CROMWELL PROPERTY GROUP — Capital/Financing Update 2008

Oct 28, 2008

ASX Announcement October 29, 2008

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DEBT REFINANCING FOR 3 YEAR TERM – EXECUTION OF DOCUMENTATION

Property and funds manager Cromwell Group (ASX: CMW) is pleased to announce the signing of a 3 year syndicated loan facility to replace the Group’s current $429 million CMBS facility which is due for repayment in April 2009.

The new $452 million facility has been provided by National Australia Bank, Westpac Banking Corporation and Commonwealth Bank of Australia and is for a 3 year term, expiring in October 2011.

Cromwell CEO Paul Weightman said the early refinancing of the CMBS facility provides securityholders with assurance that the Group’s debt position and cost is secure.

“In line with Cromwell’s risk averse management strategy, it was prudent to provide the market with certainty regarding our long term debt arrangements.”

“Many of our peers have recently been negatively affected by a need to raise capital – the refinancing assures Cromwell will not need to raise capital in the current volatile environment.”

The new facility provides for a two month window to fully draw down funds. Upon draw down the cash will be placed on deposit pending repayment of the Group’s current CMBS facility, which may occur as late as April 2009. Cromwell has commenced discussions with CMBS note holders in regards to early repayment of the facility.

Cromwell’s FY09 earnings and distribution guidance of 10 cents per security is not affected by the early refinancing of the facility, and the Group’s gearing on a net debt to total asset basis remains unchanged at 44%. Of the forecast FY09 earnings 85% is expected to be derived from recurring property and funds management income and the balance to be derived from transactional activity.

The Group currently holds a portfolio of Australian property assets valued at $1.2 billion at 30 June, 2008, with an occupancy of 99.8% and a weighted average lease expiry of 5.9 years. Approximately 86% of income is sourced from Government, Government entities and blue-chip listed companies.

ENDS: Media Enquiries to Paul Weightman on 0411 111 028.

Issued by Cromwell Corporation Limited (ABN 44 001 056 980) and Cromwell Property Securities Limited (ABN 11 079 147 809, AFSL 238052) (“CPSL”) as responsible entity for Cromwell Diversified Property Trust (ABN 30 074 537 051, ARSN 102 982 598). This communication has been prepared without taking into account your objectives, financial situation or needs. Therefore, in deciding whether to acquire or continue to hold an investment in Cromwell Group you should consider, with or without your financial advisor, whether the investment fits your objectives, financial situation or needs. Forecasts are not a guarantee of future performance and actual returns could differ materially from those expressed.

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