CROMWELL PROPERTY GROUP — AGM Information 2023

Oct 31, 2023

==> picture [596 x 114] intentionally omitted <==

Wednesday 1 November 2023

ASX Market Announcements Office Exchange Centre 20 Bridge Street SYDNEY NSW 2000

To whom it may concern

Cromwell Property Group (ASX:CMW) Annual General Meeting 2023 Addresses and Presentation

In accordance with ASX Listing Rule 3.13.3, I attach a copy of the Chair’s address, the CEO’s address and the presentation to be delivered at Cromwell Property Group’s Annual General Meeting 2023.

The hybrid meeting commences at 2.00pm AEST today. Shareholders can participate by logging in online at https://meetings.linkgroup.com/CMW2023.

Yours faithfully

CROMWELL PROPERTY GROUP

==> picture [138 x 41] intentionally omitted <==

MICHAEL FOSTER

COMPANY SECRETARY

Authorised for lodgement by Andrew Murray (Chief Legal and Commercial Officer) and Michael Foster (Company Secretary and Senior Legal Counsel).

For investor relations: For retail securityholders: For media: Libby Langtry Cromwell’s Investor Services Team Brendan Altadonna Cromwell Property Group 1300 268 078 GRACosway +61 2 8278 3690 +61 7 3225 7777 +61 409 919 891 libby.langtry@cromwell.com.au invest@cromwell.com.au baltadonna@gracosway.com.au

ABOUT CROMWELL PROPERTY GROUP

Cromwell Property Group (ASX:CMW) is a real estate investor and fund manager with operations on three continents and a global investor base. Cromwell is included in the S&P/ASX200. As at 30 June 2023, Cromwell had a market capitalisation of $1.4 billion, an Australian investment portfolio valued at $2.6 billion and total assets under management of $11.5 billion across Australia, New Zealand and Europe.

==> picture [596 x 73] intentionally omitted <==

ASX Announcement 1 November 2023

==> picture [125 x 42] intentionally omitted <==

CHAIR’S ADDRESS AND CEO’S ADDRESS TO SECURITYHOLDERS

CHAIR’S ADDRESS

To those here in person and to those who have dialled in today, thank you and we welcome you to Cromwell Property Group’s 2023 Annual General Meeting.

I will start with a brief introduction before handing over to Jonathan Callaghan, Cromwell’s Managing Director and Chief Executive Officer, who joins us today from London.

It has been a challenging 12 months for Cromwell and we appreciate that you, our investors, feel this impact acutely; not only in terms of the current Cromwell security price, but also the more prudent approach to distributions which the Board has adopted given the uncertainty around progress of asset sales and the need to protect balance sheet liquidity in the current market.

Cromwell has taken significant steps in continuing to simplify the business by moving back to key core fund and asset management capabilities. Good progress has been made selling non-core assets and applying sale proceeds to debt reduction over the financial year. While this has strengthened our position, with continued volatility in markets globally, we have more work to do in this space.

We are committed to the simplification of the business in the near-term to position Cromwell for future growth opportunities. We believe this strategy is the correct one for Cromwell and we have confidence that the right team is in place to deliver this, under Jonathan’s leadership.

I will now hand over to Jonathan to briefly speak more about this and the ongoing operations of the Group.

CEO’S ADDRESS

Thank you, Gary.

I would like to start by echoing Gary’s sentiment; the current inflationary environment and geopolitical uncertainties have provided some hurdles and continue to hinder our gearing reduction efforts. This has meant we have had to make some prudent decisions, such as lowering distributions and continuing our asset sale programme to further reduce debt. We are conscious of the impact that this has on our investors but these steps are necessary to reduce risk and to look to strengthen Cromwell’s overall financial position.

Cromwell’s business manages assets in Australia and Europe, totalling $11.5 billion. Our team of more than 350 people across 15 countries are an incredibly skilled group of people, using local expertise to drive value for our unitholders.

A key focus for Cromwell has been the simplification of the business, through the disposal of non-core assets and businesses. Since the start of this programme in December 2021, Cromwell has completed non-core asset sales of more than $505 million with the vast majority of those sales at or above book value.

So far in the 2024 financial year we have completed the disposal of a 50% interest in the Cromwell Italy Urban Logistics Fund to our new joint venture partner, Value Partners, and also sold the 2 Station Street, Penrith asset for $47.75 million. We have also recently reached an agreement to sell our 50% interest in the Ursynow shopping centre to our Joint Venture partner, which will deliver net proceeds of approximately $67 million expected to be received in February 2024.

