CROMWELL PROPERTY GROUP — Investor Presentation 2012

Oct 29, 2012

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30 October 2012

Company Announcements Platform ASX Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

Merrill Lynch A-REIT Conference – Sydney 30-31 October 2012

Attached, by way of lodgement, is a copy of the presentation “Cromwell – Prospering in a low growth world” which is being given today at the Merrill Lynch A-REIT Conference in Sydney.

Yours faithfully

CROMWELL PROPERTY GROUP

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NICOLE RIETHMULLER

COMPANY SECRETARY

Cromwell Property Group (ASX:CMW) comprising Cromwell Corporation Limited ABN 44 001 056 980 and Cromwell Property Securities Limited ABN 11 079 147 809, AFSL 238052 as responsible entity for the Cromwell Diversified Property Trust ABN 30 074 537 051, ARSN 102 982 598.

Investors Call 1300 CROMWELL (1300 276 693) or Email invest@cromwell.com.au

Tenants Call 1800 005 657 Phone +61 7 3225 7777 or Email property@cromwell.com.au Fax +61 7 3225 7788

Web www.cromwell.com.au Head Office Level 19, 200 Mary Street, Brisbane QLD 4001

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Cromwell – Prospering in a low rowth world g October 2012

Cromwell Property Group

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Important Information & Disclaimer

Cromwell Property Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

This presentation including its appendices (“Presentation”) is dated 25 October 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).

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

This Presentation contains summary information about Cromwell Property Group as at 30 June 2012. 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 30 June 2012 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.

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 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 contents of this document have not been reviewed or approved by any regulatory authority in Australia, Singapore, Hong Kong or elsewhere. It does not constitute an offer or an invitation to the public to subscribe for stapled securities in Cromwell Property Group. Cromwell Property Group does not intend to offer any stapled securities to the public in any country outside of Australia. This document has been prepared for ‘wholesale clients’ in Australia, ‘professional investors’ in Hong Kong, ‘institutional investors’ in Singapore and equivalent investors in certain other jurisdictions.

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

The information in this Presentation has been obtained from or

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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).

Cromwell Corporation Limited is not licensed to provide 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), a wholly owned subsidiary of Cromwell Corporation Limited, is the responsible entity of the retail managed investment schemes referred to in this presentation. Cromwell Phoenix Property Securities Fund (ARSN 129 580 267) is the only scheme currently open for investment. Its PDS is available from www.cromwell.com.au or by calling Cromwell on 1300 276 693.

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

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Section 1 Cromwell Overview

Cromwell Property Group

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Cromwell Group

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Cromwell Property Group

Market cap: $1.0 bn[1] Security price: $0.825[1] Gearing[2] : 53.0%

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Investment portfolio Portfolio value: $1.9 billion[3] # Assets: 27 Weighted average cap rate: 8.4% WALE: 6.0 years

Funds management platform AuM: $518 million[4] Number of Funds: 3[5] Capital employed; $Nil[5]

• 1) As at 23 October 2012

• 2) Calculated as net debt to total assets less cash, as at 30 June 2012 including Cromwell Property Fund portfolio, acquired by Cromwell Property Group post balance date

• 3) As at 30 September 2012 and includes Cromwell Property Fund portfolio, acquired by Cromwell Property Group post balance date 4) Includes value of Ipswich City Heart as if complete

• 5) As at 30 September, excludes Cromwell Property Fund from the funds management platform as it is now reflected on balance sheet

Cromwell Property Group

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Strategy and investment philosophy

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To provide defensive, superior risk adjusted returns from a 100% Australian portfolio

• Invest in quality office assets in CBD, CBD fringe and established suburban office markets

• Asset value maximisation and securityholder returns are key focus of management team

• Preference for assets offering clear value upside with strong, secure yield, rather than lower returning ‘trophy’ assets

• Active asset recycling strategy to capture returns , manage risk and increase overall portfolio quality

• Expansion of funds management platform, leveraging property expertise and distribution base to boost profitability and earnings growth

• Seek to gain inclusion in the S&P / ASX 200 and 300 indices over time

• Disciplined and proactive investment and capital management

• Differentiated strategy provides access to a greater opportunity set and potential for outperformance

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Historical performance

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• Cromwell has significantly outperformed the S&P/ASX 300 A-REIT Accumulation Index since stapling

