FULL-YEAR RESULTS TO 30 JUNE 2021

August 2021

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IMPORTANT NOTICE

The information provided in this presentation should be considered together with the financial statements for the period and previous periods, ASX announcements and other information available on the Trust’s website.

This presentation has been prepared by BWP Management Limited as the responsible entity for BWP Trust. The information provided is for information purposes only and does not constitute an offer to arrange to issue securities or other financial products, nor is it intended to constitute legal, tax or accounting advice or opinion. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. This presentation has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person.

All reasonable care has been taken in preparing the information contained in this presentation, however no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Without limiting the preceding sentence, no representation or warranty, express or implied, is given as to the accuracy, completeness, likelihood of achievement or reasonableness of any forwardlooking statements, forecasts, prospects or returns contained in this presentation. Such forward-looking statements, forecasts, prospects or returns are by their nature subject to significant uncertainties and contingencies, many of which will be outside the control of BWP Trust or BWP Management Limited. Also, past performance is no guarantee of future performance.

Before making an investment decision, you should conduct your own due diligence and consult with your own legal, tax or accounting adviser as to the accuracy and application of the information provided in this presentation and in respect of your particular investment needs, objectives and financial circumstances.

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FULL-YEAR RESULTS TO 30 JUNE 2021

PRESENTATION OUTLINE

Michael Wedgwood

Managing Director BWP Management Limited

Andrew Ross

Head of Property BWP Management Limited

Summary slides 4-6 Results slides 7-10 Portfolio slides 11-17 Core portfolio slides 18-23

Divestments slides 24-26

David Hawkins

Finance Manager BWP Management Limited

Alternative use properties slides 27-28 Capital management slides 29-32

Outlook slides 33-34

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FULL-YEAR RESULTS TO 30 JUNE 2021

SUMMARY

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SUMMARY | FULL-YEAR RESULTS TO 30 JUNE 2021

2021 FULL-YEAR RESULTS AT A GLANCE

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1.6% New leasing arrangements in place for A- S&P rating/
Port Macquarie, Cairns, Belmont North and A3 Moody’s rating
like-for-like rental growth Midland
$149.2 million [2] 16 market rent reviews completed 17.7%
portfolio revaluation uplift with rents broadly in line with market gearing
$135m and $110m bank
5.65% 10 facilities extended by a further
Bunnings Warehouse year each and additional $100m
portfolio cap rate
options exercised MTN issued. A $110m five-year
forward start facility put in place
4.2 years 97.8% 3.3%
portfolio weighted average leased cost of debt at 30 June 2021
lease expiry (“WALE”)
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1 In comparison to prior corresponding period.
2 Gross $150.9 million revaluation gain before straight-lining of rent.

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SUMMARY | FULL-YEAR RESULTS TO 30 JUNE 2021

CLIMATE RISK AND SUSTAINABILITY ACTIONS

Completed review of boundaries for Scope 1 and 2 emissions, taking into account structure and operational control
Operational carbon emissions of 177 tonnes of C0[2] for FY2021. Purchasing Australian Carbon Credit Units (“ACCUs”) to offset the residual emissions
Solar power generation installed at three properties during the year, 23 solar installations now completed
96% of properties have LED lighting in one or more of car park, nursery trading area, canopy trading area, or main store
Completed climate change analyses for 2[0] C and 4[0] C temperature change scenarios, potential impacts not considered a material business risk

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Wallsend, NSW
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SUMMARY | FULL-YEAR RESULTS TO 30 JUNE 2021

RESULTS

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RESULTS | FULL-YEAR RESULTS TO 30 JUNE 2021

2021 FINANCIAL PERFORMANCE VS PCP

	FY21	PCP1
Total revenue ($m)	152.2	155.8
Management expense ratio (%)	0.63	0.64
Other expenses ($m)	8.6	8.8
Net profit2 (excluding revaluations) ($m)	114.0	117.1
Number of units on issue (m)	642.4	642.4
Full-year ordinary distribution (cents per unit)	18.29	18.29
Total assets ($m)	2,674.6	2,552.6
Borrowings ($m)	474.7	503.2
Net tangible assets ($ per unit)	3.29	3.06
Gearing (debt to total assets) (%)	17.7	19.7

1 pcp: prior corresponding period, being the 12 months ended 30 June 2020 or as at 30 June 2020 as relevant.

