PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2012

Jun 24, 2012

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ASX Market Announcements Australian Securities Exchange

25 June 2012

Treasury Group Limited Full Year Profit Guidance 30 June 2012

Treasury Group Limited (TRG) will announce its full year results on 22 August 2012 as scheduled.

Previously, we announced the result for the six months to December 2011 and noted that it was impacted by a number of non-recurring abnormal items relating to the restructure of two of TRG’s boutique funds management businesses. The total of non-recurring abnormal items associated with these restructures and other matters during the year to date was approximately $1.3m.

During the second half of the financial year, TRG has seen strong investment performance and funds inflows at a number of boutiques including RARE, Celeste, IML and Aubrey. Investment performance at TAAM has also been strong. Recently, IML’s performance was recognised separately by Morningstar and Money Management/Lonsec with Australian Equities Funds Manager of the Year awards. These results were achieved against a backdrop of continued global markets uncertainty and investor caution. In addition, TRG acquired a 30% stake in Evergreen Capital, where principal Tim Hannon has been recognised as Fund Manager of the Year by both S&P and Morningstar.

However, the underlying business momentum across TRG’s portfolio will not be fully reflected in TRG’s full year result for the year to 30 June 2012. The final result is not yet known and, amongst other factors, remains dependent upon the final June results experienced across the group. The June result can be significant due to the potential recognition of performance fees and staff bonuses in that month.

Based on current expectations, TRG expects the normalised full year result to be in a range of $7.5 million - $8 million. This lower than the prior year for a number of reasons including:

• Lower average funds under management at IML, Orion and TAAM during 2012 relative to average levels in 2011;

• Loss of previous positive contributions from GVI and AR Capital following restructuring of those businesses during the year; and

• Current expectations for a lower June contribution versus the prior year.

Treasury Group Limited ABN: 39 006 708 792 Level 14, 39 Martin Place, Sydney NSW 2000

Phone +61 2 8243 0400

Facsimile +61 2 8243 0410

www.treasurygroup.com

The net impact on the overall result from TRG corporate activities is expected to be broadly in-line with the prior year. Nonetheless, improving the efficiency and cost effectiveness of TRG corporate activities is an important element of TRG’s refocused strategy following the strategic review earlier in the year. Costs have been removed from TRG at a corporate level including redundancies in June of 5 TRG staff in a number of ancillary areas. TRG corporate headcount is now net 6 staff lower versus the position at 30 June 2011 which amounts to a net 24% reduction during the year. During the same period, TRG has increased its investment in generating funds inflows for boutique partners via the net addition of 2 staff to its Distribution team (included within the net 6 reduction quoted here). Our CEO, Andrew McGill, has refused to accept a bonus in the light of the outcomes for staff and the fall in profit for our shareholders.

TRG is committed to maintaining a fully franked final dividend of 20 cents, consistent with the 2011 financial year.

A comprehensive explanation of the results and an update on developments in the business will be provided with the full year results to be released in August.

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Mike Fitzpatrick Chairman

For further information please contact:

Joseph Ferragina Chief Financial Officer +61 2 8243 0400

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