CVC LIMITED — Capital/Financing Update 2006

Nov 29, 2006

ASX ANNOUNCEMENT

TRINITY ENTERS JOINT VENTURE FOR MANAGEMENT OF A LISTED PROPERTY FUND

30.11.2006

Listed diversified property group Trinity (ASX: TCQ) will enter into a joint venture with listed investment group CVC Limited (ASX: CVC) to manage an existing listed property hmit

The venture involves Trinity acquiring a 50 per cent interest in CVC Property Managers Limited, CVC Limited's Responsible Entity for the listed Taragon Property Fund.

As part of the deal, the fund will be jointly managed by Trinity and CVC and renamed the CVC Trinity Property Fund.

Trinity and CVC have identified a proposed seed project for the fund in Belrose. Sydney NSW. The project involves the acquisition of a 14, 157 square metre retail bulky goods development site in the Austlink Business Park for \$15 million.

The project is anticipated to have an end value of approximately \$60 million.

Trinity chief executive Ben McCarthy said the CVC Trinity Property Fund will be the first external fund managed by Trinity and recognises the Group's ability to grow funds and the portfolio.

Mr McCarthy said the deal is subject to Trinity concluding its due diligence period. Trinity Board approval, satisfaction of conditions precedent and approval by Taragon unitholders.

"The fund will operate under a separate mandate to other Trinity-managed funds and will typically invest in higher-risk and return investment and development opportunities and will hold the assets over a medium to long-term period," Mr McCarthy said.

"The CVC Trinity Property Fund will benefit from a combination of experience and industry knowledge by two property investment groups with proven track records.

"CVC Limited is a maior shareholder in TCQ and has a history of involvement in successful property deals.

"Trinity has grown funds under management from \$240 million to almost \$700 million since listing two years ago.

"CVC will be responsible for the fund's compliance and administration while Trinity will identify investment opportunities and assume the ongoing property management of the assets." Mr McCarthy said.

"The fund will participate in opportunities that are of a higher risk and return spectrum than the Trinity Property Trust (TPT) and the Trinity Stapled Trust (TST).

"This extends to strong investment opportunities which still have significant development works to be undertaken for the asset to reach investment grade."

CVC Limited Executive Geoffrey Leaver said that CVC is delighted to have formed a partnership with an established and accomplished property funds manager.

"Trinity is a dynamic property group that has experienced strong growth in funds management and has a strong pipeline of opportunities," Mr Leaver said.

"We have already jointly identified a prime investment project for the fund and will pursue a plan to grow the fund to more than \$200 million over the medium term."

"Taragon Property Fund has historically been an inactive property fund and provides a good platform for Trinity and CVC to revitalise it and grow to in excess of \$200 million."

The fund recently sold a shopping centre development in Perth, WA which was the only asset previously held.

Mr Leaver said that the proposed acquisition of the site at Belrose is typical of the projects that the CVC Trinity Property Fund will invest in.

"Belrose has been identified as a region that is currently undersupplied with bulky goods retailing, which is a sector in the retail market that is still maturing," he said.

Mr McCarthy said that Trinity's interest has a separate responsible entity to the group's existing entity. Trinity Funds Management Limited. The additional funds management fees will contribute to maintaining 70 per cent recurrent income for the group's earnings.

"Trinity has a stated objective to grow its funds under management to in excess of \$1 billion and the CVC Trinity Property Fund is an opportunity for us to expand our suite of investment vehicles on offer," Mr McCarthy said.

New capital for the fund will be sought from investors in the new year to acquire both the development site at Belrose and further investment opportunities for the fund in the first half of 2007.

At the Trinity annual general meeting earlier this month (15 November), the Group restated its forecast dividend growth of 4-5 per cent for 2006-07, after exceeding all Prospectus forecasts and paying a 10 cents per security distribution in 2005-06.

Trinity has a clear growth strategy to have \$1 billion of funds under management by 2009 and generate at least 70 per cent of Group earnings from recurrent rent and fees.

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For further information please contact:

	Geoffrey Leaver Director, CVC Private Equity Limited 02 9087 8000 0402 611 924
Ben McCarthy CEO, Trinity		07 3221 1221
Vanessa Wall	Communications Manager, Trinity	07 3221 1221