GENERATION DEVELOPMENT GROUP LIMITED — M&A Activity 2012

Jul 23, 2012

Mariner Corporation Limited ACN 002 989 782 PO Box 18235 Collins Street East, Melbourne VIC 8003 Level 4 Podium, 120 Collins Street Melbourne VIC 3000 P 03 8643 4955 F 03 8643 4911 www.marinercorporation.com.au

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ASX ANNOUNCEMENT

24 JULY 2012

Withdrawal of Intention to Bid for Austock

On 25 June 2012, Mariner Corporation Limited (ASX: MCX) announced its intention to make an offmarket offer for all the shares in Austock Group Limited (ASX:ACK).

One of the conditions of Mariner’s proposed bid was:

“ 7 NO MATERIAL ACQUISITIONS, DISPOSALS OR CHANGES TO CAPITAL

That after the date of this announcement neither ACK nor any subsidiary (or registered scheme of ACK)… sells, offers to sell or agrees to sell one or more companies, businesses or assets (or any interest therein) or makes an announcement in relation to such a disposal, offer or agreement.”

Notwithstanding this condition, on 9 July 2012 Austock announced an agreement to sell Austock’s property management business to Folkestone Limited (ASX:FLK). We believe this was a blatant attempt to block Mariner’s bid.

Mariner has decided to invoke Condition 7 of its proposed bid referred to above, and withdraw its proposed bid for Austock shares.

Mariner does not believe it is in the commercial interest of Mariner shareholders to pursue this bid any further, in the face of the sale of Austock’s principal business to Folkestone.

There are many other opportunities for Mariner shareholders to pursue in the current market, and we believe it will be more productive for Mariner to turn its resources to pursuing those other opportunities.

Board of Directors

Mariner Corporation Limited