BWP GROUP — Director's Dealing 2003

Nov 26, 2003

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	BUNNINGS PROPERTY MANAGEMENT LIMITED. the responsible entity for the BUNNINGS WAREHOUSE PROPERTY TRUST
IABN	26 082 856 424

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	WILLIAM HOWITT CAIRNS
Date of last notice	5 SEPTEMBER 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	26 November 2003
No. of securities held prior to change	23,524 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	3,650
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1.37 per unit
No. of securities held after change	27,174 units
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of securities under unit purchase plan

⁺ See chapter 19 for defined terms.

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1960 - 1965

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder (if issued securities)
Date of change
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation. to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

$+$ See chapter 19 for defined terms.

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity	BUNNINGS PROPERTY MANAGEMENT LIMITED. the responsible entity for the BUNNINGS WAREHOUSE PROPERTY TRUST
IABN	26 082 856 424

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	ROBERT WILLIAM McCUAIG
Date of last notice	18 NOVEMBER 2003

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Indirect interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. Date of change	Fallow Holdings Pty Ltd as trustee оf RW McCualg Superannuation Fund is the registered holder. Robert William McCuaig is a director and shareholder of Fallow Holdings Pty Ltd and beneficiary of the fund. 26 November 2003
No. of securities held prior to change	198.823 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	3.650
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1.37 per unit
No. of securities held after change	202,473 units
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Issue of securities under unit purchase plan

rvsn03-007

⁺ See chapter 19 for defined terms.

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change Note: Details are only required for a contract in relation to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an estimated valuation
Interest after change

$+$ See chapter 19 for defined terms.