10 February 2010

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

Dear Sir,

RESULTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2009

In accordance with ASX Listing Rule 4.2A, the following documents are attached for release to the market:

Appendix 4D half-year results announcement
Half-year results announcement
Financial Statements for the half-year ended 31 December 2009
KPMG independent auditor's review report and auditor's independence declaration

It is recommended that the half-year financial report is read in conjunction with the annual financial statements as at 30 June 2009 together with public announcements made by the Trust in accordance with the continuous disclosure obligations arising under the ASX Listing Rules and the Corporations Act 2001.

K A LANGE COMPANY SECRETARY

BUNNINGS WAREHOUSE PROPERTY TRUST ARSN 088 581 097

APPENDIX 4D – HALF-YEAR REPORT

Financial half-year ended 31 DECEMBER 2009

Results for announcement to the market

		6 months to 31 Dec 09	6 months to 31 Dec 08	Variance (%)
Revenue from ordinary activities	(\$000)	38,982	35,126	11.0
Net profit before unrealised items	(\$000)	25,255	20,469	23.4
Unrealised items – gain/(loss) in fair value of investment properties	(\$000)	15,891	(43,878)	136.2
Net profit/(loss) from ordinary activities attributable to unitholders	(\$000)	41,146	(23,409)	275.8
Net tangible assets per unit	(\$)	1.83	1.88	(2.6)

Commentary on the results for the period

The commentary on the results for the period ended 31 December 2009 is contained in the ASX release dated 10 February 2010 accompanying this statement.

Distributions

Interim distribution payable	(\$000)	25,268	20,470
Interim distribution per unit	cents	6.10	6.70

Record date for determining entitlements to the interim distribution	31 December 2009
Payment date for interim distribution	26 February 2010

The Distribution Reinvestment Plan ("DRP") was reinstated for the distribution for the half-year ended 30 June 2008 and will apply to future distributions unless notice is given of its suspension or termination.

Applications to participate in or to cease or vary participation in the DRP were required to be correctly completed and lodged by 5.00pm (WST) on 31 December 2009 if they were to apply to the interim distribution for 2009/10. Forms received after that time will be effective for subsequent distributions only.

Units issued under the DRP in respect of the interim distribution for 2009/10 will be issued at \$1.7424 per unit, representing a 2.5 per cent discount to the volume weighted average unit price for the 10 trading days following the record date.

This report should be read in conjunction with the 30 June 2009 Annual Financial Report of the Trust and any announcements made in the period by or on behalf of the Trust in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules.

ARSN 088 581 097

10 February 2010

Half-year results to 31 December 2009

The directors of Bunnings Property Management Limited, the responsible entity for the Bunnings Warehouse Property Trust, today announced the results of the Trust for the six months to 31 December 2009.

Highlights

Income of \$39.0 million for the six months up 11.0 per cent on the previous corresponding period
Distributable profit of \$25.3 million for the six months up 23.4 per cent on the previous corresponding period
Distribution of 6.10 cents per ordinary unit down 9.0 per cent on the previous corresponding period due to the increase in the number of issued units
Portfolio value \$972.2 million up by \$16.7 million from 30 June 2009 following a net revaluation gain of \$15.9 million and capital expenditure of \$0.8 million for the six months
Gearing (debt/total assets) –19.2 per cent at 31 December 2009 (2008: 35.5 per cent)
Covenant gearing (debt and non-current liabilities/total assets) –19.5 per cent (2008: 37.3 per cent)

Financial results

Total income for the period was \$39.0 million, an increase of 11.0 per cent over the comparative period last year. The increase in income was mainly due to growth of the property portfolio during or since the comparative period, from rent reviews, acquisitions and improvements to investment properties.

Finance costs of \$9.3 million were 12.4 per cent lower than the comparative six months due to the average level of debt being 35.8 per cent lower than the corresponding period (\$200.9 million compared with \$312.8 million). The weighted average cost of borrowings for the half-year (finance costs/average borrowings) was 9.22 per cent, compared with 6.76 per cent in the corresponding period, as a result of significantly higher bank fees and margins (refer also to the Finance section below).

For the half-year the Trust reported a distributable profit of \$25.3 million, an increase of 23.4 per cent on the distributable profit in the comparative period last year. The distributable profit excludes the unrealised net gain of \$15.9 million on the revaluations of the fair value of the portfolio (see Revaluations section below).

The management expense ratio for the 12 months to 31 December 2009 (expenses other than property outgoings and borrowing costs as a percentage of average total assets) was 0.70 per cent, compared with 0.68 per cent for the corresponding period.

Interim distribution

An interim distribution of 6.10 cents per ordinary unit has been declared. This is 9.0 per cent lower than the previous corresponding period (6.70 cents per unit) due mainly to the increased number of units issued following the capital raising in May 2009.

The interim distribution will be made on 26 February 2010 to unitholders on the Trust's register at 5.00 pm on 31 December 2009.

The estimated tax advantaged component of the distribution is 26.63 per cent.

Units issued under the Trust's Distribution Reinvestment Plan in respect of the interim distribution will be issued at \$1.7424 per unit, representing a 2.5 per cent discount to the volume weighted average price of the Trust's units for the 10 trading days following the record date.

ASX ANNOUNCE MENT Property portfolio

Total capital expenditure on the portfolio during the half-year amounted to \$0.8 million, relating to non-income producing improvements.

The improvements included remediation of underground fuel storage tanks at the Blacktown industrial property and car park works and improvements to roof safety and access at various properties.

At 31 December 2009 the weighted average lease expiry term of the portfolio was 5.9 years (2008: 6.8 years).

Market rent reviews

During the period, market rent reviews were due for five properties. The result of the one market rent review completed during the half-year is shown below.

	Passing rent	Market review	Uplift	Effective date
	(\$ pa)	(\$ pa)
Maitland, NSW	1,087,806	1,160,000*	+6.6%	18 Oct 09

* negotiated outcome between the Trust and the tenant

Negotiations or an independent determination process continue for each of the four remaining market rent reviews and most of these are expected to be finalised prior to 30 June 2010.

In addition, the rent review for the Trust's Bunnings Warehouse at Minchinbury, New South Wales, was due on 31 December 2008, but has not yet been concluded due to clarification required on certain market evidence. This rent review is also expected to be completed by 30 June 2010 and the revised rent will be back-dated to 31 December 2008.

Revaluations

During the half-year the Trust's entire investment property portfolio was revalued in accordance with Australian Equivalents to International Financial Reporting Standards (AIFRS).

Eleven property revaluations during the period were performed by independent valuers and the remaining 49 properties were subject to directors' revaluations.

The value of the portfolio increased by \$16.7 million to \$972.2 million; following a net revaluation gain of \$15.9 million at 31 December 2009 and capital expenditure of \$0.8 million during the half-year.

The net revaluation gain was predominantly a result of growth in rental income across the portfolio. There was also an improvement in market capitalisation rates for some properties, bringing the weighted average capitalisation rate for the Trust's portfolio at 31 December 2009 down slightly to 7.78 per cent (June 2009: 7.81 per cent and December 2008: 7.57 per cent).

Finance

ASX ANNOUNCE MENT

As at 31 December 2009 the Trust's total assets were \$986.7 million, with unitholders' equity of \$758.7 million and total liabilities of \$228.0 million.

The underlying net tangible asset backing of the Trust's units increased by 4.0 cents per unit, from \$1.79 per unit at 30 June 2009 to \$1.83 per unit at 31 December 2009. This increase was the result of the net unrealised gain on revaluation of investment properties, referred to above, and an increase in the fair value of interest rate hedging derivatives.

At 31 December 2009 the Trust had \$190.2 million drawn under debt facilities with a combined limit of \$380.0 million. Details of the facilities are provided below.

The Trust's \$80 million bank bill facility with Westpac Banking Corporation is committed until 2 July 2012.
The Trust has a \$100 million evergreen facility with National Australia Bank, which is extended annually in March each year provided there has been no event of default or potential event of default; with any change to pricing to apply from 1 April the following year. The next review is due in March 2010; with pricing to apply from 1 April 2011.
As at 31 December 2009, Australia and New Zealand Banking Group had made an offer to extend the Trust's \$100 million facility to 31 July 2013. This extension has been formalised subsequently.
The Trust's \$100 million cash advance facility with the Commonwealth Bank of Australia is committed until 14 January 2012.

The Trust's gearing ratio (debt to total assets) at 31 December 2009 was 19.2 per cent (2008: 35.5 per cent), slightly below the preferred range of 20 to 40 per cent. Covenant gearing (debt and non-current liabilities to total assets) was 19.5 per cent, well below the maximum allowable 45 per cent under banking facilities.

