REDCASTLE RESOURCES LIMITED — AGM Information 2007

Nov 8, 2007

CHAIRMAN’S ADDRESS TO SHAREHOLDERS

Good afternoon. Welcome to the Extraordinary General Meeting of Great Pacific Capital Limited.

As disclosed in the notice of meeting, the purpose of this extraordinary general meeting is to discuss and vote on the debt restructuring and debt conversion proposals put forward by the Board.

Under the debt restructuring proposal, the Company proposes to settle several of its debts by assigning its entitlement to the receivable from the owner of the land at the Bellambi West Colliery site to certain creditors and debenture noteholders (the details of these creditors were listed in appendix A to the Explanatory Memorandum of the notice of meeting) in consideration for these creditors and debenture noteholders releasing and discharging the GPCL Group from all liability in respect of the debts that GPCL group owes to them.

Under the debt conversion proposal, the company proposes to issue 29,327,944 fully paid ordinary shares to one of the creditors to satisfy debts of $2,639,515 owed by GPCL Group to this creditor.

To assist shareholders to consider these two proposals, the Company has appointed Grant Thornton Corporate finance Pty Ltd as an Independent Expert to consider whether the Proposal are fair and reasonable to the shareholders of GPCL.

The independent Expert has concluded that both proposals are fair and reasonable to GPCL shareholders and therefore the Directors have unanimously recommended that you vote in favour of the proposals.

Upon completion of this debt restructuring and debt conversion proposals, the Company will have a clean platform to implement plans to revitalise its operation. The Board is currently investigating various avenues to revitalise its operations in the future. Any proposal for such action will be disclosed to the shareholders and the market as soon as possible.

In conclusion, I wish to thank you all for your continued support. We are committed to rebuild this Company for the future and to share our rewards with our shareholders.

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