BWP GROUP — Director's Dealing 2013

Feb 28, 2013

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	BWP MANAGEMENT LIMITED, the responsible entity for theBWP TRUST
ABN	26 082 856 424

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	PETER JOHN MANSELL
Date of last notice
	29 AUGUST 2012

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect Interest
Nature of indirect interest	Manfam Pty Ltd as trustee		of the Peter and Elizabeth Mansell
(including registered holder)Note: Provide details of the circumstances giving rise to the	Superannuation Fund is the registered holder. Peter JohnMansell is a director and shareholder of Manfam Pty Ltd and
relevant interest.	beneficiary of the fund.
Date of change
	26 February 2013
No. of securities held prior to change	BWP Trust Units
	Indirect
	(Manfam Pty Ltd as	trustee of the				227,289 units
	PeterandElizabeth		Mansell
	SuperannuationFund		is	the
	registered holder.	Peter		John
	Mansellisa	director		and
	shareholder of Manfam Pty Ltd and
	beneficiary of the fund.)
Class
	BWP Trust fully paid	units
Number acquired
	7,186 fully paid units
Number disposed
	N/A
Value/Consideration
Note: If consideration is non-cash, provide details and	$2.2142 per fully paid unit
estimated valuation

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change	BWP Trust Units	BWP Trust Units
	Indirect(Manfam Pty Ltd as trustee of the Peterand Elizabeth Mansell SuperannuationFund is the registered holder. PeterJohnMansellisadirectorandshareholder of Manfam Pty Ltd andbeneficiary of the fund.)	234,475 units
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestment plan,participation in buy-back	Issue of new BWP Trust fully paid ordinary units in respect ofdistributions applied towards the purchase of units pursuant tothe Trust’s Distribution Reinvestment Plan

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	No
If so, was prior written clearance provided to allow the tradeto proceed during this period?	N/A
If prior written clearance was provided, on what date was thisprovided?	N/A

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011