BWP GROUP — Capital/Financing Update 2009

May 27, 2009

ARSN 088 581 097

Not for distribution or release in the United States

28 May 2009

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BWP completes equity raising initial allotment

The Bunnings Warehouse Property Trust (BWP) has completed the initial allotment of units following the equity raising announced on 7 May 2009.

BWP has allotted 49,387,032 units under the Institutional Entitlement Offer and the Retail Entitlement Offer where valid applications were received by the retail early acceptance due date.

Trading of these units commenced today and holding statements will also be dispatched today.

Any valid applications received by the retail early acceptance due date for additional new units in excess of entitlements will be held over until the final allotment date.

Eligible retail unitholders have until 5.00pm (WAST) on 4 June 2009 to take up their entitlements under the Retail Entitlement Offer.

This announcement has been prepared for publication in Australia and may not be released or distributed in the United States. This announcement does not constitute an offer of securities for sale in the United States and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.

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/