BWP GROUP — Capital/Financing Update 2003

Aug 19, 2003

20 August 2003

Property Acquisition: Maitland, New South Wales

Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announces the acquisition of a 3.1 hectare development site at Maitland for a purchase price of \$0.9 million. Maitland, a regional city located in the Hunter Valley region, is approximately 32 kilometres west of Newcastle and 200 kilometres north of Sydney. The site is prominently located on the New England Highway, approximately three kilometres west of the main business district.

A Bunnings Warehouse with a total retail area of approximately 12,500 square metres is to be developed on the site by mid 2004 at a cost to the Trust of \$9.8 million. Project management of the development will be undertaken on behalf of the Trust by Kilcor Commercial Pty Ltd, which has successfully completed the development of four Bunnings Warehouse properties.

Bunnings Building Supplies Pty Ltd will lease the completed property at an annual rental of \$961,650. Lease terms will be similar to those of other properties in the Trust's portfolio, except that market rent reviews will be underpinned by a rental of \$900,000.

The acquisition will increase the size of the Trust's portfolio to 49 properties, 7 of which are in New South Wales, and increase the average lease expiry profile of the portfolio.

Financial results for the Trust in the year to 30 June 2003, as released on 19 August 2003, showed a profit of \$26.3 million (up 25 per cent on $2001/02$ ), and a full year distribution of 10.50 cents per unit (up 7.5 per cent on 2001/02). Total assets at 30 June 2003 were \$471.6 million and the average lease expiry profile of the portfolio was 11.7 years.

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: