CVC LIMITED — Capital/Financing Update 2004

Nov 23, 2004

Sale of Chevron Renaissance Shopping Centre

On 1 October 2004 the Company advised that the Chevron Developments joint venture, in which it has a 50% interest, had entered into a formal agreement for the sale of the Chevron Renaissance shopping centre, subject to due diligence.

Today, the Company is pleased to announce that the due diligence process has been completed and the sale to Sandhurst Trustees Limited (as custodian for the Chevron Retail Trust No.1) is now unconditional with settlement due at the end of January 2005.

As advised on 1 October 2004, the sale will result in a profit on disposal of approximately \$10 million before taxation being recognised by CVC in the current financial year.

Alexander Beard Director

24 November 2004