DRP

About the DRP

The Distribution Reinvestment Plan (the "DRP") allows eligible securityholders who elect to participate to reinvest all or a portion of their distribution entitlements in additional securities in BWP. Securities are allocated free of brokerage and other costs.

Securities may be allocated at a discount to the market price at a level, if at all, determined by the directors. In the past, the discount has ranged between 0 and 2.5 per cent.

In addition to providing securityholders with flexibility in receiving their distribution entitlement, the DRP also provides BWP with a means of raising capital on a regular basis to fund new acquisitions and developments or to pay off existing debt.

Eligibility to participate in the DRP

The DRP is optional and is open to all securityholders in BWP except those who are resident in or subject to laws of any country in which allocating securities under the DRP would be unlawful or make it impractical, in the opinion of the Directors, for the DRP to be offered to them. The Directors have resolved that it is impractical to offer the DRP to unitholders other than those whose addresses are in Australia or New Zealand.

Operation of the DRP and rounding provisions

The number of securities that a DRP participant will receive is determined by dividing the DRP participant's cash distribution payable by the DRP security price (as determined under the DRP rules). Where the number of securities to be allocated is not a whole number, the number of securities will be rounded down to the nearest whole number. Any remaining cash distribution shall be retained in the participant’s Plan account (without accruing interest) until the next allocation of securities under the Plan.

Security prices of securities issued under the DRP

Prices of securities allocated under the DRP can be found in the Distributions Information table.

Terms and Conditions of the DRP

Click on the following links:

• To view the terms and conditions of the DRP.
• To elect to participate, vary or terminate participation in the DRP, securityholders can apply via the Computershare Investor Centre or by calling Computershare direct on 1300 850 505 within Australia (or +61 3 9415 4000). NOTE: Only securityholders resident in Australia or New Zealand may apply to participate in the DRP. Applications to participate become effective for the next distribution subject to receipt of a correctly completed application before the record date. In the event the DRP is suspended at the time of application, the application to participate becomes effective when the DRP is next reinstated.