CROMWELL PROPERTY GROUP — AGM Information 2018

Nov 20, 2018

FY18 AGM PRESENTATION

21 November 2018

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CMW – FY18 Annual General Meeting

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Im ortant Information & Disclaimer p

This presentation including its appendices (Presentation) is dated 21 November 2018 and has been prepared by Cromwell Property Group, which comprises Cromwell Corporation Limited (ACN 001 056 980) and the Cromwell Diversified Property Trust (ARSN 102 982 598) (the responsible entity of which is Cromwell Property Securities Limited (ACN 079 147 809; AFSL 238052)). Shares in Cromwell Corporation Limited are stapled to units in the Cromwell Diversified Property Trust. The stapled securities are listed on the ASX (ASX Code: CMW).

This Presentation contains summary information about Cromwell Property Group as at 30 June 2018. Statutory financial information has been reviewed by Cromwell Property Group’s auditors. Operating financial information has not been subjected to audit review. All financial information is in Australian dollars and all statistics are as at 30 June 2018 unless otherwise stated. All statistics include the 50% share of Northpoint Tower. The information in this Presentation is subject to change without notice and does not purport to be complete or comprehensive. It should be read in conjunction with Cromwell Property Group’s other periodic and continuous disclosure announcements available at www.asx.com.au.

The information in this Presentation does not take into account your individual objectives, financial situation or needs. Before making an investment decision, investors should consider, with or without a financial or taxation adviser, all relevant information (including the information in this Presentation) having regard to their own objectives, financial situation and needs. Investors should also seek such financial, legal or tax advice as they deem necessary or consider appropriate for their particular jurisdiction.

Cromwell Property Group does not guarantee any (ICH), Cromwell Phoenix Core Listed Property Fund particular rate of return or the performance of an ARSN 604 286 071 (PCF), Cromwell Phoenix investment in Cromwell Property Group nor do they Opportunities Fund ARSN 602 776 536 (POF), guarantee the repayment of capital from any such Cromwell Phoenix Property Securities Fund ARSN investment or any particular tax treatment. Past 129 580 267 (PSF), Cromwell Property Trust 12 performance is not a reliable indicator of future ARSN 166 216 995 (C12) and Cromwell Riverpark performance. Any “forward-looking” statements are Trust ARSN 135 002 336 (CRT) (the funds). In based on assumptions and contingencies which are making an investment decision in relation to one or subject to change without notice. Any forward-looking more of the funds, it is important that you read the statements are provided as a general guide only and product disclosure statement for the fund. The PDS should not be relied upon as an indication or for each fund is issued by CFM and is available from guarantee of future performance. www.cromwell.com.au or by calling Cromwell on 1300 268 078. POF, PCF, ICH, C12 and CRT are not open The information in this Presentation has been for investment. Applications for units in APF, DPF and obtained from or based on sources believed by PSF can only be made on the application form Cromwell Property Group to be reliable. To the accompanying the relevant PDS.

The information in this Presentation has been obtained from or based on sources believed by Cromwell Property Group to be reliable. To the maximum extent permitted by law, Cromwell Property Group, their officers, employees, agents and advisors do not make any warranty, expressed or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

This Presentation is for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement or other document under Australian law or any other law.

To the extent that any general financial product advice in respect of Cromwell Property Group stapled securities is provided in this Presentation, it is provided by Cromwell Property Securities Limited. Cromwell Property Securities Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice.

© 2018. Cromwell Property Group. All rights reserved.

