Bwp Trust · ASX:BWP

Bwp Trust — Bunnings Warehouse Property Trust — Merger or Acquisition (November 2002)

14 slides from Bwp Trust's merger presentation, Nov 14, 2002

1. Slide 1: Proposed Property Transaction and Placement of 26.1 million units

   ZBUNNINGS WAREHOUSE PROPERTY TRUST posed Property Transaction ition of 4 ex BBC 3 Hardwarehouse Propertie Placement of 26.1 million ufiits 14 November 2002

2. Slide 2: Proposed Property Transaction - Overview

   Proposed Property Transaction - Overview Ss > beproperties from Wesfarmers arty transaction)

3. Slide 3: Placement - Overview

   Placement - Overview a > Approximately 26 t 10% capacity) > Fully underwe Ly Lae Le

4. Slide 4: Property Transaction - Specifics

   Proposed Property Transaction - Specifics Wollongong Cairns Site Area 2.7 ha 2.4 ha Gross Lettable 6,573m? Purchase P $10.0m Independent Valu¢ ’ $10.0m Commencement R \ $0.90m! Passing Yield L 9.0% Inet of land tax

5. Slide 5: Specifics (cont.)

   Proposed Property Transaction — Specifics (cont.) >» Artarmon 6 km north of Syd - unique property ulti level ~ developed by BI > Belrose - 20kmno located o - developed » Wollongong ~ located north s rial area ~ developed by B » Cairns - located south side of CBD in established industrial area ~ deve

6. Slide 6: Specifics (cont.) - Due Diligence

   Proposed Property Transaction — Specifics (cont.) Due Diligence

7. Slide 7: Features

   Proposed Property Transaction - Features No. of warehouses 20, ry w wy ° w ographic diversifi presence in NSW VIC Qlid NSW/ACT SA

8. Slide 8: Features (cont.)

   Proposed Property Transaction — Features (cont.) » Earnings accretive Ss to 12.3 yrs Q ~ comforta bh Trust size increase - as 00m, market capitalisation’t 1post the placement of 26.1 million units

9. Slide 9: Other Recent Events - post Jun

   Other Recent Events —- post 30 Jun 02 Development Inet of sale of surplus land 2net of land tax

10. Slide 10: Other Recent Events - post Jun (cont.)

    Other Recent Events — post 30 Jun 02 (cont.) S wr Ly Lae Le

11. Slide 11: Unitholder Meeting

    Unitholder Meeting SS > Ly Lae Le

12. Slide 12: Outlook

    Outlook Revaluations — another,4epre ies prior to Jun 03 Rent Reviews — of 18 properties J Acquisitions — ¢ i B oilout (8 to 12 pa) Gearing 29% 28% ‘Dec O1 4.80 2Jun 02 4.97¢

13. Slide 13: Disclaimer

    Disclaimer >» This document does not constitute an off securities and neither this docu ition to subscribe for or purchase any ed herein shall form the basis of any > — In preparing this pr i did not take into account the invest j i eds (‘financial n any advice contained in Fin light of your own » T

14. Slide 14: Lay

    Ly Lay

Bunnings Warehouse Property Trust — Merger or Acquisition (November 2002) on 6ix