GENERATION DEVELOPMENT GROUP LIMITED — Capital/Financing Update 2008

May 1, 2008

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2 May 2008

ASX ANNOUNCEMENT

AUSTOCK GROUP LIMITED – TRADING UPDATE

Austock Group Limited (ASX: ACK) announces an update on trading for the 2008 financial year.

Austock’s business comprises its Corporate and Securities business and its Investment Management business, which are exposed to the Australian equity markets.

The Directors continue to believe that Austock is well positioned for future growth. Austock has undertaken restructuring to combat the current deterioration in market conditions and ensure that the Company is positioned to avail itself of strategic opportunities that may arise.

The deterioration in market conditions since 1 January 2008 has been sufficiently prolonged to have an adverse effect on the likely performance of the Company for the full financial year. The Company is now in a position to disclose the likely extent of that impact.

Corporate and Securities Business

• The broking business does not operate stock lending activities or margin lending and has not been impacted by recent collapses of brokers in those businesses.

• Austock does not operate a proprietary trading business.

• In the Securities business, market share has been maintained but lower trading volumes have been experienced, which if sustained will impact profitability of that business.

• The equity capital markets business has suffered from a lack of new issues and several transactions have either been postponed or cancelled due to changing market conditions.

• • Some transactions are due to be completed close to year end.

Investment Management Business

• As mentioned at the time of the release of the interim result in February 2008, we have invested heavily in our Investment Management business.

• The growth of the business has suffered as a result of continuing difficult market conditions.

• • We remain positive about the performance of Investment Management when market conditions improve.

Other Investments

• Austock holds a minority interest in Australia Pacific Exchange Ltd (APX). Austock is reconsidering the value of its investment in APX (which currently has a carrying value of approximately $2 million) and may be required to write down the value of that investment in the current financial year.

Full Year Outlook

The Directors believe that Austock has a strong pipeline of mandated transactions, but by their very nature, the timing of their completion is uncertain. If the recent market conditions persist until 30

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June 2008, the underlying net profit (excluding the one-off item in relation to APX) reported by the Company for the full financial year to 30 June 2008 is expected to be approximately 55% below the underlying net profit for the year ended 30 June 2007.

Austock continues to be well capitalised, has strong cash reserves, a strong management team and a structure for long term growth. The Directors continue to believe that Austock is well positioned to realise its future growth potential.

Bill Bessemer Chairman

Tim Boyle

Managing Director

For further information please contact:

Tim Boyle Managing Director Tel: 03 8601 2636

Matthew Walsh Chief Financial Officer Tel: 03 8601 2098

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