CROMWELL PROPERTY GROUP — Interim / Quarterly Report 2021

Feb 24, 2021

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Thursday 25 February 2021

ASX Market Announcements Office

Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Cromwell Property Group (ASX:CMW) HY21 Results Presentation

I attach a copy of Cromwell Property Group’s HY21 Results Presentation.

Yours faithfully

CROMWELL PROPERTY GROUP

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LUCY LAAKSO

COMPANY SECRETARY AND CORPORATE COUNSEL

Authorised for lodgement by Lucy Laakso (Company Secretary and Corporate Counsel) and Michael Wilde (Acting Chief Executive Officer).

Media Enquiries:

Honner Media Jessica Effeney +61 (0) 400 998 373 jessica@honner.com.au

ABOUT CROMWELL PROPERTY GROUP

Cromwell Property Group (ASX:CMW) is a diversified real estate investor and manager with operations on three continents and a global investor base. As at 31 December 2020, Cromwell had a market capitalisation of $2.3 billion, a direct property investment portfolio valued at $3.0 billion and total assets under management of $11.6 billion across Australia, New Zealand and Europe.

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HY21 RESULTS PRESENTATION

25 February 2021

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CROMWELL PROPERTY GROUP

Important Information & Disclaimer

This presentation including its appendices (Presentation) is dated 25 February 2021 and has been prepared by Cromwell Property Group, which comprises Cromwell Corporation Limited (ACN 001 056 980) and the Cromwell Diversified Property Trust (ARSN 102 982 598) (the responsible entity of which is Cromwell Property Securities Limited (ACN 079 147 809; AFSL 238052)). Shares in Cromwell Corporation Limited are stapled to units in the Cromwell Diversified Property Trust. The stapled securities are listed on the ASX (ASX Code: CMW).

This Presentation contains summary information about Cromwell Property Group as at 31 December 2020. 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 2020 unless otherwise stated. The information in this Presentation is subject to change without notice and does not purport to be complete or comprehensive. It should be read in conjunction with Cromwell Property Group’s other periodic and continuous disclosure announcements available at www.asx.com.au.

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, all relevant information (including the information in this Presentation) having regard to their own objectives, financial situation and 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 an investment in Cromwell Property Group nor do they guarantee the repayment of capital from any such investment or any particular tax treatment. Past performance is not a reliable indicator of future performance. Any “forward-looking” statements are based on assumptions and contingencies which are subject to change without notice and are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance.

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, employees, agents and advisors do not make any warranty, expressed 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).

To the extent that any 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.

Cromwell Funds Management Limited ACN 114 782 777 AFSL 333214 (CFM) is the responsible entity of, and the issuer of units in the Cromwell Direct Property

Fund ARSN 165 011 905 (DPF), Cromwell Ipswich City Heart Trust ARSN 154 498 923 (ICH), Cromwell Phoenix Opportunities Fund ARSN 602 776 536 (POF), Cromwell Phoenix Property Securities Fund ARSN 129 580 267 (PSF), Cromwell Property Trust 12 ARSN 166 216 995 (C12) and Cromwell Riverpark Trust ARSN 135 002 336 (CRT) (the funds). In making an investment decision in relation to one or more of the funds, it is important that you read the product disclosure statement for the fund. The PDS for each fund is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell on 1300 268 078. POF, ICH, C12 and CRT are not open for investment. Applications for units in DPF and PSF can only be made on the application form accompanying the relevant PDS.

This Presentation is for information purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any other financial products in any jurisdiction and is not a prospectus, product disclosure statement or other document under Australian law or any other law.

© 2021. Cromwell Property Group. All rights reserved

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CROMWELL PROPERTY GROUP

Agenda

Introduction and Highlights Acting CEO Michael Wilde

Financial and Capital Management Acting CFO Brett Hinton

Direct Property Portfolio Head of Property Bobby Binning

Investment Management CIO Rob Percy

Retail Funds Management Head of Retail Funds Management Hamish Wehl

Outlook Acting CEO Michael Wilde

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CROMWELL PROPERTY GROUP

Overview

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CROMWELL PROPERTY GROUP

Cromwell Property Group Overview

Overview: All group statistics as at 31 December 2020

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Broad and Deep Property PlatformPortfolio Geographic and Culturally Diverse Team
$ 11.6 billion
AUM
440 +
people
220
properties
14
countries
3.4 million
sqm 28
offices
2,850+
tenant customers
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Global Portfolio by Sector and Geography

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Assets Under Management (AUM) - by Sector
3.3%
2.8%
13.4% Office
Retail
14.3% Industrial / Logistics
Other
66.2%
Property Securities
Assets Under Management (AUM) - by Geography
7.7%
Europe
50.7% Australia
41.6%
New Zealand
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CROMWELL PROPERTY GROUP

Strategy Summary

Overview

Funds and Asset Management Direct Property Investment Europe CEREIT LDK CPRF & CULF1 Core Active Indirect Property Investment Defensive government base, long WALE, strong covenants, low capex and structured growth A/NZ CEREIT provides stable distributions, access to Asian capital Opportunities to scale-up platform via Cromwell European Logistics Fund and CEREIT Platform focused on delivering continued growth in quality and resilience of CEREIT portfolio Capital Management ‘Through the cycle’ target gearing range of 30% to 40% with liquidity to be used on a short term basis to execute the ‘Invest to Manage’ strategy Core+ Generate leasing upside and take advantage of short term market trends Drive outperformance from repositioning and asset enhancement or alternatively capital recycling Opportunity to scale-up LDK JV given strong thematic tailwinds Temporarily warehoused opportunities as part of ‘Invest to Manage’ strategy Consistent long term recurring revenue with substantial ‘weight of capital’ looking to invest 1. Cromwell Polish Retail Fund and Cromwell Italian Urban Logistics Fund

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CROMWELL PROPERTY GROUP

HY21 Summary

Overview

Earnings and Distributions Underlying operating profit1 $99.1 million Equivalent to 3.79 cps Statutory profit1 $146.8 million Equivalent to 5.59 cps Distributions 2 x 1.8750 cps Paid 20 November 2020 and 19 February 2021 respectively	Indirect Property Investment Platform Direct Property Investment $3.0 billion value 5.5% WACR and 6.3 year WALE $1.0 billion development pipeline CEREIT 30.7%, CPRF2 & CULF Book value €606.7 million Funds and asset management $8.3 billion total FUM $5.9 billion FUM in Europe $2.4 billion FUM in A/NZ LDK 50% interest $17.7 million	NTA per unit $1.00 (FY20 $0.99) Financial Position Weighted Average Debt Maturity 2.9 years Gearing 42.5% Liquidity3 $610million Next debt maturity March 2022 Interest rate hedging 87% / 2.8 years

1. See Appendix for further details of segment results, operating profit and reconciliation to statutory profit

2. Excludes equity accounted interest in Ursynow

3. Cash and cash equivalents plus undrawn commitments

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CROMWELL PROPERTY GROUP

COVID-19 HY21 Tenant-Customer Negotiations

Overview

Direct Property Investment Portfolio

• National Code of Conduct required landlords to provide rent relief to SMEs impacted by COVID-19

• SMEs represent 8.7% of total gross passing income in the Australian property portfolio. Not all were impacted by COVID-19

• Cromwell’s in-house model means we benefitted from strong pre-existing relationships with, and knowledge of, tenantcustomers before COVID-19

• All tenant-customers were directly engaged with by Cromwell employees, agreements were bespoke and agreed on a case-by-case basis