2 Excludes any capital profits released.

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RESULTS | FULL-YEAR RESULTS TO 30 JUNE 2021

2021 FINANCIAL PERFORMANCE SIX MONTHLY

	6 months	6 months	6 months
	to Jun 2021	to Dec 2020	to Jun 2020
Total revenue ($m)	76.1	76.1	79.5
Management expense ratio1(%)	0.63	0.64	0.64
Other expenses ($m)	4.3	4.3	4.6
Distributable amount ($m)	59.6	57.9	59.5
Property revaluation gains2 ($m)	62.1	87.1	15.1
Net profit including property revaluations ($m)	119.2	144.0	75.0
Number of units on issue3(m)	642.4	642.4	642.4
Six months distribution (cents per unit)	9.27	9.02	9.27
Total assets3($m)	2,674.6	2,596.1	2,552.6
Borrowings3($m)	474.7	462.2	503.2
Weighted average cost of debt4(pa) (%)	3.12	3.16	3.19
Net tangible assets3 ($ per unit)	3.29	3.20	3.06
Weighted average cap rate3(%)	5.65	5.84	6.08

1 Expenses other than property outgoings and borrowing costs as a percentage of average total assets.

2 After adjustments made for the straight-lining of rent.

3 As at the respective period end rather than for six months to.

4 Finance costs divided by average borrowings for the six months.

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RESULTS | FULL-YEAR RESULTS TO 30 JUNE 2021

2021 FINANCIAL PERFORMANCE FIVE YEAR PERFORMANCE

		FY2021	FY2020	FY2019	FY2018	FY2017
	Revenue ($m)	152.2	155.8	156.3	153.4	152.5
	Distributable profit1($m)	117.5	117.5	116.4	114.4	112.5
	Total assets ($m)	2,674.6	2,552.6	2,382.3	2,369.5	2,312.8
	Borrowings ($m)	474.7	503.2	412.7	457.6	471.1
	Gearing (debt to total assets) (%)	17.7	19.7	17.3	19.3	20.4
	Weighted average cost of debt2(%)	3.1	3.4	4.3	4.6	4.6
	Weighted average cap rate (%)	5.65	6.08	6.30	6.48	6.59
	Management expense ratio3(%)	0.63	0.64	0.62	0.60	0.60
	Total ordinary distribution (cents per unit)	18.29	18.29	18.11	17.81	17.51
1	Includes any capital profits released relating to ordinary distributions (FY2021: $3.5 million; FY2020: $0.4 million; FY2019: $0.5 million;

1 Includes any capital profits released relating to ordinary distributions (FY2021: $3.5 million; FY2020: $0.4 million; FY2019: $0.5 million; FY2018: $1.2 million).

2 Finance costs divided by average borrowings.

3 Expenses other than property outgoings and borrowing costs as a percentage of average total assets.

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RESULTS | FULL-YEAR RESULTS TO 30 JUNE 2021

PORTFOLIO

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

BUNNINGS MARKET RENT REVIEW OUTCOMES

Annual like-for-like rental growth across portfolio 1.6 per cent
13 Bunnings market rent reviews were finalised during the year

Property Location	Passing rent ($pa)	Reviewed rent ($pa)	Variance (%)	Effective date
Wollongong, NSW1,2	1,469,571	1,405,000	(4.4)	9-Feb-18
Villawood, NSW1,3	1,738,610	1,827,000	5.1	14-May-18
Browns Plains, QLD2,4	1,791,153	1,793,000	0.1	7-May-19
Thornleigh, NSW3,5 Maitland, NSW3,5 Albany, WA2,5 Bibra Lake, WA2,5	1,420,291 1,451,887 904,854 1,757,639	1,420,291 1,451,887 790,000 1,671,000	- - (12.7) (4.9)	6-Sep-19 18-Oct-19 1-Nov-19 1-Nov-19
Noarlunga, SA2,5	1,581,718	1,650,000	4.3	1-Nov-19
Mornington, VIC2,5	1,760,103	1,800,000	2.3	13-Dec-19
Morayfield, QLD2,5	1,894,531	1,880,000	(0.8)	22-Mar-20
Mile End, SA2,5	2,504,634	2,542,845	1.5	23-Mar-20
Vermont South, VIC3	2,296,981	2,296,981	-	15-Aug-20
Northland, VIC3	2,029,869	2,029,869	-	19-Aug-20
Total	22,601,840	22,557,873	(0.2)

1 Market rent review was due during the year ended 30 June 2018, but the outcome was only finalised during the current financial year
2 Market rent review was determined by an independent valuer
3 Market rent review was agreed between the parties
4 Market rent review was due during the year ended 30 June 2019, but the outcome was only finalised during the current financial year

