GENERATION DEVELOPMENT GROUP LIMITED — Board/Management Information 2009

May 26, 2009

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ASX / Media Announcement

AUSTOCK GROUP BOARD UPDATE

Current Austock chairman Bill Bessemer will not seek re-election at next AGM

27 May 2009: Austock Group Limited (ASX: ACK ) current chairman Bill Bessemer has stated he will not be seeking re-election at the upcoming AGM. Bill has guided the firm as chairman for the last 10 years through various market cycles and has led the development of a range of businesses under the Austock banner during this time.

“Bill has always been dedicated to the progression of the Group and the interest of shareholders and staff” said his fellow directors.

Bill has over 40 years experience in banking and finance, specifically in the areas of debt and equity structuring. He has also dedicated a substantial amount of his energies to charitable works most notably to SIDS and Kids.

The Austock board thank him for his dedicated service over the last 14 years to the Group.

Chris Sadler appointed deputy chairman of Austock

Chris Sadler has been appointed as deputy chairman of the Austock Group. Having joined Austock at the beginning of 2008, Chris will step up from his previous position as a non executive director to take on the deputy chairman role. The appointment is a part of the ongoing restructure of the Group.

Chris has been actively engaged in guiding the business since his appointment, bringing in over 20 years experience in investment banking. A former managing director of Deutsche Bank – Corporate Finance, Chris has also held senior roles in North America, Europe and Asia.

Chris has very senior experience in leading mergers & acquisitions and restructurings including during his career with JP Morgan, Citigroup, SG Warburg and Salomon Brothers.

As well as his role at Austock, Chris continues to serve as a director for other corporate and notfor-profit organisations including Mitre 10 Australia Limited, Gloucester Coal and Daniels Sharpsmart Pty Ltd. In the not-for-profit sector, Chris is chairman of the Asia Pacific region for the Alpha organisation. He also sits on the board of Alpha International in London and various Alpha boards in the Asia Pacific region, including China, India, Indonesia and Japan.

“I believe Chris has a bright future at Austock and wish him all the best in his new role as deputy chairman,” said Mr Bessemer of the appointment.

Tim Boyle, managing director of Austock Group, said Chris’s new position is testament to his significant contribution to the Group since joining.

“We value Chris’s senior experience and his substantial contributions to the business.”

Chris has an MBA from the University of Rochester New York and has studied at Victoria University of Wellington, New Zealand.

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Enquiries:

Jenny Dahlsen Investor Relations 03 8601 2087 jdahlsen@austock.com 0419 339 195

About Austock Group:

Austock Group is an independent, publicly listed diversified investment and financial services group. It has a culture and track record of being prepared to invest to build sustainable returns for its clients and shareholders. Founded in 1991, the company now comprises corporate and securities, private wealth and investment management businesses. Austock has offices in Melbourne, Sydney and Brisbane along with international affiliations. Austock is a Pooled Development Fund that invests in and develops financial services businesses under a tax-efficient structure.