11 January 2017

An external valuation of the Ipswich City Heart building as at 31 December 2016 has provided good news for Cromwell Ipswich City Heart Trust (“Trust”) unitholders: a 4.6% increase in the value of the asset to $114 million, up from the valuation of $109 million as at 30 June 2016.

The increase in value was underpinned by a 3.75% increase in rental income.

The provisional net tangible asset value (NTA) of the Trust (subject to the audit) is forecast to increase to $1.27 per unit at 31 December 2016, up from $1.18 per unit at 30 June 2016 as a result of the revaluation. The final NTA will be available upon completion of the audit (expected to be late February 2017).

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 notice and is the responsible entity of, and the issuer of units in, the Cromwell Ipswich City Heart Trust ARSN 154 498 923 (“Trust”). In making an investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 16 December 2011 (“PDS”). The PDS is issued by CFM and is available from www.cromwell.com.au/ich or by calling Cromwell Investor Services on 1300 276 693. The Trust is not open for investment. This notice 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 Trust 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 notice. If you acquire units in the Trust, CFM and certain related parties may receive fees from the Trust and these fees are disclosed in the PDS.

Please note: Any investment, including an investment in the Trust, 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 a reliable indicator of future performance. Forward-looking statements in this notice are provided as a general guide only. Capital growth, distributions and tax consequences cannot be guaranteed. Forward-looking statements and the performance of the Trust are subject to the risks and assumptions set out in the PDS.