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5 Market rent review was due during the year ended 30 June 2020, but the outcome was only finalised during the current financial year

PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

RENT REVIEWS FY2021

Two market rent reviews due during the 12 months to 30 June 2020 and 11 due during the 12 months to 30 June 2021 are being negotiated or determined by independent valuers and remain unresolved

	First-half	Second-half	% of Rental Income1
CPI	18	16	38
Fixed	26	15	42
Market	10	6	20
Total	54	37	100

1 Based on portfolio rental as at 30 June 2021.

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

LIKE-FOR-LIKE RENTAL GROWTH FY2021

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Average increase
4%
Market 0.5% [1]
43% Fixed 3.0%
1.6%
like-for-like
rental growth
53%
CPI 0.5%
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Year ended 30 June (%)	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Rental growth2	1.6	2.13	2.3	2.5	2.1	2.4	2.9	4.0	2.1	4.0
CPI Growth4	0.5	1.6	2.0	2.0	1.4	1.6	2.5	2.3	1.7	3.4

1 All finalised market rent reviews relating to the year ending 30 June 2021.
2 Like-for-like rental growth compares the passing rent at the end of the period to the passing rent at the end of the previous corresponding period, but excludes any properties acquired, divested, vacated, developed or upgraded during or since the previous corresponding period.
3 Amended from 2.4 per cent to take into account market rent reviews finalised post year end.
4 Reflects the annual average like-for-like growth resulting from CPI rent reviews completed during each period.

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

CAPITALISATION RATE TRENDS

Four Bunnings Warehouse transactions in the last six months, the most recent on a cap rate of 4.2 per cent

10.00% 9.00% 8.00% 7.00% Bunnings Portfolio Acquisitions by BWP 6.00% 5.00% 4.00% 3.00% MayDecJunDecJulJanJulFebAugFebSepMarSepAprOctAprNovMayNovJunDecJun10 10 11 11 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 New Bunnings Store Transactions BWP Portfolio Cap Rate Secondary Market Bunnings Transactions Portfolio Transaction Average Cap Rate

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

REVALUATIONS JUNE 2021

June 2021 weighted average capitalisation rate 5.65 per cent (Dec 2020: 5.84 per cent)
Eight independent valuations (11 per cent of BWP portfolio value), average cap rate 5.76 per cent
66 internal valuations average cap rate 5.64 per cent
Stand alone Bunnings Warehouses weighted average cap rate of 5.48 per cent
Cap rate movement; 24 properties decreased, 42 properties no change and eight properties increased
FY2021 gross fair value gain of $150.9[1 ] million on revaluation

Revaluations by state 30 June 2021	No. of properties	Rental $m/annum2	Cap rate (%)	Value ($m)
NSW/ACT	18	36,592	5.65	633.6
QLD	18	38,736	5.70	650.2
SA	2	4,209	5.76	72.0
VIC	20	47,560	5.25	884.7
WA	16	24,336	6.47	395.6
Total/weighted average	74	151,434	5.65	2,636.1

1 Gross movement in valuations; statutory accounts reflect a $149.2 million revaluation gain after adjustments made for straight-lining of rent.

2 Subject to rounding.
Rental growth and cap rate compression equally contributed to the net fair value gain during the period

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

INDEPENDENT REVALUATIONS JUNE 2021

		Dec 2020	Dec 2020	Jun 2021	Jun 2021	Cap rate	Valuation	Jun 2021
Property	State	Cap Rate	Valuation	Cap Rate	Valuation	movement	movement	Term Certain
		(%)	($m)	(%)	($m)	(%)	($m)	(years)
Lismore	NSW	5.50	26.7	5.50	26.5	-	(0.2)	6.2
Wallsend	NSW	5.50	40.4	5.00	45.5	(0.50)	5.1	2.9
Gladstone	QLD	6.75	46.0	6.25	51.0	(0.50)	5.0	2.5
Southport	QLD	5.75	27.9	5.50	29.4	(0.25)	1.5	2.4
Bayswater	VIC	6.00	43.3	5.25	50.2	(0.75)	6.9	3.4
Balcatta	WA	5.50	40.9	5.50	40.9	-	-	2.2
Joondalup	WA	7.25	16.2	7.75	15.0	(0.50)	(1.2)	2.2
Mandurah	WA	7.25	20.7	7.25	21.4	-	0.7	7.6
Total/ average1		6.07	262.1	5.76	279.9	(0.31)	17.8	3.3