• All negotiations have been concluded and finalised

• A six month deferral was agreed with Qantas for their April to September 2020 rental. Qantas have since commenced paying rent and have a lease expiry of December 2032

• By gross passing income

• Includes Government owned and funded entities

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HY21 COVID-19 position – Australian portfolio
$160.0
$133.4
$140.0 $124.4
$120.0
$100.0
$80.0
$60.0
$40.0
$20.0 $8.1
$0.9
$-
Total HY21 Rent Unimpacted Waived Deferred
(100%) (93.25%) (0.68%) (6.07%)
Million
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Tenant classification[1]

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8.7%
13.3% Government Authority2
45.4% Listed Company/Subsidiary
Private Company
SMEs
32.6%
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CROMWELL PROPERTY GROUP

COVID-19 HY21 Tenant-Customer Negotiations

Overview

Cromwell Polish Retail Fund (CPRF)

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Monthly Portfolio Footfall over Pandemic [1]
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• Footfall bounced back quickly to 80%+ after each lockdown with overall footfall at 79% of 2019. Anecdotal evidence that average spend per visit increased on 2019

• In Poland there was no right to a rental waiver. The uncollected or deferred rent must be paid usually via a lease extension

• 311 variation requests in total (excl. Ursynow) with 271 agreed and 40 being negotiated. Deals extended portfolio WALE by 0.4 years with an average increase of 0.7 years for the tenantcustomers where agreements have been met

• Despite challenging circumstances of 35 lease expiries in 2020 (excl. Ursynow), only 2 tenant-customers voluntarily vacated at lease expiry illustrating the desirability of the assets

• Total collections remained strong throughout at 95% for period from 1 March to end December (note there is usually a lag on collections so December number will increase over time)

• However a conservative credit loss provision of €1.4 million has been made in relation to tenant-customer receivables

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3.5
2019 2020
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Pre-Pandemic Lockdown 1 Easing Lockdown 2 Easing
(Jan & Feb) (Mar – May) (Jun – Sep) (Oct & Nov) (to Dec 27)
Monthly Footfall 2020 vs. 2019
Footfall Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2020 v
2019 99% 109% 62% 38% 73% 81% 84% 83% 86% 81% 67% 86% 79%
Monthly Gross Invoice Collection After Adjusting for COVID-19 Lease Variations
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Gross
Collected 123% 117% 99% 99% 99% 96% 95% 92% 81% 67% 95%
Millions
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1. Statistics include Ursynow

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CROMWELL PROPERTY GROUP

COVID-19 HY21 Valuations Resilient

Direct Property Investment Segment

Valuation impacts – Australia

• 99% of Australian balance sheet assets were externally, independently revalued as at 31 December 2020

• Fair value increase in investment property of $37.6 million (HY20 $110.1 million) net of property improvements, lease costs and incentives

• WACR tightened slightly to 5.51%, driven by continued improvement in performance of core portfolio

Valuation Impacts – Italy

• All Italian assets being warehoused on balance sheet were externally, independently revalued as at 31 December 2020

• Italian assets have benefitted from increased business volumes seen throughout the logistics sector during COVID-19

• The portfolio showed a net fair value increase of €1.7 million equivalent to 3.0%

Valuation Impacts – Poland

• All Polish assets being warehoused on balance sheet were externally, independently revalued as at 31 December 2020

• Polish shopping centre assets have continued to show their resilience reflecting the role they play in the Polish market and their strong focus on grocery essentials

• The portfolio showed a marginal decrease in value of €1.1 million equivalent to 0.2%

HY21 FY20 HY21 FY20 HY21 FY20 WACR WACR WACR WACR WACR WACR 5.5% 5.6% 5.1% N/A (Assets were 6.5% 6.4% acquired during half)

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CROMWELL PROPERTY GROUP

Sustainability Supports Operational Resilience

Overview

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Cromwell’s sustainability framework is comprised of five inter-connected pillars through which it addresses the material environment, social and governance risks and opportunities identified in the business

Cromwell’s aim is to continually improve operational resilience and ensure the business can meet any challenge, like COVID-19, as they may arise

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1. Notice: The information provided is for informational, non-commercial purposes only, does not constitute investment advice and is subject to conditions available in our Legal Disclaimer. Usage as a credit rating or as a benchmark is not permitted. Unless otherwise explicitly agreed in writing, usage for products and services, index creation, derivative work, portfolio or fund management, or any other usage are not permitted. By way of exception, usage is permitted only to the rated company, limited to a single reference of its own information in annual reporting and sustainability website, mentioning Sustainalytics as a source.

2. Notice: The use by Cromwell Property Group of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of Cromwell Property Group by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided ‘as-is’ and without warranty. MSCI names and logos are trademarks or service marks of MSCI.)

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CROMWELL PROPERTY GROUP

Strategic Priorities for 2021

Overview

“The management team is focused on executing our 2021 priorities, maintaining operational resilience and ensuring the business is in a strong position when a new permanent CEO is appointed,” Acting Cromwell CEO Michael Wilde

Direct Property	1.Optimise performance of Core property portfolio
Investment	2.Progress $1.0 billion development pipeline
Indirect	3.Ensure warehoused funds (CPRF and CULF) can
Property	be offered to capital partners when conditions
Investment	allow
Funds and	4.Grow Australian Retail Funds Under Management
Asset Management	5.Increase investment management capabilities and scale of European platform

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CROMWELL PROPERTY GROUP

Financial and Capital Management Update

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CROMWELL PROPERTY GROUP

HY21 Headline Results

Financial and Capital Management Update

Commentary

• Statutory profit of $146.8 million, equivalent to 5.59 cps, a 35.4% reduction due to a lower fair value gain on investment properties versus the prior comparable period

• Operating profit of 3.79 cps, a reduction of 26.8% on the prior six month period which benefitted from the sale of Northpoint Tower

• Rent collection during COVID-19 has remained strong given the skew towards high quality government, ASX-listed and other larger tenant-customer entities

• Distributions of 3.75 cps maintained unchanged on prior comparable period

• See Appendix for further details of segment results, operating profit and reconciliation to statutory profit

	HY21 Performance Versus PCP HY21 HY20 Change Statutory profit ($m)1 146.8 227.3 (35.4%) Statutory profit (cps) 5.59 8.78 (36.3%) Operating profit ($m)1 99.1 134.1 (26.1%) Operating profit (cps) 3.79 5.18 (26.8%) Distributions ($m) 98.1 97.5 0.6% Distributions (cps) 3.75 3.75 - Payout ratio 99.0% 72.7% 26.3%

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CROMWELL PROPERTY GROUP

HY21 Segment Results

Financial and Capital Management Update

Commentary

Direct Property Investment

Segment profit of $77.1 million, a reduction on the prior comparable period which benefitted from the sale of Northpoint Tower but supported by strong like-for-like NOI growth of 3.6%

Indirect Property Investment

Segment profit of $22.6 million due to warehousing of CPRF, stable earnings from CEREIT and share of income from LDK

Funds and asset management

Segment profit of $22.3 million lower due to COVID-19 driven reduction in transactional activity in Europe

Other

Corporate costs have reduced as has income tax expense due to the development fee earned in respect of Northpoint Tower

1. See Appendix for further details of segment results, operating profit and reconciliation to statutory profit 2. Includes non-segment specific corporate costs pertaining to Group level functions such as finance and tax, legal, risk and compliance, corporate secretarial and marketing and other corporate services

