Capital Gains Tax

When you invest in the Cromwell Property Group you acquire stapled securities. Each stapled security consists of a share in Cromwell Corporation Limited ("CCL") and a unit in Cromwell Diversified Property Trust ("CDPT"). CCL shares and CDPT units are separate assets for capital gains tax purposes.

Security holders should refer to the ATO’s document titled "Stapled Securities and Capital Gains Tax" to determine their capital gains tax (CGT) obligations.

For capital gains tax purposes Stapled security holders need to apportion the cost of each Stapled security and the proceeds on sale of each Stapled security on a reasonable basis over the CCL shares and CDPT units. One possible method of apportionment is on the basis of the relative net tangible assets of CCL and CDPT. Details of the net tangible assets of CCL and CDPT are set out in the section titled "Disposal of Your Stapled Securities" in the Income Tax Guide.

It is also important that Stapled security holders apply the correct tax treatment to the tax deferred component of their distribution. While tax deferred distributions are generally not immediately assessable for income tax purposes they will however reduce the capital gains tax cost base of the CDPT units. Stapled security holders should refer to the section titled "Tax Deferred Amounts" in the Income Tax Guide for more information.

This information has been prepared for general information only and should not be relied upon as tax advice. This information should be read in conjunction with the Australian Taxation Office’s ("ATO") instructions and publications. An investment in stapled securities can give rise to complex tax issues and each investor’s particular circumstances will be different. As such we recommend, before taking any action based on this document, that you consult your professional tax adviser for specific advice in relation to the tax implications. This document does not constitute financial product or investment advice, and in particular, it is not intended to influence you in making decisions in relation to financial products including Cromwell Property Group stapled securities. While every effort is made to provide accurate and complete information, Cromwell Property Group does not warrant or represent that this information is free of errors or omissions or is suitable for your intended use and personal circumstances. Subject to any terms implied by law which cannot be excluded, Cromwell Property Group accepts no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by you as a result of any error, omission or misrepresentation in the information provided.

Distribution Components for Non-Resident Withholding Tax Purposes

The below fund payment disclosures are provided for the purposes of the withholding tax obligations contained in subdivision 12-H of the Taxation Administration Act 1953 (Cth). These documents should not be used for any other purpose. In particular, Australian resident stapled securityholders should not rely on these disclosures for the purposes of completing their income tax returns. Securityholders should rather refer to the above "Income Tax Components" section for details regarding the information to be used for completing their income tax returns.

Income Tax Guides

The below Tax Guides are provided to assist Australian resident individual Cromwell Securityholders to understand their Annual Taxation Statement and to prepare their income tax returns.

Income Tax Components

Stapled security holders who receive distributions from Cromwell will be sent an Annual Tax Statement and Income Tax Guide for the relevant income tax year. The Annual Tax Statement details the tax amounts to be included in each stapled security holder’s income tax return. The Annual Tax Statement will be provided in August each year, along with the Income Tax Guide (See "Income Tax Guides" below).

A duplicate copy of your recent Annual Tax Statements can be downloaded, free of charge by clicking on the link to Link Market Services at: www.cromwell.com.au/registry. Alternatively, for a replacement statement contact Link Market Services Limited on 1300 550 841 (within Australia) or +61 2 8280 7124 (outside Australia) between 8.00am and 7.30pm, EST Monday to Friday. A replacement statement charge may be payable to Link Market Services.

Stapled securityholders should rely on their Annual Tax Statement when completing their income tax return. For information purposes only, the below document outlines the applicable income tax component percentages for past income tax years.