CROMWELL PROPERTY GROUP — AGM Information 2008

Oct 28, 2008

Cromwell Group AGM 2008

STRENGTH - CONFIDENCE - OPPORTUNITY

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Disclaimer

This presentation was prepared by Cromwell Corporation Limited ACN 001 056 980 and Cromwell Property Securities Limited ACN 079 147 809, AFSL 238052.

This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable laws.

Certain statements made in this presentation are forward-looking statements. These forward-looking statements are not historical facts but rather are based on Cromwell’s current expectation, estimates and projections about the industry in which Cromwell operates, and beliefs and assumptions.

These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which are beyond the control of Cromwell, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Cromwell cautions securityholders and prospective securityholders not to place undue reliance on these forward-looking statements, which reflect the view of Cromwell only as of the date of this presentation.

To the extent permissible by law, none of Cromwell Corporation Limited, Cromwell Property Securities Limited, their advisors, directors or employees take any responsibility or liability for the content of this presentation, nor do they make any representation or warranty as to the accuracy or completeness of the information contained herein.

All statistics as at 30 June 2008 unless otherwise stated.

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Welcome

• Meeting Open

• Chairman’s Address

• Ordinary Business for the Company

• Questions

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200 Mary Street, Brisbane QLD

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Directors

Robert Pullar David Usasz Michelle McKellar Geoff Levy, AO Non- Executive Non-Executive Non-Executive Chairman Director Director Director

Paul Weightman Daryl Wilson Richard Foster Executive Director Executive Director Executive Director & CEO

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Chairman’s Address

STRENGTH - CONFIDENCE - OPPORTUNITY

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2008 Highlights

• Earnings

• FY08 operating earnings 10.1 cps in line with forecast

• Increase in recurring earnings to 81% of FY08 operating earnings

• Distribution Policy

• Unchanged – not more than 100% of cash operating earnings

• Successful Refinancing

• New $452 million facility signed

• Allows for repayment of CMBS issue expiring April 2009

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Business Strengths

• Defensive portfolio with strong cashflow and minimal short-term expiry

• Domestic focus. No exposure to offshore markets

• Well funded, no need to raise equity in current market

• Strong retail direct property brand, reduction in competition for funds

• Loyal, diversified retail investor base for unlisted funds

• 10 year history of consistent organic growth in AUM and earnings since recapitalisation

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Tuggeranong Office Park, Greenway ACT

• Talented and stable executive team, with high retention rate

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Financial Position

• Majority of debt expires in 2011 or beyond

• Gearing currently at 44%

• NTA stable ($1.01) despite market volatility

• ($1.02 Dec-07; $0.96 Jun-07)

• Includes recent purchase of Tuggeranong Office Park

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Portfolio Diversification

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• Wholly domestic portfolio

• Weighted to office markets

• � Overweight VIC and ACT

• 86% of income from Government, and ASX or

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Funds Management

• Inflows of $79 million for CPF in FY08 (excluding co-investment)

• Very difficult market in current climate

• Base of loyal, long-term supporters

• Many competitors have scaled back or ceased operations

• Average compound annual growth rate (CAGR) in AUM of 32% over 3 years and 39% over 5 years

• Well placed to take advantage of recovery in sentiment

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Strategy

� Market turmoil is expected to produce acquisition opportunities

� Funds Management

• Development of sophisticated investor offerings via Cromwell Private Wealth

• Opportunity to offer mandate fulfillment and partnership with Wholesale investors

• Focus on single asset fixed term syndicates

� Property Management

• Pursue value-add projects within existing portfolio (eg. Tuggeranong Office Park)

• Completion of Synergy expected November 2008

• With minimal upcoming lease expiry, concentrating on renewals in FY11 and beyond

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FY09 Earnings and Distributions Guidance

• Security price implies 23% discount to property values, a 41% discount to NTA (after gearing), and nil value for funds management business[1]

• Represents 16.8% yield on current / forecast distribution[1]

• Guidance for operating EPS for FY09 is 10.0 cps, on par with FY08

• Expect 8.5 cps to come from recurring property investment and funds management. Minimal risk to these revenue streams

• Majority of transactional earnings expected to occur in second half

• Lower contribution expected from development activities in FY09

• Expect distributions of 10.0 cps in FY09, on par with operating EPS guidance

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Items of Business for the Company

STRENGTH - CONFIDENCE - OPPORTUNITY

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Item of Business 1

Financial Report

• This is not the subject of a formal resolution and no proxies apply

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Item of Business 2

Adoption of the Remuneration Report

For	124,893,366
Discretion - Chairman	12,411,504
Discretion - Other	386,083
Against	24,124,010

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Item of Business 3a

To re-elect Ms Michelle McKellar as a Director of the Company

For	151,191,916
Discretion - Chairman	12,545,068
Discretion - Other	380,083
Against	1,129,148

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Item of Business 3b

To re-elect Mr Robert Pullar as a Director of the Company	To re-elect Mr Robert Pullar as a Director of the Company
For	148,690,794
Discretion - Chairman	12,511,460
Discretion - Other	395,083
Against	4,098,174

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Item of Business 3c

To elect Mr Geoffrey Levy as a Director of the Company	To elect Mr Geoffrey Levy as a Director of the Company
For	151,304,002
Discretion - Chairman	12,578,774
Discretion - Other	380,083
Against	806,390

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Item of Business 4

To approve an increase in the maximum Director’s fees	To approve an increase in the maximum Director’s fees
For	97,573,768
Discretion - Chairman	3,413,694
Discretion - Other	311,855
Against	25,049,921

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Questions

STRENGTH - CONFIDENCE - OPPORTUNITY

thank you for your time

STRENGTH - CONFIDENCE - OPPORTUNITY