BWP GROUP — Capital/Financing Update 2003

Oct 19, 2003

20 October 2003

\$25 million Underwritten Unit Purchase Plan

Bunnings Property Management Limited, the Responsible Entity of the Bunnings Warehouse Property Trust (BWP), is pleased to offer unitholders the opportunity to purchase additional units (New Units) in BWP, through participation in a Unit Purchase Plan (UPP). New Units are to be issued under the UPP at a discount to the market price and without brokerage or other transaction costs.

The capital raised under the UPP will be used to reduce debt and fund further acquisitions and developments by BWP, such as the developments at Rocklea and Hemmant in Queensland, and at Port Macquarie in New South Wales. The UPP is underwritten by Macquarie Equity Capital Markets Limited to \$25 million.

The offer period is to be from 22 October 2003 to 11 November 2003. Eligible unitholders, who are registered holders of BWP units on 17 October 2003, have the opportunity to apply for \$1,000, \$3,000 or \$5,000 worth of New Units.

New Units will be offered at the lower of \$1.43, being a 2.5% discount to the closing price of BWP units on 17 October 2003 (after an adjustment for the estimated interim distribution), and a 2.5% discount to the average of the daily volume weighted average price of BWP units traded during the 10 days after the offer closes (after an adjustment for the estimated interim distribution).

The New Units, which are expected to be allocated on 26 November 2003, will not be entitled to the interim distribution payable for the six month period to 31 December 2003, but will be entitled to income from 1 January 2004.

For further information please contact:

Mr Andrew Hopkins Manager, Bunnings Property Management Limited

Telephone: (08) 9327 4318 E-mail: andrew.hopkins@bpml.wesfarmers.com.au www.bunningspropertytrust.com.au Website:

BUNNINGS PROPERTY MANAGEMENT LIMITED

ABN 26 082 856 424 Responsible Entity for the Bunnings Warehouse Property Trust

20 October 2003

Company Announcements Office Australian Stock Exchange Limited

Bunnings Warehouse Property Trust - ASX Code BWP

The Directors of Bunnings Property Management Limited (BPML), the responsible entity of the Bunnings Warehouse Property Trust (BWP), announce the first offer of units in BWP to unitholders under a Unit Purchase Plan (Plan). The ability to issue units under the Plan which do not erode the percentage of units that can be issued at a discount to market price, was approved by unitholders at the meeting held in December 2002. The Plan provides unitholders resident in Australia and New Zealand the choice of acquiring either A\$1,000; A\$3,000; or A\$5,000 worth of fully paid new units (New Units) in BWP (Offer). The Offer is made in accordance with the Australian Securities and Investments Commission Class Order 02/832 that grants relief from the requirement for a disclosure document to accompany the Offer.

Pursuant to Listing Rule 3.10.3 of the Listing Rules of Australian Stock Exchange Limited, BPML advises that:

• 1. The New Units will be quoted in a separate class to existing units in BWP until the close of trading on 31 December 2003, the record date for the income distribution for the half year ending 31 December 2003.
• 1. The maximum number of New Units to be issued under the Plan will be \$54,010,000 divided by the issue price determined in accordance with the formula set out below.
• 1. Unitholders on the register on 17 October 2003 are being invited to participate in the Plan. The Offer opens on 22 October 2003 and closes at 5.00pm WST on 11 November 2003. As participation is voluntary, and BWP has not previously implemented such a Plan, Macquarie Equity Capital Markets Limited has been engaged to fully underwrite the Offer to the value of \$25 million. If BWP receives applications for New Units with a total value greater than \$25 million, it may, in its absolute discretion undertake a scaleback to the extent and manner it sees fit.

The maximum investment under the Offer is \$5,000. Unitholders may only apply for a parcel of New Units with a value of:

• $$1,000;$ or
• $$3,000;$ or
• \$5,000.

The Offer to each unitholder resident in Australia and New Zealand is made on the same terms and conditions. The Offer is non-renounceable. The date of issue of New Units under the Plan will be the allotment date, which is expected to be on or around 26 November 2003.

• 1. The issue price for the New Units will be the lower of :
• \$1.43, being a 2.5% discount to the closing price of BWP units on 17 October 2003 $(a)$ (after an adjustment for the estimated interim distribution); and
• a 2.5% discount to the average of the daily volume weighted average price of BWP $(b)$ units traded during the 10 days after the offer closes (after an adjustment for the estimated interim distribution), rounded to the nearest cent.

The issue price will be announced on or around 26 November 2003.

• 1. The purpose of the Offer of New Units under the Plan is to give unitholders the opportunity to subscribe for up to \$5,000 worth of units at an issue price at a discount to market price without incurring transaction costs and brokerage fees. Capital raised from the Plan will be used to retire debt and fund further acquisitions and developments by BWP.
• 1. No unitholder approval of the Offer of New Units under the Plan is required.
• 1. The Offer of New Units will be to the existing class of unitholders in BWP on the register on 17 October 2003.

$M/fL$

P S GARDINER COMPANY SECRETARY