29 September 2017

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

Units in the Fund were available for subscription under a product disclosure statement dated 24 September 2013 (2013 PDS).

Units are now available for subscription under a new product disclosure statement dated 29 September 2017 (2017 PDS), and the 2013 PDS is no longer applicable.

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

As disclosed in the 2017 PDS, CFM has now agreed to bear any normal ongoing administrative costs of the Fund above 0.2% p.a. of the Fund’s net asset value. If CFM removes this cap in the future, CFM will give investors 30 days’ written notice.

As disclosed in the 2017 PDS, the Cromwell Phoenix Core Listed Property Fund (PCF) is now included as an investment option for the Fund. Details on PCF can be found on the fund’s website: www.cromwell.com.au/pcf.

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

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 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 29 September 2017 (“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 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 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 update. If you acquire units in the Fund, CFM and certain related parties may receive fees from the Fund and these fees are disclosed in the PDS.

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