Continuous Disclosure & Updates

Cromwell Funds Management Limited (CFM) as the responsible entity of the Cromwell Ipswich City Heart Trust (the Trust) advises that the Trust has been formally wound up in accordance with the Trust’s constitution and the law as at 28 February 2022.

Final distribution and cancellation of units

A final distribution payment of $0.0104344130 per unit was made to Unitholders on 10 February 2022.
No further amounts will be payable and all units in the Trust have now been cancelled.

Unitholder statements

A final Unitholder Distribution Statement was distributed to Unitholders on 22 February 2022, with a Unitholder Exit Statement to be issued on or around 16 May 2022 and a Unitholder Attribution Managed Investment Trust Annual (AMMA) Statement expected to be released on or around 12 August 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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) as responsible entity of the Trust has decided to terminate and wind up the Trust.

As was outlined in the Product Disclosure Statement dated 16 December 2011, the initial term of the Trust was 7 years. An extraordinary resolution of investors was passed at an investor meeting on 26 September 2018, extending the term of the Trust for a further 4 and a half years to 28 June 2023. The Notice of Meeting and Explanatory Memorandum explained that after two years of the extended term, CFM would not require unitholder approval to sell the Trust’s property provided the sale price is higher than the most recent valuation of the property at the time of the sale.

CFM received an offer to purchase the property for $144.9 million (net of sale costs), providing a substantial premium to the most recent valuation of $128.5 million. CFM therefore decided the offer was in the best interests of unitholders and entered into an agreement to sell the property on 28 May 2021. The sale completed on 21 October 2021.

Termination of the Trust is pursuant to the section 25.1 of the Trust’s constitution and the Corporations Act 2001 (Cth) and will take effect from 18 November 2021 (Termination Date).

CFM will now commence the process of winding up the Trust.

If you have any questions in relation to your unitholding, please contact Cromwell’s Investor Services Team on 1300 268 078 or your financial adviser.

Cromwell Funds Management Limited
Phone: 1300 268 078
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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited as responsible entity of the Cromwell Ipswich City Heart Trust (Trust) confirms settlement of the sale of Ipswich City Heart Building located at 117 Brisbane Street, Ipswich on 21 October 2021 for $144.9 million.

Unitholders in the Trust can expect to receive an initial Special Distribution of approximately $1.75 per unit representing the majority of sale proceeds on or around 10 November 2021, with a final (minor) distribution payable to follow.

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

Cromwell Funds Management Limited
Phone: 1300 268 078
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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Following the offer received in March 2021, on 28 May 2021, Cromwell Funds Management Limited (CFM) as responsible entity of the Cromwell Ipswich City Heart Trust (Trust) entered into an agreement to sell 117 Brisbane Street, Ipswich (Property) by way of a call option (the Sale).

On 31 August 2021, the purchaser exercised the call option, and the Sale is now unconditional, with settlement expected to occur on or before 21 October 2021.

Upon the sale of the Property, Unitholders can expect to receive an initial Special Distribution of approximately $1.75 per unit representing the majority of sale proceeds, with the potential for a final (minor) distribution payable after the Trust is terminated and payment of the fees and costs of the termination is complete.

Trust Unitholders will be provided with more information in due course.

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

Yours sincerely,

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

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

In March 2021, Cromwell Funds Management Limited (CFM) as responsible entity of the Cromwell Ipswich City Heart Trust (Trust) received an offer to purchase the Trust’s sole property, located at 117 Brisbane Street, Ipswich (Property), at a price of $145.2 million. The premium of the offer to current book value of $128.5 million is substantial.

On 28 May 2021, CFM entered into an agreement to sell the asset by way of a call option (the Proposed Sale). The expected timetable for the sale is as follows:

Milestone	Date
CFM entered into an agreement to sell the asset by way of a call option (the Proposed Sale) – Deposit of $7.4 million held with $500,000 at risk	28 May 2021
Purchaser’s capital raise condition met – Full deposit of $7.4 million now subject to forfeiture if call option not exercised	27 July 2021
Call option is due to be exercised by	31 August 2021
Expected settlement date of the Proposed Sale	21 October 2021

Upon the sale of the Property, Unitholders can expect to receive an initial Special Distribution of approximately $1.75 per unit representing the majority of sale proceeds, with the potential for a final (minor) distribution payable after the Trust is terminated and payment of the fees and costs of the termination is complete.

Trust Unitholders will be provided with more information in due course.

^{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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Trust (Trust) have been increased by 0.25 cents per unit (cpu) from 1 July 2021.

The increase takes the distribution to 11.75 cents per unit per annum.

CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

In March 2021, Cromwell Funds Management (CFM), as responsible entity of the Cromwell Ipswich City Heart Trust (Trust) received an offer to purchase the Trust’s sole property, located at 117 Brisbane Street, Ipswich, at a price of $145.2 million. The premium of the offer to current book value of $128.5 million is substantial.

