BWP GROUP — Capital/Financing Update 2010

May 26, 2010

ARSN 088 581 097

27 May 2010

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Expansion of Bunnings Warehouse, Broadmeadows, VIC

The Directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, today announced the acquisition of a parcel of vacant land to allow for the expansion of the Trust’s adjoining Bunnings Warehouse in the suburb of Broadmeadows, approximately 15 kilometres north-west of the Melbourne central business district.

The vacant site of approximately 433 square metres was acquired in conjunction with the Trust’s main tenant, Bunnings Group Limited (“BGL”), for $300,000 (excluding acquisition costs). This parcel of land, combined with another small adjoining parcel acquired in 2004, enables the expansion of the adjoining Bunnings Warehouse. BGL will pay the Trust an access fee of eight per cent per annum on the total capital outlay for the new land until the expansion of the adjoining Bunnings Warehouse has been completed.

The expansion of the Bunnings Warehouse will be managed by BGL and is expected to be completed towards the end of this calendar year. On completion the Trust will receive an eight per cent return on the development cost, estimated to be $5.4 million, and the parties will enter into a new 10 year lease of the Bunnings Warehouse with a 10 year option, exercisable by the tenant. The rent will be reviewed to market every five years and by the Consumer Price Index in all other years. All other terms and conditions of the existing lease will remain the same.

For further information please contact:

Grant Gernhoefer

General Manager, Bunnings Property Management Limited

Telephone: (08) 9327 4318 E-mail: ggernhoefer@bwptrust.com.au Website: http://www.bwptrust.com.au/