CVC LIMITED — Investor Presentation 2007

May 15, 2007

Presentation to Ord Minnett Financial Services Conference

May 2007 Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria
Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Maria Ma

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Maria Maria Maria Maria Ma

Manufacturer

Background to CVC Limited

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 and staff, institutional

Number of shareholders increased from 639 (June 06) to 1,794 (April 07):

• Average daily liquidity significantly increased from June 06

• Strong long term history of performance and asset growth

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*Source: ASX Listed Managed Investments 31 March 2007

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Background

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EXC Limited Communications

Construction of the Construction Construction

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 2nd 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

1999 - Andrew Marian, Amerikaansk filozof (

1999 - Andrea Garrison, margaretar amerikan ba CVC Limited

Segments

Dec 2006 3 000	April 2007 \$000
8,173 ∵Cash	120,491
Funds Management 8,907	8,847
Listed Investments 184,759	164,859
Private Equity 1.555	$-33,412$
31.266 Property	24.645

ng mga manang

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Major Listed Investments

	Shares Held Value \$ Ownership
Sunland Group Limited	$12.06\%$ 34,291,303 106,303,039
Trinity Consolidated Group	5,456,455 14,786,993 4,39%
TRI Origin Minerals	5,199,078 6,238,894 6.07%
Cyclopharm	14,980,991 11.04% 4,793,917
Cellnet Group Limited	10,546,369 11,811,933 20.65%

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CLimited

Half Yearly Result

• 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

5

Background to February Placement

• Continued development of recurrent revenue streams, including funds management and investment banking

• Private equity opportunities to achieve > 20% per annum returns

• Ability to continue development of major investees including Ron Finemore Transport, Pro-Pac and Greens Foods

• Identification of listed equity opportunities to build controlling stake and un-lock value

• Identified pipeline of quality mezzanine debt opportunities at hurdle rates of return

Financial Highlights

• Successful scheme of arrangement for Greens Foods (GFD), and JV with GPG to acquire Consumer Foods division (\$130M t/o) plus land holdings. Initial tranche crystallised profit of approx \$6.5M

• \$51M pre-tax increase in value of listed portfolio (54.3%) since June 30, 2006

• Appointment of Aspen Group Limited (APL) as developer of the Fern Bay Seaside Village project for \$76.6 million, with a return to CVC of \$21M

• Major shareholding in Cellnet acquired Demerger / IPO of Mercury commenced

• Continued development of investees including Pro-Pac, Ron Finemore Transport and Greens Foods

• JV with Trinity to manage and grow CVC Trinity property fund to at least \$200M by December 2008

• Direct property continues to contribute meaningfully with the completion of a number of deals

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Financial Highlights continued...

• Dominant shareholder in successful IPO of Cyclopharm at 50% premium to IPO price - unlocking \$5M+ in value

• Provision of mezzanine finance to Sakkara for a further 3 properties with end value of \$70M plus

• CVC Sustainable Investments prospectus issued for the raising of approximately \$30M, with investors showing positive interest

Financial Highlights continued...

Year to June	2003	2004	2005	2006	20076
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				$116 \text{ m}$	172 m
EPS	4.6c	9.4c	25.4c	18.7c	17.5c
DPS:	2.0c	3.0 c	5.0c	6.0c	12.0c
P/E	15.7x	l 4.9x	5.7x	8.0x	11.5x
Yield	2.89%	2.9%	3.3%	4.0%	6.0%
Franking	100%	100%	100%	100%	100%

Future Directions

• Continued development and corporate activity with significant investee companies

• Deployment of capital to exceed benchmark IRR of 15% per annum in core investment segments by identification of listed and unlisted opportunities

• Strong focus on development of funds management assets, with particular emphasis of use of balance sheet to seed assets into larger funds where appropriate, and JV's where appropriate to attain specialist expertise

• Deliver EPS growth and at least maintain 12c per share dividend

• Continued development of CVC's leadership position in environmental investment underpinned by its experience with CVC Renewable Energy Fund and CVC Sustainable Investments

Platform for Growth

WAY: 18 Exception

Shepparton Geelong Gordon Alexandria Others

Ron Finemore Transport CVC Trinity Green's Foods Others

CVC Sustainable CVC Private Equity CVC REEF Others

Pro-Pac Packaging Sunland Group Cellnet Tri-Origin Cyclopharm Trinity Group Probiotec Others