CROMWELL PROPERTY GROUP — AGM Information 2009

Oct 21, 2009

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Disclaimer

This presentation is dated 21 October 2009 and made on behalf of the Cromwell Group – Cromwell Corporation Limited (ACN 001 056 980) and Cromwell Diversified Property Trust (ARSN 102 982 598) – by Cromwell Property Securities Limited (ACN 079 147 089; AFSL 238052).

Cromwell Property Securities Limited ACN 079 147 809 AFSL 238052 (CPSL) is the responsible entity of the Cromwell Diversified Property Trust ARSN 102 982 598 and the Cromwell Riverpark Trust ARSN 135 002 336, the Cromwell Property Fund ARSN 119 080 410, the Cromwell Phoenix Property Securities Fund ARSN 129 580 267. Units in the Cromwell Diversified Property Trust are stapled to shares in Cromwell Corporation Limited. The stapled securities are listed on the ASX (ASX Code:CMW).

Cromwell Property Fund is currently closed to new investors.

Before making an investment decision about the Cromwell Phoenix Property Securities Fund, Cromwell Riverpark Trust or any other Cromwell fund, investors should read the relevant Product Disclosure Statement available at www.cromwell.com.au or by calling us on 1800 334 533. All units are issued by the responsible entity of the relevant Cromwell fund. If you acquire units in any Cromwell fund Cromwell will receive the fees disclosed in the offer document for that Fund. CPSL does no receive any fees for the general advise in this presentation.

This presentation has been prepared without taking into account any investor’s objectives, financial situation or needs. Therefore, in deciding whether to acquire or continue to hold an investment, an investors should consider the relevant PDS and assess, with or without a financial or taxation adviser, whether the product is appropriate given the investors’ objectives, financial situation or needs.

All statistics are current as at 30 June 2009 unless otherwise indicated.

Certain statements in this presentation are forward looking statements. These statements are not guarantees of future performance. Actual results could differ materially from those referred to in this presentation.

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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 Non-Executive & CEO & CFO Director

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Chairman’s Address

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FY09 Overview

• Strong Operating Earnings

• Operating profit of $63.8 million.

• Operating earnings of 9.1 cps and distributions of 9.0 cps in line with guidance

• Financial Position

• NTA of $0.76 per security

• Completed debt refinancing programme, no further expiries until March 2011

• No offshore debt, all borrowings with Australian banks

• Aim to maintain gearing below 55% vs. covenant levels of 60% plus

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1. PCA/IPD Australian Property Index

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Security Price Performance

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Source Data: Iress

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Chief Executive Officer’s Address

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FY09 Highlights

• Resilient Portfolio has performed well in falling market

• Wholly domestic with large weighting to CBD office markets

• Peak to trough fall in values of 8.6% for Cromwell vs PCA/IPD average of 25.9%[1]

• Minimal further impact expected on property values

• Have navigated market well: sales in 2007, purchases in 2008/9

• Reliable income stream

• Strong recurring earnings

• Recurring income contributed 9.0 cps of earnings, majority from rental

• No material contribution from funds management transactions or development

• Growth in like-for-like property income of 7.7% in FY09

• Riverpark Trust

• Raised over $68 million to date for Riverpark unlisted syndicate in extremely tough conditions

• Will continue to deliver growth in earnings with low cost of capital.

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Our Strengths

• Defensive Portfolio

• No offshore assets

• Weighted to CBD office markets

• Majority of income from Government and listed entities reduces rent risk

• 60.5% of next rent reviews are fixed, with an average increase of 3.19%

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• 25.1% of next rent reviews are CPI

� Funds Management Operations

• Many competitors have scaled back or ceased operations

• Now a market leader in unlisted property with loyal investor base

• Well placed to take advantage of recovery in sentiment

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Debt Profile

• All debt facilities renewed in past 18 months

• CMBS repaid during FY09 at a discount

• All debt in Australian dollars, with Australian banks

• Security and covenants on each facility limited to individual property assets

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• Gearing 53% vs. LVR covenants at 60% implies 10% + headroom

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Interest cover calculations for FY09 exclude interest costs on the original CMBS facility post settlement of the new $452m facility.

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Portfolio Quality

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• No offshore assets

• Strong office focus

• � Majority of income from Govt and listed entities

• � WACR of 8.40% vs Benchmark Index WACR of 7.54%[1]

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1. Benchmark Index is PCA/IPD All Fund Universe excluding Super & Major Regional Shopping Centres

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Funds Management

• Raised over $68 million for Riverpark Trust to date

• Riverpark Trust capital raising will be completed during first half 2010

• Many competitors have scaled back or ceased operations

• Now a market leader in unlisted property

• Well placed to take advantage of recovery in sentiment

• Gained property securities capacity by acquiring in 50% of Phoenix Portfolios

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Outlook

� Funds Management

• Will pursue further acquisitions for unlisted retail syndicates as market evolves

• CPF will remain closed until market stabilisation

• Looking at wholesale opportunities

� Consolidation

• A-REIT sector likely to consolidate over the next 12 months

• Cromwell one of very few 100% domestic A-REITs

• Will pursue opportunities for corporate activity

� Other Opportunities

• Will pursue opportunities which are of benefit to securityholders

• Unlikely to acquire assets on balance sheet unless cost of capital improves

• Unlikely to focus on development transactions

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Earnings and Distributions Guidance

� FY10 Operating Earnings

• Expect minimum operating earnings of 9.0 cps

• Assumes only transactional income is from Riverpark Trust

• No contribution expected from development activities

• Evidence of a “bottoming process” in valuations

� FY10 Distributions

• Expect distributions of 8.0 cps (2.0 cps each quarter)

• New distribution policy of 90-95% of operating earnings

• High level of tax deferral

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Items of Business for the Company

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Item 1 – Financial Report

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

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Item 2 – Remuneration Report

Adoption of the Remuneration Report

For	176,374,515
Discretion - Board	10,465,059
Discretion - Other	646,301
Against	4,031,461
Abstain	2,857,514

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Item 3 – Re-election of Director – Mr David Usasz

To re-elect Mr David Usasz as a Director of the Company

For	181,546,093
Discretion - Board	10,343,916
Discretion - Other	646,301
Against	810,206
Abstain	1,056,779

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Item 4 – Re-election of Director – Mr Richard Foster

To re-elect Mr Richard Foster as a Director of the Company

For	175,182,641
Discretion - Board	10,343,916
Discretion - Other	646,301
Against	1,823,060
Abstain	6,407,377

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Questions

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Thank you for your time

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