CROMWELL PROPERTY GROUP — Interim / Quarterly Report 2012

Feb 26, 2012

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1H12 Results Presentation 27 February 2012

Cromwell Property Group – 1H12 Results

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Important Information & Disclaimer

This presentation including its appendices (“Presentation”) is dated 27 February 2012 and has been prepared by the Cromwell Property Group, which comprises Cromwell Corporation Limited (ACN 001 056 980) and Cromwell Property Securities Limited (ACN 079 147 809; AFSL 238052) as responsible entity of the Cromwell Diversified Property Trust (ARSN 102 982 598). Units in the Cromwell Diversified Property Trust are stapled to shares in Cromwell Corporation Limited. The stapled securities are listed on the ASX (ASX Code: CMW).

needs. Investors should also seek such financial, legal or tax advice as they deem necessary or consider appropriate for their particular jurisdiction.

Cromwell Property Group does not guarantee any particular rate of return or the performance of Cromwell Property Group nor do they guarantee the repayment of capital from Cromwell Property Group or any particular tax treatment. Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance . Actual results could differ materially from those referred to in this Presentation.

This Presentation contains summary information about Cromwell Property Group as at 31 December 2011. Statutory financial information has been reviewed by Cromwell Property Group’s auditors. Operating financial information has not been subjected to audit review. All financial information is in Australian dollars and all statistics are as at 31 December 2011 unless otherwise stated . Any gearing and interest cover ratios for Cromwell Property Group included in the Presentation have been calculated in accordance with the formulas stated. These measures are not measures of, or defined terms of, financial performance, liquidity or value under AIFRS or US GAAP. Moreover, certain of these measures may not be comparable to similarly titled measures of other companies .

This Presentation contains certain “forward looking” statements. Forward looking statements, opinions and estimates are based on assumptions and contingencies which are subject to change without notice. Forward-looking statements including projections, indications or guidance on future earnings or financial position and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

There can be no assurance that actual outcomes will not differ materially from these statements. To the fullest extent permitted by law , Cromwell Property Group and its directors , officers, employees, advisers, agents and intermediaries disclaim any obligation or undertaking to release any updates or revisions to the information to reflect any change in expectations or assumptions.

The information in this Presentation is subject to change without notice and does not purport to be complete or comprehensive. It does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with Cromwell Property Group’s other periodic and continuous di sc osure l announcements l o d ge d w t i h t h e A ustra li an Securities Exchange, which are available at www.asx.com.au.

The information in this Presentation has been obtained from or based on sources believed by Cromwell Property Group to be reliable. To the maximum extent permitted by law, Cromwell Property Group, their officers, employee, agents and advisors do not make any warranty, express or implied, as to the currency, accuracy, reliability or completeness of the information in this Presentation and disclaim all responsibility and liability for the information (including, without limitation, liability for negligence).

The information in this Presentation does not take into account your individual objectives, financial situation or needs. Before making an investment decision, investors should consider, with or without a financial or taxation adviser, the relevant information (including the information in this Presentation) having regard to their own objectives, financial situation and

Cromwell Corporation Limited is not licensed to provide

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financial product advice in respect of Cromwell Property Group securities. To the extent that general financial product advice in respect of Cromwell Property Group stapled securities is provided in this Presentation, it is provided by Cromwell Property Securities Limited. Cromwell Property Securities Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Cromwell Property Securities Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Cromwell Property Securities Limited is a wholly owned subsidiary of Cromwell Corporation Limited. Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) is the responsible entity of the Cromwell Ipswich City Heart Trust (ARSN 154 498 923) (ICH). Before making any investment decision in relation to ICH it is important that you read the PDS dated 16 December 2011. The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell on 1300 276 693. Applications for units can only be made on an application form from the PDS .

This Presentation is for information purposes only. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any ‘US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (“Securities Act”) (“US Person”)). Cromwell Property Group stapled securities h ave not b een, an d w ill not b e, reg stere i d un d er t h e S ecur t es i i Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US Person without being so registered or pursuant to an exemption from registration.

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO US PERSONS OR PERSONS ACTING FOR THE ACCOUNT OR BENEFIT OF US PERSONS.

Cromwell Property Group – 1H12 Results

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S ec ti on 1
Overview
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Cromwell Property Group – 1H12 Results

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Overview

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• Provide defensive, superior risk adjusted returns from a 100% Australian portfolio

CROMWELL’S STRATEGY

• Invest in high quality office assets in predominantly CBD / core fringe markets

• Seek assets which offer the potential for superior returns through active asset management

• Continue to grow retail funds management business through origination of further funds

• Push into wholesale funds management through wholesale opportunity funds and property securities

Cromwell Performance December 2011 (Annualised Total Securityholder Return)

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20.0% 16.5%
15.5%
14.2%
15.0%
10.0%
5.0% 2.3%
0.3%
Cromwell Property Group
0.0%
S&P/ASX300 A‐REIT Accumulation Index
‐0.1%
‐5.0% ‐1.7% ‐1.6%
‐ 10.0%
1 Year 3 Years 5 years
‐15.0%
‐15.2%
‐20.0%
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• Cromwell has si g nificantl y out p erformed the S&P/ASX 300 A-REIT Accumulation Index since listin g

CONTINUED OUTPERFORMANCE

• Outperformance of 14.2% and 15.5% per annum over 3 and 5 years respectively

• Cromwell was one of the few A-REITs not to undertake a heavily discounted equity raising during the financial crisis

• Cromwell has raised capital at NTA to bu y assets at the bottom of the c y cle and for g rowth, not to fix the mistakes of the past

Cromwell Property Group – 1H12 Results

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Overview

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• 1H12 RESULTS � Operating earnings[1] increased 13% to $37.0m or 3.8 cents per security IN LINE WITH � Distributions of 3 . 5 cents per security GUIDANCE � Statutory accounting loss of $6.8m or 0.7 cents per security, impacted by interest hedges � Property valuations decreased by 0 . 3% , net of capital expenditure

• VALUATIONS � Potential for new acquisitions to show valuation uplift in second half / NTA � NTA per security of $0.71 excluding interest rate hedges, $0.68 including hedges

