BWP GROUP — Director's Dealing 2005

Apr 4, 2005

BUNNINGS PROPERTY MANAGEMENT LIMITED

ABN 26 082 856 424 Responsible Entity for the Bunnings Warehouse Property Trust

5 April 2005

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Madam

AMENDED CHANGE OF DIRECTOR'S INTEREST NOTICE - MR W H CAIRNS

Please find attached for release to the market an amended Change of Director's Interest Notice.

The notice has been lodged to correct an inadvertent error in the notice lodged on behalf of Mr William Howitt Cairns on 21 February 2005, which listed Mr Cairn's interest in the 20,000 units purchased on 18 February 2005 as a "direct" interest. In fact Mr Cairn's interest in the 20,000 units is held indirectly through a nominee, Bond Street Custodians Limited.

The only difference between the notice lodged on 21 February 2005 and the attached notice is the amendment from "Direct interest" to "Indirect interest" and the inclusion of the nature of the indirect interest, being that "Bond Street Custodians Limited is the registered holder as nominee for Willam Howitt Cairns".

Yours faithfully

A M NIARDONE COMPANY SECRETARY

Appendix 3Y

Rule 3.19A.2

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
JABN	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	21 FEBRUARY 2005 . . .

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	Street Custodians Limited Bond the is.
(including registered holder)	registered holder as nominee for William Howitt Cairns.
Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	18 February 2005
No. of securities held prior to change	29.089 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	20,000 units
Number disposed
Value/Consideration	\$1.72 per unit
Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change	49,089 units
Nature of change	On-market trade
Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

whe05-003

⁺ 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.