CVC LIMITED — Capital/Financing Update 2003

Nov 10, 2003

Commencement Of Joint Venture To Develop Residential Subdivison

CVC is pleased to announce that its wholly owned subsidiary CVC Newcastle has today executed a joint venture agreement with Winten Developments for the development of a significant parcel of land (approx 206 hectares) north of Newcastle in New South Wales.

The execution of the joint venture agreement is the result of the concurrent resolution of a long standing dispute associated with the former owners of the subject property.

The developers intend to utilise principles of sustainable design in creating quality urban dwellings that are functional and will address critical environmental issues such as erosion control, biodiversity and revegetation. Extensive government and community consultation will be undertaken to ensure the development reflects the local community's aspirations.

CVC Limited recently announced a significant upgrade in earnings for 2004. The Newcastle development is expected to contribute earnings for several years commencing 2005.

The Winten Property Group, founded in 1972 by Garry Rothwell, is one of Australia's premier property development companies. The Winten group has grown from the architectural talent of its principal into a multi discipline company with approximately \$800 million of project activity underway.

CVC Limited