National Australia Bank : Ceasing to be a substantial holder for BWX

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder To: Company Name/Scheme ACN The Secretary BWX Limited 2 Darby Way Dandenong South VIC 3175 Ph: [phone] 163 488 631 BWX

1. Details of substantial holder

   Name & ACN (if applicable)

   National Australia Bank Limited and its associated entities listed in Annexure A (ACN 004 044 937)

   The holder ceased to be a substantial holder on

   02/06/2017

   The previous notice was given to the company on

   02/06/2017

   The previous notice was dated (d/m/y)

   30/05/2017

2. Changes in relevant interests

   Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate, in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

   Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of securities affected	Person's votes affected
   Fully paid ordinary shares
   31/05/2017 to 02/06/2017	National Australia Bank Limited	Securities Lending	No consideration directly referable to the securities provided by NAB	Refer to Appendix 1 Table	Refer to Appendix 1 Table

3. Changes in association

   The following persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial holder in relation to voting interests in the company or scheme are as follows:

   Name and ACN (if applicable)	Nature of association
   No change

4. Addresses

The addresses of persons named in this form are as follows:

Address
National Australia Bank Limited	Level 1 800 Bourke Street DOCKLANDS VIC 3008
Signature
Name		Elizabeth Melville-Jones	Capacity Company Secretary for and on behalf of National Australia Bank Limited
Signature		Date 07/06/2017

Appendix 1 - BWX

Type of agreement and parties to agreement	National Australia Bank Limited and		National Australia Bank Limited and
	Securities Borrowing Agreement (SBA) clients		AMSLA Counterparties
	(iv)	MOTOR TRADES ASSOCIATION OF AUSTRALIA SUPERANNUATION FUND PTY LIMITED	( b )	UBS SECURITIES AUSTRALIA LTD
	(x)	POOLED SUPER PTY LTD
	(xii)	PRIME SUPER PTY LTD
Transfer dates	31/5/2017 to 2/6/2017		31/5/2017 to 2/6/2017
	Specific dates for each transfer can be found by matching the number reference in the 'Type of agreement and parties to agreement' field to the accompanying list of transactions.		Specific dates for each transfer can be found by matching the number reference in the 'Type of agreement and parties to agreement' field to the accompanying list of transactions.
Holder of voting rights	Registered owner		Registered owner
Are there any restrictions on voting	The registered owner holds voting rights. However, in certain circumstances the lender may request for the borrower to use best endeavours to arrange for voting instructions to be exercised in accordance with the instructions from the lender.		The registered owner holds voting rights. However, in certain circumstances the lender may request for the borrower to use best endeavours to arrange for voting instructions to be exercised in accordance with the instructions from the lender.
Scheduled date of return (if any)	On demand		On demand
Does the borrower have the right to return early?	Yes - at notice		Yes - at notice
Does the lender have the right to recall early?	Yes - at notice		Yes - at notice
Will the securities be returned on settlement?	Yes, or equivalent protection under Securities Borrowing Agreement.		Yes, or equivalent protection under AMSLA.
National Australia Bank Limited will, if required by the company or responsible entity to whom the prescribed form must be given or ASIC give a copy of the agreements to the company, responsible entity or ASIC.

Date	Nature of Change	Consideration	No. of Securities	Class	AMSLA Counterparty
31/05/2017	Return Security	-4167	ORD	( b )
1/06/2017	Return Security	-7145	ORD	( b )
2/06/2017	Return Security	-1012352	ORD	( b )
2/06/2017	Return Security	-1000000	ORD	( b )
2/06/2017	Return Security	-100000	ORD	( b )
2/06/2017	Settle Sec Loan	5920	ORD	( b )
2/06/2017	Pending Loan	100000	ORD	( b )

Date	Nature of Change	Consideration	No. of Securities	Class	SBA Counterparty
31/05/2017	Return Security	-4167	ORD	(iv)
1/06/2017	Return Security	-7145	ORD	(iv)
2/06/2017	Return Security	-1012352	ORD	(iv)
2/06/2017	Return Security	-612905	ORD	(iv)
2/06/2017	Return Security	-8324	ORD	(iv)
2/06/2017	Return Security	-18370	ORD	(iv)
2/06/2017	Return Security	-360401	ORD	(iv)
2/06/2017	Return Security	-100000	ORD	(iv)
2/06/2017	Settle Sec Loan	5920	ORD	(iv)
2/06/2017	Pending Loan	78851	ORD	(iv)
2/06/2017	Pending Loan	21149	ORD	(iv)