• Outperformance of 2.2%, 4.2% and 10.5% per annum over 1, 3 and 5 years respectively

• Direct property performance in top quartile of managers rated by IPD since inception in 1999

Total Securityholder Return (to 23 October 2012 annualised)[1]

Direct Property Return (to 30 June 2012 annualised)

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40% 35%33% 14% 13%
30% 12% 11%
10%
20% Cromwell Property Group 10% 9% 9% Cromwell Property Group
12% 11% 8%
10% 7% 4% S&P / ASX 300 A-REIT 6% IPD Australian all-fund
2% 6%
Accumulation Index universe
0%
(1%) Relative Performance 4% 2% 3% 3% Relative Performance
(10%) 2%
(11%)
(20%) 0%
1 year 3 year 5 year 3 years 5 years 10 years
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1) Includes dividends and price appreciation, annualised amount. As at 23 October 2012

Cromwell Property Group

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Peer comparison

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Cromwell offers superior yields and growth compared to its peer group

• 120bps spread to FY13 EPS yield / 190bps spread to FY13 DPS yield

• EPS growth of 6% in FY12

FY13 EPS yield

FY13 DPS yield

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12%
10% Average 8.0% 9.2% 9.2%
8.7%
8.3%
7.6% 7.7% 7.9%
8%
6.7%
6%
4%
2%
0%
BWP IOF CPA DXS CQR SCP GOZ CMW
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12%
10%
Average 6.8% 8.5% 8.7%
7.5% 7.5%
8%
6.7%
5.8% 6.0% 6.0%
6%
4%
2%
0%
CPA IOF DXS BWP SCP CQR GOZ CMW
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BWP: BWP Trust; CPA: Commonwealth Property Office Fund; CQR: Charter Hall Retail REIT; DXS: Dexus Property Group; IOF: Investa Office Fund; GOZ: Growthpoint Properties Australia; SCP: represents SCA Property Group yields at mid-point of offer range as disclosed in PDS dated 5 October 2012

Source: Broker consensus earnings and distributions estimates; company filings. Pricing as at 23 October 2012.

Cromwell Property Group

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Future growth drivers

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Cromwell is set to benefit significantly from a number of organic growth factors

• Growth in earnings from average fixed rental growth of 4.1% for FY13

• Growth in earnings from increased activity in funds management business

• Property yield premium to bond / cash yields at historical highs

• Strong appetite for yield and low volatility amongst retail investors

• Most recent offer closed oversubscribed three months ahead of schedule

• Currently sourcing product for next syndicate launch

• Earnings upside potential from lower base interest rates

• Current average cost of debt of 6.75% based on existing hedged rates vs. cost of new debt of 5.25%

• Majority of hedges expire over the next 3 years, leading to potential lowering of interest costs

• In addition to these organic factors, growth potential through accretive opportunistic acquisitions

• Capital available through continued recycling of non-core assets

• Disciplined approach, maintaining defensive characteristics and portfolio quality

• Qantas Global HQ in Sydney, Exhibition Street in Melbourne and Bundall Corporate Centre in Queensland are examples of the type of opportunity Cromwell is seeking

Cromwell Property Group

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Property yields and bonds

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Yield is in demand – and property yield premiums to bond rates are at historic highs

• Australian 10 year bonds are currently at historic lows despite the relatively strong underlying economy � Australian interest rates are also at all time lows

• Compression in valuation cap rates likely moving forward, providing potential upside to NTA and gearing

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Property yield vs. 10 year bond rate
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NTA - sensitivity to cap rate compression Gearing - sensitivity to cap rate compression

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$0.90 60%
10%
Cromwell cap rate (8.4%) $0.85 Current gearing: 53.0%
8% $0.80 50.8% 49.2%
$0.80 50% 47.6%
6% $0.74
4% $0.70 Current NTA: $0.67 40%
2%
0%2000 2002 2004 2006 2008 2010 2012 $0.60 0bps 1 25bps1 50bps1 30% 0bps1 25bps 1 50bps 1
Office cap rate (7.7%) 10-year bond (3.2%) Cap rate compression Cap rate compression
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Source: IRESS; BofA Merrill Lynch Global Research 1) Assumes portfolio value growth in line with average NOI growth of 4.1% over FY13

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Section 2 Investment Portfolio