• NTA excludes any value for funds management

• Current WALT of 6.3 years[2]

• DEFENSIVE � 99% occupancy[2]

• PORTFOLIO � 85% of gross income from government or listed company tenants[2]

• CHARACTERISTICS � 6.8% lease expiry in FY13, 6.3% lease expiry in FY14[2]

CONTINUING PORTFOLIO IMPROVEMENT

• Qantas lease extended to 2032, including expansion and refurbishment

• Purchase of HQ North for $186m in December 2011

• Purchase of Bundall Corporate Centre for $63m in January 2012

• � Focus is now on maintaining portfolio quality, rather than further growth

• 1) Operating earnings is a key financial metric used by management to measure underlying financial performance and is not calculated in accordance with IFRS or audited. A reconciliation of operating earnings to the statutory accounting results is shown on page 37

• 2) Property statistics incorporate the Bundall Corporate Centre, which was acquired in January 2012

Cromwell Property Group – 1H12 Results

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Overview

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• Refinanced and extended debt maturity profile

DEBT MANAGEMENT

• No material debt maturity until FY14

• � Gearing of 51%, reduced to 50% since balance date[1]

• Debt spread across all four major Australian and one offshore bank

• � Transformation of portfolio funded by successful completion of 2 year capital raising

• CAPITAL programme at or about NTA

• MANAGEMENT � Platform for earnings and NTA growth

• Relationships with capital partners and investors established

• Ipswich City Heart Trust will deliver transactional fees in FY13

• FUNDS MANAGEMENT � Expect to launch a further retail syndicate in 2012 TO BOOST EARNINGS � Cromwell Real Estate Partners formed to launch wholesale opportunity funds

• Property securities FUM continues to grow, now over $150m

• EARNINGS AND � Operating earnings expected to be 7 . 3cps in FY12 DISTRIBUTION � Distributions expected to be 7.0cps in FY12 GUIDANCE � Significant increase in funds management income expected from FY13

1) Gearing calculated as (total borrowings less cash)/(total tangible assets less cash)

Cromwell Property Group – 1H12 Results

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S ec ti on 2 1H12 Financial Results

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Cromwell Property Group – 1H12 Results

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1H12 RESULTS Key Financial Results

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||||||
|---|---|---|---|---|
|1H11|1H12|
|Actual|Actual|Change|
|Statutory accounting profit/(loss) ($'000)|28,916|(6,781)|–|123%|
|Operating earnings ($'000)|32,867|36,978|+|13%|
|Operating EPS|3.7 cents|3.8 cents|+|3%|
|Distributions ($'000)|31,861|34,450|+|8%|
|Distributions per security|3.5 cents|3.5 cents|+|0%|
|Payout Ratio (%)|97%|93%|+|4%|

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• Operating earnings increased by 13% to $37 . 0m (3 . 8 cps)

• Increase in like for like property income of 7.9%[2]

• Partly offset by higher debt costs in 1H12

• Funds management earnings expected to grow materially in future periods

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|||||
|---|---|---|---|
|Jun-11|Dec 11|Dec-11|
|Actual|Actual|Pro-Forma|[1]|
|Total Assets|1,539,428|1,757,990|1,854,801|
|Securities on Issue ('000)|964,737|1,113,061|1,165,981|
|NTA per security ($) (excluding interest swaps)|$0.73|$0.71|$0.70|
|NTA per security ($) (including interest swaps)|$0.73|$0.68|$0.68|
|Gearing (%)|49%|51%|50%|

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• 1) Pro-forma statistics incorporate impact of Bundall settlement and securities issued after balance date 2) Refer to page 36 for details of like for like property income

Cromwell Property Group – 1H12 Results

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1H12 RESULTS Statutory Accounting Result

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• Statutory accounting loss of $6.8m (0.7 cps), heavily impacted by fair value adjustments

• Fair value decrease of $27.5m on interest rate swaps will unwind over time as swaps expire

• Fair value decrease of investment properties of $14.2m mainly due to acquisition costs on HQ North of $10.4m

• Property valuations decreased by 0.3% net of lease costs and capital expenditure

Statutory Profit / (Loss)

1H11 1H11 1H12 1H12 ($’000) EPS ($’000) EPS
Operating Earnings 32,867 3.7 36,978 3.8
Adjustments
Fair Value-Investment Properties (4,706) (0.5) (14,225) (1.4) Fair Value-Interest Rate Swaps 4,911 0.6 (27,509) (2.8)
Fair Value-Equity Investments (177) (0.0) 334 0.0
Write downs/Reversals-Development Inventory (1,770) (0.3) 200 0.0
Other items (2,209) (0.3) (2,559) (0.3)
Profit (Loss) after tax 28,916 3.2 (6,781) (0.7)

Cromwell Property Group – 1H12 Results

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1H12 Financial Position RESULTS

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• Significant growth in asset base arising from the acquisition of two investment properties for approximately $250m

Financial Position 1H12 RESULTS � Significant growth in asset base arising from the	Financial Position 1H12 RESULTS � Significant growth in asset base arising from the	Financial Position 1H12 RESULTS � Significant growth in asset base arising from the
acquisition of two investment properties for		Jun-11 Dec-11 Pro-Forma Adjustments Pro-Forma Dec-11
approximately $250m � NTA decreased in line with previous guidance due to acquisition costs on HQ North � NTA impacted by fair value of interest swaps which		($’000) ($’000) ($’000) ($’000) Assets Cash and Cash Equivalents 46,572 28,483 36,955 65,438 Investment Properties 1,444,850 1,663,920 63,483 1,727,403
have improved significantly since balance date � Pro-forma adjustments include acquisition of Bundall Corporate Centre, associated debt facilities and placement of securities under shortfall facility		Investment in Associates 5,492 5,929 5,929 Other Assets 42,514 59,658 (3,627) 56,031 Total Assets 1,539,428 1,757,990 96,811 1,854,801
Change to NTA over period		Liabilities Borrowings (783,609) (903,074) (64,758) (967,832) Interest Rate Derivatives (3,430) (29,654) (29,654) Other Liabilities (47,229) (63,565) (63,565)
0.650 0.700 0.750 0.800	$0.729 ($0.024) ($0.004) ($0.009) ($0.009) $0.683	Total liabilities (834,268) (996,293) (64,758) (1,061,051) Net assets 705,160 761,697 32,053 793,750
0.500 0.550 0.600	Jun-11 Swap Revaluations Property Revaluations HQ North Acuisition Other Dec-11	Securities on issue 964,737 1,113,061 52,920 1,165,981
	q Costs
Cromwell Property Group– 1H12 Results 10

