CROMWELL PROPERTY GROUP — Investor Presentation 2012

Aug 22, 2012

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FY12 Results Presentation

23 August 2012

Cromwell Property Group – FY12 Results

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Important Information & Disclaimer

advice as they deem necessary or consider appropriate for their particular jurisdiction.

This presentation including its appendices (“Presentation”) is dated 23 August 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).

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

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

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

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

The information in this Presentation is subject to change without notice and does not purport to be complete or comprehensive. It does not purport to summarise all information that an investor should consider when making an investment decision. It should be read in conjunction with Cromwell Property Group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au.

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

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

Cromwell Corporation Limited is not licensed to provide financial product advice in respect of Cromwell Property Group

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securities. To the extent that general financial product advice in respect of Cromwell Property Group stapled securities is provided in this Presentation, it is provided by Cromwell Property Securities Limited. Cromwell Property Securities Limited and its related bodies corporate, and their associates, will not receive any remuneration or benefits in connection with that advice. Directors and employees of Cromwell Property Securities Limited do not receive specific payments of commissions for the authorised services provided under its Australian Financial Services Licence. They do receive salaries and may also be entitled to receive bonuses, depending upon performance. Cromwell Property Securities Limited is a wholly owned subsidiary of Cromwell Corporation Limited.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) is the responsible entity of the Cromwell Ipswich City Heart Trust (ARSN 154 498 923) (ICH). Before making any investment decision in relation to ICH it is important that you read the PDS dated 16 December 2011. The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell on 1300 276 693. Applications for units can only be made on an application form from the PDS.

This Presentation is for information purposes only. This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any ‘US person’ (as defined in Regulation S under the US Securities Act of 1933, as amended (“Securities Act”) (“US Person”)). Cromwell Property Group stapled securities have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US Person without being so registered or pursuant to an exemption from registration.

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

Cromwell Property Group – FY12 Results

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Section 1 FY12 Financial Results

Cromwell Property Group – FY12 Results

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FY12 RESULTS Key Financial Results

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• Operating profit[1] increased by 23% to $80.0m (7.5 cps)

• Derived 100% from property portfolio

• Increase in like for like property income of 6.8%[2] over FY11

• Growth in operating EPS of 6%

• Average interest cost of 6.9%

• Distributions maintained at 7.0 cps

• Payout ratio reduced from 98% to 93%

• Statutory accounting profit of $23.1m impacted by fair value adjustments

Operating Earnings

Operating Earnings
	FY11	FY12	Change
Statutory profit ($'000)	88,102	23,077	(74%)
Statutory profit (cents per security)	9.6	2.2	(77%)
Operating profit ($'000)1	65,297	80,010	23%
Operating profit (cents per security)	7.1	7.5	6%
Distributions ($'000)	64,988	75,019	15%
Distributions (cents per security)	7.0	7.0	0%
Payout Ratio (%)	98%	93%	5%

• 1) See page 30 for further details of operating profit and reconciliation to statutory accounting profit. 2) See page 29 for full details of net property income.

Cromwell Property Group – FY12 Results

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FY12 RESULTS Statutory Financial Results

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• Fair value decrease of investment properties of $12.4m

• $1.5m increase in property values (net of leasing and capex costs)

• $13.9m decrease due to transaction costs related to acquisition of HQ North Tower & Bundall Corporate Centre

• Fair value decrease of $38.5m on interest rate swaps

• Will unwind as swaps expire

• Updated valuation at 22 August indicates $9.4m improvement since balance date

Statutory Profit

Statutory Profit
	FY11	FY12	FY11	FY12
	(’000	$’000	EPS	EPS
Operating Earnings	65,297	80,010	7.1	7.5
Adjustments
Fair Value-Investment Properties	33,659	(12,353)	3.7	(1.2)
Fair Value-Interest Rate Swaps	(1,920)	(38,483)	(0.2)	(3.6)
Other items	(8,934)	(6,097)	(1.0)	(0.5)
Profit after tax	88,102	23,077	9.6	2.2

Cromwell Property Group – FY12 Results

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FY12 Financial Position RESULTS

