Continuous disclosure and updates

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Click here to view the Continuous Disclosure Notice

An external valuation has been finalised for Cromwell Direct Property Fund’s (Fund) largest asset, which represents 28% of the Fund’s total portfolio¹. This valuation is dated 30 September 2024 and has resulted in a 2.2% decrease in Fund asset values.

The revaluation has been reflected in the unit price for units issued in the Fund on and from 1 October 2024. Closing unit price on 30 September 2024 was $0.7931.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12.}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made via the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has entered into an unconditional contract to sell 433 Boundary Street, Spring Hill, Queensland for a gross purchase price of $41.536 million. This represents a 3.8% premium to the most recent external valuation of $40.0 million dated 31 December 2023.

Settlement is expected to take place on 23 August 2024, with proceeds applied to repayment of debt.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made via the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

External valuations have been finalised for six of the Cromwell Direct Property Fund’s (Fund) assets, representing 52% of the Fund’s total portfolio¹. These valuations are dated 30 June 2024, and have resulted in a 2.0% decrease in Fund asset values. Including the valuations in April 2024 and May 2024, there has been a 3.0% decrease in Fund asset values since 31 December 2023.

The revaluations have been reflected in the unit price for units issued in the Fund on and from 30 June 2024. Closing unit price on 30 June 2024 was $0.8309.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made via the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation has been finalised for one of Cromwell Direct Property Fund’s (Fund) directly owned assets, which represents 17% of the Fund’s total portfolio¹. This valuation is dated 31 May 2024, and has resulted in a 0.6% decrease in Fund asset values².

The revaluation has been reflected in the unit price for units issued in the Fund on and from 3 June 2024. Closing unit price on 3 June 2024 was $0.8768.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made via the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation has been finalised for Cromwell Direct Property Fund’s (Fund) largest asset, which represents 25% of the Fund’s total portfolio¹. This valuation is dated 30 April 2024, and has resulted in a 0.6% decrease in Fund asset values².

The revaluation has been reflected in the unit price for units issued in the Fund on and from 1 May 2024. Closing unit price on 1 May 2024 was $0.8918.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made via the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFML), as responsible entity of the Cromwell Direct Property Fund (the Fund), advises that the half-year valuation process is now complete and that it will, from 25 March 2024:

• recommence accepting applications into the Fund; and
• recommence offering the Distribution Reinvestment Plan (DRP), at a 5% discount.

This means for those investors previously participating in the DRP immediately prior to the temporary suspension (in November 2023), your original DRP request will recommence and be processed in April for the March 2024 distribution. DRP units will continue to attract a 5% discount.

There will be no change to the Limited Monthly Withdrawal Facility (which is not currently offered) as advised in the continuous notice disclosure dated 4 March 2024.

Should you wish to change your distribution participation request, please contact Cromwell Investor Services.

For more information on the Cromwell Direct Property Fund, please contact Cromwell’s Investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/DPF.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFML) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (PDS). A target market determination (TMD) is available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFML and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment, you should consider the PDS and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation and needs. CFML and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFML and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.

Cromwell Funds Management (CFM), as responsible entity of the Cromwell Direct Property Fund (the Fund) announced on 29 September 2023 it would cease to offer the Limited Monthly Withdrawal Facility for a period of 6 months from 1 October 2023. This strategic decision was made to protect the Fund’s balance sheet as it navigated a difficult period in the commercial property market cycle.

Despite debt levels remaining reasonably static, continued challenging conditions have resulted in softer property valuations and increased gearing. CFM has therefore decided to cease offering redemptions under the Limited Monthly Withdrawal Facility until further notice. By carefully managing the Fund’s gearing and liquidity through the property cycle, CFM believes the Fund will be best placed when the market commences its recovery.

This decision does not alter the timing of DPF’s next Periodic Withdrawal Opportunity which is expected to occur on or around July 2025.

For more information on Cromwell Direct Property Fund, please contact Cromwell’s Investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/dpf.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (PDS) and the target market determination (TMD). Applications for units in the Fund can only be made on the Application Form. The PDS, TMD and Application Form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment, you should consider the PDS and TMD and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation and needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.

Cromwell Funds Management Limited (CFML), as responsible entity of the Cromwell Direct Property Fund (the Fund) temporarily suspended applications into the Fund, and ceased to offer the Distribution Reinvestment Plan (DRP) as of 14 November, until the half-year valuation cycle was completed. As part of this process and until the audited financials for the half-year ending 31 December 2023 are released, the Fund’s:

• applications remain suspended; and
• Distribution Reinvestment Plan (DRP) will not be offered.

Further notice will be provided when the Fund reopens for applications and when the DRP is reinstated.

For those investors previously participating in the DRP, future distributions will continue to be paid in cash into the investor’s nominated bank account and will not be reinvested during the period of suspension.

CFML also confirms the advice in correspondence to unitholders dated 18 December 2023, the distribution rate will be lowered to 4.75 cpu p.a. from 1 January 2024. For clarity, the January 2024 distribution, which will be paid in February 2024, will be the first at this lower rate.

This notice replaces the CDN dated 10 January 2024.

For more information on Cromwell Direct Property Fund, please contact Cromwell’s Investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/dpf.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFML) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (PDS). A target market determination (TMD) is available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFML and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment, you should consider the PDS and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation and needs. CFML and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFML and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFML), as responsible entity of the Cromwell Direct Property Fund (the Fund), advises the half-year valuation process is now complete and that it will, from 15 January 2024:

• recommence accepting applications into the Fund; and
• recommence offering the Distribution Reinvestment Plan (DRP), at a 5% discount.

This means for those investors previously participating in the DRP immediately prior to the temporary suspension (in November 2023), your original DRP request will recommence and be processed in February for the January 2024 distribution. DRP units will continue to attract a 5% discount.

Should you wish to change your distribution participation request, please contact Cromwell’s Investor Services Team.

CFML also confirms the advice in correspondence to unitholders dated 18 December 2023, the distribution rate will be lowered to 4.75 cpu p.a. from 1 January 2024. For clarity, the January 2024 distribution, which will be paid in February 2024, will be the first at this lower rate.

For more information on Cromwell Direct Property Fund, please contact Cromwell’s Investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/DPF.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs.  Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Further to asset valuation update of 18 December 2023, external valuations have been finalised for the remaining 35% of assets¹  held within the Cromwell Direct Property Fund (Fund). These valuations are dated 31 December 2023, and have resulted in a 2% decrease in Fund asset values².

The revaluations have been reflected in the unit price for units issued in and redeemed from the Fund post 31 December 2023. The closing unit price on 31 December 2023 was $0.9147.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs.  Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

External valuations have been finalised today for 65% of the Cromwell Direct Property Fund’s (Fund) assets¹. These valuations are dated 30 November 2023, and have resulted in a 6.9% decrease in Fund asset values².

The revaluations have been reflected in the unit price for units issued in and redeemed from the Fund on and from 1 December 2023. Closing unit price on 1 December 2023 was $0.9623.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and Target Market Determination (TMD) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Click here to view the Continuous Disclosure Notice.

Cromwell Funds Management Limited (CFML), as responsible entity of the Cromwell Direct Property Fund (CDPF or the Fund), advises that it will temporarily suspend accepting applications into CDPF and offering the CDPF Distribution Reinvestment Plan (DRP), effective from 14 November 2023, with likely reinstatement in early 2024.

As part of CDPF’s Valuation Policy, the Fund’s underlying property assets are valued each 12-month period, last completed in April and June 2023. Given the recent volatility in Australian real estate markets, and in particular potential movement in office asset valuations, the Board considers it is appropriate to revalue CDPF’s assets again prior to the end of the 2023 calendar year to identify if any values may have moved materially owing to the nature of the assets and market circumstances, which may require updated independent valuations.

Further notice will be provided when CDPF reopens for applications and when the DRP is reinstated.

For those investors currently participating in the DRP, future distributions will be paid in cash into the investor’s nominated bank account and will not be reinvested during the period of suspension.

For more information on Cromwell Direct Property Fund, please contact Cromwell’s Investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/dpf.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFML) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (PDS). A target market determination (TMD) is available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFML and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment, you should consider the PDS and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation and needs. CFML and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFML and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Property Group (ASX: CMW) (Cromwell), today announces that Cromwell Funds Management Limited (CFML), as responsible entity of the Cromwell Direct Property Fund (CDPF), and Australian Unity Property Limited (AUPL), as responsible entity of the Australian Unity Diversified Property Fund (AUDPF) have jointly agreed to terminate the Merger Implementation Deed (MID) in relation to the proposed merger of CDPF and AUDPF (Proposed Merger).

Since the announcement of the Proposed Merger, market conditions impacting commercial property investment have materially changed and, consequently, have increased uncertainty in relation to the Proposed Merger. Given these developments, the parties have determined that proceeding with the Proposed Merger is no longer in the best interests of the respective funds’ investors.

The Share Sale and Purchase Agreement relating to the purchase shares in AUPL by Cromwell, which was conditional on implementation of the merger, has also been terminated.

CFML remains committed to CDPF’s strategy to provide regular income to unitholders through a portfolio of quality Australian real estate assets.

For more information on the Proposed Merger, or anything else relating to the Cromwell Direct Property Fund, please contact Cromwell’s investor Services Team on 1300 268 078 or your Relationship Manager directly or visit the website: www.cromwell.com.au/dpf.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFML) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 17 November 2020 (PDS). A target market determination (TMD) is available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFML and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. In deciding whether to acquire or continue to hold an investment, you should consider the PDS and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation and needs. CFML and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this notice. If you acquire units in the Fund, CFML and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) has today forwarded correspondence to all Cromwell Direct Property Fund (Fund) Unitholders providing an update on Fund redemptions, distributions and market conditions generally.

A copy of the correspondence is set out here.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Further to asset valuation updates of 16 May 2023 and 26 May 2023, external valuations have been finalised for the remaining 46% of assets¹ held within the Cromwell Direct Property Fund (Fund) resulting in a 3% decrease in Fund asset values².

The revaluations have been reflected in the unit price for units issued in and redeemed from the Fund on and from 3 July 2023. Closing unit price on 3 July 2023 was $1.1154.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

^{1 calculation of total assets includes DPF’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

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Cromwell Funds Management Limited (CFM) has today finalised a debt restructure for the Cromwell Direct Property Fund (Fund), being:

• entering into a new facility for $146.5 million for 3 years;
• applying proceeds to refinance the first existing facility for a further 3 years and lower the facility limit from $146.5 million to $76.75 million; and
• applying the remaining proceeds to reduce the second existing facility by $76.75 million to $73.25 million.

The restructure leaves the total facility limit unchanged at $446.5 million, provides for a neutral cost of debt and increases the debt maturity profile for the Fund from 2.9 years to 3.5 years.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333 214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Direct Property Fund (the Fund).

CFM wishes to insert the italicised paragraph below in section 7.4 of the Fund’s product disclosure statement dated 17 November 2020 (PDS) on page 29 after the following paragraph:

If the Limited Monthly Withdrawal Facility is being offered in any month, at the start of the month CFM will advise investors of the estimated amount available to meet withdrawal requests at www.cromwell.com.au/dpf.

If the current value of a direct investor’s unitholding falls below the required minimum balance of $5,000, CFM may at its discretion withdraw such unitholding in full in priority to any other withdrawal requests, pay the proceeds to the investor and close the account. The amount payable will be the withdrawal price on the date of the withdrawal multiplied by the number of units held by the investor. CFM reserves the right to vary the minimum balance amount at any time in its sole absolute discretion.

The information contained in the PDS is up to date as at 17 November 2020. The updates to the information in the PDS contained in this notice do not contain any materially adverse information.

Where permitted updates to information contained in the PDS will be published as a continuous disclosure notice on the website for the Fund located at www.cromwell.com.au/dpf.

A paper copy of the PDS or any other updated information for the Fund will be given, or an electronic copy made available, to a person without charge upon request.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

We wish to advise that there was an error in the asset valuation update published on 16 May 2023. We previously advised that external valuations were conducted for 39% of assets¹ as at 30 April 2023 held within the Cromwell Direct Property Fund (Fund) resulting in a 2% decrease in Fund asset values². The percentage of assets was 54% not 39%. All other information is correct.

