• Successful completion of $122 million institutional entitlement offer
• 98% take-up rate from existing institutional securityholders
• Retail entitlement offer to raise additional $106 million

BWP Trust ('BWP') has announced the successful completion of the institutional component (the 'Institutional Entitlement Offer') of its fully underwritten 1 for 12 accelerated non-renounceable pro rata entitlement offer to raise approximately $228 million. The Institutional Entitlement Offer received strong support from BWP's institutional securityholders, with a take-up rate of approximately 98%, raising gross proceeds of approximately $122 million. This includes Wesfarmers' full entitlement of approximately $53 million. Securities not taken up by existing institutional securityholders also attracted demand from other existing and new securityholders. Approximately 32 million new securities will be issued under the Institutional Entitlement Offer at a fixed issue price of $3.77 per new security. The fully underwritten retail component of the Entitlement Offer ('Retail Entitlement Offer') is expected to raise approximately $106 million. The Retail Entitlement Offer will open on 12 May 2026 and close on 22 May 2026, with eligible retail securityholders invited to participate at the same issue price and offer ratio as the Institutional Entitlement Offer.