BWP GROUP — Capital/Financing Update 2025

Jul 31, 2025

1 August 2025

COMPLETION OF INTERNALISATION

BWP Group (“ BWP ”) is pleased to announce that it has successfully completed the internalisation of its management functions through the acquisition of BWP Management Limited (“ Internalisation ”).

As part of the Internalisation, securityholders have been distributed shares in BWP Property Group Ltd on a one for one basis so they hold the same number of shares in BWP Property Group Ltd as they do units in the BWP Trust. The shares in BWP Property Group Ltd have been stapled to the existing BWP Trust units, making the securities in BWP stapled securities.

New holding statements, reflecting the new stapled entity structure, will be despatched to securityholders on 4 August 2025. BWP stapled securities will commence trading on the ASX on a normal settlement basis from 4 August 2025 under the same ASX ticker “BWP”.

Distribution schedule and statement of 20 largest holders

Please refer to Attachment 1 for the distribution schedule of holders in the BWP stapled securities and a statement of the 20 largest holders in the BWP stapled securities following implementation of the Internalisation.

Mark Scatena

Managing Director BWP Management Limited

Telephone: +61 8 9327 4356 E-mail: investorrelations@bwptrust.com.au

3453-8219-6284v1

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Attachment 1

Distribution Schedule (as at 1 August 2025 following implementation of the Internalisation)

Number of securities	Number of holders	Total securities	% of issued
held			capital
1 to 1,000	5,317	2,135,638	0.29
1,001 to 5,000	7,550	21,525,728	2.97
5,001 to 10,000	4,847	36,093,384	4.98
10,001 to 100,000	6,174	152,030,518	20.99
100,001 and over	249	512,593,320	70.76
Total	24,137	724,378,588	100.00

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Statement of the top 20 holders (as at 1 August 2025 following implementation of the Internalisation)

Rank	Name	Securities	% of issued
			capital
1	WESFARMERS INVESTMENTS PTY LTD	169,881,553	23.45
2	HSBC CUSTODY NOMINEES (AUSTRALIA)	117,515,349	16.22
	LIMITED
3	J P MORGAN NOMINEES AUSTRALIA PTY	78,911,459	10.89
	LIMITED
4	CITICORP NOMINEES PTY LIMITED	47,430,853	6.55
5	BNP PARIBAS NOMS PTY LTD	7,664,591	1.06
6	BNP PARIBAS NOMINEES PTY LTD <AGENCY	6,321,612	0.87
	LENDING A/C>
7	NATIONAL NOMINEES LIMITED	6,290,017	0.87
8	NETWEALTH INVESTMENTS LIMITED <WRAP	4,973,616	0.69
	SERVICES A/C>
9	BNP PARIBAS NOMINEES PTY LTD <HUB24	3,707,925	0.51
	CUSTODIAL SERV LTD>
10	THE TRUST COMPANY (AUSTRALIA) LIMITED	2,980,855	0.41
11	WARBONT NOMINEES PTY LTD <UNPAID	2,749,568	0.38
	ENTREPOT A/C>
12	MORGAN STANLEY AUSTRALIA SECURITIES	2,653,389	0.37
	(NOMINEE) PTY LIMITED
13	NETWEALTH INVESTMENTS LIMITED <SUPER	2,232,492	0.31
	SERVICES A/C>
14	DJERRIWARRH INVESTMENTS LIMITED	2,231,545	0.31
15	IOOF INVESTMENT SERVICES LIMITED <IPS	2,156,518	0.30
	SUPERFUND A/C>
16	HSBC CUSTODY NOMINEES (AUSTRALIA)	1,808,601	0.25
	LIMITED
17	HSBC CUSTODY NOMINEES (AUSTRALIA)	1,475,669	0.20
	LIMITED-GSCO ECA
18	BNP PARIBAS NOMS PTY LTD <GLOBAL	1,467,332	0.20
	MARKETS>
19	LYMAL PTY LTD	1,191,798	0.16
20	HSBC CUSTODY NOMINEES (AUSTRALIA)	1,144,197	0.16
	LIMITED - A/C 2
Total	– Top 20 holders	464,788,939	64.16
Total	– Remaining holders	259,589,649	35.84
Total	– All holders	724,378,588	100.00

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