GENERATION DEVELOPMENT GROUP LIMITED — Capital/Financing Update 2008

May 28, 2008

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Austock Group Limited ABN 087 334 370

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1+Class of+securities issued or to beissued2Number of+securities issued or tobe issued (if known) or maximumnumber which may be issued3Principal terms of the+securities (eg,if options, exercise price and expirydate; if partly paid+securities, theamount outstanding and due datesforpayment;if+convertiblesecurities, the conversion price anddates for conversion)	Fully paid ordinary shares
	468,790
	Securities will rank equally with existingordinary shares.

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

4Do the+securities rarespects from the dwith an existing+ +securities?	4Do the+securities rarespects from the dwith an existing+ +securities?							h existingTh	h existingTh	h existingTh
	4Do the+securities rarespects from the dwith an existing+ +securities?	nk equally in aate of allotmeclass of quote	llntd	Securiordina4000	ties will rankry shares.h i	equally witd f f		h existingTh
	If the additional serank equally please	curities do nstate:	ot	,remain	sares are ssuing shares are es	ree o escrowed, as fo		row. ellows:
	,• the date from wh• theextenttoii f	ich they do whichthediid	y	17,1435,71460000	shares escrowedshares escrowed tshares escrowed	to 30/6/08o 13/1/09to 3/2/09
	partcpate or te next ven,(inthecaseofatrust,			,28,802 shares escrowed to 28/5/09
	distribution) or interest payment• the extent to which they do nrank equally, other than i		otn	17,143 shares escrowed to60,000 shares escrowed to45243 shares escrowed to			30/6/09
							3/2/1028/5/10
	relation to the next dividen		d,	,17,142 shares escrowed to			30/6/10
	distribution or interest payment			60,000 shares escrowed to			3/2/11
				28,802 shares escrowed to60,000 shares escrowed to28,801 shares escrowed to			28/5/113/2/1228/5/12
	5Issue price or consideration6Purpose of the issue			Nil.
				Componentofemplo			yeesremuneratio		n
	(If issued as consideration for tacquisition of assets, clearly identifthose assets)		ey	package.
	7Dates of entering+securities intuncertificated holdings or despatc		oh
				29 May 2008
	of certificates
	8Numberand+classofa+securitiesquotedonAS(_including_the securities in clause		llX2
				Number		+Class
				119,702,129		Fully Paid OrdinaryShares
	if applicable)

• See chapter 19 for defined terms.

24/10/2005

Appendix 3B Page 2

9Numberand+classofall+securities not quoted on ASX(_including_the securities in clause 2if applicable)	Number	+Class
	5,153,580519,000147,600210,840300,0001,800,0001,250,0005,350,0009,220,000	Partly paid ordinary shares (ACKAI)$1.00 Options expiring 30/6/10 (ACKAK)$0.6768Optionsexpiring30/6/10(ACKAM)$1.20833Optionsexpiring30/6/10(ACKAO)$1.25Optionsexpiring31/10/10(ACKAQ)$1.20833Optionsexpiring31/12/10(ACKAS)$1.40Optionsexpiring31/12/10(ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)

• 10 Dividend policy (in the case of a Securities will rank equally with all other ordinary units trust, distribution policy) on the on issue. increased capital (interests)

Part 2 - Bonus issue or pro rata issue

				5,350,0009,220,000 (ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)	5,350,0009,220,000 (ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)	5,350,0009,220,000 (ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)	5,350,0009,220,000 (ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)	5,350,0009,220,000 (ACKAU)$0.7131 Options expiring at the end of thestaff trading window following release offinancial results for the year ended 30 June2012 (ACKAW)Share Rights(ACKAY)
				Securities will rank equally with all other ordinary unitson issue.
	Part 2 - Bonus issue o11Iithld		r pro rata		issue
		11Iithld	l	N/A
		ssecuryoerapprorequired?	a
		12Is the issue renounceable or no	n-
				N/A
		renounceable?
		+
		13Ratio in which thesecurities wbe offered	ll	N/A
		14+Class of+securities to which toffer relates	he	N/A
		15+Recorddatetodetermineentitlements16Will holdings on different registers(or subregisters) be aggregated forcalculating entitlements?17Policy for deciding entitlements inrelation to fractions
				N/A
				N/A
				N/A

• See chapter 19 for defined terms.

Appendix 3B Page 3

1/1/2003

18Names of countries in which theentity has+security holders whowillnotbesentnewissuedocumentsNote: Security holders must be told how theirentitlements are to be dealt with.Cross reference: rule 7.7.19Closingdateforreceiptofacceptances or renunciations20Names of any underwriters21Amount of any underwriting fee orcommission22Names of any brokers to the issue23Fee or commission payable to thebroker to the issue24Amount of any handling fee payableto brokers who lodge acceptancesor renunciations on behalf of+security holders25If the issue is contingent on+security holders’ approval, the dateof the meeting26Date entitlement and acceptanceform and prospectus or ProductDisclosure Statement will be sent topersons entitled27If the entity has issued options, andthe terms entitle option holders toparticipate on exercise, the date onwhich notices will be sent to optionholders28Date rights trading will begin (ifapplicable)29Date rights trading will end (ifapplicable)30How do+security holders sell theirentitlements_in full_through abroker?	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	N/A

for defined terms.

Appendix 3B Page 4 + See chapter 19

1/1/2003

• 31 How do[+] security holders sell part N/A of their entitlements through a broker and accept for the balance?

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

N/A

• 33 +Despatch date

N/A

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a)  Securities described in Part 1

• (b) All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

• 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories 1 - 1,000

1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms.

Appendix 3B Page 5

1/1/2003

Entities that have ticked box 34(b)

38 Number of securities for which N/A +quotation is sought 39 Class of +securities for which N/A quotation is sought 40 Do the[+] securities rank equally in all N/A respects from the date of allotment with an existing[+] class of quoted +securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation N/A now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and[+] class of all[+] securities N/A N/A quoted on ASX ( including the securities in clause 38)

for defined terms.

Appendix 3B Page 6 + See chapter 19

1/1/2003

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

  • The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

  • There is no reason why those[+] securities should not be granted[+] quotation.

  • An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before[+] quotation of the[+] securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Sign here: ............................................................ Date: 29 May 2008 Company Secretary

Print name: Amanda Gawne

• See chapter 19 for defined terms.

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