Section 5.2 of the Notice of Meeting and Explanatory Memorandum (documentation sent when the Trust’s Term was extended) dated 22 August 2018, states that after two years, being 28 December 2020, CFM could sell the Property without a Unitholder vote and wind-up the Trust if it secures a sale price that is higher than the most recent independent valuation at the time and if it considers it is in the best interests of Unitholders to do so.

After extensive review by Cromwell’s management team and the CFM Board, the offer was deemed in the best interests of Trust Unitholders. On 28 May 2021 CFM entered into an agreement to sell the asset by way of a call option (the Proposed Sale), conditional on the purchaser’s successful capital raise by 28 July 2021. The Purchaser has provided a $7,400,000 deposit of which $500,000 is non-refundable demonstrating their commitment to complete the transaction. Providing the capital raise is successful, the sale is expected to settle in October with the Trust being wound up as soon as practicable thereafter.

Upon the sale of the Property, Unitholders can expect to receive an initial Special Distribution of approximately $1.75 per unit representing the majority of sale proceeds, with the potential for a final (minor) distribution payable after the Trust is terminated and payment of the fees and costs of the termination is complete.

Trust Unitholders will be provided with more information in due course.

If you have any questions in relation to the Trust or the Proposed Sale, please contact Cromwell’s Investor Services Team on 1300 268 078.

Yours sincerely,

Cromwell Funds Management Limited
Phone: 1300 268 078
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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Ipswich City Heart Trust Disclosure Guide here

An external valuation of the Ipswich City Heart Building as at 30 June 2020 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 4.5% increase in the value of the asset to $128.5 million, up from $123 million as at 7 April 2020.

The increase in value was underpinned by an advancement in the COVID-19 rental relief negotiations, and also by a reduction in the capitalisation rate. The increase takes the asset value to in excess of its pre-COVID-19 level of $126 million.

The provisional net tangible asset value (NTA) of the Trust is forecast to increase to $1.49 per unit at 30 June 2020, up from $1.39 per unit at 7 April 2020 as a result of the revaluation.

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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Trust (Trust) have been increased by 0.25 cents per unit (cpu) from 1 July 2020.

The increase takes the distribution to 11.50% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS}

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 Ipswich City Heart Trust Disclosure Guide here

An external valuation of the Ipswich City Heart Building as at 30 June 2019 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 2.4% increase in the value of the asset to $126 million, up from $123 million as at 30 June 2018.

The increase in value was underpinned by a 0.125% decrease in the capitalisation rate, from 7.125% to 7.0%.

The provisional net tangible asset value (NTA) of the Trust is forecast to increase to $1.46 per unit at 30 June 2019, up from $1.43 per unit at 30 June 2018 as a result of the revaluation.

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

^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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Trust (Trust) have been increased by 0.25 cents per unit (cpu) from 1 July 2019.

The increase takes the distribution to 11.25% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Ipswich City Heart Trust Fund Disclosure Guide here

Cromwell Funds Management Limited (CFM) is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust (Trust) have been increased by 1.5 cents per unit (cpu) from January 2019.

The increase takes the distribution to 11.0% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

The distribution increase was underpinned by the finalisation of a new interest rate swap for the Trust’s bank loan. The new interest rate swap follows the decision of Trust unitholders in September 2018 to extend the term of the Trust for a further four and a half years under the Rollover Proposal. Please see the Explanatory Memorandum for further information.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised the interest rate swap for the Cromwell Ipswich City Heart Trust (Trust) bank loan on terms that are more favourable than those outlined in section 8.6 of the Cromwell Ipswich City Heart Trust Notice of Meeting and Explanatory Memorandum dated 22 August 2018 (Explanatory Memorandum).

The interest rate swap follows the decision of Trust unitholders in September 2018 to extend the term of the Trust for a further four and a half years under the Rollover Proposal. The interest rate swap fixes 100% of the Trust’s debt for the duration of the bank loan. Please see the Explanatory Memorandum for further information.

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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Cromwell Funds Management Limited (CFM) has finalised the variation of the existing Cromwell Ipswich City Heart Trust (Trust) bank loan on terms that are the same, or more favourable than, the terms outlined in section 7.4 of the Cromwell Ipswich City Heart Trust Notice of Meeting and Explanatory Memorandum dated 22 August 2018 (Explanatory Memorandum).

The variation of the Trust’s bank loan follows the decision of Trust unitholders in September 2018 to extend the term of the Trust for a further four and a half years under the Rollover Proposal. Please see the Explanatory Memorandum for further information.

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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Cromwell Ipswich City Heart Trust (Trust) unitholders have voted to approve both resolutions required to implement the Rollover Proposal, as detailed in the Notice of Meeting and Explanatory Memorandum dated 22 August 2018.

A successful ‘For’ vote on Resolution 1 extends the Trust Term by four and a half years, until 28 June 2023.

