PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2007

Dec 18, 2007

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Wednesday, 19 December 2007

Investment in RARE Infrastructure Ltd

The board of Treasury Group Limited (ASX Code .TRG.) is pleased to advise that TRG has converted convertible notes into a 40% holding of the issued capital of RARE Infrastructure Ltd (RARE).

RARE, which commenced operations in July 2006, has over $800 million in funds under management. During the 1.5 years since formation, RARE has successfully established:

• A strong and competitive performance track record

• A distinctive investment philosophy and process

• A diverse and growing base of institutional clients as well as early traction in the retail market

• A growing international business network

RARE is well positioned for continued growth in its business, with the foundations for a sustainable long term funds management business now in place.

Treasury Group Limited continues to provide back office support such as financial, accounting, risk and compliance services as well as marketing and distribution.

The board of TRG fully endorses this investment in RARE, which is expected to contribute positively to shareholder value and growth in the future.

David Cooper

Managing Director

02-8243 0400

Treasury Group Ltd is an investor in, and supporter of, boutique funds management businesses in Australia. Its current interests include Investors Mutual Ltd (50%), Orion Asset Management (42%), Treasury Asia Asset Management (40%), Global Value Investors (67%), RARE Infrastructure (40%) and Cannae Capital Partners.

Treasury Group Limited ABN 39 006 708 792 www.treasurygroup.com

Sydney NSW 2000 Telephone +61 2 8243 0400 Facsimile +61 2 8243 0410

Melbourne Vic 3000 Telephone + 61 3 9671 3667 Facsimile + 61 3 9661 8499