Borrowing costs for the half-year including bank fees and margins were 6.35 per cent of average borrowing before hedging and 9.22 per cent after hedging, compared with 7.51 per cent before hedging and 6.76 per cent after hedging for the previous corresponding period.

The Trust has a policy of hedging the majority of its borrowings against interest rate movements to ensure stability of distributions. At 31 December 2009, the Trust's hedging cover was 98.3 per cent of borrowings, with \$187.0 million interest rate swaps against borrowings of \$190.2 million. Hedging levels are currently higher than the Board's preferred 50 to 75 per cent range, as a result of reducing borrowings following the Trust's \$150 million capital raising in May 2009. Hedging levels are likely to remain high until borrowing levels increase, or as interest rate swaps expire over the next 2 to 3 years.

The weighted average term to maturity of hedging was 3.03 years, including delayed start swaps.

Outlook

Economic conditions appear to have improved from the corresponding period last year, although access to and the cost of finance remains an issue in the broader commercial property market. The Trust, however, has debt capacity to fund growth and we will continue to actively manage the Trust's portfolio by looking to acquire new assets that fit the Trust's investment criteria and by extracting more value from existing assets.

For new assets, quality Bunnings Warehouses will be the main focus. We will also consider other assets, selectively, that provide similar characteristics to Bunnings Warehouse properties by having a large area, being well located and with a quality tenant under a longer-term lease. The aim is to acquire properties that will provide a sound income stream and long term capital growth.

For existing assets, growth is most likely to come from increased rental as a result of scheduled rent reviews, upgrades to existing properties and acquiring adjoining land for future upgrades. We have 10 market rent reviews remaining to be completed this financial year (5 outstanding as at 31 December 2009 and 5 due in the second half of 2009/10) and 19 leases will be reviewed to the Consumer Price Index or by a fixed percentage increase during the second half of 2009/10.

Containing or reducing finance costs will also be a focus in the short to medium term. The Trust's relatively high level of interest rate hedging means that increases in interest rates are not expected to adversely affect borrowing costs. However, increased bank fees and margins and upfront fees from extending or refinancing existing facilities will continue to affect borrowing costs over the second half of 2009/10. Capital management initiatives being considered include reducing limits to avoid paying for surplus capacity. Borrowing costs are not expected to be above what was factored into our capital raising forecasts for 2009/10 distributions.

Internet site

The Bunnings Warehouse Property Trust internet site, www.bwptrust.com.au is a useful source of information for unitholders. It includes details of the Trust's property portfolio, current activities and future prospects.

The site provides access to annual and half-year reports and also contains releases made to the Australian Securities Exchange covering matters of relevance to investors.

ASX ANNOUNCE MENT Further information

For further information please contact:

Grant Gernhoefer General Manager, Bunnings Property Management Limited Telephone: (08) 9327 4318 E-mail: ggernhoefer@bwptrust.com.au Website: http://www.bwptrust.com.au

An investor briefing and question and answer teleconference call will be held on 11 February 2010 at 10.30 am AWST (1.30 pm AEDT). Dial 1800 500 686 Quote Conference ID Number 221739 to the operator (Investor briefing presentation to be released separately).

BUNNINGS WAREHOUSE PROPERTY TRUST

HALF-YEAR FINANCIAL STATEMENTS

For the half-year ended 31 December 2009

Bunnings Warehouse Property Trust Condensed Income and Distribution Statement For the half-year ended 31 December 2009

		December 2009	December 2008
	Note	\$000	\$000
INCOME STATEMENT
Rental income		38,080	34,000
Other property income		704	1,015
Finance income		198	111
Total income		38,982	35,126
Finance costs		(9,345)	(10,663)
Responsible entity's fees		(2,763)	(2,828)
Other operating expenses		(1,619)	(1,166)
Net profit before unrealised gain/(loss) in fair value of investment properties		25,255	20,469
Unrealised gain/(loss) in fair value of investment properties		15,891	(43,878)
Net profit/(loss) attributable to unitholders of Bunnings Warehouse Property Trust		41,146	(23,409)
DISTRIBUTION STATEMENT
Net profit/(loss) attributable to unitholders of Bunnings Warehouse Property Trust		41,146	(23,409)
Undistributed income at the beginning of the period		247,616	299,742
Distribution paid or payable		(25,268)	(20,470)
Undistributed income at the end of the period		263,494	255,863
Basic and diluted earnings (cents per unit) for the half-year	2	9.97	(7.66)
Interim distribution (cents per unit) for the half-year	2	6.10	6.70

The condensed income and distribution statement should be read in conjunction with the accompanying notes.