In addition, a successful ‘For’ vote on Resolution 2 results in the approval of the proposed amendments to the Trust’s Constitution by way of a Supplemental Deed.

The result of the vote at the meeting is as follows:

Resolution 1 – Further Term Resolution (Extraordinary Resolution)

40,114,888 votes in total were cast, the equivalent of 83.82% of the total votes that may have been cast by Trust unitholders eligible to vote on the resolution.
39,480,763 units (630 unitholders) voted in favour of Resolution 1 (For), representing 82.49% of the total votes that may have been cast by eligible unitholders (thus exceeding the required 50%).
634,125 units (26 unitholders) voted against Resolution 1 (Against), representing 1.32% of the total votes that may have been cast by eligible unitholders.
65,000 units (2 unitholders) abstained from voting on Resolution 1.

Resolution 2 – Constitutional Amendment Resolution (Special Resolution)

40,009,818 votes in total were cast.
39,696,043 units (637 unitholders) voted in favour of Resolution 2 (For), representing 99.22% of the total votes cast by eligible unitholders (thus exceeding the required 75%).
313,775 units (16 unitholders) voted against Resolution 2 (Against), representing 0.78% of the total votes cast by eligible unitholders.
170,070 units (5 unitholders) abstained from voting on Resolution 2.

As a result, the successful ‘For’ vote on Resolution 2 effectively sets in motion the Matching Facility, allowing unitholders that nominated to either buy or sell units to do so (subject to scale back).

CFM has now begun the process of reconciling the purchase and sale of units for those unitholders who elected to participate in the Matching Facility, and the results of the scale back will be available on this webpage on completion of the reconciliation (expected in the week beginning 8 October 2018¹).

All excess funds for any scale back of purchases will be returned via unitholder distribution accounts on or around Wednesday 10 October 2018¹.

For unitholders that elected to sell all or part of their units, settlement – including transfer of funds and units, is due to occur on 1 November 2018¹. In addition, all new unit purchases will also be allocated to purchasing unitholders’ existing balances on 1 November 2018¹.

A summary of key dates for the implementation of the Rollover Proposal are as follows¹:

Key dates¹ Event	Date
Allocations for buying Unitholders determined / potential scale-back for selling Unitholders determined	Monday 1 October 2018 – Friday 5 October 2018
Unitholders notified of Matching Facility scale-back and over subscription monies refunded (if applicable)	On our around Wednesday 10 October 2018
Settlement date / Transfer Date of Units / Transaction Statements posted	Thursday 1 November 2018
The Further Term commences	Saturday 29 December 2018

Contact Us

If you have any questions in relation to the vote or your resulting unit balance, please 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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS), and Notice of Meeting and Explanatory Memorandum dated 22 August 2018. The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Building as at 30 June 2018 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 4.2% increase in the value of the asset to $123 million, up from $118 million as at 31 December 2017.

The increase in value was underpinned by a 0.125% decrease in the capitalisation rate, from 7.25% to 7.125%.

The provisional net tangible asset value (NTA) of the Trust (subject to the audit) is forecast to increase to $1.43 per unit at 30 June 2018, up from $1.35 per unit at 31 December 2017 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be August 2018).

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 Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Trust (Trust) have been increased by 0.25 cents per unit (cpu) from July 2018.

The increase takes the distribution to 9.50% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell’s Investor Services Team on 1300 268 078. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

An external valuation of the Ipswich City Heart building as at 31 December 2017 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 3.5% increase in the value of the asset to $118 million, up from the valuation of $114 million as at 31 December 2016.

The increase in value was underpinned by a 3.75% increase in rental income.

The provisional net tangible asset value (NTA) of the Trust (subject to the audit) is forecast to increase to $1.34 per unit at 31 December 2017, up from $1.27 per unit at 31 December 2016 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late February 2018).

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

^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 Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

Click here for the full update

Cromwell Funds Management Limited (“CFM”) is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust (“Trust”) have been increased by 0.25 cents per unit (“cpu”) from July 2017.

The increase takes the distribution to 9.25% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.
CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

Cromwell Funds Management Limited (CFML) is the responsible entity of the Cromwell Ipswich City Heart Trust (Trust).

The Bank Loan for the Property was due to expire in June 2017. CFML has taken advantage of current market conditions and negotiated a refinance of the Bank Loan until June 2019. The margin rate under the Bank Loan has reduced. All other terms remain substantially the same.

Furthermore, CFML has extended the Trust’s interest rate swap by six months beyond 30 June 2018 to 31 December 2018. The initial term of the Trust expires in December 2018.

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 Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust 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 Ipswich City Heart Trust (ARSN 154 498 923) (“ICH”) 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 ICH to consider and vote on a special resolution to amend the constitution of ICH on the terms described in that announcement.

Accordingly, CFM as the responsible entity of ICH 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 ICH 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 ICH 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, 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 Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”).}
^{The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. Applications for units in the Fund can only be made on the application form accompanying the PDS. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Fund fits 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 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 a reliable indicator 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 Ipswich City Heart Trust (ARSN 154 498 923) (“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 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 by CFM for the Trust 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 notion subsection 601GCA(3) of the Corporations Act 2001 (Cth) as modified by ASIC Corporations (Attribution Managed Investment Trusts) Instrument 2016/489 (Attribution Managed Trusts) to inform unit holders of proposed amendments 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 of 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 Ipswich City Heart Trust

Powers of the Manager	A new clause 17.6 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 33A.
Recoveries – Holders’ liabilities	A new paragraph (e) will be inserted to clause 32.1 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 33.1A will be inserted to “switch off” clause 33 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 33 is relevant to Division 6 of the Income Tax Assessment Act 1936 (Cth).
AMIT	A new clause 33A will be inserted which contains the general powers for the Responsible Entity to comply with the new AMIT rules. Clause 33A.1 provides the Responsible Entity with the discretion to choose to apply the AMIT rules. Clause 33A.2 determines the period that the Trust is an AMIT. Clause 33A.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 33A.3(b) to (e) provides a discretion for the Responsible Entity to distribute any amount of income or capital of the Trust to unit holders. We have preserved the unit pricing of the fund by requiring that any distribution be made consistent with the entitlement to a distribution in Clause 33. Clause 33A.3(f) provides that any taxes paid or remitted on behalf of a unit holder are taken to be made for that unit holder. Clause 33A.3(g) confers specific powers on the Responsible Entity to issue and amend “AMMA Statements” to unit holders. Clause 33A.3(h) facilitates the exercise of the Responsible Entity’s powers in relation to “unders and overs” as permitted in the AMIT regime. Clause 33A.3(i) limits the Responsible Entity’s liability to the unit holders in making choices and complying with the AMIT rules. Proposed clause 33A.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.
Unit holder Objections	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. 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 Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

An external valuation of the Ipswich City Heart building as at 31 December 2016 has provided good news for Cromwell Ipswich City Heart Trust (“Trust”) unitholders: a 4.6% increase in the value of the asset to $114 million, up from the valuation of $109 million as at 30 June 2016.

The increase in value was underpinned by a 3.75% increase in rental income.

The provisional net tangible asset value (NTA) of the Trust (subject to the audit) is forecast to increase to $1.27 per unit at 31 December 2016, up from $1.18 per unit at 30 June 2016 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late February 2017).

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 Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

Cromwell Funds Management Limited (“CFM”) is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust (“Trust”) have been increased by 0.25 cents per unit (“cpu”) from July 2016.

The increase takes the distribution to 9.00% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

CFM’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 a reliable indicator 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 Trust are subject to the risks and assumptions set out in the PDS.}

The Cromwell Ipswich City Heart Trust (Trust) has received a payout from the Developer, Leightons Properties (Brisbane) Pty Limited (Leightons Properties), on their remaining lease obligations on the mezzanine tenancy and the retail tenancies on Bell Street. The lease expiry date on the mezzanine tenancy and the retail tenancies was 30 September 2018. Leighton Properties occupied 7.3% of the net lettable area by income.

Cromwell Funds Management Limited will shortly commence a marketing strategy to find suitable tenants to occupy the vacancies.

Leighton Properties also paid the Trust an adjustment to the Purchase Price as was agreed within the Development Agreement. The adjustment related to final property outgoing calculations.

As a result of the payout from Leighton Properties an internal valuation saw the property fall by $1m to $109 million, representing a 0.9% fall. The fall in valuation was a result of the rental received in advance for the Leighton Properties tenancies. The provisional net tangible asset value (NTA) of the Trust (subject to the annual audit) is forecast to increase slightly to $1.19 per unit at 30 June 2016, largely due to the higher cash balance.

The final NTA will be available upon completion of the audit (expected to be late August 2016).

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Cromwell Ipswich City Heart Trust Disclosure Guide here

An external valuation of the Ipswich City Heart Building as at 31 December 2015 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 7.8% increase in the value of the asset to $110 million, up from $102 million as at 30 June 2015.

The increase in value is underpinned by a 3.75% increase in rental income and a 0.39% decrease in the capitalisation rate. The provisional net tangible asset value (NTA) of the Trust (subject to the annual audit) is forecast to increase from $1.02 per unit to $1.17 per unit at 31 December 2015 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late February 2016).

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Ipswich City Heart Fund Disclosure Guide here

Cromwell is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust (the Trust) have been increased by 0.25% from July 2015.

The increase takes the distribution to 8.75% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

Cromwell’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 Trust are subject to the risks and assumptions set out in the PDS.}

An external valuation of the Ipswich City Heart Building as at 30 June 2015 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 1.0% increase in the value of the asset to $102 million, up from $101 million as at 31 December 2014..

The increase in value is underpinned by a 3.75% increase in rental income, whilst allowing for softer retail letting up assumptions.