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Investment portfolio strategy

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Investment portfolio delivered over 95% of FY12 earnings

Strategy

• Focus on office assets in CBD, CBD fringe and established suburban office markets

• Maintain defensive portfolio characteristics of strong covenant, long WALE and fixed growth

• Active recycling programme to secure returns, improve portfolio quality and fund investment opportunities

• Seek acquisitions that offer superior returns (yield and value upside) within a defensive portfolio strategy

Characteristics

• $1.9bn portfolio / 91% office

• Weighted average cap rate of 8.4% vs. 10 year bond rate of 3.2%

• 95% portfolio occupancy

• Portfolio WALE of 6.0 years, the longest of its office A-REIT sector peers

• Top 10 assets account for 73% of the portfolio with a WALE of 6.7 years and occupancy >99%

• Over 83% of gross portfolio income leased to Government (41%) or listed companies (42%)

• Over 91% of gross income subject to fixed / CPI reviews

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Property portfolio

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Approximately 71% of gross portfolio income growing by an average minimum of 4.1% over FY13

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Geographic Diversification [1]
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Sector Diversification [1]
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1% 5% 5% 3%
QLD
25% NSW
26%
ACT
VIC
23% TAS
20%
SA
91%
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Tenant Classification [1]
Government Authority
17%
Retail
41%
Listed
Commercial
Company/Subsidiary
Industrial
42% Private Company
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• Australian portfolio, with 91%[1] office

• Balanced exposure to Bris, Syd, Melb, Canberra (94% of portfolio)

• 71% of portfolio subject to fixed or minimum rent reviews, with average minimum increase of 4.1% in FY13

	Next Review Type	Total Gross Income	Cumulative
	Fixed(Avg 4.1% FY13)	70.7 %	70.7%
	CPI	20.4 %	91.1 %
	Market / Expiring	8.9 %	100.0 %

• 83% of gross income from government[2] or listed companies[3]

• 1) By gross income

• 2) Includes Government owned and funded entities 3) Includes subsidiaries of listed companies

Cromwell Property Group

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Property portfolio – top 10 assets

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Top 10 assets account for 73% of portfolio with occupancy of 99.3% and a WALE of 6.7 years

CMW Top 10 Property Assets

Asset	City	Class	Book Value	Cap Rate	Occupancy	WALE1	Major Tenants	Review
Qantas Global Headquarters	Sydney	Office	$198.8 M	7.25%	100.0%	20.5	Qantas	CPI Min 4%
HQ North Tower	Brisbane	Office	$194.0 M	8.13%	99.8%	6.2	AECOM, Bechtel, Technology One	Average 4.2% fixed
Tuggeranong Office Park	Canberra	Office	$173.0 M	8.50%	100.0%	4.5	Commonwealth Government	CPI Bi Annual
							Bureau of Meteorology, Medibank
700 Collins Street	Melbourne	Office	$172.4 M	7.50%	100.0%	3.1	Private	BOM 4%,MR 3.75%
321 Exhibition Street	Melbourne	Office	$170.0 M	7.50%	100.0%	9.4	Origin Energy	CPI Min 4%
							Reed Elsevier, Leighton	Reeds CPI Min 3.75%,
475 Victoria Avenue	Sydney	Office	$135.0 M	8.25%	97.3%	4.6	Contractors	Leightons 3.5%
							Agrium Asia Pacific, Australia Tax	Agrium Asia market min
380 Latrobe Street	Melbourne	Office	$107.0 M	8.00%	100.0%	2.6	Office	8.16%, max 12.36%
								QER 5%, Government
200 Mary Street	Brisbane	Office	$87.0 M	8.25%	95.7%	2.6	QER, Qld Government	generally CPI min 4%
							Qld University of Technology,
Synergy	Brisbane	Office	$73.0 M	8.75%	100.0%	5.1	Boral, Translink	QUT 4%, Boral 3.5%, TL 4%
Lovett Tower	Canberra	Office	$73.0 M	9.50%	100.0%	4.0	Commonwealth Government	CPI+1%
Top Assets			$1,383.2 M	8.00%	99.3%	6.7
Balance of Portfolio			$439.6 M	9.50%	87.5%	4.4
Total			$1,892.8 M	8.41%	95.6%	6.0

1) Years

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Secure income stream - minimal short term lease expiries

