GENERATION DEVELOPMENT GROUP LIMITED — Capital/Financing Update 2025

Oct 14, 2025

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ASX Announcement

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15 October 2025

GRANT OF RIGHTS

Generation Development Group Limited (ASX: GDG) (“Company”) announces that it has granted 1,587,282 Rights to Eligible Participants under the GDG Rights Plan (Plan), the principal terms of which are as follows:

Plan overview	Plan overview	Plan overview	Plan overview	Plan overview	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or	The board of directors of the Company (Board) may from time totime at its absolute discretion rant Rihts to an emloee or
					g g y pycontractor of the Company or its related bodies corporate that
					the Board determines eligible to participate in the Plan (EligibleParticipant).A Right confers on the holder an entitlement, upon vesting andexercise, to the value of a fully paid ordinary share in the
					Companyin cash at	(Share) whichthe discretion		may be settled in tof the Board.	he form of a	Share or
					Rights areor to recei	not quoted sve dividends.		ecurities and do not	carry a right	to vote
					The purporemuneratiattraction a	se of theon to Cond reten	Planmpation	is to link a componny performance anstrate for ke em	ent of a partid to act as anloees	cipant’s
								gy y	y.
GD(G	G PerformanDGAA)		ce Rights		The Rightsconsideratconsideratto the BoacircumstanFor AccouRegime, aapply folloThe Vestin	were grion. Thion on sard’s discrces.ntable Pn additiowing theg Condit	anteey autisfa	d on 15 October 20tomatically vest anction of the Vesting	25 for nild exercise forConditions, s	nilubject
							etion	to determine other	wise in certai	n
							ersonnal 1endions	s under the Financ2-month disposal reof the measuremenapplying to 254,072	ial Accountabstriction perit period.Rights are t	ilityod mayhe
					Company(iTSR) targshare (EPRights) ovon 1 July 2performanthe Rightsachieved.	having achievet (applying tS) growth targer a measure025 and endice levels havmay vest unl		ed the indexed totao 50% of Rights) aet (3-year CAGR) (ment period of threeng on 30 June 202e been stipulated soess the upper level	l shareholdernd the earninapplying to 5years comm8. A range ofthat only a por stretch tar	returngs per0% ofencing ortion ofget is
					The vestin	conditions		pplying to 103776	Rights are th	e
					Generationgrowth(3-	Life businesyear CAGR)t		,s having achievedarget over a measu	a normalisedrementperio	EBITDAd of

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				three years commencing on 1 July 2025 and ending on 30 June2028. A range of performance levels have been stipulated sothat onl a ortion of the Rihts ma vest nless the er level	three years commencing on 1 July 2025 and ending on 30 June2028. A range of performance levels have been stipulated sothat onl a ortion of the Rihts ma vest nless the er level	three years commencing on 1 July 2025 and ending on 30 June2028. A range of performance levels have been stipulated sothat onl a ortion of the Rihts ma vest nless the er level	three years commencing on 1 July 2025 and ending on 30 June2028. A range of performance levels have been stipulated sothat onl a ortion of the Rihts ma vest nless the er level
				.that onl a	rtion of the Rihts ma vest nless the er le
				y por stretch tar	get is achieved	g y u upp.
				The vesting cEvidentia Gr	onditions applu business	ying to 885,686 Rights are theavin achieved a normalised EBI	DA
				growth (3-yea	pr CAGR) targ	get over a measurement period of
				three years c2028. A rang	ommencing oe of performa	n 1 July 2025 and ending on 30 Junce levels have been stipulated so	ne
				that only a po	rtion of the Ri	ghts may vest unless the upper le	vel
				or stretch tar	et is achieve	.
				The vesting cLonsec Resenormalised Emeasuremenand ending ohave been stivest unless thare no perforRights issuedthese RightsTerm IncentivThe remaininconditions, ottargets weretd th	onditions applying to 218,851 Rights are thearch and Ratings business having achieved aBITDA growth (3-year CAGR) target over a
					t period of three years commencing on 1 July 20
					n 30 June 2028. A range of performance levelspulated so that only a portion of the Rights may
					e upper level or stretch target is achieved Ther
					.mance vesting conditions applying to 124,897to employees of the Generation Life Companyrepresent deferral of a portion of the FY25 Shorte (STI).g 124,897 Rights are not subject to vestingher than continuation of employment, as certainrequired to be met in order for the recipients to bRiht
Dealing / disposal restrictions				Rights may not be disposed of or otherwise dealt with.
Termination of employment				Termination provisions vary slightly for different tranches ofRights as follows:278,732 Rights - any unvested Rights held at the date oftermination of employment will be retained for possible vesting atthe end of the measurement period according to whether theVesting Conditions are satisfied, unless Rights have beenforfeited for a holder joining a competitor or employment isterminated for fraud, defalcation or gross misconduct.1,158,993 Rights – a pro-rata of any unvested Rights held at thedate of termination of employment will be retained for possiblevesting at the end of the measurement period according towhether the Vesting Conditions are satisfied, unless Rights havebeen forfeited for a holder joining a competitor or employment isterminated for fraud, defalcation or gross misconduct.149,557 Rights – a pro-rata of any unvested Rights held at thedate of termination of employment will be retained for possiblevesting at the end of the measurement period according towhethertheVesting Conditions are satisfied, unlessRightshave

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been forfeited for a holder resigning, joining a competitor oremployment is terminated for fraud, defalcation or grossmisconduct.

Change of control

Unless otherwise determined by the Board, in the event of achange of control, including a takeover, the unvested Rights willvest in accordance with the application of the following formula(with negative results to be taken as nil):Unvested Rights x 50%plusRemaining unvested Rights multiplied by (share price at thechange of control minus share price at commencement ofmeasurement period) divided by share price at commencementof measurement period.

An Appendix 3G in relation to the grant of these Rights follows.

Authorised by and contact for further information:

Terence Wong Chief Financial Officer Telephone: +61 3 8601 2021 Email: twong@genlife.com.au