The provisional net tangible asset value (NTA) of the Trust (subject to the annual audit) is forecast to increase from $1.00 per unit to $1.02 per unit at 30 June 2015 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late August 2015).

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

^{Please note: Any investment, including an investment in the Trust, 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Ipswich City Heart Fund Disclosure Guide here

An internal valuation of the Ipswich City Heart Building as at 31 December 2014 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 1.5% increase in the value of the asset to $101 million, up from $99.5 million as at 30 June 2014.

The increase in value is underpinned by a 3.75% increase in rental income, whilst allowing for softer retail letting up assumptions.

The provisional net tangible asset value (NTA) of the Trust (subject to the annual audit) is forecast to increase from $0.98 per unit to $1.00 per unit at 31 December 2014 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late February 2015).

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (Trust). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This update has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and assess, with or without your financial or tax adviser, whether the Trust fits 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 Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.}

_{Please note: Any investment, including an investment in the Trust, 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 Trust are subject to the risks and assumptions set out in the PDS.}

Download the latest Ipswich City Heart Fund Disclosure Guide here

Cromwell is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust (the Trust) have been increased by 0.25% from July 2014.

The increase takes the distribution to 8.50% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

Cromwell’s decision to increase distributions by the Trust was underpinned by an increase in annual rental income.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (the Trust). Even though the Trust is no longer open to new investment, before making any investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS was issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. This update has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the PDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only and are subject to the risks and assumptions in the PDS. 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 Trust, CFM will receive fees as disclosed in the PDS.}

The Bank Loan for the Property was due to expire in December 2014. To take advantage of current market conditions, CFML has negotiated an extension of the Bank Loan until June 2017. The margin rate under the Bank Loan has reduced slightly. All other terms remain substantially the same.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (CFM) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (the Trust). Even though the Trust is no longer open to new investment, before making any investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. This update has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the PDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only and are subject to the risks and assumptions in the PDS. 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 Trust, CFM will receive fees as disclosed in the PDS.}

An external independent valuation of the Ipswich City Heart Building as at 30 June 2014 has provided good news for Cromwell Ipswich City Heart Trust (Trust) unitholders: a 2.1% increase in the value of the asset to $99.5 million, up from $97.5 million as at 31 December 2013.

The increase in value is underpinned by a 0.125% decrease in the valuation’s capitalisation rate to 7.625%. Colliers International carried out the valuation.

The provisional net tangible asset value (NTA) of the Trust (subject to the annual audit) is forecast to increase from $0.96 per unit to $0.98 per unit at 30 June 2014 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late August 2014).

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 update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (the Trust). Even though the Trust is no longer open to new investment, before making any investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (PDS). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. This update has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the PDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only and are subject to the risks and assumptions in the PDS. 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 Trust, CFM will receive fees as disclosed in the PDS.}

Download the latest Ipswich City Heart Trust 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 is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust have been increased by 0.25% from July 2013.

The increase takes the distribution to 8.25% per annum, based on the unit issue price of $1.00. Distributions will continue to be paid monthly.

Cromwell’s decision to increase distributions by the Trust was underpinned by a slightly lower than forecast interest rate cost.

Capital growth and distributions are not guaranteed and are subject to the assumptions and risks set out in the Trust’s PDS (dated 16 December 2011). The Trust is closed to new investments. However, a copy of the PDS is available on www.cromwell.com.au or by calling 1300 276 693.

Construction on the landmark Ipswich City Heart building has gone up another notch with the project rapidly approaching practical completion and starting to draw plenty of attention.

The $93 million building1, which is owned by the Cromwell Ipswich City Heart Trust, is being developed by Leighton Properties and constructed by Hutchinson Builders. It is the first building in the ICON Ipswich masterplan aimed at revitalising the Ipswich CBD.

There was also the recent announcement that IPN Medical Centre has committed to a five-year lease in the building. The tenancy will comprise consulting rooms for seven doctors and facilities for nurses including a state-of-the-art treatment room, procedure room and emergency bay, as well as space for a pharmacy and pathology service.

Leighton Properties Queensland General Manager Brian McGuckin said the site had been transformed into the centrepiece of the CBD.

“From where we were probably a year and a half ago it’s completely transformed the site,” Mr McGuckin said. “Hopefully it will be the catalyst for more high-quality development in the CBD. It makes it real when you see some of the furniture going into some of the lower floors.”

The building is expected to be completed in late August and is 91% leased to the Queensland Government’s Department of Public Works until 2028².

1. Based on “as if complete” valuation by m3property (Qld) Pty Ltd dated 27 October 2011.

2. Based on signed agreement for lease. Lease will commence on practical completion of the building.

^{Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this update and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (the “Trust”). The Trust is no longer open to new investment. Before making any decision to acquire or hold units in the Trust, it is important that you read the product disclosure statement dated 16th December 2011 (“PDS”) and other updates which are issued by CFM and available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. This update has been prepared without taking into account your objectives, financial situation or needs. Therefore, you should assess, with or without your financial adviser, whether the Trust fits your objectives, financial situation or needs. Please note: any investment is subject to risk, including an investment in this Trust. Capital growth, distributions and tax consequences cannot be guaranteed. An investment in the Trust 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.}

Cromwell Property Group (Cromwell) is pleased to announce that the Cromwell Ipswich City Heart Trust (the Trust), an unlisted single property trust managed by Cromwell, has closed for applications earlier than planned and oversubscribed.