Cromwell Funds Management Limited ACN 114 782 777 AFSL 333214 (CFM) is the responsible entity of, and the issuer of units in the Cromwell Australian Property Fund ARSN 153 092 516 (APF), Cromwell Direct Property Fund ARSN 165 011 905 (DPF), Cromwell Ipswich City Heart Trust ARSN 154 498 923

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Meeting Agenda

1. Open

2. Chairman’s Address

3. CEO’s Address

4. Formal Voting

5. Items of Business

6. Questions

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SECTION 2 Chairman’s Address

Directors

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Cromwell Pro ert Grou Overview p y p

Cromwell is a real estate investor and manager operating on three continents with a global investor base

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Portfolio
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/ $11.5 €7.3bn AUM

320 + properties 4.0m sqm + 3,800 tenants

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Platform
380 +
people
15
countries
30
offices
Legend:
Markets with Cromwell presence
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Cromwell Pro ert Grou Strate p y p gy

• Offering an attractive combination of stable long term cash flows, asset enhancement capabilities and transactional profits, and low risk exposure to Asian capital flows and European economic growth

• Maintaining a strong and secure balance sheet and long-dated Australian property portfolio, recycling assets and reinvesting into its property investment and funds management businesses

Direct Property Investment

Funds Management

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Maintain Repurpose, Manage property Continually in
defensive core reposition or internally to market looking for
portfolio transform active understand risk and value based
characteristics of asset portfolio to opportunity more investment
strong tenant improve asset clearly than others opportunities
covenant, quality and realise
additional value
long WALE and
fixed rental
increment
Transition Realise
to Core Profits
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FY18 Key Milestones

30 September	Soward Way, ACT (FY18 valuation of $260 million) reaches practical completion
4 October	Sold 9.83% stake in Investa Office Fund (ASX: IOF), profit of $25 million, IRR of 18%
29 November	Health and Forestry House sold for $66 million, IRR 20%
30 November	Successful listing of the €1.4 billion Cromwell European REIT (CEREIT) on the SGX-ST
11 December	$170 million strategic placement to SingHaiyi Group Ltd and Haiyi Holdings Pte. Ltd
8 February	Securities Purchase Plan closed at $35 million
8 March	ARA acquires a 19.5% stake from Redefine Properties for $405 million
19 March	Northpoint Tower reaches practical completion (Early Light acquires 50% for $300 million)*
29 March	Settlement of €230 million 2.5% guaranteed convertible bonds due 2025
6 April	Musk Avenue Kelvin Grove sells for $84 million
14 May	Announced strategic logistics partnership with Linkcity (Bouygues) in Central Europe
6 June	Oyster, KKR go unconditional on Auckland’s NZ$209 million Central Park Corporate Centre
29 June	Appointed to €108.5 million portfolio of 27 properties in Helsinki by Goldman Sachs
29 June	Australian debt refinanced, debt tenor extended to 5.2 years

*Subsequently settled 1 August 2018

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SECTION 3 CEO’s Address

Financial Update – FY18 Headline Results

FY18 COMMENTARY

• Statutory profit was $204.1 million down from FY17 ($277.5 million)

• Operating profit was $156.8 million up 3.0% on the prior year (FY17 $152.2 million)

• Operating profit per security was 8.36 cps, ahead of guidance of 8.25 cps, but down 3.4% on prior year

• Funds distributed were up 7.1% to $157.1 million (FY17 $146.7 million)

• Distributions were 8.34 cps, equivalent to the prior year, but inclusive of a 6.7% increase in weighted average number of shares on issue

	FY18 Performance	Versus	Prior Year	Prior Year
		FY18	FY17	Change
	Statutory profit ($M) 1	$204.1	$277.5	(26.5%)
	Statutory profit (cents per security)	10.89	15.78	(31%)
	Operating profit ($M)1 Operating profit (cents per security)	$156.8 8.36	$152.2 8.65	3.0% (3.4%)
	Distributions ($M) 2	$157.1	$146.7	7.1%
	Distributions (cents per security)	8.34	8.34	0.0%
	Payout ratio	100.2%	96.4%	3.9%

• 1) See Appendices for further details of segment results, operating profit and reconciliation to statutory profit

• 2) Includes an amount of $392,000 for both Cromwell and the Trust in excess of the pro-rata entitlement for the quarterly distribution paid to those securityholders who acquired securities in February 2018 as part of the Security Purchase Plan

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Increased Investment Focus To Drive Future Growth

• Cromwell is positioning itself to deliver future operating profit growth by utilising existing liquidity and ongoing asset recycling initiatives