HY21 Segment Profit1 Versus Prior Comparable Period HY21 ($m) HY20 ($m) Change Direct property investment 77.1 105.7 (27.1%) Indirect property investment 22.6 25.8 (12.4%) Funds and asset management 22.3 31.1 (28.3%) Total segment results 122.0 162.6 (25.0%) Finance income 2.0 2.9 (31.0%) Corporate costs2 (19.5) (21.1) (7.6%) Income tax expense (5.4) (10.3) (47.6%) Operating profit 99.1 134.1 (26.1%) Operating profit (cps) 3.79 5.18 (26.8%)

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CROMWELL PROPERTY GROUP

Strong Capital Position

Financial and Capital Management Update

Debt Profile and Balance Sheet

• Target ‘through the cycle’ gearing of 30% – 40% with liquidity to be used on a short term basis to execute the ‘Invest to Manage’ strategy

• Gearing is currently 42.5% as the business warehouses CPRF and CULF opportunities

• Average cost of debt has continued to reduce, down by 18 basis points from 2.84% (FY20) to 2.66%

• Substantial liquidity of $610 million consisting of cash and cash equivalents of $150 million with the balance being undrawn facilities held primarily with Australian banks

• Debt remains well diversified across two dozen domestic and international lenders with no expiries until March 2022

• Weighted Average Debt Maturity is 2.9 years, with a focus on ensuring it remains greater than two years

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

Group Gearing[1]

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60.00
55.00
50.00
45.00
40.00
35.00
30.00
25.00
Target Gearing Range CMW Gearing
20.00
Debt Expiry Profile
$ 1,200 M
$ 1,000 M
$ 800 M
$ 600 M
$ 400 M
$ 200 M
$ 0 M
FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Australian Major Banks $ 0.0 M $ 0.0 M $ 179.0 M $ 0.0 M $ 0.0 M $ 0.0 M $ 0.0 M
International Banks $ 0.0 M $ 171.6 M $ 993.2 M $ 200.0 M $ 223.9 M $ 107.6 M $ 0.0 M
Convertible Bond $ 0.0 M $ 0.0 M $ 0.0 M $ 0.0 M $ 352.8 M $ 0.0 M $ 0.0 M
Debt Balance ($M)
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CROMWELL PROPERTY GROUP

Strong Capital Position

Financial and Capital Management Update

Substantial Headroom to Covenants	Substantial Headroom to Covenants	Substantial Headroom to Covenants	Substantial Headroom to Covenants
Facility	Covenant Actual Limit	Headroom (value)
Senior Secured Facility	LVR 36.20% 60.00%	$1.14 billion on Aggregate Value
	WALE 6.3 years 3.0 years	3.3 years
	ICR 6.4 x 2.0 x	$60.4 million on Net Operating Income
€255 million Unsecured Facility	Gearing Ratio 49.21% 65.00%	$1.36 billion on Tangible Assets
	ICR 3.8 x 2.5 x	$76.6 million on EBITDA

• Extensive, and regular modelling of various different scenarios regularly conducted

• Worst of COVID-19 arguably over with relatively minimal impact on portfolio and cashflows

• Cromwell has adequate liquidity and substantial headroom to covenants to allow it time to consider various capital reallocation strategies that will restore gearing to the target range

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CROMWELL PROPERTY GROUP

Direct Property Investment Segment

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CROMWELL PROPERTY GROUP

(Australian properties only) Property Portfolio Snapshot Direct Property Investment Segment

Key Core/Core+ Portfolio Metrics1 Total value $3.0 billion WACR 5.51% WALE 6.3 years Occupancy 95.6% NOI growth 5.6% Book value $2.4 billion WACR 5.26% WALE 7.4 years Occupancy 98.5% NOI growth 4.6% Book value $0.6 billion WACR 6.53% WALE 2.8 years Occupancy 87.7% NOI growth 8.5% Book value $18 million WACR 7.25% WALE N/A Occupancy Vacant NOI growth N/A Core Core+ Active Properties 16 Properties 10 Properties 6 Properties 2 Total 1. NOI growth calculated on a like-for-like basis. All other metrics as at 31 December 2020

2 5 8 3 18 $3.0bn Total Australian properties on balance sheet 5.51% WACR Book value

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CROMWELL PROPERTY GROUP

Back-to-the-office

Direct Property Investment Segment

Tenant-Customer Focus

• Cromwell has been focused on providing safe workplaces for all tenant-customers in accordance with relevant guidelines

• Occupancy rates have been driven by government and individual company policies and recent lockdowns

• Cromwell’s occupancy rates per state are similar to those surveyed by the Property Council of Australia albeit occupancy in its Canberra assets are closer to pre-COVID levels

• Occupancy is not expected to return to ‘normal’ levels until vaccination programmes have substantially completed

Creating COVID safe workplaces

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Property Council CBD Back-to-the-office statistics

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100% 96%
94% 94%
90%
90% 87% 86% 85%
82%
80% 80%
80%
68% 69%
70% 66%
63%
60%
50% 45%
40%
31%
30%
20%
10%
0%
Melbourne Sydney Brisbane Canberra Adelaide Hobart Perth Darwin
CBD
Pre-COVID Jan-21
Source: Property Council of Australia
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CROMWELL PROPERTY GROUP

Portfolio Demonstrates Resiliency

Direct Property Investment Segment

Occupancy and Leasing Status

• Weighted Average Lease Expiry of 6.3 years (FY20 6.2 years)

• Vacancy by gross passing income of 4.2%

• Favourable future expiry profile with an average of roughly 7% expiring each year from 2021 to 2025 (5 years)

• Upcoming expiries greater than 1.0% of gross passing income are Therapeutic Goods Administration for 4.1% of gross passing income and NortonLifelock Australia Pty Ltd for 2.1% of gross passing income in July 2022 and July 2021 respectively

Major Tenant-customers

Top Tenants1	% of Gross Income	Cumulative %	Credit Rating2
Federal Government	22.8%	22.8%	AAA
Qantas NSW State Government	16.0% 13.2%	38.8% 52.0%	Baa2 AAA
QLD State Government	8.4%	60.4%	AA+
TOTAL	60.4%

1. Calculated on current gross passing income , subject to review and rounding

2. S&P/Moodys Ratings as at 24 February 2021

3. Includes vacancy, holdover, casual

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Cromwell Lease Expiry Profile [1]
70.00% 63.8%
60.00%
50.00%
40.00%
30.00%
20.00%
9.1% 7.4% 8.5%
10.00% 4.2% 2.9% 4.1%
0.00%
3
VACANT 2021 2022 2023 2024 2025 Thereafter
Geographic diversification Sector diversification
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2.6%
10.5% 14.6% 5.0% Government Authority4
ACT 9.1%
Transport
NSW
18.8% 45.4% Professional Services
30.9%
QLD Technology
44.0% VIC Other
19.1% Retail
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1. Includes Government owned and funded entities

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CROMWELL PROPERTY GROUP

Development Pipeline To Improve Portfolio Quality Direct Property Investment Segment

