BWP GROUP — Director's Dealing 2005

Jan 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	10 SEPTEMBER 2004

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	Prohes Pty Ltd as Trustee for the Austin
(including registered holder) Note: Provide details of the circumstances giving rise to the relevant	Superannuation Fund is the registered holder. John Ambrose Austin is a director and
interest.	shareholder of Prohes Pty Ltd and beneficiary
	of the Trust together with Janet Austin.
Date of change	24 January 2005
No. of securities held prior to change	Nil
Class	Bunnings Warehouse Property Trust ordinary
	units
Number acquired	15,000 units
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated	\$1.72 per unit
valuation
	15,000 units
No. of securities held after change
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

⁺ 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.