Cromwell Annualised Performance Returns to 30 June 2018

Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives	Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives	Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives	Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives	Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives	Cromwell Annualised Performance Returns to 30 June 2018 itself to deliver future by utilising existing sset recycling initiatives
00% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% rowth in Funds from new capital partners ified, provide confidence growth of the Platform verage returns from t revenues (“Invest to alue and asset recycling will enterprise value, add to and generate higher TSR h will be reinvested back rther growth
.	1 year	3 year	5 year	10 year	15 year
Cromwell Total Return	27.7%	11.8%	11.3%	13.8%	26.8%
All Ordinaries Accumulation Index	13.7%	9.5%	10.3%	6.2%	9.6%
S&P / ASX 300 A-REIT Accumulation Index	13.2%	10.0%	12.2%	6.1%	5.8%

• Success of CEREIT, growth in Funds Management, support from new capital partners and opportunities identified, provide confidence to invest further in the growth of the Platform

• Strategy to invest to leverage returns from additional management revenues (“Invest to Manage”) and create value

• Balance Sheet liquidity and asset recycling will fund initiatives to build enterprise value, add to medium term earnings and generate higher TSR

• Some distributable cash will be reinvested back into the business for further growth

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Recycling And Reinvestment Strategy Delivers Results

• FY18 EPS exceeds guidance benefitting from continued recycling and reinvestment strategy

• Capital raising completed; strong, secure balance sheet with low gearing, substantial cash and long debt tenor

• Portfolio has long WALE, favourable lease expiry profile, low incentives and maintenance capex requirements

• All operational indicators are showing positive momentum

• Additional immediate value add opportunities identified include Victoria Avenue, Chatswood and repositioning of Tuggeranong Office Park to Aged Care with LDK Healthcare

• CEREIT successfully established in Singapore, IPO forecasts exceeded to date, low gearing, ready for growth

• Funds management contribution to operating profit surpasses previous target of 20%, new strategy adopted

• Investment in platform, people and technology continues to position business for the next stage of growth

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FY18 EPS exceeds guidance

NTA per unit up 7.9% to $0.96

AUM up 14% to $11.5 billion

WALE of 7.2 years

Gearing reduced to 37%

Debt tenor extended to 5.2 years

€1.4 billion CEREIT IPO

Distributable earnings up 7.1%

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Pr r Portfolio - Sn hot as at 30 June 2018 ope ty aps

Focus on secondary assets in CBD, CBD fringe and established suburban markets with potential to outperform

Core 58% Portfolio Wale: 11.1 yrs Long WALE, full Occupancy occupancy low 99.9% incentives / capex NOI 4.6%

QANTAS GLOBAL HQ Mascot, NSW

MCKELL BUILDING Sydney, NSW

STATION STREET Penrith, NSW

CROWN STREET Wollongong, NSW

FARRER PLACE Queanbeyan, NSW

BULL STREET Newcastle, NSW

700 COLLINS STREET Docklands, VIC

VILLAGE CINEMAS Geelong, VIC

SOWARD WAY Greenway, ACT

36%

Wale: 3.8yrs Occupancy 96.2% NOI 1.6%

Core+ Portfolio

Medium term WALE with leasing upside

207 KENT STREET Sydney, NSW

475 VICTORIA AVENUE Chatswood, NSW

REGENT CINEMA CENTRE Albury, NSW

19 NATIONAL CIRCUIT Barton, ACT

TGA COMPLEX Symonston, ACT

HQ NORTH TOWER Fortitude Valley, QLD

200 MARY STREET Brisbane, QLD

6%

Wale: 2.9yrs Occupancy 79.8% NOI (14.8%)

Active

Portfolio

Vacant, near vacant & / or being actively repositioned

TUGGERANONG OFFICE PARK Greenway, ACT

TUGGERANONG CAR PARK Greenway, ACT ORACLE BUILDING Lyneham, ACT

LOVETT TOWER STURTON ROAD[2] Woden, ACT Edinburgh Park, SA

BORROWDALE HOUSE Woden, ACT

WAKEFIELD STREET Adelaide, SA

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Property Portfolio – FY18 Value Enhancements Complete

Both Soward Way and Northpoint Tower, representing a combined $300 million in capital investment, reached practical completion in FY18.

