CVC LIMITED — Annual Report 2005

Sep 1, 2005

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Platform for Growth

Platform for Growth		4	V 17 EXAMPLE
(market value) adjusted net \$1.34 assets	Balance Sheet	270% to 25.4c	Earnings per share
100%	Franking	187% to \$29.0m	Net profit
67% to 5c	Dividend	30% to \$61.8m	Revenue
Approx 600	Number of shareholders	$$1.45$ share price) \$185m (based on	Market Cap
127.4m	Shares on issue	CVC (listed 1985)	ASX Code
Financials highlights

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E $\equiv$ C

1 from ASX listed market performance table to June 30 2005

1899	(se -	E Sil	E 3
NPAT	\$5.04m	\$10.1m	\$29.0m
Share price	72c	\$1.05	03.14
EPS E	4.6c	9.4c	25.4c
DPS	2.0c	$\frac{0}{3}$	5.0c
三〇	15.7x	14.9x	5.7x
Yield	2.89%	2.9%	3.3%
Franking	100%	100%	100%
EPS growth		104%	270%
Returns 1 (pa)	45.9%	27.89%	24.85%

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Financials highlights

FIGICE NEWSBEAT

The Contract of the Contract of

• successful investments and capital growth. Pioneer of 20 year history as listed company, track record of Australian Private Equity market.
• One of the best performing listed private equity fund over 1, 3 and 5 years (ASX Listed Market Performance table to June 30, 2005)
• Top 20 shareholders >80% of share register
• Corporate restructure completed in 2004 internalising management of the company
• developments, funds management, private equity, strategic Four active drivers of future growth, property related listed investments

The City of the Contract of

• 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

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Pettern for stead

Platform for Growth

CONSTRUCTED

15 - 20 ASX listed stocks / market valuation \$100m +

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Sunland (SDG)	32.5 m	\$56 m	$$3.60 m*$
Pro-Pac (PPG)	6.3 m	\$3 m	$$0.25 m*$
Stargames (SGS)	16.9 m	\$22 m	$$0.85~m*$
Greens Foods (GFD)	14.2 m	$$8 \text{ m}$	$$0.30m**$
		E \$89	$$5.0 m*$
Based on 2005 actual dividends / 2006 company forecasts * Based on 2004 actual dividends

Platform for Growth

PUP CONTRACTORY CONTRACTO

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

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DESCRIPTION AND MONTH

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

FIRM TRICTITI

• Existing funds:
• CVC REEF Limited
• CVC Sustainable Investments Limited (CVCSI)
• CVC Private Equity Limited (CVCPE)
• Total FUM >\$50m recurring income / performance fees
• Evaluate new opportunities
• Direct ownership of existing managers

Solid recurring earnings

CONTROL CONTROL

• Opportunities for further one off capital gains
• Established, well respected listed company with strong deal flow
• Ability to fund a large deal