27 March 2017

Further to our announcement of 16 March 2017, Cromwell Funds Management Limited (ABN 63 114 782 777) (“CFM”) as the responsible entity of Cromwell Australian Property Fund (ARSN 153 092 516) (“APF”) 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 APF to consider and vote on a special resolution to amend the constitution of APF on the terms described in that announcement.

Accordingly, CFM as the responsible entity of APF 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 APF 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 APF 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 Australian Property Fund ARSN 153 092 516 (“Fund”). In making an investment decision in relation to the Fund, it is important that you read the product disclosure statement dated 24 September 2013 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/apf 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.