Initial Investment Portfolio Updated Timeline

Cromwell Funds Management Limited ("CFM"), as responsible entity of the Cromwell Direct Property Fund ("the Fund"), issued a product disclosure statement for the Fund dated 21 August 2013 ("PDS") and a supplementary product disclosure statement dated 28 May 2014 ("SPDS"). 

Section 1.4 of the PDS outlined the anticipated timing of the investments making up the Initial Investment Portfolio. Although CFM has commenced acquiring the Initial Investment Portfolio, it has updated when it expects to complete its acquisition of each allocation. The expected timing of the investments as follows:

	Allocation  (Unchanged from PDS)	Expected Timing Per PDS	Updated Expected Timing
CROMWELL RIVERPARK TRUST Energex House, QLD	$5.6m	by 31 Dec 2013	by 31 Dec 2014
CROMWELL IPSWICH CITY HEART TRUST1 Ipswich City Heart Building, QLD	$3.6m	by 31 Dec 2013	by 31 Dec 2014
CROMWELL BOX HILL TRUST1 ATO Box Hill, VIC	$6.9m	by 30 Jun 2014	by 31 Dec 2014
CROMWELL PROPERTY TRUST 121 ATO Dandenong, VIC Dorcas St, South Melbourne, VIC Rand Distribution Centre, SA	$10.0m	by 30 Jun 2014	by 30 Jun 2015

CFM is the responsible entity of each of the underlying property trusts. Each property trust is closed to new investments. Units will be acquired from Cromwell or pursuant to subscription agreements. For further information, see section 9.7 of the PDS.

Please note: any investment, including in the Fund, is subject to risk. Capital growth, distributions, and tax consequences cannot be guaranteed. If a risk eventuates, it may result in reduced distributions and/or loss of some or all of the capital value of your investment. 

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, it is important that you read the PDS and the 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 your objectives, financial situation or needs. In 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 update. If you acquire units in the Fund, CFM will receive fees as disclosed in the PDS and SPDS.