	19 National Circuit, Barton, ACT 700 Collins Street, Melbourne VIC Victoria Avenue, Chatswood NSW Confidential Projects Description This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units Amended DA agreed with JV partner and submitted to Council Negotiations on redevelopment of existing assets with new and existing tenants Status DA Approved DA Approved Awaiting DA Approval Pipeline Estimated development cost $85 million c.$350m c.$120m >$450m Proposed timing FY21+ FY22-24 FY22-23 FY21+ Line-of-sight to c.$1.0 billion pipelineof new value add development opportunities	19 National Circuit, Barton, ACT 700 Collins Street, Melbourne VIC Victoria Avenue, Chatswood NSW Confidential Projects Description This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units Amended DA agreed with JV partner and submitted to Council Negotiations on redevelopment of existing assets with new and existing tenants Status DA Approved DA Approved Awaiting DA Approval Pipeline Estimated development cost $85 million c.$350m c.$120m >$450m Proposed timing FY21+ FY22-24 FY22-23 FY21+ Line-of-sight to c.$1.0 billion pipelineof new value add development opportunities	19 National Circuit, Barton, ACT 700 Collins Street, Melbourne VIC Victoria Avenue, Chatswood NSW Confidential Projects Description This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units Amended DA agreed with JV partner and submitted to Council Negotiations on redevelopment of existing assets with new and existing tenants Status DA Approved DA Approved Awaiting DA Approval Pipeline Estimated development cost $85 million c.$350m c.$120m >$450m Proposed timing FY21+ FY22-24 FY22-23 FY21+ Line-of-sight to c.$1.0 billion pipelineof new value add development opportunities	19 National Circuit, Barton, ACT 700 Collins Street, Melbourne VIC Victoria Avenue, Chatswood NSW Confidential Projects Description This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units Amended DA agreed with JV partner and submitted to Council Negotiations on redevelopment of existing assets with new and existing tenants Status DA Approved DA Approved Awaiting DA Approval Pipeline Estimated development cost $85 million c.$350m c.$120m >$450m Proposed timing FY21+ FY22-24 FY22-23 FY21+ Line-of-sight to c.$1.0 billion pipelineof new value add development opportunities	19 National Circuit, Barton, ACT 700 Collins Street, Melbourne VIC Victoria Avenue, Chatswood NSW Confidential Projects Description This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units Amended DA agreed with JV partner and submitted to Council Negotiations on redevelopment of existing assets with new and existing tenants Status DA Approved DA Approved Awaiting DA Approval Pipeline Estimated development cost $85 million c.$350m c.$120m >$450m Proposed timing FY21+ FY22-24 FY22-23 FY21+ Line-of-sight to c.$1.0 billion pipelineof new value add development opportunities
		19 National Circuit, Barton, ACT	700 Collins Street, Melbourne VIC	Victoria Avenue, Chatswood NSW	Confidential Projects
	Description	This property is earmarked to be demolished and a new c. 18,000 sqm building is to be constructed	DA for an additional 13,000 sqm of office, 182 room hotel and c. 280 residential accommodation units	Amended DA agreed with JV partner and submitted to Council	Negotiations on redevelopment of existing assets with new and existing tenants
	Status	DA Approved	DA Approved	Awaiting DA Approval	Pipeline
	Estimated development cost	$85 million	c.$350m	c.$120m	>$450m
	Proposed timing	FY21+	FY22-24	FY22-23	FY21+

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CROMWELL PROPERTY GROUP

Indirect Property Investment Segment

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CROMWELL PROPERTY GROUP

Segment Operating profit of $22.6 million

Indirect Property Investment Segment

		Key Metrics			Commentary
					Increase quality / resiliency of
CEREIT	Book value €399 million	AUM €2.2 billion	WALE 4.6 years	Properties 96	portfolio, with 75%+ in Western Europe and 75%+ in office and light
					industrial / logistics
	Equity		Seniors	Seniors	Focus on construction of Blocks D &
LDK	accounted Value1	JV interest 50%	Living Apartments	Living Villages	E at Greenway Views and two NEW greenfield opportunities in due
	$17.7 million		430	2	diligence
CPRF2	Valuation €455 million	WALE 4.9 years	WACR 6.5%	Assets 6	Temporarily warehoused on balance sheet
CULF	Valuation €54.5 million	WALE 10.2 years	WACR 5.1%	Assets 7	Temporarily warehoused on balance sheet

1. 50% interest

2. Excludes equity accounted interest in Ursynow

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CROMWELL PROPERTY GROUP

CEREIT – Outstanding COVID-19 Performance Indirect Property Investment Segment

Resilience and diversification

• No blanket provisions for “rent relief” or across-the-board rent waivers; less than €40,000 in rent abatements and fortnightly top 25 tenant-customer per country call programme

• 2.1% positive rent reversion across all sectors with close to 100% cash collection rate for 2020

• 95.1% occupancy up from 93.2% in previous year

• Recorded an uplift in valuations with the portfolio now valued at €2.2 billion[1] (€2.1 billion FY20)

• Cromwell’s 30.7% equity accounted share of CEREIT’s profit for the year was $22.2 million (HY20: $22.8 million)

• As at 31 December 2020 the stake is valued at over €399 million ($637 million)

• €113.2 million acquisition of 11 assets in the Czech Republic and Slovakia expected end first quarter of 2021 will increase portfolio weighting of light industrial / logistics towards 40%

• Exploring opportunities in the post-Brexit UK

• Valuation is based on independent valuations conducted by CBRE and Savills as at 31 Dec 2020 for 95 properties in the portfolio, the new acquisition in Italy completed on 23 Dec 2020 is carried at its purchase price

• Others include three government-let campuses, one leisure / retail property and one hotel in Italy

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Key statistics Sector diversification
Book value (30.7%)
€399 million 6%
Light Industrial /
34%
Logistics
AUM
Office
€2.2 billion [1]
2
60% Others
WALE
4.9 years
Geographic diversification
Occupancy
95.1% The Netherlands
5% [4%]
9% 29% Italy
Properties France
96 11%
Poland
Germany
Tenants 19% 23%
Finland
800
Denmark
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CROMWELL PROPERTY GROUP

LDK – Additional Greenfield Sites Identified

Indirect Property Investment Segment

Seniors Living opportunity

• 50% ownership interest in LDK Healthcare (LDK) which has two operational villages (The Landings and Greenway Views)

• The Landings, a 220 home Seniors Living village on the Upper North Shore, Sydney, was acquired for $60 million in 2019 and adaptive reuse of Greenway Views in Canberra continues

• Ongoing discussions continue with interested capital partners to scale-up and establish a sizeable business over the medium term

• Two additional greenfield sites are currently in due diligence

• No reported COVID-19 cases in either village

LDK Greenway Views – Adaptive Reuse Update

• Adaptive re-use of Tuggeranong Office Park to a planned >300 apartment, Seniors Living village continues

• First three blocks (Stage 1) of 210 apartments have been completed and second two blocks (Stage 2) are now underway with completion due in February 2022

• 128 of the 210 completed Stage 1 apartments have been sold (83 settled)

• Stage 2 will provide an additional 117 apartments. Pre-sales are strong with 42 sales achieved so far

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The Landings, North Turramurra

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Greenway Views, ACT

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CROMWELL PROPERTY GROUP

CPRF – Opportunity for Capital Partners

Indirect Property Investment Segment

Commentary

• The portfolio contains six catchment dominating shopping or convenience centres, plus a significant interest in a seventh (Ursynow)

• All centres are anchored by significant hypermarket/grocery which continued to trade strongly throughout lockdowns, underpinned by French grocery giant Auchan providing 30% of gross rent

• Confidential discussions with a range of possible outcomes ongoing on Ursynow. Update to be provided once they conclude