For the balance of the Group’s Polish retail portfolio, the sale process is ongoing and we hope to have this finalised in the coming months.

==> picture [596 x 73] intentionally omitted <==

Cromwell Property Group (ASX:CMW) ASX Announcement 1 November 2023

==> picture [122 x 42] intentionally omitted <==

Cromwell’s funds management platform faces a challenging operating environment. Despite this, progress is being made, as we continue to invest existing non-discretionary mandates in Europe with approximately a quarter deployed. In Australia, the proposed transaction between Cromwell’s Direct Property Fund and the Australian Unity Diversified Property Fund is regrettably not proceeding due to deteriorating market conditions. We remain committed to the ongoing growth and diversification of our Funds Management platform as and when opportunities present in the coming years.

With our continued focus on ESG, we are proud that the Cromwell Direct Property Fund has moved up 2 spots in NABERs Sustainable Portfolio Index 2023, now ranked equal 3rd for energy performance and equal 7th for water performance.

Similarly, NABERs ranked our Australian Investment Portfolio equal 4[th] in Sustainable Portfolio Index 2023 for energy performance, up from 14[th] in 2022 and equal 8[th] in water performance.

During 2023, we developed a Sustainable Finance Framework, writing our first green loan in Australia for $130 million for the Cromwell Riverpark Trust. We plan to do more in this space in the future.

ESG initiatives are key to future proofing our Australian Investment Portfolio assets, such as the full electrification of the McKell Building, de-commissioning of the co-gen plant at HQ North and installation of solar plants where rooftop space allows.

Our commitment to improving the sustainability of our portfolio includes a recognition of the embodied carbon in our assets and the emissions involved in dealing with waste streams, and we are advancing practical decarbonisation plans for all our assets.

A consistent theme this reporting season has been the relatively strong demand of small to medium enterprises in the office leasing market, particularly in Sydney. While larger occupiers have been contracting, in part in response to the normalisation of hybrid working, smaller employers have been maintaining or increasing their footprint.

Through positioning and repositioning our assets in Australia, we continue to meet the changing requirements of our tenants, including identifying new ways to use office space and to help employers attract employees back into the office. We firmly believe that office buildings will always have a place, and we continue to seek to ensure that our tenants can find the best use for their space and for their workforce.

Across global markets, real estate owners are being challenged by higher debt and operating costs, coupled with downward pressure on the value of office assets. Cromwell’s asset values in Australia were down by 9.1% as at 30 June 2023, consistent with our peers. The Cromwell Polish Retail Fund was revalued down 21% at 30 June 2023, in line with a current offer for the remainder of the portfolio which is in exclusive due diligence.

I would like to recognise the impact which softening property revaluations have had on Cromwell’s NTA, falling from $1.04 to 84 cents over the last financial year, with our gearing outside our target range at 42.6% as at 30 June 2023 despite progress on asset sales and substantial debt repayments.

We believe that the key to navigating the current difficult environment will be to focus on protecting our balance sheet, through ongoing prudent capital management, lower debt and strategic deployment of capital for growth initiatives at the appropriate time.

I will hand back to Gary now to undertake the formal part of the meeting.

Authorised for lodgement by Andrew Murray (Chief Legal and Commercial Officer) and Michael Foster (Company Secretary and Senior Legal Counsel).

Ends.

Page 2 of 3

==> picture [122 x 42] intentionally omitted <==

Cromwell Property Group (ASX:CMW)

ASX Announcement 1 November 2023

romwell Property Group (ASX: SX Announcement1 Novemb	CMW) er 2023
For investor relations:	For retail securityholders:	For media:
Libby Langtry	Cromwell’s Investor Services Team	Brendan Altadonna
Cromwell Property Group	1300 268 078	GRACosway
+61 2 8278 3690	+61 7 3225 7777	+61 409 919 891
libby.langtry@cromwell.com.au	invest@cromwell.com.au	baltadonna@gracosway.com.au

ABOUT CROMWELL PROPERTY GROUP

Cromwell Property Group (ASX:CMW) is a real estate investor and fund manager with operations on three continents and a global investor base. Cromwell is included in the S&P/ASX200. As at 30 June 2023, Cromwell had a market capitalisation of $1.4 billion, an Australian investment portfolio valued at $2.6 billion and total assets under management of $11.5 billion across Australia, New Zealand and Europe.