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• Average of only 6.3% p.a. lease expiry FY13 – FY15

• Marketing of 380 LaTrobe Street space generating positive interest in a challenging market

• 100 Waymouth Street $12m refurbishment commenced

• 9 month refurbishment programme from Jul-12

• Agreement for lease signed for 15 years over 25% of the building

• Marketing balance of space with expectation of substa n t i a l co mmi t m e n ts du rin g FY1 3

Lease Expiry Profile % Gross Income

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1.4%
Latrobe St
VIC
1.0% 1.0% 3.3%
Mary St Victoria Collins St
QLD Ave NSW VIC
2.2%
Waym- 1.1% 2.3% 1.3%
outh St Bundall Brooklyn, Mary St
SA QLD VIC QLD
1.5% 3.0% 2.3% 2.3%
Other Other Other Other
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Lease Expiries representing >1% income (FY13-FY14)

Property	Tenant	Expiry	Income	Comment
100 Waymouth Street	Undergoing	Jun-12	2.2%	Building being refurbished during FY13. Tenant commitment
Adelaide SA	Refurbishment			for 3 floors(25%NLA)with balance currentlybeingmarketed
380 La Trobe Street	Australian Tax	Jul-12	1.4%	In negotiations with potential tenant for total vacancy.
Melbourne VIC	Office
Brooklyn Woolstore	Landmark	Jul-13	2.3%	Negotiations commenced for new lease.
Brooklyn VIC	Operations
475 Victoria Avenue	Evans & Peck	Jan-14	1.0%	Tenant has option terms. Discussions to commence shortly.
Chatswood NSW

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Case studies

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Cromwell has a proven track record of delivering value through active asset management

	Qantas HQ	321 Exhibition Street	Bundall Corporate Centre
Acquisition date	August 2010	July 2010	December 2011
Acquisition value / yield	$144m / 8.30%	$90m / 8.00%	$63m / 11.50%
Capital works completed to date / total	$50m / $132m	$63m / $63m	-
Capital works duration	2.3 years	1.0 years	-
Current value / yield	$199m / 7.25%	$170m / 7.25%	-
	As part of the transaction, Qantas	New 10 year lease agreement with	Asset originally acquired in 2005 for
Comments	extended its lease from 11 to 22 yrs	Origin Energy shortly after acquisition	$52m and sold in 2007 for $106m

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Section 3 Funds Management

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Funds management strategy

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Strategy to leverage property expertise and distribution network to enhance securityholder returns

• Currently $518m of assets under management across 3 funds

• Cromwell is growing its funds platform across three product groups

• Asset specific real estate syndicates e.g. Riverpark Trust, Ipswich City Heart Trust

• Property securities fund

• Cromwell Real Estate Partners

• Property securities FUM now over $230m and growing (across a mixture of retail and wholesale)

• C romwe ll R ea l E state artners ocus ng ma n y on w P (f i i l h o esa e mar l l k et ) ant c pate i i d to generate earn ngs rom i f FY13

• Potential to warehouse new opportunities and boost overall returns

Retail Syndicates

Property Securities Fund

Cromwell Real Estate Partners

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Cromwell Property Group

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Returns from syndicate platform

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Leveraging Cromwell’s retail syndication capabilities allows Cromwell to generate significant returns

• Attractive returns generated through underwriting syndicates

• 20-35% IRR

• Complementary to Cromwell’s property expertise and broader operations

• Most attractive returns available on fully leased development and fund-through syndicate opportunities

• e.g. Ipswich City Heart warehousing to generate an IRR of c.35% due to fund through nature

• Additional potential earnings via fund management performance fees

� $100m syndicate with 55% leverage � 8.0% asset yield � 5.25% all in cost of debt � 2.0% transaction fees1 � 0.60% p.a. funds management fees1 � 0.2% p.a. property asset management fees1 � No performance fees included in IRR Example assumptions
	IRR analysis ($m) 1 2 3	Month 4 5 6 7 8
	Equity contribution for acquisition (45.0) Equity selldown Realisation of upfront transaction fee Equity returns, FM fees, PM fees 0.4 0.4	22.5 22.5 1.0 1.0 0.4 0.4 0.3 0.3 0.3
	Net cash flow (45.0) 0.4 0.4	0.4 23.9 0.3 0.3 23.8
	IRR 24.1%

