CROMWELL PROPERTY GROUP — Capital/Financing Update 2010

Apr 5, 2010

ASX Announcement 6 April 2010

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POTENTIAL ASSET ACQUISITIONS FROM UNLISTED PROPERTY FUND

Property and funds manager Cromwell Group (ASX:CMW) has undertaken a strategic review of the Cromwell managed unlisted Cromwell Property Fund (“CPF”).

Cromwell is the largest investor in CPF, holding approximately 17% of the units on issue valued at approximately $7 million and has loans receivable from CPF of approximately $41 million.

Cromwell will this week be writing to CPF investors updating them on the progress of the strategic review. Although still an incomplete proposal, at this time the preferred option to return the CPF to a more stable footing is a sale to Cromwell Group of 321 Exhibition Street, Melbourne and CPF’s one third interest in the TGA complex at Symonston, ACT. Cromwell Group already owns a two thirds interest in the TGA asset. It is expected that the sale of TGA would occur at $25 million (its current independent valuation) and the sale of 321 Exhibition Street would occur at $90.2 million (its current independent valuation), although this may change. The sale proceeds will be used by CPF to reduce gearing, including part of its loan from Cromwell Group. It is proposed that Cromwell Group will pay for the assets by a combination of cash, assumption of associated loan facilities and a reduction in the loan receivable from CPF.

321 Exhibition Street is currently vacant. However Cromwell is in negotiations with several potential tenants and hopes to conclude a heads of agreement for all or a substantial portion of the space. All tenant negotiations are subject to the building undergoing a substantial refurbishment. The cost of the refurbishment is expected to be approximately $35 million (including holding and other related costs). It is also possible that there could be significant leasing costs. The refurbishment and related costs and any leasing costs would be payable over the next 12-15 months and would be funded from existing cash resources of Cromwell Group if the proposed transactions proceed. The refurbishment and leasing costs have been taken into account in the independent valuation for the property.

Any transaction recommended by the Boards of Cromwell Group would be subject to approval by Cromwell Group securityholders under Listing Rule 10.1.

There are numerous issues that need to be resolved before the Cromwell Boards are able to make a final decision about whether to recommend the transactions to Cromwell Group securityholders, or form a concluded view about whether the transactions are appropriate for CPF. For example, the Cromwell Boards would need to consider the terms of any amended debt facilities. Those terms are subject to negotiations with existing financiers.

The proposed transactions, if concluded, would be expected to ensure a stabilisation of the CPF and allow a recommencement of distributions for CPF unitholders. The proposal would

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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also be expected to coincide with an extension of the primary debt facility for CPF beyond the existing expiry date of March 2011.

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) and Cromwell Property Fund (ARSN 119 080 410) . This communication has been prepared without taking into account your objectives, financial situation or needs. Units in the Cromwell Property Fund 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.

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