GENERATION DEVELOPMENT GROUP LIMITED — Board/Management Information 2008

Jul 17, 2008

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ASX Announcement

18 July 2008

Chairman’s address to General Meeting

This meeting has been called for the express purpose of considering the granting of options to our Managing Director, Tim Boyle. It follows extensive discussions by the Board and Remuneration Committee of Austock. It also follows extensive advice from professional remuneration consultants to establish a remuneration structure within Austock that is consistent, transparent to employees and meets the expectations of the investing market.

The remuneration policy deals with salaries, short term incentives and long term incentives. The policy seeks to reward and tie in our most valuable resource – our people and especially our senior people.

Following the first Notice of Meeting I received calls from several shareholders concerned about several aspects of our option program particularly the issue to Tim. In the most part I found these discussions constructive, and as a result Tim has very graciously agreed to, in fact encouraged, an amendment to the resolution that subsequently added share price benchmarks to the earnings and total shareholder return benchmarks. This affirmation by Tim of his commitment to Austock is most heartening and testament to his belief in the future of the business.

I sincerely appreciate the comments received and I hope on the other side those to whom I have spoken have a better idea of those issues that were in the minds of Board Members in proposing the original resolution. Of primary concern, and a very legitimate one, was the issue of options at an Exercise Price of $0.71 when Austock issued shares at $1.80 only 7 to 8 months ago.

I can understand this concern from a very personal point of view as I sit on the register as largest shareholder and was not a seller at the time of listing. But I have to accept, as do others, that it is certainly a different world at the moment and there is a need more than ever that we keep our business and our people intact and that we should strive in every way to come out of the present contagion in the best possible position.

I do not propose to go into the end of year results as this will be left to the Annual General Meeting anticipated for late October. Nevertheless our cash position remains strong and our prospects are very good. With steady management we have not been involved with the margin lending imbroglio and we have not had any significant defaulters in our day-to-day trading.

We have undertaken a number of specific actions to strengthen the company in these conditions including:

• Pro-actively managed our risk exposures resulting in not $1 being lost on doubtful debts and clients who have margin lent. This is quite an achievement in this market.

• Progressively restructuring our business to adapt to the worse market for financial services firms in 30 years.

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Austock Group Limited ABN: 90 087 334 370 Level 1, 350 Collins Street, Melbourne, Vic 3000 Telephone: 61 3 8601 2049 Facsimile: 61 3 9670 3081 Email: investorrelations@austock.com Website: www.austock.com

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• Built a team of professionals that are without peer in our sector, which deliver significant profit generating capabilities coming out of this negative market.

• Still growing businesses in a considered manner with a new financial planning business, a treasury risk advisory business and an investment in distribution to support particularly Life and Asset Management.

Put succinctly, unlike some others within the finance sector we are not gravely troubled by the current market conditions, in fact we see opportunities. On the other hand we are not delusional, and understand clearly the need for a strong share price in order to take advantage of these opportunities.

Our Board and staff are focused on the necessity to remind the market of the value of this company and the quality of its people. Tim will lead us in this task and in this regard it is useful to restate his ability to do this.

Tim has more than 20 years financial services experience and significant international investment banking and asset management experience. Prior to joining Austock, Tim was the Executive Director and Operating Committee member for Fidelity International with responsibility for European sales, global relationship management and alternative investments. Whilst with Fidelity, Tim also had specific responsibility for Switzerland, Luxembourg, Belgium and the Netherlands, as well as a $100 billion international mutual fund business in Luxembourg. Tim has also held senior management roles within Bankers Trust International, based in London and New York, including being global chief of staff – corporate risk.

For further information please contact:

Investor Relations Department Telephone: 61 3 8601 2087

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Austock Group Limited ABN: 90 087 334 370 Level 1, 350 Collins Street, Melbourne, Vic 3000 Telephone: 61 3 8601 2049 Facsimile: 61 3 9670 3081 Email: investorrelations@austock.com Website: www.austock.com