BWP GROUP — Interim / Quarterly Report 2015

Feb 10, 2015

Half-year results to 31 December 2014 February 2015

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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 responsible entity for BWP Trust. The information provided is for information purposes only and does not constitute an offer to issue or 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 forward looking 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.

2

Presentation outline

Michael Wedgwood Managing Director BWP Management Limited

Andrew Ross Portfolio Manager BWP Management Limited

David Hawkins Finance Manager BWP Management Limited

Strategic agenda > Half year overview > Results > Portfolio > Capital management > Outlook

Strategic agenda

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4

Total return profile

BWP total returns[1] compared to market – for periods ended 31 December 2014

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40%
BWP Trust (BWP)
ASX All Ordinaries Acc. Index
BWP
35%
UBS Retail 200
S&P/ASX 200 Prop Acc. Index
30%
BWP
25%
20%
BWP
15%
BWP
10%
5%
0%
One Year Three Years Five Years Ten Years
Source: UBS
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• 1 Total returns include distributions and movement in price (assumes distributions are reinvested)

5

Half-year overview

• 19.1% increase in revenue from acquisitions, rent reviews and developments

• Like-for-like rental growth of 2.7% for 12 months to 31 December 2014

• Completed the development of three Bunnings Warehouse stores

• Agreed to acquire a Bunnings Warehouse development site in Australind, and to upgrade the Lismore Bunnings Warehouse

• Progress in re-positioning replacement stores

• Capital management: repriced bank facilities and reduced unused facilities

• Weighted average cost of debt of 5.79% for the period (6.65% previously)

• 7.67 cents interim distribution (up 12.3% from previous corresponding period)

• Weighted average lease expiry 6.8yrs, 99.4% occupancy

• NTA of $2.18 per unit ($2.07 at 30 June), $68.2 million net revaluation gain

Results – performance vs pcp[1 ]

	6 months to 31 Dec 14	Previous corresponding period
Revenue	$71.2 million	19.1%
Net profit including revaluations	$117.3 million	$66.7 million
Distributable profit (excluding revaluations)	$49.1 million	14.6%
Number of units on issue	639.7 million	627.2 million
Half-year distribution per unit	7.67 cents	12.3%
Total assets	$1.9 billion	$1.7 billion
Borrowings	$451.2 million	$327.7 million
Net tangible assets	$2.18 per unit	$2.02 per unit
Weighted average cap rate	7.41%	7.71%
Gearing (debt to total assets)	23.4%	19.8%
Covenant gearing (debt + n.c.l.2to total assets)	24.1%	20.4%

• 1 pcp = previous corresponding period, being the 6 months ended 31 December 2013 or as at 31 December 2013 as relevant

• 2 n.c.l. = non-current liabilities

Appendices

Refer Appendix A for six month comparison Refer Appendix B for distribution history

7

Portfolio – developments completed in FY2015

> Bunnings Warehouse – Manly West, QLD ($21.3m)

• Land acquired in Sep 2013 for $7.2m (including acquisition costs)

• Development completed Sep 2014

• 12,870m[2] fully-enclosed covered area

• Commencing annual rent $2.1m

• 12 year lease with 5 x 6-year options

• Annual 3% fixed escalation

• Market reviews on exercise of each option (10% caps/collars)

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Manly West, QLD

8

Portfolio – developments completed in FY2015

> Bunnings Warehouse – West Ipswich, QLD ($17.9m)

• Land acquired in Sep 2013 for $13.1m (including acquisition costs)

• Development completed Sep 2014

• 14,977m[2] fully-enclosed covered area

• Commencing annual rent $2.3m

• 12 year lease with 5 x 6-year options

• Annual 3% fixed escalation

• Market reviews on exercise of each option (10% caps/collars)

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West Ipswich, QLD

9

Portfolio – developments completed in FY2015

• Bunnings Warehouse - Brendale, QLD ($19.2m)

• Land acquired in Jun 2014 for $8.1m (including acquisition costs)

• Development completed Dec 2014

• 11,822m[2] fully-enclosed covered area

• Commencing annual rent $1.9m

• 12 year lease with 5 x 6-year options

• Annual 3% fixed escalation

• Market reviews on exercise of each option (10% caps/collars)

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Brendale, QLD

10

Portfolio – developments completed in FY2015

• Bunnings Warehouse - Maribyrnong, VIC ($39.1m)

• Land acquired in Jun 2001 for $7.1m (including acquisition costs)

• Development completed mid-2013

• 14,488m[2] fully-enclosed covered area

• Commencing annual rent $2.54m

• 12 year lease with 5 x 6-year options

• Annual 3% fixed escalation

• Market reviews on exercise of each option (10% caps/collars)

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Maribyrnong, VIC

11

Portfolio – development pipeline

• $35.7 million of capital committed to developments and expansions of existing properties

• Refer Appendix C for portfolio geographic spread

Property	Payment date	Capital commitment ($m)	Capital commitment ($m)
Acquisitions Australind (land)	Apr 15	8.28	8.28
Developments Minchinbury Lismore	Mar 15	8.79
	Jun 15	4.60
Australind	Jun 15	9.58
Rockingham	Oct 15	4.40	27.37
Total			35.65

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Minchinbury, NSW (pre-upgrade)

12

Portfolio – rental growth

• 2.7% like-for-like rental growth for 12 months to 31 December 2014 (3.8% previous corresponding period, updated for completed FY2014 MRR outcomes, 2.8% previously)

• 52 leases subject to annual fixed or CPI reviews during the period: w/average +3.0% increase

• 13 market rent reviews for the portfolio resolved during the period, +8.8% increase across the portfolio (refer Appendix D & E)

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Balcatta, WA

13

Portfolio - market rent review outcomes

12 Bunnings reviews resulted in an 8.6% increase, 9 from FY14, and 3 due during the period

Property location	Tenancy	Passing rent ($pa)	Reviewed rent1($pa)	Uplift (%)	Effective date
Balcatta, WA2	Bunnings	1,841,264	2,170,000	+17.9	24 Sep 13
Altona, VIC2	Bunnings	1,089,650	1,122,339	+3.0	24 Sep 13
Burleigh Heads, QLD2	Bunnings	1,479,587	1,648,000	+11.4	22 Oct 13
Underwood, QLD2	Bunnings	1,369,988	1,527,500	+11.5	22 Oct 13
Southport, QLD2	Bunnings	1,457,667	1,648,000	+13.1	10 Nov 13
Port Macquarie, NSW2	Bunnings	876,852	960,000	+9.5	17 Nov 13
Tuggeranong, ACT2	Bunnings	1,527,708	1,725,000	+12.9	1 Dec 13
Epping, VIC2	Bunnings	1,181,865	1,235,000	+4.5	12 Mar 14
Lismore, NSW2	Bunnings	890,979	935,000	+4.9	20 Apr 14
Thornleigh, NSW	Bunnings	1,320,622	1,320,622	-	6 Sep 14
Albany, WA	Bunnings	824,016	848,000	+2.9	1 Nov 14
Bibra Lake, WA	Bunnings	1,647,203	1,647,203	-	1 Nov 14
Gladstone, QLD	Pets West Online	114,252	154,275	+35.0	16 Dec 14
**Weighted average **				+8.8

1 All market rent reviews were negotiated between the Trust and the customer except Balcatta which was determined by an independent valuer.

2 The market rent review was due during the year ended 30 June 2014, but the outcome was finalised during the half-year ended 31 December 2014.

14

Portfolio – market rent review trends

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BWP Market Rent Reviews ("MRR") $m
Bunnings Warehouses
18.0% 90
16.0% 80
14.0% 70
12.0% FY14 results incomplete: 60
3 Bunnings Warehouse
MRR results - actual (LHS) MRRs not concluded
10.0% 50
8.0% 40
6.0% 30
4.0% 20
2.0% 10
0.0% -
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
1st market review (RHS) 2nd market review (RHS) 3rd market review (RHS)
Passing rent subject to MRR
W/avg increase
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Note: 12 Bunnings leases have cycled through 3rd market reviews, for those leases, the average increase of 5 yearly MRR’s was – MRR1(FY04) +11.7%, MRR2 (FY09) +12.7%, and MRR3 (FY14) +8.9%

