Net Asset Values Apportionment ratios

The stapled securities of the BWP Group comprise one unit in the BWP Trust and one share in BWP Property Group Ltd.

Whilst the stapled securities cannot be traded or dealt with separately, they remain separate legal entities in accordance with the Corporations Act 2001.

For capital gains tax purposes, securityholders need to apportion the cost of each stapled security and the proceeds of sale of each stapled security over the separate assets that make up the stapled security. This apportionment should be done on a reasonable basis.

One possible method of apportionment is to allocate amounts based on the relative net assets of the respective individual entities.

The table below provides the relative net assets percentage required to adopt the above method: