Benefits of investing in the Cromwell Direct Property Fund

• Monthly withdrawals

• Low volatility

• Tax advantaged income stream with a strong yield

• Security through a seven year term

Cromwell Property Group

Cromwell Property Group (ASX:CMW) is a Global Real Estate Investment Manager with a track record of delivering superior long-term performance through a disciplined and diligent approach to managing property and our investors' funds.

As at 30 June 2017, Cromwell had a direct property investment portfolio in Australia valued at $2.4 billion, and total assets under management of $10.1 billion across Australia, New Zealand and Europe.

Cromwell Funds Management (CFM)

CFM specialises in the creation, structuring, marketing and management of unlisted property related investment opportunities.

CFM is the responsible entity of the Fund.

In addition to CFM's funds management capabilities, it also utilises the in-depth property knowledge and experience of Cromwell to maximise the performance of its unlisted funds.

CFM has a strong customer service focus. Investors can speak to Cromwell staff directly about their investments and information on performance and activities is communicated quarterly.

About the Fund

The Cromwell Direct Property Fund ("Fund) aims to provide investors with a monthly tax advantaged income stream combined with the potential for capital growth through investing in a diversified portfolio of quality property assets.

Investment Philosophy

CFM looks to enhance overall investment returns and reduce risk by thoroughly understanding property markets and macroeconomic conditions, and investing and divesting at opportune times in each market and the wider economic cycle. CFM will look to maximise the rental income from each property by purchasing Direct Property or interests in Property Trusts that have reliable cash flow. Cromwell has a team of property professionals that analyse property markets across Australia with a view to investing in Direct Property that will benefit from strong demographics with local and/or international demand.

How we invest your money

Portfolio construction

• Predictable near-term cash flow

• Government and high quality tenants

• Maintain a 5 year minimum WALE

• Level of tax deferred income

• Australian capital cities and major regional centres

Investment Portfolio

Over time, as CFM acquires or sells assets consistent with its investment strategy, the specific assets comprising the Fund's investment portfolio will change. Furthermore, the Property Trusts the Fund invests in may also buy, sell or expand on their portfolios, resulting in changes to the Fund's exposure to various assets.

The Fund's assets at 30 June 2017 are as follows.

Direct Property - 51%, comprising:

• 64 Allara Street, Canberra - 12%

• Parafield Retail Complex, Adelaide - 19%

• Bunnings Munno Para West, South Australia - 20%

Property Trusts - 36%, comprising:

• Cromwell Riverpark Trust - 23%

• Cromwell Ipswich City Heart Trust - 4%

• Cromwell Property Trust 12 - 9%

Cash - 13%

For further information about the Fund's portfolio, see ASIC Benchmarks and Disclosure Principles: Cromwell Direct Property Fund' online at www.cromwell.com.au/dpf.

The Fund's investments will change from time to time. Up to date information on the Fund's investment portfolio is available from www.cromwell.com.au/dpf or Cromwell's Investor Services Team on 1300 268 078.