Cromwell CEO Paul Weightman said the recent announcement of an increase in forecast Trust distributions1 combined with falling official interest rates significantly boosted the rate of inflows.

“With the Trust’s monthly distributions forecast at 8.00% per annum, and with expectations of further falls in interest rates, the investment has become extremely attractive to yield-conscious investors,” he said.

He said the success of the fund raising further demonstrated the attractiveness of Cromwell’s back-to-basics investment offerings and the strength of its distribution network.

“The strong response from investors proves the continuing appeal of simple, transparent, yield-based products underpinned by quality Australian commercial property assets,” Mr Weightman said.

“With a distribution network of more than 20,000 retail investors, continuing support from many of Cromwell’s 12,000 plus securityholders and relationships with thousands of financial planners, we believe we can continue to grow the business well into the future with this kind of high-quality product.”

More than 800 investors have invested in the Trust, many of whom have invested in a Cromwell managed fund for the first time. The average investment size was approximately $50,000.

The Trust was initially launched as a 7-year single property syndicate with commencing distributions at a rate of 7.75% pa paid monthly, forecast to increase to 8.00% pa from July 2013 and 8.25% from July 20141. Cromwell increased distributions from the Trust by 0.25% from 1 July 2012 to 8.00% per annum with forecast distributions for the remainder of the forecast period in the PDS also increased by 0.25%1.

Like the successful Cromwell Riverpark Trust before it, the Ipswich Trust’s income is underpinned by a long term pre-commitment from a blue chip tenant, in this case the Queensland Government which has signed a 15-year lease over 91% of the net lettable area. The lease will commence when practical completion of the building on the property is reached. Construction of the building commenced in January 2012 and is on target to be completed by September 2013. The building is the first stage of the $1 billion ICON Ipswich Masterplan redevelopment.

“Given the level of inflows over the last 2-3 months, Cromwell is now focussed on meeting this demand for quality direct property by bringing another similar opportunity to market over the next few months,” Mr Weightman said.

^{1.] Distributions are not guaranteed. Distributions are subject to the risks and assumptions outlined in the product disclosure statement for the Ipswich Trust dated 16 December 2011.}

Cromwell Property Group (ASX: CMW) announced today that its unlisted syndicate, the Cromwell Ipswich City Heart Trust, has been certified by the Responsible Investment Association of Australasia (RIAA).

The Trust is the first single property investment vehicle to be certified as a Responsible Investment by the RIAA.

Cromwell has demonstrated its commitment to incorporating environmental, social and corporate governance (“ESG”) issues into its investment analysis and has adopted a series of ESG based criteria against which the Trust and its underlying asset could be benchmarked.

Cromwell Director of Funds Management, Daryl Wilson said the environmental performance of Cromwell’s buildings is an important part of the Group’s property management strategy and so seeing this consideration flow through to the investment vehicles was a natural progression.

“For a long time we’ve demonstrated that sustainability can be a pathway to profitability at an asset level and we look forward to demonstrating that the same is true for investors in commercial property funds.” Mr Wilson said.

RIAA Interim General Manager, Sarah Clawson said she was pleased to see Cromwell join the certified product list and increase responsible investment participation from the property sector.

“With the addition of Cromwell’s latest property syndicate, investors who take into consideration RIAA certified products now have the option to include exposure to direct commercial property, providing further diversity to their investment portfolios.” Ms Clawson said.

Cromwell is currently in the final stages of a $49 million capital raising for the Ipswich City Heart Trust, and expects the Trust to be closed to new applications by the end of October.

For further information on the Cromwell Ipswich City Heart Trust, visit www.cromwell.com.au/ich

^{Cromwell Funds Management Limited ABN 63 114 782 777, AFSL 333214 (“CFM”) has prepared this update and is the responsible entity and of the issuer of units in the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (“the Trust”). Before making any decision to acquire or hold units in the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au or by calling Cromwell Investor Services on 1300 276 693. Applications for units can only be made on the application form accompanying the PDS. Before making an investment decision, investors should consider the PDS and assess, with or without a financial adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. The Trust is not liquid and there is no cooling-off period available. Forward-looking statements are provided as a general guide only and are subject to the risks and assumptions set out in the PDS. CFM and its related bodies corporate, and their associates, do not receive any remuneration or benefits for the general advice given in this report. If you acquire units in the Trust, CFM will receive fees as disclosed in the PDS.}

The Australian Securities & Investments Commission (“ASIC”) issued Regulatory Guide 46 ‘Unlisted Property Schemes – Improving Disclosure For Retail Investors’ (“RG46”) in September 2008. RG46 sets out particular disclosure principles for improved disclosure to retail investors to help them compare risks and returns across investments in the unlisted property sector.

