CVC LIMITED — Investor Presentation 2007

Jun 12, 2007

An Introduction to CVC Limited (ASX:CVC)

Emerging Companies Conference
Bell Potter Securities Limited Ware 2007

CVC Limited

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Founded in 1985 by Vanda Gould (Chairman) and John Leaver (Director)

Diversified listed investment company (ASX:CVC)

Four operating divisions:

• $>$ Funds management $\ge$ Direct property holdings
• $>$ Private equity investments $\geq$ Listed share portfolio

Top 20 shareholders represent 65% of shares including:

Directors, staff and institutions

Strong long term history of performance and asset growth:

• Invested in more than 70 established, high growth businesses across all industries

• Participated in more than 20 IPOs and trade sales

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*Source: ASX Listed Managed Investments 31 March 2007

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Key Financial Facts

ASX Code	CVC (listed 1985)	Shares on issue	171.8m
Market Cap	$$300m+$	No. of shareholders	1.794
2006 Revenue	\$35.1m	Dividend (fully franked) 1st interim - 6 cents $2$ nd interim $-3$ cents 3rd forecast - 6 cents	15с
2006 Net Profit	୍\$23.3m	Franking	100%
2006 Earnings Per Share	18.7c	Forecast 2008	12 cents
2007 Earnings Per Share forecast (fully diluted)	17.5c	Balance sheet - NA (approx)	\$1.90

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Measured Performance, Strong Returns

Year to June	2003	2004	2005	2006	2007/5
NPAT	\$5.04m	\$10.1m	\$24.6m	\$23,3m	\$30.0m
Share price	\$0.72	\$1.05	\$1.50	\$1.45	\$2.00
Shares on issue				116 m	172 m
EPS	4.6c	9.4c	25.4c	18.7c	17.5c
DPS.	2.0c	3.0 c	5.0 c	6.0c	12.0c
P/E	15.7x	14.9x	5.7x	8.0x	11.5x
Yield	2.89%	2.9%	3.3%	4.0%	6.0%
Franking	00%	100%	100%	100%	100%

Sector Contribution - Dec 06 vs April 07

/C Limited

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Core Investment Principles

Strong, 20 year track record underpinned by five key investment fundamentals:

• Constant exposure to deals from clients who trust CVC internal management's judgement ngan per
• Sector agnostic position provides flexibility to capitalise on emerging investment opportunities $\mathbb{Z}^2$
• Portfolio diversification delivers strong, consistent cash flows and underpins sustained $\ddot{\tilde{\omega}}$ shareholder returns
• An ability to inject active management to unlock value and maximise return on investment $\tilde{\omega}$ for shareholders
• We invest in people to fund the future: nga.
• o Uncompromised internal focus on analysing business fundamentals for investment
• o Staff have 'hands on' experience managing companies in target investment sectors

Platform for Measured Growth

• Shepparton
• Geelong
• · Gordon
• Alexandria

• Unlisted company
• 400 shareholders
• \$33m balance sheet
• \$20m investment threshold
• KEY INVESTMENTS:
• Ron Finemore Transport
• Green's Foods

• CVC Trinity
• CVC Sustainable
• CVC Private Equity
• CVC REEF

• Cellnet (20.6%)
• Sunland (12.6%)
• Cyclopharm (11%)
• · TRI Origin (6%)
• $\blacksquare$ Trinity (4.3%)

Half Yearly Result (for six months to Dec 31 2006)

• Dividend increase from 6 cents to 12 cents per share fully franked. Interim dividend of 9 cents per share paid in 2 installments

• Post Tax NA approximately \$1.90 per share

• Full year 2007 guidance \$30M NPAT

• Full year 2008 guidance \$35M NPAT

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Recent Operational Highlights

Business Changing Capital Raising

• Successfully completed \$110 million capital raising (Feb 2007) to:

• o Continue development of recurrent revenue streams, including funds management
• o Identify listed equity opportunities to build controlling stake and unlock value

Private Equity

• Successful scheme of arrangement with Nestle for Greens Foods (GFD), and joint venture with GPG to acquire Consumer Foods division plus land holdings for \$130 million; initial return of \$6.5 million

• Successfully sold down \$6.5 million in Probiotec holdings into the company's IPO

Direct Property Investments

• Trinity Group joint venture (Dec 2006) established with launch of CVC Trinity Property Fund

• o On track to achieve portfolio target of at least \$200 million by December 2008

• Provided \$35 million in mezzanine finance to Sakkara Group (May 2007) to fund an industrial development and refurbishment and residential development in Sydney; project end value \$70 million

Recent Operational Highlights continued...

Strategic Listed Investments

• Achieved 22.4% major shareholding in Cellnet (23 May 2007) and appointed CVC Chief Executive Officer Sandy Beard to Board

• Appointment of Aspen Group Limited (APL) as developer of the Fern Bay Seaside Village project in Newcastle for \$76.6 million; return to CVC of \$21 million

• Dominant shareholder in successful Cyclopharm IPO at 50% premium to IPO price; unlocked \$5 million in value for CVC Limited shareholders

CVC Sustainable Investments Fund

• Launched prospectus (April 2007) with open raising target of \$30 million; positive initial investor interest with \$750,000 raised as at mid-May 2007

• \$10 million in capital already deployed to fund 10 investments since fund inception in 2002; generating a 23.1% internal rate of return as at 28 February 2007

CVC Limited: We Fund the Future

Growth Outlook

• Deployment of capital to exceed benchmark IRR of 15% per annum in core investment $\frac{m_{\rm NS}}{m^2}$ segments by identification of listed and unlisted opportunities
• Increase recurring income streams from diversified platform from 30% to 70% by 2009 حيره
• Achieve significant growth in funds under management by seeding assets into larger funds and Mage forming joint ventures to attain specialist expertise
• Deliver EPS growth and maintain at least 12c per share dividend $\frac{m_{\rm{th}}}{\sqrt{2}}$
• Expand CVC Trinity Property Fund portfolio to \$200 million by December 2008 حيرون
• Achieve \$30 million CVC Sustainable Investments capital raising $\frac{m_{\rm{H}}}{m_{\rm{H}}}\approx$

An Introduction to CVC Limited ASX:CVC)

Emerging Companies Conference June 2007