_{1 including DPF’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis}

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

External valuations were conducted for 39% of assets¹ as at 30 April 2023 held within the Cromwell Direct Property Fund (Fund) resulting in a 2% decrease in Fund asset values².

The revaluations have been reflected in the unit price for units issued in and redeemed from the Fund on and from 1 May 2023. Closing unit price on 1 May was $1.2099³.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{1 including the Fund’s share of assets held in Cromwell Riverpark Trust and Cromwell Property Trust 12
2 on a gross basis
3 ex-price}

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised additional interest rate hedging on 10% of the Fund’s outstanding debt. The additional hedge is effective 28 March 2023 for a 3-year term.

The new hedge takes the total value of hedging to $134.65 million on total drawn balances of $269.3 million.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Click here to view the Continuous Disclosure Notice.

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

External valuations for assets as at 31 October 2022 held within the Cromwell Direct Property Fund (Fund) were as follows:

• 433 Boundary Street, Spring Hill increased by 1.2% to $42 million, up from $41.5 million as at 30 June 2022;
• 11 Farrer Place, Queanbeyan, decreased by 5.2% to $36.5 million, down from $38.5 million as at 31st December 2021;
• 163-175 O’Riordan Street Mascot, held value at $118 million from the last valuation as at 30 June 2022; and
• 545 Queen Street, Brisbane decreased by 5.5% to $111 million, down from $117.5 million as at 31st March 2022.

The change in value of the assets is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 November 2022.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

External valuations for assets as at 30 September 2022 held within the Cromwell Direct Property Fund (Fund) were as follows:

• 95 Grenfell Street, Adelaide SA decreased by $42k to $81.23 million, down from $81.35 million as at 30 April 2022;
• 100 Creek Street, Brisbane QLD, increased by 1.2% to $187 million, up $184.7 million as at 31 December 2021;
• 420 Flinders Street Townsville QLD, decreased 1.4% to $69m, down from $70m as at September 2021.

The change in value of the assets is expected to affect the unit price for units issued and redeemed in the Fund on and from 30 September 2022.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Following on from the sale campaign for the Cromwell Direct Property Fund (Fund) owned 64 Allara Street Canberra asset, an unconditional contract for the sale of the property has been signed for the sum of $18,187,000.

The asset is 100% owned by the Fund and was acquired in July 2015 for $16,800,000. The asset was last valued at $17,500,000 (on a net basis) in December 2021.

The property is expected to settle within five business days, with proceeds to be used to reduce debt.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management (CFM) has commenced marketing for sale the Cromwell Direct Property Fund’s (Fund) Canberra asset, located at 64 Allara Street Canberra City, ACT. The asset is 100% owned by the Fund and was acquired in July 2015 for $16,800,000. The asset was last valued at $17,500,000 in December 2021. The sale of the fully leased, well located asset is to take advantage of the strong Canberra market fundamentals.

Marketing of the asset has commenced via a comprehensive expressions of interest campaign, with final offers expected on 15 September 2022.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management is pleased to announce that in the 2022 financial year, Unitholders¹ of the Cromwell Direct Property Fund (Fund) earned a total return of 12.4% which included total distributions of 8.5171 cents per unit (cpu), equivalent to a yield of 6.4%². This included the annual 7.25 cpu which was paid monthly over the course of the year, and an additional special distribution of 1.2671004 cpu paid on 19 July 2022.

The Fund went ex-distribution on 30 June 2022, reducing the unit price of the Fund. As part of the annual budgeting process, we review all aspects of the Fund from the individual assets, right through to Fund expenses and distributions.

As Unitholders would be aware, Australia and much of the world is in an inflationary cycle. To combat this, the Reserve Bank of Australia has increased the official cash rate four times since May 2022, taking the official rate from historic lows of 0.1% to 1.85% in just three months. These increases to rates and inflation have a direct impact to the costs of both businesses and individuals. The Fund is not immune to this flow on effect.

As a result, the decision has been made that from 1 July 2022, distribution payments will be reduced by 0.5 cpu per annum, from the current 7.25 cpu to 6.75 cpu.

At the current unit price of $1.314 (31 July 2022), a distribution of 6.75 cpu p.a. provides a yield of approximately 5.14%.

Distributions will continue to be paid monthly.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{¹Unitholders invested for the full year FY22.
²Yield based on ex-withdrawal price of $1.3218 as at 30 June 2022 and total annual (FY22) distributions of 8.5171371 cents per unit.}

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) is pleased to announce the Cromwell Direct Property Fund (DPF) will pay a final distribution of 1.8712671 cents per unit (CPU) for the period ending 30 June 2022 on 19 July 2022. This comprises the normal monthly distribution of 0.6041667 CPU and a special distribution of 1.26710040 CPU.

The special distribution comprises realised capital gains from the sales of DPF’s underlying assets during the 2022 financial year.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised an interest rate swap on a further 11% of the Fund’s debt facilities. The additional interest rate swap is effective from 30 June 2022 and expires in June 2025.

The new interest rate swap takes the total value of interest rate swaps to $108.25 million on total drawn balances of $306.8 million.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

External valuations for assets as at 30 June 2022 held within the Cromwell Direct Property Fund (Fund) were as follows:

• 433 Boundary Street, Spring Hill increased by 2.5% to $41.5 million, up from $40.5 million as at 31 December 2021;
• 163 O’Riordan Street, Mascot, increased by 0.9% to $118 million, up from the valuation of $117 million as at 30 June 2021.

The change in value of the assets is expected to affect the unit price for units issued and redeemed in the Fund on and from 30 June 2022.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised the upsize and extension of a debt facility for the Cromwell Direct Property Fund (Fund). The current debt facility was upsized from $120 million to $150 million and the term of the debt facility was extended to June 2027. The upsize takes the total debt available to the Fund to $446.5 million.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised the extension of a debt facility for the Cromwell Direct Property Fund (Fund). The current debt facility was upsized from $75 million to $150 million and the term of the debt facility was extended to May 2027. The upsize takes the total debt available to the Fund to $416.5 million.

CFM has also finalised an interest rate swap on a further 12% of the Fund’s debt facilities. The additional interest rate swap is effective from 6 June 2022 and expires in June 2025.

The new interest rate swap takes the total value of interest rate swaps to $148.25 million on total drawn balances of $307.4 million.

Disclaimer:

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

The Cromwell Direct Property Fund (the Fund) has added to its direct property portfolio with the acquisition of Chesser House, located at 95 Grenfell Street, Adelaide at a purchase price of $81.35 million with the final contractual conditions satisfied today (the Acquisition).

Chesser House is an 11-storey A-grade office tower with total net lettable area of 11,121 sqm and a 6.1-year WALE.

The building has undergone significant works which includes the implementation of new end-of-trip facilities, a ground floor lobby upgrade, refurbished lift lobbies and modernised lift cars. A new 93KW solar panel system has also been installed, which generates 17% of the total base building power. This is reflected in the building’s impressive 5-Star NABERS Energy rating.

The asset is anchored by the South Australian Attorney General’s Department, increasing overall portfolio exposure to government tenants to 37%, with additional leases to blue-chip tenants Serco and CyberCX.

The location adds to the geographic diversification of the Fund and is a timely acquisition, with the Adelaide CBD set to benefit from significant economic activity as a result of State and Federal Government spending on defence, technology, innovation and biomed. This is headlined by the Department of Defence’s $35 billion Future Frigate project and the $3.6 billion medical precinct, which is set to become the largest health cluster in the Southern Hemisphere.

The Acquisition is accretive to the Fund’s earnings and takes the Fund’s direct property portfolio to eight assets valued at $667 million, with look-through property exposure to 10 assets with a value of $760 million and a portfolio WALE of 5.1 years.

The Chesser House acquisition builds upon a strong 2021 for DPF, with the Fund acquiring two Brisbane CBD assets – 545 Queen Street and 100 Creek Street – in May and October respectively and will support the Fund’s longstanding track record of paying unitholders a regular, reliable income¹.

_{1Capital growth and income distributions are not guaranteed and are subject to the assumptions and risks contained in the PDS. Past performance is not indicative of future performance.}

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised an interest rate swap for the Cromwell Direct Property Fund’s debt facility (Facility).

The interest rate swap fixes 50% of the fund’s current debt with one of its lenders ($37.5 million) through until expiry of that Facility in April 2024. The swap was effective from 15 March 2022.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

External valuations for assets as at 31 December 2021 held within the Cromwell Direct Property Fund (Fund) were as follows:

• 433 Boundary Street, Spring Hill increased by 3.8% to $40.5 million, up from $39 million as at 31 December 2020;
• 11 Farrer Place, Queanbeyan, increased by 1.4% to $38.5 million, up from the valuation of $38 million as at 30 June 2021; and
• 64 Allara Street, Canberra, decreased by 5.4% to $17.5 million, down from the valuation of $18.5 million as at 31 March 2021.The change in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 January 2022.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management (CFM) as responsible entity for the Cromwell Direct Property Fund (the Fund) is pleased to announce settlement of the 100 Creek Street, Brisbane (the Property) at a purchase price of $184.7 million.

The Property is accretive to the Fund’s earnings and takes the Fund’s direct property portfolio to seven assets valued at $585 million, with look-through property exposure to 9 assets with value of $677 million.

The Property has a 3.2 year weighted average lease expiry (WALE) and takes the Fund’s overall WALE to 5.2 years.

Recently refurbished, the 24-storey tower accommodates a commercial tenancy mix of high quality national, multinational, listed and Government organisations. Located in Brisbane’s Golden Triangle, the property is close to the heart of Brisbane’s retail precinct, leasing interest from potential new tenants in the remaining vacant tenancies is positive.

For further information on the Fund contact Cromwell’s Investor Services Team on 1300 268 078.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has further diversified the debt exposure of the Cromwell Direct Property Fund (the Fund) with the introduction of a new debt facility for $120 million (the Facility) with an Australian bank. The Facility has a term of three years, expiring in October 2024.

The addition of the Facility takes the total debt available for the Fund to $341.5 million and has been established in preparation for settlement of the acquisition of 100 Creek Street, Brisbane, which is expected to settle in November 2021, subject to Foreign Investment Review Board (FIRB) approval.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

The Cromwell Direct Property Fund (the Fund) has added to its direct property portfolio with the acquisition of 100 Creek Street, Brisbane at a purchase price of $184.7 million (the Acquisition).

100 Creek Street is a 24-storey office tower featuring floor to ceiling glass providing excellent natural light. The building has a total net lettable area of 20,223 sqm with rental income underpinned by a diverse mix of tenants.

Having recently undergone an extensive refurbishment which saw the repositioning of the ground floor lobby and end-of-trip facilities, 100 Creek Street currently holds an exceptional 5-Star NABERS Energy Rating and 6-Star NABERS Indoor Environment Rating.

The Acquisition is accretive to the Fund’s earnings and takes the Fund’s direct property portfolio to seven assets valued at $585 million, with look-through property exposure to 10 assets with value of $696 million.

The Acquisition has a 2.7 year weighted average lease expiry (WALE) and takes the Fund’s overall WALE to 4.7 years.

The Acquisition is subject to Foreign Investment Review Board approval (FIRB) and is expected to settle towards the end of November 2021.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation of the 420 Flinders Street, Townsville asset has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 10.2% increase in the value of the asset to $70 million, up from $63.5 million as at 30 September 2020.

The asset is 100% owned by the Fund.

The increase was underpinned by an increase in rental income and a reduction in the capitalisation rate.

The increase in valuation affects the unit price for units issued and redeemed in the Fund on and from 1 October 2021. The next external valuation for the asset will be due in September 2022.

If you have any questions or would like to know more about the Fund, please visit www.cromwell.com.au/DPF or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Direct Property Fund (the Fund).

Annual Fees and Costs

In section 5.2 of the Fund’s product disclosure statement dated 17 November 2020 (PDS), CFM provides an example of the annual fees and costs associated with an investment in the Fund and a breakdown of management costs.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2021:

Example of Annual Fees and Costs

The table below gives an example of how the fees and costs for the product can affect your investment over a 1-year period. You should use this table to compare this product with other managed investment products.

PLUS Management fees0.21%And, you will be charged or have deducted from your investment between $106 and $117³ in performance fees each year. This number is calculated off a five year average fee.EQUALS Cost of Fund3.93%If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $1,966 – $2,163³.
What it costs you will depend on the fees you negotiate.

<sub>1. This example does not include any additional fees that your financial adviser or IDPS operator may charge you.
2. The minimum initial investment amount for the Fund is $10,000. The minimum additional investment amount is $1,000. Example assumes the additional $5,000 is invested at the beginning of the year.
3. Takes into account the additional $5,000 contribution, assumed to be invested at the beginning of the year.</sub>

<sub>4. Management fee of 0.60% p.a. of the Fund’s gross asset value represented as a percentage of the Fund’s net asset value.
5. Annual administration costs of 0.16% of the Fund’s net asset value for the 12 months to 30 June 2021.
6. Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
7. Indirect costs of investing in Property Trusts represented as a percentage of the Fund’s net asset value. This amount will depend on the Fund’s portfolio composition.</sub>

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Following on from the sale campaign for the Cromwell Direct Property Fund (Fund) owned Bunnings asset, located on the corner of Curtis Road and Frisby Road, Angle Vale, Munno Para West, South Australia, an unconditional contract for the sale of the property has been signed, for the sum of $48,800,000.

The asset is 100% owned by the Fund and was acquired in December 2015 for $27,500,000.

The property is expected to settle within seven business days, with proceeds to be used to reduce debt.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management (CFM) has commenced marketing for sale the Cromwell Direct Property Fund’s (Fund) Bunnings asset, located on the corner of Curtis Road and Frisby Road, Angle Vale, Munno Para West, South Australia. The asset is 100% owned by the Fund and was acquired in December 2015 for $27,500,000. The asset was last valued at $36,500,000 in September 2020.

Marketing of the asset has commenced via a comprehensive expressions of interest campaign, with final offers expected on 12 August 2021.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An internal valuation of 11 Farrer Place, Queanbeyan, ACT at 30 June 2021 has provided a 2.7% increase in the value of the asset to $38 million up from the valuation of $37 million as at 31 December 2020. The asset is 100% owned by the Cromwell Direct Property Fund.

The increase was underpinned by an increase in rental income.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the Altitude Corporate Centre located at 163 – 175 O’Riordan Street, Mascot, NSW at 30 June 2021 has provided a 2.6% increase in the value of the asset to $117 million up from the valuation of $114 million as at 30 June 2020. The asset is 100% owned by the Cromwell Direct Property Fund.

The increase in valuation is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 July 2021.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

The Cromwell Direct Property Fund (Fund) has added to its direct property portfolio with the acquisition of 545 Queen Street, Brisbane (the Property) at a purchase price of $117.5 million, reflecting a passing yield of 5.9%, with the transaction settling on 5 May 2021.

The Property is a 2,735-square metre (sqm) site at the entrance to the Brisbane CBD’s ‘Golden Triangle’, comprising an A-Grade 9-storey commercial office building with approximately 13,363 sqms of net lettable area (NLA) and 84 car parks. The property has a 5.0 Star NABERS Energy rating.

Fully refurbished, the building is 100% leased with a WALE of 4.2 years, and includes major tenants Sonic Healthcare, Federal Government and Calibre Professional Services.

With 88% of income derived from Government, listed or multinational tenant-customers, 545 Queen Street is an excellent fit for the Fund’s portfolio, and is accretive to Fund earnings. The acquisition takes the Fund’s direct property portfolio to seven assets valued at $426 million, and the look-through property exposure to 10 assets, with a total investment value of $526.3 million.

After acquisition the Fund’s overall WALE will be 5.8 years.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) has diversified the debt exposure of the Cromwell Direct Property Fund with the introduction of a new lender and debt facility for $75 million (“the Facility”). The new Facility has a term of three years, expiring in April 2024.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised an extension of the Cromwell Direct Property Fund’s (Fund) existing $146.5 million debt facility (Facility) with an Australian bank. The extension amends the Facility’s expiry date from June 2022 to a new expiry date of 28 February 2024, with no change to the facility limit. The Fund’s overall debt maturity profile has improved with the Facility’s expiry date now extended to 2024.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation of the 64 Allara Street, Canberra asset as at 31 March 2021 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 5.7% increase in the value of the asset to $18.5 million up from the valuation of $17.5 million as at 30 June 2020.

The increase in valuation is underpinned by a reduction in the capitalisation rate and returns the asset back to its pre-COVID valuation.

The increase in value of the asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 April 2021.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Download the latest Direct Property Fund Disclosure Guide here.

External valuations for assets as at 31 December 2020 held within the Cromwell Direct Property Fund (Fund) have provided good news for unitholders:

• 433 Boundary Street, Spring Hill increased by 1.6% to $39 million, up from $38.4 million as at 30 June 2020; and
• 11 Farrer Place, Queanbeyan, increased by 4.2% to $37 million, up from the valuation of $35.5 million as at 30 June 2020.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 January 2021.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Direct Property Fund (Fund).

Units in the Fund were available for subscription under a product disclosure statement dated 29 September 2017 and under a supplementary product disclosure statement dated 6 April 2020 (together, the Disclosure Documents).

Units are now available for subscription under a new product disclosure statement dated 17 November 2020 (2020 PDS), and the Disclosure Documents are no longer applicable.

The fees and other costs section of the 2020 PDS complies with the new enhanced fee disclosure regulations (please refer to “ASIC Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements” for further information).

The 2020 PDS and its application form are issued by CFM and are available from www.cromwell.com.au/dpf.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (“CFM”) confirms settlement of the sale of the Parafield Retail Complex, located in Main North Road, Parafield, South Australia for $27.25 million on 29 October 2020.

The sale improves the Fund’s portfolio metrics by reducing the exposure to large format retail north of Adelaide.

CFM will use the sale proceeds to reduce Fund debt.

As at 30 September 2020, the Fund had a 7.1-year weighted average lease expiry across 11 assets, reducing to ten following completion of the sale.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, Munno Para, South Australia) as at 30 September 2020 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 5.1% increase in the value of the asset to $36.5 million, up from the valuation of $34.7 million as at 30 June 2020. The increase was underpinned by a reduction in the capitalisation rate.

The valuation of the 420 Flinders Street, Townsville asset decreased by 0.4% to $63.5 million, down from $63.8 million as at 30 June 2020.

The next external valuation for both assets will be due in September 2021.

The changes in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 October 2020.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) is the Responsible Entity of the Cromwell Direct Property Fund (the Fund).

Annual Fees and Costs

In section 5.2 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), CFM provides an example of the annual fees and costs associated with an investment in the Fund and a breakdown of management costs.

CFM wishes to update this disclosure based on amounts for the financial year ended 30 June 2020:

Example of Annual Fees and Costs

The table below gives an example of how the fees and costs for the product can affect your investment over a one year period. You should use this table to compare this product with other managed investment products.

EQUALS Cost of Fund3.93%If you had an investment of $50,000 at the beginning of the year and you put an additional $5,000 in during that year then for that year, you would be charged fees of: $545 – $600..
What it costs you will depend on the fees you negotiate with your financial adviser.

<sub>1. This example does not include any additional fees that your financial adviser or IDPS operator may charge you.
2. The minimum initial investment amount for the Fund is $10,000. The minimum additional investment amount is $1,000.
3. This is the Fund’s indirect cost ratio (ICR) and represents the ratio of the management costs of the Fund to the total average net assets of the Fund for the previous financial year. The ICR includes management costs incurred in any Property Trusts. The ICR will change over time as the management costs of the Fund and any Property Trusts into which it invests change.</sub>

_{4. Management fee of 0.61% p.a. of the Fund’s gross asset value represented as a percentage of the Fund’s net asset value.
5.Annual administration costs of 0.14% of the Fund’s net asset value for the 12 months to 30 June 2020.
6.Of the Fund’s net asset value. This amount will depend on the Fund’s investment activity.
7.Of the Fund’s net asset value. This amount will depend on the Fund’s performance.
8.Indirect costs of investing in Property Trusts represented as a percentage of the Fund’s net asset value. This amount will depend on the Fund’s portfolio composition.}

Section 5.2 of the PDS should be read accordingly.

Transactional and Operational Costs

As disclosed in section 5.3.2 of the PDS, transactional and operational costs are disclosed based on amounts paid in the previous financial year and in any year will differ depending on the investment activity of the Fund.

CFM wishes to disclose that the total transactional and operational costs of the Fund for the financial year ended 30 June 2020 were 1.88% of the Fund’s assets under management, or $940 for a $50,000 investment in the Fund.

Section 5.3.2 of the PDS should be read accordingly.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Following on from the sale campaign for the Rand Distribution Centre, located in Direk, South Australia, Cromwell Funds Management Limited (CFM) has signed a contract for the sale of the property, for a sum of $63,050,000. The price achieved is an exceptional result given the property was last independently valued at $53,000,000 in September 2019. The asset was acquired in 2013 with an ‘as if complete’ value of $32,750,000.

The property is expected to settle on 14 December 2020, which is beyond the initial term of the Cromwell Property Trust 12 (Trust) which ends on 31 October 2020.

As a Unitholder in the Cromwell Property Trust 12, the increase in value of the asset to the sale price of $63,050,000 is expected to affect the unit price for units issued and redeemed in the Cromwell Direct Property Fund on and from 17 August 2020.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management (CFM) is pleased to announce the extension of the Cromwell Direct Property Fund (Fund) into a second Term. The Fund’s first full withdrawal opportunity closed on 31 July 2020, with withdrawal requests totalling 9.9% of issued capital.

The Fund expects to distribute withdrawal request proceeds received throughout the withdrawal opportunity in full on or around 17 August 2020. The withdrawals will be funded by a combination of existing cash reserves and undrawn debt.

Any future withdrawal requests must be lodged via the Fund’s Limited Monthly Withdrawal Facility form, which re-opened on 01 August 2020. Please refer to Section 7.4 of the Fund’s Product Disclosure Statement for further information on withdrawals from the Fund.

The Fund’s next full withdrawal opportunity will be in a further five years, being July 2025, and then each subsequent five years thereafter.

Contact Us

If you have any questions in relation to the withdrawal opportunity, please contact Cromwell’s Investor Services Team on 1300 268 078.

Download the latest Direct Property Fund Disclosure Guide here.

The first full liquidity event for the Cromwell Direct Property Fund (the Fund) commenced on 1 July 2020.

The Product Disclosure Statement (PDS) for the Fund explained (in section 7.4) that after expiry of the Initial Term in July 2020, Cromwell Funds Management Limited (CFM) would give all investors an opportunity to withdraw from the Fund (the “Liquidity Event”). The purpose of this update is to notify investors of the Liquidity Event and the period they have to make a withdrawal request under it (the “notice period”).

The notice period commenced on 1 July 2020 and will conclude at 5pm AEST on 31 July 2020, as illustrated in the timetable below¹. Withdrawal requests must be received within the notice period.

In accordance with the process set out in the Fund’s Constitution, if all withdrawal requests received during the notice period cannot be satisfied by 31 January 2021, or if withdrawal requests received total more than 50% of the units on issue on the first business day after the close of the notice period, then CFM will take steps to wind up the Fund and distribute the net proceeds to investors.

Subject to the level of withdrawal requests received, CFM expects to distribute redemption proceeds on or around 17 August 2020. If all withdrawal requests cannot be satisfied, then they will be paid or partly paid on a pro-rata basis monthly thereafter on or about the 20th of each month subject to available liquidity in the Fund.

CFM will suspend the Limited Monthly Withdrawal Facility during the notice period and any unsatisfied withdrawal requests will not be processed under that Facility for the month of July. Any investors with an unsatisfied withdrawal request wishing to participate in the Liquidity Event must either-

(a) advise CFM of their intention in writing during the notice period, or
(b) submit the Liquidity Event Withdrawal Form enclosed.

If an investor confirms by written notice to participate in the Liquidity Event, then any existing unfulfilled withdrawal request under the Limited Monthly Withdrawal Facility will be cancelled and included in the Liquidity Event, together with the other requests received in the notice period, all of which will be treated equally.

If an investor with an unsatisfied withdrawal request under the Limited Withdrawal Facility at 30 June 2020 elects not to participate in the Liquidity Event, then their unsatisfied withdrawal request will be carried forward and be deemed to have been made when the Limited Monthly Withdrawal Facility re-opens in August 2020.

