CROMWELL PROPERTY GROUP — Capital/Financing Update 2008

Jul 28, 2008

ASX Announcement July 29, 2008

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CROMWELL LOCKS IN 10-YEAR LEASE AT LANDMARK ADELAIDE BUILDING

Property and funds manager Cromwell Group (ASX: CMW) has secured a major new lease at the landmark 101 Grenfell Street building in Adelaide’s central business district with the Government of South Australia signing a new 10-year lease in the building.

The new lease, which is effective from 3 August, 2008, covers 11,621.5 sqm and 39 carparks and was struck at gross rental of $300/sqm. The lease represents nearly 90% of the building’s net lettable area (NLA) of 13,195 sqm with the top two floors leased to private tenants including Perpetual Trustees and McArthur Management Services.

The property currently houses the Land Services Group which is a part of the Department for Transport, Energy & Infrastructure and the Department of Primary Industries & Resources.

Cromwell National Leasing Manager Bobby Binning said the new lease was further evidence of Cromwell’s ability to identify, acquire and manage quality assets which delivered long term security and stability for securityholders.

“The SA Government’s decision to renew the lease for a further 10 years is a strong endorsement of our internal property management team which aims to create an environment in every property where tenants are willing to commit to long term leases,” he said.

“We look forward to continuing our great relationship with the SA Government and our other tenants in the building.”

Located in the centre of Adelaide’s prime commercial office precinct on a 2,760 sqm site, the property is surrounded by other high quality office accommodation and within metres of the city retail precinct including Rundle Mall.

The new lease agreement follows the announcement of a positive independent revaluation of the property which saw its value increase 5.1% from $35 million to $36.8 million. The heritage-listed building was initially acquired in 2006 for $30.37 million.

Cromwell Group’s $1.2 billion geographically diversified portfolio of property assets is strongly weighted towards the commercial office sector and includes exposure to a number of markets with potential rental upside.

The property portfolio has a weighted average lease term of 5.9 years, with 86% of gross rental income coming from Government or blue chip tenants. The portfolio has minimal short-term lease expiries, with 99.8% current occupancy and only 2% of lease income expiring during FY09, and 6% in FY10.

ENDS

For further information:

Mr. Bobby Binning, National Leasing Manager (07) 3225 7789 or 0406 383 038 Mr. Paul McDonnell, National Asset Manager (07) 3225 7780 or 0419 896 623

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