31 December 2017

An external valuation of 64 Allara Street, Canberra as at 31 December 2017 has provided good news for Cromwell Direct Property Fund (Fund) unitholders: a 3.6% increase in the value of the asset to $17.5 million, up from the valuation of $16.9 million as at 31 December 2016.

The increase in value was underpinned by a reduced capitalisation rate of the asset.

An internal valuation of the Parafield Retail Complex, Main North Road, Parafield SA has provided a minor increase in value of the property: an increase in the value from $26.25 million to $26.5 million due to annual fixed rental increases.

The updated valuations will affect the unit price for units issued and redeemed on and from 1 January 2017.

If you have any questions or would like to know more about the Cromwell Direct Property Fund, please visit www.cromwell.com.au/DPF or 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 Direct Property Fund ARSN 165 011 905 (“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/dpf 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.