CVC LIMITED — Capital/Financing Update 2004

Jul 15, 2004

Investment in Lewingtons Transport Group

CVC Limited ("CVC") is pleased to announce that CVC and its partners have today acquired the Lewingtons Transport Group of Companies (Lewingtons) through a new holding company. Ron Finemore Transport Pty Ltd ("RFT"). CVC has a 25% shareholding in RFT with the other shareholders being Ron Finemore and his family (50%) and CVC Private Equity Limited ("CVC Private Equity") (25%). It is expected that the total capital commitment for the acquisition will be \$6.25 million to be funded pro-rata.

Lewingtons was placed in receivership in February 2004 following its failure to secure further finance facilities. RFT has acquired 100% of Lewingtons via a Deed of Company Arrangement that extinguishes the former secured and unsecured creditors of Lewingtons.

Lewingtons is one of the major livestock fleet operators in Australia and has significant operations in liquid/tanker, general and bulk haulage supported by a large fleet of prime movers and trailers. Lewingtons operates throughout Victoria, New South Wales and Queensland from its bases at Wodonga, Victoria, and Casino, New South Wales and has annual revenues of approximately \$45 Million.

CVC is delighted to have Ron Finemore AO ("Ron") as its partner in RFT on his return to the transport industry. Ron was Executive Chairman of Finemore Holdings Limited, one of Australia's leading transport logistics companies, until its sale to Toll Holdings for \$120 million in August 2001. Ron had built Finemore Holdings Limited from the ground up, over the previous 40 years, to a stage where it employed over 2,500 people, had annual turnover of approximately \$400 million and was awarded the GM Global Award for the Best Logistics Provider (based on a service, quality, technology and price criteria) in 1998, 1999 and 2000.

Ron was appointed as an Officer of the Order of Australia (AO) in 1999, for services in business and to the community, and has only recently become free of restraints to reenter the transport industry following the sale of Finemore Holdings Limited. Ron will be Executive Chairman of RFT and Mr Laurie Brothers will be Managing Director. Laurie worked closely with Ron at Finemore Holdings Limited in various senior roles between 1978 and 2001.

CVC Private Equity is an unlisted investment company with \$17 million net assets that specialises in investing in private equity opportunities. CVC Private Equity is managed by CVC Investment Managers Pty Ltd who also manage CVC. CVC is a major shareholder in CVC Private Equity, which plans to apply for a listing on the Australian Stock Exchange in late 2004.

CVC, Ron Finemore, CVC Private Equity and RFT look forward to revitalising Lewingtons with the loyal support of employees, customers and suppliers.

For further information, please contact Alexander Beard, Managing Director, CVC Limited on (02) 9087 8000 or Ron Finemore 0418 694 049.

CVC Limited 16 July 2004