GENERATION DEVELOPMENT GROUP LIMITED — Major Shareholding Notification 2007

Dec 16, 2007

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ASX Announcement – ASX code: ACK

17 December 2007

ANZ Rabinov Property Trust

Austock Funds Management Limited, in its capacity as trustee of the Austock Wholesale Property Fund (“Austock Property”) has entered into an Option Deed on 14 December 2007 with Rabinov Holdings Pty Ltd, which provides Austock Property with an option to acquire 9,592,638 units in the ANZ Rabinov Property Trust (ASX:RAB). This option therefore gives Austock Property a relevant interest in 19.9% of the units on issue in the ANZ Rabinov Property Trust and a Notice of Initial Substantial Holder has been lodged with the trust and the ASX.

The ANZ Rabinov Property Trust is listed on the ASX and on conclusion of the previously announced acquisition of the Hydro Electric property, the trust will have 19 properties at a carrying value of over $300 million. The geographically diversified portfolio of assets comprises (69%), retail (5%) and industrial (26%).

Austock Property is part of the property funds management division of Austock Group Limited, and currently manages over $750m of property funds including the Australian Education Trust (ASX:AEU), the Api Fund (ASX:APR), the Australian Social Infrastructure Fund (APX:PASIF) and the CIB Fund.

For further information please contact Vin Harink (CEO – Austock Property) on (03) 8601 2026 or Ian Townsing (Fund Manager) on (03) 8601 2632.

Tim Boyle Chief Executive officer Austock Group Limited

Michael E McFarlane Chairman Austock Funds Management Limited

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