BWP GROUP — Director's Dealing 2005

Feb 15, 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	25 JANUARY 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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change
No. of securities held prior to change
Class
Number acquired
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
No. of securities held after change
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

⁺ 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	Bunnings Warehouse Trust Distribution Property Reinvestment Plan.
Nature of 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.
	Prohes Pty Ltd is now a participant in the Bunnings Warehouse Property Trust Distribution Reinvestment Plan under which it has a right to receive units in the Trust whenever it is determined distributions could be applied towards the purchase of units under the Plan.
Name of registered holder (if issued securities)
Date of change	11 February 2005
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	The number of units which can be issued under the Bunnings Warehouse Property Trust Distribution Reinvestment Plan is a function of the number of units held, the amount of the distribution on those units and the price of the units under the Plan.
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.