GENERATION DEVELOPMENT GROUP LIMITED — Capital/Financing Update 2008

Nov 17, 2008

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ASX Announcement

AUSTOCK GROUP MARKET UPDATE RE ABC LEARNING CENTRES EXPOSURE

18 November 2008: Austock Group Limited (ASX:ACK) provides the following update to its announcement of 7 November 2008, in relation to its exposure to ABC Learning Centres Limited (Administrators Appointed) (Receivers and Managers Appointed) and a number of its subsidiaries (ABC).

Austock’s current credit exposure to ABC is approximately $4.4 million and relates to:

1. $3.2 million in balance of unpaid fees for the advice by Austock Corporate Finance Pty Ltd in regard to the sale of the ABC US business to Morgan Stanley Private Equity completed in June 2008; and

2. $1.2 million for property services rendered by Austock Property Services Pty Ltd since 1 July 2008.

Austock is in discussions with ABC’s Receivers and depending on the outcome of these discussions a substantial one off provision may be required at year end in respect of these amounts.

In addition, members of the Austock Group act as responsible entities for a number of property trusts that have exposures to ABC. Those exposures will be the subject of separate disclosures by the relevant trusts and are not expected to have any material impact on Austock.

Trading Update

Austock is on track to report a small underlying operating profit for the first half of the 2009 financial year, after excluding any non-recurring items including those associated with ABC. Austock is benefiting from strong corporate finance income and cost cutting initiatives previously announced which are offsetting the weaker capital markets environment to some extent.

Austock also expects to report strong cash reserves and has been making progress on the sale of its non core investments.

Austock will inform the market should any material events occur.

Tim Boyle

Managing Director, Austock Group

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For further information, please contact:

Jenny Dahlsen Investor Relations Tel: 03 8601 2087 jdahlsen@austock.com Mobile: 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, Brisbane and Perth along with international affiliations.