BWP GROUP — Share Issue/Capital Change 2026

May 13, 2026

Appendix 3B - Proposed issue of securities

Update Summary

Entity name
BWP GROUP

Announcement Type
Update to previous announcement

Date of this announcement
14/5/2026

Reason for update to a previous announcement
Update to increase the aggregate amount of entitlements from 60,394,388 to 60,404,593 entitlements. The increase is due to the rounding up of fractional entitlements.

Refer to next page for full details of the announcement

Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

BWP GROUP

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ARBN

Registration Number

088581097

1.3 ASX issuer code

BWP

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update to increase the aggregate amount of entitlements from 60,394,388 to 60,404,593 entitlements. The increase is due to the rounding up of fractional entitlements.

1.4b Date of previous announcement to this update

6/5/2026

1.5 Date of this announcement

14/5/2026

1.6 The Proposed issue is:

An accelerated offer

1.6b The proposed accelerated offer is

Accelerated non-renounceable entitlement offer (commonly known as a JUMBO or ANREO)

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can proceed on an unconditional basis?
No

Part 3B - Offer details

+Class or classes of +securities that will participate in the proposed issue and +class or classes of +securities proposed to be issued

ASX +security code and description

BWP : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)?
Existing class

Will the proposed issue of this +security include an offer of attaching +securities?
No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise?
No

Details of +securities proposed to be issued

ASX +security code and description

BWP : FULLY PAID ORDINARY/UNITS STAPLED SECURITIES

ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs issued over them)

ISIN Code for the entitlement or right to participate in the offer (if Issuer is foreign company and +securities do not have +CDIs issued over them)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

Has the offer ratio been determined?
Yes

The quantity of additional +securities to be issued
For a given quantity of +securities held
1
12

What will be done with fractional entitlements?
Maximum number of +securities proposed to be issued (subject to

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

rounding)

Fractions rounded up to the next whole number
60,404,593

Reason for the update of 'Maximum number of +securities proposed to be issued'

Update to increase the aggregate amount of entitlements due to the rounding up of fractional entitlements.

Offer price details for retail security holders

Has the offer price for the retail offer been determined?
Yes

In what currency will the offer be made?
AUD - Australian Dollar
What is the offer price per +security for the retail offer?
AUD 3.77000

Offer price details for institutional security holders

Has the offer price for the institutional offer been determined?
Yes

In what currency will the offer be made?
AUD - Australian Dollar
What is the offer price per +security for the institutional offer?
AUD 3.77000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?
No

Will a scale back be applied if the offer is over-subscribed?
Yes

Describe the scale back arrangements

Scale back to be applied by the Company in its absolute discretion.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?
Yes

Part 3D - Timetable

3D.1a First day of trading halt
6/5/2026

3D.1b Announcement date of accelerated offer
6/5/2026

3D.2 Trading resumes on an ex-entitlement basis (ex date)
7/5/2026

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Appendix 3B - Proposed issue of securities

3D.5 Date offer will be made to eligible institutional +security holders
6/5/2026

3D.6 Application closing date for institutional +security holders
6/5/2026

3D.8 Announcement of results of institutional offer
(The announcement should be made before the resumption of trading following the trading halt)
7/5/2026

3D.9 +Record date
8/5/2026

3D.10a Settlement date of new +securities issued under institutional entitlement offer
15/5/2026

3D.10b +Issue date for institutional +security holders
18/5/2026

3D.10c Normal trading of new +securities issued under institutional entitlement offer
18/5/2026

3D.11 Date on which offer documents will be sent to retail +security holders entitled to participate in the +pro rata issue
12/5/2026

3D.12 Offer closing date for retail +security holders
22/5/2026

3D.13 Last day to extend retail offer close date
19/5/2026

3D.19 +Issue date for retail +security holders and last day for entity to announce results of retail offer
29/5/2026

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer?
Yes

3E.1a Who is the lead manager/broker?
Morgan Stanley Australia Securities Limited (ACN 078 652 276)

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Appendix 3B - Proposed issue of securities

3E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Due on Institutional Settlement Date:
- Management fee of 0.25% for Institutional Offer Proceeds

Due on Retail Settlement Date:
- Management fee of 0.25% for gross Retail Offer Proceeds

3E.2 Is the proposed offer to be underwritten?
Yes

3E.2a Who are the underwriter(s)?
Morgan Stanley Australia Securities Limited (ACN 078 652 276)

3E.2b What is the extent of the underwriting (ie the amount or proportion of the offer that is underwritten)?
100%

3E.2c What fees, commissions or other consideration are payable to them for acting as underwriter(s)?

Due on Institutional Settlement Date:
- Underwriting fee of 1.50% for Institutional Offer Proceeds (excluding Wesfarmers Commitment);

Due on Retail Settlement Date:
- Underwriting fee of 1.50% for gross Retail Offer Proceeds (excluding Wesfarmers Commitment); and

BWP may in its sole discretion pay the Underwriter a further incentive fee of up to 0.25% of the Offer Proceeds on the Retail Settlement Date.

3E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated

Please refer to the summary of the key terms of the Underwriting Agreement in the Appendix of the Investor Presentation / ASX announcement on slides 28-30.

3E.2e Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed offer?
No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?
No

3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer
None

Part 3F - Further Information

3F.1 The purpose(s) for which the entity intends to use the cash raised by the proposed issue
Refer to page 14 of the Investor Presentation / ASX announcement.

3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue?
No

3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful?
No

3F.4 Countries in which the entity has +security holders who will not be eligible to participate in the proposed issue
Retail: All countries other than Australia and New Zealand.
Institutional: Countries other than Australia, New Zealand, Singapore, Hong Kong, United Kingdom, EU, Canada (BC, ON and QC only), Switzerland, United States

3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities
Yes

3F.5a Please provide further details of the offer to eligible beneficiaries
The entity intends to issue a notice to eligible nominees and custodians. This information is contained in the retail offer booklet to be released to ASX on 12 May 2026.

Appendix 3B - Proposed issue of securities

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Appendix 3B - Proposed issue of securities

3F.6 URL on the entity's website where investors can download information about the proposed issue
https://www.bwptrust.com.au/site/content/

3F.7 Any other information the entity wishes to provide about the proposed issue

3F.8 Will the offer of rights under the rights issue be made under a +disclosure document or product disclosure statement under Chapter 6D or Part 7.9 of the Corporations Act (as applicable)?
No

3F.9 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
The publication of a +disclosure document or +PDS for the +securities proposed to be issued

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