BWP GROUP — Major Shareholding Notification 2015

Apr 29, 2015

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	BWP Trust
ACN/ARSN	088 581 097
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	The Vanguard Group, Inc. N/A
The holder became a substantial holder on	27/04/2015

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class . 14 t securities Ωt	$\cdots$ Num' securities .	(5) $I$ oroom' votes	(6) power Votins
ainan Designationships and the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the co	1.185 $\overline{a}$	185 494 u . .	5.00%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7	Class and number of securities
The Vanguard Group, Inc.	Beneficial Owner	Ordinary - 6.936.340
` Vanguard Investments Australia Ltd .	Beneficial Owner	Ordinary - 25.184.845

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Registered holder of	Person entitled to be	Class and number
securities	registered as holder (8)	of securities
The Bank of New York	The Vanguard Group, Inc., is	Ordinary $-$
Mellon Corporation	the manager of various Mutual	796,405
	funds and accounts and in that
	capacity has the power to
	dispose of the shares
Brown Brothers	The Vanguard Group, Inc., is	Ordinary $-$
Harriman	the manager of various Mutual	2,596,540
	capacity has the power to
		Ordinary -
		3,543,395
		Ordinary $-$
		25,184,845
	JP Morgan Chase Bank, N.A. and various other Custodians JP Morgan Chase Bank, N.A. and various other Custodians	funds and accounts and in that dispose of the shares The Vanguard Group, Inc., is the manager of various Mutual funds and accounts and in that capacity has the power to dispose of the shares Vanguard Investments Australia Ltd is the manager of various superannuation funds, institutional investor portfolios and unit trusts and in that capacity can exercise the power to vote and/or dispose of the charge

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Class and number of securities
See Annexure A

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	--------------------------------------- --------------- Nature of association
-------- N/A	__ --------- N/A The American Street Eastern Property ______

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
The Vanguard Group, Inc.	P.O. Box 2600, V26 Valley Forge, PA 19482 USA
Vanguard Investments Australia Ltd	Level 34, 2 Southbank Blvd, Southbank 3006 VIC Australia
print name	NICHOLAS COMPLIANCE MANAGER GODLI capacity
sign here	29/04/2015 date CONTRACTOR COMMONS

$\mathcal{L}_{\mathcal{A}}$

$\sim$

To Company
ACN/ARSN

BWP Trust
088 581 097

$\sim 10$

$\mathbb{Z}^2$

$\hat{\mathcal{A}}$

Substantial Holder Name
ACN/ARSN

The Vanguard Group, Inc.

