BWP GROUP — Capital/Financing Update 2011

Feb 16, 2011

==> picture [327 x 100] intentionally omitted <==

17 February 2011

Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

NOTICE UNDER SECTION 1012DAA(2)(f) OF THE CORPORATIONS ACT 2001 AS NOTIONALLY MODIFIED BY ASIC CLASS ORDER 08/35

Bunnings Property Management Limited (ABN: 26 082 856 424) (BPML), as responsible entity of Bunnings Warehouse Property Trust (ARSN: 088 581 097) (BWPT) has announced a pro-rata, non-renounceable accelerated rights issue to eligible unitholders (Offer) to subscribe for 1 new unit in BWPT for every 4.84 existing units (New Units) as held at 4.00pm WAST on Tuesday, 22 February 2011 to raise from approximately $150 million.

BPML, on behalf of BWPT, gives notice under section 1012DAA(2)(f) of the Corporations Act 2001 (Cth) (Act) as modified by ASIC Class Order 08/35 (CO 08/35) that:

• (a) BWPT will offer the New Units for issue without disclosure to investors under Part 7.9 of the Act and without a product disclosure statement for the New Units being issued or lodged with ASIC;

• (b) this notice is being given under section 1012DAA(2)(f) of the Act as notionally modified by CO 08/35;

• (c) BWPT, as a disclosing entity and the issuer of the New Units, is subject to regular reporting and disclosure obligations;

• (d) as at the date of this notice, BWPT has complied with:

  • (1) the provisions of Chapter 2M of the Act as they apply to BWPT; and

  • (2) section 674 of the Act as it applies to BWPT;

• (e) as at the date of this notice, there is no excluded information of the type referred to in sections 1012DAA(8) and 1012DAA(9) of the Act as notionally modified by CO 08/35; and

• (f) the Offer will have no material effect on the control of BWPT.

Yours faithfully

==> picture [89 x 58] intentionally omitted <==

Karen Lange Company Secretary Bunnings Property Management Limited

==> picture [356 x 36] intentionally omitted <==