CVC LIMITED — AGM Information 2024

Nov 26, 2024

Annual General Meeting Presentation

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Financial Year Ended 30 June 2024

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27 November 2024
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Agenda
Chairman’s Formal Business CEO’s
Questions Appendices
Introduction of the Meeting Presentation
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CVC Limited | Annual General Meeting Presentation

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Chairman’s Introduction

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CVC Limited | Annual General Meeting Presentation

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Key Takeaways

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CVC holds a unique and extremely valuable set of property assets that are forecast to benefit from material valuation gains in the near term.

The business is on an exciting new trajectory which provides a number of strategic opportunities that were not available previously.

Clear Strategy

Bigger Thinking

Irreplaceable Property Portfolio Progress

Attractive Segments

CVC is a property investment company

Conviction toward making investments into larger transactions that ensure absolute focus and which deliver meaningful outcomes for shareholders

Amalgamated over the course of a decade, our property portfolio contains significant development projects and land holdings. There is substantial unrealised value to be unlocked as planning processes complete

Our projects have advanced materially through their planning processes over the last 12 months, providing more certainty around their end use and value. The reward for our effort and patience is in sight.

Our portfolio is predominantly exposed to the residential and industrial sectors. We hold a view that these segments will perform strongly over the long term due to macro economic factors (population growth, e-commerce and technological advancements) as well as land demand/supply fundamentals

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CVC Limited | Annual General Meeting Presentation

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CVC Limited – FY 2024

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Financial Results – 30 June 2024

Net Loss After Tax to Shareholders ($2.5m)

• No ability to account for value increases which have occurred in the majority of our portfolio

• Given portfolio composition, accounting standards and business strategy, annual profits are not smooth

• Net Tangible Assets Per Share $1.49

• • Does not account for current market value assessment of major property related assets held

• Major property related assets recorded at lower of cost and net realisable value

• Value growth in portfolio was substantial in period

Assessed Market Value Per Share $2.62

• Takes into account impact of independent current valuations by qualified parties on three major holdings:

• Donnybrook

• Liverpool

• Marsden Park North

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CVC Limited | Annual General Meeting Presentation

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Events Subsequent

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Post Period Update

Material planning outcomes have been achieved for Marsden Park and Liverpool in H1 FY2025

Two new investments have been secured and have potential to deliver strong value uplift over time

Public Exhibition of Liverpool Project

Formal Planning Pathway for Marsden Park North

Development Management Agreement Norwell Valley, QLD

New Investment into land in Truganina, VIC

Achieved

• Significant milestone

• Pathway to gazettal in place

Confirmed

• Pathway to industrial land use

• Process to rezoning formalised

Executed

• Nationally significant greenfield project

• Over 4 years of effort to amalgamate over 60 landowners

Completed

• Adds to medium term industrial pipeline in Melbourne's western growth corridor

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CVC Limited | Annual General Meeting Presentation

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Formal Business of Meeting

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Proxy Votes

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Resolution 1 – Adoption of Remuneration Report

For	Against	Abstain	Discretion	Excluded	Total
884,736 3.57%	45,641 0.18%	5,000 0.02%	23,841,733 96.23%	42,065,580 N/A	116,636,306

Resolution 2 – Election of Mr Ian Campbell as a Director of the Company

For	Against	Abstain	Discretion	Excluded	Total
42,671,953 64.16%	5,171 0.01%	- N/A	23,831,733 35.83%	N/A	116,636,306

Resolution 3 – Approval of on-market buyback

For	Against	Abstain	Discretion	Excluded	Total
42,654,456 64.13%	22,668 0.03%	- N/A	23,831,733 35.84%	N/A	116,636,306

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CVC Limited | Annual General Meeting Presentation

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CEO Presentation

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CVC Limited | Annual General Meeting Presentation

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CVC Approach

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CVC Limited is committed to investing with conviction into opportunistic real estate opportunities

Targeting Capital Protection and Superior Returns

Investment approach

• Procure opportunities that have embedded upside potential, which benefit through active management

• Create value in property through initiatives such as planning and repositioning

• Foster investment partner relationships

Capital management

• Structure investments to optimise a finite balance sheet and leverage upside value

• Position capital to gain exposure to large scale transactions which have material outcomes if successful

• Limit impact of negative investment outcomes through downside protection structures

Highly experienced management team

• Highly credentialed management team who are hands on in the investment process

• Leverage extensive industry network to gain real perspective of market conditions and trends

• Utilise experience in business and property development both in publicly listed and private entities

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CVC Limited | Annual General Meeting Presentation

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What We Have Built

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1,000,000 m[2]

Land holdings with potential to deliver in Over a decade we have excess of 1,000,000 m[2] meters of industrial compiled a nationally floor space significant portfolio of property assets / projects which is unparalleled

30,000

Development management agreements that could lead to in excess of 30,000 residential allotments over time

• Substantial retail, medical and commercial opportunities in key markets across NSW, QLD and VIC

7,000

Projects that can deliver in excess of 7,000 residential apartments

$1.7Bn Substantial book of When approved, future transactions in estimated that value of pipeline[+] land holdings could exceed $1.7Bn

*Above information is assessment of properties that CVC is invested in (does not take into account CVC’s proportional ownership in projects).

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CVC Limited | Annual General Meeting Presentation

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CVC Limited – Current Status

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New Project – Norwell Valley, QLD

• Potential to be one of Australia's largest greenfield developments

• Covering more than 2,600Ha of land located between the Gold Coast and Brisbane, this tract of land is a nationally significant development opportunity

“Potential to be one of Australia's largest greenfield developments ”

• Can provide for >20 years of development revenue for JV subject to successful rezoning outcomes

• The Joint Venture (CVC 60%) secured Development Management Agreement with more than 60 landowners which took more than 4 years to achieve

• Capital lite transaction which provides sufficient time to procure planning approvals

• When land developed, landowners are remunerated from sales revenues of development

• Potential to yield:

• In excess of 30,000 residential housing lots

• More than 250Ha of developable industrial land

• Regionally significant retail and commercial activity centres totalling 115Ha

Artist impression only – not illustrative of potential development

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CVC Limited | Annual General Meeting Presentation

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CVC Limited – Current Status

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Estimate of Asset Values

• The Board has recently commissioned a process to gain a market assessment of property values of all major projects (previously only Liverpool, Marsden Park and Donnybrook have been valued)

• The exercise sought to establish current ‘as is’ and target future values of its major investments (excluding Norwell Valley as it is in its very early stages of planning)

CVC Project	Purchase Date	Settlement Date	Estimated Planning Date	Acquisition Price	Current Value*	Target Value Post Planning^	CVC Ownership
Park Road, Marsden Park, NSW	2012	2013	2026	$9,000,000	$110,000,000	~$300,000,000+	66.00%
Donnybrook Road, Donnybrook, VIC	2014	2014	2025	$12,675,000	$134,000,000	~$160,000,000+	49.00%
Heathcote Road, Liverpool, NSW	2016	2027	2026	$165,000,000	$300,000,000	~$500,000,000+	66.67%
Logan Road, Woolloongabba, QLD	2016	2016	2025	$19,150,000	$38,400,000	~$50,000,000+	52.50%
Lake Orr Drive, Burleigh Waters, QLD	2021	2023	2025	$45,000,000	$95,000,000	~$120,000,000+	60.00%
Hopkins Road, Truganina, VIC	2023	2028	2027	$201,000,000	$256,000,000	~$360,000,000+	56.35%
Lecky Road, Officer South, VIC	2023	2028	2025	$53,000,000	$63,000,000	~$86,500,000+	70.00%
Boundary Road, Truganina, VIC	2024	2026	2029	$49,275,000	$49,275,000	~$135,000,000+	56.35%
				$554,100,000	$1,045,675,000	~$1,711,500,000+
Implied CVC NTA					$2.78	~$5.20+

Notes

The above table reflects only the impact on NTA of these projects reaching the value estimates provided (inclusive of project costs) and CVC's proportional equity ownership in each project.

* All values supported by independent valuation reports except for Hopkins Road, Truganina (qualified agent’s assessment) and Boundary Road, Truganina (purchase price).