Cromwell Property Group – 1H12 Results

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S ec ti on 3 Debt & Capital Management

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Cromwell Property Group – 1H12 Results

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CAPITAL Debt Facilities MANAGEMENT

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• Diversified across a syndicated facility and six bilateral facilities

Interest Cover Ratio

• Lenders comprise major Australian banks and one offshore bank

• No material maturities until FY14

	Interest Cover Ratio
	Dec-11 Jun-11
	Group 2.3 x 2.4 x

• Weighted average debt maturity of 2.5 years

• Weighted average margin of 2% - equivalent to current market

Debt Expiry Profile

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$ 800 M
$700 M
$600 M $100 M
$500 M
Australian major banks
$133 M
$400 M
$133M
$300 M
Offshore bank
$200 M
$133 M
$102 M $108 M
$100 M $64M
$9 M $133M $35 M
$2 M $2 M
$ M $30 M
2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
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Cromwell Property Group – 1H12 Results

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CAPITAL Interest Rate Hedging MANAGEMENT

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• High degree of certainty over interest expense to FY14

• W e g i ht e d average swap erm o t f 2 . 1 years

• Will continue to seek opportunities to extend profile if rates are favourable

CMW Hedging Profile

CMW Hedging Profile
$1 000 M $700 M $800 M $900 M ,
$300 M $400 M $500 M $600 M $ M $100 M $200 M	2H12 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16						Hedged Amount Variable Amount
	2H12 1H13 2H13	1H14 2H14		1H15 2H15 1H16 2H16
Average Base Rate	4.90% 4.84% 4.90%	5.23% 5.24% 5.46% 5.62% 5.94% 5.95%
% Hedged	94% 89% 85%	65% 64%		30% 21% 12% 9%

Cromwell Property Group – 1H12 Results

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CAPITAL Capital Management MANAGEMENT

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• Completion of a 2 year capital raising programme commenced in December, 2009

• Raised $318m at an average price of $0 . 70 , equivalent to NTA

• Increased market cap from $520m[1] to $816m[2]

• Proceeds applied in funding acquisition of quality assets valued at $823m[3] , in capital works improvements/commitments to assets of $210m (inc future Qantas commitment) at the bottom of the cycle and to provide working capital for our Funds Management Business

• Investments will provide earnings and NTA growth as asset values continue to recover

• Have written off $36m in acquisition costs against NTA

• Opportunity to sell/trade assets into a rising market

• In the process we have developed relationships with investors and capital providers prepared to invest/co-invest in assets with us/managed by us

• We anticipate our capital partners will be strong supporters of our Funds Management initiatives

• We foresee no reason to raise additional capital and will only do so if there are compelling reasons or the proceeds can be applied accretively

• Focus on growing operating earnings and NTA per security from

• Funds Management initiatives

• Continuous portfolio improvement

• Active management of our assets

• 1) As at December 24, 2009 based on a security price of $0.74

• 2) As at February 23 , 2012 based on a security price of $0 . 70

• 3) Includes the Riverpark Building and the Ipswich City Heart Building acquired for unlisted syndicates

Cromwell Property Group – 1H12 Results

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S ec ti on 4 Investment Portfolio

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Cromwell Property Group – 1H12 Results

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PORTFOLIO Continuin Portfolio Im rovement g p

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Transactions since June 2008

• Between June 2008 and January 2012, Cromwell has

• P urc h ase d 6 asse s w t ith an average va ue o l f $121m, cap rate of 8.4% and WALT of 8.4 years

ContinuingPortfolio Improvement PORTFOLIO � Between June 2008 and January 2012, Cromwell has Transactions since June 2008	ContinuingPortfolio Improvement PORTFOLIO � Between June 2008 and January 2012, Cromwell has Transactions since June 2008
� P h d 6 t ith l f urc ase asse s w an average va ue o $121m, cap rate of 8.4% and WALT of 8.4 years � Sold 6 assets with an average value of $9m, cap rate of 9.1% and WALT of 3.4 years	Purchased Assets Date Price Cap Rate WALT Bundall Corporate Centre, QLD Jan-12 $63.5 M 11.00% 5.1 yrs HQ North , Brisbane, QLD Nov-11 $186.0 M 8.25% 6.9 yrs Qantas Headquarters, NSW Aug-10 $142.4 M 8.30% 10.5 yrs
� Portfolio optimisation will continue with a number of smaller assets identified for sale over the medium term � Key achievements during 1H12 � Executed documents to extend Qantas lease	321 Exhibition St, Melbourne, VIC Jul-10 $90.2 M 8.00% 11.1 yrs Remaining 1/3 TGA, ACT1 Jul-10 $75.0 M 8.00% 7.5 yrs Tuggeranong Office Park, ACT Jun-08 $166.0 M 8.15% 8.5 yrs Total $723.1 M
and commenced construction of expanded facility � Acquisition of HQ North, Brisbane for $186m � Agreement to acquire Bundall Corporate Centre,	Weighted Average $120.5 M 8.42% 8.4 yrs Sold Assets Date Price Cap Rate WALT
Gold Coast for $63m	Block 4, Narabundah Lane ACT1 Jun-09 $3.2 M N/A N/A 4 Marcus Clarke Street, ACT Sep-09 $9.7 M 9.50% 3.2yrs 51-73 Lambeck Drive, VIC Dec-09 $8.8 M 8.25% 10.3yrs Village Hobart, TAS Sep-10 $15.9 M 9.00% 2.2yrs $35 M 900% 31 rs
	Village Launceston TAS Jan 10 y , - . . . 78 Mallard Way, Cannington, WA Feb-11 $8.6 M 10.00% 2.7 yrs Scrivener Building, Bruce, ACT Feb-11 $9.5 M 9.00% 0.0yrs Total $59.2 M Weihted Averae $8.5 M 9.12% 3.4yrs
	g g
Cromwell Property Group– 1H12 Results 16 1) Reflects 100% of asset value, CMW acquired remaining 1/3 in July 2010

