REDCASTLE RESOURCES LIMITED — AGM Information 2005

Nov 24, 2005

CHAIRMAN'S ADDRESS TO SHAREHOLDERS

Good morning. Welcome to the 2005 Annual General Meeting of Great Pacific Capital Limited.

Once again, I am pleased to report another solid operating year for the Company.

In general, the Company continued with a business strategy that has served us well over the past four years. We have maintained our market position as a key mezzanine debt provider for quality development projects. However, as foreshadowed in our last AGM, the Australian property market is experiencing a steady downturn and we do not expect any significant improvements over the next financial year. Hence, our decision to diversify from property transactions has proven to be well-timed.

As mentioned previously, the Company had expanded into other lending sectors, more specialised property-related projects that are developed in multiple stages over a longer timeframe. One of our most successful new ventures was the short term facility granted for the acquisition of the Nardell Coal Mine in the Hunter Valley. The Company participated in this funding proposal as part of its foray into large scaled development projects.

I am very pleased to say that the Nardell transaction was very successful and the loan is now fully repaid. In addition to the attractive interest returns, our Company is also entitled to 1.5 million shares in the listed company upon successful completion of certain performance benchmarks. In this event, our Company would enjoy the equity return from this shareholding. The Nardell Coal Mine has now become one of the top 300 listed stocks on the Australian Stock Exchange. We are proud to have been involved with this project since its inception and I must thank my fellow director and CEO, Mr Danny Au Yeung, for his hard work throughout this transaction.

Our Company's competitive strength has always been the quality of our lending transactions, rather than sheer volume. Thus far, we have built a diversified portfolio of high quality projects delivering sound returns. Given the continuing slowdown in Australia's property market, we are ever more mindful of protecting our resources. Our focus now is to actively manage this portfolio to ensure sufficient resources for our continued expansion such that we continue improving shareholder value.

Looking ahead, we will continue to source profitable projects that are consistent with our lending parameters. We will try even harder to identify new business opportunities which will further broaden our profit base. At all times, we will maintain strict treasury policies such that we would only participate in quality projects that can generate the rate of return commensurate with the relevant risk exposure.

In conclusion, I wish to thank our staff, all of whom have worked tirelessly to deliver these encouraging results. I wish to thank our business partners and shareholders for your continued support. We are committed to build this Company into one of the most prominent names in the financial sector and to share our rewards with our shareholders.

I look forward to seeing all of you again at next year's AGM. Thank you.