Monthly distributions (currently 7.25 cents per unit per annum) will continue to be paid based on investors’ unitholding balances on the last day of each month.

Withdrawal requests under the Liquidity Event may be funded from cash, undrawn debt facilities, the sale of assets, or the issue of new units, or in accordance with the Constitution, CFM may also seek to facilitate unit transfers between those wishing to withdraw and those wishing to acquire units.

As at 23 June 2020, the most recently available unit price is $1.1892, which excludes the upcoming independent re-valuation of all properties held by the Fund at 30 June 2020. Updated unit pricing, including the impact of the upcoming 30 June 2020 independent revaluations will be available on the Fund’s webpage at www.cromwell.com.au/dpf in early July.

The withdrawal price payable for requests under the Liquidity Event will be calculated on the day before the withdrawal payment is made, in accordance with the Fund’s Constitution and unit pricing policy.

If all withdrawal requests under the Liquidity Event can be satisfied by 31 January 2021, then the Fund’s next full Liquidity Event will be in a further five years, being July 2025, and then each subsequent five years thereafter.

Liquidity Event Timetable

_{* CFM reserves the right to extend the notice period at its discretion}

The Fund continues to be very well received by investors. We consider its attributes are attractive in the current uncertain economic climate. As at 31 May 2020, the key statistics as per the Fund’s management accounts were as follows:

• Cash and undrawn bank debt: $100.9 million
• Look Through Gearing (total bank debt / total assets): 24.5%
• Look Through Gearing LVR: 26.7%
• Current distribution yield 6.1% based on unit price of $1.1892² and distributions of 7.25 cents per unit per annum
• Weighted average lease term – 7.4 Years as at 31 May 2020
• 42.6% income from government tenants
• 68.7% income from government and listed tenants

A Liquidity Event Withdrawal Form can be found here. As an investor, you can elect to withdraw partially or in full. If you would like to participate in the Liquidity Event, the Withdrawal Form must be completed and received by us 5pm AEST on 31 July 2020 (subject to any extension of the notice period advised by CFM).

Completed Withdrawal Forms are to be returned to Boardroom Pty Limited via one of the following methods:

• by post to the return address listed on the Withdrawal Form;
• by fax to 02 9252 1987; or
• by e-mail to cromwell@boardroomlimited.com.au

Returning a Withdrawal Form in this way will constitute notice to CFM of your withdrawal request. It is your responsibility to return their completed Withdrawal Form to allow sufficient time to meet the closing time of 5pm on 31 July 2020, as the Withdrawal Form will only be accepted if it is received by Boardroom by that time.

If you have any questions regarding the Fund or the Liquidity Event, please contact your financial adviser or Cromwell’s Investor Services Team directly on: 1300 268 078 or invest@cromwell.com.au

Cromwell Funds Management Limited
Phone: 1300 268 078
Email: invest@cromwell.com.au

_{Footnotes
1.CFM reserves the right to extend the notice period at its discretion.
2.Price as at 23 June 2020}

Cromwell Funds Management (CFM) continues to measure and respond to the impact of COVID-19 on the valuations of directly held property within the Cromwell Direct Property Fund (Fund). Following on from internal valuations of all assets as at 07 April 2020, the assets have now undergone external valuations as at 30 June 2020.

The overall impact of the revaluation has been positive, due to the advancement in COVID-19 rental relief negotiations providing some recovery from the internal mark-downs that occurred on 7 April 2020, in response to the implementation of the mandatory commercial tenancy code of conduct:

All directly held assets within the Fund were independently valued, other than the Retail Complex at Parafield which is recorded at its sales price. As at 30 June 2020 the asset had been sold but had not settled.

The Fund also benefitted from increases to indirect holdings in the assets of the Cromwell Riverpark Trust, Cromwell Ipswich City Heart Trust and the Cromwell Property Trust 12.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 July 2020.

CFM will continue to monitor the property investment market closely to ensure the pricing of our unlisted assets remains appropriate and that all investors are treated equitably.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (“CFM”) has entered into an unconditional contract to sell the Parafield Retail Complex, located in Main North Road, Parafield, South Australia for $27.25 million.

The timing of the sale is advantageous to the Fund by providing liquidity in advance of the Fund’s upcoming first full Liquidity Event. The sale also improves the Fund’s portfolio metrics by reducing the exposure to large format retail north of Adelaide.

Settlement is expected to take place prior to the payment of Liquidity Event proceeds, due to occur in mid-August, 2020.

The sale price agreed reflects a discount of 3.1% to the last internal valuation of $28.12 million, undertaken at the onset of the COVID-19 crisis on April 7.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Direct Property Fund – Update

The COVID-19 crisis has impacted almost all asset classes negatively, and unlisted commercial property has not been immune to the fall-out, particularly in our capacity as landlords. In response to the crisis, on 7 April 2020, the National Cabinet issued a Mandatory Commercial Tenancy Code of Conduct. The Code is a set of principles to guide rent relief negotiations between landlords and tenants and is mandatory.

You can read more information on the National Cabinet’s Mandatory Code of Conduct for Commercial Leases referred to in the update via the following link:

National Code of Conduct – Commercial Leasing

Some of the Fund’s tenants have been and continue to be impacted by COVID-19, and therefore will be safe-guarded to an extent by the relief put in place by the Code. The potential impact of this on the Fund will be on both the income derived from its leases and on the value of the assets it holds.

In the short term, we have quantified the valuation impact on a tenant by tenant basis based off current information. As a result, as we communicated in early April, the valuations of directly held property assets within the Fund were reduced in an aggregate drop of 5.9%, as at 07 April 2020. Valuations of indirectly held assets also underwent a revaluation.

International Education Services (IES)

The Fund asset which is bearing the brunt of the crisis is foreign education services provider, IES, located at Spring Hill in Brisbane.

Fund continues to be placed well for market recovery

However, despite some inevitable COVID-19 impact, the Fund is in an excellent position overall to ride out the current volatility. Highlights include the current tenancy profile by income which is weighted to 43% government or government owned tenants. Combined with a Weighted Average Lease Expiry of 7.6 years, income security is promising over the longer term. With look though gearing currently at 24.6%⁴, high levels of cash as a buffer, a large undrawn debt facility with expiry not until July 2022, the outlook for the Fund is positive and it remains open for investment.

The Fund is currently paying a distribution yield of approximately 6%^{5, 6}. The market outlook and future performance of the sector very much depends on the length of downtime that businesses are affected.

To this point, Australia has managed to successfully flatten the curve and both Federal and State governments have begun to talk about the easing of restrictions. We would expect this to fare well for commercial property markets, with increased economic activity of tenants, their employees and consumers hopefully lessening the reliance on stimulation packages and therefore shortening any downturn.

As we ride the fallout from the COVID-19 crisis, we will continue to monitor the property investment market closely to ensure the pricing of our unlisted assets remains appropriate and that all investors are treated equitably.

We will act in a responsible way that balances the interests of all stakeholders and to ensure that the impact of the pandemic is not borne unfairly by any one particular group.

The Fund is well positioned to take advantage of any opportunities that eventuate as a result of the crisis.

If you have any questions or would like to speak to someone about your investment, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

<sub>Footnotes:
1. As at 31 March 2020.
2. Positions in the Fund are subject to change.
3. Calculated on a “look-through” gross passing income basis.
4. Calculated on a “look-through” basis; total debt divided by gross assets.
5. Capital growth and income distributions are not guaranteed and are subject to the assumptions and risks contained in the PDS.
6. Yield calculated on current distributions of 7.25 cents per unit p.a. and a current unit price of $1.1940 as at 7 April 2020.</sub>

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management COVID-19 Asset Valuations Update

COVID-19 continues to be an unprecedented global event and Cromwell recognises the urgent nature of the emergency, our responsibility to help ‘flatten the curve’ and contribute to the ensuing recovery in all the countries, cities and communities in which we operate.

Cromwell CEO, Paul Weightman, has stated, “We are conscious that we have a wide range of stakeholders including employees, securityholders, tenants, suppliers, contractors and service providers impacted by COVID-19.”

“We will act in a responsible way that balances the interests of all stakeholders and to ensure that the impact of the pandemic is not borne unfairly by any one particular group,” he added.

Cromwell Funds Management Unlisted Property Funds

Cromwell Funds Management (CFM) understands that many investors are concerned about the impact the COVID-19 crisis might have on their investment balance in one of CFM’s unlisted property funds.

Unlike listed markets which provide transparent, albeit often volatile pricing, assessing the valuation of unlisted assets is more difficult at a time when there is little transactional activity to allow for the benchmarking, and then valuing, of an asset. It is clear, however, that property and other asset types have been adversely affected by the crisis.

CFM has a fiduciary duty to ensure that all investors in the funds, those applying for new units and those redeeming their units are treated equitably.

CFM has therefore quantified the valuation impact on a tenant by tenant basis based off current information. As a result, the valuations of directly held property assets within the Cromwell Direct Property Fund, Cromwell Riverpark Trust, Cromwell Ipswich City Heart Trust and Cromwell Property Trust 12 have been devalued by 5.9%, 1.4%, 2.4% and 1.6% respectively.

The revaluations have now been included in each Fund’s unit pricing and are consistent with many superannuation funds and unlisted property fund managers who have reduced valuations of unlisted property and infrastructure assets in a range of 7% to 10%.

Based on information currently available there is no change to forecast distributions across the Funds and the Cromwell Direct Property Fund remains open for investment.

CFM will continue to monitor the property investment market closely to ensure the pricing of our unlisted assets remains appropriate and that all investors are treated equitably.

If you have any questions or would like to speak to someone about your investment, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) has issued a Supplementary Product Disclosure Notice (“SPDS”) for the Cromwell Direct Property Fund (“Fund”) to be distributed and read in conjunction with the Product Disclosure Notice dated 29 September 2017 (“PDS”) as follows.

Cromwell Direct Property Fund ARSN 165 011 905 | APIR CODE CRM0018AU
Cromwell Funds Management Limited ABN 63 114 782 777 | AFSL 333 214
Supplementary Product Disclosure Statement

This Supplementary Product Disclosure Statement (“SPDS”), dated 6 April 2020, is supplemental to the Product Disclosure Statement (“PDS”) dated 29 September 2017 for the Cromwell Direct Property Fund (“Fund”) issued by Cromwell Funds Management Limited (“CFM”). This SPDS contains important information that updates the PDS and should be read in conjunction with the PDS. Terms contained within this SPDS have the same meaning as set out in the PDS.

In deciding whether to acquire units in the Fund, you should consider the PDS and the SPDS. From 6 April 2020, applications to invest in the Fund can only be made on an application form from the PDS with approved wording, or an approved sticker, confirming that the applicant has received, read and understood the SPDS.

The information contained in the PDS and SPDS is general information only and has been prepared without taking into account your objectives, financial situation or needs. Therefore, in deciding whether to acquire an investment in the Fund, you should consider the PDS and SPDS and assess, with or without your financial or taxation adviser whether the product fits your objectives, financial situation or needs.

COVID-19

As at the date of issue of this SPDS, investors would likely be aware of global events surrounding the rapid spread of the “COVID-19” virus. These events have led to volatility in financial markets, disruptions to cross-border travel and supply chains and restrictions on day to day activities in Australia and around the world, with uncertainty as to when the situation might stabilise and the nature and extent of the flow-on effects across different sectors of the economy. As at the date of issue of this SPDS, the Australian Government has introduced a number of significant economic stimulus and support measures; and has foreshadowed the potential for additional steps.

Investment risks

Section 4 of the PDS sets out some of the key risks of investing in the Fund, including for example risks associated with changing economic conditions, risks associated with the property market, tenancy-related risks and also disaster-related risks.

Risks such as these, if they eventuate, can potentially impact a direct property investment fund, such as the Fund, in different ways, such as the level of income the Fund receives (and therefore the level of distributions) and the valuation of the Fund’s properties.

The current COVID-19 pandemic is a global event unprecedented in modern times. The precise impact this pandemic may have upon the broader economy and the potential flow-on effects on the Fund is not yet known. What is known is that the impact on businesses will vary significantly. For example, in some cases the impact might be limited to a minor disruption during the period their workforce is required to work remotely while social distancing measures remain in place. In other industries, there may be longer term repercussions.

