28 June 2019

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

As disclosed in section 6.2 of the Fund’s Product Disclosure Statement dated 29 September 2017 (PDS), CFM is required to withhold tax on a non-resident investor’s behalf in respect of any Australian taxable income distributed or attributed by the Fund.

From 1 July 2019, a withholding tax rate of 30% will apply to distributions of any income relating to cross staple arrangements, trading business income, Managed Investment Trust (MIT) residential housing income or MIT agricultural income which has been derived by the Fund from the underlying investments of the Fund.

If you have any questions or would like to know more about the Cromwell Australian Property Fund, please visit www.cromwell.com.au/APF or 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 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 268 078. 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.