01 April 2016

Cromwell Funds Management Limited (CFM) is the Responsible Entity of Cromwell Phoenix Opportunities Fund (the Fund).

As disclosed in section 6.1.2 of the Fund’s product disclosure statement dated 16 February 2016 (PDS), CFM agreed to cap administration costs at 0.15% per annum of the Fund’s Net

Trust Value (calculated by dividing the sum of the opening monthly Net Trust Value and closing monthly Net Trust Value by two) until 30 June 2016 and bear any normal administration cost in excess of this amount.

CFM has agreed to cap administration costs until 30 June 2017.

Section 6.1.2 of the PDS, and the fees and costs section of the Fund’s Additional Information Document dated 16 February 2016, should be read accordingly.

If you have any questions, please contact your financial adviser or Cromwell Investor Services on 1300 276 693.

Cromwell Funds Management Limited ABN 63 114 782 777 AFSL 333214 ("CFML") has prepared this notice and is the responsible entity of, and the issuer of units in, the Cromwell Phoenix Opportunities Fund ARSN 602 776 536 ("Fund"). Information in this notice is based on sources believed to be reliable, and all opinions expressed are honestly held as at the applicable date. While every care has been taken in the preparation of this notice, CFML makes no representation or warranty as to the accuracy or completeness of any statement in it including without limitation, any forecasts. This notice has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision, you should consider the relevant Product Disclosure Statement ("PDS") and assess, with or without your financial or tax adviser, whether the Fund fits your objectives, financial situation or needs. The PDS is issued by CFM and is available from www.cromwell.com.au/pof or by calling Cromwell Investor Services on 1300 276 693.

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. Past performance is not indicative of future performance. None of CFML, Phoenix Portfolios Pty Ltd as investment manager of the Fund, nor their related entities, directors or officers guarantees the success of the Fund, distributions, the amount you will receive on withdrawal, your income or capital return or the tax consequences of investing. The performance of the Fund is subject to the risks and assumptions set out in the PDS.