CVC LIMITED — Capital/Financing Update 2008

Jun 18, 2008

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19 June 2008

Australian Securities Exchange Limited 20 Bridge Street Sydney NSW 2000

By e-lodgement

ASX ANNOUNCEMENT ASX: CJT

CVC LIMITED AND 360 CAPITAL GROUP LIMITED ENTER INTO PROPERTY FUNDS MANAGEMENT JOINT VENTURE

ASSET DISPOSAL UPDATE

New Joint Venture Partnership

As announced previously, CVC Limited (“CVC”) and Trinity have decided to dissolve the joint venture management of CVC Trinity Property Fund and CVC have been in discussions with several groups in regard to jointly managing the Fund and formulating a strategy for the Fund going forward.

Today, CVC and 360 Capital Group Limited (“360 Capital”) have entered into a conditional heads of agreement to jointly manage the CVC Trinity Property Fund (ASX: CJT).

Subject to unitholder approval, 360 Capital will take a 50 per cent interest in CVC Trinity Property Managers Limited, the Responsible Entity of CVC Trinity Property Fund. The Responsible Entity is to be renamed CVC 360 Capital Funds Management Limited. CVC Trinity Property Fund will be renamed CVC 360 Capital Property Fund (“Fund”).

Tony Pitt, Managing Director of 360 Capital Group will become managing director of CVC 360 Capital Funds Management Limited and be responsible for implementing the future investment strategy for the Fund as well as overseeing the day to day operations of the Fund.

CVC Trinity Property Managers Limited Chairman, Geoffrey Leaver said “We have been working closely with 360 Capital Group over the past three months to formulate the strategy for the Fund going forward. The research and knowledge base of the listed, unlisted and direct property markets which 360 Capital has undertaken over the past two years will be invaluable to the Fund as well as potential transactions which have also arisen through the association. We look forward to working with Tony who brings vast experience to the table in both listed and unlisted property funds management as well as a proven track record to maximise returns from ongoing active management and an ability to capitalise on opportunities which will arise”.

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360 Capital Group Managing Director, Tony Pitt said “The joint venture with CVC Limited has allowed the two groups to form a partnership at a time in the marketplace where those groups with the capability to recognise and analyse potential opportunities and have the capacity to transact in a timely manner to benefit greatly. Although the Fund is undertaking a consolidation of its asset base at present, we believe that going forward the investment strategy proposed, coupled with a focused and active management approach, will generate both income and capital gains and over the medium term, as well as allowing the Fund to commence income distributions for the Fund in FY 09”.

Investment Strategy

We believe the Australian listed property trust sector now comprises too many structured vehicles with complexities not representative of property investment. CJT aims to provide investors with a fund which is transparent and based on the underlying property investment fundamentals.

Given the current investment environment, it is proposed to refocus the strategy of the Fund away from being an investor in higher-risk and return investments to an investment strategy of investing across three forms of property investments, namely: direct property assets; strategic property securities investments; and strategic unlisted property trust investments. Going forward the Fund will seek to provide investors with an asset base of Australian listed, Australian direct and Australian unlisted assets as well as cash in one transparent product.

By diversify the investment strategy to encompass the three forms of property investment; the Fund will be able to take advantage of times when one class of investment may provide more favourable total returns based on property fundamentals than the others, allowing the Fund to outperform over the medium term.

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----- Start of picture text ----- ASX CJT(Fund)Direct Real Estate Listed Property Unlisted Property Cash and OtherAssets Securities Securities Liquid Assets----- End of picture text -----

Given the current re-rating in the Australian Listed Property Trust Sector, the near term strategy of the Fund will be re-weight away from direct property assets and to invest in ASX listed property securities. With this near term strategy in mind, the Responsible Entity has elected to sell both direct property assets in the Fund comprising the Ricoh Building at 8 Rodborough Road, Frenchs Forest and a lifestyle development site at Belrose, NSW.

Proceeds from the disposals will initially be used to repay all of the Funds borrowings and purchase strategic positions in ASX listed property securities.

Over time, we expect there to be consolidation in the number of listed property trusts, companies and managers which we would like to participate in. Furthermore, there are a number of unlisted property trusts and funds with a total of in excess of $5 billion in gross assets maturing over the next three years which is expected to provide an opportunity for the Fund to participate in this consolidation and provide much needed liquidity to the unlisted sector.

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Asset Disposal Update

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8 Rodborough Road, Frenchs Forest

Following the public campaign calling for expressions of interest for the sale of 8 Rodborough Road, Frenchs Forest, we are in discussions with several parties with a view to agreeing terms shortly. The expected sale price achieved through the public campaign is likely to be materially lower than the current 31 December 2007 book value reflecting the deteriorating economic and market conditions since the acquisition of the property.

The directors believe that at the current expected sale price, the sale is in the best interests of unitholders given the Fund’s current gearing levels, the increased interest costs since the acquisition and the deterioration in the industrial investment market.

Belrose Development

As announced on 10 March 2008, now that the Development Application (“DA”) on the Lifestyle Bulky Goods development at Belrose has been fully validated, the Directors of CVC Trinity Property Managers Limited has been reviewing the changing market conditions, and the feasibility. As a result of the change in conditions and now that the DA has been granted, the Directors wish to announce that they have called for expressions of interest for the sale of this property, located at 1 Narabang Way, Belrose.

CB Richard Ellis has been appointed as exclusive selling agents. The property comprising a site area of 2.187 hectares has a development approval for 14,157 square metres of bulky goods located in the Austlink Business Park, Belrose. Expressions of interest close on 27 June 2008.

Capital Management, Distributions, Asset Base

Following the disposals of the direct properties and extinguishment of the Fund’s borrowings, the Responsible Entity will assess the capital market conditions with a view to further the co-investment by the Responsible Entity and its associates as well as potentially seeking further capital from investors to grow and diversify the asset base. Upon the excess cash from the disposals initially being deployed into A-REITs, it is expected that the Fund may be able to commence distributions in FY 09.

For further information, please contact:

Tony Pitt Managing Director, 360 Capital Group Limited

Tony Pitt Managing Director, 360 Capital Group Limited (02) 9238 0918 (0416) 067 086 Geoff Leaver Chairman, CVC Trinity Property Management Limited (02) 9087 8000