1) Based on gross asset value

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Funds Management earnings can grow significantly

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• Significant cash on the sidelines

• 440,000 self managed super funds (Jun-11) holding $117bn in cash (Mar-12)

• Majority of new inflows to super and retail investment platforms is being retained in cash

• Bank funding from customer deposits has risen by c10% since 2008

• Investors are at an inflection point

• Australian 10 year bond rates are at ‘forever’ lows

• Cash returns have reduced significantly over past 18 months

• H ave seen a s gn i ifi can t i ncreases n nves men i i t t i n fl ows an d enqu res i

• Product quality and structure remains key to securing retail demand

• Cromwell has limited competitors with scale in the market

Increase in inflows can generate significant additional revenues

Weeklyaverage inflows	$1.0m	$2.0m	$3.0m
Potential annual transaction fees	$2.8m	$5.6m	$8.4m
Potential annual ongoing fees	$0.7m	$1.5m	$2.2m
Potential annual total fees	$3.5m	$7.1m	$10.6m
Potential earnings increase per security	0.3cps	0.6cps	0.9cps

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Section 4 Capital Management

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Capital management strategy

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• Maintain disciplined and proactive approach to capital management, both equity and debt capital

• Secured debt platform across a syndicated facility and 6 bilateral facilities

• Structure provides most cost effective form of funding and is well suited to nature of portfolio

• Long term quality cashflow (7-15 year leases) enables gearing of 40-50% to be carried comfortably

• All four major Australian banks participating

• Gearing to moderate over the medium term through the cycle

• Aim to reduce gearing to 45% over FY13 as opportunities arise and asset values rise

• Capital will be realised through recycling of non core assets

• Growth in asset base due to yield compression across investment portfolio

• FY13 payout ratio of 95% appropriate given long WALE and nature of underlying portfolio (limited capital required)

• Changes during the year demonstrate continued support for Cromwell’s high quality cashflow assets

• New 3 year facilities for HQ North Tower ($102m) and Bundall Corporate Centre ($35m)

• Refinanced Exhibition Street facility ($100m)

• Refinanced and extended Qantas facility ($194m) to fully fund property expansion

• Extended facilities which were to expire in July 2014 ($233m) by an additional year

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Debt facilities recently extended

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• Diversified across a syndicated facility and six bilateral facilities

• Lenders comprise major Australian banks and one offshore bank

• No material maturities until FY14

• $14m of short-term facilities repaid since balance date

• Weighted average debt maturity of 2.5 years

• � Weighted average margin of 2%

Debt Expiry Profile[1]

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$800 M
$700 M
$600 M
$500 M
$400 M
$300 M Australian major banks
$200 M
$100 M
Offshore bank
$ M
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
1) Excludes undrawn balances at June 30, 2012
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Interest rate hedging can be extended at lower rates

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• Weighted average swap term of 2.6 years

• FY13 91% hedged at 4.6% plus margins / FY14 71% at 4.9% plus margins

• As hedges expire, Cromwell’s interest cost will gradually reduce providing earnings upside

• If current interest rates prevail

• EPS boost of 1 cps over next three years, equivalent to 13% EPS growth

CMW Hedging Profile

$1,200 M $0 M $200 M $400 M $600 M $800 M $1,000 M	$956 M $1,013 M 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 4.62% 4.63% 4.86% 4.99% 4.96% 4.93% 4.86% 4.76% 93% 90% 75% 66% 40% 33% 26% 23% $872 M $775 M $473 M $387 M $298 M $272 M 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
Average Base Rate
% Hedged

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Section 5 Summary

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Summary

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Cromwell is well placed to continue to provide defensive, superior risk adjusted returns and above average growth

• Differentiated strategy providing potential for continued outperformance

• Outperformance versus peers over historical 1, 3 and 5 year periods

• Quality, defensive Australian office portfolio boasting strong tenant covenants and long WALE

• Current low interest rate environment provides significant portfolio value upside combined with earnings upside once current hedging positions roll off

• Additional earnings growth through expansion of funds management platform and syndicate warehousing

• Diligent and proactive capital management approach

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Appendix Additional Information

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Cromwell property portfolio

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QLD - 29%
QLD
25%
SA - 5%
NSW - 17% NSW
SA
23.2%
4.9%
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Exhibition St, VIC
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Collins St, VIC

