CVC LIMITED — Capital/Financing Update 2006

Nov 29, 2006

30 November 2006

Manager, Company Announcements Australian Stock Exchange Limited Level 6 20 Bridge Street Sydney NSW 2000

ASX Announcement

Acquisition of Bulky Goods Project, Belrose

CVC Property Managers Limited (the Responsible Entity of Taragon Property Fund (ASX code: TPG), the "Fund"), is delighted to announce a proposal for the acquisition of a proposed bulky goods site at Belrose, NSW for a maximum total consideration of \$15 million.

The consideration for the acquisition will comprise \$6 million cash. \$7 million in new units in the Fund, at 16 cents per Unit, and deferred contingent consideration of up to \$2 million, depending on the success of the Project. The cash consideration and costs of acquisition are to be funded by a placement of 43.75 million new Units in the Fund, at 16 cents per Unit, through an Information Memorandum to wholesale investors to raise \$7 million.

The Belrose site is currently owned by a consortium in which CVC Limited (ASX code: CVC) has a 45% interest. CVC sees the Belrose site as a great seed asset for the Fund and is pleased to have been able to negotiate the opportunity for the Fund. Further, as a result of CVC current ownership of the Fund and the structure of the consideration for the acquisition. CVC will retain approximately the same percentage interest in the Property, through the Fund, following the transaction.

Listing Rules and legislation require that the acquisition and placement are to be subject to a number of approvals from Unitholders. Accordingly full details of the acquisition, the placement and the approvals required are included in a notice of meeting of Unitholders that will be distributed to all Unitholders and lodged with ASX shortly.

CVC Property Managers Limited is a wholly owned subsidiary of CVC, a listed investment group. Subject to the Belrose property acquisition, CVC has agreed to enter into a joint venture with listed diversified property group Trinity (ASX code: TCQ), to share management responsibilities for the fund. As part of the transaction, Trinity will acquire a 50 per cent interest in CVC Property Managers Limited. Trinity is an established and dynamic fund manager and has experienced growth in funds under management from \$240 million to \$700 million since listing two years ago.

CVC Property Managers Limited ACN 066 092 028 AFSL 229809

Level 42, AAP Centre 259 George Street Sydney NSW 2000

T 02 9087 8000 F 02 9087 8088 www.cvc.com.au

CVC sees the involvement of Trinity as a way to fast-track the growth of the Fund and bring inhouse key competencies for the running of the Fund that would otherwise need to be outsourced.

In light of the change of management structure, it is also proposed that the name of the Fund be changed to the CVC Trinity Property Fund and to change the fee structure of the Fund. Further details on these and other administrative changes to the Constitution will also be provided in the notice of meeting. A full copy of the proposed revised Constitution of the Fund will also be lodged shortly with ASX.

For further information please contact:

Geoff Leaver	Chairman, CVC Property Managers Limited	02 9087 8000
Ben McCarthv	CEO, Trinity	07 3221 1221
Vanessa Wall	Communications Manager, Trinity	07 3221 1221	0417 626 196

John Hunter Company Secretary

CVC Property Managers Limited ACN 066 092 028 AFSL 229809

Level 42, AAP Centre 259 George Street Sydney NSW 2000

T 02 9087 8000 F 02 9087 8088 www.cvc.com.au