GENERATION DEVELOPMENT GROUP LIMITED — Board/Management Information 2010

Feb 22, 2010

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ASX / Media Release

PAUL MASI JOINS AUSTOCK AS CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR

23 February 2010: The Board of the Austock Group (ASX:ACK) is pleased to announce the appointment of Paul Masi as the Group Chief Executive Officer and Managing Director effective from 1 March 2010. Paul has had a distinguished international career in Investment Banking spanning over 28 years. Most recently Paul was the CEO Bank of America - Merrill Lynch Australia and prior to that he was the head of Merrill Lynch’s equity operations in Asia.

Paul Masi commented, “Austock presents an opportunity in the Australian financial services landscape to deliver premium investment banking services to the mid tier market. I am thrilled to be given the opportunity to lead the organisation on the next phase of its journey. The calibre of the individuals is outstanding and we are uniquely positioned to add value to clients in our chosen sectors.”

Tim Boyle has decided to step down as Managing Director and CEO, however will remain on the Group Board as an Executive Director. Tim will take on the oversight and development of the Group’s investments, including the Life and Funds Management businesses, as Chairman of Austock Investments effective 1 March 2010.

The Chairman of Austock Steven Gregg commented that, “Tim Boyle has done a fantastic job navigating the firm through a difficult period and has built an infrastructure to launch Australia’s pre eminent Capital Markets and Securities house servicing the mid tier sector.”

Tim Boyle commented that, “Paul is ideally qualified to ensure that we as a firm realise our potential particularly given his experience in the global equities market. I am delighted to be asked to stay on the Board and continue to drive the development of the Group focusing on the investment side of the business. This is a logical and progressive step in the development of the organisation that I fully support and am delighted to be part of the on going journey,” said Mr Boyle.

“We are continuing to create an outstanding team. Our ability to engage and attract premium staff who share our vision of building a unique platform is a critical aspect of our next phase. Paul, Tim and the rest of the Board are all focused on building revenue and providing a unique service to our clients,” said Mr Gregg.

Steven Gregg

Paul Masi

Tim Boyle

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Enquires:

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

PAUL MASI Backgrounder

Paul began his career in 1982 at Meares & Philips (later Barclays de Zoete Wedd) and in 1986 was sent to New York as part of the team to establish an American presence for the firm. He went on to hold senior management positions at BZW in sales, trading, derivatives and retail broking. In 1995 Paul was appointed Head of Equities and to the Global Equities Management Committee. He continued as Head of Equities following the acquisition of BZW Australian by ABN Amro in 1998. He joined the Global Equity Directorate of ABN Amro and the management committee of ABN Amro Australia.

In October 2000 Paul joined Merrill Lynch Australia as Head of Australian Sales. In 2001 he was appointed Head of Australian Equities and in 2002 was also made Co Country Head. In 2003 Paul transferred to HK to become Head of Equities and Equity Trading Asia Pacific Region for Merrill Lynch. This role covered all markets ex Japan and Paul was responsible for all equity, equitylinked, derivatives and structured products related sales and trading activities as well as all capital commitment in the region. At the end of 2006 Paul returned to Australia to be CEO of Merrill Lynch Australia. Following the Acquisition of Merrill Lynch by Bank Of America in 2009 Paul was appointed the CEO and Country Executive of the combined business.

Paul holds a Bachelor of Economics from Macquarie University and completed the Accelerated Management Programme at the AGSM. He has sat on various Australian Stock Exchange committees since 1995. He was on the National Business Rules Committee, the Board of the National Adjudicatory Tribunal, National Adjudicatory Appeals Tribunal and a panelist on the ASTC Disciplinary Tribunal. In 2003 he was elected to the Board of the Securities and Derivatives Industry Association (SDIA) and named Chairman of The Institutional Broking Committee.

Also, Paul is a Governor of the Cerebral Palsy Foundation and is on the board of The Girls and Boys Brigade.

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 and Sydney along with international affiliations. Austock is a Pooled Development Fund that invests in and develops financial services businesses under a tax-efficient structure.