Soward Way, ACT

• Bespoke 30,704 sqm new building constructed for Department of Social Services (DSS) on a 15 year lease, capacity for 2,500 workers

• Project commenced in August 2015 and completed on time and on budget ($170 million) in September 2017

• Completion valuation of $260 million, 54% above cost

• 5 star Green Star rating and a 4.5 NABERS energy rating

Northpoint Tower, North Sydney

• Project commenced early 2016 and reached practical completion in March 2018, on budget ($137.9 million) and on time

• Focus on leasing remaining office space (89.2% occupied)

• Heads of agreement have been signed over remaining food and retail tenancies, to progressively open over the next few months

• Early Light International acquired 50% interest in Northpoint from Redefine Properties on 1 August 2018 for $300 million

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Soward Way, ACT

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Northpoint Lobby, North Sydney

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Pro ert Portfolio – FY19+ Value Enhancement O tions p y p

Victoria Avenue, Chatswood

• Development application submitted April 2018 to add new four storey office building, hotel, retail and other amenity to site

• Result of DA expected November 2018, with construction, subject to Council approval, starting in 2019

• Likely to be a multi-stage process (office then hotel) with estimated development cost of c$80 million over 2 years

Tuggeranong Office Park

• Cromwell has invested in a 50% ownership interest in LDK Healthcare, the operator of a planned >350 apartment community at Tuggeranong

• Construction has commenced converting the old office buildings (mid blue) to aged care, with first sales suite to open next year

• The site has capacity for 35,000 sqm of further development either as office or complementary uses to aged care (dark blue)

• Cromwell retains 100% ownership of the land and buildings and LDK Healthcare has entered into a long-term lease over both

• LDK Managing Director is well-known aged care executive Paul Browne

• Cromwell is actively looking for future development sites and conversion opportunities

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Artist Impression Victoria Avenue, Chatswood

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Further development
opportunity
Soward Way,
DSS
LDK Aged Care
community
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Tuggeranong Park, ACT

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Funds Mana ement – Strate Realises Benefits g gy

Funds Management Share of Operating Profit

• Total funds management operating profit was $39.6 million (FY17 $27.7 million) continuing its growth trajectory

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• Internal funds management operating profit was $19.4 million (FY17 $2.6 million)

• Wholesale funds management operating profit of $16.4 million (FY17 $16.9 million) with more than $4.7 billion in assets traded in the year (excl. CEREIT)

• Retail funds operating profit of $3.8 million (FY17 $8.2 million). Variance driven by $4.7 million in total income from the Cromwell Riverpark Trust extension in prior year

• Total AUM was up 14% ($1.4 billion) to $11.5 billion driven by the successful IPO of CEREIT:

Five year growth in AUM ($bn)[1 ]

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• Wholesale AUM $6.7 billion (FY17 $5.4 billion)

• Internal AUM $2.8 billion (FY17 $2.9 billion)

• Retail AUM $2.0 billion (FY17 $1.8 billion)

• 1) Includes 45% of Phoenix Portfolios AUM, 50% of Oyster Group AUM as at 30 June 2018.

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Funds Mana ement – CEREIT Post Ac uisitions g q

Providing investors with a unique opportunity to invest in scale and diversification across Europe

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||||||
|---|---|---|---|---|
|Properties|98|
|Lettable Floor Area (sq m)|1,385,990|
|Occupancy Rate|[(1)(2)]|(by Lettable Floor Area)|88.7%|
|Valuation|[(3)]|(€ million)|1,780.5|
|WALE|[(4)]|/ WALB|[(4)]|4.9 / 4.1 years|
|% Freehold|[(5)]|90.4%|

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|||
|---|---|
|Denmark|
|Properties|13|
|Lettable Floor Area (sq m)|151,490|
|Valuation (€ million)|81.4|
|% of Portfolio (by Valuation)|4.6%|