The Fund’s income is dependent upon its tenants paying their rent, in accordance with their leases. Depending on the nature of a tenant’s business, there is a risk that current events will adversely impact the ability of some tenants to meet their financial obligations. This may result in the Fund, as a commercial landlord, providing temporary relief to some tenants.

The Fund’s portfolio consists mainly of office assets which Cromwell believes are less likely to experience financial hardship than some other sectors (such as retail) during this time. Cromwell expects tenants within the portfolio to experience some mild to moderate disruption while social distancing measures implemented to fight the spread of COVID-19 remain in place, but they should be well positioned to recover as social distancing measures are lifted.

Cromwell continues to monitor the situation and will provide regular updates to investors on its website at www.cromwell.com.au/dpf.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

COVID-19 continues to have an unprecedented and far-reaching impact across the world. Cromwell recognises the urgent nature of the emergency, the responsibility to help ‘flatten the curve’ and contribute to the ensuing recovery in all of the countries, cities and communities in which we operate.

Cromwell CEO, Paul Weightman, stated, “Almost every business in Australia has been impacted by COVID-19 in some way. The impact of the virus will undoubtedly be far reaching but at the moment it is very hard to quantify.”

Impact
Cromwell’s Head of Retail Funds Management, Hamish Wehl, discussed the implications of COVID-19 on the Cromwell Direct Property Fund (DPF/Fund).

“DPF is an unlisted property fund. Unlisted property funds, by their nature, are significantly less volatile than the share market. However, quantifying the impact to investors is extremely difficult in the current environment in which government policy is continually changing, and the duration of social distancing is unknown,” explained Mr Wehl.

“DPF’s underlying portfolio is robust with 42.9% of income attributable to government tenants and a further 30.9% of income attributable to high quality listed tenants with a Weighted Average Lease Expiry across the portfolio of 7.6 years as at 29 February 2020. Cromwell will continue to keep all investors and advisors informed of DPF’s status”. Updates will be available on the Fund’s webpage www.cromwell.com.au/dpf.

“We will be working tirelessly with all of our tenants/customers to assist with their needs where possible and continually review the rapidly changing situation,” stated Mr Wehl.

Financial Position
DPF is prudently managed, and as the COVID-19 situation continues to unfold, the Fund is in an excellent capital management position. Some key statistics include:

• Distributions remain at 7.25 cents per unit per annum paid monthly;
• DPF held cash of $29.7m at 31 March 2020;
• Direct gearing (LVR) was 22.7% and the look through LVR was less than 25.0%; and
• $68.5m of undrawn debt is available from lenders remaining within covenant.

Redemptions
The capital position of the Fund should ensure that monthly redemptions continue as per Section 7.4 the PDS, which allows for the greater of an amount equal to 0.5% of the Fund’s net asset value and (if management believes it appropriate given the Fund’s future cash requirements) the amount by which the Fund and its sub-trust’s cash exceeds 6% of its net asset value.

If the amount required to meet withdrawal requests in any month exceeds the amount CFM determines to be available, withdrawal requests will be met pro-rata.

“Cromwell and DPF are in good shape to deal with the challenges and opportunities of the COVID-19 situation as they arise. We remain open, operational and well-placed to continue to add value for unitholders,” Mr Wehl concluded.

If you have any questions or would like to speak to someone about your investment, please contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

Download the latest Direct Property Fund Disclosure Guide here.

External valuations for assets as at 31 December 2019 held within the Cromwell Direct Property Fund (Fund) has provided good news for unitholders:

• 433 Boundary Street, Spring Hill increased by 14.3% to $48 million, up from $42 million as at 31 December 2018. The increase in valuation is underpinned by a reduction in the capitalisation rate;
• 64 Allara Street, Canberra increased by 2.8% to $18.5 million, up from the valuation of $18 million as at 31 December 2018. The increase in valuation is underpinned by an increase in market rents; and
• 420 Flinders Street, Townsville increased by 0.9% to $64.3 million, up from the valuation of $63.75 million as at 10 May 2019. The increase in valuation is underpinned by an increase in market rents.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 January 2020.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Queanbeyan acquisition

Cromwell Direct Property Fund (Fund) has secured its seventh direct commercial property asset, located in the city of Queanbeyan, approximately 15 kilometres south-east of the Canberra CBD for an acquisition price of $35 million, reflecting a passing yield of 6.0%.

The acquisition comprises a 4,052 square metre (sqm) site with 6,300 sqm of net lettable area over a four-level commercial office building, together with basement parking for 101 vehicles, plus limited at-grade on-site spaces; all constructed in approximately 2008. The property has a 4.5-Star NABERS Energy Rating.

The Property is fully let to the NSW State Government until June 2028. The lease is a net lease, with the rent subject to biennial market reviews protected by a ‘ratchet’, with increases over the previous rent capped at 8%.

The Fund acquired the asset from a related party, a wholly owned subsidiary of the Cromwell Diversified Property Trust. All negotiations were carried out on arm’s length terms but the Directors of Cromwell Funds Management Limited have elected to reduce the acquisition fee by 50% to reflect the detailed knowledge the group already holds on the asset.

The Property has a Weighted Average Lease Expiry (WALE) of 8.5 years, and after acquisition the Fund’s overall WALE will be 8.0 years.

Fully leased to the NSW State Government, 11 Farrer Place brings greater stability to the Fund’s income and tenancy profile. The acquisition is accretive to Fund earnings and takes the Fund’s direct property portfolio to $334.7 million and the look-through property exposure to 11 assets, with a total investment value of $436.7 million.

The acquisition settled on 31 October 2019.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Click here to view the Continuous Disclosure Notice.

An external valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, Munno Para, South Australia) as at 30 September 2019 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 7.4% increase in the value of the asset to $33.6 million, up from the valuation of $31.3 million as at 30 September 2018. The increase was underpinned by a reduction in the capitalisation rate.

An external valuation of the Parafield Retail Complex, Parafield, SA resulted in no change to the asset value, which remains constant at $29 million, with the next external valuation due in September 2020.

The Fund also benefited from an external valuation increase to the Rand Distribution Centre, located in Direk, SA, and an external valuation increase to the 19 George Street, Dandenong asset, VIC, owned by the Cromwell Property Trust 12, in which the Fund owns units.

The valuation of the Rand Distribution Centre increased by 1.9% to $53 million, up from $52 million as at 31 March 2019.

The valuation of the George Street, Dandenong asset increased by 5% to $100 million, up from $95.2 million as at 30 September 2018.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 October 2019.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) has finalised an interest rate swap for the Cromwell Direct Property Fund’s (Fund) new debt facility (Facility).

The interest rate swap follows the finalisation of the Facility on 28 June 2019, and fixes 50% of the Fund’s current debt ($73.25 million) through until expiry of the Facility in June 2022. The swap is effective from 28 June 2019 and was executed at a rate of 1.18% per annum.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) is pleased to announce that distributions for the Cromwell Direct Property Fund (Fund) have been increased by 0.25 cents per unit (cpu) per annum from 1 July 2019.

The increase takes the distribution to 7.25 cents per unit per annum.

CFM’s decision to increase distributions by the Fund was underpinned by the successful acquisition of 163-175 O’Riordan Street, Mascot, Sydney, which is accretive to Fund earnings.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Direct Property Fund (the Fund).

As disclosed in section 6.2 of the Fund’s Product Disclosure Statement dated 29 September 2017 (PDS), CFM is required to withhold tax on a non-resident investor’s behalf in respect of any Australian taxable income distributed or attributed by the Fund.

From 1 July 2019, a withholding tax rate of 30% will apply to distributions of any income relating to cross staple arrangements, trading business income, Managed Investment Trust (MIT) residential housing income or MIT agricultural income which has been derived by the Fund from the underlying investments of the Fund.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Mascot acquisition

The Cromwell Direct Property Fund (Fund) has secured its sixth direct commercial property asset, the Altitude Corporate Centre, located at 163-175 O’Riordan Street, Mascot, Sydney (Altitude Corporate Centre or the Property) for an acquisition price of $113.28 million, reflecting a passing yield of 5.7%.

Altitude Corporate Centre is a 4,733-square metre (sqm) site comprising an A-Grade 11-storey commercial office building with approximately 13,459 sqms of net lettable area (NLA) and 355 car parks. The property has a 5 Star NABERS Energy Rating and a 5 Star Green Star rating.

The Property’s major leases are to blue chip office supply retailing corporation, Winc Australia Pty Ltd (Winc) and Swedish Nasdaq OMX-listed multinational home appliance company, Electrolux. Winc occupies 5,254 sqm of the building with nine (9) years remaining on their lease and Electrolux occupies 2,836 sqm with 10 years remaining on their lease. The remaining 40% of the Property’s NLA comprises a variety of smaller office tenancies and a small retail holding.

The Property has a Weighted Average Lease Expiry (WALE) of 6.8 years, and after acquisition the Fund’s overall WALE will be 8.2 years.

With strong fixed annual rental growth of between 3% and 4% and 100% occupancy, Altitude Corporate Centre brings greater stability and diversification to the Fund’s income, tenancy and geographic profile. The acquisition is accretive to Fund earnings and takes the Fund’s direct property portfolio to $297.35 million and the look-through property exposure to 10 assets, with a total investment value of $394.7 million.

The acquisition is due to settle on 28 June 2019.

Debt restructure

In anticipation of the acquisition of Altitude Corporate Centre, Cromwell Funds Management Limited (CFM) has finalised a new $146.5 million debt facility for the Fund with an Australian bank (Facility), replacing the Fund’s existing $55 million debt facility; the Facility has an expiry date of June 2022. The Facility will be drawn, together with existing cash reserves, to fund the acquisition of Altitude Corporate Centre.

Fund gearing

Following settlement of Altitude Corporate Centre, the loan to value ratio (LVR) of the Fund (which is equal to the LVR under the Facility) will increase from 21.8% to 47.7%, with look through LVR increasing from 26.3% to 44.6%.

Gearing as per ASIC Regulatory Guide 46 (RG46) increases from 14.8% to 38.6% with look through gearing as per RG46 increasing from 24.0% to 42.8%.

To provide a line of sight to reducing the Fund’s direct LVR, CFM as responsible entity for the Fund has entered a Subscription Agreement with Cromwell Property Securities Limited as responsible entity for the Cromwell Diversified Property Trust (Cromwell).

Under the Subscription Agreement, Cromwell will apply for ordinary units in the Fund to the extent required to reduce the direct LVR to 40% at 31 December 2019 (the subscription amount is limited to $25 million). A fee equivalent to 1.5% of funds utilised under the Subscription Agreement will be payable by the Fund to Cromwell.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation of the 420 Flinders Street, Townsville asset as at 10 May 2019 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 0.4% increase in the value of the asset to $63.75 million, up from the valuation of $63.5 million as at purchase on 21 December 2018.

The increase in value of the asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 10 May 2019.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the Parafield Retail Complex asset (located on Main North Road, Parafield, South Australia) as at 31 March 2019 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 6.4% increase in the value of the asset to $29 million, up from the valuation of $27.25 million as at 31 March 2018.

The Fund also benefited from an external valuation increase to the Rand Distribution Centre, located in Direk, SA, owned by the Cromwell Property Trust 12, in which the Fund owns units.

The Rand Distribution Centre valuation increased by 4.5% to $52 million, up from $49.75 million as at 31 December 2018.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 April 2019.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the 64 Allara Street, Canberra asset as at 31 December 2018 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 1% increase in the value of the asset to $18 million, up from the valuation of $17.5 million as at 31 December 2017.

The increase in valuation is underpinned by a reduction in the capitalisation rate.

An external valuation of the Boundary Street, Spring Hill asset as at 31 December 2018 resulted in no change to the asset value, which remains at $42 million.

The Fund also benefited from an internal valuation increase to both the Rand Distribution Centre, located in Direk, SA, and Energex House, Newstead, Brisbane, owned by the Cromwell Property Trust 12 and the Cromwell Riverpark Trust respectively, in which the Fund owns units.

The Rand Distribution Centre valuation increased by 1.5% to $49.75 million, up from $49 million as at 31 March 2018, and Energex House valuation increased by 0.4% to $274 million, up from $273 million as at 30 June 2018.