1) Reflects 100% of asset value, CMW acquired remaining 1/3 in July 2010

Cromwell Property Group – 1H12 Results

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INVESTMENT Continuing Portfolio Improvement

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• Significant improvement in portfolio quality[1]

Weighted Average Cap Rate by Sector

• WALT o f 6 . 3 years one o f th e onges l t i n th e sec or t

• WACR increased slightly to 8.26% from 8.18% in Jun 2011

• Average asset value increased to $75.1m from $68.8m

• Continued improvement in tenant quality

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||||||||
|---|---|---|---|---|---|---|
|Sector|Jun-11|Dec-11|[1]|
|Commercial|8.09%|8.18%|
|Industrial|8.97%|9.13%|
|Retail/Entertainment|8|.|98%|9|.|25%|
|Total|8.18%|8.26%|
|Change|0.12%|-0.08%|

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• Continue to divest smaller non-core assets

Improvement in Portfolio Quality

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||||||||||
|---|---|---|---|---|---|---|---|---|
|Jun-07|Jun-08|Jun-09|Jun-10|Jun-11|Dec-11|[1]|
|Assets|27|24|25|22|21|23|
|Value|$1.12 b|$1.18 b|$1.17 b|$1.11 b|$1.44 b|$1.73 b|
|Average Asset Value|$41.5 m|$49.2 m|$46.8 m|$50.5 m|$68.8 m|$75.1 m|
|WALT|5.1 yrs|5.9 yrs|5.1 yrs|4.9 yrs|6.8 yrs|6.3 yrs|
|NABERS Ener|gy|[2]|N/A|3.6 stars|3.6 stars|3.9 stars|3.8 stars|4.2 stars|
|NABERS Water|[2]|N/A|2.8 stars|2.8 stars|3.8 stars|3.8 stars|3.9 stars|
|Melbourne/Sydney Office|43%|37%|34%|34%|49%|45%|
|Government & Listed Tenants|71%|86%|83%|86%|89%|85%|

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• 1) Pro - forma including acquisition of the Bundall Corporate Centre which occurred after balance date 2) Excludes all non-office assets and assets where facility is managed by the tenant

Cromwell Property Group – 1H12 Results

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INVESTMENT

Secure Income Stream

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• Targeting 4% annual growth in like-for-like net property income, achieved 7.9% growth in 1H12[1]

• 73% of portfolio subject to fixed or minimum rent reviews, with average minimum increase of 4% in FY12

• 85% of gross income leased to government or listed companies

Gross Income by Tenant Classification

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||||
|---|---|---|
|Next Review Type|% of Total Passing Income|Cumulative %|
|Greater of CPI / Fixed|41.0%|41.0%|
|Fixed|31.7%|72.7%|
|CPI|16.9%|89.6%|
|Market / Expiring|10.4%|100.0%|

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14.5%
39.7%
45.8%
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Government Authority
Listed Company/Subsidiary
Private Company
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• 1) See page 36 for full details of net property income

Cromwell Property Group – 1H12 Results

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Minimal Risk From Lease Expiries

INVESTMENT

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1.4%
Latrobe St
VIC 0.9%
Lease Expiry Elders SA 3.2%
Profile 0.9% Collins St
Mary St 1.0% VIC
% Gross 70% QLD Victoria 62.3%
Ave NSW 1.3%
Income 60% 2.3% 1.1% Mary St
Waym- Bundall 2.3% QLD
50% outh St QLD Wesfar-
SA mers VIC 2.1%
40% 3.4% Other
30% 2.8% Other 2.1%
Other Other
20% 13.0%
10% 5.1% 6.8% 6.3% 6.6%
0%
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• Average of only 6.2% lease expiry FY12 – FY15

• Marketing of LaTrobe St space generating positive interest

• Henry Waymouth Centre to be refurbished on expiry

• 8 month programme from Jul-12

• Expected cost $12m

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Lease Expiries representing >1% income (FY12-FY14)

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||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Property|Tenant|Expiry|Income|Comment|
|Henry Waymouth Centre|
|Adelaide SA|Workcover - SA|Jun-12|2.3%|Building to be refurbished during FY13. Leasing marketing campaign has commenced.|
|380-390 La Trobe St|
|Melbourne VIC|Australian Tax Office|Jul-12|1.4%|Fully fitted out.|Marketing underway and this space has been well received.|
|Wesfarmers Woolstore|
|Brooklyn VIC|Agrium Asia Pacific Services|Jul|-|13|2|.|3%|AAP finalising future space requirements|.|AAP have secured good quality sub|-|tenants|
|475 Victoria Avenue|
|Chatswood NSW|Evans & Peck|Jan-14|1.0%|Negotiations commenced, Tenant has option terms|
|Elders Woolstore|
|Gillman SA|Elders Limited|Jun-14|0.9%|Heads of Agreement have been exchanged|

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Cromwell Property Group – 1H12 Results

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INVESTMENT HQ North, Brisbane

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• HQ North was completed in 2010 and comprises 28,278 m[2] of A-Grade office accommo d a ti on over 11 l eve s w l ith b asemen par t ki ng or f 330 ve hi c es. a so l It l has 1,086 m[2] of retail space

• Located in Fortitude Valley, Brisbane, adjoining the CBD

• 100% occupancy with minimal vacancy over the next 4 years

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• Fixed minimum rental increases of 3.5% – 5.0% (average 4.2%)

• Winner of the national Urban Taskforce 2011 Development of the Year Award

• Awarded a 6 Star Green Star Office As Built rating (largest development in Australia with this rating)

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Statistics

Property Details	Statistics
Address 512 Wickham Street, Fortitude Valley, Brisbane, QLD	Valuation $186m
	Book value $186m
Sector Commercial	Occupancy 100%
Lettable area 29,364m2	Cap rate 8.25%
Acquisition date Dec-11	WALT 6.6yrs

