01 July 2014

External independent valuations of South Melbourne and the Rand Distribution Centre at 30 June 2014 have provided good news for Cromwell Property Trust 12 (Trust) unitholders: a 5.8% increase in the value of the South Melbourne asset to $27.5 million and a 2.3% increase in the value of Rand Distribution Centre asset to $33.5 million, up from $25.5 million and $32.8 million respectively as at 29 October 2013.

The increase in value is underpinned by a 0.25% decrease in the capitalisation rate to 7.75% for South Melbourne and 8.00% for Rand Distribution Centre.

Urbis carried out the valuation for South Melbourne whilst CBRE carried out the valuation for Rand Distribution Centre.

The net tangible asset value (NTA) of the Trust (assuming completion of the ATO Dandenong on 30 September 2015) is forecast to increase from $0.89 per unit to $0.93 per unit as a result of the revaluations.

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 Property Trust 12 ARSN 166 216 995 (the Trust). Even though the Trust is no longer open to new investment, before making any investment decision in relation to the Trust, it is important that you read the product disclosure statement dated 29 October 2013 (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. This update has been prepared without taking into account any investor’s objectives, financial situation or needs. Before making an investment decision, investors should consider the PDS and assess, with or without a financial or tax adviser, whether the product is appropriate given the investor’s objectives, financial situation or needs. Past performance is not indicative of future performance. Forward-looking statements in this update are provided as a general guide only and are subject to the risks and assumptions set out in the PDS. 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 Trust, CFM will receive fees as disclosed in the PDS.