10 July 2014

Cromwell is pleased to announce that distributions for the Cromwell Direct Property Fund (the Fund) have been increased by 0.25% from July 2014.

The increase takes the distribution to 7.25 cents per unit, per annum. Distributions will continue to be paid monthly.

Cromwell’s decision to increase distributions by the Fund was underpinned by increases in distributions from the underlying assets owned by the Fund.

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 (the Fund). Before making any investment decision in relation to the Fund, investors should read the product disclosure statement dated 21 August 2013 (PDS) as amended by 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 or by calling Cromwell Investor Services on 1300 276 693. Applications for units 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 update has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the PDS and SPDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only and are subject to the risks and assumptions in the PDS and SPDS. 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 will receive fees as disclosed in the PDS and SPDS.