*FY14 & FY15 passing rent subject to MRR is based on passing rent at 31 December 2014

15

Portfolio – FY2015 rent reviews

• 3 Bunnings Warehouse market rent reviews due in FY2014 are currently in determination

• 3 Bunnings Warehouse market rent reviews due in FY2015 resolved with the balance being negotiated or at determination

Refer Appendix F for future market rent reviews

Rent review type FY15 (all leases)

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% of Market rent reviews (BWH)
First- Second- rental
Hoxton Park, NSW
half half income [2 ]
Maitland, NSW
CPI 35 [1] 21 56%
Mornington, VIC
Fixed 17 22 31%
Fountain Gate, VIC
Market 8 [3] 6 13%
Nunawading, VIC
Total 60 49 100%
Morayfield, QLD
1 Mile End, SA
52 CPI and fixed reviews completed H1 FY15 with average 3.0% increase
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• 2 percentage based on portfolio rental as at 31 December 2014

• 3 4 market rent reviews resolved in H1 FY15

16

Portfolio - revaluations

• Dec 2014 weighted average capitalisation rate 7.41% (refer Appendix G & H):

• Jun 2014: 7.59% and Dec 2013: 7.71%

• Stand alone Bunnings Warehouses weighted average cap rate of 7.34%

  • 10 independent valuations (12% of BWP portfolio value), average cap rate 7.34%

  • 63 internal valuations, average cap rate 7.34%

• Half-year net fair value gain of $68.2m on revaluation

• $46.2m from rental growth and $22.0 from cap rate compression

• Cap rate movement; 40 properties no change, 32 properties decreased and 7 properties increased

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Ellenbrook, WA

17

Portfolio – Bunnings lease expiries

9 Bunnings leases expiring in the next three years

• +99% occupancy

Property	Lease term expiry	Options	Annual rent ($’000)	Comments
Morley	Jul 2015	4 x 5 yrs	1,290	In discussions with Bunnings
Mt Gravatt	Dec 2015	5 x 5 yrs	1,163	Too early for consideration
Belmont North	Mar 2016	2 x 5 yrs	939	Too early for consideration
Coffs Harbour	Nov 2016	2 x 5 yrs	883	Property scheduled to settle in June 2015
Gladstone	Feb 2017	4 x 5 yrs	1,093	Too early for consideration
Oakleigh South	Mar 2017	2 x 5 yrs	1,898	Too early for consideration
Dandenong	Nov 2017	2 x 5 yrs	1,572	Too early for consideration
Hervey Bay	Dec 2017	2 x 5 yrs	1,218	Too early for consideration
Fyshwick	Dec 2017	5 yrs	1,209	Too early for consideration

18

Portfolio – weighted average lease expiry profile

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25%
20%
16
15% 11
10% 8
11
Number of Bunnings 9
leases expiring
5 5
5%
5 3
2
2 2
0%
Vacant CY15 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24 CY25 Beyond
Industrial Showrooms Bunnings
% of Rental Income
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All leases expiring in the next five years represent 32.5% of portfolio rental income

29 Bunnings leases expiring in the next five years represent 27.5% of portfolio rental income > Refer Appendix I for weighted average lease expiry table

19

Portfolio – non-core property divestments

The sale of four properties completed during the period[1 ]

Property	Tenancy	Sale price ($m)	Settlement date	Comments
Regency Park	Ex-Blackwoods	3.9	Jul 14	Completed
Hemmant	Ex-Bunnings	21.3	Sep 14	Completed
Sandown	Ex-Bunnings	8.6	Oct 14	Completed
Sunshine	Bunnings	13.0	Dec 14	Completed
Coffs Harbour	Bunnings	7.3	Jun 15	Rent payable until settlement
Total		54.1

1 Coffs Harbour to settle in June 2015

20

Portfolio - Bunnings Warehouse replacements

Cairns

Bunnings moving to new site in FY2015 > Well located site in central Cairns > Leased to Bunnings until Feb 2018 > Considering re-leasing, development and/or sale

Cairns CBD

Trust-owned existing Bunnings Warehouse site

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New Bunnings Warehouse site

New Masters Warehouse

21

Portfolio - Bunnings Warehouse replacements

Joondalup

• Bunnings has moved to a new site

• Leased to Bunnings until Sept 2018

Well located site, good access and visibility

Considering re-leasing, development and/or sale

• New Bunnings Warehouse

• Masters

• Large format retail

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Lakeside Joondalup Shopping City

Trust-owned old Bunnings Warehouse site

22

Portfolio - Bunnings Warehouse replacements

Altona

• Bunnings has moved to a new site

• Leased to Bunnings until Sept 2018

Well located site, good access and visibility

Considering re-leasing, development and/or sale

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Williamstown

Melbourne CBD

Folkstone large format centre

Trust-owned old Bunnings Warehouse site

New Bunnings Warehouse

23

Portfolio - Bunnings Warehouse replacements

Mentone

Bunnings has moved to a new site > Leased to Bunnings until Sept 2018

Well located site, good access and visibility > Sub-let to Super A-Mart

Southland shopping centre

Trust-owned old Bunnings site

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Melbourne CBD

New large format centre being developed

New Bunnings Warehouse

24

Portfolio - Bunnings Warehouse replacements

Burleigh Heads

Well located site, next to Stockland owned shopping centre

Bunnings has moved to a new site

Leased to Bunnings until Oct 2018

Re-leasing discussions in progress

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New Bunnings Warehouse

Trust-owned existing Bunnings Warehouse

Stockland owned shopping centre

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Portfolio - Bunnings Warehouse replacements Mindarie

Bunnings has moved to a new site > Leased to Bunnings until Sept 2021

Well located site, next to AMP owned shopping centre > Considering re-leasing, development and/or sale

New Bunnings Warehouse

Large format retailing

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Trust-owned old Bunnings Warehouse site

AMP-owned shopping centre

26

Capital management – debt facilities

• Borrowing costs for the half-year $13.3m (up 40.2% on previous year):

• Average borrowings $451.6m (2013: $274.1m)

• 5.79% weighted average cost of debt after hedging (2013: 6.65%)

• Interest cover: 4.8x at 31 December 2014 (2013: 5.6x)

• ANZ (five months) and CBA facilities (12 months) extended, and all bank facilities repriced during the period or subsequently

• 3.4 years average duration including corporate bond as at 11 February 2015

As at 11 February 2015	Limit ($m)	Drawn ($m)	Expiry
ANZ	110	75	1 July 2017
CBA	110	75	31 July 2018
WBC	135	75	31 December 2017
Corporate bond	200	200	27 May 2019
Total/Weighted average	555	425	3.4 years

27

Capital management – interest rate hedging

• $210.0m interest rate swaps at 4.89% weighted average, including delayed starts

• 2.32 years weighted average maturity, including delayed starts

Hedge book profile by half-year ending:	Dec 14	Jun 15	Dec 15	Jun 16	Dec 16	Jun 17
Active swaps ($ m)	210	180	180	175	135	110
Swap rates (%)
Maximum	5.77	5.70	5.70	5.70	5.70	5.70
Minimum	3.10	3.10	3.10	3.10	3.10	3.10
Weighted average1	5.23	5.04	5.04	4.91	4.84	4.66

1 Weighted average at balance date of active swaps to maturity

> Including fixed rate corporate bonds:

– $410.0m hedged at 3.98% weighted average including delayed starts

• 3.98 years weighted average maturity, including delayed starts

28

Outlook – key drivers

> Home improvement retail sector performance and growth:

• Bunnings continues to trade well on a store-on-store basis, with significant ongoing capital investment in new sites

> Developments:

• Increased rental income from development properties completed to date in FY15

> Investment:

• Cap rate compression for recent Bunnings Warehouse property transactions, asset selection important

• Re-pricing of bank debt to lower the cost of funding (to 5.4% by 30 June 2015)

• Will continue to increase the tenure of debt as opportunities arise

> Rent reviews:

• 43 CPI/ fixed rent reviews in the second half

• 10 Bunnings MRRs to be finalised this financial year

>

Second half distribution:

