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CONTENTS

BWP TRUST

ARSN 088 581 097

RESPONSIBLE ENTITY

BWP Management Limited

ABN 26 082 856 424

AUSTRALIAN FINANCIAL SERVICES LICENCE

No. 247830

bwptrust.com.au

IMPORTANT NOTICE

This report contains statements regarding the future (“forward

looking statements”) and statements of belief or opinion

(“assumptions”). Words such as “believe”, “consider”, “could”,

“expect”, “estimate”, “likely”, “may”, ”objective”, “should”,

“plan”, “target”, and other similar expressions are intended to

identify forward-looking statements or assumptions. While

due care and attention has been used in preparing this report

and the information it contains, forward-looking statements

and assumptions are not guarantees of future performance or

outcomes. Forward-looking statements and assumptions involve

known and unknown risks, uncertainties and other factors, many

of which are beyond the control of the responsible entity and

which may cause actual performance and outcomes to differ

materially from those expressed or implied by the statements.

Before making an investment decision or acting on the information

in this report, you should make your own enquiries and seek your

own professional advice as to the application of the information

provided in this report to your particular investment needs,

objectives and financial circumstances.

OVERVIEW

About us

1

Investment approach

3

2016 Highlights

4

Letter from the Chairman

6

BUSINESS REVIEW

Financial summary

7

Managing Director’s report

9

Outlook

12

Our property portfolio

15

Sustainability

22

GOVERNANCE

Corporate Governance

24

Board of Directors

25

FINANCIAL REPORT

Financial statements

27

INVESTOR INFORMATION

Investor information

52

Directory

53