Since Cromwell Funds Management Limited (“CFM”), as responsible entity of the Cromwell Ipswich City Heart Trust (“ICH” or “the Trust”), issued the Product Disclosure Statement for the Trust on 16 December 2011, there have been no changes to the RG46 disclosure principles for the Trust.

CFM reviews RG46 disclosure principles in relation to all its managed funds at least twice each year, with the next review due to occur in early November 2012.

Cromwell is pleased to announce that distributions for the Cromwell Ipswich City Heart Trust have been increased by 0.25%.

The increase takes the distribution from 1 July 2012 to 8.00% per annum. Forecast distributions for the remainder of the forecast period in the PDS have also been increased by 0.25% pa.

Cromwell’s decision to increase distributions by the Trust was underpinned by the recent moves to lock in current low interest rates until 2018 and increased certainty around project delivery timeframes following the ahead-of-schedule achievement of major construction milestones to date.

Any savings achieved on debt repayments from the lower than expected market interest rate will benefit unitholders. The market interest rate is fixed by entering into an Interest Rate Swap* with the bank.

*An Interest Rate Swap is a financial instrument that allows a party that has borrowed money at a variable interest rate(in this case, the Trust) to lock-in a fixed interest rate for a defined period. If they can be secured at the right price, fixed rates are preferable to variable rates as they provide certainty around cash-flow requirements regardless of how interest rates rise or fall.

The swap itself is a tailored agreement through which the Trust agrees to pay the bank, in cash, the difference between a fixed interest rate and a series of variable interest rates over an agreed period of time.

The parties do not, in reality, make these two corresponding payments – instead, a single, net payment is made in one direction or the other at an agreed date.

Cromwell Property Group (ASX: CMW) has announced the launch of a PDS to raise up to $49.25 million in a new unlisted Cromwell Ipswich City Heart Trust to be managed by the Group.

The Trust is a 7-year single property syndicate which will commence distributions at 7.75% pa and offers capital growth potential[1] and tax-deferred income[2] from the energy efficient Ipswich City Heart Building at 117 Brisbane Street, Ipswich, Queensland.

The Queensland Government’s Department of Public Works is pre-committed to 91% of the lettable area of the building for 15 years, with fixed 3.75% per annum rental increases for the term of the lease.

The building, which is valued at approximately $93 million[3], is targeting a 5 Star Green Star Office Design and Office As Built (Version 3) from the Green Building Council of Australia, representing “Australian Leadership” in environmentally sustainable design. The building is also targeting a 4.5 Star NABERS Energy Rating.

Construction of the 17,734 square metre, A-Grade commercial office and retail building will commence in January 2012, with the Trust having settled the land on 8 December and entered into a conditional agreement with a subsidiary of Leighton Holdings Limited to develop the property.

Practical completion is expected in September 2013 and the developer will enter into a 5 year lease on any areas of the property which remain vacant on completion of construction.

Cromwell Property Group will provide seed funding of up to $20 million and will subscribe for any units not issued by 31 December 2012, but is not expected to hold a long-term investment in the Trust.

The building will be part of ICON Ipswich, a master planned $1 billion urban renewal project in the heart of the Ipswich CBD.

The successful completion of the capital-raising is expected to generate initial and ongoing funds management fees which will have a positive impact on Cromwell Property Group’s earnings in future years.

For further information and to download a PDS, visit the Product Page at www.cromwell.com.au/ich

Capital growth and distributions are not guaranteed. Subject to assumptions and risks contained in the Product Disclosure Statement dated 16December 2011 (“PDS”).
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 Trust.
Based on “as if complete” valuation by M3property (Qld) Pty Ltd

Continuous Disclosure and Updates

Continuous Disclosure and Updates

Final distribution and cancellation of units

Unitholder statements

Cromwell Funds Management COVID-19 Asset Valuations Update

Cromwell Funds Management Unlisted Property Funds

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.

The result of the vote at the meeting is as follows:

Resolution 1 – Further Term Resolution (Extraordinary Resolution)

Resolution 2 – Constitutional Amendment Resolution (Special Resolution)

A summary of key dates for the implementation of the Rollover Proposal are as follows¹:

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

NOTICE PURSUANT TO SECTION601GCA OF THE CORPORATIONS ACT

Reasons for proposed amendments to the Constitution

How to contact us if you wish to respond to this notice

Effect of amendments to the Constitution

Summary of Amendments to the Constitution of Cromwell Ipswich City Heart Trust

Continuous Disclosure and Updates

Continuous Disclosure and Updates

Continuous Disclosure and Updates

Formal closure notice: Cromwell Ipswich City Heart Trust wind up and final distribution payment 19 April 2022

