BWP GROUP — Capital/Financing Update 2009

May 6, 2009

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ARSN 088 581 097

7 May 2009

Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

NOTICE UNDER SECTION 1012DAA(2)(f) OF THE CORPORATIONS ACT 2001 AS NOTIONALLY MODIFIED BY ASIC CLASS ORDER 08/35

Bunnings Property Management Limited (ABN: 26 082 856 424) ( BPML ), as responsible entity of Bunnings Warehouse Property Trust (ARSN: 088 581 097) ( BWPT ) has announced a pro-rata, non-renounceable accelerated rights issue to eligible unitholders ( Offer ) to subscribe for 1 new unit in BWPT for every 3.87 existing units ( New Units ) as held at 5.00pm WST on Tuesday, 12 May 2009 to raise approximately $120 million.

BPML, on behalf of BWPT, gives notice under section 1012DAA(2)(f) of the Corporations Act 2001 (Cth) ( Act ) as modified by ASIC Class Order 08/35 ( CO 08/35 ) that:

• (a) BWPT will offer the New Units for issue without disclosure to investors under Part 7.9 of the Act and without a product disclosure statement for the New Units being issued or lodged with ASIC;

• (b) this notice is being given under section 1012DAA(2)(f) of the Act as notionally modified by CO 08/35;

• (c) as at the date of this notice, BWPT has complied with:

  • 1. the provisions of Chapter 2M of the Act as they apply to BWPT; and
  • 1. section 674 of the Act as it applies to BWPT;

• (d) as at the date of this notice, there is no excluded information of the type referred to in sections 1012DAA(8) and 1012DAA(9) of the Act as notionally modified by CO 08/35; and

• (e) the Offer will have no material effect on the control of BWPT.

Yours faithfully

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Karen Lange Company Secretary Bunnings Property Management Limited