• The portfolio will be offered to capital partners as soon as conditions allow

• Cromwell is looking to retain a stake of up to 20%

Key Statistics[1] Valuation Details Valuation Portfolio €451.1 million Janki, Warszawa Korona, Wrocław Ster, Szczecin WALE Rondo, Bydgoszcz 4.9 years Tulipan Łódź Kometa, Toruń Total Assets 6 Ursynow, Warsaw Total WACR 6.5% Occupancy 94.8%

	Portfolio	Value (€m) Dec 20	Value (€m) June 20	WALE (years)	Occupancy (%)
	Janki, Warszawa	226.6	227.6	5.3	91.7%
	Korona, Wrocław	85.3	84.9	5.0	98.8%
	Ster, Szczecin	56.2	56.2	3.2	88.1%
	Rondo, Bydgoszcz	54.4	54.9	4.2	97.3%
	Tulipan Łódź	15.5	15.6	5.6	100.0%
	Kometa, Toruń	13.1	13.2	6.2	100.0%
	Total	451.1	452.1	4.9	94.8%
	Ursynow, Warsaw	106.5	106.8	4.2	93.3%
	Total	557.6	558.9

1. Statistics exclude equity accounted investment in Ursynow

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CROMWELL PROPERTY GROUP

CULF – Opportunity for Capital Partners Indirect Property Investment Segment

Commentary

• During the half-year Cromwell, in partnership with Korean real estate investment manager, IGIS Asset Management, settled on seven logistics assets in Northern Italy for €51 million ($83.3 million)

• The assets in the portfolio were independently valued as at 31 December 2020 and showed a 3.0% overall increase in value

• The portfolio is currently fully let to, and occupied by, DHL and remained open and operational through various Italian government restrictions

• The portfolio is intended to form the seed portfolio of the Cromwell European Logistics Fund, to be launched shortly

• Cromwell is looking to retain a 20% stake

Key statistics

Key statistics	Key statistics	Key statistics	Key statistics
WALE 10.2 years Valuation €54.5 million Occupancy 100% WACR 5.1% Assets 7
Valuation Details
Portfolio	Value (€m) Dec 20	WALE (years)	Occupancy (%)
Carugate	23.4	11.0	100.0%
Campegine	9.9	12.0	100.0%
Torri di Quartesolo	5.5	9.0	100.0%
Verona	5.4	9.0	100.0%
Bologna Interporto	5.1	9.0	100.0%
Campogalliano	3.0	9.0	100.0%
San Mauro Torinese	2.2	6.0	100.0%
	54.5	10.2

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CROMWELL PROPERTY GROUP

Funds and Asset Management Segment

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CROMWELL PROPERTY GROUP

Segment Profit of $22.3 million

Funds and Asset Management Segment

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Key Metrics Commentary
Significant opportunity
FUM HY21 profit to scale post-COVID-19,
79% of platform
$6.1 billion $7.9 million underpinned by longer
term recurring capital
Long term recurring
FUM HY21 profit revenue, high margins
and focus on quality
$2.1 billion $14.4 million retail investment
products
FUM up slightly (FY20
FUM HY21 profit $8.2 billion) but profit
hit by reduction in
$8.3 billion $22.3 million transaction and
performance fees
Wholesale
Retail
Total
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Cromwell Funds Under Management

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CROMWELL PROPERTY GROUP

Europe – Executing through COVID-19

Funds and Asset Management Segment

European Funds Management Update

• €3.7 billion FUM with 78% underpinned by longer dated capital (FY20 €3.5 billion)

• Transactional activity essentially stopped for six months when COVID-19 hit, but has slowly returned albeit at different rates in different countries

• Pertti Vanhanen appointed as new Managing Director, Europe. Previously at Aberdeen Asset Management, he commenced in January 2021

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European FUM by Region (€ billion)
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Italy
€ 0.4
€ 0.7
UK
€ 0.2
Benelux
€ 0.2
€3.7billion Nordics
€ 1.0 CEE
€ 0.9
Germany
€ 0.3
France
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• Medium term target of €8 billion FUM (75% recurring) remains

Change in European FUM

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€3,684
€3.54
Opening FY21 Sales Acquisitions Revaluations Closing balance
(31 Dec 2020)
Million
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Evolution of European FUM

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€ 8.0
€ 8.0
€ 7.0
75%
€ 6.0
€ 5.0
€ 4.0 € 3.4 € 3.9 € 3.8 € 3.5 € 3.7
78%
€ 3.0 78%
€ 2.0 49%
36%
€ 1.0
€ - 0%
Jun-17 Jun-18 Jun-19 Jun-20 Dec-20 Medium
term target
European FUM ($B) % recurring FUM
Billion
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CROMWELL PROPERTY GROUP

31

Europe – Executing through COVID-19

Funds and Asset Management Segment

29 Jul 2020	Announced acquisition of seven logistics assets in Italy for €51 million, with IGIS Asset Management
13 Aug 2020	Entered into partnership with Goldman Sachs to develop a sustainable 24,078 sqm office building in Amsterdam ‘The Joan’
1 Oct 2020	CEREIT acquired 30,557 sqm freehold Sangerhausen logistics asset in Germany
7 Oct 2020	Sold 16,000 sqm urban distribution park in France to Valor Real Estate Partners
8 Oct 2020	Acquired 1,500 sqm core office building in Paris CBD, on behalf of new capital partner
23 Oct 2020	CEREIT secured three lease deals totalling 25,000 sqm in Denmark, France and Poland
23 Dec 2020	Off-market acquisition of an intermodal logistics park in Italy totalling 156,000 sqm
18 Jan 2021	Pertti Vanhanen joined as Managing Director, Europe
26 Jan 2021	Completed sale of final asset within the Cromwell Netherlands Diversified Partnership (CNDP). CNDP has deployed >€350 million of capital since 2014
27 Jan 2021	Cromwell to develop a 7,100 sqm new office building at Kildean Business Park, Scotland which has been pre-let to M&G Plc on a 20-year sole occupancy lease

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7 rue de la Baume, Paris, France

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Centro Logistico Orlando Marconi, Italy

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Kildean Business Park, Scotland

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CROMWELL PROPERTY GROUP

Australia – Continued Investor Demand for Income

Funds and Asset Management Segment

• Retail Funds Management segment profit was $14.4 million and AUM was $2.1 billion, slightly lower ($2.2 billion FY20) due to the sale of the Rand Distribution Centre

Cromwell Property Trust 12

• The Rand Distribution Centre in Direk, South Australia sold for $63 million, a $10 million premium to book value. Unitholders received the proceeds via a special distribution

• Unitholders voted to renew the trust term for a further five years until 31 October 2025

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Rand Distribution Centre, Direk, SA

• Performance fee paid of $9.695 million

Cromwell Phoenix Property Securities Fund

• Retains highly recommended rating from two major independent research houses

• Any rotation away from growth to value will assist investment manager “Phoenix” who is a deep value manager

Cromwell Phoenix Opportunities Fund

• Delivered net performance to investors of 35.3% (including franking credits) for the six months to 31 December 2020

• Performance fee paid of $2.2 million

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19 George Street, Dandenong, VIC

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CROMWELL PROPERTY GROUP

Australia – Continued Investor Demand for Income Funds and Asset Management Segment

Cromwell Direct Property Fund (DPF)

• Withdrawal event associated with the end of DPF’s initial seven-year term closed on 31 July 2020. Investors representing 90.1% of issued capital elected to continue with their investment in DPF

• Gross assets remain in excess of $408 million following the withdrawal event. Performance since inception (August 2013) is 9.2% annualised (31 December 2020)

