INTERVIEW WITH PAUL WEIGHTMAN, MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER OF CROMWELL GROUP (CMW)

“Reiterate 10cps Operating Earnings for FY08”

http://www.brr.com.au/event/48160

THURSDAY, JULY 24, 2008, 12:00 PM.

BRR Today Boardroom Radio speaks with the Managing Director and CEO of Cromwell Group, Mr. Paul Weightman. Welcome to Boardroom Radio, Paul.

10 CMW Thanks, Terence.

BRR Paul, you did announce recently some revaluations and also confirming your FY08 operating earnings. Obviously, good news in this environment.

CMW Yes, Terence. We have had a very good year. We have operated pretty

15 conservatively over the last two years and have been out of the market at a time when things were hot. We are very pleased to bring these valuations to the market and we are happy to confirm our previous guidance.

BRR Paul, Cromwell has chosen to focus on, as you have said, quality, non-

20 residential Australian assets with long lease profiles. Tell us a little bit about your portfolio?

CMW Terence, we have always focused on good, strong, secure cash flow. It has been the hallmark of the Company since we started. It has been a key feature of all the funds that we have developed and promoted. We have got a very

25 solid weighted average lease expiry now of almost six years. We have, we believe, the opportunity to further improve on that in the coming years. Our focus is on principally commercial office. The vast majority well in excess of 85% of all their rentals either come from blue chip ASX companies or commonwealth and state governments.

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BRR Paul, as you have mentioned, you have confirmed your operating earnings for FY08 and you have also confirmed that there is no change to your distribution policy.

CMW That is right, Terence. We are happy to reiterate earlier guidance of $0.10 per

35 security or approximately $70 million of cash operating earnings and distributions, much so that unlike a lot of other entities in this sector we have only ever distributed cash operating earnings. So that (inaudible) (0:01:44) and probably distinguishes us from a lot of other entities in the present climate.

40

BRR Paul, certainly some good news out from Cromwell Group. Thanks very much today for the updates on the Company.

CMW Thanks very much, Terence.

45 BRR Remember, if you have any questions about this broadcast or any others, please feel free to send me an e-mail at brr@brr.com.au or via the Contact Us button on the home page. I am Terence Bell. Thanks for listening to Boardroom Radio.

INTERVIEW CONCLUDED

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