^ Target values reflect management estimates of value of properties post the completion of planning processes. They have been formed utilising either valuations, agent assessments or internal feasibility analysis This slide contains certain forward-looking statements regarding the potential future value of CVC’s projects. Such statements are based upon management estimates (utilising either valuations, agents assessments or internal feasibility analysis) however there are uncertainties inherent in such values. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. Refer to the ‘Disclaimer’ slide.

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CVC Limited | Annual General Meeting Presentation

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Outlook – Strategy and Focus

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Investment Activity

• Optimisation of the current investment positions remains core business activity

• There are a number of investment opportunities that are available and the Board is considering which of these should be supported

• Quantum of opportunities in pipeline may give rise to introducing partner capital under CVC’s AFSL

Forecast Performance

• Investment portfolio dictates that meaningful forecasting is difficult

• Strong degree of confidence that current assets have meaningful upside from current valuations as planning processes complete

• Due to portfolio maturing, business has greater number of options to add value to shareholders (JV structures, divestment, further repositioning)

Capital Management

• It is unlikely that an interim dividend will be paid in FY25 given capital requirements for projects

• The business is focusing on ensuring capital levels are appropriate to maximise shareholder value

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Questions
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Appendix 1 – Key Property Investments

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CVC Limited – Mixed Use Projects

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Heathcote Road, Liverpool, NSW

Property Details

• One of Australia’s largest urban renewal precincts which can materially contribute to housing supply in NSW

• Land totals 167,000 sqm with nearly 500 meters of frontage to Georges River

• Less than 300m from Liverpool Heath Precinct and 200m from Liverpool Train Station

• Site currently zoned industrial. In October 2024, Liverpool City Council placed the Liverpool Project on Public Exhibition

• The planning proposal seeks a rezoning of the property to MU 1 Mixed Use designation

• An approval would allow approximately 5,000 apartments and 180,000sqm of non-residential uses with an end value over time in excess of $20bn

Commercial Details

• Contracted in 2016 to be purchased for $165m

• Payments of $35m toward purchase have already been made

• Settlement in 2027

• CVC ownership 66.7%

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CVC Limited | Annual General Meeting Presentation

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CVC Limited – Mixed Use Projects

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Norwell Valley, QLD

Property Details

• Potential to be one of Australia's largest greenfield developments

• The Joint Venture (CVC 60%) secured Development Management Agreement with more than 60 landowners which took more than 4 years to achieve

• Covering more than 2,600Ha of land located between the Gold Coast and Brisbane, this tract of land is a nationally significant development opportunity

• Can provide for >20 years of development revenue for JV subject to successful rezoning outcomes

• Capital lite transaction which provides sufficient time to procure planning approvals

• When land developed, landowners are remunerated from sales revenues of development

• Potential to yield:

• In excess of 30,000 residential housing lots

• More than 250Ha of developable industrial land

• Regionally significant retail and commercial activity centres totalling 115Ha

Commercial Details

• JV has 12 years to achieve rezoning

• Upon planning approval payment to landowners of $55m

• Through development landowners receive 10% of project revenues with JV retaining the balance 90%

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• CVC ownership 60%

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CVC Limited – Mixed Use Projects

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Logan Road, Woolloongabba, QLD

Property Details

• A prominent and large scale site located in inner Brisbane

• Woolloongabba more generally has been identified as a Priority Development Area and will benefit from Cross River Rail station which is 200m from Logan Road site and is anticipated to open 2026

• The site totals 9,361sqm and is currently approved for mixed use development of over 600 apartments

• Planning submission has been lodged to seek approval for a higher scheme which could facilitate the development of over 1,000 apartments with an end value of over $750m

• Land benefits from passing income from incumbent tenant while planning approval process continues

Commercial Details

• Purchased in 2016 for $19.2m

• Current Valuation $38.4m

• CVC ownership 52.5%

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CVC Limited – Mixed Use Projects

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Lake Orr Drive, Burleigh Waters, QLD