• Fund has a distribution yield of 5.8%, paid monthly, based on a unit price of $1.24 as at 31 December 2020

• Fund was added to major administration platforms throughout November 2020 facilitating deeper access to retail capital and further diversifying the register

• Fund’s gearing (total debt / total assets) at a low 20.5% providing the opportunity to acquire new assets

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163-175 O’Riordan Street, Mascot, NSW

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11 Farrer Place, Queanbeyan, NSW

Bunnings, Munno Para West, SA

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CROMWELL PROPERTY GROUP

New Zealand - Oyster Industrial Limited to Reopen Funds and Asset Management Segment

• Total AUM at Oyster Group in New Zealand (50% interest) was essentially unchanged at NZ$1.9 billion (FY20 NZ$2.0 billion)

Key recent activity

• Oyster Industrial Limited has contracted to purchase three additional industrial properties and re-opened in December 2020 for a second equity raise

• Oyster has also exchanged contracts on the acquisition of the Albany Lifestyle Centre for NZ$87.5 million. Settlement of the property is expected to occur on 30 April 2021

• The property is located within the heart of Auckland’s North Shore suburb of Albany and is anchored by a 13,707 sqm Mitre 10 Mega store

• The acquisition will be the seed asset for a new unlisted large format retail fund with a particular focus on supermarkets, DIY/hardware and essential service stores

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Albany Lifestyle Centre

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Oyster Industrial Limited Asset

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35

CROMWELL PROPERTY GROUP

Outlook

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CROMWELL PROPERTY GROUP

Global Economic Growth Hit by COVID-19 Outlook

Global Economic Growth

• Major economies are expected to show strong positive economic growth for 2021 after COVID-19 driven contractions in the previous year

• Australia had two quarters of negative growth for the first time in 30 years before rebounding strongly in the last quarter despite the lockdown in Melbourne

• Unemployment has dropped faster than expected to 6.4% and the economy is expected to grow 3.0% in 2021 although further lockdowns may impact the timing of this

• Global growth is also forecast to bounce back strongly to 5.6% led by the world’s two largest economies, China at 8.9% and the United States at 5.9%

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2021 (Select) Forecast GDP Growth Rates
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Source: Oxford Economics
%
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Australian Quarterly GDP Growth Rate
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• Eurozone GDP forecast to grow by 4.1% with most countries expected to grow faster than Australia’s forecast 3.0%

• €1.1 trillion European Commission recovery plan will improve the region’s medium-term growth outlook and should help offset the differences in domestic fiscal responses

Source: Oxford Economics

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Source: Trading Economics.com, Australian Bureau of statistics
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CROMWELL PROPERTY GROUP

Australian Real Estate Snapshot

Outlook

Australian CBD Office Markets

• Australian CBDs impacted by COVID-19 with occupancy rates still substantially below pre-COVID-19 norms

• Sydney CBD (8.6%) and Melbourne CBD (8.2%) office markets have both seen rises in vacancy from c.3% before COVID-19

• All other CBD markets have vacancy rates above 10%

• 400,000+ sqm of new stock to be added to Australian CBDs in 2021 with a further 700,000 sqm projected in 2022/23+

• 40% of the overall total is forecast to be added to the Melbourne CBD

• Long leased offices, where supported by government leases continue to be in demand. Industrial / logistics sector is also expected to stay popular while the retail sector remains out of favour

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Total Australian CBD Office Vacancy (%)
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----- Start of picture text -----

25.0%
20.0%
20.0%
16.0%
15.0% 13.6%
11.1%
10.1%
10.0% 8.6% 8.2%
5.0%
0.0%
Sydney Melbourne Canberra Brisbane Perth CBD Adelaide Australian
CBD CBD CBD CBD CBD Office
Source: PCA
Future Supply of CBD Markets
500,000
2021 2022 2023+
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Melbourne Sydney CBD Brisbane CBD Canberra Adelaide CBD Perth CBD
CBD
Source: PCA
SQM
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CROMWELL PROPERTY GROUP

European Real Estate Snapshot

Outlook

European Commercial Real Estate Markets

• €76.2 billion was invested in the fourth quarter of 2020, 55% above the previous quarter and on par with the first quarter of 2020 bringing the total 2020 volume to €255 billion – only 3% behind the 10 year annual average

• Office sector accounted for 36% of total investment volume, similar to previous quarters with a clear focus on quality assets in well-connected locations

• The share of industrial transactions continued to grow, reaching 18% at the end of 2020, equating to €14.0 billion

• Retail accounted for 14% in the final quarter of 2020 or €10.9 billion as investors continue to rebalance their portfolios and focus on strategic assets and locations

• Structural shifts, accelerated by the COVID-19 crisis will see more capital directed towards sectors that offer defensive, long-term characteristics

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Investment Volumes by Sector
400
350
300
250
200
150
100
50
0
Office Industrial Retail
Hotel Apartment Other
10 yr annual average
Source: Real Capital Analytics – data as at 27 January 2021
€ billion
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39

CROMWELL PROPERTY GROUP

Outlook

Outlook

FY21 Guidance

• The roll out of vaccination programmes provides confidence that COVID-19 impacts will gradually become more manageable over time

• However the economic and social impacts of the pandemic will continue to cause uncertainty and dislocation for the rest of 2021 and are likely to impact market activity and the timing of related transactional and performance fees

• Cromwell therefore provides updated FY21 distribution guidance of 7.00 cps, 0.50 cps below previous guidance

• Guidance is subject to changes in economic conditions, the continuing impact of COVID-19 on markets and the effectiveness of vaccination programmes and responses by various governments

• HY21 distributions of 3.75 cps have been paid, meaning distributions of 3.25 cps are now forecast to be paid for the remainder of FY21

• Based on FY21 guidance of 7.00 cps and a closing security price of $0.82 as at 24 February 2021 this represents a forecast distribution yield of 8.54%

Investor Services Brisbane Office Sydney Office London Office 1300 276 693 Level 19, Level 14 7 Seymour Street invest@cromwell.com.au 200 Mary Street 167 Macquarie Street London, W1H 7JW www.cromwell.com.au Brisbane QLD 4000 Sydney NSW 2000 UK

For further information please contact:

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Michael Wilde Acting CEO Michael.wilde@cromwell.com.au Phone: +61 7 3225 7777

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Brett Hinton Acting CFO Brett.hinton@cromwell.com.au Phone: +61 7 3225 7777

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Ross McGlade Head of Investor Relations Ross.mcglade@cromwell.com.au Phone: +61 2 8278 3613

Auckland Office Singapore Office Oyster Property Group 50 Collyer Quay Level 2, 14 Normanby Road, #07-02 OUE Bayfront Singapore Auckland, New Zealand 049321

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40

CROMWELL PROPERTY GROUP

Appendices

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CROMWELL PROPERTY GROUP

Appendices Contents

43	HY21 Operating and Statutory Profit Reconciliation
44	Segment Result - Operating Earnings Detail
45	Balance Sheet
46	Property Portfolio - Top 10 Assets
47	Property Portfolio - Top 10 Leases
48-49	Property Portfolio - Net Property Income
50	Property Portfolio - Movement in Book Value
51	Property Portfolio - Debt Platform Facility Details