	December 2009 \$000	December 2008 \$000
Net profit/(loss) attributable to unitholders of Bunnings Warehouse Property Trust	41,146	(23,409)
Other comprehensive income Effective portion of change in fair value of cash flow hedge	3,101	(26,766)
Total comprehensive income/(loss) for the period attributable to the unitholders of Bunnings Warehouse Property Trust	44,247	(50,175)

The condensed statement of comprehensive income should be read in conjunction with the accompanying notes.

Bunnings Warehouse Property Trust Condensed Statement of Financial Position As at 31 December 2009

		December 2009	June 2009	December 2008
	Note	\$000	\$000	\$000
ASSETS
Current assets
Cash		8,234	38,721	9,253
Receivables and prepayments		2,852	1,847	1,874
Derivative financial instruments		-	-	4
Total current assets		11,086	40,568	11,131
Non-current assets
Investment properties	3	972,211	955,562	956,311
Other receivables		850	850	850
Derivative financial instruments		2,570	2,916	-
Total non-current assets		975,631	959,328	957,161
Total assets		986,717	999,896	968,292
LIABILITIES
Current liabilities
Payables and deferred income		9,593	14,185	10,895
Derivative financial instruments		271	1,508	1,047
Distribution payable		25,268	19,967	20,470
Total current liabilities		35,132	35,660	32,412
Non-current liabilities
Interest-bearing loans and borrowings	8	189,786	225,937	344,225
Derivative financial instruments		3,063	5,275	16,905
Total non-current liabilities		192,849	231,212	361,130
Total liabilities		227,981	266,872	393,542
Net assets		758,736	733,024	574,750
Unitholders' equity
Issued capital		496,006	489,273	336,829
Reserves	6	(764)	(3,865)	(17,942)
Undistributed income		263,494	247,616	255,863
Total unitholders' equity		758,736	733,024	574,750
Net tangible asset backing per unit		\$1.83	\$1.79	\$1.88

The condensed statement of financial position should be read in conjunction with the accompanying notes.

Bunnings Warehouse Property Trust Condensed Statement of Cash Flows For the half-year ended 31 December 2009

	December 2009	December 2008
	\$000	\$000
Cash flows from operating activities
Rent received	43,518	39,758
Payments to suppliers	(8,199)	(8,025)
Payments to the responsible entity	(2,769)	(2,873)
Finance income	195	111
Finance costs	(9,807)	(10,547)
Net cash flows from operating activities	22,938	18,424
Cash flows from investing activities
Payments for purchase of, and additions to, the Trust's property investments	(4,040)	(37,889)
Net cash flows used in investing activities	(4,040)	(37,889)
Cash flows from financing activities
(Repayments)/proceeds of borrowings	(36,151)	35,726
Distributions paid	(13,234)	(13,633)
Net cash flows (used in)/ from financing activities	(49,385)	22,093
Net (decrease)/increase in cash	(30,487)	2,628
Cash at the beginning of the period	38,721	6,625
Cash at the end of the period	8,234	9,253

The condensed statement of cash flows should be read in conjunction with the accompanying notes

	Issued capital	Undistributed income	Hedge Reserve	Total
	\$000	\$000	\$000	\$000
Balance at 1 July 2008	330,206	299,742	8,824	638,772
Total comprehensive loss for the period attributable to the unitholders of Bunnings Warehouse Property Trust	-	(23,409)	(26,766)	(50,175)
Distributions payable	-	(20,470)	-	(20,470)
Issue of units under the Distribution Reinvestment Plan	6,623	-	-	6,623
Balance at 31 December 2008	336,829	255,863	(17,942)	574,750
Balance at 1 July 2009	489,273	247,616	(3,865)	733,024
Total comprehensive income for the period attributable to the unitholders of Bunnings Warehouse Property Trust	-	41,146	3,101	44,247
Distributions payable	-	(25,268)	-	(25,268)
Issue of units under the Distribution Reinvestment Plan	6,733	-	-	6,733
Balance at 31 December 2009	496,006	263,494	(764)	758,736

The condensed statement of changes in equity should be read in conjunction with the accompanying notes

1 BASIS OF PREPARATION OF THE HALF-YEAR FINANCIAL STATEMENTS

The financial statements of Bunnings Warehouse Property Trust (the Trust) for the half-year ended 31 December 2009 were authorised for issue in accordance with a resolution of the directors on 10 February 2010. The Trust was constituted under a Trust Deed dated 18 June 1998 as amended. The Trust is managed by Bunnings Property Management Limited. Both the Trust and the responsible entity are domiciled in Australia.

