BWP GROUP — Capital/Financing Update 2012

Jan 16, 2012

17 January 2012

==> picture [38 x 777] intentionally omitted <==

==> picture [372 x 37] intentionally omitted <==

==> picture [115 x 64] intentionally omitted <==

==> picture [252 x 34] intentionally omitted <==

==> picture [159 x 28] intentionally omitted <==

DRP ISSUE PRICE

The Directors of BWP Management Limited, the responsible entity for the BWP Trust, today advised the distribution reinvestment plan (“DRP”) issue price for the six month period ending 31 December 2011 is $1.7404 per unit.

The issue price is the volume weighted average unit price (with no discount applied) of BWP units on the Australian Securities Exchange for the 10 trading days from 3 January 2012 to 16 January 2012.

The units issued under the DRP will rank equally with existing units. The DRP units will be issued when distribution entitlements are paid, which is expected to be on 24 February 2012.

For further information please contact:

Grant Gernhoefer General Manager BWP Management Limited

Telephone: +61 8 9327 4318 E-mail: ggernhoefer@bwptrust.com.au Website: www.bwptrust.com.au