24 December 2014

On 23 December 2014, White Outsourcing Pty Ltd ABN 44 114 914 215 replaced JP Morgan Chase Bank, National Association ABN 43 074 112 011 as the custodian of the Cromwell Phoenix Property Securities 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 Phoenix Property Securities Fund ARSN 129 580 267 (Fund). Before making an investment decision in relation to the Fund, investors should read the product disclosure statement dated 1 November 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. Applications for units can only be made on the application form accompanying the PDS.