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ANNUAL GENERAL MEETING – WEDNESDAY, 14 NOVEMBER 2007

CHAIRMAN’S ADDRESS

MR MIKE FITZPATRICK

I am going to give an overview of our 2007 results and the key events in 2007. Then I will ask David Cooper, our managing director, to follow up with a more detailed review of Treasury Group’s operations and results.

2007 Results

If you recall last year’s AGM, I stated that Treasury Group had laid the foundations for a new phase of growth. In 2007 we made a start on leveraging that growth platform and achieved attractive financial results.

For the year ending 30 June 2007:

Treasury Group’s revenue increased by 12.9% to $58.2 million;
Our net profit after tax increased by 25.0% to $18.0 million; and
Group funds under management increased by over 43% to $14.5 billion.

Your board approved a fully franked final dividend of 35 cents per share, bringing the annual dividend for 2006/ 2007 to a total of 60 cents per share. As we have previously stated, we are aiming to give shareholders a level of predictability in dividend payments, and accordingly, our policy is to pay a half-year dividend that is equal to half the previous full-year dividend (as long as there are no unexpected events).

2007 Highlights

In February 2007 Treasury Group announced the establishment of TG Investment Funds, an Ireland-based vehicle for Treasury Group managers to offer products to European investors. Treasury Asia and RARE Infrastructure have both opened funds under this vehicle.

In July we announced the startup of a new boutique, Cannae Capital Partners, with Hugh Giddy as its principal. I am pleased to confirm that Cannae is now managing money and there has been strong interest from institutional clients. We welcome Hugh and his team to Treasury Group and hope for a long and successful association.

Investors Mutual continued to enjoy steady flows on the retail side and Orion showed continued growth, especially on the back of its alliance with Trilogy Global Advisors.

Global Value Investors and Treasury Asia both became profitable last year and continue to show pleasing growth in this last calendar quarter of 2007. RARE Infrastructure has also broken into profit-making territory and we expect a material contribution from each of these businesses this year. Each of these three businesses is internationally scalable and is well positioned to expand quickly.

Sydney Office Level 5, 50 Margaret Street Sydney NSW 2000 Treasury Group Limited Telephone +61 2 8243 0400 ABN 39 006 708 792 Facsimile +61 2 8243 0410 www.treasurygroup.com

Registered Office Level 9, 470 Collins Street Melbourne Vic 3000 Telephone + 61 3 9671 3667 Facsimile + 61 3 9661 8499

Treasury Group Ltd AGM 14 November 2007

We recently came to a mutual decision with Campbell Boag to close Confluence Asset Management Limited. Mr Boag intends to pursue other business interests outside of funds management, and though the business was a strong performer, it did not contribute significantly to Treasury Group’s results.

Board changes

We farewelled Don Sharp as a director in May this year. Don had been a part of our business for some years, first as chairman of our subsidiaries Investors Mutual and Global Value Investors, and later as a director of Treasury Group. Don decided to step down to avoid conflicts between Treasury Group and his other business interests. I would like to thank Don for his contribution and wish him well with his other endeavours.

After a long search, Reub Hayes was appointed to the board as an independent, non-executive director in February. Mr Hayes brings a wealth of experience in investment management and stockbroking research. He was a founder and CEO of Ausbil Dexia Limited and, earlier, a joint founder and CEO of Barclays Bank investment operations in Australia. We welcome Reub to the board, and to this meeting, and thank him for his contribution thus far.

Outlook

On the back of this very positive year, we remain well placed to seize opportunities and meet challenges as they arise. Our culture continues to be highly flexible and responsive, which we believe is necessary for us to maintain our leadership position in this increasingly crowded space.

Under the leadership of David Cooper, and his executive team, Treasury Group looks forward to continued growth and profitability. The Directors thank management and staff for their efforts in the last year and we look forward to seeing the exciting opportunities and developments that 2008 is sure to bring.

I will now hand over to our Managing Director, David Cooper.

2007 Annual General Meeting

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Managing Director’s Address David Cooper

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Managing Director’s address

Key financials

Growth path Support services The fund managers Industry drivers Objectives for 2008 - 2010

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Company Overview

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Treasury Group invests in, and supports the management of, small to medium sized asset management

companies.

