CVC LIMITED — AGM Information 2005

Nov 28, 2005

2005 AGM Presentation

Agenda

	iancial highlights a
en vilj Observe	Company highlights Company
ega Cad	Organisational structure Community
	Platform for growth
a Wal

Financial highlights

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Financial highlights

ASX Code	CVC (listed 1985)	Shares on issue	128.2 m
Market Cap	$$171$ m (based on \$1.33 share price)	Number of shareholders	Approx 630
Revenue	↑ 30% to \$61.8m	Dividend	$\uparrow$ 67% to 5c
Net profit	↑ 187% to \$29.0m	Franking	100%
Earnings per share	↑ 270% to 25.4c	Balance Sheet	\$1.25 (market value) adjusted net assets

Financial highlights

CVC Limited

Yearto Illie		2003 2004 2005
NPAT	\$5.0m	\$10.1m	\$29.0m
Share price	72c	\$1.05	\$1.33
FPS	4.6с	9.4c	25.4c
DPS	2.0c	3.0 c	5.0c
P/E	15.7x	14.9x	5.2x
Yield	2.9%	2.9%	3.8%
Franking	100%	100%	100%
EPS growth		104%	270%
	im car	START OF STRAIGHT	Filly Andre
Returns 1 (pa)	45.9%	27.9%	24.8%

¹ from ASX listed market performance table to June 30 2005

Platform for Growth

Company highlights

$\hat{Z}$ .

Background

• 20 year history as listed company, track record of successful investments and capital growth. Pioneer of Australian Private Equity market.
• One of the best performing listed private equity funds
• Corporate restructure completed in 2004 internalising management of the company
• Four active drivers of future growth, property related developments, funds management, private equity, strategic listed investments

Background

• Objective to grow intrinsic value by $15%$ + on an annualised basis
• Value-add to investments to maximise value
• Deal flow networks and investment selection criteria established over past 20 years
• Diversified earnings streams allow company to achieve recurrent earnings whilst maximising capital growth
• Active approach to sourcing investments, over 200 new opportunities reviewed in 2005

Organisational structure

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Platform for Growth

Platform for growth

4.

Platform for growth

CVC Limited

Platform for Growth

Listed investments

10 - 15 ASX listed stocks / market valuation approx \$100m

Wajor investments	No. of shares	Vanation	PADOS DIVITENT
Sunland (SDG)	32.5 m	\$48 m	\$4.00 $m*$
Pro-Pac (PPG)	6.5 m	\$3 m	$$0.25 m*$
Stargames (SGS)	16.9 m	\$26 m	$$0.31m***$
Greens Foods (GFD)	$14.2 \; m$	\$8 m	$$0.30m**$
		\$85 m	$$4.5 m*$
Based on 2005 actual dividends / 2006 company forecasts Based on 2004 actual dividends ** Assumes take-over completed
CVC Fimited		13	Platform for Growth

Private equity investments

• Ron Finemore Transport
• Co-investment / capital growth
• Probiotec
• Planned listing 2006
• Capital growth on \$5 million investment
• Renewable energy / Environmental opportunities
• Capital growth / fee income

Direct property investments

• Development of Fern Bay, Newcastle
• 100 blocks currently developed
• $-$ 30 sales to date @ average > \$250,000 each
• Possible 800 over next 10 years subject to DA approval
• Completing DA for construction of 13,000m² Bulky Goods site at Belrose, Sydney
• Property secured mezzanine financing

Funds management

• Existing funds:
• CVC REEF Limited
• CVC Sustainable Investments Limited (CVCSI) current prospectus
• CVC Private Equity Limited (CVCPE)
• $-$ Total funds under management $>\$50m$ recurring income / performance fees
• Evaluating new opportunities

Subsequent to June 30

• Entered into option for sale of Stargames holding at \$1.55 per share. If completed will deliver profit of approximately \$16.5 M
• Commenced sales of Fern Bay property at Newcastle
• Completed 2^nd acquisition for Ron Finemore Transport
• Acquired substantial shareholdings in ASX Listed Cellnet and SMC Gold

Summary

5.

Summary

• Solid recurring earnings $\overline{\phantom{0}}$
• Opportunities for further one off capital gains
• Established, well respected listed company with strong deal flow
• Ability to fund a large deal

PLATFORM FOR GROWTH THEFT