Holder of relevant interest	Date of acquisition	Consideration (9)	Class	Number of securities
The Vanguard Group, Inc.	22-Jan-15	2.74	Ordinary	18,266
The Vanguard Group, Inc.	22-Jan-15	2.72	Ordinary	20,376
The Vanguard Group, Inc. The Vanguard Group, Inc.	30-Jan-15 2-Feb-15		2.85 Ordinary 2.91 Ordinary	7,934 27,168
The Vanguard Group, Inc.	$4$ -Feb-15		2.99 Ordinary	23,772
The Vanguard Group, Inc.	5-Feb-15	3.07	Ordinary	19,445
The Vanguard Group, Inc.	$10$ -Feb-15	3.05	Ordinary	6,792
The Vanguard Group, Inc.	18-Feb-15	2,97	Ordinary	6,792
The Vanguard Group, Inc.	18-Feb-15	2.97	Ordinary	23,772
The Vanguard Group, Inc.	27-Feb-15	2.97	Ordinary	10,188
The Vanguard Group, Inc.	2-Mar-15	3.03	Ordinary	23,772
The Vanguard Group, Inc.	4-Mar-15		3.00 Ordinary	6,792
The Vanguard Group, Inc. The Vanguard Group, Inc.	4-Mar-15 6-Mar-15		3.00 Ordinary 3,01 Ordinary	11,667 6,792
The Vanguard Group, Inc.	12-Mar-15		3.02 Ordinary	27,168
The Vanguard Group, Inc.	16-Mar-15		3.04 Ordinary	6,792
The Vanguard Group, Inc.	17-Mar-15		2.99 Ordinary	6,792
The Vanguard Group, Inc.	19-Mar-15	2.99	Ordinary	10,188
The Vanguard Group, Inc.	20-Mar-15		3.01 Ordinary	(143, 342)
The Vanguard Group, Inc. The Vanguard Group, Inc.	24-Mar-15 24-Mar-15	3.07	3.07 Ordinary Ordinary	6,792 50,940
The Vanguard Group, Inc.	24-Mar-15	3.07	Ordinary	11,667
The Vanguard Group, Inc.	25-Mar-15	3.07	Ordinary	6,792
The Vanguard Group, Inc.	26-Mar-15		2.95 Ordinary	10,281
The Vanguard Group, Inc.	27-Mar-15		3.01 Ordinary	8,346
The Vanguard Group, Inc.	30-Mar-15		3.01 Ordinary	23,772
The Vanguard Group, Inc. The Vanguard Group, Inc.	1-Apr-15 2-Apr-15	2.99	2.96 Ordinary Ordinary	10,188 12,800
The Vanguard Group, Inc.	7-Apr-15	3,05	Ordinary	76,069
The Vanguard Group, Inc.	7-Apr-15	3.04	Ordinary	6,792
The Vanguard Group, Inc.	$8 - Apr - 15$		3.04 Ordinary	54,173
The Vanguard Group, Inc.	8-Apr-15	3.07	Ordinary	6,792
The Vanguard Group, Inc.	8-Apr-15	3.07	Ordinary	11,667
The Vanguard Group, Inc. The Vanguard Group, Inc.	10-Apr-15 15-Apr-15		3.13 Ordinary 3.06 Ordinary	23,772
The Vanguard Group, Inc.	22-Apr-15		3.06 Ordinary	19,445 6.792
The Vanguard Group, Inc.	22-Apr-15		3.06 Ordinary	23,772
The Vanguard Group, Inc.	22-Apr-15		3.06 Ordinary	15,556
The Vanguard Group, Inc.	23-Apr-15		3.02 Ordinary	10,188
The Vanguard Group, Inc.	24-Apr-15	3.07	Ordinary	10,188
The Vanguard Group, Inc.	24-Apr-15	3.07	Ordinary	50,940
The Vanguard Group, Inc. The Vanguard Group, Inc.	27-Apr-15 27-Apr-15		3.09 Ordinary 3.09 Ordinary	10,188
Vanguard Investments Australia Ltd	29-Dec-14		2.85 Ordinary	19,445 (18, 032)
Vanguard Investments Australia Ltd	29-Dec-14	2.85	Ordinary	(31, 240)
√anguard Investments Australia Ltd	30-Dec-14		2.80 Ordinary	4,704
Vanguard Investments Australia Ltd	31-Dec-14	2.79	Ordinary	20,838
Vanguard Investments Australia Ltd	$6$ -Jan-15	2.78	Ordinary	3,136
Vanguard Investments Australia Ltd	14-Jan-15		2.80 Ordinary	2,352
Vanguard Investments Australia Ltd	14-Jan-15	2.80	Ordinary	(36, 371)
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd	19-Jan-15 19-Jan-15	2.72 2.72	Ordinary Ordinary	2,352 13,696
Vanguard Investments Australia Ltd	20-Jan-15	2.71	Ordinary	13,696
Vanguard Investments Australia Ltd	29-Jan-15	2.84	Ordinary	13,696
Vanguard Investments Australia Ltd	30-Jan-15	2,85	Ordinary	(19, 644)
Vanguard Investments Australia Ltd	2-Feb-15	2.90	Ordinary	20,544
Vanguard Investments Australia Ltd	2-Feb-15	2.85	Ordinary	(92, 432)
Vanguard Investments Australia Ltd	2-Feb-15	2.85	Ordinary	92,432
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd	4-Feb-15 6-Feb-15	2.99	Ordinary 3.00 Ordinary	76,450 20,544
Vanguard Investments Australia Ltd	$17 - Feb - 15$	2,94	Ordinary	3,136
Vanguard Investments Australia Ltd	17-Feb-15	2.94	Ordinary	13,800
Vanguard Investments Australia Ltd	18-Feb-15	2.98	Ordinary	20,700
Vanguard Investments Australia Ltd	24-Feb-15		2.93 Ordinary	9,258
Vanguard Investments Australia Ltd	26-Feb-15		2.93 Ordinary	237,280
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd	27-Feb-15 27-Feb-15		2.98 Ordinary 2.98 Ordinary	4.704 20,700
Vanguard Investments Australia Ltd	2-Mar-15		3.02 Ordinary	3,136
Vanguard Investments Australia Ltd	2-Mar-15		3.02 Ordinary	(70, 866)
Vanguard Investments Australia Ltd	3-Mar-15		2.99 Ordinary	8,973
Vanguard Investments Australia Ltd	9-Mar-15		2.97 Ordinary	20,700
Vanguard Investments Australia Ltd	10-Mar-15		2.97 Ordinary	3,136
Vanguard Investments Australia Ltd	13-Mar-15		3.05 Ordinary	3,136
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd	16-Mar-15 17-Mar-15		3.02 Ordinary 2.99 Ordinary	27,600 25,580
Vanguard Investments Australia Ltd	19-Mar-15		3.00 Ordinary	2,352
Vanguard Investments Australia Ltd	19-Mar-15		3.00 Ordinary	6,198
Vanguard Investments Australia Ltd	19-Mar-15		3.00 Ordinary	136,340
Vanguard Investments Australia Ltd	20-Mar-15		3.01 Ordinary	13,800
Vanguard Investments Australia Ltd	26-Mar-15		2.95 Ordinary	13,680
	27-Mar-15		3.01 Ordinary	45,580
	30-Mar-15 31-Mar-15		3,00 Ordinary 3.00 Ordinary	2,274 2,274
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd Vanguard Inv	31-Mar-15		3.00 Ordinary	13,680
	31-Mar-15		3.00 Ordinary	(39, 055)
	31-Mar-15		3.00 Ordinary	(16, 422)
	2-Apr-15		3.04 Ordinary	2,127
Vanguard Investments Australia Ltd	13-Apr-15		3.10 Ordinary	4,254
Vanguard Investments Australia Ltd Vanguard Investments Australia Ltd	14-Apr-15 14-Apr-15		3.09 Ordinary 3.09 Ordinary	46,455
Vanguard Investments Australia Ltd	17-Apr-15		3.06 Ordinary	13,558 20,337
Vanguard Investments Australia Ltd	20-Apr-15		3.09 Ordinary	25,200
Vanguard Investments Australia Ltd	21-Apr-15		3,08 Ordinary	3,545
Vanguard Investments Australia Ltd	22-Apr-15		3.05 Ordinary	19,143
Vanguard Investments Australia Ltd	22-Apr-15		3.05 Ordinary	9,291
Vanguard Investments Australia Ltd	22-Apr-15		3.06 Ordinary	(77, 460)
Vanguard Investments Australia Ltd	23-Apr-15		3.01 Ordinary	2,127

This is Annexure A of 1 page referred to in Form 603, Notice of initial pubstantial holder.

Á Signature Date 29/04/2015 74