GENERATION DEVELOPMENT GROUP LIMITED — Board/Management Information 2012

Feb 8, 2012

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ASX Announcement

9 February 2012

Austock sells Austock Securities to Intersuisse

Austock Group is pleased today to announce that it has sold the assets of the Austock Securities business (“ASL”) to Intersuisse Holdings Pty Ltd (“Intersuisse”). Intersuisse is 46% owned by Phillip Brokerage Pte Ltd, a part of the Phillip Group of companies (“Phillip”) based in Singapore. The transaction is due to complete in mid-March 2012.

The combined Intersuisse / ASL business will be a diversified investment management and financial services group comprising Securities, Corporate Finance and Asset Management businesses. The group will have national presence with offices in Melbourne, Sydney, Perth, Adelaide and the Gold Coast. The combined business will be lead by Mr Paul Masi, who will depart his position as Austock Group Ltd (“AGL”) Managing Director / CEO to take up the new post.

Phillip is a Singaporean-based capital markets and financial services organisation offering a broad range of services to retail, corporate and institutional customers. These include advisory services to funds managers, hedge funds and unit trusts, insurance planning, investment research, and broking in bonds, securities, futures, foreign exchange, precious metals and commodities.

Following the sale of ASL, AGL will become a focused funds manager with two core businesses; Austock Property, led by Mr Nick Anagnostou, and Austock Life, led by Mr Ross Higgins. AGL will remain a publiclylisted company. Upon completion of the sale of ASL and following restructuring initiatives undertaken over the past two years, AGL will be completely debt free and poised to pursue strategic opportunities in the funds management sector.

AGL has yet to finalise the non cash accounting adjustments associated with the sale of the assets for nominal consideration. Subject to audit clearance, these will include the write down of deferred tax assets ($4.5m), plant and equipment ($1.0m) and goodwill ($2.0m). In addition, restructuring costs will be incurred of up to $1.0m as AGL lowers its cost base to reflect the continuing business structure.

Given the divestment of ASL and the repositioning of AGL into a funds management group, it is appropriate to reconfigure AGL’s board. In this regard, Mr Chris Sadler will retire as a Director of AGL, effective today, and the Executive Chairman, Mr Steven Gregg, has given notice to retire from the board.

Mr Gregg will remain as Chairman for a short period of time until after completion of the sale and transitional initiatives have been implemented. Mr Masi will also remain on the AGL board, for an interim period, in order to ensure a smooth transfer of the ASL employees and business to Intersuisse. Given the new positioning of AGL, Mr William Bessemer has been appointed to the board as a non executive director. Mr Bessemer has considerable funds management expertise and the board is looking forward to his contribution.

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Austock Group Limited ABN: 90 087 334 370 Level 12, 15 William Street, Melbourne, Vic 3000 Telephone: 61 3 8601 2000 Facsimile: 61 3 9200 2286 Email: investorrelations@austock.com Website: www.austock.com

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For further information please contact:

Paul Masi

Managing Director, Austock Group Limited Telephone: (02) 9233 9611

Steven Gregg

Chairman, Austock Group Limited Telephone (02) 9324 4349

Martin Ryan

Director, Austock Group Limited Telephone: (03) 8681 1900

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Austock Group Limited ABN: 90 087 334 370 Level 12, 15 William Street, Melbourne, Vic 3000 Telephone: 61 3 8601 2000 Facsimile: 61 3 9200 2286 Email: investorrelations@austock.com Website: www.austock.com

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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, Perth, Adelaide and the Gold Coast, along with international affiliations.

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

Austock Property

Austock Property Funds Management Limited (Austock Property) is a property funds management business built around non-traditional and niche sub-sectors of the property market. Austock Property offers a mix of listed property, wholesale property and unlisted retail property funds to investors. Current market conditions require a conservative approach and Austock Property aims to ensure investments are secured with longterm cash flows, viable tenants, minimal risk and value growth. Our experienced property team currently manages real estate assets of approximately $555 million.

Austock Property has a successful track record in managing real estate assets and is the Responsible Entity (RE) for the ASX listed Australian Education Trust (ASX:AEU), The Australian Social Infrastructure Fund (ASX:AZF) the unlisted Austock Childcare Fund and the wholesale CIB Fund.

The Funds collectively represent over 5,000 institutional and retail Unitholders and own in excess of 400 properties across Australia & New Zealand.

Austock Life

Austock Life is one of the leading specialist issuer of insurance bonds. Its core Imputation Bond product offers investors an expansive investment menu and strategy-based avenues for incorporating "tax-paid" lump sums into financial plans to meet life-event objectives. These include education funding, home ownership and estate planning as an accessible alternative to superannuation.

Austock Life operates as a registered life insurance company under the Life Insurance Act 1995 and also holds an Australian Financial Services License under the Corporations Act. As an emerging financial products provider, the company’s business strategy is to use its life office structure to design, manufacture and distribute creative "tax-paid" investment products.

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Austock Group Limited ABN: 90 087 334 370 Level 12, 15 William Street, Melbourne, Vic 3000 Telephone: 61 3 8601 2000 Facsimile: 61 3 9200 2286 Email: investorrelations@austock.com Website: www.austock.com