PEET LIMITED — Board/Management Information 2007

Aug 5, 2007

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Perth

Level 7, 200 St Georges Terrace Perth WA 6000 Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 Email perth@peet.com.au

www.peet.com.au

06 August 2007

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

Dear Sir / Madam

CONTRACTUAL ARRANGEMENTS FOR MANAGING DIRECTOR – BRENDAN GORE

Further to the announcement dated 22 May 2007, Mr Brendan Gore has taken his place on the Board of Directors as Managing Director, effective 6 August 2007.

In compliance with the ASX Corporate Governance Council Principles of Good Corporate Governance and Best Practice Recommendations, a summary of the key contractual terms and remunerationrelated arrangements are set out below.

Yours sincerely

PEET LIMITED

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DOM SCAFETTA COMPANY SECRETARY

PERDM01_247377_1

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Perth

www.peet.com.au

Level 7, 200 St Georges Terrace Perth WA 6000 Telephone (08) 9420 1111 | Facsimile (08) 9481 4712 Email perth@peet.com.au

SUMMARY OF KEY CONTRACTUAL ARRANGEMENTS – BRENDAN GORE, MANAGING DIRECTOR

1. SERVICE CONTRACT AND TERM

Mr Gore is employed under a single service contract ("Service Contract"), which commences 6 August 2007 (“Commencement Date”) and, subject to termination, will expire on the fourth anniversary of commencement.

2. REMUNERATION

Under the Service Contract, with effect from 6 August 2007, the components of Mr Gore’s remuneration are:

a) Fixed Annual Remuneration

Mr Gore will be paid a fixed annual remuneration of $500,000, including compulsory superannuation. This amount is reviewable annually.

b) Short-term incentive payments

Mr Gore will be entitled to annual short-term incentive payments of up to 75% of the fixed annual remuneration.

The actual short-term incentive awarded will be determined by reference to key performance indicators and a discretionary component for the Board’s review after assessing the performance of Mr Gore, Peet and relevant market information.

c) Long-term incentive payments

Subject to shareholders’ approval (at this year's AGM) Mr Gore will be offered 1,200,000 options under the Peet Employee Share Option Plan. Mr Gore's entitlement to the total amount of the options is subject to him remaining employed as Managing Director for a period of four years. Mr Gore's entitlement to the options reduces on early termination, subject to the terms set out in the Service Contract. Each option will be exercisable at $4.10.

d) Loan

Peet will provide Mr Gore with an interest free loan to pay any taxation liability, which is solely referable to the grant of the options to Mr Gore.

e) Expenses

Peet will reimburse Mr Gore for all reasonable and necessary out-of-pocket expenses properly incurred in the performance of his duties.

3. TERMINATION AND ENTITLEMENTS

The Service Contract may be terminated by Peet at any time after a period of 2 years from the Commencement Date, by Peet giving not less than 6 months’ notice in writing to Mr Gore. Payment may be made in lieu of notice.

If the Service Contract is terminated prior to the expiry of the third year of the term due to the relocation of Peet's head office or material change to his employment status, Mr Gore is entitled to a payment equal to 150% of fixed annual remuneration.

PERDM01_247377_1