• Growth in asset base from acquisition of HQ North Tower and Bundall Corporate Centre for approximately $250m

• NTA impacted by fair value of interest rate swaps which have improved significantly since balance date

• NTA (excluding interest rate swaps) decreased in line with previous guidance due to acquisition costs on HQ North Tower & Bundall Corporate Centre

• Gearing remains within target range of 35-55%

Change to NTA over period

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Cents
80.0
75.0 72.9 0.1 0.5 3.6
1.3
1.3
70.0 67.3
65.0
60.0
55.0
50.0
Jun-11 Property Operating Interest Rate Property Other Jun-12
Revaluations Earnings Swap Acquisition
Retained Revaluations Costs
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		Jun-11	Jun-12
		($’000)	($’000)
	Assets
	Cash and Cash Equivalents Investment Properties Other Assets Total Assets	46,572 1,444,850 48,006 1,539,428	59,153 1,724,400 54,048 1,837,601
	Liabilities
	Borrowings	(783,609)	(964,177)
	Interest Rate Swaps	(3,430)	(40,628)
	Other Liabilities	(47,229)	(43,807)
	Total liabilities	(834,268)	(1,048,612)
	Net assets	705,160	788,989
	Securities on issue (‘000) NTA per security(excluding interest rate swaps)	964,737 $0.73	1,169,689 $0.71
	NTA per security(including interest rate swaps) **Gearing1 **	$0.73 49%	$0.67 51%

• 1) Calculated as (total borrowings less cash)/(total tangible assets less cash).

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CAPITAL Debt Facilities Further Extended MANAGEMENT

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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 2.4 years

• Weighted average margin of 2%

• 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

Debt Expiry Profile[1 ]

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

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$800 M
$700 M
$600 M
$500 M
$80 M Australian major banks
$400 M
$300 M $125 M $99 M
Offshore bank
$200 M $125 M
$133 M
$102 M
$100 M $2 M
$35 M
$14 M $125 M $108 M
$ M $2 M
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
1) Excludes undrawn balances at June 30, 2012
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CAPITAL MANAGEMENT Interest Rate Hedging Extended

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• Took advantage of recent market lows to extend swap profile

• Weighted average swap term of 2.6 years

• 93% hedged for FY13 at 4.6% plus margins

• 72% hedged for FY14 at 4.9% plus margins

• High degree of certainty over interest expense in FY13 and FY14

• Further opportunities to ‘blend and extend’ profile

CMW Hedg $ M $100 M $200 M $300 M $400 M $500 M $600 M $700 M $800 M $900 M $1,000 M	ing Profile 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16
	1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 4.59% 4.55% 4.82% 4.98% 4.96% 4.95% 4.86% 4.78% 93% 93% 76% 68% 45% 39% 28% 26%
Average Base Rate
% Hedged

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Section 2 Investment Portfolio

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INVESTMENT PORTFOLIO

Property Portfolio

Geographic Diversification[1 ]

Sector Diversification[1 ]

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4.5% 4.8% 1.8%
1.4%
QLD
29.7%
NSW
26.8%
ACT
VIC
TAS
SA
17.5%
93.4%
20.1%
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• Australian portfolio, with 93%[1] office

• Balanced exposure to Brisbane, Sydney, Melbourne, Canberra (89% of portfolio)

• 74% of portfolio subject to fixed or minimum rent reviews, with average minimum increase of 3.9% in FY13

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Tenant Classification[1 ]

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15.7%
39.1%
Retail Government
Commercial Listed Company
Industrial Private Company
45.2%
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		Total
	Next Review Type	Gross Income	Cumulative
	Fixed (Avg 3.9% FY13)	74.2 %	74.2 %
	CPI	16.5 %	90.7 %
	Market / Expiring	9.3 %	100.0 %

• 84% 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

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INVESTMENT Continuing Portfolio Improvement PORTFOLIO

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• Acquisition of HQ North Tower, Brisbane for $186m

  • Sale of Masters Distribution Centre for $39m

• Near new asset in improving Brisbane market

• Average rent increase of 4.2% for next 3-4 years

• Acquisition of Bundall Corporate Centre, Gold Coast for $63m

• Lower yielding property in low growth market

• Have had the best from this asset

• Deep value play with significant capital upside potential

• Occupancy[1] increased to 91% from 86% at purchase

CMW Portfolio Changes

	Bought	Bought	Sold
Asset	HQ North Tower, Brisbane, QLD Bundall Corporate Centre, QLD		Masters Distribution Centre, VIC
Sector	Office	Office	Industrial
Location	Brisbane, Qld	Gold Coast, Qld	Hoppers Crossing, Vic
Value	$194m	$65m	$39.4m
WALE	6.2 Years	4.7 Years	8.8 Years
Current Yield	8.2%	12.1%	8.1%
Occupancy1	99.8%	90.9%	100%

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1) By gross income.

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INVESTMENT Continuing Portfolio Improvement PORTFOLIO

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• WALE of 6.2 years one of the longest in the sector

Weighted Average Cap Rate (WACR) by Sector

• Industry comparatives include:

• CPA – 4.9 years

• Dexus – 4.9 years[2]

• Investa – 5.3 years[3]

	Sector	Jun-11	Jun-12
	Commercial Industrial	8.09% 8.97%	8.22% 9.36%
	Retail/Entertainment	8.98%	9.12%
	Total	8.18%	8.28%

• WACR increased slightly to 8.28% from 8.18% in FY11 due to higher yielding assets having been acquired

• Average asset value increased to $78.4m from $68.8m in FY11

Improvement in Portfolio Quality

Improvement in Portfolio Quality
	Jun-07	Jun-08	Jun-09	Jun-10	Jun-11	Jun-12
Number of Assets	27	24	25	22	21	22
Total Value	$1.12 b	$1.18 b	$1.17 b	$1.11 b	$1.44 b	$1.72 b
Average Asset Value	$41.5 m	$49.2 m	$46.8 m	$50.5 m	$68.8 m	$78.4 m
WALE	5.1 yrs	5.9 yrs	5.1 yrs	4.9 yrs	6.8 yrs	6.2 yrs
Office Assets	81%	81%	84%	84%	90%	93%
Government & Listed Tenants	71%	86%	83%	86%	89%	84%
NABERS Energy1	N/A	3.6 stars	3.6 stars	3.9 stars	3.8 stars	4.1 stars
NABERS Water1	N/A	2.8 stars	2.8 stars	3.8 stars	3.8 stars	3.9 stars

• 1) Excludes all non-office assets and assets where facility is managed by the tenant

• 2) Excludes non-office assets

• 3) As at December 2011.

Cromwell Property Group – FY12 Results

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INVESTMENT Minimal Lease Expiries PORTFOLIO

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• Average of only 6.3% 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 substantial commitments during FY13

Lease Expiry Profile % Gross Income

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1.4%
Latrobe St
VIC
3.3%
1.0% 1.0% Collins St
70% Mary St Victoria VIC 63.1%
QLD Ave NSW
60% 2.2% 1.3%
50% Waym- outh St Bundall 1.1% Brooklyn, 2.3% Mary St QLD
SA QLD VIC
40% 2.3%
1.5% 3.0% 2.3% Other
30% Other Other Other
20% 14.2%
10% 3.7% 6.5% 5.6% 6.9%
0%
Vacant FY13 FY14 FY15 FY16 Thereafter
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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 to be refurbished during FY13. Tenant
Adelaide SA	Refurbishment			commitmentfor3floors (25% NLA).
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
Chatswood NSW				shortly.

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INVESTMENT PORTFOLIO Qantas Global Headquarters, Mascot, NSW

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• Since acquisition Cromwell has agreed with Qantas

• Lease extension to 2032

• A $131m refurbishment and expansion programme

• Average return on cost of 8.8% in first financial year after completion of refurbishment and expansion

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

• Completion value of $305m, representing approximately 16% of portfolio

• Project on time, on budget

• First of four buildings delivered in April 2012

• Second building on target for September 2012 completion

• Balance of $131m programme proceeding as planned

• Qantas will bear any cost overruns not covered under building contract

Qantas Global Headquarters Expansion

	Jun-12	Jun-13	Jun-14	Jun-15
	($’000)	($’000)	($’000)	($’000)
Forecast Cost1	25,316	63,282	42,864	-
Additional Rental	126	1,981	5,969	9,298

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• 1) Includes $25.6m incentive agreed under original 10 year lease, already generating rental income. Timing of forecast costs is subject to change, however timing of rental increases will also change proportionately.

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Section 3 Funds Management

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GROWTH Funds Management – Organic Growth

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Funds Mana WTH	gement	– Orga	nic Gro	wth
Funds Management Summary
			Number of
Fund Investors	Investors	Total Assets	Properties	Ongoing Fees
Cromwell Property Fund	Retail	$171m	5	-
Cromwell Riverpark Trust	Retail	$195m	1	0.60%
Cromwell Ipswich City Heart Trust1	Retail	$30m	1	0.60%
Cromwell Phoenix Property Securities Fund	Retail	$23m	N/A	0.82%
Phoenix Mandates	Wholesale	$186m	N/A	Variable

• Retail Direct Property Funds

• Ipswich City Heart has raised $30m to date

• Expect to close in 1H13 (total required $49.25m)

• Significant inflows from direct retail subscribers

• Financial planners impacted by low FUM growth and FOFA implementation

• Property Securities (Phoenix Portfolios)

• Increase in FUM to over $200m

• Focus on growing this through retail channels in FY13

• Wholesale Property Opportunity

• Considering potential transactions

• Costs of $0.7m in FY12

• 1) Total equity raised at August 22, 2012. Forecast total assets at practical completion of $92.95m.

Cromwell Property Group – FY12 Results

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CPF

Proposed CPF Transaction

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• Cromwell has made an offer to buy all units in the Cromwell Property Fund it does not already own

• Consideration to be paid in Cromwell securities on an NTA for NTA basis

• Would result in approximately $22m Cromwell securities being issued

• Transaction is subject to a CPF unitholder vote and a satisfactory independent experts report

• Benefits of transaction to Cromwell:

• Savings in transaction costs via merger rather than acquiring properties directly (no impact on NTA)

• Move to full ownership of 5 properties with minimum short-term lease expiry

• Cromwell is best placed to provide capital for further enhancement of portfolio

• Increase of 0.1 cps in Cromwell’s forecast FY13 operating earnings

• Effectively deals with loans of $24.5m and fund investment of $4.7m

• Provides stable distributions and liquidity option for CPF unitholders

Key Financial Impact Metrics
	Pre	Post
Operating Earnings FY13 (cps)	7.5	7.6
Distributions FY13 (cps)	7.25	7.25
WALE	6.2 Years	6.0 Years
Occupancy of Portfolio	96.4%	95.6%
NTA (cps excluding interest rate derivatives)	$0.71	$0.71
Gearing	51%	53%

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CPF

Proposed CPF Transaction

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• Cromwell Property Fund portfolio:

• Predominantly located in NSW and ACT

• The majority of the portfolio is commercial office property with a smaller exposure to the retail and industrial sectors

• Approximately 74% of income is derived from Government and listed tenants.

30 June 2012

	30 June 2012
		CPF
	Portfolio Value2	$168.4m
	Number of Properties3 Occupancy	5 87.9%
	WALE	3.7 years
	Weighted Average Capitalisation Rate	9.88%
	Net Lettable Area	82,297 m2
	Income from Government and Listed tenants	73.7%

Geographic Diversification[1 ]

Sector Diversification[1]

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Retail
4.1%
VIC Industrial
ACT
24.4% 4.8%
22.4%
TAS
1.3%
SA
NSW 4.2%
20.8%
Commercial
QLD
91.1%
26.9%
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Tenant Classification[1]

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Private
Company
16.7%
Government
41.4%
Listed Company
41.9%
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• 1) By gross income, reflects combined entity portfolio. 2) See pages 31 & 32 for further details of CPF properties. 3) Includes industrial land valued at $2.7m to which Cromwell already has 100% economic exposure.

