CVC LIMITED — M&A Activity 2005

Dec 7, 2005

8 December 2005

TARAGON PROPERTY FUND CONDITIONAL SALE OF HIGH WYCOMBE PROPERTY SALE OF TARAGON MANAGEMENT LIMITED TO CVC LIMITED

The Directors of Taragon Management Limited ("TML") announce that the shareholders of TML have entered into an agreement for the sale of the company to CVC Limited. The Directors of TML believe that CVC is better placed to improve the returns to unit holders of Taragon Property Fund ("Taragon").

As part of the future direction TML as the responsible entity of Taragon Property Fund ("Fund") (ASX code TPG) has entered into a conditional contract for the sale vacant land at High Wycombe Perth.

TML has for sometime been considering the best avenue to maximise returns for unit holders from the High Wycombe property. TML believes that the sale of the High Wycombe land will allow it to better utilise the funds for investment in alternative property opportunities.

TML will provide additional information on the sale of High Wycombe pending resolution of conditions, which are expected to be satisfied in the next two weeks.

CVC Limited ("CVC") is a listed investment company, with a market capitalisation of \$180 million. CVC has a diverse portfolio of investments, which include a major shareholding in Sunland Group (ASX code SDG) an ASX 200 real estate and Management Company. CVC also holds a number of direct property investments and recently announced a profit of \$29m

Contact details

Taragon Management Limited Peter Coburn 9929 8338

CVC Limited Geoff Leaver 9087 8000

Taragon Management Limited ABN 72 066-092 028

Level 5, 132 Arthur Street North Sydney NSW 2060 Australia PO Box 1419 North Sydney NSW 2059 Australia P +61 2 9929 8336 F +61 2 9929 8339 E enquiries@taragongroup.com W www.taragongroup.com

Investment

Construction