The main aim:

to addresses the fund managers' long-term career goals
to align the clients’ interests with those of the team entrusted with managing their funds
to achieve appropriate standards of compliance and corporate governance
to achieve the highest standard of client service

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Results to June 2007

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NET PROFIT AFTER TAX
$20,000,000
$18,000,000
$18,000,000 Net Profit After Tax
$16,000,000 $14,400,000
$14,000,000 $12,520,600
$12,000,000 Total net profit after tax of $18 million. (This
includes abnormal gains from sale of
$10,000,000
Armytage and pricing of the RARE
$8,000,000 convertible note)
$6,271,000
$6,000,000
$3,684,000
$4,000,000
$2,000,000
$259,000
$-
2002 2003 2004 2005 2006 2007
DIVIDENDS IN CENTS PER SHARE
Dividends
60
50
Full year dividend of 60 cents per share
35
40
32
30
27
20 Forecast interim dividend for half year to end
25 30 Dec 2007
25
10
18
13
3
0
2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08
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Funds under management

$18,000,000,000 October 2007 $16,000,000,000 $15,552,703,568 $14,000,000,000 $12,000,000,000 $10,000,000,000 OCTOBER 2006 $10,538,320,186 $8,000,000,000 $6,000,000,000 $4,000,000,000 $2,000,000,000

18 16 14

12 10

Timeline

FUNDS UNDER MANAGEMENT ($BILLIONS) All managers associated with Treasury Group

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Closing Confluence
Sold Armytage
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40 Investment professionals

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NUMBER OF INVESTMENT PROFESSIONALS
45
40
40
35
30
30
25 23
20 18
15 12
10 8
5
0
2002 2003 2004 2005 2006 2007
A total staff of 86 people
employed across the group
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Confluence closing

CONFLUENCE ASSET MANAGEMENT

� Business decision to close

� Rationale:

� The business specialised in smaller companies management and was experiencing difficulty in scaling up

� The key executive has other business interests that he decided he would now like to pursue

� Treasury Group was pleased to be able to work with Campbell Boag for four years. Campbell produced outstanding investment returns for all his clients.

Support services

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BOUTIQUE FUND MANAGERS

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Capital

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SERVICE PROVIDER

Risk management
• Compliance
Human Resources
• Operations
• Administration
• Accounting
Marketing
Joint purchasing (including IT services)
• Responsible entity

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Pooled investment products (Schemes)

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�30 June 2006	12
�30 June 2007	16
�31 December 2007*	19
�30 June 2008*	22
* Estimate
Includes all schemes across the group

Europe

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Promoter and investment manager (Irish domiciled managed funds)

TG Treasury Asia Fund
TG RARE infrastructure Fund

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2007 Update

� Continued strong retail following via financial planners

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� Further strengthening of the investment team

New product initiatives underway
Value manager that has performed well in down markets

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$7,000,000,000 GROWTH IN
$6,500,000,000 FUNDS UNDER MANAGEMENT ($)
$6b
$6,000,000,000
$5,500,000,000
$5,000,000,000
$4,500,000,000
$4,000,000,000
$3,500,000,000
$3,000,000,000
$2,500,000,000
$2,000,000,000
Jul-03Oct-03Jan-04Apr-04Jul-04Oct-04Jan-05Apr-05Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07
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2007 Update

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� Consistent strong performance since inception
� Strong institutional reputation
� Successful link up with Trilogy (now $1.2b < 1yr)
$7,000,000,000
$6,000,000,000 $6.4b
$5,000,000,000
$4,000,000,000
�A very well run business
$3,000,000,000
�Positioned to continue to grow further
$2,000,000,000
$1,000,000,000 Trilogy Global Advisors
$1.2b
$-
Jul-03Oct-03Jan-04Apr-04Jul-04Oct-04Jan-05Apr-05Jul-05Oct-05Jan-06Apr-06Jul-06Oct-06Jan-07Apr-07Jul-07Oct-07
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Business update

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Strong investment performance to date
Unique product positioning
Growing support from leading financial planning groups
On most retail platforms and recommended lists

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$1,200,000,000
GROWTH IN
$1,000,000,000
FUNDS UNDER MANAGEMENT ($)
$800,000,000
$700m
$600,000,000
$400,000,000
$200,000,000
$-
Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08
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Growth to date

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Great performance since inception
Strong product positioning for European and Australian clients
Excellent ratings from research houses
Expanding product line up

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Opened Singapore office with Kathy Ng and Steven Lee in July 2007

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$1,200,000,000
GROWTH IN
$1,000,000,000
FUNDS UNDER MANAGEMENT ($)
$762m
$800,000,000
$600,000,000
$400,000,000
$200,000,000
$-
Feb-05Apr-05Jun-05Aug-05Oct-05Dec-05Feb-06Apr-06Jun-06Aug-06Oct-06Dec-06Feb-07Apr-07Jun-07Aug-07Oct-07Dec-07
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Growth to date

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Global listed infrastructure manager
Good investment performance since inception
Strong consultant ratings in Australia and offshore

