CVC LIMITED — Investor Presentation 2007

Nov 18, 2007

Presentation to Bell Potter Small Cap Conference v Unlocking Value

CVC Limited November 2007

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Who is CVC Limited?

• Diversified investment group with $390m assets under management*

• Medium to long term investment focus

• Activist investment style

• Portfolio includes

• cornerstone stakes in listed companies

• • general portfolio listed shares
• • private equity

• property

• • funds management group
• • investment banking activity

• 20 years – long history of returns on equity, over 15%

• Strong networks to source deal flow

*Market cap 16/11/07 plus funds management assets

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Overview of 2007 Result

	2005		2006		2007
NPAT	$23.97m		$23.31m		$30.76m
EPS (Diluted)	20.7c		19.0c		23.7c*
DPS	5.0c		6.0c		15.0c
ROA	20.3%		17.1%		21.4%
ROE*	28.0%		20.8%		33.8%
(including unrealised gains)

*EPS based on weighted average shares on issue in FY07. EPS is 18.0 cents based on issued shares as at November 07.

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CVC GROUP OF COMPANIES CVC Limited ASX:CVC Market cap $320m Cash at Bank $75m

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----- Start of picture text -----

Listed Investments Private Equity Direct Property Funds CVC Capital
Investments Management Markets
9 cornerstone Private 5 Projects 4 Satellite Funds
Investments Companies
+
General portfolio
$90m Assets Under
$270m Total Value $30m Total Value $200m End Value Management
----- End of picture text -----

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Listed investments

• $270m portfolio market value

• Cornerstone stakes in 15 mid, small and micro cap stocks

• 15% hurdle rate – capital growth and income

• Activist style, unlocking value, “hands on” approach to drive growth

• Case studies – Pro-Pac Packaging Limited and Cellnet Group Limited

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Listed investments

• Cornerstone stakes recently acquired:

MARKET CAP CVC Holding Blue Energy Limited $132m 20% Cellnet Group $31m 23% Mercury Mobility $31m 26% Tri-Origin $112m 8% Pro-Pac Packaging $56m 25%

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Private equity

• $30m total portfolio

• Acquire substantial stakes in private growth companies, usually ungeared

• Similar to small cap investment strategy

• Actively partner with investees to grow value

• Manage exit process at appropriate point

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Direct property

• 5 developments underway with $200m plus end value

• Alexandria, Sydney – Commercial/Industrial

• Geelong – Bulky goods

• Gordon - Residential

• Wagga – Bulky goods

• Shepparton – Bulky goods

• All in JVs with development partners

• Completion of all projects 2008 - 2009

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Funds management

• Total assets under management of approximately $90m

• 4 vehicles:

CVC Trinity Property Fund (listed property trust, ASX:CJT) CVC Sustainable Investments Limited (environmental focus) CVC Reef (Renewable Energy Equity Fund) CVC Private Equity Limited

• Expansion initiatives underway for all funds to grow total assets under management

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CVC Capital Markets

• Established in July 2007 to maximise profitability from financing and M&A activity

• Initially providing corporate finance services to CVC group investee companies

• Expected to contribute significantly to 2007/2008 profitability

• Investment in boutique fund managers, expansion of existing satellite funds

• Completed activities since inception

CLIENT		TASK				TRANSACTION
						VALUE
Mercury Mobility		De-merger from Cellnet and listing on ASX				$30m
MCM Entertainment Ltd Cellnet Environmental Group Pro-Pac Packaging Blue Energy Ltd		IPO participation Under-written non-renounceable righs issue Recapitalisation and acquisitions Acquisition of PB Bottles, placement and ~~SPP~~ Underwritten placement				$3m $12m $6m $15m $30m

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Shareholder value – net asset overview since Feb ’07 placement

Placement price $2.00 Net assets as at November 2007 $2.05

Dividends 2007

Feb 2007 6 cents Apr 2007 3 cents Nov 2007 6 cents

$0.15 $2.20

Implied asset growth since February 2007

$0.20

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Valuation overview

• NTA 16 November $2.05 - Share price 16 November $1.72 - Discount to NTA 16.1% - EPS FY 07 18.0c * - PE FY 07 9.5x - EPS FY 08 20.4c - PE FY 08 8.4x

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*FY07 NPAT of $31m based on shares on issue as at Nov 7 (excludes the impact of unrealised profits on shares)

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Unlocking value

• Invest in listed and private growth companies for medium term capital growth and income

• Recycle assets and capital on main balance sheet more frequently

• Grow funds (and assets) under management in external vehicles

• Increase recurring income from funds management and Capital Markets

Presentation to Bell Potter Small Cap Conference v Unlocking Value

CVC Limited November 2007

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