BWP GROUP — Director's Dealing 2005

Feb 24, 2005

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
ABN	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	JOHN AMBROSE AUSTIN
Date of last notice	16 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 (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Prohes Pty Ltd as Trustee for the Austin Superannuation Fund is the registered holder. John Ambrose Austin is a director and shareholder of Prohes Pty Ltd and beneficiary of the Trust together with Janet Austin.
Date of change	23 February 2005
No. of securities held prior to change	15,000 units
Class	Bunnings Warehouse Property Trust ordinary units
Number acquired	20,000 units
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	\$1.71 per unit
No. of securities held after change	35,000 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	On-market trade

jaa05-004

⁺ 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.