BWP Trust 

Established and listed on the Australian Securities Exchange ("ASX") in 1998, BWP Trust ("BWP" or "the Trust") is a real estate investment trust investing in and managing commercial properties throughout Australia. During the 2024 financial year, BWP completed the acquisition of Newmark Property REIT ("NPR") via an off-market takeover to form a consolidated group ("the Group"). The majority of the Group's properties are well located large format retailing properties, in particular, Bunnings Warehouses leased to Bunnings Group Limited ("Bunnings" or "BGL"). Bunnings is the leading retailer of home improvement and lifestyle products in Australia and New Zealand and a major supplier to project builders, commercial tradespeople, and the housing industry. BWP is managed by an external responsible entity, BWP Management Limited ("the Responsible Entity"), which is appointed under the Trust's constitution and operates under an Australian Financial Services Licence ("AFSL"). A similar arrangement for the NPR entities exists where an external responsible entity, NPR Management Limited (a wholly owned subsidiary of BWP Management Limited since 27 March 2024) is appointed and operates under a separate AFSL. The responsible entities are solely committed to managing the respective trusts and are paid a quarterly fee based on the gross assets of the respective trusts. Both Bunnings and BWP Management Limited are wholly-owned subsidiaries of Wesfarmers Limited ("Wesfarmers"), one of Australia's largest listed companies. Through one of its subsidiaries, Wesfarmers also owns 22.29 per cent of the issued units in BWP.