COVENTRY GROUP LIMITED — Capital/Financing Update 2005

Nov 14, 2005

253 Walter Road Morley, Western Australia

PO Box 63, Morley WA 6943

Telephone (08) 9276 0222 Facsimile (08) 9276 1666 Web www.cgl.com.au

ASX: Media Release

15 November 2005

INDUSTRIAL DIVISION ACQUISITON CORNALL GROUP and HOWARD SILVERS HARDWARE

Coventry Group Ltd (CGL) has executed agreements to acquire the two separate businesses of Cornall Group and Howard Silvers Hardware for a combined purchase price of \$16.2 million. This includes an earnout of up to \$1 million for the Cornall Group acquisition which is subject to the achievement of certain targets during the 2005/06 calendar year. In addition working capital of \$2.8 million will be invested in the two businesses.

Both businesses are importers and distributors of hardware, components and finished products to the domestic and commercial furniture, cabinet making, joinery and shop fitting industries. In addition Cornall is a leading supplier to the office chair component market.

Cornall Group (Cornall)

Cornall operates with a network of seven branches with representation in each of the five mainland states of Australia and two in New Zealand (Auckland & Christchurch). It is anticipated that the transaction will settle on 1 December 2005

Howard Silver Hardware (HSH)

HSH is a division of SPL Group Ltd which in turn is part of the ITW Group. HSH has a network of three branches and three sales offices resulting in a representation in each Australian state. The anticipated completion date for the HSH acquisition is 3 January 2006. The proposed acquisition does not include the Howard Silvers retail business which services the retail hardware channel and will remain as part of the ITW Proline business

The combined businesses have annualised revenues of \$37 million. It is anticipated that the acquisitions will be EPS accretive for the first full year with an expected EBITA of \$3.2 million.

CGL proposes to build on the distributorship of leading brands to a niche market and establish a leading position as a supplier of components to the commercial and domestic cabinet, furniture and shop fitting markets.

It is intended that the two acquisitions will operate on a 'stand alone' basis and provide a platform for a new specialised division within CGL's industrial business segment.

CGL will continue to pursue growth and acquisition opportunities in this sector and related areas to meet CGL's required return on capital hurdles.

For further information, please contact: Chris Glenn, Chief Executive Officer Telephone: (08) 9276 0222