BWP GROUP — Investor Presentation 2002

Nov 13, 2002

Proposed Property Transaction - Overview

• $\triangleright$ Acquisition of 4 ex BBC HWH properties from Wesfarmers
• Artarmon, Belrose, Wollongong (NSW)
• Cairns (Qld)
• Consideration \$53.2m plus acquisition costs (approx. \$2.8m) Septiment
• Passing yield 8.5% (weighted average) gar
• Earnings accretive September 18

• Unitholder approval required (related party transaction) SERIES

• Approximately 26.1 million units (Trust 10% capacity)

• Fully underwritten by JBWere @ \$1.28

• Book-build process

• Placement recipients will not receive Dec 02 distribution Septimes

Proposed Property Transaction - Specifics

	Artarmon	Belrose	Wollongong	Cairns
Site Area	$0.7$ ha	2.5 ha	$2.7$ ha	$2.4$ ha
Gross Lettable Area	$5,247$ m 2	7,648m 2	8,235m 2	6,573m 2
Purchase Price	\$14.0m	\$17.2m	\$12.0m	\$10.0m
Independent Valuation	\$14.1m	\$16.9m	\$11.6m	\$10.0m
Commencement Rent	\$1.17m	$$1.44$ m	′\$1.02m	\$0.90m 1
Passing Yield	$8.3\%$	8.4%	8.5%	$9.0\%$

$1$ net of land tax

Proposed Property Transaction - Specifics (cont.)

• Artarmon Service
• 6 km north of Sydney CBD
• unique property close to town; small site, multi level
• developed by BBC in 2000
• $\triangleright$ Belrose
• 20 km north of Sydney CBD
• located on Mona Vale Road (busy arterial)
• developed by BBC in 1998
• $\triangleright$ Wollongong
• located north side of city in established industrial area
• developed by BBC in 1997
• $\triangleright$ Cairns
• located south side of CBD in established industrial area
• developed by BBC in 2001

Proposed Property Transaction - Specifics (cont.)

• Due Diligence Super
• properties in good condition (Clifton Coney Stevens)
• freehold titles
• Strong Leases Super
• Bunnings Building Supplies tenancy
• 15 year term, 3 x 5 year options
• annual CPI escalation
• market reviews every 5 years, no ratchets
• Wesfarmers covenant

Proposed Property Transaction - Features

• Trust portfolio increase from 39 to 43 properties September 1979
• Improvement in geographic diversification Septiment

Proposed Property Transaction - Features (cont.)

• $\triangleright$ Earnings accretive

• Average lease expiry increase from 12.0 yrs to 12.3 yrs

• Gearing post acquisition 29% SALES OF THE UNION
• comfortably within 20% to 40% target range

• Trust size increase assets > \$400m, market capitalisation¹1

¹post the placement of 26.1 million units

Other Recent Events - post 30 Jun 02

• Development Super
• Dandenong (Vic) opened 11 Nov 02
  • total outlay \$10.8m, rent \$0.96m pa
• Acquisitions Super
• Hervey Bay (Qld) scheduled to open Dec 02
  • estimated total outlay \$8.6ml, rent \$0.78m pa²
• Rocklea (Qld) acquired 29 Oct 02
  • prime 3.2ha development site to suit 8000 series store
  • total outlay \$6.5m; access fee 9.6% pa

¹net of sale of surplus land ²net of land tax

Other Recent Events – post 30 Jun 02 (cont.)

• $\triangleright$ Revaluations Nov 02
• Albany (WA)
  • revalued to \$4.5m ( $\uparrow$ 10% on purchase, $\uparrow$ 5% on book value)
• Cannon Hill Distribution Centre (Qld)
  • revalued to \$3.5m (1 13% on purchase, 1 8% on book value)

Unitholder Meeting

• mid December 02 (Perth) Comments

• Three resolutions for unitholder vote

• proposed property transaction (related party)
• ratification of placement of 26.1 million units
• unitholder purchase plan/placement capacity release

Outlook

NG YERLALANG KUT

• Revaluations another 4 properties prior to Jun 03 Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract Contract C
• Rent Reviews on 18 properties Jul 03 to Dec 03 SALES
• Acquisitions opportunities from BBS rollout (8 to 12 pa) Servis

• Forecast post proposed property transaction Sept

• assumes no acquisitions/revaluations

Disclaimer

• This document does not constitute an offer or invitation to subscribe for or purchase any ≫ securities and neither this document nor anything contained herein shall form the basis of any contract or commitment whatsoever. This document is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. In particular, this document or any copy of it may not be taken into or distributed in the United States or Canada or distributed to any US person.
• In preparing this presentation, Bunnings Property Management Limited did not take into ≫ account the investment objectives, financial situation and particular needs ('financial circumstances') of any particular person. Accordingly, before acting on any advice contained in this document, you should assess whether the advice is appropriate in light of your own financial circumstances or contact your financial adviser.
• To the maximum permitted by law, Bunnings Property Management disclaims all liability and ≫ responsibility for any direct or indirect loss or damage that may be suffered by any person through relying on anything contained in or omitted from this presentation.