17 April 2015

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

Units in the Fund were available for subscription under an information memorandum dated 1 December 2014 (IM).

The IM has been discontinued and units in the Fund are available for subscription under a product disclosure statement dated 17 April 2015 (PDS).

All other details – including investment philosophy, initial cap on Fund size, and fees and costs – remain unchanged.

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.