02 September 2016

Cromwell Funds Management Limited (“CFM”) is the responsible entity of the Cromwell Direct Property Fund (“Fund”).

Units in the Fund were available for subscription under a product disclosure statement dated 21 August 2013 (“2013 PDS”). A supplementary product disclosure statement was released for the Fund on 28 May 2014 (“SPDS”).

Units are now available for subscription under a new product disclosure statement dated 1 September 2016 (“PDS”), and the 2013 PDS and SPDS are no longer applicable.

The PDS includes a number of updates previously issued by continuous disclosure notice on the Fund webpage, including related party transactions and acquisitions of direct property.  The PDS also changes the Benchmark of the Fund from the PCA/IPD Australian Pooled Property Fund Index – Unlisted Retail to the PCA/IPD Unlisted Retail Property Fund Core Index. This was to align the Benchmark more closely with the investment strategy of the Fund.

The PDS is issued by CFM and is available from www.cromwell.com.au/dpf.

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 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 1 September 2016 (“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.