29 April 2014

An external independent valuation of the ATO Building as at 1 March 2014 has provided good news for Cromwell Box Hill Trust (Trust) unitholders: a 1.1% increase in the value of the ‘as complete’ asset to $118 million, up from $116.75 million as at 30 November 2012.

The increase in value is underpinned by a 0.25% decrease in the capitalisation rate. Savills Valuation Pty Ltd carried out the valuation.

The net asset value (NAV) of the Trust is forecast to increase slightly from $0.92 to $0.93 at practical completion of the ATO Building in March 2015 as a result of the revaluation.

A further independent valuation of the ATO Building will be carried out on practical completion of the building in March 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 report and is the responsible entity of, and the issuer of units in, the Cromwell Box Hill Trust ARSN 161 394 243 (the Trust). The Trust is closed to new investment but before making any investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 18 December 2012 (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 report has been prepared without taking into account your objectives, financial situation or needs. In 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. Past performance is not indicative of future performance. Future performance is subject to the assumptions and risks set out in the PDS. Forward looking statements in this report are not guarantees of future performance. Actual results could differ materially from those referred to in the report. 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.