PACIFIC CURRENT GROUP LIMITED — Capital/Financing Update 2012

May 28, 2012

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29 May 2012

Australian Securities Exchange Market Announcements Via: E lodgement

TREASURY GROUP LIMITED INVESTMENT IN EVERGREEN CAPITAL PARTNERS PTY LTD

Treasury Group Limited (TRG) is pleased to announce that it has acquired a minority equity interest in Evergreen Capital Partners Pty Ltd (Evergreen), a Melbourne based absolute return manager. This investment by TRG builds upon the existing relationship between TRG and Evergreen which was initiated in December 2011 when Evergreen was appointed to assume management responsibility for the Ascot Fund.

Founded in 2009 by Tim Hannon, Evergreen is a boutique funds management business with a focus on management of ASX listed equities via an absolute return style. Evergreen’s flagship fund is the Evergreen Australian Equities Return Fund through which it seeks to generate investment performance via systematic exploitation of market inefficiencies whilst also seeking to preserve capital.

In addition to its core equities focus, Evergreen has a joint venture with Freehold Investment Management. The JV manages Australian real estate and infrastructure securities. This business is operated separately from the equities business and is led by Andrew Smith.

Currently, Evergreen manages approximately $100m in funds on behalf of high net worth individuals, family offices and institutions. The property JV currently has $70m in funds under management.

Andrew McGill, Chief Executive Officer of TRG said “Evergreen has generated enviable returns for investors across the volatile equity market conditions that we’ve seen over the past few years. The enthusiasm, passion and focus on client outcomes of the Evergreen team underpin their success to date.”

TRG is very pleased to partner with Evergreen at this point in its development and is confident that the strength of our Distribution capability and range of support services will further underpin the continued growth and success of Evergreen

TRG has acquired a 30% stake in Evergreen in return for an upfront payment of $1.4m plus a further deferred amount contingent upon the achievement by Evergreen of business performance hurdles prior to 30 June 2014. All amounts will be funded by TRG out of internally available working capital.

The majority of the TRG stake has been acquired from interests associated with Jo Rylance, Evergreen’s Executive Director and COO. Following the transaction, Ms Rylance will continue at Evergreen in her executive capacity. Mr Hannon remains the majority owner of Evergreen and also holds a significant personal investment in the Evergreen Australian Equities Return Fund alongside clients.

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

For further information:

Treasury Group Limited

Evergreen Capital Partners

Andrew McGill Tim Hannon Chief Executive Officer Chief Investment Officer +61 2 8243 0400 +61 3 9663 0761

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Executive Management

Tim Hannon – Chief Investment Officer, Evergreen Capital Partners

Tim Hannon has 17 years experience in the investment and securities markets.

Tim was a partner of Goldman Sachs JBWere and during his 14 year tenure at the firm had senior experience across all areas of equities investing. Tim was Head of Australian Equities, Head of Real Estate and Co-Manager of Global Real Estate Securities portfolios with Goldman Sachs LLP. Tim was also founder and co-manager of the Goldman Sachs JBWere Australian Infrastructure Securities Fund, and co-manager of the award winning Goldman Sachs JBWere Emerging Leaders Fund.

Tim has won numerous industry awards, including S&P Fund Manager of the Year, and Morningstar Fund Manager of the Year.

Tim holds a Bachelor of Economics, is a Fellow of the Financial Institute of Australia and has a Masters of Business Administration from Melbourne Business School.

Andrew Smith – Head of Real Estate and Infrastructure

Andrew Smith has over 15 years' experience in the securities markets and portfolio management. He worked with Tim Hannon during his tenure as Executive Director at Goldman Sachs Asset Management. During this time he was responsible for portfolio management and analysis for the Global Real Estate Securities Fund and the Global Real Estate Securities Hedge Fund.

Prior to this, Andrew worked for six years with Aviva Investors where he was responsible for portfolio management of the Real Estate Securities Fund and undertook research on a variety of sectors including infrastructure, diversified industrials and resources.

Most recently, Andrew was a fund manager for APN Property Group. He was responsible for researching Australian and Asian real estate and Australian infrastructure opportunities for the APN Real Estate Securities Fund and the APN Asia Pacific Real Estate Fund.

Andrew holds a Bachelor of Commerce (majors in Finance and Economics) and Bachelor of Science (majors in Statistics and Mathematics) and has completed the Graduate Diploma in Applied Finance and Investment. Andrew holds over eight awards including Money Magazine "Best of the Best" in 2012 and 2010, Morningstar "Fund Manager of the Year" in 2005 and 2007 and Standard & Poors "Fund Manager of the Year" 2006.

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