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42

CROMWELL PROPERTY GROUP

HY21 Operating and Statutory Profit Reconciliation

Appendix

			HY21($M)	HY20($M)
	Profit from operations		99.1	134.1
	Operating EPS(centsper security)		3.79 cps	5.18 cps
	Gain on sale of investmentproperties		5.9	2.9
	Loss on disposal of other assets		-	(2.8)
	Other transaction costs		(7.8)	(17.2)
	Restructure costs		(1.5)	-
	Related to non-controllinginterests		0.7	-
	Operatinglease costs		1.5	1.8
	Fair value netgains /(write-downs)	Investmentproperties	37.6	110.1
		Derivative financial instruments	3.9	(3.8)
		Investments / receivables at fair value throughprofit or loss	(0.5)	20.2
	Non-cashpropertyinvestment income /(expense)	Straight-line lease income	3.1	5.5
		Lease incentive amortisation	(13.7)	(11.8)
		Lease cost amortisation	(1.2)	(2.2)
	Other non-cash expenses:	Amortisation of loan transaction costs	(4.9)	(5.1)
		Finance costs attributable to lease incentives	(0.5)	(0.3)
		Net exchange gains / (loss) on foreign currency borrowings	18.4	9.8
		Amortisation and depreciation1	(4.5)	(3.5)
		Relating to equity accounted investments2	14.1	(4.6)
		Net foreign exchange gains / (losses)	(1.3)	-
		Net tax losses / (utilised)3	(1.6)	(5.8)
	Net Profit for theyear		146.8	227.3
	Statutory EPS(centsper security)		5.59 cps	8.78 cps

1. Comprises depreciation of plant and equipment and right-of-use assets and amortisation of intangible assets

2. Comprises fair value adjustments and other non-operating items included in share of profit of equity accounted entities

3. Comprises tax expense attributable to changes in deferred tax assets recognised as a result of carried forward tax losses

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43

CROMWELL PROPERTY GROUP

Segment Results – Operating Earnings Detail Appendix

		Direct Property	Indirect Property	Funds And Asset	Funds And Asset
	Half Year ending 31 December 2020	Investment	Investment	Management
		($M)	($M)	($M)		HY21
	Segment revenue
	Rental income and recoverable outgoings	110.0	33.1	-		144.1
	Operating profits of equity accounted investments	-	23.6	6.3		29.9
	Development sales and fees	-	0.5	1.1		1.6
	Funds and asset management fees	-	-	52.2		52.2
	Distributions	-	1.8	-		1.8
	Total segment revenue and other income	110.0	59.0	59.6		229.6
	Segment expenses
	Property expenses	(18.5)	(17.1)	-		(35.6)
	Funds and asset management direct costs	-	(2.5)	(32.9)		(35.4)
	Other expenses	(0.8)	(1.9)	(4.4)		(7.1)
	Total segment expenses	(19.3)	(21.5)	(37.3)		(78.1)
	EBITDA	91.7	37.5	22.3		151.5
	Finance costs	(14.6)	(14.9)		-	(29.5)
	Segment profit after finance costs	77.1	22.6	22.3		122.0
	Unallocated items
	Finance income					2.0
	Corporate costs1					(19.5)
	Income tax expense					(5.4)
	Segment profit					99.1
	Weighted Average Securities on Issue ('000)					2,614.8

1. Includes non-segment specific corporate costs pertaining to Group level functions such as finance and tax, legal, risk and compliance, corporate secretarial, marketing and other corporate services

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44

CROMWELL PROPERTY GROUP

Balance Sheet

Appendix

		HY210 ($M)	FY20 ($M)
	Cash and Cash Equivalents	150.3	194.1
	Investment Property	3,811.5	3,752.3
	Equityaccounted investments	717.7	718.0
	Receivables	279.4	251.3
	Other assets	80.1	74.8
	Total assets	5,039.0	4,990.5
	Interest bearingliabilities	(2,234.7)	(2,191.2)
	Derivative financial instruments	(15.3)	(19.3)
	Distributionpayable	(49.1)	(49.0)
	Payables	(94.1)	(111.1)
	Other liabilities	(31.3)	(30.9)
	Total liabilities	(2,424.5)	(2,401.5)
	Net assets	2,614.5	2,589.0
	Securities on issue	2,617.5	2,612.9
	NTAper security (excl. interest rate swaps)	$1.00	$0.99
	Gearing1	42.5%	41.6%
	Gearing (look-through)1	49.2%	47.5%

1. Gearing calculated as (total borrowings less cash)/(total tangible assets less cash). Look through gearing adjusts for the 30.7% interest in CEREIT, 88% interest in Ursynow, 50% interest in Oyster and 100% interest in LDK

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45

CROMWELL PROPERTY GROUP

Top 10 Assets[1]

Appendix

				Current
				Market Value		Occupancy %
Asset		**State **	Class	($M)	Cap Rate	by NLA	WALE	Major Tenants
Qantas HQ		NSW	Office	540.0	5.13%	100.0%	10.9 years	Qantas Airways Limited
400 George Street		QLD	Office	533.0	5.25%	94.0%	5.0 years	QLD Government, Federal Government
700 Collins Street		VIC	Office	338.0	5.00%	99.2%	4.9 years	Bureau of Meteorology, Metro Trains
McKell Building		NSW	Office	315.0	5.00%	100.0%	7.4 years	NSW State Government
Kent Street, Sydney		NSW	Office	301.0	6.25%	90.8%	3.3 years	Norton Anti-Lock, Mann Judd, Leap Software
Soward Way		ACT	Office	298.2	5.00%	100.0%	11.7 years	Federal Government
HQ North Tower		QLD	Office	235.5	6.00%	97.8%	3.8 years	AECOM, TechnologyOne, CS Energy
Victoria Avenue2		NSW	Office	120.0	5.75%	82.6%	2.9 years	Reed Elsevier, Leighton Contractors, Ventia
200 Mary Street		QLD	Office	90.0	6.65%	79.0%	1.9 years	Cromwell, Logicamms
Station Street, Penrith		NSW	Office	51.5	5.75%	100.0%	7.4years	NSW State Government
Total Top 10 Assets				2,822.2	5.39%	95.5%	6.5 years
Balance of Portfolio				176.3	7.25%	84.4%	5.0 years
Total				2,998.5	5.51%	93.6%	6.3 years

1. Relating to Australian balance sheet properties only 2. 50% interest

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CROMWELL PROPERTY GROUP

Top 10 Leases[1]

Appendix

	Tenant-customer	Tenant Classification	Expiry Date	% of Portfolio Rental Income
	Qantas Airways Limited	Listed Company/Subsidiary	Dec-32	16.0%
	Commonwealth of Australia (Dept of Social Services)	Government Authority	Sep-32	8.9%
	QLD State Government	Government Authority	Dec-26	8.4%
	Government Property NSW	Government Authority	Jun-28	8.0%
	Commonwealth of Australia (Dept of Human Services)	Government Authority	Sep-25	4.8%
	Bureau of Meteorology	Government Authority	Jul-26	4.5%
	Therapeutic Goods Administration	Government Authority	Jun-22	4.1%
	AECOM Australia Pty Ltd	Listed Company/Subsidiary	Sep-25	3.7%
	TechnologyOne Limited	Listed Company/Subsidiary	Apr-26	3.7%
	Metro Trains Melbourne Pty Ltd	Private Company	Feb-25	3.2%
				65.3%