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|||
|---|---|
|The Netherlands|
|Properties|17|
|Lettable Floor Area (sq m)|260,205|
|Valuation (€ million)|596.5|
|% of Portfolio (by Valuation)|33.5%|
|France|
|Properties|26|
|Lettable Floor Area (sq m)|375,527|
|Valuation (€ million)|350.4|
|% of Portfolio (by Valuation)|19.7%|

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|||
|---|---|
|New Countries|
|Finland|
|Properties|11|
|Lettable Floor Area (sq m)|61,972|
|Valuation (€ million)|116.8|
|% of Portfolio (by Valuation)|6.5%|
|Poland|
|Properties|3|
|Lettable Floor Area (sq m)|34,362|
|Valuation (€ million)|72.1|
|% of Portfolio (by Valuation)|4.0%|
|Germany|
|Properties|11|
|Lettable Floor Area (sq m)|166,458|
|Valuation (€ million)|107.8|
|% of Portfolio (by Valuation)|6.1%|

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|||
|---|---|
|Italy|
|Properties|17|
|Lettable Floor Area (sq m)|335,977|
|Valuation (€ million)|455.4|
|% of Portfolio (by Valuation)|25.6%|

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Notes:

(1) Occupancy rate as at 30 June 2018 for Existing Portfolio; 31 August 2018 for New Properties excluding Willemsplein 2; and 1 September 2018 for Willemsplein 2

(2) Assumes Milano Piazza Affari is 100% leased in view of the rental guarantee

(3) Valuation as at 31 March 2018 for Existing Portfolio except Ivrea; 1 April 2018 for Ivrea; 27 September 2018 for New Properties; 30 September 2018 for Italian Properties; and 19 October 2018 for French Properties

(4) WALE as at 30 June 2018 for Existing Portfolio; 31 August 2018 for New Properties, French Properties, and Italian Properties

• (5) % Freehold and continuing / perpetual leasehold by value

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Funds Management – Heavy Wholesale Trading Volume

• Strong activity in wholesale funds segment with $4.7 billion of assets traded

• Australia . JV with Early Light International at Northpoint Tower announced and discussions for further investment opportunities have commenced

• CEE . Strategic partnership with Linkcity (Bouygues Construction) to rollout a portfolio of logistics assets, assets >25% of the portfolio (by value) identified

• Czech Republic . Sold Cestlice Business Park in Prague for €17.5 million

• Finland. Appointed to €108.5 million portfolio by Goldman Sachs

• Italy. Established platform in Italy with €428 million of assets as at 30 June

• Netherlands. Most active market, selling, and then also acquiring more than $1 billion in assets. Mandated on Blaak 555 in Rotterdam with JV partner

• New Zealand. Global investment firm KKR completed NZ$209 million Corporate Centre deal in partnership with Oyster group

• Poland . More than 150,000 sqm of leases in 200 deals. Sold the Warsaw Corporate Centre for €27.8 million on a net initial yield of < 7%, 21% IRR

• Singapore . Discussions with ARA ongoing and productive in relation to European initiatives, have already bid on significant assets

• UK. Started 7,000 sqm Next store in Plymouth and sold Imperial Palace for £62.5 million after a comprehensive asset management programme

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Blaak 555, Rotterdam

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Cestlice Business Park,
Prague
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18
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Imperial Palace, Warsaw Corporate Centre,
Borehamwood, UK Poland
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Funds Management – Retail Segment Performs

Cromwell Direct Property Fund (DPF)

• DPF purchased its fourth direct asset in Brisbane for $42 million

• Performance since inception (Aug 2013) is 11.0% annualised and it has a highly recommended rating from independent research houses Lonsec and Zenith

Listed Securities Funds

• Cromwell Phoenix Property Securities Fund reopened in October 2017 and is attracting strong inflows

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433 Boundary Street, Spring Hill, Brisbane

– Fully Subscribed Funds Cromwell Ipswich City Heart Trust

• Unitholders voted to extend the term of the Trust from December 2018 to June 2023

Oyster Group Reaches NZ$1.4bn

• AUM at Oyster Group in New Zealand (50% interest) was up 15% to NZ$1.4 billion (FY17 $1.2 billion).

