i think i have a good idea of what this code does i was thinking it was better to hear it from the experts
;assex2b.asm
.AREA CODE1 (ABS);
.RADIX H;
.ORG 1000;
LD SP,#1100;
LD A,#98;
OUT (03), A;
again: IN A,(00);
AND A,(00);
JP Z,again;
LD A,#00;
LOOP: OUT (01),A;
CALL DELAY;
INC A;
JP LOOP;
DELAY: PUSH AF;
LD D,#0FF;
DECR: DEC D;
JP NZ,DECR;
POP AF;
RET;
Happy days, spent many months/years developing in Z80 assembler for industrial display systems, trying to squeeze everything into 2K EPROMs and counting instruction cycles where tight timing was important.
It does look very much like Z80 but there's one instruction in there that from memory isn't valid so it could be a derivative chip with an enhanced instruction set.
Then again that could be part of the test! 