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INVESTMENT

Bundall Corporate Centre

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• Cromwell originally acquired the asset for $52.9m in December 2005 and sold for $106m in October 2007

• Since the sale the asset has been further improved by the development of a further 8,000 m[2] 5 star green star building

• Passing income is approximately $7.4m (11.5% yield on purchase price)

• Site has approved master plan in place, with over 15,000m[2] of land available for future development

• Opportunistic acquisition with substantial upside in the Gold Coast market expec e t d i n ea l d up o ommonwea t C lth G ames n i 2017

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Property Details	Statistics
Address Corporate Court, Bundall, QLD	Valuation $63.5m
Sector Commercial	Book value1 $63.5m1
Lettable area 20,565m2
Acquisition date Feb 12 -	Occupancy 83%
Major tenants Wyndham Resorts, Professional Investment Services, Corp Executive Offices	Cap rate 11% WALT 5.1yrs

• 1) Acquisition of the Bundall Corporate Centre was completed in January 2012

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INVESTMENT

Qantas Global Headquarters, Mascot, NSW

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• Since acquisition Cromwell has agreed with Qantas

• A re urbishment and expansion f

• Lease extension to 2032

• Total capital cost of $131.5m

• Works expected to be completed in April 2014

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• Average return on cost of 8.8% in first year after completion

• Undrawn facility in place to fund 100% of additional works

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• O n comp e l ti on va ue o l f $305 m, represen ti ng approx ma e y i t l 16% o por f tf o li o on current valuations

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Summary of capital commitments and additional rental from refurbishment and expansion

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|||||||
|---|---|---|---|---|---|
|Jun-12|Jun-13|Jun-14|Jun-15|
|($’000)|($’000)|($’000)|($’000)|
|Forecast Cost (Cumulative)|[1]|29,173|95,160|131,462|131,462|
|Increased Rental|109|2,483|6,478|9,342|

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• 1) Includes $25 . 6m incentive agreed under original 10 year lease , already generating rental income . Timing of forecast costs is subject to change , however timing of rental increases will also change proportionately

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S ec ti on 5 Funds Management

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GROWTH

Funds Management – Organic Growth

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• Cromwell intends to continue to grow its funds management business

• Origins in retail funds management

• Have raised over $900m for unlisted funds, with the majority merged in FY07 to form Cromwell Property Group

• 4 existing retail funds and $530m AUM, increasing to $607m on completion of Ipswich City Heart Trust

• Focus is on simple, high quality, yield based property products

• Distribution base of over 14,000 retail investors including Cromwell Property Group securityholders

Gross Assets Under Management ($M)

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2,500
1,728
2,000 1,510
1,244 1,205 1,185
1,143
1 , 500 Internal AUM
External AUM
1,000
1,368
500
779
562 499 544 517 589 530
279 344 369
145
0
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GROWTH Cromwell Ipswich City Heart Trust

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• The Ipswich City Heart Building, due to be completed in September 2013, is the first stage of the Ipswich City Heart ICON Masterplan being developed by Leighton in partnership with the Ipswich City Council

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Artist’s impression
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• The building will comprise 15,600 m[2 ] of A-Grade office accommodation over 9 levels with basement parking for 206 vehicles. The development will also comprise 2,134 m[2 ] of retail space

• The Queensland State Government has pre-committed to 91% of total NLA on a 15 year lease. Leighton will lease any remaining vacant areas on practical completion for a period of 5 years

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• Fi x ed ann u al rent re v ie w s of 3 . 75%

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||||
|---|---|---|
|Property Details|
|Address|117 Brisbane St Ipswich, QLD|
|Sector|Commercial|
|Lettable area|17,734 m|[2]|
|Acquisition date|[1]|Dec-11|
|Major tenant|Qld State Government|

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Statistics (On Completion)

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||||
|---|---|---|
|Valuation|$93m|[1]|
|Purchase Price|$93m|[1]|
|Occupancy|100%|
|Cap rate|8.50%|
|WALT|[2]|13.7 yrs|
|Environmental Ratings|
|NABERS Energy|Targeting 4.5 star|
|NABERS Water|Targeting 4 star|

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• 1) Land component 5.3m at settlement, balance of purchase price payable between December 2011 and the date of Practical Completion of building (estimated September 2013) $ 2) Calculated from practical completion of building

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25

GROWTH

Cromwell Ipswich City Heart Trust

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• Equity raise of $49m for Ipswich City Heart Trust expected to be completed by 30 June 2012

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Artist’s impression
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• Asset specific debt facility of $49m in place

• Attractive offering given yield, growth, WALT and tenant quality

• Cromwell has provided initial funding of up to $20m ($17m drawn at Dec-11)

• Cromwell does not expect to hold any equity on completion

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Key Statistics Cromwell Fee Structure
Fee Type Amount
Expected
Equity to be raised $49m Acquisition & project management $2.79m (3.0%) [2]
Debt $49m Ongoing funds management (annual) $0.55m (0.6%) [2]
Expected time taken to Property asset management (annual) $0.20m (0.2%) [2]
complete raising 7 months
20% of excess above 10%
Initial distribution yield 7.75% [1] Performance Fee IRR, payable on sale
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• 1) Forecast to increase to 8.00% from July 2013 and 8.25% from July 2014 subject to risks and assumptions in PDS

2) Acquisition and project fees are payable from Jan-12 until practical completion (Sep–13) in proportion as construction is completed. Ongoing fund and property management fees are payable from practical completion

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) is the responsible entity of the Cromwell Ipswich City Heart Trust (ARSN 154 498 923) (ICH). Before making any investment decision i n re a l ti on t o ICH it i s i mpor an t t th a t you rea d th e PDS d a e t d 16 D ecem b er 2011 . Th e PDS i s i ssue d b y CFM an d i s ava il a bl e f rom www.cromwe ll .com.au or b y ca lli ng C romwe ll on 1300 276 693 . A pp li ca ti ons f or un it s can only be made on an application form from the PDS.