Property Details

• Substantial 5.4Ha land holding in prominent part of the Gold Coast

• Benefitting from over 600m of direct water frontage and direct linkages to Bond University, this site is a rare large scale development opportunity

• Strategy to deliver infrastructure to allow development or divestment of a variety of super lots which can be developed into residential, retirement, commercial and retail uses

• Bulk earthworks and subdivision construction commenced in August 2024 and have recently completed

• Subject to planning approvals the site has capacity to contain in excess of 1,250 apartments, associated retail, medical and dining facilities

• Detailed planning applications will now be made for different sections of the site. Anticipated that the end value of development could exceed $2bn

Commercial Details

• Purchased in 2023 for $45m

• Current Valuation $95m (post civil construction works)

• CVC ownership 60%

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CVC Limited – Industrial Projects

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Donnybrook Road, Donnybrook, VIC

Property Details

• 75 Ha of strategically located industrial land in Melbourne’s rapidly emerging northern corridor

• Finalising development permits for the development of over 150 smaller industrial land allotments which could generate sales of approximately $400m

• Also potential to sell larger industrial land parcels as opportunities arise

• Anticipate permit approvals will be in place early H2 FY2025 with development able to follow soon after

Commercial Details

• Purchased in 2014 for $12.7m (land bought also included non-industrial land which has been subdivided and sold for $73m)

• Current Valuation $134m

• CVC ownership 49%

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CVC Limited – Industrial Projects

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Park Road, Marsden Park, NSW

Property Details

• Site covers 151Ha and is located in the North West Growth Centre of Sydney

• Over a decade in various planning processes

• Department of Planning has confirmed formal pathway to industrial land use (previously residential)

• Planning proposal to be submitted in December 2024 and will seek to rezone land to allow for 50Ha of net developable industrial land

• If approved, the property is capable of delivering in excess of 250,000 sqm of industrial floor space with an end value in excess of $1.25Bn

• Sydney is significantly undersupplied for industrial land

Commercial Details

• Site purchased in 2013 for $9.0m

• Current Valuation $110m

• CVC ownership 66%

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CVC Limited – Industrial Projects

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Hopkins Road, Truganina, VIC

Property Details

• Super prime site located in Melbourne’s Western corridor bordering completed industrial development.

• Site totals 80H and sits on two regionally significant roadways

• Part of a Precinct Structure Plan (Derrimut Fields) identifying the land as State Significant Industrial Land

• CVC working with Victorian Planning Authority to commence PSP planning process

• Approval would facilitate the development of approximately 330,000 sqm of prime grade industrial floorspace with an end value approaching $1bn

Commercial Details

• Contracted in 2023 to be purchased for $201m

• Payments of $12m toward purchase have already been made

• Settlement in 2028

• CVC ownership 56.35%

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CVC Limited – Industrial Projects

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Lecky Road, Officer South, VIC

Property Details

• Industrial land which is currently in the final stages of its rezoning process

• Located in the South East of Melbourne, a corridor experiencing a shortage of industrial land supply

• Land area totals 23Ha over two titles and is earmarked to be rezoned Industrial Zone 1

• Advisory panel hearing commenced February 2024 has completed

• Anticipated to have rezoning gazetted in H2 FY2025

• Approval could see the land capable of delivering over 130,000sqm of industrial floor space with an end value of $400m

Commercial Details

• Contracted in 2023 to be purchased for $53m

• Payments of $5.5m toward purchase have already been made

• Settlement in 2028

• Current Valuation $63m

• CVC ownership 70%

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CVC Limited – Industrial Projects

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Boundary Road, Truganina, VIC

Property Details

• 34Ha of prime future industrial land located adjacent to major industrial estate and on major arterial road

• Located in a Precinct Structure Plan identifying the land as State Significant Employment Land

• Planning would enable the land to deliver 150,000 sqm of industrial floorspace with an approximate end value in excess of $500m

• CVC working to advance planning of the precinct with other land owners

• Settlement of land scheduled for February 2026

Commercial Details

• Contracted in 2024 to be purchased for $49.3m

• Payments of $2.5m toward purchase have already been made

• Settlement in 2026

• CVC ownership 56.35%

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Appendix 2 – Board & Management Team

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CVC Limited – Board & Management

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Experienced and well credentialled Board and Management Team

Craig Treasure

Executive Chairman

Craig has over 35 years’ experience in business and property development both in publicly listed and private entities, and brings with him a wealth of knowledge and industry connections within the property sector.

