CVC LIMITED — Capital/Financing Update 2005

Feb 16, 2005

\$28.05 Million Placement and 2 Cents Per Share Interim Dividend

Share Placement

The Board and management of CVC Limited are pleased to announce that it has completed a successful placement to a range of institutional investors, with 16.5 million shares to be issued raising \$28.05 million at \$1.70 ex-dividend, a 16% discount to the last traded price (February $16, 2004$ ).

The capital raised will further strengthen CVC's balance sheet enhancing its ability to execute investment strategies across the breadth of its portfolio, namely private equity, strategic listed investments, direct property and funds management

The placement was managed by Bell Potter Securities Limited. It represents 14.9 % of the Company's current issued capital and marks a significant step in CVC's continued growth as a listed company.

The take up of the offer was led by to two major institutions that will become new substantial shareholders of the Company. CVC is delighted to welcome them and all other new shareholders to the Company.

Shares issued under the placement once issued will rank equally with existing fully paid ordinary shares. These shares are expected to be allotted and issued to investors on 1 March 2005 and commence trading on 2 March 2005.

The Company will lodge an Appendix 3B in respect of the placement shortly. The Company intends to lodge a compliance notice under $s708A(5)(e)$ of the Corporations Act within five business days of the shares being issued.

Interim Dividend

The Company today also announces a fully franked interim dividend of 2.0 cents per share to be paid on 10th March 2005. This represents a 33% increase over the prior year interim dividend.

The record date for determining entitlements to the dividend is the 28th of February 2005. The last date for receipt of election notices to participate in the Dividend Reinvestment Plan is also the 28th of February 2005.

Alexander Beard Chief Executive Officer

17 February 2005