Final distribution and cancellation of units

Unitholder statements

Cromwell Ipswich City Heart Trust – Termination Notice 17 November 2021

Asset Sale Update – Cromwell Ipswich City Heart Building Settlement of Sale 21 October 2021

Asset Sale Update – Cromwell Ipswich City Heart Trust 21 October 2021

Proposed Asset Sale – Cromwell Ipswich City Heart Trust 03 August 2021

Annual distribution increased to 11.75 cents per unit p.a. 01 July 2021

Proposed Asset Sale – Cromwell Ipswich City Heart Trust 31 May 2021

Latest RG46 Disclosure Guide 04 March 2021

Latest RG46 Disclosure Guide 31 August 2020

Asset Valuation Update – Cromwell Ipswich City Heart Trust 01 July 2020

Distributions Increased to 11.50 cpu pa 01 July 2020

COVID-19 Asset Valuations Update 08 April 2020

Cromwell Funds Management COVID-19 Asset Valuations Update

Cromwell Funds Management Unlisted Property Funds

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.

Latest RG46 Disclosure Guide 28 February 2020

Latest RG46 Disclosure Guide 11 September 2019

Asset Valuation Update – Cromwell Ipswich City Heart Trust 01 July 2019

Distributions Increased to 11.25 cpu pa 28 June 2019

Latest RG46 Disclosure Guide 28 February 2019

Distributions Increased to 11.0 cpu pa 31 December 2018

Interest Rate Swap 21 December 2018

Bank Loan Update 21 December 2018

Unitholders approve the Further Term of the Cromwell Ipswich City Heart Trust 27 September 2018

The result of the vote at the meeting is as follows:

Resolution 1 – Further Term Resolution (Extraordinary Resolution)

Resolution 2 – Constitutional Amendment Resolution (Special Resolution)

A summary of key dates for the implementation of the Rollover Proposal are as follows1:

Contact Us

Latest RG46 Disclosure Guide 21 August 2018

Asset Valuation Update – Cromwell Ipswich City Heart Trust 02 July 2018

Distributions Increased to 9.50 cpu pa 01 January 2021

Latest RG46 Disclosure Guide 26 February 2018

Asset Valuation Update – Cromwell Ipswich City Heart Trust 31 December 2017

Latest RG46 Disclosure Guide 11 October 2017

Cromwell Ipswich City Heart Trust Election to be an Attribution Managed Investment Trust 05 July 2017

Distributions Increased to 9.25 cpu pa 03 July 2017

Latest RG46 Disclosure Guide 02 May 2017

Bank Loan Update – Cromwell Ipswich City Heart Trust 04 April 2017

Cromwell Ipswich City Heart Trust – Constitution Amendments 27 March 2017

Notice of Proposed Trust Constitution Amendments 16 March 2017

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

NOTICE PURSUANT TO SECTION601GCA OF THE CORPORATIONS ACT

Reasons for proposed amendments to the Constitution

How to contact us if you wish to respond to this notice

Effect of amendments to the Constitution

Summary of Amendments to the Constitution of Cromwell Ipswich City Heart Trust

Latest RG46 Disclosure Guide 24 January 2017

Asset Valuation Update 11 January 2017

Latest RG46 Disclosure Guide 14 September 2016

Latest RG46 Disclosure Guide 12 July 2016

Distributions Increased to 9.0 cpu Pa 01 July 2016

Asset Valuation Update and Outgoings Adjustment 30 June 2016

Latest RG46 Disclosure Guide 21 March 2016

Asset Valuation Update – Cromwell Ipswich City Heart Trust 04 January 2016

Latest RG46 Disclosure Guide 30 September 2015

Distributions Increased To 8.75% Pa 09 July 2015

Asset Valuation Update – Cromwell Ipswich City Heart Trust 09 July 2015

Latest RG46 Disclosure Guide 16 March 2015

Asset Valuation Update – Cromwell Ipswich City Heart Trust 27 January 2015

Latest RG46 Disclosure Guide 15 September 2014

Distributions Increased To 8.50% Pa 10 July 2014

Bank Loan Update – Cromwell Ipswich City Heart Trust 04 July 2014

Asset Valuation Update – Cromwell Ipswich City Heart Trust 01 July 2014

Latest RG46 Disclosure Guide 30 March 2014

Privacy Policy Update 12 March 2014

Distributions Increased To 8.25%PA 12 March 2014

First Look Inside Ipswich Icon 12 July 2013

Cromwell Completes Unlisted Retail Fund Raising 11 October 2012

Cromwell's City Heart Trust – Australia's First Unlisted Property Syndicate Certified As A Responsible Investment 19 September 2012

RG46 Disclosure Update 28 August 2012

Distributions Increased To 8%PA 27 July 2012

Cromwell Launches $93M Ipswich City Heart Trust 16 December 2011

A summary of key dates for the implementation of the Rollover Proposal are as follows¹: