BWP GROUP — Director's Dealing 2004

Feb 24, 2004

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	27 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	Direct interest
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	25 February 2004
No. of securities held prior to change	27,174 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	847 units
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$$1.53$ per unit
No. of securities held after change	28,021 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	securities distribution οf under SSUe reinvestment plan

⁺ See chapter 19 for defined terms.

ahast-001

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	PETER JOHN MANSELL
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	Indirect interest
Nature of indirect interest	Manfam Pty Ltd as trustee of the Peter John
(including registered holder)	Mansell Personal Superannuation Fund is the
Note: Provide details of the circumstances giving rise to the relevant	registered holder. Peter John Mansell is a
interest.	director and shareholder of Manfam Pty Ltd
	and beneficiary of the fund.
Date of change	25 February 2004
No. of securities held prior to change	57,794 units
Class	Bunnings Warehouse Property Trust ordinary
	units
Number acquired	2,081 units
Number disposed
Value/Consideration	\$1.53 per unit
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	59,875 units
Nature of change	of securities under distribution SSUe
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	reinvestment plan
pjrn04-003

⁺ 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.

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	27 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. 25 February 2004
No. of securities held prior to change	202.473 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	7.160 units
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$$1.53$ per unit
No. of securities held after change	209,633 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	distribution ٥f securities under lssue. reinvestment plan

$r \times m(14-66)$

⁺ 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.