1. Relating to Australian balance sheet properties only

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Net Property Income

Appendix

		HY21($M)	HY20($M)	Variance($M)	Variance(%)
Station Street, Penrith		1.5	1.5	0.0	0.0%
McKell Building		6.8	6.9	(0.1)	(1.4%)
Crown Street, Wollongong		1.5	1.5	0.0	0.0%
Bull Street, Newcastle		1.0	0.9	0.1	11.1%
Qantas HQ		14.9	14.9	0.0	0.0%
700 Collins Street		8.5	8.3	0.2	2.4%
Soward Way, Greenway		8.0	7.6	0.4	5.3%
HQ North Tower		9.6	8.1	1.5	18.5%
Village Cinema Geelong		1.0	0.8	0.2	25.0%
Core Total		52.8	50.5	2.3	4.6%
Oracle Building		1.5	1.2	0.3	25.0%
TGA Complex		3.8	3.7	0.1	2.7%
200 MaryStreet		4.2	3.8	0.4	10.5%
Kent Street, Sydney		8.9	8.2	0.7	8.5%
Regent Cinema Centre		0.7	0.7	0.0	0.0%
Core+ Total		19.1	17.6	1.5	8.5%
	Tuggeranong Office Park - Car Park	(0.4)	(0.3)	(0.1)	33.3%
	19 National Circuit	(0.1)	1.1	(1.2)	(109.1%)
	Active Total	(0.5)	0.8	(1.3)	(162.5%)
	TOTAL HELD PROPERTIES1	71.4	68.9	2.5	3.6%

1. Includes only balance sheet properties held for all of HY20 and HY21

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CROMWELL PROPERTY GROUP

Net Property Income

Appendix

		HY21($M)	HY20($M)	Variance($M)	Variance(%)
ACQUISITIONS / DISPOSALS
Cromwell Italy Urban Logistics Fund		1.0	-	1.0	N/A
Cromwell Polish Retail Fund		14.6	5.8	8.8	151.7%
Wakefield St, Adelaide		0.8	8.7	(7.9)	(90.8%)
Lovett Tower		(0.2)	(0.3)	0.1	(33.3%)
Borrowdale House		0.0	(0.1)	0.1	(100.0%)
Victoria Avenue1		3.0	6.3	(3.3)	(52.4%)
George Street, Brisbane		16.2	9.3	6.9	74.2%
Farrer Place, Queanbeyan		0.0	0.7	(0.7)	(100.0%)
Acquisition / Disposals Total		35.4	30.4	5.0	(16.5%)
Car Parking/ MarySt Hub		0.1	0.4	(0.3)	(75.0%)
Consolidation adjustments / eliminations		4.8	3.1	1.7	54.8%
Other Total		4.9	3.5	1.4	40.0%
TOTAL NET PROPERTY INCOME		111.7	102.8	8.9	8.7%

1. Reflects 50% Sale in May 2020

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CROMWELL PROPERTY GROUP

Movement In Book Value

Appendix

• Strategy of continuously improving portfolio through acquisitions since 2010

• In-sourced facilities management model also lowers lifecycle capex

		HY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11	FY10
		($M)	($M)	($M)	($M)	($M)	($M)	($M)	($M)	($M)	($M)	($M)	($M)
	Opening balance	3,752.3	2,520.9	2,451.1	2,357.8	2,274.0	2,101.0	2,249.5	2,396.0	1,724.4	1,444.9	1,064.1	1,117.2
	Acquisitions1	89.0	1,286.0	-	51.8	-	-	8.0	-	661.3	263.4	322.4	-
	Construction costs	0.8	0.2	-	13.6	92.3	47.2	-	-	-	-	-	-
	Finance costs capitalised	0.6	0.1	-	1.1	4.4	-	-	-	-	-	-	-
	Property Improvements	3.4	13.4	21.9	6.7	9.2	2.1	16.5	44.5	76.3	50.2	40.4	1.3
	Lifecycle Capex	0.4	0.7	1.9	2.5	3.0	2.6	6.8	6.8	6.3	2.6	3.0	2.2
	Disposals	(44.0)	(150.8)	(54.5)	(89.3)	(87.1)	(150.9)	(205.8)	(250.0)	(42.4)	(39.3)	(33.7)	(22.1)
	Transferred to held for sale	-	-	-	(0.9)	(69.5)	-	(36.6)	-	-	-	-	-
	Straight line lease income	3.1	9.7	9.3	27.8	3.6	2.3	5.5	5.6	6.0	6.9	4.9	0.8
	Lease costs and incentives	2.3	68.6	25.6	22.1	22.8	21.7	37.7	11.9	29.3	15.8	15.9	2.2
	Amortisation of leasing costs and incentives2	(15.0)	(29.2)	(20.8)	(19.5)	(19.9)	(15.2)	(13.0)	(11.6)	(9.5)	(7.7)	(5.8)	(5.4)
	Net gain/(loss) from fair value adjustments	37.6	17.5	86.4	77.4	125.0	263.2	32.4	46.3	(55.7)	(12.4)	33.7	(32.1)
	Net foreign exchange differences	(19.0)	15.2	-	-	-	-	-	-	-	-	-	-
	Closing Balance	3,811.5	3,752.3	2,520.9	2,451.1	2,357.8	2,274.0	2,101.0	2,249.5	2,396.0	1,724.4	1,444.9	1,064.1
	Lifecycle Capex as a % on average assets	0.01%	0.02%	0.08%	0.10%	0.13%	0.12%	0.31%	0.29%	0.31%	0.16%	0.24%	0.20%

1. Includes right-of-use assets acquired as a component of the Polish portfolio

2. Pertains to the amortisation of lease costs, lease incentive costs and right-of-use assets

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Balance Sheet Debt Details

Appendix

Facility Drawn (AUD $M) Commitment (AUD $M) Maturity Date Fin Yr Expiry Years Remaining Covenants Bank 1-5 Year Facility 100.0 100.0 Jun-2023 2023 2.5 LVR 60% ICR 2.0 x WALE 3.0 yrs Bank 2-5 Year Facility - 250.0 Jun-2025 2025 4.5 Bank 3-5 Year Facility 179.0 250.0 Jun-2023 2023 2.5 Bank 4-5 Year Facility 150.0 150.0 Jun-2025 2025 4.5 Bank 5-5 Year Facility 200.0 200.0 Jun-2024 2024 3.5 Bank 6-5 Year Facility 100.0 100.0 Jun-2023 2023 2.5 Bank 7-5 Year Facility 75.0 75.0 Jun-2023 2023 2.5 Bank 8-5 Year Facility 50.0 50.0 Jun-2023 2023 2.5 Bank 9-5 Year Facility 125.0 125.0 Jun-2023 2023 2.5 Bank 10-7 Year Facility 60.0 60.0 Jun-2026 2026 5.5 Bank 11- 4 Year Facility - 50.0 Mar-2024 2024 3.2 Bank 11–5 Year Facility - 50.0 Mar-2025 2025 4.2 Syndicated Debt Platform 1,039.0 1,460.0 3.1 yrs Euro Syndicated Facility 358.9 358.9 Sept-2022 2023 1.7 yrs Gearing ratio 65%; ICR 2.5 x CPRF Facilities 342.1 342.1 1.7 yrs LTV 60-65%; DSCR 130-220% Cromwell Italy Urban Logistics 53.9 53.9 4.4 yrs LTV 65%, ICR 2.0 x 2025 Convertible Bond 352.8 352.8 Mar-2025 2025 4.2 yrs Multiple Banks 81.3 120.6 Apr-2025 2025 4.1 yrs LTV 60-65%; ICR 1.5–2.0 x TOTAL 2,228.0 2,688.3 2.9 yrs

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CROMWELL PROPERTY GROUP