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Section 4 Strategy & Outlook

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OUTLOOK

Strategy

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CROMWELL’S STRATEGY UNCHANGED

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

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

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

• Leverage property capabilities and provide additional earnings growth through expansion of funds management business

Cromwell Performance June 2012 (Annualised Total Securityholder Return)

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25.0%
21.5%
20.0%
15.0% 12.2% 12.7%
9.9% 11.0% 9.3% Cromwell Property Group
10.0%
5.0% S&P/ASX300 A-REIT Accumulation
0.1% Index
0.0%
Relative Performance
-1.1%
-5.0%
-10.0%
-15.0% -12.6%
1 Year 3 Year 5 Year
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CONTINUED OUTPERFORMANCE

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

• Outperformance of 9.3% and 12.7% per annum over 3 and 5 years respectively

• Property performance in top quartile of managers rated by IPD since inception in 1999.

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OUTLOOK Property Portfolio

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 Will continue to seek investment property opportunities consistent with strategy

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

• Continued focus on improving portfolio quality

• Disciplined approach to transaction activity

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

 Focus will remain on office sector

• Expected to offer best opportunities over next 2-3 years

• Significant allocation to Sydney, Brisbane, Melbourne and Canberra will continue

Impact of change in key valuation metrics on NTA per security

Weighted Average Cap Rate	Weighted Average Cap Rate
8.53% 8.28% 8.03% 7.78% 7.53%
Change in Market Rental 7.50% 5.00% 2.50% 0.00% -2.50%	$0.74 $0.79 $0.84 $0.90 $0.96 $0.70 $0.75 $0.80 $0.86 $0.92 $0.66 $0.71 $0.76 $0.82 $0.87
	$0.63 $0.67 $0.72 $0.78 $0.83
	$0.59 $0.63 $0.68 $0.73 $0.79

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OUTLOOK Funds Management

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 Building blocks for growth in earnings are in place

 Retail funds management

• Riverpark Trust will deliver increased recurring fees in FY13

• Ipswich City Heart Trust will deliver transactional fees in FY13, recurring fees from FY14 onwards

• Expect to launch a further retail syndicate in FY13

• Focus on continuing to grow direct retail database

• Will continue to enhance relationships with major planning groups

 Wholesale funds management

• Expect break-even in FY13 and positive contribution in FY14

• Property securities FUM continues to grow, now over $200m

• First property opportunity fund offering expected in FY13

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OUTLOOK Earnings and Capital Management

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 Operating earnings expected to be at least 7.5cps in FY13, 10.1% yield

• Growth in property income partially offset by 100 Waymouth Street refurbishment

• Weighted average interest rate of 6.6%

• Increase in funds management income expected

 Continued focus on maximising cash flow to securityholders

• Distributions expected to be 7.25cps in FY13, 9.8% yield[1]

• Simple balance sheet and minimal development exposure

• Enables payout ratio of 90% plus

 Targeting growth in NTA and operating earnings per security

• Minimum rental increases will underpin earnings

• Will benefit from improving valuations in time

• Will continue disciplined approach to transactions

 Targeting improvement in debt profile over next 1-2 years

• Continue sale of assets with low growth potential

• Will explore cost effective alternatives to extend debt expiry profile

• Expecting moderate growth in asset values through FY13

• Aim to reduce gearing to 45% over FY13 as opportunities arise

1) Based on closing price of $0.74 on 22 August 2012.

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Contacts

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Cromwell Property Group Level 19, 200 Mary Street Brisbane QLD

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

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Appendix Additional Information

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Property Portfolio – Key Assets

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 Top 10 assets account for 80% of portfolio with occupancy of 99.4% and a WALE of 7.2 years

