BWP Trust (BWP) - Cash Flow Conversion Efficiency

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. Since its inception, and prior to management internalisation on 1 August 2025, BWP Trust was externally managed by BWP Management Limited ("BWPM'), the appointed responsible entity, with 100 per cent of BWPM's share capital owned by Wesfarmers Limited ("Wesfarmers'). On 28 July 2025, unitholders approved the internalisation of the management of BWP, where BWP Management Limited and its subsidiaries were purchased from Wesfarmers by BWP Trust unitholders through a new entity, BWP Property Group Limited ("BWP Property Group'). This resulted in the formation of a stapled group comprising BWP and BWP Property Group ("the Group'). BWP is managed by the responsible entity, BWP Management Limited ("the Responsible Entity' or "the RE'), now a subsidiary of BWP Property Group, which is appointed under the Trust's constitution and operates under an Australian Financial Services Licence ("AFSL'). The responsible entity is solely committed to managing the respective trusts and during the 2024/25 financial year was paid a quarterly fee based on the gross assets of the respective trusts. 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. Bunnings is a wholly-owned subsidiary of Wesfarmers, one of Australia's largest listed companies. Through one of its subsidiaries, Wesfarmers also owned 22.3 per cent of the issued units in BWP as at 30 June 2025.