Treasury Group Limited, Northern Lights Capital Group, Agree to Form Global Company

New company will create global asset manager platform with more than $46 billion of AUM

Northern Lights Capital Group (“Northern Lights”), a private equity firm with offices in Seattle and Denver, has agreed to a combination transaction with Treasury Group Limited (“Treasury Group” (ASX: TRG)), a publicly-traded company headquartered in Sydney, Australia. Northern Lights and Treasury Group will each contribute their businesses to a jointly owned company that will continue to provide strategic support to boutique asset managers worldwide. The combined company is expected to hold interests in boutique asset managers that collectively have more than $46 billion of AUM as of June 30, 2014.

In addition to creating an expanded global sourcing and distribution platform, the transaction is expected to provide both Northern Lights and Treasury Group increased diversification through its newly combined group of 21 boutiques across a wide range of asset classes. The merger is also expected to provide broader access to Europe, where both Treasury Group and Northern Lights currently have a presence. Upon closing, management and operations expect to be integrated and the business plans to operate as one group under the direction of a common Board of Directors. Shares of Treasury Group will continue to trade on the Australian Stock Exchange.

“Northern Lights and Treasury Group share very similar philosophies with both organizations committed to providing creative capital and working diligently to grow our companies,” said Paul Greenwood, Managing Director at Northern Lights. “Through this partnership, we are bringing together the expertise and the resources to create a true global leader in the multi-boutique asset management space.”

Andrew McGill, Managing Director and CEO of Treasury Group, said: “We are delighted to join with Northern Lights, transforming both businesses into an international multi-boutique asset management group. The partnership delivers significantly strengthened product distribution capability and builds a strong foundation, ideally positioning us for our next phase of growth across international markets.”

Subject to regulatory approvals and customary closing conditions, the transaction is expected to close in the fourth quarter of 2014. William Blair acted as financial advisor to Northern Lights in the transaction.

About Northern Light Capital Group:

Northern Lights Capital Group (http://www.nlcg.com) is dedicated to identifying and collaborating with leading boutique asset managers exhibiting exceptional investment skill with client-oriented business cultures. We apply our strategic resources, including operating capital, institutional distribution, access to seed capital, and operational expertise to help our partner companies excel.

About Treasury Group Limited

Treasury Group (http://www.treasurygroup.com/) is a specialist investment and financial services business focused on boutique funds management companies. We seek to partner with talented investment professionals to deliver the highest standard of investment outcomes for investors. Through the capital we invest and range of services we provide, we support the growth and development of the boutiques with which we partner.

Forward-Looking Statements

Certain statements in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. You should not place undue reliance on our forward-looking statements. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. Actual results could differ materially from those projected in the forward-looking statements as a result of various risks and uncertainties. Forward-looking statements speak only as of the date on which they are made. Neither Northern Lights nor Treasury Group undertakes any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

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MacMillan CommunicationsChris Sullivan, 212-473-4442Chris@macmillancom.com

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