24 January 2011

TREASURY GROUP LIMITED

FUNDS UNDER MANAGEMENT AS AT 31 DECEMBER 2010

Treasury Group Limited’s (TRG) total funds under management (FUM) as at 31 December 2010 was $15.51 billion representing an increase of 2.9% in FUM from the previous quarter and a 7.3% rise over the 12 months.

During the quarter TRG experienced positive net inflows, mainly attributable to RARE Infrastructure limited, and Trilogy Global Advisors. Celeste Funds Management and Aubrey Capital Management also saw net inflows during the quarter. Other manager flows were mixed.

In the retail market, Investors Mutual Limited continued to suffer small net outflows as retail investors remain cautious in allocating to growth assets. We are pleased to note however, the strong relative investment performance of Investors Mutual Limited funds against other value investors over the year.

Below is a pie chart reflecting the attribution of FUM across each of the asset managers as at 31 December 2010. We would note the continuing diversification of our funds structure.

FUM BY MANAGER

 Treasury Group’s FUM represents the total funds managed by Investors Mutual Limited (IML), Orion Asset Management Limited (Orion), Global Value Investors Limited (GVI), Treasury Asia Asset Management Limited (TAAM), RARE Infrastructure Limited (RARE), Celeste Funds management, Aubrey Capital Management (Aubrey) and AR Capital Management (AR Capital). It also includes funds managed by Trilogy Global Advisors, the New York based boutique asset management business, with whom Orion has a strategic alliance and for whose pooled funds Treasury Group Investment Services Limited (TIS) acts as responsible entity

For further information, please contact:

Mark Burgess                                                           Joseph Ferragina

Managing Director                                                   Chief Financial Officer

+61 2 8243 0400                                                      +61 2 8243 0400

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