PACIFIC CURRENT GROUP LIMITED — AGM Information 2009

Nov 11, 2009

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2009 Treasury Group Annual General Meeting Chairman’s Address

Ladies and Gentlemen

As you are all aware, we have just been through one of the most severe periods of market turbulence in many decades, with the global financial system bought to the brink of the collapse for the first time since the 1930’s.

Although Australia has come through the crisis in significantly better shape than most countries, our financial markets also fell sharply during the past financial year, directly impacting Treasury Group results. Our net profit (before extraordinary items) was down 57% from the previous year.

While we are not pleased to report a decline in profits for the year, it should be noted that Treasury Group has no debt on the balance sheet and no exposure to structured products or other exotic investment instruments. By being careful in the employment of capital during the bull market, we have the resources available to deploy as outstanding fund management investment opportunities become available.

At last year’s AGM I outlined our strategy - to continue to diversify our manager line up, focusing on gaining exposure to alternatives businesses and offshore asset managers. To do so we invested in the Treasury Group itself, bringing in Mark Burgess as Managing Director, thus freeing up David Cooper to specialise on new boutiques.

Your Board has pursued this strategy, and we can now say we are making progress in terms of fund flows, clients and new managers.

Of note, four of our partners - Orion, RARE, Treasury Asia Asset Management and GVI saw strong net funds inflow for the year. This has continued to widen our business mix, which was predominantly a single investment partnership early in the decade, to a range of equity investment styles.

I would also note that our client reach is now truly global, with our group now managing assets for clients in Canada, US, Europe, Asia and Australia. We have also developed investment platforms for future growth in Europe with the Dublin Funds and the US in the corporate pension market.

Our conservative approach to managing Treasury Group capital during the bull market has allowed us to retain the resources to invest during this period of market weakness. We have been very pleased to be in a position to announce a number of new investment partners since our full year results.

• Aubrey Capital – a global equity growth manager based in Edinburgh;

• AR Capital – our first move into absolute return investments

• Souls Funds Management – an outstanding manager of Australia small cap stocks.

Treasury Group Limited Level 5, 50 Margaret St Sydney NSW 2000

ABN: 39 006 708 792 phone: 02 8243 0400 facsimile: 02 8243 0410

In each case, these teams have outstanding track records and asset bases on which to build. The principals of these businesses have looked to partner with an experienced asset management group which will allow them to continue to focus on their passion for delivering outstanding investment returns. The diversity and energy of these groups will allow Treasury Group further organic growth both within Australia and offshore.

I would now like to turn to future strategy.

We will continue to execute our pioneering model of supporting outstanding investment talent to develop their own businesses. Treasury Group provides patient capital, strategic advice, vital support services and marketing capability in the retail and institutional markets.

We will continue to diversify the range of asset boutiques in investment style and asset type. For example, we are excited about the growth prospects for the investment in AR Capital. To find similar opportunities we will search in both Australia and globally for the highest quality investment managers.

We will be parsimonious with shareholder capital. We have achieved a strong return on capital since the beginning of Treasury Group. We will continue to focus on the careful deployment of that capital.

We will grow clients in both Australia and offshore. Our developing diversity allows for significant leverage across markets including cross selling of our boutiques products to multiple client groups.

In conclusion, your board took a hard look at the business this time last year and decided to invest in, and diversify Treasury Group. The fruits of that hard work are beginning to show.

I would like to thank our staff and investment partners for their contribution during this year. Our investment managers have delivered solid returns in an extremely difficult environment.

The organic growth of most of our managers and the recent addition of three outstanding investment teams is a firm foundation for future growth in our business. Your Board is fully committed to rebuilding value in TRG and we look forward to your continued support.

I would now like to invite our Managing Director, Mark Burgess to address the meeting

Mike Fitzpatrick Chairman