• Expected to be approximately 8.1 cents per unit, depending on rent review outcomes for the balance of FY2015

29

Outlook - priorities

> Proactive management of existing assets

• Additional upgrades of existing properties to support Bunnings’ evolving business model (to increase rental income, improve building format, and extend lease expiry)

• Continue to consider redeployment or divestment opportunities for properties that have reached optimal value for BWP (crystallise capital growth for unitholders, recycle capital, refine portfolio quality)

• Optimise replacement store outcomes

> Portfolio growth

• Complete currently committed acquisitions and developments

• Pursue opportunities to acquire additional properties on an accretive basis

> Improve the efficiency, security and flexibility of funding

• Leverage A- rating to diversify and lower the cost of funding through the interest rate cycle

30

Further information

bwptrust.com.au

Responsible entity: BWP Management Limited Tel: +61 8 9327 4356 Email: investorrelations@bwptrust.com.au

31

Appendix A: Results – performance: 6 monthly

	6 months to Dec 14	6 months to Jun 14	6 months to Dec 13
Revenue	$71.2m	$67.7m	$59.8m
Distributable profit	$49.1m	$49.9m	$42.9m
Unrealised property revaluation gains	$68.2m	$33.3m	$23.8m
Net profit including property revaluations	$117.3m	$82.4m	$66.7m
Six month distribution (cents per unit)	7.67	7.881	6.83
Total assets	$1,926.0m	$1,837.4m	$1,658.8m
Borrowings	$451.2m	$448.3m	$327.7m
Weighted average cost of debt2	5.79%	5.78%	6.65%
Net Tangible Assets (per unit)	$2.18	$2.07	$2.02
NTA per unit excluding hedging liabilities	$2.20	$2.09	$2.03
Weighted average cap rate	7.41%	7.59%	7.71%
Gearing (debt to total assets)	23.4%	24.4%	19.8%

1 Includes $0.8 million capital profits released from undistributed income reserve

2 Finance costs less finance income divided by average borrowings for the six months

32

Appendix B: Distributions per unit (DPU)

(cents)

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16
14.67 14.71
14.14
14 12.98 13.27 1.17 7.75
12.61 7.14
12 11.38 11.96 6.39 6.56 6.72 11.57 12.08 11.98 6.87
6.17 5.98 5.80
5.87 4.87
10
8
7.67
6 6.22 6.42 6.55 6.70 6.10 6.09 6.63 6.70 6.10
5.79
5.51
4
2
0
FY04 FY05 FY06 FY07 FY08 FY09 1 FY10 FY112,3 FY12 4 FY13 FY145 FY15
Interim DPU (excl capital profit) Final DPU (excl capital profit) Capital profit on sale of investment properties
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• 1 Final distribution FY2009 – impacted by additional units issued from $150 million capital raising and one-off termination costs of interest rate derivatives closed out to pay down debt from capital raising

• 2 Interim distribution FY2011 includes 0.09 cents per unit (“cpu”) capital profit released from undistributed income reserve 3 Final distribution FY2011 impacted by additional units issued from $150 million capital raising to fund portfolio acquisition 4 Final distribution FY2012 (8.04 cpu) includes 1.17 cpu capital profit released from undistributed income reserve 5 Final distribution FY2014 (7.78 cpu) includes 0.13 cpu capital profit released from undistributed income reserve

33

Appendix C: Portfolio - geographic spread

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71 Bunnings Warehouses

8 Bunnings Warehouses and showrooms

1 Bunnings Warehouse development site 1 Large format retail showroom

2 Industrial properties

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BWP rental income
(as at 31 Dec 2014)
SA 3%
WA 17%
VIC 32%
QLD
26%
NSW
20%
ACT 2%
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18
14
2
1
2
1
17 1
2
20
1
1
3
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34

Appendix D: Market rent reviews

> Typical Bunnings Warehouse market rent review clause:

• Assumes free and open market with vacant possession

• Has regard to the rent paid by Bunnings at other Bunnings Warehouses

• Has regard to the rental value of other properties of a similar size and similar standard of construction and used for similar purposes

