CROMWELL PROPERTY GROUP — Capital/Financing Update 2008

May 21, 2008

ASX Announcement May 22, 2008

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CROMWELL ACQUIRES TUGGERANONG OFFICE PARK FOR $166.025 MILLION

Property and funds manager Cromwell Group (ASX:CMW) has today announced the acquisition of the Tuggeranong Office Park in Greenway, ACT, for $166.025 million.

The property was acquired on an initial yield of 10.7 per cent and is fully leased to the Commonwealth Government until December, 2016. The site has the potential for development of a further 75,000 sqm of commercial office and residential space.

Cromwell CEO Paul Weightman said the acquisition was made possible by the Group’s conservative debt strategy which made it one of the few financially capable buyers in the current market.

“Selling down a number of assets throughout 2007 and significantly reducing our debt levels while increasing our cash reserves has given us the financial freedom to pursue quality assets which we believe represent good value,” he said.

“This is a quality asset which due to market conditions we believe we were able to acquire at an attractive price.

“In addition to our strong financial position, we also have strong backing from our high net worth investors and will continue to look at value opportunities as they arise on their behalf.”

The Tuggeranong Office Park was completed in 1991 and is spread over an 8.078 hectare site and has a net lettable area of approximately 33,045 sqm.

The building comprises five individual buildings of up to three storeys with enclosed walkways. The basement area includes both service areas and 291 car parks with a further 469 open car parks on-site.

The property is on the western fringe of the Town Centre in Tuggeranong, which is located about 25 kilometres south of Canberra City.

Throughout the 2007 calendar year Cromwell Group sold a number of assets in anticipation of a tightening credit market. Sale proceeds were applied to reducing debt and building a cash surplus, which was approximately $100 million at the end of the first half to December 2007.

ENDS: Media enquiries to Paul Weightman on (07) 3225 7777 or 0411 111 028.

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