The Directors of BWP Management Limited, the responsible entity for the BWP Trust ("the Trust"), announced the following preliminary distribution estimate and other relevant distribution details for the six month period to 31 December 2022. Relevant dates: the ex-distribution date is 29 December 2022, the record date is 30 December 2022, the last date for elections for the distribution reinvestment plan is 3 January 2023. In accordance with the Trust's constitution all distributable profit will be distributed.

The estimated distribution, based on unaudited accounts, is 9.02 cents per unit (including approximately 0.15 cents of capital profits). It is expected that there will be no conduit foreign income included in the distribution. The actual distribution will be confirmed by the Board on 8 February 2023 and payment of the distribution entitlement is expected to be made on 24 February 2023.