GENERATION DEVELOPMENT GROUP LIMITED — AGM Information 2008

Oct 29, 2008

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ASX / Media Release

AUSTOCK GROUP ANNUAL GENERAL MEETING 2008

Key points:

• Strategically positioned for the current volatile markets

• Maintains a conservative balance sheet with a strong cash position

• Corporate Finance pipeline continues to show promise

30 October 2008: Austock Group Limited (ASX: ACK ) announced at its Annual General Meeting today that as a result of the early restructure of the business it is now well positioned for continued market volatility with its healthy cash position, low levels of debt and strong balance sheet.

Austock generated an underlying profit before tax of $9.8 million after excluding one-off items, down 12 per cent from the previous corresponding period. The Group feels that this is a solid result considering the difficult market conditions in the second half. Revenue was up 22 per cent and mainly driven by strong Corporate Finance performance and the continued growth in annuity income streams.

Managing director of Austock Group Tim Boyle said: “we are in a strong net cash position, have been appointed lead adviser on our two biggest ever M&A deals and our institutional grade research product is rated as a leader amongst our peers.”

“We have cash, we are pro-actively managing our costs, we have good people and are a very compliant and heavily regulated group of businesses.”

Reaffirming Austock’s strong position:

• Austock maintains a strong cash position. Austock recently reported to the ASX that its capital position is very strong and significantly exceeds the ASX requirements, so much so that its current capital base exceeds the $10 million capital requirements planned for the end of 2009.

• Austock does not operate a proprietary trading business, any hedge funds, stock or margin lending

• Austock Corporate Finance’s M&A team successfully advised on the QGC $800 million takeover offer for Sunshine Gas and the recently announced $5.6 billion BG Group recommended takeover offer for QGC. This is in addition to various other assignments.

• Austock’s Institutional grade research product is rated as a leader among our peers.

• Austock’s Life business is swimming against the tide in its sector in achieving monthly gross inflows of up to $7 million.

• Austock has completed substantial restructures of the Asset Management and Property Management businesses

• Austock’s management team is using this downturn as an opportunity to bolster its talent and revenue generating capacity

• Austock businesses are regulated by the ASX, APRA & ASIC and maintain robust compliance and reporting

Mr Boyle said, “Austock began a restructuring program in January to deal with the current global environment. When we lodged our results in August we stated that we were looking for $5 million annualised cost savings. To date we have implemented around $7 million in cost savings.”

Corporate and Securities business

Mr Boyle said: “Current market conditions have impacted Corporate Finance. The broader equity capital markets downturn has resulted in substantially reduced activity. Corporate Finance continues to focus on M&A transactions with the recently announced BG Group recommended takeover offer for QGC and QGC takeover offer for Sunshine Gas now unconditional.”

Mr Boyle also noted that the Corporate Finance pipeline still has some quality transactions, but in this environment it is difficult to predict which will come to fruition.

The domestic institutional sales desk has also been directly affected by market conditions, in particular by lower trading volumes.

Private Wealth has been restructured into four key businesses: Private Clients, Adviser Broking Services, Private Portfolio Management and the new comprehensive Financial Planning business.

“Our new financial planning capability complements our existing private wealth businesses and completes our private wealth advisory offering. It is a key component of Austock’s private wealth strategy to offer a more complete and value-add service for our clients. This also allows for the growth of transactional and annuity income to create a more sustainable and resilient business,” he said.

Investment Management business

Whilst FUM grew over the period, the changing property environment has seen us undertake a restructure of the business which has so far resulted in appointing new senior management and closing our Chicago office. The business is now trading profitably.

Since 30 June Austock has undertaken a substantial restructure of Asset Management resulting in improved processes and a more cost efficient structure. FUM decreased by 17 per cent over the year resulting largely from market movements and some net outflows.

Austock Life’s strategy continues to reap benefits with FUM reaching $108 million, up 73 per cent and the addition of six new options to the investment menu in the previous year.

Most pleasing was over $55 million of new contributions into the Imputation Bond which have continued into this financial year. This is an excellent result considering current market conditions and that this was achieved with limited sale resources.

Mr Boyle said: “Austock’s strategy remains to develop a portfolio of financial services businesses while continuing to invest in current businesses to create value via a platform of robust, diversified revenue streams.”

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For further information, please contact:

Jenny Dahlsen Marketing Manager jdahlsen@austock.com

Tel: 03 8601 2087 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.

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