CMW Top 10 Property Assets

Asset	State	Class	Book Value	Cap Rate	Occupancy	WALE	Major Tenants	Review
Qantas Global Headquarters	NSW	Office	$198.8 M	7.25%	100.0%	20.5	Qantas	CPI Min 4%
HQ North Tower	QLD	Office	$194.0 M	8.13%	99.8%	6.2	AECOM, Bechtel, Technology One	Average 4.2% fixed
Tuggeranong Office Park	ACT	Office	$173.0 M	8.50%	100.0%	4.5	Gov't Department of FaHCSIA	CPI Bi Annual
							Bureau of Meteorology, Medibank
700 Collins Street	VIC	Office	$172.4 M	7.50%	100.0%	3.1	Private	BOM 4%, MR 3.75%
321 Exhibition Street	VIC	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	NSW	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	VIC	Office	$107.0 M	8.00%	100.0%	2.6	Office	8.16%, max 12.36%
								QER 5%, Government
200 Mary Street	QLD	Office	$87.0 M	8.25%	95.7%	2.6	QER, Qld State Government	generally CPI min 4%
							Qld University of Technology,
Synergy	QLD	Office	$73.0 M	8.75%	100.0%	5.1	Boral, Translink	QUT 4%, Boral 3.5%, TL 4%
TGA Complex	ACT	Office	$70.0 M	9.50%	100.0%	4.8	Therapeutic Goods Administration	CPI Min 3%
Top Assets			$1,380.2 M	8.00%	99.4%	7.2
Balance of Portfolio			$344.2 M	9.39%	89.9%	5.2
Total			$1,724.4 M	8.28%	96.4%	6.2

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Property Portfolio – Top 20 tenants

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 Top 20 tenants account for 75% of our tenancy income

CMW Top 20 Tenants

CMW Top 20 Tenants
			% of Total Portfolio
Tenant	Building	Tenant Classification	Gross Income
Commonwealth of Australia Dept ofFaHCSIA	Tuggeranong Office Park	Government	11.9%
Qantas Airways Limited	Qantas Global Headquarters	Aviation	8.7%
Origin Energy Services Limited	321 Exhibition Street	Energy	8.5%
Bureau of Meteorology	700 Collins Street	Government	4.7%
Therapeutic Goods Administration	TGA Complex	Government	4.7%
AECOM Australia Pty Ltd	HQ North Tower	Engineering	4.5%
Medibank Private Limited	700 Collins Street	Government	3.9%
QLD University of Technology	Synergy	Education	3.2%
Reed Elsevier Australia Pty Ltd	475 Victoria Avenue	Education	2.9%
Agrium Asia Pacific	380 Latrobe Street	Agriculture	2.8%
Leighton Contractors Pty Limited	475 Victoria Avenue	Construction	2.6%
Minister for Infrastructure	101 Grenfell Street	Government	2.5%
Technology One Limited	HQ North Tower	Information Technology	2.5%
Landmark Operations Limited	Brooklyn Woolstore	Agriculture	2.3%
Commonwealth of Australia (ANAO)	19 National Circuit	Government	1.8%
QER Pty Ltd	200 Mary Street	Resources	1.8%
Bechtel Australia Pty Ltd	HQ North Tower	Engineering	1.6%
Toll North Pty Ltd	NQX Distribution Centre	Distribution	1.6%
Vodafone Hutchison Australia Pty Ltd	Vodafone Call Centre	Telecommunications	1.4%
Australian Tax Office	380 Latrobe Street	Government	1.4%
Total from top 20 tenants			75.3%

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Property Portfolio – Focus on Sustainability

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

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

• Strives for industry best practice Corporate Governance at both a corporate and funds management level

• Portfolio averaged 4.1 Star NABERS energy rating[1 ]

• Ongoing proactive energy, water and waste management and reduction initiates implemented by in house facility management