The increase in value of the assets are expected to affect the unit price for units issued and redeemed in the Fund on and from 1 January 2019.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised an amendment to the Cromwell Direct Property Fund’s (Fund) existing debt facility (Facility) with an Australian bank. The Facility limit has increased from $35 million to $55 million, and the term extended for an additional three (3) years, with a new expiry of December 2021. The Facility will be partly drawn to fund the acquisition of 420 Flinders Street, Townsville.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

The Cromwell Direct Property Fund (Fund) has secured its fifth direct commercial property asset, located at 420 Flinders Street, Townsville for an acquisition price of $63.5 million which reflects a passing yield of 7.3%.

The property is an elevated 1,506 square metre (sqm) site comprising an eight-level office building with approximately 7,929 sqms of net lettable area.

The property’s major lease is to Energy Queensland Limited (Energy Queensland), a Queensland Government-owned electricity provider. Energy Queensland occupies 7,343 sqm of the building on a 15-year lease, with the National Australia Bank and Energy Shot Pty Ltd occupying the remaining tenancies.
Energy Queensland employs 7,355 people and is administered from its head office at 420 Flinders Street in Townsville, Queensland.

The property has a Weighted Average Lease Expiry (WALE) of 9.6 years, which in turn increases the Fund’s overall WALE from 8.7 to 8.9 years.
The acquisition takes the Fund’s direct property portfolio to $183.6 million and the look-through property exposure to nine assets, with a total investment value of $273 million.

The addition of the 420 Flinders Street property asset will increase the earnings of the Fund. Post the acquisition, direct gearing of the Fund will increase from nil to 20% and look through gearing from 12% to 28%.

The acquisition is due to settle on 21 December 2018.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Click here to view the update to complaints handling process.

Download the latest Direct Property Fund Disclosure Guide here.

Click here to view the Continuous Disclosure Notice.

An external valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, South Australia) as at 30 September 2018 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 3.1% increase in the value of the asset to $31.3 million, up from the valuation of $30.35 million as at 30 September 2017.

The increase in valuation is underpinned by an increase in passing rent.

The increase in value of the Bunnings asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 October 2018.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Direct Property Fund (Fund).

As disclosed in section 5.4 of the Fund’s product disclosure statement dated 29 September 2017 (PDS), the acquisition fee in respect of Direct Property assets is charged to the Fund as follows:

CFM is entitled to charge an acquisition fee to the Fund of up to 2.0% of the gross asset value of any Direct Property asset acquired. Cromwell agrees to waive any duplicate acquisition fees payable to Cromwell under the constitutions of any wholly-owned sub-trust of the Fund in relation to the same Direct Property asset.

The above part of section 5.4 of the PDS is deleted and replaced with the following:

CFM is entitled under the Constitution to charge an acquisition fee to the Fund of up to 2.0% of the gross asset value of any Direct Property asset acquired. CFM agrees to waive any duplicate acquisition fees payable to CFM where an acquisition fee is charged in relation to the acquisition of the same Direct Property asset in a wholly-owned sub-trust of the Fund.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

An external valuation of the Parafield Retail Complex asset (located at Main North Road, Parafield, South Australia) as at 31 March 2018 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 2.8% increase in the value of the asset to $27.25 million, up from the internal valuation of $26.5 million as at 31 December 2017.

The increase in valuation is underpinned by a reduction in the capitalisation rate.

The increase in value of the Parafield Retail Complex asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 April 2018.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of 64 Allara Street, Canberra as at 31 December 2017 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 3.6% increase in the value of the asset to $17.5 million, up from the valuation of $16.9 million as at 31 December 2016.

The increase in value was underpinned by a reduced capitalisation rate of the asset.

An internal valuation of the Parafield Retail Complex, Main North Road, Parafield SA has provided a minor increase in value of the property: an increase in the value from $26.25 million to $26.5 million due to annual fixed rental increases.

The updated valuations will affect the unit price for units issued and redeemed on and from 1 January 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

The Cromwell Direct Property Fund (Fund) has secured its fourth direct commercial property asset, located at 433 Boundary Street, Spring Hill, Brisbane for an acquisition price of $42 million.

The property is an elevated 3,778 square metre (sqm) site comprising a three-level office building with approximately 6,000 sqms of net lettable area.

The property’s major lease is to International Education Services (IES), a provider of education services to international students. IES occupies two of the three floors of the building on a 12-year lease, with the remaining floor to be occupied by IES when the current tenant, Opus, vacates in 2019.

The property has a Weighted Average Lease Expiry (WALE) of 10.5 years, which in turn increases the Fund’s overall WALE from 9.2 to 9.4 years.

The acquisition takes the Fund’s direct property portfolio to $115.5 million and the look-through property exposure to eight assets, with a total investment value of $196 million.

The addition of the 433 Boundary Street property asset will increase the earnings of the Fund whilst maintaining a conservative direct gearing ratio of less than 10%.

The acquisition is due to settle on 19 December 2017.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, South Australia) as at 30 September 2017 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 4.7% increase in the value of the asset to $30.35 million, up from the valuation of $29.0 million as at 30 June 2017.

The increase in valuation is underpinned by an increase in rental and a reduction in the capitalisation rate.

The increase in value of the Bunnings asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 October 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (CFM) is the responsible entity of the Cromwell Direct Property Fund (Fund).

Units in the Fund were available for subscription under a product disclosure statement dated 1 September 2016 (2016 PDS).

Units are now available for subscription under a new product disclosure statement dated 29 September 2017 (2017 PDS), and the 2016 PDS is no longer applicable.

The fees and other costs section of the 2017 PDS complies with the new enhanced fee disclosure regulations (please refer to “ASIC Regulatory Guide 97 – Disclosing fees and costs in PDSs and periodic statements” for further information).

The 2017 PDS is issued by CFM and is available from www.cromwell.com.au/dpf.

If you have any questions, please contact Cromwell’s Investor Services Team on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Click here for the full update.

An internal valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, South Australia) as at 30 June 2017 has provided good news for Cromwell Direct Property Fund (“Fund”) unitholders: a 1.8% increase in the value of the asset to $29.0 million, up from the valuation of $28.5 million as at 30 September 2016.

The increase in valuation is underpinned by the expiry of outstanding rental incentives.

The increase in value of the Bunnings asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 1 July 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the Parafield Retail asset (located on Main North Road, Parafield, South Australia) as at 31 March 2017 has resulted in a 5.0% decrease in the value of the asset to $26.25 million, down from $27.6 million as at 31 March 2016.

The decrease in value was underpinned by a lower rental on Tenancy Two, situated between Officeworks and the former Masters Store. The fall in value was offset by a reduced payment to the developer as a result of the lower rental, ultimately providing a net positive effect on the Cromwell Direct Property Fund’s (“Fund”) unit price.

The updated valuations will affect the unit price for units issued and redeemed on and from 1 April 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Further to our announcement of 16 March 2017, Cromwell Funds Management Limited (ABN 63 114 782 777) (“CFM”) as the responsible entity of Cromwell Direct Property Fund (ARSN 165 011 905) (“DPF”) did not receive a request from unit holders (holding at least 5% of the votes that may be cast on the resolution) to call and arrange to hold a meeting of unit holders of DPF to consider and vote on a special resolution to amend the constitution of DPF on the terms described in that announcement.

Accordingly, CFM as the responsible entity of DPF executed and lodged the supplemental deed with the Australian Securities and Investments Commission on 27 March 2017 to give effect to the amendments.

The amendments will enable DPF to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth). The amendments to the constitution of DPF are being made in accordance with the requirements of notional subsection 601GCA(3) of the Corporations Act 2001 (Cth), as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

PROPOSED CONSTITUTION AMENDMENTS TO FACILITATE ADOPTION OF THE ATTRIBUTION MANAGED INVESTMENT TRUST (AMIT) REGIME

NOTICE PURSUANT TO SECTION601GCA OF THE CORPORATIONS ACT

Cromwell Direct Property Fund (ARSN 165 011 905) (“Trust”) is eligible to be an Attribution Managed Investment Trust (“AMIT”) and to apply the new income tax regime for managed investment trusts that was recently enacted under the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (Cth)(“AMIT regime”). The key feature under the AMIT regime is unit holders are taxed on income from the Trust attributed to them by the Cromwell Funds Management Limited (“CFM”) (ABN 63 114 782 777) on a fair and reasonable basis. Under the current taxation rules under Division 6 of the Income Tax Assessment Act 1936 (Cth) unit holders who are presently entitled to trust income are subject to income tax on their proportionate share of the taxable income of the Trust. The potential benefits of adopting the AMIT regime are outlined further below. An election to be an AMIT is irrevocable.

As the responsible entity of the Trust. CFM is yet to decide whether the Trust should elect into the new AMIT regime. CFM has published this notice under notional subsection 601GCA(3) of the Corporations Act 2001 (Cth) as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489 to inform unit holders of proposed modifications to be made to the Constitution of the Trust (“Constitution”) to allow the Trust to operate under the AMIT regime if an election is made. CFM will decide whether to elect into the AMIT regime based on the best interests of the unit holders as a whole. If an election is made, the Trust will inform unit holders accordingly.

A summary of the effect of the proposed modifications to the Constitution is set out below.

Reasons for proposed amendments to the Constitution
If implemented, the proposed amendments would allow CFM to choose to adopt the AMIT regime to the Trust. CFM believes the potential benefits of operating under the AMIT regime include:

• Greater certainty associated with the AMIT regimes attribution of taxable income to unit holders compared to the current “present entitlement” tax regime.
• Greater certainty as to the tax status of the Trust and its entitlement to certain tax concessions including deemed “fixed trust” status for tax purposes.
• Reduced potential for double taxation by allowing for cost base adjustments where distributions are less than the taxable income assessed to the unit holder.
• Preservation of the character of the income for income tax purposes in the hands of the unit holder.
• Provision of the ability to reconcile “under” and “over” estimations of net income of the Trust to allow adjustments in the year they are discovered rather than the approach under the current law that requires amendments to unit holders previously lodged income tax returns.

As the AMIT regime has only recently been enacted, there may be some uncertainty regarding certain aspects of the AMIT regimes operation in the initial years.

How to contact us if you wish to respond to this notice
CFM will proceed to modify the Constitution as proposed on or after the date which is 7 days from the date of this notice unless it receives requisitions to call and arrange a meeting of unit holders of the Trust to consider and vote on a special resolution to modify the Constitution as proposed from unit holders with at least 5% of the votes that may be cast on the resolution.

Unit holders are not required to respond to this notice, but should a unit holder wish to request a meeting of unit holders of the Trust to vote on the amendments to the Constitution as proposed in this notice, the unit holder must send a request to CFM by 5pm (AEST) on Friday, 24 March 2017. A written request may be sent by email to invest@cromwell.com.au.

CFM will modify the Constitution by executing a supplemental deed to the Constitution and lodging it with the Australian Securities and Investments Commission, unless a meeting of unit holders is requested by unit holders with at least 5% of the votes that may be cast on the resolution to call and arrange to hold a meeting by 5pm (AEST) on Friday, 24 March 2017.

Effect of amendments to the Constitution
Set out below is a summary of the effect of the proposed modifications to the Constitution. CFM as responsible entity of the Trust reasonably considers that the modifications are necessary for or incidental to the Trust being able to be operated in a manner permitted by the AMIT regime as an attribution managed investment trust with the CFM as its trustee.

Summary of Amendments to the Constitution of Cromwell Direct Property Fund

Powers in relation to AMIT

A new clause 17.7 will be inserted in the Constitution to ensure the Responsible Entity has all powers necessary to adopt into the AMIT regime including doing all things necessary to give effect to the proposed clause 32A.

Recoveries – Holders’ liabilities

A new paragraph (e) will be inserted to clause 31.1 to clarify that any fees, Taxes and costs incurred in relation to Attribution Amounts are the liability of each unit holder.

Distributions – Application

A new clause 32.1A will be inserted to “switch off” clause 32 when the Trust elects to be an AMIT, in particular it “switches off” the distribution and present entitlement requirements when the Trust is an AMIT. Clause 32 is relevant to Division 6 of the Income Tax Assessment Act 1936 (Cth).

AMIT

A new clause 32A will be inserted which contains the general powers for the Responsible Entity to comply with the new AMIT rules.

Clause 32A.1 provides the Responsible Entity with the discretion to choose to apply the AMIT rules.

Clause 32A.2 determines the period that the Trust is an AMIT.