Cromwell Property Group – 1H12 Results

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GROWTH Cromwell Real Estate Partners

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• Cromwell Real Estate Partners based in our expanded Sydney office

• Boutique real estate funds management enterprise which complements Cromwell’s existing platform

• Partnership with highly credentialed, experienced management team with solid track record

• Focus on delivering superior risk weighted returns to wholesale investors through opportunistic real estate investment

• Targeting investments across Australia , leveraging market knowledge , deep relationships and understanding of property fundamentals to deliver value

• Cromwell expect to co-invest approximately 10% of equity in each fund

• ’

• � As a co - investor , Cromwell s emphasis is on building long term investment relationships with investors, financiers and joint venture partners

• Expected to be supported by our existing capital partners and investors

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S ec ti on 6 Outlook & Guidance

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28

GROWTH

Summary

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• Highly defensive investment with attractive growth potential

• 100% of 1H12 earnin g s derived from recurrent earnin g s

• Strong and secure capital structure

• Targeting 4% growth in annual net property income

• A number of achievements made during 1H12, delivering superior returns to securityholders

• Si gn ifi can t i mprovemen t t o por tf o li o sca e an l d qua lit y

• WALT remains one of the highest in the sector at 6.3 years

• Attractive returns forecast to be generated from HQ North and Bundall Corporate Centre

• C romwe ll’ s nves men i t t s ra egy rema ns unc t t i h ange d - t o e d li ver super or r s i i k a dj us e t d re urns o nves ors t t i t � Allocation of capital to key growth markets ahead of cycle

• Continued focus on improving portfolio quality

• Will continue to seek investment property opportunities consistent with strategy

• Continued focus on growth of funds management platform

• Disciplined approach to transaction activity

• Ability to leverage existing skills over a much larger asset base

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Cromwell Property Group – 1H12 Results

29

GROWTH

Summary

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• Solid earnings base

• Recurrin g earnin g s currentl y >95%

• WALT of 6.3 years, quality tenant base

• Minimal lease expiries in next 4 financial years

  • Targeting medium-term growth in NTA and operating earnings per security

    • Will benefit from im p rovin g valuations

    • Will continue disciplined approach to transactions

    • Ability to leverage existing skills over a much larger asset base

    • Expect to grow funds management earnings materially from FY13 onwards

• Focus on cash flow

• Simple balance sheet and minimal development exposure

• FY12 guidance maintained

  • 7.3 cpu operating earnings, 10.4% yield[1]

  • 7.0 cpu distributions, 10.0% yield[1]

• Enables high payout ratio

Impact of change in key valuation metrics on NTA[2] per security

Impact of change in key valuation metrics on Gearing[2]

	Weighted Average Cap Rate 8.51% 8.26% 8.01% 7.76% 7.51% 0.43230871 1	Weighted Average Cap Rate 8.51% 8.26% 8.01% 7.76% 7.51% 0.43230871 1	Weighted Average Cap Rate 8.51% 8.26% 8.01% 7.76% 7.51%
Change in 7.50% 5.00% Market Rental 2.50% 0.00% -2.50%	$0.77 $0.82 $0.73 $0.78 $0.70 $0.74 $0.66 $0.70 $0.62 $0.66	$0.88 $0.94 $1.00 $0.84 $0.89 $0.95 Change in 7.50% 5.00% $0.80 $0.85 $0.91 $0.76 $0.81 $0.87 $0.71 $0.77 $0.82 Market Rental 2.50% 0.00% -2.50%	48.3% 46.8% 45.3% 43.8% 42.3% 49.5% 48.0% 46.4% 44.9% 43.4% 50.8% 49.2% 47.6% 46.0% 44.5% 52.1% 50.5% 48.9% 47.2% 45.6% 53.5% 51.8% 50.2% 48.5% 46.9%

1) Based on closing price of $0.70 on 24 February 2012

2) Includes securities placed under shortfall facility in February 2012 and settlement of Bundall Corporate Centre, Qld. Excludes value of interest rate derivatives.

Cromwell Property Group – 1H12 Results

30

Contacts

Paul Weightman Chief Executive Officer Ph: +61 7 3225 7720 paul.weightman@cromwell.com.au Daryl Wilson Chief Financial Officer Ph: +61 7 3225 7724 daryl.wilson@cromwell.com.au

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Cromwell Property Group Level 19, 200 Mary Street Brisbane QLD

Phone: +61 7 3225 7777 Facsimile: +61 7 3225 7788 WWW.CROMWELL.COM.AU Cromwell Investor Services 1300 CROMWELL (1300 276 693)

Cromwell Property Group – 1H12 Results

31

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A di x ppen Additional Information

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Cromwell Property Group – 1H12 Results

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Investment Portfolio – Summary

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• Top 10 assets account for 77% of portfolio with occupancy of 99.9% and a WALT of 7.3 years

Top 10 Property Assets

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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Asset|Location|Class|Valuation|Date|Cap Rate|Occupancy|WALT|Review|Major Tenants|
|Fortitude Valley|,|AECOM|,|Bechtel|,|Technology|
|520 Wickham St|QLD|Commercial|$186.0 M|Oct-11|8.25%|100.0%|6.6|Average 4.2% fixed|One, CS Energy|
|Bureau of Meteorology,|
|700 Collins Street|Melbourne, VIC|Commercial|$172.0 M|Dec-11|7.50%|100.0%|3.6|BOM 4%, MP 3.75%|Medibank Private|
|Qantas Headquarters|Mascot, NSW|Commercial|$171.5 M|Oct-11|7.25%|100.0%|21.0|CPI Min 4%|Qantas|
|Tuggeranong Office Park|Greenway, ACT|Commercial|$171.0 M|Dec-11|8.75%|100.0%|5.0|CPI Bi Annual Gov't Department of FaHCSIA|
|321 Exhibition Street|Melbourne, VIC|Commercial|$168.3 M|Nov-11|7.25%|100.0%|9.8|CPI Min 4%|Origin Energy|
|Reeds CPI Min 3. 5%,|Reed Elsevier, Leighton|
|475 Victoria Avenue|Chatswood, NSW|Commercial|$129.5 M|Dec-11|8.25%|100.0%|4.4|Leightons 3.5%|Contractors|
|Agrium Market Bi Annual,|
|380 La Trobe Street|Melbourne, VIC|Commercial|$107.0 M|Dec-11|7.75%|100.0%|2.7|Xchanging Fixed 3.5%, Agrium Asia Pacific, Xchaning|
|QER 5%, Government|
|Cromwell House|Brisbane, QLD|Commercial|$88.5 M|Dec-11|8.25%|99.2%|2.4|generally 4%|QER, Qld State Government|
|Therapeutic Goods|
|TGA Complex|Symonston, ACT|Commercial|$73.0 M|Dec-11|9.00%|100.0%|5.3|CPI Min 3%|Administration|
|Qld University of Technology|,|
|Synergy|Kelvin Grove, QLD|Commercial|$71.9 M|Oct-11|8.75%|100.0%|5.6|QUT 4%, Boral 3.5%, TL 4%|Boral, Translink|
|Top Assets|$1,338.7 M|7.99%|99.9%|7.3|
|Balance of Portfolio|$388.7 M|9.19%|96.6%|4.4|
|Total|$1,727.4 M|8.26%|99.1%|6.3|

