CROMWELL PROPERTY GROUP — Capital/Financing Update 2010

Jul 20, 2010

ASX Announcement 21 July, 2010

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SETTLEMENT OF PROPERTY ACQUISITIONS AND ADDITIONAL INTEREST RATE HEDGING

Cromwell Group (ASX:CMW) announces the following by way of an update.

Settlement of Exhibition Street and TGA Properties

Cromwell Group has settled the acquisition of 321 Exhibition Street, Melbourne and the one third interest in the Therapeutic Goods Administration Building, Canberra it did not already own from the unlisted Cromwell Property Fund. The acquisitions were previously approved by a meeting of Cromwell Group securityholders on 7 July 2010.

The impact of these acquisitions on the Group is as set out in the Explanatory Memorandum lodged with ASX on 8 June 2010.

Interest rate hedging

The Group has recently taken advantage of continuing market volatility to enter into further interest rate hedges in relation to its new debt facilities for 321 Exhibition Street and Qantas HQ. The Group has recently entered into:

• An interest rate swap for $80 million at 5.00% for three years commencing August 2010; and

• An interest rate swap for $64 million at 5.00% for three years commencing September 2010.

These hedges, when combined with existing swaps already in place mean the Group is now approximately 92% hedged for FY11 and 52% hedged for FY12 based on the expected drawn debt on completion of the acquisition of Qantas HQ. The weighted average hedge rates for FY11 and FY12 are 4.98% and 5.16% respectively, excluding applicable facility margins.

The Group’s weighted average hedge term is now 2.05 years, which reflects the Group’s policy of ensuring substantial hedging over a 1-2 year period, whilst maintaining some flexibility to extend the profile further if market rates present value.

Current Interest Rate Hedges

Amount Hedged	Maturity Date	Base Rate
$158m	Jul-10	4.13%
$27m	Aug-10	5.50%
$32m	Feb-16	5.90%
$86m	Sep-17	5.95%
$200m	May-12	4.75%
$300m	Jun-11	4.75%
$80m *	Aug-13	5.00%
$64m *	Aug-13	5.00%

• New hedges referred to above

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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Weighted Average Hedge Rates

	FY11	FY12	FY13	FY14	FY15	FY16
Average Base Rate	4.98%	5.16%	5.42%	5.82%	5.94%	5.94%
% Hedged	92%	52%	32%	18%	14%	13%

Investors: For further information, please contact a member of our investor service team on 1800 334 533.

Media Enquiries: Paul Weightman on (07) 3225 7777 or 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. Units in the Cromwell Diversified Property Trust are issued by CPSL. In deciding whether to acquire or continue to hold an investment in Cromwell Group or any Cromwell fund, you should assess, with or without your financial advisor, whether the investment fits your objectives, financial situation or needs.

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