BWP GROUP — Director's Dealing 2014

May 1, 2014

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 JOHN KING ATKINS Date of last notice 1 APRIL 2014 (APPENDIX 3X)

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 Interests
Nature of indirect interest	**Relevant Interest 1: **
(including registered holder)Note: Provide details of the circumstances giving rise to therelevant interest.	The registered holder name is:Invia Custodian Pty Limited
	a/c Construction Finance Pty Ltd a/c John and Kate Atkins
	Family.
	Nature of interest:
	John Atkins is a beneficiary of relevant interest 1.
	Relevant Interest 2:
	The registered holder name is:
	Mrs Margaret Hazel Atkins
	Nature of indirect interest:
	Mrs Margaret Hazel Atkins is John Atkins’ mother.
	John Atkins has agreed with Mrs Margaret Atkins that he will,
	from time to time, provide investment advice to Margaret Atkins.
	The investment advice includes rebalancing of Mrs Atkins’
	investment portfolio, including acquisition and disposal of
	securities. This portfolio contains units in BWP Trust.
	As a general practice, it is anticipated that Mrs Margaret Atkins
	is likely to act in accordance with this advice. John Atkins has
	advised that under the definition of “relevant interest” in section
	608 of the Corporations Act, he may be considered to hold a “
	relevant interest” in Mrs Atkins’ securities, by virtue of an implied
	power to dispose of, or control the exercise of a power to
	dispose of, the securities.
	John Atkins is not a beneficiary of the securities held by his
	mother.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Date of change	2 May 2014
No. of securities held prior to change	BWP Trust Units
	Indirect (Relevant Interest 1)
	Invia Custodian Pty Limited
	a/c Construction Finance Pty Ltd a/c John	26,501 units
	and Kate Atkins Family
	Indirect (Relevant Interest 2)
	Mrs Margaret Hazel Atkins	N/A
Class
	BWP Trust fully paid units
Number acquired
	(Relevant interest 1) No change
	(Relevant interest 2) 4,000 units
Number disposed
	N/A
Value/Consideration
Note: If consideration is non-cash, provide details and	nil - not applicable
estimated valuation
No. of securities held after change	BWP Trust Units
	Indirect (Relevant Interest 1)
	Invia Custodian Pty Limited
	a/c Construction Finance Pty Ltd a/c John	26,501 units
	and Kate Atkins Family
	Indirect (Relevant Interest 2)
	Mrs Margaret Hazel Atkins	4,000 units
Nature of changeExample: on-market trade, off-market trade, exercise ofoptions, issue of securities under dividend reinvestmentplan, participation in buy-back	With effect from 2 May 2014, Mrs Margaret Atkins (John Atkins’mother) has agreed with John Atkins by informal arrangementthat she will seek, and likely act, on his advice in relation to the
	proposed rebalancing of her securities portfolio. Due to Mrs
	Atkins’ likely reliance on this advice, it is considered prudent to
	deem that John Atkins now has a “relevant	interest” in these
	securities under section 608 of the Corporations Act.

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

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

Appendix 3Y Change of Director’s Interest Notice

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

Part 3 –+Closed period
Were the interests in the securities or contracts detailedabove traded during a+closed period where prior writtenclearance was required?	N/A
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.

01/01/2011 Appendix 3Y Page 3