Clause 32A.3 allows the Responsible Entity to attribute “Attribution Amounts” (as defined) in accordance with the Constitution, this is a feature of the new AMIT rules. The definition utilises consistent terminology with the applicable Tax Act (as defined) to allow flexibility to attribute amounts of different character.

Clause 32A.3(b) provides a discretion for the Responsible Entity to distribute any amount of income or capital of the Trust to unit holders.

Clause 32A.3(c) provides that any taxes paid or remitted on behalf of a unit holder are taken to be made for that unit holder.

Clause 32A.3(d) confers specific powers on the Responsible Entity to issue and amend “AMMA Statements” to unit holders.

Clause 32A.3(e) facilitates the exercise of the Responsible Entity’s powers in relation to “unders and overs” as permitted in the AMIT regime.

Clause 32A.3(f) limits the Responsible Entity’s liability to the Holders in making choices and complying with the AMIT rules.

Unit holder Objections

Proposed clause 32A.4 provides steps to ensure that should a unit holder object to an attribution as afforded under the AMIT regime, the unit holder must give notice and provide information to the Responsible Entity and the unit holder must meet all costs or liabilities incurred by the Responsible Entity associated with the process of acknowledging the objection and assessing the impact on other unit holders.

Further, each unit holder indemnifies the Responsible Entity for any tax payable by the Responsible Entity in complying with the AMIT rules that reasonably relates to the unit holder.

Definitions

Incidental amendments will include inserting into clause 1.1 specific definitions relevant for the AMIT regime in Clause 1.1. The definitions of these specific terms have been drafted consistently with the Tax Act to preserve the intended flexibility of the legislation.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of 64 Allara Street, Canberra as at 31 December 2016 for the Cromwell Direct Property Fund (“Fund”) has resulted in a slight (1.7%) decrease in the value of the asset to $16.9 million, down from the valuation of $17.2 million as at 31 March 2016.

The decrease in value was underpinned by an increased capitalisation rate of the asset.

The updated valuations will affect the unit price for units issued and redeemed on and from 1 January 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

An external valuation of the Bunnings asset (located on the corner of Curtis Road and Frisby Road, Angle Vale, South Australia) as at 30 September 2016 has provided good news for Cromwell Direct Property Fund (“Fund”) unitholders: a 2.5% increase in the value of the asset to $28.5 million, up from the ‘as if complete’ valuation of $27.8 million as at 31 March 2016.

The increase in value of the Bunnings asset is expected to affect the unit price for units issued and redeemed in the Fund on and from 30 September 2016.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (“CFM”) is the responsible entity of the Cromwell Direct Property Fund (“Fund”).

Units in the Fund were available for subscription under a product disclosure statement dated 21 August 2013 (“2013 PDS”). A supplementary product disclosure statement was released for the Fund on 28 May 2014 (“SPDS”).

Units are now available for subscription under a new product disclosure statement dated 1 September 2016 (“PDS”), and the 2013 PDS and SPDS are no longer applicable.

The PDS includes a number of updates previously issued by continuous disclosure notice on the Fund webpage, including related party transactions and acquisitions of direct property. The PDS also changes the Benchmark of the Fund from the PCA/IPD Australian Pooled Property Fund Index – Unlisted Retail to the PCA/IPD Unlisted Retail Property Fund Core Index. This was to align the Benchmark more closely with the investment strategy of the Fund.

The PDS is issued by CFM and is available from www.cromwell.com.au/dpf.

If you have any questions, please contact Cromwell Investor Services on 1300 CROMWELL (1300 276 693) or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

Cromwell Funds Management Limited (“CFM”) confirms that the lease to Bunnings Group Limited (“Bunnings Lease”) commenced with the Cromwell Direct Property Fund (“Fund”) on 2 August 2016.

The Bunnings Lease triggers the commencement of rental income to the Fund from its property at Munno Para West, South Australia.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited has finalised a $35m Bank Loan Facility (“the Facility”) for three years with an Australian bank. The Facility will enable the acquisition of $15,085,000 or 10,134,000 units in the Cromwell Riverpark Trust.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

_{Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS and SPDS.}

Masters Parafield, Parafield Airport, Main North Road, Parafield, SA (“Parafield”)

Cromwell Funds Management Limited (“CFM”) confirms that the lease to Masters Home Improvement Australia Pty Ltd (“Masters Lease”) (guaranteed by Woolworths Limited) commenced with the Cromwell Direct Property Fund (“Fund”) on 8 June 2016.

The Masters Lease triggers the commencement of rental income to the Fund from the tenancies occupied at Parafield by Masters, Officeworks and Hungry Jack’s.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (“CFM”) is the Responsible Entity of Cromwell Direct Property Fund (“Fund”).

As disclosed in the section titled “Ongoing Fund Costs” of the Fund’s Supplementary Product Disclosure Statement dated 28 May 2014 (“SPDS”), CFM agreed to bear any normal ongoing administrative and operating costs above 0.20% per annum for the period to 30 June 2015. This SPDS disclosure updated the information on page 22 of the Product Disclosure Statement dated 21 August 2013 (“PDS”) for the Fund.

CFM agreed to continue to bear any normal ongoing administrative and operating costs above 0.20% per annum for the period to 30 June 2016 and has now agreed to continue to do so for the period to 30 June 2017.

The section titled “Ongoing Fund Costs” of the SPDS should be read accordingly.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

_{Past performance is not indicative of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS and SPDS}

Cromwell Funds Management Limited (“CFM”) is pleased to announce that distributions for the Cromwell Direct Property Fund (“Fund”) have been increased to 7.0 cents per unit (“cpu”) from July 2016.

CFM’s decision to increase distributions by the Fund was underpinned by an increase in annual rental income for the Fund, in addition to the Masters Parafield, SA building reaching practical completion and subsequent commencement of the lease, and the upcoming practical completion of the Bunnings Munno Para West, SA building (due early August 2016).

The increased distribution is consistent with the Fund’s Distribution Policy of distributing no more than 100% of the Fund’s expected profits available for distribution in the medium term (see Section 1.5 of the Fund’s Product Disclosure Statement dated 21 August 2013). Based on the current unit price of approximately $1.15, this distribution equates to an annualised yield of approximately 6.1% per annum.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

_{Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS and SPDS.}

Cromwell Funds Management Limited (“CFM”) is the responsible entity of the Cromwell Direct Property Fund (“the Fund”).

A related party of CFM, Cromwell Capital Pty Ltd ABN 47 098 390 768 (“Cromwell Capital”), has been appointed to provide finance arrangement services to the Fund. Cromwell Capital and CFM are wholly-owned subsidiaries of Cromwell Corporation Limited.

Cromwell Capital will charge the Fund fees for those finance arrangement services at commercial market rates for the provision of those services.

This related party transaction is conducted on arm’s length terms and in accordance with Cromwell Property Group’s related party transactions policy. Refer to Section 9.7 of the Fund’s product disclosure statement dated 21 August 2013 (“PDS”) for further information.

Sections 5.2.2 and 9.7 of the PDS should be read accordingly.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

_{Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS and SPDS.}

External valuations as at 31 March 2016 of the three direct property assets owned by the Cromwell Direct Property Fund (the Fund) have provided good news for Fund unitholders, with all three assets having increased in value. The three direct property assets of the Fund are:

• 64 Allara Street, Canberra ACT;
• Masters Parafield, Parafield Airport, Main North Road, Parafield SA; and
• Bunnings asset located on the corner of Curtis Road and Frisby Road, Angle Vale SA.

64 Allara Street increased in value by 2.4% to $17.2 million, up from $16.8 million as at 1 June 2015. The increased valuation was underpinned by increased income from tenants following minimum annual rental reviews.

Masters Parafield ‘as if complete’ valuation increased by 0.7% to $27.6 million, up from $27.4 million. Practical completion of the property is expected for June 2016.

Bunnings ‘as if complete’ valuation increased by 1.1% to $27.8 million, up from $27.5 million. Practical completion of the property is expected for July 2016.

The Masters Parafield and Bunnings ‘as if complete’ valuations increased as a result of reduced stamp duty transaction costs imposed by the Government of South Australia.

The updated valuations will affect the unit price for units issued and redeemed on and from 1 April 2016.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

_{Past performance is not a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS and SPDS.}

Download the latest Cromwell Direct Property Trust Disclosure Guide here.

The Cromwell Direct Property Fund (“the Fund”) has acquired a 4.1 hectare site in Munno Para West (Angle Vale), South Australia and entered into a fixed price development agreement with GIC Australia to construct a Bunnings Warehouse with a forecast as complete value of $27.5 million.

The acquisition will reflect a yield of 6.45% per annum on passing income from a long term lease to Wesfarmers Limited subsidiary Bunnings. The Fund will also earn 7.0% per annum on the funds deployed for development until practical completion.

The asset is the third direct property investment for the Fund, which also holds stakes in four of Cromwell’s ‘back to basics’ property trusts.

The finished asset will have a total lettable area of approximately 16,580 sqm and provide in excess of 400 car spaces for customers in the high growth area.

The project will generate approximately 200 jobs during the construction phase and in excess of 180 jobs post completion.

The site was acquired from, and will be developed by, GIC Australia, a specialist development group with a strong reputation for delivering user-driven projects.

The Munno Para West (Angle Vale) property is strategically located approximately 30 kilometres north of Adelaide CBD within the Playford Alive urban renewal project. The project has an estimated value of more than $1 billion and is being led by the Government of South Australia in partnership with the City of Playford. It has a population growth target of 169,000 people by 2038¹.

_{1. http://www.playford.sa.gov.au}

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Direct Property Fund Disclosure Guide here.

In May 2015, Cromwell Funds Management (“CFM”) drew investors’ attention to the Cromwell Direct Property Fund’s accumulation of significant cash holdings which had a negative impact on the underlying earnings of the Fund. At the same time, the Reserve Bank of Australia further reduced Australian cash rates due to economic uncertainty.

As a responsible fund manager, CFM determined it would adopt a conservative approach and reduce distributions to 4.75 cents per unit (“cpu”) until it was in a position to deploy the cash holdings to the acquisition of suitable income generating asset/s capable of supporting a more attractive distribution yield.

We are pleased to announce that the Fund has agreed to acquire two properties for a total consideration of $44.2 million and can now increase distributions to 6.00 cpu. The August distribution, expected to be paid on 10 September, will reflect the increased distribution.

64 Allara Street is a seven level commercial office building in the heart of Canberra in the ACT. The major leases to Jacobs and CIC provide a secure cash flow with 90% of gross passing income collectively, and lease expiry dates in 2021 and 2018, respectively. Further details, click here

Masters Parafield is fund-through project in the burgeoning suburb of Parafield, north of Adelaide. The 3.7 hectare site will be the home of a new Masters Home Improvement Centre, a Hungry Jack’s and two other smaller retail tenancies with a combined net lettable area of 17,679 sqm. Further details, click here

The increased distribution is consistent with the Fund’s Distribution Policy of distributing no more than 100% of the Fund’s expected profits available for distribution in the medium term (see Section 1.5 of the Fund’s PDS). Based on the current unit price of approximately $1.10, this distribution equates to an annualised yield of approximately 5.5% pa.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has acquired a property at 64 Allara Street, Canberra, ACT (“Allara Street Property”) on behalf of the Cromwell Direct Property Fund ARSN 165 011 905 (”the Fund”) for$16.8 million. Settlement is expected to occur on 20 July 2015.

The asset is the second direct property investment for the Fund, which also holds stakes in four of Cromwell’s ‘back to basics’ property trusts. In addition, the Fund recently entered into a fixed price development agreement to construct a Masters store and three smaller retail premises at Parafield Airport, Main North Road, Parafield, SA.

The Allara Street Property is a seven level commercial office building, with two levels of basement parking, ground floor retail accommodation and four levels of commercial space above. The building was constructed in November 2008, with a total NLA of 3,155m², in addition to 209m² of storage and 98 car parking bays .

The Allara Street Property is currently leased to Jacobs Australia, CIC Australia, Airservices Australia and AG Coombs Group. The major leases to Jacobs and CIC provide a secure cash flow with 90% of gross passing income collectively, and lease expiry dates in 2021 and 2018, respectively.

