CVC LIMITED — Capital/Financing Update 2004

Sep 30, 2004

Chevron Renaissance Shopping Centre

In accordance with the continuous disclosure requirements of Listing Rule 3.1:

CVC advises that the Chevron Developments joint venture, in which it has a 50% interest, has entered into a formal agreement for the sale of the Chevron Renaissance shopping centre on the Gold Coast. The agreement is subject to a 30 day due diligence period by the purchaser before the contract becomes unconditional. If completed, the sale will result in a profit on disposal of approximately \$10m before taxation being recognised by CVC in the current financial year. If the sale proceeds, completion is anticipated to be at the end of January 2005.

Alexander Beard Director