BWP GROUP — Capital/Financing Update 2004

Mar 3, 2004

4 March 2004

6 Strong Revaluation Results

The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, announce strong results from the revaluation of six properties.

The revaluations have been completed on Trust properties located at Altona, Fountain Gate, Nunawading and Sandown in Victoria, Tuggeranong in the Australian Capital Territory, and Minchinbury in New South Wales.

The revaluation of the six properties by independent valuers has resulted in a 24.8 per cent increase in the book value of the properties.

Book Market Revaluation Increment Yield¹ Value Value (S) $(S)$ $(S)$ 8,200,000 10.250,000 2.050.000 8.50% Altona Fountain Gate 10,500,000 1,600,000 8.00% 12,100,000 16,395,000 1,705,000 Nunawading 18,100,000 7.75% 500,000 Sandown 9,400,000 9,900,000 8.25% Tuggeranong 8,600,000 12,610,000 4,010,000 8.50% Minchinbury 10,000,000 15,750,000 5,750,000 $8.00%$ TOTAL 63,095,000 78,710,000 15,615,000

Details of the revaluations are as follows:

Yield applied by independent valuer to passing rent

The revaluations follow the rental uplift as a result of market rent reviews completed on each of the six properties.

The revaluations have increased the book value of Trust properties to \$521 million, and the average capitalisation of the Trust's portfolio is 8.8 per cent.

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