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HQ North, QLD
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A ACT CT- 20%
19.9%
VIC - 28%
VIC
26.2%
TAS
0.8%
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Qantas HQ, NSW

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Chatswood
Towers, NSW
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Synergy, QLD

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Portfolio repositioning

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Will continue to seek investment property opportunities consistent with strategy

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

• Allocation of capital to markets with best growth potential ahead of cycle

• Continued focus on improving portfolio quality

• Disciplined approach to transaction activity

• Focus to remain on office sector – expected to offer the best opportunities over the next 2-3 years

Improvement in Portfolio Quality

	Improvement in Portfolio Quality
		Jun-07	Jun-121
Number of Assets		27	27
Total Value Average Asset Value WALE Office Assets2		$1.12 b $42 m 5.1 yrs 81%	$1.89b $70m 6.0yrs 91%
Government & Listed Tenants2		71%	83%
	NABERS Energy3	N/A	4.1 stars
	NABERS Water3	N/A	3.9 stars

• 1) Includes CPF properties acquired post balance date 2) By gross income 3) Excludes all non-office assets and assets where facility is managed by the tenant 4) Reflects 100% of asset value

Transactions since June 2008

	Purchased Assets	Date	Price	Cap Rate	WALE	WALE
	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
	321 Exhibition St, Melbourne, VIC Remaining 1/3 TGA, ACT4	Jul-10 Jul-10	$90.2 M $75.0M	8.00% 8.00%	11.1 yrs 7.5 yrs
	Tuggeranong Office Park, ACT	Jun-08	$166.0M	8.15%	8.5 yrs
	Total		$723.1 M
	Weighted Average		$120.5 M	8.42%	8.4 yrs
	Sold Assets	Date	Price	Cap Rate	WALE
	Block 4, Narabundah Lane ACT	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
	Village Launceston, TAS	Jan-10	$3.5 M	9.00%	3.1yrs
	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
	Hoppers Crossing, VIC	May-12	$39.4	8.10%	8.8yrs
	Total		$98.6 M
	Weighted Average		$12.3 M	8.70%	5.6yrs

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Case study: Cromwell Ipswich City Heart Trust

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• Cromwell Ipswich Trust closed over subscribed

• Over 800 retail investors with an average investment size of ~$50,000

• 50% of funds raised from direct retail (unadvised) for the first time ever

• Significant increase in demand during last 6 weeks (weekly inflows >$3m)

• Significant future revenues with minimal ongoing cost

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Artist’s impression
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• Construction on target to be completed by September 2013

Key Statistics Metric Amount Equity raised $49m	Cromwell Fee Structure
	Fee Type Amount (% assets)
	Acquisition & project management $2.79m (3.0%) 2
Debt $49m	Ongoing funds management (annual) $0.55m (0.6%)2
Time taken to complete raising 8 months Initial distribution yield 8.00%1	Property asset management (annual) $0.20m (0.2%)2
	Performance Fee 20% of excess above 10% IRR, payable on sale

1) Forecast to increase to 8.25% from July 2013 and 8.50% 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). PDS dated 16 December 2011.

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Typical syndication timetable

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• Equity selldown typically targeted within 7 months of settlement

• Capital can be quickly recycled into other investment opportunities

Month

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Timetable 1 2 3 4 5 6 7 8
Contract unconditional
Drafting syndicate documentation
S ett ement o acqu s t on l f i i i
Complete offer documentation
Offer marketing
Selldown of 50% equity (3 months)
Selldown of 100% equity (6 months)
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Growing funds management distribution base

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� Cromwell securityholders

• Over 12,000 retail investors, many of whom invested in our products originally and continue to do so

• Retail investor database

• Over 20,000 prequalified potential investors

• Over 4,000 are current investors

• Initiatives in place to add 5,000 plus new prequalified investors in next 12 months

• Main focus for growing distribution base

• Financial advisors

• Focusing on boutique advisors, many of whom are long term supporters

• Larger dealer groups

• Banks and AMP/Perpetual

• All showing interest in direct property again

• Can bring massive volume once they commit to the sector

• Need a combination of product approval and platform inclusion to maximise inflows

• Institutional clients

• Diversification into institutional clients through Cromwell Real Estate Partners

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well versed well timed well considered

Cromwell Property Group

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