GENERATION DEVELOPMENT GROUP LIMITED — Capital/Financing Update 2007

Dec 17, 2007

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A.B.N 29 378 329 744

Registered Office: Level 6, 492 St Kilda Road Melbourne 3004, VIC, Australia Tel: 03 9867 7200 Fax: 03 9820 0677 Web: www.anzrabinov.com.au

18 December 2007

The Manager Australian Stock Exchange Limited

(ASX Code: RAB)

NEWS RELEASE

ANZ RABINOV PROPERTY TRUST REVIEW UPDATE

ANZ Rabinov Property Management Limited (‘ARPML’), the Manager of the ANZ Rabinov Property Trust (‘the Trust’), has become aware that the major unit holder has received a proposal in respect of its units in the Trust from Austock Property (part of the property funds management division of Austock Group Limited; ASX:ACK). At the same time the shareholders of the Manager have received a proposal in respect of their shareholding in the Manager.

Following the strategic review announced on 4 December, the Board of ARPML will invite proposals in respect of the units in the Trust and the ownership of ARPML to ensure that the unitholders’ interests are maximised.

The Manager will consider all alternatives and will seek to obtain the highest price with the greatest certainty for all unitholders. The Manager acknowledges that there have been a number of parties who have expressed interest in the Trust and will be advising the market of any further developments. In the meantime unitholders should consider this update before trading in their units.

Yours sincerely,

Lloyd O’Harte Chairman

ANZ Rabinov Property Management Limited

For further information please contact:

Stuart Nisbett Executive Director Head of Property - Alternative Assets, ANZ Capital Ph: 61 (0)2 9227 1023 Email: Stuart.Nisbett@anz.com

Editorial Note

Overview of the ANZ Rabinov Property Trust

Including the latest acquisition of Hydro Electric Property, which is yet to be constructed, the Trust will have:

1. 19 properties at a carrying value of over $300 million; 2. High quality tenants on long term leases;

2. Geographic distribution of assets across Australia; 4. Diversification of assets across office (69%), retail (5%) and industrial (26%) segments; and

3. Weighted Average Lease expiry of 9.6 years.

For further information on the Trust, visit www.anzrabinov.com.au