CROMWELL PROPERTY GROUP — AGM Information 2007

Nov 21, 2007

==> picture [108 x 36] intentionally omitted <==

ASX Announcement November 22, 2007

AGM CHAIRMAN’S ADDRESS

YEAR IN REVIEW

As many of you will be aware Cromwell undertook a major restructuring in late 2006 which resulted in the creation of the Group. The restructuring involved the merger of a number of Cromwell managed syndicates with the Cromwell Diversified Property Trust followed by a stapling of the merged entity to Cromwell Corporation Limited. The proposals received overwhelming support from unitholders and shareholders and resulted in the creation of the Cromwell Group.

I am pleased to report the newly formed Group finished the year in a healthy financial position, achieving all major financial targets outlined as part of the restructuring proposals. The Group’s full year operating profit (excluding significant items) of $37.6 million exceeded forecasts while net profit after tax was a record $113.9 million. Assets under management at the end of the year were $1.64 billion while NTA per security rose from 78 cents at the end of the half year to 96 cents at year end. Total distributions for the period since the stapling came to 5.25 cents per stapled security in addition to amounts paid for the part of the year prior to the stapling.

These results are a clear justification for the decision to pursue the merger and stapling proposal and a testament to Cromwell management and staff.

PROPERTY INVESTMENT

Cromwell’s core property investment activities continued to drive earnings during the year with the Group maintaining a diverse portfolio spread across a range of sectors and geographic locations. In line with our strategy to actively manage the portfolio we announced a number of sales during and subsequent to 30 June. These sales, combined with the deconsolidation of the Cromwell Property Fund, resulted in a significant decrease in gearing which now stands at approximately 35 per cent, including cash reserves of approximately $100 million with which we can pursue further value-adding acquisitions. We are currently investigating a number of opportunities to acquire portfolios or individual businesses which will add longterm value to the Group.

FUNDS MANAGEMENT

Our funds management revenues, which are primarily derived from the unlisted investment vehicle the Cromwell Property Fund, continue to contribute strongly to the performance the Group. Our capital raising efforts since the end of the financial year have shown a significant improvement with an average of $3 million being raised every week. At current levels we are on target to achieve our goal of raising $150 million for the 2008 financial year.

The CPF recently received an improved rating from independent research group, Lonsec. The new rating opens the product up to additional distribution channels, giving us exposure to a greater number of potential investors. We are also continuing to grow the Fund, recently acquiring (or contracting to acquire) a number of new assets taking total assets for the Fund to approximately $457 million.

Cromwell Corporation Limited ABN 44 001 056 980

Cromwell Property Securities Limited ABN 11 079 147 809 AFSL 238052 as responsible entity for Cromwell Diversified Property Trust ABN 30 074 537 051 ARSN 102 982 598

Level 19, 200 Mary Street, GPO Box 1093, Brisbane QLD 4001 Telephone 07 3225 7777 Facsimile 07 3225 7788 Email cromwell@cromwell.com.au Internet www.cromwell.com.au

As flagged in the 2007 Annual Report, one of our goals for 2008 is to take advantage of our product marketing and management capabilities and increase the Group’s product offering with the introduction of new investment vehicles. I am pleased to announce today that we have made significant progress towards the launch of a property securities fund. A Product Disclosure Statement for the Property Securities Fund is expected to be available early next year. We are partnering with a boutique asset manager on the initiative . The manager will provide the asset selection expertise while Cromwell, acting as the Responsible Entity, will take advantage of our distribution networks to raise capital and market the new fund.

The fund will be developed to provide investors with exposure to Australia’s well performing Listed Property Trust sector and like all Cromwell-based products the Fund will target investors looking for an income-based investment with the potential for capital growth.

The Fund is not expected to have any impact on current year earnings but provides significant opportunity for future growth and earnings diversification.

MANAGEMENT

The year under review also included a number of changes to the board and management including the appointments of David Usasz and Michelle McKellar as independent, non-executive Directors and Paul Cronan AM as our Chief Operations Officer.

We are continuing to negotiate with a candidate to join the Board of Directors as an independent, nonexecutive chairman. While the search for a suitable independent chairman has taken some time, I am confident we will be in a position to make an announcement in the coming months. The new chairman will further increase independent representation on the board which is a key factor for establishing institutional interest in the Group.

As part of our overall efforts to grow the profile and awareness of Cromwell Group across the investment community, we have committed to a more active approach to investor relations. As part of the campaign, we will be looking to secure increased coverage of the Group by various leading research houses as well as continuing to build the proportion of institutional securityholders. Ultimately these initiatives are designed to improve liquidity and result in inclusion in major market indices.

OUTLOOK

In regards to the future, I am confident the restructuring last year, combined with a number of new initiatives I have outlined, positions Cromwell to continue growing from its established and stable foundation. Financially, we reiterate our previous guidance of delivering an 85 per cent increase in operating earnings to approximately $70 million, or 10.0 cents per stapled security for the current year.

Finally, I would like to pass on my appreciation and thanks to all the staff and fellow directors. The last 12 months has presented an array of opportunities which without their dedication would not have been realised. Thank you also to all our securityholders for your continued support.

For further information, please contact a member of our investor service team on 1800 334 533.

Cromwell Corporation Limited ABN 44 001 056 980

Cromwell Property Securities Limited ABN 11 079 147 809 AFSL 238052 as responsible entity for Cromwell Diversified Property Trust ABN 30 074 537 051 ARSN 102 982 598

Level 19, 200 Mary Street, GPO Box 1093, Brisbane QLD 4001 Telephone 07 3225 7777 Facsimile 07 3225 7788 Email cromwell@cromwell.com.au Internet www.cromwell.com.au