FIRST AU LIMITED — AGM Information 2010

May 20, 2010

PUBLIC HOLDINGS (AUSTRALIA) LIMITED ABN 65 000 332 918

Annual General Meeting of the Company held at 2pm on Friday 21 May 2010

RACV, Level 2, 501 Bourke Street, Melbourne

Chairman’s Address

The first item on the agenda of the meeting is to receive and consider the 2009 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 2009. 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 6 years ago in China and has continued with the purchase of wines from Australia and other countries around the world, and the distribution of these wines in China. Its performance was unsatisfactory and the Management has taken steps to scale down its operation.

The current difficult financial and economic conditions are having a negative impact on the Group's activities. Revenue for 2009 fell by 25% mainly due to the scale down of wine distribution operations in China.. The increase in consolidated loss after tax in 2009 was mainly due to the impairment of available-for-sale financial assets amounted to $0.53 million.

Before I conclude, I would like to thank Mr David Chu and his staff at ShineWing McBain for their assistance in the completion of the Financial Statements for the year ended 31 December 2009, and Mr. David McBain for looking after the Company Secretarial Function.