Page 3 of 3

Cromwell Property Group

2023 AGM Presentation

1 November 2023

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S 1

Agenda

1. Chair’s Address Dr Gary Weiss AM, Chair

2. CEO’s Address Jonathan Callaghan, CEO

3. Formal Voting Dr Gary Weiss AM, Chair

4. Items of Business Dr Gary Weiss AM, Chair

5. Questions Dr Gary Weiss AM, Chair

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

2

Board of Directors

==> picture [159 x 132] intentionally omitted <==

Dr Gary Weiss AM Non-executive Chair

==> picture [161 x 131] intentionally omitted <==

Tanya Cox

Independent Non-executive Director

==> picture [160 x 132] intentionally omitted <==

Eng Peng Ooi Independent Non-executive Deputy Chair and Senior Independent Director

==> picture [160 x 132] intentionally omitted <==

Joseph Gersh AM Independent Non-executive Director

==> picture [160 x 131] intentionally omitted <==

Rob Blain

Independent Non-executive Director

==> picture [160 x 131] intentionally omitted <==

Lisa Scenna Independent Non-executive Director

==> picture [160 x 132] intentionally omitted <==

Jonathan Callaghan Managing Director / Chief Executive Officer

==> picture [160 x 130] intentionally omitted <==

Jialei Tang Non-executive Director

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

3

Section 1

Chair’s Address

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

4

Section 2

CEO’s Address

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S 5

Cromwell’s operating platform

at 30 June 2023

==> picture [525 x 390] intentionally omitted <==

----- Start of picture text -----

$ 11.5 billion
Total AUM
Across 15 countries
$ 6.2 billion
Europe
CEREIT Manager
$ 4.4 billion
$ 0.9 billion [1]
----- End of picture text -----

Geographic and Culturally Diverse Team 350+ people 15 countries

==> picture [46 x 62] intentionally omitted <==

==> picture [41 x 41] intentionally omitted <==

----- Start of picture text -----

19
offices
----- End of picture text -----

1. Represents Cromwell’s 50% equity accounted Interest

2. Nordics includes Sweden, Denmark, Finland

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

6

Strategic achievements and highlights

Executing on strategic initiatives

• Significant progress in business simplification to focus on key core fund management capabilities.

• Focus on debt reduction to protect balance sheet.

• Transition to capital light fund manager remains a key priority when markets are conducive.

Growth in Fund Management

• New joint venture partner purchased 50% of Cromwell Italy Urban Logistics Fund (CIULF), Cromwell to continue to manage.

• Growth through mandate deployment in Europe, with €560 million[2] deployed.

Continued sale of non-core assets

• Completed sales of $246.5 million of non-core Australian assets during FY23.

• A further $91.1 million to complete after 30 June 2023[1] .

• Total of $505.8 million of assets sold since non-core sale programme started in December 2021.

Sale process of Cromwell Polish Retail Fund (CPRF) continues, with a party currently in exclusive due diligence.

Environmental, Social and Governance improvements

• Sustainable financing framework developed, and first green loan established in Australia.

• Cromwell Direct Property Fund ranked equal 3rd in NABERS Sustainable Portfolios Index 2023 for energy performance.

• Investment Portfolio ranked equal 4th in NABERS Sustainable Portfolios Index 2023 for energy performance.

• Supporting asset values through leasing, amenity upgrades and repositioning with ESG focus.

• Includes sales of Penrith, 50% sell down of CIULF assets.

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

7

1. Includes deployment of €109.8 million completed after balance date and €75 million due to complete in October 2023.

Strategic focus

Continued focus on resilience and strength of investment portfolio through active management and leasing 1 initiatives .

Measured and value accretive approach to capital recycling as opportunities present. 4

2

5

3

Reduce gearing to within target range.

Transition to capital light Fund Management model remains a priority, when capital markets are more conducive. 6

Ongoing growth of Fund Management platform through the launch of new products in retail markets, as well as partnerships and mandates.

Long-term commitment to ESG with implementation of Scope 1-3 emissions inventory and modelling reduction pathways.

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S 8

Section 3

Formal Voting

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

9

9

Section 4

Items of Business

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

10

Section 5

207 Kent Street, Sydney

Questions

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

11

www.asx.com.au

==> picture [585 x 309] intentionally omitted <==

C R O M W E L L P R O P E R T Y G R O U P | F Y 2 3 R E S U L T S

12