GENERATION DEVELOPMENT GROUP LIMITED — Legal Proceedings Report 2010

Oct 12, 2010

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ASX / Media Release

AUSTOCK LEGAL CLAIM BY EDMUND GROVES - UPDATE

13 October 2010: Austock Group Limited (ASX: ACK) provides the following update to its announcements of 3 and 28 September 2010, in relation to claims by Mr Edmund Groves, former director of ABC Learning Centres Limited.

Austock Securities Limited (ASL), a wholly owned subsidiary of Austock, was today served with legal proceedings issued by Mr Groves in the Supreme Court of Queensland. The proceedings relate to the issues raised by Mr Groves in the letter of demand disclosed to the market on 3 September 2010.

In the proceeding, Mr Groves is claiming damages in the amount of approximately $7.4 million plus interest and legal costs.

As stated in its announcement of 28 September 2010, Austock denies Mr Groves’ allegations and will vigorously defend the proceedings.

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For further information, please contact:

Michael Smith

Inside Public Relations

Tel: 0411 055 306 msmith@insidepr.com.au

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.