PACIFIC CURRENT GROUP LIMITED — Fund Information / Factsheet 2007

Jul 17, 2007

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18 July 2007

Australian Stock Exchange Continuous Disclosure Area

Via: E Lodgement

Funds Under Management - Quarter Ended 30 June 2007

Treasury Group Limited would like to advise that its total Funds Under Management (FUM) as at the end of June 2007, was $14.46 billion. This represents an increase of $2 billion or 20.06% for the quarter ended 30 June 2007, and $4.3 billion or 49.84% for the year ended 30 June 2007.

Treasury Group’s funds under management represents the total funds managed by Investors Mutual Limited (IML), Orion Asset Management Limited (OAM), Confluence Asset Management Limited (CAM), Global Value Investors Limited (GVI), Treasury Asia Asset Management Limited (TAAM) and RARE Infrastructure Limited (RARE).

This total FUM also includes $648 million of funds managed by Trilogy Global Advisors, the New York based, boutique asset management business, with whom Orion Asset Management has a strategic partnership and for whose pooled funds Treasury Group Investment Services Limited acts as Responsible Entity.

The increase in FUM over the last 12 months on a business by business basis is as follows:

	30 June 2007	30 June 2006
	$ billion	$ billion
Investors Mutual Ltd	6.030	5.350
Orion Asset Management Ltd1	6.614	4.133
Confluence Asset Management Ltd	0.376	0.233
Global Value Investors Ltd	0.520	0.206
Treasury Asia Asset Management Ltd	0.636	0.043
RARE Infrastructure Ltd2	0.282	n/a
Armytage Private Ltd3	n/a	0.171

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

This pleasing result was due to a combination of strong sharemarket returns as well as significant client inflows overall for our stable of boutique asset managers.

The timing of the growth has been higher in the second half of the year and some institutional clients have been secured on a performance fee basis. These two factors will mean the benefits of the business growth will only be fully reflected in the following years’ results.

The development of the newer asset management businesses, GVI, TAAM and RARE has been strong in the past six months as they have continued to develop their presence in the market. This has resulted in increasing client flows thanks to good investment performance and a concerted marketing effort.

Treasury Group will announce its full year results on 28 August 2007 and provide a full business update at this time.

The Directors of Treasury Group wish to thank all the staff within the Group for their continued efforts.

David Cooper Managing Director

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%), Confluence Asset Management (35%), Treasury Asia Asset Management (42%), Global Value Investors (67%) and RARE Infrastructure.

1 Includes $648 million attributable to the Trilogy Global Advisors partnership

2 Does not include commitments that had not been transitioned as at 30 June 2007 which will result in RARE managing in excess of $400 million.

3 Treasury Group’s interest in Armytage private Ltd was sold on 11 July, 2006

Sydney Office Level 5, 50 Margaret Street Sydney NSW 2000 Telephone +61 2 8243 0400 Facsimile +61 2 8243 0410

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

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