BWP GROUP — Capital/Financing Update 2003

May 4, 2003

05 May 2003

Queensland Property Development - Rocklea

The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announce that agreement has been reached to develop a Bunnings Warehouse with a total retail area of 12,500 square metres on its site at Rocklea, Queensland, for \$7.475 million. The development, on a 3.2 hectare site purchased by the Trust for \$6.225 million in October 2002, should be completed by the end of 2003.

Upon completion of the development, Bunnings Building Supplies Pty Ltd will lease the property from the Trust at an annual rental of \$1,195,000 (net of land tax and GST). Lease terms will be similar to those of other properties in the Trust's portfolio.

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 Website: www.bunningspropertytrust.com.au