GENERATION DEVELOPMENT GROUP LIMITED — Legal Proceedings Report 2010

Dec 13, 2010

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ASX / Media Release

CLAIM BY LIQUIDATORS OF ABC

14 December 2010: Austock Group Limited (ASX: ACK) has today received letters of demand from lawyers acting for the liquidators of ZYX Learning Centres Limited (Formerly ABC Learning Centres Limited) (In Liquidation) (Receivers and Managers Appointed) and a number of its subsidiaries (ABC). The letters of demand claim that certain payments made to subsidiaries of Austock during the 6 months prior to ABC going into voluntary administration on 6 November 2008 are recoverable by the liquidators as preference payments under sections 588FE and 588FF of the Corporations Act 2001 .

Details of the payments in question are as follows:

1. $1.0 million in corporate advice fees paid by ABC to Austock Corporate Finance Pty Ltd on 14 October 2008 in relation to the sale of the ABC US business to Morgan Stanley Private Equity completed in June 2008, and

2. $1,671,310.51 in fees paid by ABC to Austock Property Services Pty Ltd on 4 November 2008 for ongoing property services.

Austock does not dispute that the payments were received; however, Austock is seeking legal advice before responding to the claims.

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For further information, please contact:

Craig Thompson

Investor Relations

Tel: 03 8601 2633 cthompson@austock.com

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, securities and private wealth advisory, as well as investment management businesses, Austock Property and Austock Life. Austock Life manages the successful Imputation Bond product, which allows investors to access a suite of highly-rated global and Australian fund managers via a tax-effective investment platform.

Austock has offices in Melbourne and Sydney along with international affiliations. Austock is a Pooled Development Fund that invests in and develops financial services businesses under a tax-efficient structure.