REDCASTLE RESOURCES LIMITED — AGM Information 2007

Nov 8, 2007

CHAIRMAN’S ADDRESS TO SHAREHOLDERS

Good afternoon. Welcome to the 2007 Annual General Meeting of Great Pacific Capital Limited.

The 2007 financial year has been a very difficult yet fruitful year for the Company.

As disclosed in the annual report, the Company has completed all the negotiation process and necessary documentation to enable the final stage of the debt restructuring and debt conversion proposals to be presented for approval in an extraordinary general meeting to be held after this meeting.

During the year, The Company received 1.5 million shares in Resource Pacific Holdings Limited for nil consideration as a result of a loan facility provided to Resource Pacific Holdings Limited back in 2004. Upon receipt of these shares, the Company was successful in settling debts from certain creditors and debenture noteholders totalling principal sum of $4.5 million by transferring 1.1 million of the shares in Resource Pacific Holdings Limited to them. The remaining creditors and debenture noteholders are now parties to the debt restructuring and debt conversion proposals to be discussed and voted on by shareholders in the extraordinary general meeting to be held later.

On top of this, the Company has also organised the sale of the three lots of land in Wombarra with the last lot to be settled in early December. The proceeds from these sales have been and will be used to repay the bank overdraft facility drawdown previously.

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 our staff, all of whom have worked tirelessly to handle the current difficult situation. I wish to thank our business partners and shareholders 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 EGM. Thank you.