• During year purchase of the 6.2 hectare Central Park Corporate Centre for NZ$209 million with joint venture partner, KKR, settled

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Central Park Centre, Greenlane, Auckland

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Outlook - Australian Economic Growth Moderate

• Australia continues to slowly re-balance away from resources to more broad-based economic growth

• Business confidence is reasonable and capex surveys are positive for non-mining business investment with some major infrastructure projects underway

• However, consumer spending is likely to be subdued for some time and residential building is now falling and will be a drag on growth for the next few years

• The Australian dollar is adjusting lower and providing more support to exports and overall economic competitiveness

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Source: NAB/JLL. As at 30 June 2017

• Trade wars, China’s continued slowdown and other geopolitical risks all provide negative downside risk

Australian GPD Growth Rate

• GDP growth is expected to remain within its current band of 2 to 3% p.a. RBA unlikely to increase rates in the short term

Cromwell’s strategy is to seek some measured exposure outside of Australia for diversification purposes

Source: Trading Economics.com, Australian Bureau of statistics

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Outlook - Euro ean Economic Recover Pauses p y

• Eurozone economic growth slowed in the first two quarters of 2018 but is still expected to be >2.0% for 2018

EU GDP Growth Rate Maintained

• The purchasing managers index (PMIs) subsequently rose again in June, driven by stronger activity in services

• Rising European bond yields are also reflecting prospects of stronger Eurozone growth as well as tighter monetary policy (ECB has begun QE tapering, UK has raised rates)

• Risks remain however (Trade Wars and Brexit) especially for the externally-oriented manufacturing sector

• There is ongoing momentum in the European economy – stronger labour markets and increasing capital investment are generally boosting confidence and extending the cycle

Source: Tradingeconomics.com

Global Capital Flows to Europe

Cromwell has invested in Europe for diversification purposes and to benefit from the European economic recovery and strong demand for commercial real estate

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Source: Cushman & Wakefield, RCA
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21
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FY19 Guidance

• Guidance assumes maintainable transactional and funds management revenues consistent with historical performance

• Guidance does not include potential impact of investments into platform, “Invest to Manage strategy” or application of existing Balance Sheet liquidity.

• Guidance assumes reinvestment of some distributable cash back into the Business for further growth.

• Distribution payout ratio of approximately 90% of operating earnings to be targeted in FY19

• 10% of operating earnings to be reinvested in FY19

Guidance:

For further information please contact:

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Paul Weightman CEO / Managing Director paul.weightman@cromwell.com.au Phone: +61 7 3225 7720

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Michael Wilde Chief Financial Officer michael.wilde@cromwell.com.au Phone: +61 7 3225 7729

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Ross McGlade Investor Relations Manager ross.mcglade@cromwell.com.au Phone: +61 2 8278 3613

• FY19 operating earnings expected to be not less than 8.00 cps

• FY19 distributions expected to be not less than 7.25 cps

Guidance Yield Operating Earnings: 8.00 cps[1] 7.92%[2] Distributions: 7.25 cps[1 ] 7.17%[2]

Investor Services Brisbane Office Sydney Office London Office Auckland Office Singapore Office 1300 276 693 200 Mary Street Level 14 1[st] Floor Oyster Property Group 50 Collyer Quay invest@cromwell.com.au Level 19, 200 Mary Street 167 Macquarie Street Seymour Street Level 2, 14 Normanby Road, #07-02 OUE Bayfront www.cromwell.com.au Brisbane QLD 4000 Sydney NSW 2000 London W1H 7JW Auckland, New Zealand Singapore 049321

• 1) FY19 guidance

• 2) Based on CMW closing share price of $1.01 as at 20 November 2018

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SECTION 4 Formal Voting

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SECTION 5 Items of Business

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SECTION 6 Questions

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