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CROMWELL GROUP

CROMWELL GROUP. Cromwell Group. Cromwell Group. Cromwell Group (Australian Stock Exchange code: CMW) is a specialist Australian Real Estate Investment Trust (A-REIT) and property fund manager

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CROMWELL GROUP

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  1. CROMWELL GROUP

  2. Cromwell Group

  3. Cromwell Group • Cromwell Group (Australian Stock Exchange code: CMW) is a specialist Australian Real Estate Investment Trust (A-REIT) and property fund manager • The Group has approximately AUD$1.8b in assets under management of which AUS $0.6b is in unlisted funds managed by the Group for external investors • Defensive portfolio with strong cash flow • No debt facilities expiring until March 2011 • Experienced and stable executive team • Forecast minimum AUD 8.5 cents per security earnings in FY10 with no further transactions required, representing 11% pa yield on security price of AUD$0.73 at 8 April 2010 • NTA per security of AUD$0.73, with valuations widely expected to have bottomed and no allowance for value of funds management business • Forecast earnings per security for FY11 is AUD 7.3 cents to AUD 7.8 cents post capital raising • Distribution AUD 7.0 cents to AUD 7.4 cents post capital raising • Cromwell intends to pursue opportunities for corporate activity which add to the quality of the Group’s earnings and medium term growth potential.

  4. Key Property Directors/Executives Geoffrey H Levy, AO Non-Executive Chairman • Providing independent stewardship for the Group Noel Woodward Head of Property Services • Provides strategic leadership for the effective operation of the property portfolio Philip Cowling Associate Director - Transactions • Responsible for technical due diligence, projects and development management Paul Weightman CEO / Executive Director • Since inception has actively managed the Group’s strategic direction Paul McDonnell National Asset Manager • Responsible for maximising income from all properties Daryl Wilson CFO / Executive Director • Primary responsibility for the finance and funds management functions

  5. The Australian Economy • Rich in natural resources – major exporter of minerals such as iron-ore and gold, and energy in the form of liquefied natural gas and coal • Major exporter of agricultural products, particularly wheat and wool. • Fared better than many of the major world economies during past 2 years • High level of commodity exports • Continuing demand for its products due to close proximity to major Asian economies • Strong, well regulated financial sector • Unemployment rate only 5.3% (March 2010)

  6. The Australian Commercial Property Market • Valuations for quality property expected to have bottomed in Dec-09 quarter • Cap rates for office now slightly above long-term averages • Significant rental growth expected once limited supply is absorbed • Peak to trough fall of 23.1% reported by IPD • Office vacancy peaking in most CBD markets • Opportunities to buy well below replacement cost

  7. Property Portfolio

  8. Quality Income Stream Focus on quality tenants 52% of next rent reviews are fixed, withan average increase of 3.95% 27% of next rent reviews are CPI Minimal future impact from softening rentals –only 17% subject to market reviews

  9. QLD 18% WA 1% Brisbane SA 8% Perth NSW 12% Sydney ACT 29% Adelaide Canberra Albury VIC 28% Melbourne TAS 4% Hobart Portfolio Diversification * Map shows geographic diversification by gross income as at 31 Dec 2009 9 No offshore assets Strong office focus Portfolio value will benefit from economic recovery Weighted towards Melbourne & Canberra office markets

  10. Portfolio Diversification 10

  11. Key Properties (valued over $50m)

  12. Tuggeranong Office Park, Greenway ACT The property comprises five individual buildings of up to three stories linked by enclosed walkways. The basement area includes both service areas and 291 car parks with a further 469 open car parks on-site. It is fully leased to the Commonwealth Government until 2016.

  13. 700 Collins Street, Melbourne VIC The property comprises 12 levels of office accommodation, 3 levels of car parking and various retail areas. 700 Collins Street is located in the Docklands Precinct at the western end of the Melbourne CBD. Tenants enjoy uninterrupted views and direct access to the city.

  14. 475 Victoria Avenue, Chatswood NSW The complex comprises two 13-level office buildings complete with ground floor retail and 3 levels of basement car parking. There is also a freestanding annexe building and well maintained gardens separating the 2 office towers. Office space in the complex comprises a net lettable area of 24,131 sqm while the retail space covers an area of approximately 834 sqm.

  15. AWB Building, Melbourne VIC The La Trobe Street property is a modern A grade office complex with approximately 22,000 sqm of office accommodation. The 18 level building has 2 separate foyers fronting La Trobe Street providing a separate entry point for the major tenant AWB, who solely occupy the upper portion of the building.

  16. 200 Mary Street, Brisbane QLD Cromwell House at 200 Mary Street is strategically located in Brisbane’s CBD, just 125 metres from the GPO and in an area known as Brisbane’s Golden Triangle. The 19 level office tower serves as the head office of Cromwell Group. Parts of the building enjoy views over the Brisbane River to Moreton Bay as well as Brisbane’s hinterland.

  17. Synergy, Kelvin Grove QLD Synergy, completed in November 2008, is located within Kelvin Grove Urban Village, Brisbane’s newest master-planned inner-city precinct merging business, technology, education and the arts. It is a state of the art A-grade building which has been awarded a 5 Star Green Star As designed Rating under the Green Building Council of Australia’s (GBCA) Green Star rating system. A 5 Star rating recognises and rewards “Australian Excellence” in building design.

  18. TGA Complex, Symonston ACT The Therapeutic Goods Administration (TGA) complex at Symonston consists of 2 separate buildings on a 17.35 hectare site approximately 8 kilometres from the Canberra CBD. Themain building is a world class office andlaboratory facility which is leased to the TGA until 2017. There is scope for significant expansion of the existing facilities.

  19. Qantas Global Headquarters- Sydney Superbly positioned within immediate proximity of Mascot- Kingsford Smith International and Domestic Airports a modern campus style business park comprising three multi-level office buildings and an office warehouse building, all with extensive basement parking. 19

  20. Exhibition Property, Melbourne VIC The property will be refurbished over the next 12 months, and will provide significant exposure to the improving Melbourne CBD commercial market 20

  21. H O T E L S

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