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$1,200,000,000
GROWTH IN
$1,000,000,000
FUNDS UNDER MANAGEMENT ($)
$800,000,000 $750m
$600,000,000
$400,000,000
$200,000,000
$-
Feb-05Apr-05Jun-05Aug-05Oct-05Dec-05Feb-06Apr-06Jun-06Aug-06Oct-06Dec-06Feb-07Apr-07Jun-07Aug-07Oct-07Dec-07
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New boutique fund manager

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� Hugh Giddy

� New team of highly regarded investment professionals

� Broad based Australian equity manager

Andy Forster
First client secured in October
Two pooled funds to be launched
David Greer
Favorable reviews from major asset consultants
Daniel Mueller
Daniel Moore
Alison Williamson

Growth of the newer boutique managers

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Funds under management
$m
$900
Total $2.2 billion
$800
$700
$600
$500
$400
$300
$200
$100
$-
Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Oct-06 Dec-06 Feb-07 Apr-07 Jun-07 Aug-07 Oct-07 Dec-07
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Expanding client base

International clients

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ims

Industry driver

Growth in superannuation

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$billion Now > $1.3 trillion
1,000.0
912
900.0
800.0 763
700.0
643
600.0
547
519 518
484
500.0
411
400.0
360
321
300.0
200.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Year end June
Source: APRA
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Objectives for 2008 to 2010

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Continue to grow organically and selectively
Expand the boutique line up where appropriate
Support each boutique with their business plans
Diversify TRG group earnings across a number of boutiques

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Gratitude

A special note of thanks to the talented people who make up this company:

The team that are there to protect us in risk and compliance services
The finance and accounting team in Sydney and Melbourne
Human resources and operations staff
Our outsourced service providers ( Tango Technology , Arrowtech and RBC )
The amazing marketing staff across all companies
Support staff across the group
The Treasury Group executive team
The enormously talented fund managers and investment analysts

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Questions?

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Thank-you

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Disclaimer: The information in this presentation is general background information about Treasury Group Limited and is current only at the date of this presentation. In particular, this presentation:

is not an offer or recommendation to purchase or subscribe for securities in Treasury Group Limited, nor is it an invitation to any person to acquire securities in Treasury Group;
is not personal advice and does not take into account the potential and current individual
investment objectives or the financial situation of investors; and
contains information in summary form and does not purport to be complete.

Certain statements in this presentation may constitute “forward-looking” statements. Forward-looking statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other factors which may cause actual results to vary materially from any projection, future results or performance expressed or implied by such forward-looking statements.

AI assistant

PACIFIC CURRENT GROUP LIMITED AGM Information 2007

65526_rns_2007-11-13_ba84ecc6-8700-48fc-b76c-092288fec215.pdf

ANNUAL GENERAL MEETING – WEDNESDAY, 14 NOVEMBER 2007

CHAIRMAN’S ADDRESS

MR MIKE FITZPATRICK

2007 Results

2007 Highlights

Board changes

Outlook

Managing Director’s Address David Cooper

Managing Director’s address

Company Overview

Results to June 2007

Funds under management

Timeline

FUNDS UNDER MANAGEMENT ($BILLIONS) All managers associated with Treasury Group

40 Investment professionals

Confluence closing

CONFLUENCE ASSET MANAGEMENT

� Rationale:

Support services

SERVICE PROVIDER

Europe

2007 Update

2007 Update

Business update

Growth to date

Growth to date

New boutique fund manager

� Hugh Giddy

Growth of the newer boutique managers

Expanding client base

International clients

Industry driver

Growth in superannuation

Objectives for 2008 to 2010

Gratitude

Questions?

Thank-you

AI assistant

PACIFIC CURRENT GROUP LIMITED — AGM Information 2007

65526_rns_2007-11-13_ba84ecc6-8700-48fc-b76c-092288fec215.pdf

ANNUAL GENERAL MEETING – WEDNESDAY, 14 NOVEMBER 2007

CHAIRMAN’S ADDRESS

MR MIKE FITZPATRICK

2007 Results

2007 Highlights

Board changes

Outlook

Managing Director’s Address David Cooper

Managing Director’s address

Company Overview

Results to June 2007

Funds under management

Timeline

FUNDS UNDER MANAGEMENT ($BILLIONS) All managers associated with Treasury Group

40 Investment professionals

Confluence closing

CONFLUENCE ASSET MANAGEMENT

� Rationale:

Support services

SERVICE PROVIDER

Europe

2007 Update

2007 Update

Business update

Growth to date

Growth to date

New boutique fund manager

� Hugh Giddy

Growth of the newer boutique managers

Expanding client base

International clients

Industry driver

Growth in superannuation

Objectives for 2008 to 2010

Gratitude

Questions?

Thank-you

More from PACIFIC CURRENT GROUP LIMITED

PACIFIC CURRENT GROUP LIMITED AGM Information 2007