The half-year financial statements do not include all notes of the type normally included within the annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Trust as the full financial statements.

The half-year financial statements should be read in conjunction with the annual financial statements of the Trust as at 30 June 2009.

It is also recommended that the half-year financial statements be considered together with any public announcements made by the Trust during the half-year ended 31 December 2009 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

(a) Basis of accounting

The half-year financial statements have been prepared in accordance with the requirements of the Constitution of the Trust and Australian Accounting Standards. The half-year financial statements have been prepared on an historical cost basis, except for investment properties and derivative financial instruments, which have been measured at their fair value.

The financial statements are presented in Australian dollars, which is the Trust's functional currency and all values are rounded to the nearest thousand dollars (\$'000) under the option available to the Trust under ASIC Class Order 98/0100, unless otherwise stated.

For the purpose of preparing the half-year financial statements, the half-year has been treated as a discrete reporting period.

(b) Statement of compliance

The half-year financial statements are a general purpose financial report which has been prepared in accordance with AASB134 Interim Financial Reporting and the Corporations Act 2001.

The Trust applies revised AASB 101 Presentation of Financial Statements (2007), which became effective as of 1 January 2009. As a result, the Trust presents in the condensed statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the condensed statement of comprehensive income. This presentation has been applied in these condensed interim financial statements as of and for the six months period ended on 31 December 2009.

Comparative information has been re-presented so that it also is in conformity with the revised standard. Since the change in accounting policy only impacts presentation aspects, there is no impact on earnings per unit.

Significant accounting policies applied by the Trust in these interim financial statements are the same as those applied by the Trust in its financial statements as at and for the year ended 30 June 2009.

2 INTERIM DISTRIBUTION PER UNIT

In accordance with the Trust's constitution, the unrealised gains or losses on the revaluation of the fair value of investment properties are not included in the profit available for distribution to unitholders. The following shows the effect on earnings per unit of excluding unrealised gains or losses and the resulting distribution per unit:

	December 2009	December 2008
Basic and diluted earnings (cents per unit) for the half-year	9.97	(7.66)
Basic and diluted earnings (cents per unit) for the half-year excluding unrealised loss or gain in fair value of properties	6.10	6.70
Interim distribution (cents per unit) for the half-year	6.10	6.70

3 INVESTMENT PROPERTIES

	Balance at 30 June 2009	Movement during the period	Balance at 31 December 2009
	\$000	\$000	\$000

Purchase price	453,767	-	453,767
Acquisition costs	27,386	1	27,387
Capital improvements since acquisition	226,826	757	227,583
Cumulative fair value adjustment	247,583	15,891	263,474
Fair value	955,562	16,649	972,211

Investment properties are carried at fair value. Fair value for individual properties is determined by a full independent valuation completed at least every three years by an independent valuer who holds a relevant professional qualification and has recent experience in the location and category of the investment property. During the six months to 31 December 2009, 11 property valuations were performed by independent valuers.

Properties that have not been independently valued as at a balance date are carried at fair value by way of directors' valuation.

3 INVESTMENT PROPERTIES - CONTINUED

During the half-year the Trust's capital expenditure on investment properties amounted to \$0.8 million, relating to non-income producing improvements.

The improvements included remediation of underground fuel storage tanks at the Blacktown industrial property and car park works and improvements to roof safety and access at various properties.

4 SEGMENT REPORTING

The Trust operates wholly within Australia and derives rental income from investments in commercial property.

5 ISSUED CAPITAL

During the period, 4,226,325 units (2008: 4,088,440) were issued under the Trust's distribution reinvestment plan, bringing the number of ordinary units on issue as at 31 December 2009 to 414,227,380.

6 RESERVES

This reserve records the portion of the gain or loss on a hedging instrument in a cash flow hedge that is determined to be an effective hedge.