Portfolio NABERS Energy Rating[1 ] & NABERS Water Rating

Portfolio NABERS Energy Rating1& NA	BERS Water Rating
	NABERS	Energy		NABERS	Water
Building	2011	2010	2009	2011	2010	2009
380 Latrobe St, Melbourne	4.0	4.0	4.0	3.0	4.5	4.5
700 Collins St, Melbourne	3.5	3.5	3.5	4.5	4.0	4.5
100 Waymouth St, Adelaide	4.5	4.5	4.5	3.0	3.0	4.5
101 Grenfell St, Adelaide	4.5	4.0	4.0	4.0	4.0	4.0
43 Bridge St, Hurstville3 475 Victoria Ave, Chatswood 19 National Circuit, Barton	4.5 4.0 4.5	4.5 4.0 4.0	4.5 4.0 4.5	3.5 3.0 4.0	3.5 3.0 4.0	3.5 2.5 4.0	1)	Calculation based on the weighted rating by area where certified ratings have been received.
Oracle Building, Lyneham	4.5	4.5	4.5	4.0	5.0	4.5	2)	Asset is owned by Cromwell
13 Keltie St, Woden3	4.0	4.0	4.0	5.0	5.0	5.0		Riverpark Trust, a fund managed by
88 Musk Ave, Kelvin Grove Terrace Office Park, Bowen Hills 200 Mary St, Brisbane Energex HQ2	5.0 3.0 3.0 5.5	5.0 3.0 2.5	4.0 3.5	5.0 4.5 2.5	4.5 4.5 3.0	4.0 3.0	3) 4)	Cromwell. Asset owned by Cromwell Property Fund, a fund managed by Cromwell. Estimated rating performance under NABERS commitment agreement.
Bundall Corporate Centre 1	2.0						5)	Bundall corporate Centre 2 does not
Bundall Corporate Centre 25 HQ North Tower6 321 Exhibition Street, Melbourne4	4.5 5.5 4.5		4.0	4.0		3.5	6)	have occupancy level above 78% to enable a certified rating. 4.5 stars was the design target. Unofficial rating, target only.

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Property Portfolio – Net Property Income

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	FY12 ($’000) FY11 ($’000) Variance Tuggeranong Office Park, Greenway ACT 19,576 18,916 3.5% 19 National Circuit, Barton ACT 2,782 2,722 2.2% 700 Collins Street, Melbourne VIC 13,654 13,318 2.5% 101 Grenfell Street, Adelaide SA 3,623 3,474 4.3% 380-390 La Trobe Street, Melbourne Vic 8,371 7,885 6.2% 200 Mary Street, Brisbane QLD 9,243 8,272 11.7% Synergy, Kelvin Grove QLD 7,232 4,568 58.3% Oracle Building, Lyneham ACT 3,388 3,083 9.9% TGA Complex, Symonston ACT 7,727 7,577 2.0% Terrace Office Park, Bowen Hills QLD 2,605 2,274 14.6% 475 Victoria Avenue, Chatswood NSW 12,020 11,973 0.4% Vodafone Call Centre, Kingston TAS 1,866 1,786 4.5% 100 Waymouth Street, Adelaide SA 3,481 3,364 3.5% Total Office 95,568 89,212 7.1%		FY12 ($’000) FY11 ($’000) Variance
**Office1 **		Industrial1	Gillman Woolstore, Gillman SA 1,323 1,287 2.8%
			NQX Distribution Centre, Pinkenba QLD 2,336 1,918 21.8%
			Brooklyn Woolstore, Brooklyn VIC 3,959 3,939 0.5%
			Total Industrial 7,618 7,144 6.6%
		Retail1	Village Cinemas, Geelong VIC 1,064 1,079 (1.3%)
			Regent Cinema Centre, Albury NSW 1,130 1,192 (5.3%)
			Total Retail 2,194 2,271 (3.4%)
			Total held properties 105,380 98,627 6.8%
		Sales, Purchases, Other	Qantas Global Headquarters, Mascot,NSW214,442 12,997 11.1%
			321 Exhibition Street, Melbourne VIC3 11,463- N/A
			HQ North Tower, Fortitude Valley QLD4 8,137- N/A
			Bundall Corporate Centre, Gold Coast QLD5 3,017- N/A
			Masters Distribution Centre, Hoppers Crossing VIC6 2,953 3,679 (19.7%)
			Other Adjustments7 5,579 2,883 93.4%
			Total Sales, Purchases & Other 45,591 19,559
			Total net property income 150,971 118,186 27.7%

• 1) Includes only properties held for all of FY11 and FY12. 2) Property acquired August 2010. 3) Property refurbished during FY11. 4) Property acquired December 2011. 5) Property acquired January 2012. 6) Property sold June 2012. 7) Includes property management fees, rent at 200 Mary Street, one off make good payment on Henry Waymouth Centre.

