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

JOINT VENTURE AGREEMENT WITH TRINITY

CVC Limited (" $CVC$ ") will enter into a joint venture with listed diversified property group Trinity (ASX: TCQ) to manage the Taragon Property Fund.

The venture involves Trinity acquiring a 50 per cent interest in CVC Property Managers Limited, CVC'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 will involve 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.

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

The fund will participate in opportunities that are of a higher risk and return spectrum than the Trinity Property Trust (TPT) and 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 Property Managers Limited Chairman 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 since listing in late 2004. CVC Property Managers Limited has already identified a prime investment project for the fund and will pursue a joint plan to grow the fund to more than \$200 million over the medium term."

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.

CVC Limited ABN 34 002 700 361 AFSL 239665

Level 42, AAP Centre 259 George Street Sydney NSW 2000

T0290878000 ∫ F 02 9087 8088 ै। www.cvc.com.au

Ben McCarthy, Trinity chief executive, 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. The deal is subject to Trinity concluding its due diligence period, Trinity Board approval, satisfaction of conditions precedent and approval by Taragon unitholders."

Mr McCarthy said "the fund will operate under a separate mandate than other Trinitymanaged 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."

CVC have an objective to grow its funds under management and the Joint Venture is an opportunity to expand our suite of investment vehicles on offer.

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.

For further information please contact:

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

John Hunter Company Secretary