12 July 2016

Masters Parafield, Parafield Airport, Main North Road, Parafield, SA (“Parafield”)

Cromwell Funds Management Limited (“CFM”) confirms that the lease to Masters Home Improvement Australia Pty Ltd (“Masters Lease”) (guaranteed by Woolworths Limited) commenced with the Cromwell Direct Property Fund (“Fund”) on 8 June 2016.

The Masters Lease triggers the commencement of rental income to the Fund from the tenancies occupied at Parafield by Masters, Officeworks and Hungry Jack’s.

If you have any questions please contact your financial adviser, or Cromwell Investor Services on 1300 276 693 or email invest@cromwell.com.au.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 (“CFM”) has prepared this correspondence 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 21 August 2013 (“PDS”) and the supplementary product disclosure statement dated 28 May 2014 (“SPDS”). The PDS and SPDS are issued by CFM and are 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 with approved wording, or an approved sticker, confirming that the applicant has received, read and understood the SPDS. This correspondence has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the PDS and SPDS 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 correspondence. 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 and SPDS.

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 and SPDS for examples of key risks. Past performance is not a reliable indicator of future performance. Forward-looking statements in this correspondence 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 and SPDS.