CVC LIMITED — Investor Presentation 2008

May 25, 2008

==> picture [163 x 164] intentionally omitted <==

Presentation to Ord Minnett Financial Services Conference v “Steady as she goes” CVC Limited May 2008

==> picture [127 x 39] intentionally omitted <==

2

==> picture [780 x 96] intentionally omitted <==

Who is CVC Limited?

• Diversified investment group with $290m assets under management* (ASX:CVC)

• Medium to long term investment focus

• Activist investment style

• Portfolio includes

• cornerstone stakes in listed companies

• • general portfolio listed shares

• private equity

• • direct property/property finance
• • funds management group
• • investment banking activity

• Established 25 years – founders still active/major shareholders

• Strong networks to source deal flow

*Market cap 22/05/08 plus funds management assets

3

==> picture [780 x 96] intentionally omitted <==

Overview of 2007 Result

Full Year 2005	Full Year 2006	Full Year 2007	Six Months 2008
NPAT $23.97m $23.31m		$30.76m $11m
EPS (Diluted) 20.7c 19.0c		23.7c 6.51c
DPS 5.0c 6.0c		15.0c 3.0
ROA 20.3% 17.1%		21.4% 3.2%
ROE 28.0% 20.8%		33.8% 3.8%
(including unrealised gains)

4

==> picture [780 x 96] intentionally omitted <==

CVC GROUP OF COMPANIES CVC Limited ASX:CVC Market cap $188m Cash at Bank $55m

Listed Investments Private Equity Direct Property Funds CVC Capital Investments Management Markets 6 Cornerstone Private 3 Developments 4 Satellite Funds Investments Companies Project Funding/ Concise Asset Sakkara + Management 1 Direct Holding General portfolio $40m Funds Under $188m $35m (at cost) $28m (at cost) Management

5

==> picture [780 x 96] intentionally omitted <==

Listed investments

• 20 – 25 ASX stocks

• Market capitalisation $188m (22/5/08)

• Major/cornerstone holdings representing 80% of total portfolio

Sunland (SDG)	$90m
Pro-Pac Packaging (PPG)	$11m
Blue Energy (BUL)	$30m
Tri Origin (TRO)	$7m
Cellnet (CLT)	$8m
Silver Bird (SGB-WB)	$9m

6

==> picture [780 x 96] intentionally omitted <==

Private equity

• $35m total portfolio

• “Hands on” management – Ron Finemore Transport, Green’s Foods

• Board representation

• More opportunities emerging

7

==> picture [780 x 96] intentionally omitted <==

Direct property

• Currently realising 3 developments - Geelong – Bulky Goods

• • – Wagga Bulky Goods
• • – Shepparton Bulky Goods

• Relationship with Sakkara on track

• Several property finance deals under evaluation

8

==> picture [780 x 96] intentionally omitted <==

Funds management

• Total funds under management of approximately $40m

• Establishment of Concise Asset Management

• 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

9

==> picture [780 x 96] intentionally omitted <==

CVC Capital Markets

• Financing and M&A activity – arranger/adviser

• Work initially with existing CVC companies

• Use CVC balance sheet to underwrite deals

• Several opportunities under evaluation

10

==> picture [780 x 96] intentionally omitted <==

2008 – “Steady as she goes”

Current NTA (22/5/08) $1.75 per share Current Market Price $1.05 per share Total Anticipated Dividend (2008) 6 cents Yield 6% fully franked

Cash at Bank Borrowings

$55m

Nil

11

==> picture [780 x 96] intentionally omitted <==

2008 – “Steady as she goes”

• Profits reliant on timing of asset sales

• Funds management (recurring income) disappointing

• Major investment – CSM sector through Blue Energy - $22m

• Cash position equal to start of year

• Concentrate on cornerstone investments

• Continue buy back – 6.5 million at $1.48 average – approval for 28 million more

• New opportunities emerging at realistic valuations

12

==> picture [780 x 96] intentionally omitted <==

Conclusion

• Patient investment approach maintained

• Founders active and “still in the game” financially

• New opportunities emerging at increased pace

• Cash up / no gearing � “STEADY AS SHE GOES”

==> picture [163 x 164] intentionally omitted <==

Presentation to Ord Minnett Financial Services Conference v “Steady as she goes” CVC Limited May 2008

==> picture [127 x 39] intentionally omitted <==