FIRST AU LIMITED — AGM Information 2008

May 28, 2008

PUBLIC HOLDINGS (AUSTRALIA) LIMITED ABN 65 000 332 918

Annual General Meeting

of the company held

at RACV, Level 2, 501 Bourke Street, Melbourne on Thursday 29[th] May 2008 at 2.00pm.

Chairman’s Address

The first item on the agenda of the meeting is to receive and consider the 2007 Annual Financial Report, Directors' Report and Auditors' Report. Although no resolution or vote is required on this matter, shareholders are to be given the opportunity to raise questions and comments on the reports.

To assist in dealing with this item this afternoon, I’d like to present my report to shareholders on behalf of the Board. I’ll then open the meeting for general discussions before dealing with the other agenda items.

The Company continues to invest in interest-bearing deposits and listed securities in 2007. The Group's wine distribution operations are directed through its subsidiary company, PHA-Shanghai Classic Wine & Food Co., Ltd. (“PHA Shanghai”). This subsidiary is 100% owned by the Company.

PHA Shanghai was established 4 years ago in China and has unfortunately incurred losses since that time. It has continued with the purchase of wines from Australia and other countries around the world, and the distribution of these wines in China. We have restructured its management team in the last quarter of last year and provisions for doubtful debts and obsolete stocks amounted to $173,128 and $497,272 respectively in the accounts in 2007.

During the recent months, PHA Shanghai has been focusing on lowering its stock level, and collecting overdue accounts receivable including, taking legal action against debtors and sourcing new suppliers. PHA Shanghai is now focusing its sales in Shanghai and its surrounding cites in the eastern part of China.

The Company has a realised profit on listed securities investment of $1.7 million in 2007. Due to the provisions made on the investment in, and the loan granted to, PHA Shanghai, the Company had incurred a loss of $735,715 at entity level in 2007. The Group had reported a profit after tax of $256,161 in 2007 at consolidation level. The unrealised capital gain on listed securities is amounted $488,524 as at 31 December 2007.

Before I conclude, I would like to thank Mr David Chu and his staff at William Buck for their assistance in the completion of the Financial Statements for the year ended 31 December 2007, and Mr. David McBain for taking on the Company Secretarial Function.