1 Figures subject to rounding.

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PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

CORE PORTFOLIO

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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

CORE PORTFOLIO SUMMARY

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64 4.4 years 3.3 ha
properties portfolio WALE average land area
71%
14,240 m [2] 84%
upgrade
average lettable metro located
properties or
area properties
occupied <12yrs
5.50%
weighted average
cap rate
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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

WEIGHTED AVERAGE LEASE EXPIRY PROFILE

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30%
25%
20%
15%
10%
5%
0%
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 Beyond
Showrooms BWH >12 years occupancy BWH <12 yrs occupancy or upgrades
% of Rental Income
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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

BUNNINGS LEASE EXPIRIES NEXT THREE YEARS

Property	Lease expiry	Options	Rent ($’000pa)	Comments
Geraldton	Dec 2021	2 x 5 yrs	1,350	Notification required by Sep 2021
Mornington	Dec 2021	2 x 5 yrs	1,812	Notification required by Sep 2021
Frankston	Dec 2021	2 x 5 yrs	2,156	Notification required by Sep 2021
Gladstone	Feb 2022	3 x 5 yrs	1,386	Notification required by Nov 2021
Greenacre	Apr 2022	5 x 5 yrs	2,955	Notification required by Oct 2021
Craigieburn	May 2022	5 x 5 yrs	1,827	Notification required by Nov 2021
Scoresby	May 2022	2 x 5 yrs	2,008	Notification required by Feb 2022
Hervey Bay	Dec 2022	1 x 5 yrs	1,356	Bunnings has obtained DA on adjoining site
Artarmon	Feb 2023	3 x 5 yrs	1,710	Notification required by Nov 2022
Belrose	Feb 2023	3 x 5 yrs	2,113	Notification required by Nov 2022
Wollongong	Feb 2023	2 x 5 yrs	1,459	Notification required by Nov 2022
Balcatta	Sep 2023	10 yrs	2,248	Notification required by Jun 2023
Southport	Nov 2023	10 yrs	1,772	Notification required by Aug 2023
Tuggeranong	Dec 2023	10 yrs	1,843	Notification required by Sep 2023
Cannon Hill	Apr 2024	10 yrs	2,619	Notification required by Jan 2024
Bayswater	Apr 2024	3 x 5 yrs	2,092	Notification required by Jan 2024
Wallsend	May 2024	5 x 5 yrs	2,286	Notification required by Nov 2023
Browns Plains	May 2024	-	1,848	Ongoing discussions with Bunnings

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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

CROYDON UPGRADE COMPLETED

Upgrade cost of $4.0 million at a funding rate of 5.5 per cent
Fair value as at 30 June 2021, $46.8 million, an increase of $8.7 million from December 2020
Upgrade increases the total retail area by 2,190 square metres incorporating an expansion of the timber trade sales and nursery areas
Completed in March 2021
Bunnings has entered into a new 10 year lease with existing 10 year option
Annual CPI reviews with a market rent review on the exercise of the option
No caps/collars on the market rent review
No other changes to the existing lease

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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

PORT MELBOURNE UPGRADE COMPLETED

Upgrade cost of $6.6 million at a funding rate of 5.5 per cent
Fair value as at 30 June 2021 $67.5 million, an increase of $12.5 million from December 2020
Upgrade increases the total retail area by 2,303 square metres incorporating an expansion of the main store and the timber trade sales areas
Completion in June 2021
Bunnings has entered into a new 10 year lease with existing 2 x 5 year options
Annual CPI reviews with a market rent review on the exercise of each option
10 per cent cap, 5 per cent collar per existing lease to remain on the market rent reviews

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No other changes to the existing lease

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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

DIVESTMENTS

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CORE PORTFOLIO | FULL-YEAR RESULTS TO 30 JUNE 2021

UNDERWOOD, QLD DIVESTMENT

Sold to a private owner occupier following a public expressions of interest campaign – settled May 2021
Strong returns achieved as a Bunnings Warehouse (refer table below)
Bunnings relocated to a nearby site in 2018
Pursued a number of re-development options, including for retail, large format retail, medical, self-storage, industrial and last mile logistics – divestment yielded the best outcome

Outcome	Outcome
Purchase date	October 1998
Purchase price	$9.1 million
Additional capital invested	$0.5 million
Total invested capital	$9.6 million
Total rent received	$24.4 million1
Average annual rent growth since inception	3.3% (CAGR)
Sale price	$16.0 million