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FY12 Reconciliation Operating and Statutory Profit

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	FY11	FY11	FY12	FY12
		(cents per		(cents per
	($’000)	security)	($’000)	security)
Profit from operations	65,297	7.1	80,010	7.5
Gain/(loss) on sale of investment properties	(195)	0.0	(331)	0.0
Gain/(loss) on sale of available-for-sale financial assets	-	0.0	(44)	0.0
Fair value adjustments/write-downs:
Investment properties	33,659	3.7	(12,353)	(1.2)
Interest rate derivatives	(1,920)	(0.2)	(38,483)	(3.6)
Investments at fair value through profit or loss	604	0.0	(173)	0.0
Inventory	(3,695)	(0.4)	200	0.0
Non-cash property investment income:
Straight-line lease income	4,883	0.5	6,892	0.6
Lease incentive and lease cost amortisation	(5,773)	(0.6)	(7,705)	(0.7)
Other non-cash expenses:
Employee options expense	(333)	0.0	(601)	0.0
Amortisation of finance costs	(2,042)	(0.2)	(2,560)	(0.2)
Amortisation and depreciation	(542)	(0.1)	(604)	(0.1)
Relating to equity accounted investments	(1,594)	(0.2)	(993)	(0.1)
Net tax losses utilised	(247)	0.0	(178)	0.0
Profit for the year	88,102	9.6	23,077	2.2

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Cromwell Property Fund - Assets

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43 Bridge Street, Hurtsville NSW

This property is located in Hurtsville’s commercial market, which is a sub-regional centre within the middle ring of Sydney’s Southern/South Western suburbs situated approximately 20 km from Sydney CBD and is classed as a significant Commercial Centre.

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Address 43 Bridge Street, Hurtsville, NSW Sector Commercial Land Area 4,126 sqm Lettable Area 9,799 sqm Acquisition Date July 2006 Major Tenant State Property Authority of NSW	External Valuation $34.5m (Dec 11)
	Book Value $34.5m
	Occupancy 95.3%
	Cap Rate 9.50%
	WALE 4.3 years
	NABERS Energy 4.5 Stars
	NABERS Water 3.5 Stars

Homebase Centre, Prospect NSW

This major homemaker centre is located approximately 30 km West of Sydney’s CBD. The centre provides excellent accessibility being adjacent to the M4 motorway within the suburb of Prospect, and has a main frontage to Stoddard Road.

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Address Homebase, Prospect, NSW Sector Retail Land Area 6.55 ha Lettable Area 25,918 sqm Acquisition Date July 2006 Major Tenant Fantastic Furniture, The Good Guys, Nick Scali Sofas to Go, Beacon Lighting	External Valuation $38.5m (June 12)
	Book Value $38.5m
	Occupancy 86.5%
	Cap Rate 10.75%
	WALE 3.3 years

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Cromwell Property Fund - Assets

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Lovett Tower, Woden ACT

With 22 commercial office floors and ground floor retail, Lovett Tower is Canberra’s tallest building and is 99% leased to the Department of Veteran Affairs until 2017.

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Address 13 Keltie Street, Wooden, ACT Sector Commercial Land Area 1,258 sqm Lettable Area 20,540 sqm Acquisition Date Dec 2006 Major Tenant Department of Veteran Affairs	External Valuation $73.0m (Jun 12)
	Book Value $73.0m
	Occupancy 100%
	Cap Rate 9.50%
	WALE 4.0 years
	NABERS Energy 4.0 Stars
	NABERS Water 5.0 Stars

Smithfield Industrial Property, Smithfield NSW

Located in a well established and popular industrial area in Sydney’s South Western suburbs, this industrial complex presents multiple opportunities for redevelopment while delivering ongoing income.

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Address 28-54 Percival Rd, Smithfield, NSW Sector Industrial Land Area 55,170 sqm Lettable Area 26,084 sqm Acquisition Date May 2007 Major Tenant Cargo Logistics, Microbial, Toll	External Valuation $19.7m (Jun 12)
	Book Value $19.7m
	Occupancy 30.2%
	Cap Rate 10.25%
	WALE 0.5 years

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well versed well timed well considered

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