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Cromwell Property Group – 1H12 Results

33

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Top 20 tenants

Top 20 tenants	Top 20 tenants
	T t B ildi T t Cl ifi ti % f T t l P tf li G I enan u ng enan ass ca on o o a or o o ross ncome Commonwealth of Australia Dept of FaCSIA Tuggeranong Office Park Government 11.5% Qantas Airways Limited Qantas Global Headquarters Aviation 8.4% Origin Energy Services Limited 321 Exhibition Street Energy 8.0% Bureau of Meteorology 700 Collins Street Government 4.6%
	Therapeutic Goods Administration TGA Complex Government 4.5% AECOM Australia Pty Ltd HQ North Engineering 3.8% Medibank Private Limited 700 Collins Street Government 3.7% QLD University of Technology Synergy Education 3.1% Reed Elsevier Australia PtyLtd 475 Victoria Avenue Education 2.7%
	Agrium Asia Pacific Services Ltd 380-390 La Trobe St Agriculture 2.6% Leighton Contractors Pty Ltd 475 Victoria Avenue Construction 2.4% Technology One Limited HQ North IT 2.4% Minister for Infrastructure 101 Grenfell Street Government 2.3% Workcover Corporation of South Australia Henry Waymouth Centre Government 2 3% .
	Wesfarmers Dalgety Limited Brooklyn Woolstore Agriculture 2.2% Shellbelt Pty Ltd t/as Woolworths Forsyth Distribution Centre Retailer 2.0% Commonwealth of Australia 19 National Circuit Government 1.8% QER Pty Ltd 200 Mary Street Energy 1.7% Bhl Ali P L H Nh Eii 1
	ecte ustraa ty td Q ort ngneerng 5% . Toll North Pty Ltd NQX Distribution Centre Distribution 1.5% 73.0%
Cromwell Property Group– 1H12 Results 34

Cromwell Property Group – 1H12 Results

34

Property Portfolio – Focus on Sustainability

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• Cromwell has adopted Global Reporting Initiative (GRI) G3 guideline as the framework for reporting on the Group’s environmental, economic and social performance

• Governance

• Since 2007, Cromwell has applied the National Australian Built Environment Rating System (NABERS) to measure the operational impacts of its properties on the environment. The Group is compliant with the Building Energy Efficiency Disclosure Act 2010

• Strives for industr y best p ractice Cor p orate Governance at both a cor p orate and funds mana g ement level

• Environmental Sustainability – Quiet Achievers

• Office portfolio averaged 4.2 Star NABERS energy rating[1]

• In-house facility managers continue to reduce each building’s use of resources

Portfolio NABERS Energy Rating[1 ] & NABERS Water Rating

Portfolio NABERS Energy Rating1& NABERS Water Rating
Building NABERS Energy 2011 2010 2009	NABERS Water 2011 2010 2009 3.0 4.5 4.5 45 40 45
380 Latrobe St Melbourne 4.0 4.0 4.0
700 Collins St Melbourne 35 35 35
. . .	1) . . . 3.0 3.0 4.5 4.0 4.0 4.0 3.5 3.5 3.5 3.0 3.0 2.5 4.0 4.0 4.0
100 Waymouth St Adelaide 4.5 4.5 4.5
101 Grenfell St Adelaide 4.5 4.0 4.0
43 Bridge St Hurstville3 4.5 4.5 4.5
475 Victoria Ave Chatswood 4.0 4.0 4.0
19 National Circuit Barton 4.5 4.0 4.5
243 Northbourne Ave 4.5 4.5 4.5	2) 3) 4.0 5.0 4.5 5.0 5.0 5.0 5.0 4.5 4.5 4.5 4.0 2.5 3.0 3.0
13 Keltie St Woden3 4.0 4.0 4.0
88 Musk Ave Kelvin Grove 5.0 5.0
524 Gregory Tce Bowen Hills 3.0 3.0 4.0
200 Mary St Brisbane 3.0 2.5 3.5
E HQ2 5 5 nergex .	3.5
321 Exhibition Street, Melbourne 4.0

Weighted average for office properties where NABERS certified ratings have been received. Excludes properties under tenant control. Unofficial Rating – asset is owned by Cromwell Riverpark Trust, a fund managed by Cromwell. Assets owned by Cromwell Property Fund , a fund managed by Cromwell.