1 Excludes $1.7 million in forfeited deposit relating to a previous divestment that did not proceed.

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DIVESTMENTS| FULL-YEAR RESULTS TO 30 JUNE 2021

MINDARIE, WA DIVESTMENT

Sold to Fabcot for Woolworths anchored shopping centre – settled July 2021
Strong returns achieved as a Bunnings Warehouse (refer table below)
Bunnings relocated to a nearby site in 2014 and has paid rent up until settlement in July 2021
Pursued a number of redevelopment options, including for retail, large format retail, medical, self-storage, industrial and last mile logistics – divestment yielded the best outcome

Outcome	Outcome
Purchase date	September 2001
Purchase price	$9.8 million
Additional capital invested	$0.6 million
Total invested capital	$10.4 million
Total rent received	$27.4 million
Average annual rent growth since inception	3.3% (CAGR)
Sale price	$14.5 million

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DIVESTMENTS| FULL-YEAR RESULTS TO 30 JUNE 2021

ALTERNATIVE USE PROPERTIES

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ALTERNATIVE USE PROPERTIES| FULL-YEAR RESULTS TO 30 JUNE 2021

ALTERNATIVE USE PROPERTIES UPDATE

Property	Lease expiry1	Comments
Cairns	Expired	Non-binding agreement entered into for use as a film studio; finalising development options on surplus land
Morley	Expired	Leasing campaign underway for lifestyle/leisure redevelopment
Belmont North	Expired	Site leased for up to two years for mass vaccination hub; property recently rezoned to allow for a supermarket and other retail shops, we expect to lodge a development application in FY2022
Port Kennedy	Expired	Leasing campaign underway for large format retail redevelopment
Midland	Sep 2021	Site re-leased to car dealership commencing immediately after Bunnings lease expiry
Hervey Bay	Dec 2022	Leasing campaign underway for large format retail redevelopment
Albany	Oct 2024	Considering redevelopment/divestment options
Northland	Aug 2025	Considering redevelopment/rezoning options
Wagga Wagga	Mar 2026	Considering redevelopment options

1 End of the current Bunnings lease term.

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ALTERNATIVE USE PROPERTIES | FULL-YEAR RESULTS TO 30 JUNE 2021

CAPITAL MANAGEMENT

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CAPITAL MANAGEMENT | FULL-YEAR RESULTS TO 30 JUNE 2021

DEBT FACILITIES

Average borrowings for the year $477.1 million (up 3.3 per cent on prior corresponding period)
3.1 per cent per annum weighted average cost of debt after hedging (2020: 3.4 per cent per annum)
Borrowing costs for the year $15.0 million (down 3.6 per cent on prior corresponding period)
Bank facilities with CBA and WBC can be extended a further year each year, subject to agreement. Both the CBA and WBC facilities were extended for a further year during the reporting period
A new seven-year $100 million bond issued in March 2021
Sumitomo Mitsui Banking Corporation (“SMBC”) debt facility was restructured, with facility limit increased from $100 million to $110 million, with the facility now a five-year forward start facility. Restructure was completed to refinance the MTN maturing in May 2022
Interest cover: 8.8 times at 30 June 2021 (2020: 8.6 times)
Gearing 17.7 per cent at 30 June 2021 (2020: 19.7 per cent)
A- / Stable S&P rating and A3 Moody’s rating

As at 30 June 2021	Limit ($m)	Drawn ($m)	Expiry
CBA	110	56	31 July 2023
WBC	135	55	30 April 2023
Corporate bonds – five-year	110	110	11 May 2022
Corporate bonds – seven-year	150	150	10 April 2026
Corporate bonds – seven-year	100	100	24 March 2028
Total/weighted average	605	471	3.2 years

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CAPITAL MANAGEMENT | FULL-YEAR RESULTS TO 30 JUNE 2021

DEBT DURATION REFINANCED DEBT MATURITY PROFILE

The graph below shows the debt profile for the Trust, on the basis of the delayed start SMBC facility (see previous slide) being drawn down to repay the $110 million MTN maturing in May 2022

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200
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150.0
79.5
100 54.4 110.0
100.0
55.5 55.6
0
FY FY FY FY FY FY FY
22 23 24 25 26 27 28
Bonds Drawn bank facilities Undrawn bank facilities
CAPITAL MANAGEMENT | FULL-YEAR RESULTS TO 30 JUNE 2021
Volume (A$M)
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CAPITAL MANAGEMENT | FULL-YEAR RESULTS TO 30 JUNE 2021