	December 2009	December 2008
	\$000	\$000

Opening balance at the beginning of the financial period	(3,865)	8,824
Amounts recognised in net profit/(loss) for the period	1	15
Net gains/(loss) on cash flow hedges for the period	3,100	(26,781)
Closing balance at the end of the financial period	(764)	(17,942)

The movement in the half-year was due to the increase in variable interest rates during the half-year.

7 CAPITAL EXPENDITURE COMMITMENTS

	December 2009	December 2008
	\$000	\$000
Estimated capital expenditure contracted for at balance date, but not provided for in the financial statements, which is payable:
Not later than one year
Unrelated Parties	111	3,663
Related Parties	500	3,532
	611	7,195

Capital commitments to unrelated parties

In October 2009, the Trust committed to design and tender safe roof access improvements to 19 properties in the portfolio. The Trust is committed to consultant fees of \$111,000.

Capital commitments to related parties

In October 2009, the Trust committed to air conditioning works at the Trust's Hawthorn Bunnings Warehouse for an estimated cost of \$0.5 million. The incremental rent for the property following the upgrade will be eight per cent of the final development cost per annum (for example, \$40,000 per annum based on an anticipated \$0.5 million expenditure).

8 LOANS AND BORROWINGS

As at 31 December 2009 the Trust has the following loan facilities:

	Limit	Amount drawn(a)
	\$000	\$000	Expiry date
Australia and New Zealand Banking Group Limited	100,000	25,500	31 July 2013
National Australia Bank Limited	100,000	100,000	Evergreen (b)
Commonwealth Bank of Australia	100,000	32,500	14 January 2012
Westpac Banking Corporation	80,000	32,200	2 July 2012
	380,000	190,200

(a) Amount drawn includes accrued interest of \$0.4 million as at 31 December 2009.

(b) To be reviewed in March 2010 for pricing to apply from 1 April 2011 to 31 March 2012. Facility is extended annually provided there has been no event of default or potential event of default.

9 RELATED PARTIES

Arrangements with related parties continue to be in place. For details on these arrangements, refer to the 30 June 2009 annual financial statements.

In accordance with the Corporations Act 2001, Bunnings Property Management Limited (ABN 26 082 856 424), the responsible entity of Bunnings Warehouse Property Trust, provides this report for the financial half-year ended 31 December 2009 and review report thereon. The information on pages 1 to 4 of the half-year results announcement forms part of this directors' report and is to be read in conjunction with the following information:

Directors

The names of directors of the responsible entity in office during the financial half-year and until the date of this report were:

J A Austin (Chairman)

B J H Denison (appointed 7 October 2009)

R D Higgins
P J Johnston
P J Mansell

Directors were in office for the entire period unless otherwise stated.

Review and results of operations

The operations of the Trust during the six months to 31 December 2009 and the results of those operations are reviewed on pages 1 to 4 of the half-year results announcement and the accompanying financial statements.

	December 2009	December 2008
	\$000	\$000

Net profit/(loss) attributable to unitholders	41,146	(23,409)
Net unrealised (gain)/loss in fair value of investment properties	(15,891)	43,878
Distributable profit for the period	25,255	20,469
Opening undistributed profit	33	19
Closing undistributed profit	(20)	(18)
Distributable amount	25,268	20,470

The interim distribution is 6.10 cents per ordinary unit (2008: 6.70 cents). This interim distribution will be made on 26 February 2010.

Units on issue

At 31 December 2009, 414,227,380 units of Bunnings Warehouse Property Trust were on issue (30 June 2009: 410,001,055).

Rounding Off

The responsible entity is of a kind referred to in ASIC Class Order 98/100 dated 10 July 1998 and in accordance with that Class Order, amounts in the financial statements and the directors' report have been rounded off to the nearest thousand dollars, unless otherwise stated.

Signed in accordance with a resolution of the directors of Bunnings Property Management Limited.

J A Austin Chairman Bunnings Property Management Limited Perth, 10 February 2010

In accordance with a resolution of the directors of Bunnings Property Management Limited, responsible entity for the Bunnings Warehouse Property Trust (the Trust), I state that:

In the opinion of the directors:

(a) the financial statements and notes of the Trust are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Trust's financial position as at 31 December 2009 and of its performance for the half-year ended on that date; and
(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations 2001; and
(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become due and payable.

For and on behalf of the board of Bunnings Property Management Limited.