CROMWELL PROPERTY GROUP — Capital/Financing Update 2008

Jan 30, 2008

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ASX Announcement January 31, 2008

REDEMPTION OF PROPERTY PREFERENCE SHARES (ASX Code: CMWPA)

The Directors of Cromwell Corporation Limited have resolved to redeem all Property Preference Shares (PPS) currently on issue on Monday 25 February 2008. The last day of trading for PPS on ASX is expected to be Monday 18 February 2008.

There are 275,105 PPS on issue, and they will be redeemed at the initial issue price of $1.00.

As disclosed in section 22.6 of the Explanatory Memorandum dated 30 October 2006, Cromwell Corporation Limited has undertaken to the ASX that all PPS on issue will be redeemed after the expiry of two years from the date of the last issue of CMWPA, being 30 January 2006.

The Directors of Cromwell Corporation Limited have also declared a special dividend payment for holders of PPS, of 1.55 cents per PPS for the period 1 January – 25 February 2008 as follows:

1. The record date for determining holders’ entitlement to the special dividend will be 5.00pm on Monday 11 February 2008.

2. PPS will be quoted ex-dividend on Tuesday 5 February 2008.

3. Payment of the special dividend is expected to be made with redemption proceeds.

The attached letter to PPS holders confirms the redemption and special dividend terms, and will be dispatched to PPS holders today.

For further information please contact our investor service team on 1800 334 533.

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

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31 January 2008

Dear Property Preference Shareholder,

REDEMPTION OF PROPERTY PREFERENCE SHARES

Cromwell Corporation Limited ( Cromwell ) wishes to advise that it will redeem all Cromwell Property Preference Shares ( PPS ) (ASX code: CMWPA) on issue, on Monday, 25 February 2008.

The final day of trading in PPS on ASX is expected to be 18 February 2008.

In conjunction with the establishment of the Cromwell Group in late 2006 and as a condition of the listing of the Cromwell Diversified Property Trust on ASX, Cromwell made an undertaking to the ASX to redeem all PPS on the expiry of 2 years from the last issue of PPS in accordance with their terms of issue. PPS holders were notified of this undertaking by a letter dated 6 November 2006. Terms of this undertaking were also disclosed in section 22.6 of the Explanatory Memorandum issued by Cromwell and Cromwell Property Securities Limited dated 30 October 2006.

Cromwell may redeem the PPS after giving PPS holders at least 15 business days' notice of this intention, in accordance with the Corporations Act 2001 and the Cromwell constitution.

As disclosed in the offer documents for PPS, all PPS will be redeemed at a price of $1.00.

Cromwell has recently announced a half-year dividend of 4.75 cents, in relation to the period from 1 July – 31 December 2007. Payment for this distribution is expected to be made at the same time as the redemption monies for the PPS are paid.

Cromwell intends to pay PPS holders an additional special dividend in relation to the period 1 January – 25 February 2008. The amount of the dividend will be equal to 95% of the annualised distributions forecast to be paid in relation to units in the Cromwell Diversified Property Trust for the period. This is expected to equate to approximately 1.55 cents per PPS. The special dividend will also be paid at the same time as the redemption monies for the PPS are paid.

Redemption monies, the dividend for the period to 31 December 2007, and the special dividend will be paid to the account which you currently receive dividends, and are expected to be paid on 25 February 2008.

Yours faithfully

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Suzanne Morgan Group General Counsel and Company Secretary Cromwell Corporation Limited

Cromwell Group consists of Cromwell Corporation Limited (ABN 44 001 056 980) and 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 Phone 07 3225 7777 Fax 07 3225 7788 Email cromwell@cromwell.com.au