Cromwell Direct Property Fund invests directly, or through unlisted property trusts, in non-residential Australian property with a primary focus on commercial, industrial and retail property. It currently has exposure to seven properties located in Queensland, Victoria, Australian Capital Territory and South Australia.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Masters Parafield, SA

Masters Parafield, Parafield Airport, Main North Road, Parafield, SA

Cromwell Funds Management Limited has acquired a property at Parafield in South Australia on behalf of the Cromwell Direct Property Fund (”the Fund”) with a completion value of $27.25 million. The Fund has entered into a fixed price development agreement to construct a Masters store located at Parafield Airport, Main North Road, Parafield, SA.

The asset is the first direct property investment for the Fund, which also holds stakes in four of Cromwell’s ‘back to basics’ property trusts.

The property was acquired from GIC Australia, a specialist development group with a strong reputation for delivering user-driven projects. GIC will develop the Parafield asset.

Masters Parafield is located in close proximity to Parafield Airport, approximately 12km north of the Adelaide CBD in the rapidly evolving metropolitan suburb of Parafield. The site includes 3.7 hectares of land and has agreements for long-term leases for a Masters home improvement and hardware store (Woolworths) and three smaller retail tenancies with a total lettable area of approximately 17,679 sqm across a single level. The site will provide approximately 456 car spaces and has an estimated net income of $2,261,976 per annum.

The site is currently leased from Parafield Airport on a term of 40 years (with approximately 32.2 years remaining from estimated date of practical completion)

The asset represents an 8.3% per annum passing income at practical completion. A development coupon will accrue to the Fund at a rate of 7.0% per annum.

Should you have any questions in regard to this please call Cromwell Investor Services on 1300 276 693.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Direct Property Fund Distributions Reduced To 4.75 Cents Per Unit From 1 May 2015

For some time now the Cromwell Direct Property Fund (“the Fund”) has been cautiously building up its cash reserves to fund an acquisition. This cash build up has had a negative impact on the underlying earnings of the Fund. As a result the decision has been made that, from 1 May 2015, distribution payments will be reduced from the current 7.25 cents per unit to 4.75 cents per unit. The reduction is consistent with the Fund’s Distribution Policy of distributing no more than 100% of the Fund’s expected profits available for distribution in the medium term (see Section 1.5 of the Fund’s PDS). Distributions will continue to be paid monthly.

Australia’s official cash rate is currently 2.25% (its lowest level since the 1950s). Cash rates around most of the developed world are even lower. As a result, there continues to be a flood of short term money chasing relatively high yielding property assets in Australia. In these market conditions it is challenging to acquire properties at prices that we believe will deliver long term value. In other words, Cromwell believes that in some instances market risk is not being appropriately priced.

We believe that property is a long term investment and that patience in the current market will pay off in the longer term.

Notwithstanding these conditions Cromwell has been working hard to identify properties that meet the Fund’s investment strategy and further its investment objective. We are well advanced in due diligence on a number of properties and, should the Fund acquire one or more of them, underlying earnings should increase and distributions are expected to increase accordingly.

We will update investors within the next three months.

Until such time, Cromwell will not charge its ongoing management fee of 0.6% per annum of the Fund’s gross assets. We will continue to recover the costs of running the Fund, which are capped at 0.2% per annum of the Fund’s gross assets.

We appreciate your patience in this matter and should you have any questions in regard to this decision please call Cromwell Investor Services on 1300 276 693.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Daryl Wilson, Executive Director of Cromwell Property Group (ASX:CMW) (Cromwell), has retired as a director of Cromwell Property Securities Limited, Cromwell Corporation Limited and all Cromwell subsidiaries.

If you have any questions, please contact Cromwell Investor Services on 1300 Cromwell (1300 276 693) or email invest@cromwell.com.au.

Download the latest Direct Property Fund Disclosure Guide here.

To make an initial or additional investment in the Cromwell Direct Property Fund (the Fund), direct investors can pay their application moneys by cheque, BPay or direct debit. Payments made by cheque may take some days to be ‘cleared funds’. However, Cromwell Funds Management Limited (CFM) will now accept an otherwise complete application on the day of receipt (or deemed receipt as the case may be) even if payment is made by cheque or direct debit.

Sections 7.1, 10, and 10.3 of the Fund’s product disclosure statement dated 21 August 2013 (PDS) should be read accordingly. The Fund’s supplementary product disclosure statement dated 28 May 2014 (SPDS) contains important information that updates the PDS and should be read in conjunction with the PDS. Applications to invest in the Fund can only be made on an application form from the PDS with approved wording, or an approved sticker, confirming that the applicant has received, read and understood the SPDS.

The PDS and SPDS are issued by CFM and are available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693.

Cromwell is pleased to announce that distributions for the Cromwell Direct Property Fund (the Fund) have been increased by 0.25% from July 2014.

The increase takes the distribution to 7.25 cents per unit, per annum. Distributions will continue to be paid monthly.

Cromwell’s decision to increase distributions by the Fund was underpinned by increases in distributions from the underlying assets owned by the Fund.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (“CFM”), as responsible entity of the Cromwell Direct Property Fund (“the Fund”), issued a product disclosure statement for the Fund dated 21 August 2013 (“PDS”) and a supplementary product disclosure statement dated 28 May 2014 (“SPDS”).

Section 1.4 of the PDS outlined the anticipated timing of the investments making up the Initial Investment Portfolio. Although CFM has commenced acquiring the Initial Investment Portfolio, it has updated when it expects to complete its acquisition of each allocation. The expected timing of the investments as follows:

CFM is the responsible entity of each of the underlying property trusts. Each property trust is closed to new investments. Units will be acquired from Cromwell or pursuant to subscription agreements. For further information, see section 9.7 of the PDS.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) is the Responsible Entity (RE) of Cromwell Direct Property Fund (DPF).

Under the DPF Constitution, CFM as the RE of DPF, may offer the Limited Monthly Withdrawal Facility from 1 July 2015 and each month after that date.

CFM has resolved to modify the DPF Constitution so that the Limited Monthly Withdrawal Facility may be activated before 1 July 2015.

CFM has notified the Australian Securities & Investments Commission of this change to the DPF Constitution.

An external independent valuation of the ATO Building as at 1 March 2014 has provided good news for Cromwell Box Hill Trust (Trust) unitholders: a 1.1% increase in the value of the ‘as complete’ asset to $118 million, up from $116.75 million as at 30 November 2012.

The increase in value is underpinned by a 0.25% decrease in the capitalisation rate. Savills Valuation Pty Ltd carried out the valuation.

The net asset value (NAV) of the Trust is forecast to increase slightly from $0.92 to $0.93 at practical completion of the ATO Building in March 2015 as a result of the revaluation.

A further independent valuation of the ATO Building will be carried out on practical completion of the building in March 2015.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/dpf or contact Cromwell’s Investor Services Team on 1300 268 078 or email invest@cromwell.com.au.

_{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (Fund). In deciding whether to acquire or continue to hold an investment you should consider the Product Disclosure Statement (PDS) and assess, with (or without) your financial adviser, whether products fit your objectives, financial situation or needs. A target market determination (TMD) is also available. Applications for units in the Fund can only be made on the application form. The PDS, TMD and application form are issued by CFM and are available from www.cromwell.com.au/dpf or by calling Cromwell’s Investor Services team on 1300 268 078. This content has been prepared without taking account of your objectives, financial situation or needs. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Fund, is subject to risk. If a risk eventuates, it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. See the PDS for examples of key risks. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Fund are subject to the risks and assumptions set out in the PDS.}

Download the latest Direct Property Fund Disclosure Guide here.

Cromwell respects the privacy of its investors and is committed to protecting their personal information.

The way we manage personal information is governed by the Privacy Act 1988 (Cth) and the Australian Privacy Principles established under the Privacy Act.

On 12 March 2014, Australia’s Privacy Act changed, and Cromwell’s Privacy Policy has been updated to comply with the changes. Click here to read our updated Privacy Policy.

Cromwell may also disclose some of your personal information to external service providers, for example, White Outsourcing, who provide administration services to the Fund. White Outsourcing handles your personal information in accordance with its privacy policy, a copy of which can be found at www.whiteoutsourcing.com.au.

Since Cromwell Funds Management Limited (“CFM”), as responsible entity of the Cromwell Direct Property Fund (“DPF” or “the Fund”), issued the Product Disclosure Statement for the Fund on 21 August 2013, there have been no changes to the RG46 disclosure principles for the Fund.

Cromwell Property Group (ASX: CMW) has launched a new unlisted property investment, the Cromwell Direct Property Fund (the “Fund”), to satisfy market demand for a property investment vehicle capable of providing monthly income from a portfolio of quality property assets.

The Fund, which has a suggested investment timeframe of seven years, will commence monthly distributions at 7% pa1 (based on a $1.00 unit price) and offer a tax-advantaged income stream2 combined with the potential for capital growth1.

The Fund aims to provide a total return in excess of its benchmark, the PCA/IPD Australian Pooled Property Fund Index – Unlisted Retail, which measures the total returns of a range of unlisted property trusts managed by a variety of fund managers throughout Australia.

CEO Paul Weightman said that exposure to quality property was an essential part of any well diversified portfolio.

In an economic environment which continues to see low growth and historically low cash rates, this Fund offers an attractive alternative,” Mr Weightman said.

Investors in the Fund will gain exposure to the income derived from each of Cromwell’s four existing property trusts which own, or have contracted to acquire, six properties across Queensland, Victoria and South Australia.

Mr Weightman said the make-up of the initial investment portfolio would provide investors with diversification and access to a strong income stream from six properties.

As the Fund grows, we will continue to target assets in Australian capital cities and major regional centres, with a focus on quality tenants, long leases and newer assets with strong after tax returns.”

The Fund intends to offer a limited monthly withdrawal facility from July 2015 and a full withdrawal opportunity from July 2020 and every three years thereafter.

Cromwell has flagged it intends to launch additional property funds before the end of the year, including the Cromwell Property Trust 12 which recently contracted to acquire three assets and will form part of the Cromwell Direct Property Fund’s initial investment portfolio.

Media Enquiries:
Daryl Wilson
Director – Finance & Funds Management
0402 046 883
dwilson@cromwell.com.au

Cromwell Investor Services:
Investor Services Centre
1300 276 693
invest@cromwell.com.au

Cromwell Funds Management Limited ABN 63 114 782 777, AFSL 333214 (“CFM”) has prepared this correspondence and is the responsible entity of, and the issuer of units in, the Cromwell Direct Property Fund ARSN 165 011 905 (“the Fund”) and the trustee of the Cromwell Property Trust 12 (“C12”). Before making any decision to acquire or hold units in the Fund, it is important that you read the product disclosure statement dated 21 August 2013 (“PDS”). Before making any decision to acquire or hold units in C12, it is important that you read the product disclosure statement (“PDS”) which is expected to be made available by the end of September 2013. The PDSs are issued by CFM and available from www.cromwell.com.au/funds or by calling Cromwell Investor Services on 1300 276 693. Applications for units can only be made on the application form accompanying the PDS. This correspondence contains a summary of the offer of units in the Fund and C12 and has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the relevant PDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation and needs. Forward-looking statements in this correspondence are provided as a general guide only and subject to the risks and assumptions in the relevant PDS. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this flyer. If you acquire units in the Fund or C12, CFM will receive fees as disclosed in the relevant PDSs.Any investment is subject to risk, including an investment in this Fund. Capital growth, distributions and tax consequences cannot be guaranteed. An investment in the Fund is subject to risk and if a risk eventuates it may result in reduced distributions and/or a loss of some or all of the capital value of your investment. Examples of key risks include: construction risk, capital expenditure risk, borrowing risk and economic and market risk as set out in Section 4 of the PDS.

<sub>1. Distributions, capital growth and tax consequences are not guaranteed and are subject to the assumptions and risks contained in the PDS.
2. The proportion of distributions that are tax deferred is dependent on a number of factors (for example building amortisation and depreciation of plant and equipment) and may vary from year to year. Deferred tax may be payable, in whole or in part, on the sale, transfer or redemption of units in the Fund.
3. CFM reserves the right to vary minimum amounts. Indirect investors should contact their IDPS operator for minimum transaction and balance requirements, reinvestment policies, fees and other cost information.
4. An Indirect Cost Ratio of 1.85% is expected based on the initial investment portfolio inclusive of fees charged by CFM in underlying funds.</sub>