BWP GROUP — Proxy Solicitation & Information Statement 2011

Feb 23, 2011

24 February 2011

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

Dear Sir,

PROXY FORM – FOR UNITHOLDER MEETING ON 30 MARCH 2011

Further to the Notice of Unitholder Meeting released to ASX on 17 February 2011, please find enclosed the following documents:

• a sample Proxy Form relating to this meeting
• the covering letter to unitholders containing a venue location map.

The Notice of Meeting together with the Proxy Form and covering letter will be mailed to unitholders on 25 February 2011.

These documents are available on the Trust's website at www.bwptrust.com.au.

Yours faithfully,

K A LANGE COMPANY SECRETARY

How to Vote on Items of Business

All your units will be voted in accordance with your directions.

Appointment of Proxy

Voting 100% of your holding: Direct your proxy how to vote by marking one of the boxes opposite the item of business. If you do not mark a box your proxy may vote as they choose. If you mark more than one box on an item your vote will be invalid on that item.

Voting a portion of your holding: Indicate a portion of your voting rights by inserting the percentage or number of securities you wish to vote in the For, Against or Abstain box or boxes. The sum of the votes cast must not exceed your voting entitlement or 100%.

Appointing a second proxy: You are entitled to appoint up to two proxies to attend the meeting and vote on a poll. If you wish to appoint a second proxy, an additional Form may be obtained by telephoning Computershare, the Trust's registry, or you may photocopy this Form. If you appoint two proxies you must specify the percentage of votes or number of units for each proxy, otherwise each proxy may exercise half of the votes.

A proxy need not be a unitholder of the Trust.

Signing Instructions

Individual: Where the holding is in one name, the unitholder must sign.

Joint Holding: Where the holding is in more than one name, all of the unitholders should sign.

Power of Attorney: If you have not already lodged the Power of Attorney with the registry, please attach a certified photocopy of the Power of Attorney to this form when you return it.

Companies: Where the company has a Sole Director who is also the Sole Company Secretary, this must be signed by that person. If the company (pursuant to section 204A of the Corporations Act 2001) does not have a Company Secretary, a Sole Director can also sign alone. Otherwise this form must be signed by a Director jointly with either another Director or a Company Secretary. Please sign in the appropriate place to indicate the office held.

Attending the Meeting

If you will be attending the meeting, and do not propose to use this form to appoint a proxy, it is recommended that you bring this form to assist registration. If a representative of a corporate unitholder or proxy (where the appointed proxy holder is a corporate entity) is to attend the meeting you will need to provide the appropriate "Certificate of Appointment of Corporate Representative" prior to admission. A form of the certificate may be obtained from Computershare or online at www.investorcentre.com under the information tab, "Downloadable Forms".

Comments & Questions: If you have any comments or questions for the company, please write them on a separate sheet of paper and return with this form.

View your unitholding information, 24 hours a day, 7 days a week: www.investorcentre.com Your secure access information is your SRN/HIN Review your unitholding Update your unitholding

ARSN 088 581 097

000001 |||||||||||||||||||||||||||||||||||| 000 SAM MR JOHN SAMPLE FLAT 123
SAMPLE STREET SAMPLE STREET SAMPLETOWN VIC 3030

Securityholder Reference Number (SRN)

Dear Unitholder,

UNITHOLDER MEETING - 30 MARCH 2011 AT 10.00AM (PERTH TIME)

It is my pleasure to invite you to attend a meeting of unitholders of the Bunnings Warehouse Property Trust. The following documents have been provided with this letter:

• A Notice of Meeting (including Chairman's Letter, Explanatory Memorandum and Independent Expert's Report), and
• A personalised Proxy Form and return envelope.

Meeting Details

This meeting is to be held in the Meeting Room 6 at the Perth Convention and Exhibition Centre, 21 Mounts Bay Road, Perth, Western Australia on Wednesday, 30 March 2011 at 10.00am (Perth time). The registration desk will be open from 9.30am.

For your convenience, there is a car park underneath the Perth Convention and Exhibition Centre. Undercover parking is available at a cost of \$4.30 per hour. The venue map on the back of this letter shows the location of the Perth Convention and Exhibition Centre.

Attendance at the Meeting

If you will be attending the meeting, please bring this letter with you and present it at the registration desk. The barcode at the top of the letter will assist in registering your attendance.

If you are unable to attend the meeting but wish to vote on the resolution to be considered at the meeting, you are encouraged to complete and return the enclosed Proxy Form in accordance with the instructions on the back of the form.

Other IMPORTANT documents coming to you shortly

If not already with you, you should shortly expect to receive two additional mailings from the Bunnings Warehouse Property Trust.

• Offer documents relating to a non-renounceable rights entitlement offer announced by the Trust on 17 February 2011 and mailed on 25 February 2011. These documents require your immediate attention as the offer is only open for a short period. You can also view these documents via a link on the home page of the Trust's website at www.bwptrust.com
• Depending on what mailing elections you have given the unit registry, you should also expect the Trust's Half Yearly Report for the period to 31 December 2010, your distribution payment advice notice and cheque (for those who receive their distribution payments via the post) which were also dispatched on 25 February 2011. The Half Yearly Report is available for viewing on the Trust's website.

Yours faithfully.

KALANGE Company Secretary Bunnings Property Management Limited

17 February 2011

11th Floor, "Wesfarmers House" 40 The Esplanade, Perth Western Australia 6000 GPO Box M978, Perth Western Australia 6843 - Telephone (08) 9327 4356 - Facsimile (08) 9327 4344 www.bwptrust.com.au

ARSN 088 581 097

Perth Convention Centre Location map

$-123$