shares is the same price that the Company acquired the shares on 23 December 2019. Furthermore, the Company understands that each investor views its shareholding in ADAM as long-term investments in the Company.

The shares placed represent 52.7% of the total shares originally purchased by the Company in December 2019 and the Company confirms that the remaining shares will continue to be held in Treasury by the Company for the foreseeable future.

John Croft, Chairman of Adamas Finance Asia Limited, commented:

"Pursuant to the Company's Share Buyback announcement on 23 December 2019, I am pleased to announce the successful placing by the Company of ADAM shares with third-party long-term investors in the Company at the same price that the Company acquired the shares. This placing successfully concludes the previously announced placing that the Company planned to complete, and the remaining shares will continue to be held in Treasury by the Company. This placing underlines the strength of investor support for the significant opportunities offered by ADAM's strategy to deliver further shareholder value."

On 23 December 2019, the Company announced the execution of a share buyback from a seller pursuant to which the Company purchased 2,400,000 existing Ordinary Shares of no par value in the capital of the Company at a price of GBP 0.161 (USD 0.21) per share. The Company understands that the selling pressure from this shareholder was driven by non-market considerations and that this purchase comprised the entire holdings of this shareholder.

The Company's issued share capital (excluding 2,052,804 shares held in Treasury by the Company) will then consist of 102,859,575 Ordinary Shares. All of the shares, excluding those in Treasury, have equal voting rights. The Company's total issued share capital (including those now held in Treasury) comprises 104,912,379 Ordinary Shares. This figure of 102,859,575 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

For further information, please visit the Company's website at http://adamasfinance.com and follow the Company on Twitter (@AdamasFinance).

FOR FURTHER INFORMATION, PLEASE CONTACT:

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

About Adamas Finance Asia

Adamas Finance Asia Limited (ADAM) is quoted on the AIM Market of the London Stock Exchange and is committed to providing shareholders with attractive uncorrelated, risk adjusted long-term returns from a combination of realising sustainable capital growth and delivering dividend income.

The Company is focused on providing growth capital and financing to emerging and established Small and Medium Enterprises (SME) sector throughout Asia, well diversified by national geographies, instruments and asset classes. This vital segment of the economy is underserved by the traditional banking industry for regulatory and structural reasons.

The Company's investment manager, Harmony Capital, seeks to capitalise on its team's established investment expertise and broad networks across Asia. Through rigorous diligence and disciplined risk management, Harmony Capital is dedicated to delivering attractive income and capital growth for shareholders with significant downside protection through selectively investing in assets and proactively managing them.

Harmony Capital is predominately sourcing private opportunities and continues to create a strong pipeline of attractive income generating assets from potential investments in growth sectors across Asia, including healthcare, fintech, hospitality, IT and property.