INTEREST RATE HEDGING

Hedge book profile by half-year ending		Jun 2021	Dec 2021	Jun 2022
Active swaps ($m)		70	40	-
Swap rates (%)	Maximum	2.60	2.60	-
	Minimum	2.39	2.60	-
Weighted average1		2.51	2.60	-

Including fixed rate corporate bonds:
$430 million hedged at 1.46[2 ] per cent weighted average to maturity, at 30 June 2021
As at 30 June 2021, the Trust’s hedging cover was 91.3 per cent, with a weighted average term to maturity of 3.5 years
1 Weighted average of active swaps at respective half-year end.
2 Excludes margins payable on the fixed corporate bonds.

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CAPITAL MANAGEMENT | FULL-YEAR RESULTS TO 30 JUNE 2021

OUTLOOK

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OUTLOOK | FULL-YEAR RESULTS TO 30 JUNE 2021

OUTLOOK

Operating environment

Portfolio

The Trust remains well positioned operationally with the significant majority of rental income from Bunnings and other national large format retailers which have been trading well
Demand for Bunnings Warehouse properties is expected to remain relatively stable in near term given the ongoing low interest rate environment and strength of the Bunnings covenant attracting strong investor support
Primary focus for the remainder of the financial year is on leasing vacancies in the portfolio, progressing store upgrades, and extending existing leases with Bunnings through the exercise of options
The Trust will continue to look for opportunities to grow the portfolio that create value for the Trust

FY2022 distribution

Subject to there being no major COVID-19 or other disruption of the Australian economy, the Trust could expect the distribution for the year ending 30 June 2022 to be similar to the ordinary distribution paid for the year ended 30 June 2021. Capital profits may be utilised to support the distribution

Rental growth

49 CPI/ 48 fixed rent reviews in FY2022
Eight Bunnings MRR’s to be finalised in FY2022 (in addition to 13 unresolved from FY2021)

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OUTLOOK | FULL-YEAR RESULTS TO 30 JUNE 2021

QUESTIONS?

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QUESTIONS | FULL-YEAR RESULTS TO 30 JUNE 2021

FURTHER INFORMATION

Responsible entity: BWP Management Limited Tel: +61 8 9327 4356 Email: [email protected]

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FURTHER INFORMATION | FULL-YEAR RESULTS TO 30 JUNE 2021

AI assistant

BWP GROUP — Annual Report 2021

64592_rns_2021-08-03_9fcf0c0a-5ec5-4631-ada8-b367ae12fc10.pdf

FULL-YEAR RESULTS TO 30 JUNE 2021

IMPORTANT NOTICE

PRESENTATION OUTLINE

Andrew Ross

David Hawkins

SUMMARY

2021 FULL-YEAR RESULTS AT A GLANCE

CLIMATE RISK AND SUSTAINABILITY ACTIONS

RESULTS

2021 FINANCIAL PERFORMANCE VS PCP

2021 FINANCIAL PERFORMANCE SIX MONTHLY

2021 FINANCIAL PERFORMANCE FIVE YEAR PERFORMANCE

PORTFOLIO

BUNNINGS MARKET RENT REVIEW OUTCOMES

RENT REVIEWS FY2021

LIKE-FOR-LIKE RENTAL GROWTH FY2021

CAPITALISATION RATE TRENDS

REVALUATIONS JUNE 2021

INDEPENDENT REVALUATIONS JUNE 2021

CORE PORTFOLIO

CORE PORTFOLIO SUMMARY

WEIGHTED AVERAGE LEASE EXPIRY PROFILE

BUNNINGS LEASE EXPIRIES NEXT THREE YEARS

CROYDON UPGRADE COMPLETED

PORT MELBOURNE UPGRADE COMPLETED

DIVESTMENTS

UNDERWOOD, QLD DIVESTMENT

MINDARIE, WA DIVESTMENT

ALTERNATIVE USE PROPERTIES

ALTERNATIVE USE PROPERTIES UPDATE

CAPITAL MANAGEMENT

DEBT FACILITIES

DEBT DURATION REFINANCED DEBT MATURITY PROFILE

INTEREST RATE HEDGING

OUTLOOK

OUTLOOK

Operating environment

Portfolio

FY2022 distribution

Rental growth

QUESTIONS?

FURTHER INFORMATION

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