• No regard to store turnover (i.e. no turnover or percentage rent)

> Market rent review process:

• Trust’s asking rent based on advice from an independent valuer

• Negotiation period with Bunnings

• If not agreed with Bunnings then referred to determination

• Determination by independent valuer jointly agreed or nominated by the President of the Australian Property Institute

• Results binding

35

Appendix E: Market rent review drivers

> Property specific factors affecting market rent review outcomes:

• High land/development capital outlay results in higher commencing rent

• Physical attributes: location and configuration of site; size, format and age of building and improvements

> Market factors affecting market rent review outcomes:

• Available evidence of comparable properties - better evidence if: recent; negotiated rent; comparable location and size and standard of construction of properties

• Determination process: judgement and interpretation by independent expert of market evidence submitted by landlord and tenant

36

Appendix F – Rent reviews and revaluations

Future market rent reviews and revaluations for Bunnings Warehouses (“BWH”)

	FY20141	FY20151	FY2016	FY2017	FY2018	FY2019
BWH market reviews	3	7	7	8	8	16
% of total2	4%	9%	8%	9%	8%	17%
Independent revaluations	-	23	27	29	23	27
% of total3	-	28%	34%	33%	28%	34%

Refer Appendices C & E for outline of valuations and market rent review process

• 1 Market rent reviews due but unresolved by 31 December 2014

• 2 Percentages based on portfolio annual rent as at 31 December 2014

• 3 Percentages based on fair value of the portfolio as at 31 December 2014

37

Appendix G: Valuations

> Process

• entire portfolio re-valued every six months

• independent valuations on a three year cycle for each property

• balance of portfolio – directors’ valuation using recognised valuation methodology

• directors’ valuations methodology reviewed by an independent valuer and have regard to market evidence and the independent valuations completed at the time

> Valuations at 31 December 2014 by State/Territory

	No. of properties	Rental $m/annum	Cap rate	Value $m
NSW/ACT	20	31.7	7.60%	423.1
QLD	20	37.3	7.36%	469.6
SA	2	3.8	7.22%	48.9
VIC	24	45.6	7.33%	639.0
WA	16	23.6	7.44%	319.5
Total/weighted average	82	142.0	7.41%	1,900.1

Subject to rounding.

38

Appendix H: Capitalisation rate trends

Stable historical cap rates, strengthening valuations over the last 12 months

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Historical BWP cap rates compared to other asset classes
Cap Rate WALE (yrs)
9.00% 10
9
8.50%
8
8.00%
7
7.50%
6
7.00% 5
4
6.50%
3
6.00%
2
5.50%
1
5.00% 0
Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Prime Industrial Sub-Regional Retail. Neighbourhood SC's BWP BWP WALE (RHS)
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Source: IPD Research

39

Appendix I: -Weighted average lease expiry data table

Year	Year End	Total Lease Expiries	Total Rental Income ($)	Rental Income (% of Total)	Bunnings (%)	Industrial (%)	Showrooms (%)
1	31-Dec-15	5	3,055,982	2.1%	1.7%	0.0%	0.4%
2	31-Dec-16	8	2,962,562	2.1%	1.3%	0.0%	0.8%
3	31-Dec-17	10	8,569,779	6.0%	4.9%	0.1%	1.0%
4	31-Dec-18	15	17,795,466	12.5%	11.2%	0.0%	1.3%
5	31-Dec-19	14	13,873,289	9.7%	8.4%	1.1%	0.3%
6	31-Dec-20	10	17,166,202	12.0%	11.3%	0.0%	0.8%
7	31-Dec-21	20	24,631,225	17.3%	16.8%	0.0%	0.5%
8	31-Dec-22	3	5,721,038	4.0%	4.0%	0.0%	0.0%
9	31-Dec-23	7	10,273,296	7.2%	6.5%	0.0%	0.7%
10	31-Dec-24	5	4,628,298	3.2%	2.7%	0.0%	0.5%
11	31-Dec-25	12	22,781,540	16.0%	15.8%	0.0%	0.1%
	Beyond	6	10,164,380	7.1%	6.8%	0.0%	0.3%

40