Cromwell Property Group – 1H12 Results

35

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Net Property Income

Net Property Income	Net Property Income	Net Property Income	Net Property Income	Net Property Income
				1H11 ($’000) 1H12 ($’000) Variance (%)
		1H11 ($’000) 1H12 ($’000) Variance (%)
		Tuggeranong Office Park, Greenway ACT 9,464 9,552 0.9% National Circuit, Barton ACT 1,376 1,373 (0.2%) 700 Collins Street Melbourne VIC 6 056 6 791 12 1% , , , .	Industrial	Elders Woolstore, Gillman SA 639 671 4.9% Masters Distribution Centre, Hoppers Crossing VIC 1,231 1,490 21.0% NQX Distribution Centre Pinkenba QLD 843 1 163 38 0% , , .
		Grenfell Street, Adelaide SA 1,763 1,747 (0.9%) 380 LaTrobe Street, Melbourne Vic 3,703 4,096 10.6%		Brooklyn Woolstore, Brooklyn VIC 2,012 1,972 (2.0%) Industrial Total 4,725 5,296 12.1%
	Office	200 M St t B i b QLD 3 993 4 617 15 6% ary ree , r s ane , , . Synergy, Kelvin Grove QLD 2,135 3,519 64.8% Sun Microsystems Building, Lyneham ACT 1,552 1,615 4.1%	Retail	Regent Cinema Centre, Albury NSW 614 544 (11.4%) Village Cinemas, Geelong VIC 594 531 (10.6%) Retail Total 1,208 1,075 (11.0%) Total like for like 49,464 53,378 7.9%
		TGA Complex, Symonston ACT 3,805 3,833 0.7% Terrace Office Park, Bowen Hills QLD 1,020 1,319 29.3% 475 Victoria Avenue, Chatswood NSW 6,080 5,910 (2.8%)		203 Coward Street, Mascot NSW1 5,874 7,079 20.5% 321 Exhibition Street, Melbourne VIC2 (106) 5,112 100.0%
		Vodafone Call Centre, Kingston TAS 896 900 0.4% Henry Waymouth Centre, Adelaide SA 1,688 1,735 2.6% Office Total 43,531 47,007 8.0%		HQ North, Fortitude Valley, Qld3 - 406 N/A Sales, Purchases & Other Adjustments 2,754 3,634 102.7% Total net property income 57,986 69,609 20.0%
Cromwell Property Group– 1H12 Results 36 1) Property acquired bin August 2010. 2) Property refurbished during FY11. 3) Property acquired December 2011

1) Property acquired bin August 2010. 2) Property refurbished during FY11. 3) Property acquired December 2011

Cromwell Property Group – 1H12 Results

36

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Reconciliation between Operating and Statutory Earnings

Reconciliation between Operating and Statutory Earnings	Reconciliation between Operating and Statutory Earnings
	1H11 1H 11 (cents er 1H12 1H12 (cents er
	p p ($’000) security) ($’000) security) Profit from operations 32,867 3.7 36,978 3.8 Gain/(loss) on sale of investment properties 6 N/A - Gain/(loss)on sale of available-for-sale financial assets - -
	Fair value adjustments/write-downs: Investment properties (4,706) (0.5) (14,225) (1.4) Interest rate derivatives 4,911 0.6 (27,509) (2.8) Investments at fair value through profit or loss 333 N/A (170) N/A Inventor (1770) (02) 200 N/A
	y , . Loan receivable - - Non-cash property investment income: Straight-line lease income 1,841 0.2 4,200 0.4 Lease incentive and lease cost amortisation (2,766) (0.3) (4,578) (0.5)
	Oth h er non-cas expenses: Employee options expense (174) N/A (323) N/A Amortisation of finance costs (925) (0.1) (1,095) (0.1) Amortisation and depreciation (249) N/A (257) N/A Relating to equity accounted investments (177) N/A 334 N/A
	Net tax/losses incurred/(utilised) (275) N/A (336) N/A Profit / (loss) for the year 28,916 3.2 (6,781) (0.7)
Cromwell Property Group– 1H12 Results 37

Cromwell Property Group – 1H12 Results

37

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Detailed Balance Sheet

Detailed Balance Sheet	Detailed Balance Sheet
	Jun-11 Dec-11 Pro-Forma Pro-Forma
	($’000) ($’000) Adjustments Dec-11 ($’000) ASSETS Cash and cash equivalents 46,572 28,483 36,955 65,438 Investment properties 1,444,850 1,663,920 63,483 1,727,403 Investmentinassociates 5,492 5,929 5,929
	Development inventory 3,000 3,000 3,000 Loan receivable 19,800 37,086 37,086 Trade and other receivables 9,918 9,416 9,416 Other assets 9,796 10,156 (3,627) 6,529 Ttl t 1 539 428 1 757 990 96 811 1 854 801
	oa asses , , , , , , , LIABILITIES Distribution payable (16,883) (17,530) (17,530) Trade and other payables (21,432) (35,057) (35,057)
	Borrowings (783 609) (903 074) (64 758) (967 832) , , , , Interest rate derivatives (3,430) (29,654) (29,654) Other liabilities (8,914) (10,978) (10,978) Total liabilities (834,268) (996,293) (64,758) (1,061,051)
	Net assets 705,160 761,697 32,053 793,750 Securities on issue 964,737 1,113,061 52,920 1,165,981
Cromwell Property Group– 1H12 Results 38

Cromwell Property Group – 1H12 Results

38

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Glossary

Glossary	Glossary
	1H The period from 1 July to 31 December 2H The period from 1 January to 30 June ASX Australian Securities Exchange Bundall Corporate Centre The land and buildings at Corporate Court, Bundall, QLD CCL Cromwell Corporation Limited
	CFM Cromwell Funds Management Limited CMW, Cromwell or Group Cromwell Property Group consisting of CCL and DPT and their respective controlled entities DPT Cromwell Diversified Property Trust FY Financial year (1 July to 30 June) Gi ttl bi l h / ttl t l h
	earng (oa orrowngs ess cas) (oa asses ess cas) HQ North The land and building at 520 Wickham Street, Fortitude Valley, QLD ICH Ipswich City Heart Trust Ipswich City Heart Trust Cromwell Ipswich City Heart Trust ARSN 154 498 923, the retail managed investment scheme that owns the land and the building under construction at 117 Brisbane Street, Ipswich, QLD
	Interest Coverage Ratio (Operating earnings plus interest expense plus tax) / interest expense NTA Net tangible assets p.a. Per annum Qantas Global Headquarters The property at 203 Coward Street, Mascot, NSW RE Responsible entity
	Securityholder A person who owns CMW stapled securities VWAP Volume weighted average price WACR Weighted Average Capitalisation Rate WALT Weighted Average Lease Term
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well verse d well timed well considered

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