Craig was CEO and Managing Director of ASX listed Villa World Limited (ASX: VLW) until it was acquired and delisted in late 2019. w

Craig provides strategic input to the business along with Board leadership, whilst working closely with the executive group developing our people and corporate culture. From a property perspective he provides an experienced overview of the transactions being undertaken by the company.

Mark Avery Managing Director

Mark is an experienced property executive with 20 years of experience gained across private and listed property development and investment groups.

Mark joined CVC in 2010 and was responsible for the real estate investments of the company since that time. He became CEO and Managing Director in 2019.

w His experience in property investment spans property debt and equity as well as indirect investments into entities that undertake these activities.

Mark is a credentialled funds management executive and has extensive experience in the operation of Australian Financial Services Licences.

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John Leaver
Executive Director
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John founded CVC over 30 years ago and has been a key contributor to its strategy and operations since that time.

He served as Managing Director from 1984 to 2001 and is currently an executive of the business.

John has previously been a Director of Sunland Group Limited (ASX: SDG) and multiple other private w and public entities.

Ian Campbell Independent Director

Ian brings to CVC 30 years of experience as a former partner with Ernst and Young and predecessor firms, principally working with entrepreneurial companies in preparing them for growth, sale and the capital markets.

Ian is currently a Non-Executive Director of Kip McGrath Education Centres Limited (ASX:KME) and w Redox Limited (ASX:RDX).

Ian’s previous Non-Executive Director roles include Gloria Jeans Coffees International Pty Limited, Young Achievement Australia Limited and Green’s Foods Holdings Pty Limited.

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CVC Limited – Board & Management

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Experienced and well credentialled Board and Management Team

Joanna Jiang Financial Controller

Erika Pawley Planning | New South Wales

Rachel Harrison Planning | New South Wales

Kelli Thomas

Planning | Queensland

Joanna is a highly skilled accounting and finance professional. She joined CVC Limited in 2009 and is responsible for the financial reporting, taxation and compliance obligations of the group.

Joanna is also the lead for all capital and treasury processes for the business.

w

Joanna has extensive experience in ASX and unlisted entities as well as tax and structuring across direct property, debt and equity investments.

Erika is one of Sydney’s leading strategic planners, with extensive experience in strategy development and implementation.

Erika spent three years as the Director of Strategic Planning at the Greater Sydney Commission, where one of her key achievements was development and delivery of the Collaboration Areas program for eight strategic centres w across Greater Sydney.

Previously, she had an extensive career in local government at Blacktown, Burwood and Rockdale Councils, with projects spanning infill and greenfield rezonings, masterplanning, environmental strategy, placemaking and asset management.

Rachel began her planning career in Local Government working 6 years in the rapidly expanding western Sydney Councils of Liverpool and Blacktown and 10 years at Wollongong City Council contributing to the revitalisation of the city centre.

From 2015 Rachel began working in the private sector as a consultant working both within the urban environment of Sydney and the rural and regional areas w of the NSW South Coast.

Rachel’s experience has been acknowledged by the Department of Planning having been appointed to the role of Independent Expert on Local Planning Panels following their compulsory inception in 2018 presiding on Camden and Wollongong’s Council’s Local Planning Panel.

Kelli is a versatile, high-performing property professional with more than 25 years’ experience in delivering strategy, planning, procurement, transactions and development management across infrastructure, urban renewal, social and affordable housing, commercial and mixed-use precinct development. She specialises in large scale projects and precincts with complex approval pathways.

Her previous positions include Manager of w Strategy and Projects with Walker Corporation and senior roles in the Queensland Government, including with Economic Development Queensland, the State’s land use planning and property development agency.

Kelli is a qualified town planner and a member of the Property Council of Australia’s Queensland Planning and Infrastructure Committee.

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CVC Limited | Annual General Meeting Presentation

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Disclaimer

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IMPORTANT NOTICE

FUTURE PERFORMANCE

This Presentation (as amended) (Presentation) has been prepared and issued by CVC Limited ACN 002 700 361 (CVC).

This Presentation must not be copied or distributed to other persons without the prior written consent of CVC, which may be given or withheld in its absolute discretion.

This document is not a prospectus and does not contain all of the information which would be required to be disclosed in a prospectus.

This Presentation contains forward looking statements. Forward-looking statements can generally be identified by use of words such as “may”, “should”, “could”, “foresee”, “plan”, “aim”, “will”, “expect”, “intend”, “project”, “estimate”, “anticipate”, “believe”, “forecast”, "target", "outlook", "guidance" or “continue” or similar expressions. Forward looking statements in this Presentation include statements about CVC’s financial condition and performance, results and operations, business plans and objectives or management, capital adequacy, risk management practices and specific or general provisions, including statements on slide 13 regarding the potential value of CVC’s projects.

SUMMARY INFORMATION

The information contained in this Presentation is of a general nature and in summary form. Neither CVC (nor any of its respective officers, employees, related bodies corporate, affiliates, agents or advisers) guarantees or makes any representation or warranty, express or implied, as to, or takes responsibility for, the accuracy, or reliability of the information contained in this document. CVC does not represent or warrant that this document is complete or that it contains all material information about CVC or which a prospective investor or purchaser may require in evaluating a possible investment in CVC or acquisition of CVC shares.

It is not intended to be relied upon as advice to investors or potential investors, and does not contain all information relevant or necessary for an investment decision or that would be required in a prospectus prepared in accordance with the Corporations Act.

Statements in this Presentation are made only as of the date of this Presentation unless otherwise stated and information in this Presentation remains subject to change without notice.

NOT AN OFFER

This Presentation is not a prospectus, disclosure document, product disclosure statement or other offering document under Australian law and does not constitute an invitation to subscribe for or buy any shares in CVC, including in any jurisdiction in which it would be unlawful, or a solicitation to engage in or refrain from engaging in any transaction.

Such statements represent CVC’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social risks, contingencies and uncertainties.

These forward‐looking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of CVC and its related bodies corporate and affiliates (and each of their respective directors, securityholders, officers, employees, partners, agents, advisers and management), and could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or any projections and assumptions on which those statements are based.

Forward-looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance.

There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. CVC disclaims any intent or obligation to update any forward‐looking statements, whether as a result of new information, future events or results or otherwise. All forward‐looking statements made in this Presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not predictions or guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.

NOT INVESTMENT ADVICE OR A RECOMMENDATION

DISCLAIMER

This Presentation does not constitute investment or financial product advice, nor is it a recommendation to acquire shares in CVC. It is not intended to be used as the basis for making a financial decision, nor is it intended to constitute legal, tax, accounting or other advice. In particular, this Presentation is not intended to be relied upon as advice to any person and does not take into account the financial situation, objectives or needs of any person. This Presentation may not be relied on to make an investment or other financial decision, and you should make your own assessment and take independent professional advice in relation to the information, before making any investment decision in relation to CVC.

No party other than CVC has authorised or caused the issue, lodgement, submission, dispatch or provision of this Presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this Presentation. Any information or representations not contained in this Presentation may not be relied upon as having been authorised by CVC.

Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee, whether as to the past, present or future. Past performance information given in this document is given for illustrative purposes only and should not be relied upon as (and is not) any indication of future performance.

FINANCIAL AMOUNTS

All dollar values are in Australian Dollars (A$) and financial data is presented as at the date of this presentation unless stated otherwise. CVC’s results are reported under Australian International Financial Reporting Standards, or AIFRS.

To the maximum extent permitted by law, CVC, officers, employees, agents and advisers disclaim all liability for any expenses, losses, damages or costs incurred by you as a result of this presentation being inaccurate or due to information being omitted from this Presentation, whether by way of negligence or otherwise, make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation.

The information in this Presentation remains subject to change without notice.

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29

CVC Limited | Annual General Meeting Presentation

Thank you

P W

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