PEET LIMITED — Capital/Financing Update 2005

Jul 4, 2005

Media release/ASX announcement 5th July 2005

PIPINAL

$3.25 million purchase in WA adds to new Fund portfolio

The Peet Income Property Fund, a new unlisted property fund recently launched by Peet and Company Ltd (ASX:PPC) has announced its latest acquisition, a fully leased industrial property in Western Australia.

The industrial office, warehouse and food processing facility in the popular industrial area of Canning Vale has been purchased by the Fund for $3.25 million with settlement effected on July 1, 2005

The property at 30 Magnet Road shows a yield on purchase of 9.27 per cent. It is leased to Canon Foods Services Pty Ltd for 15 years with two further five year options and CPI increases each year, with an upwards only market review each five years.

"This is the Fund's first purchase in Western Australia and we see strategic value in pursuing further purchases in Perth industrial markets," said Warwick Hemsley, managing director of Peet and Company Ltd

"Investors are already showing keen interest in being a part of the new Fund which will concentrate on high yielding, well leased quality properties in the office and industrial sector across Australia."

The new purchase extends the target capital raising for the new Fund to $13.05 million.

The previous purchase of five commercial office properties in the Brisbane Technology Park for $19 million by the Fund had been announced earlier.

The Fund is forecast to provide distribution yields of 8.10 % per annum payable quarterly and a tax deferred component in excess of 98% for the period until June 30, 2006.

The open ended structure of the Fund allows the acquisition of further quality assets which will provide tax effective income distributions to unitholders as well as the potential for capital growth.

"We will seek to add further quality assets to the Fund as it grows in order to deliver requiar income from sound properties in desirable markets. The management style of the fund is to purchase assets that will be held as long-term investments," Mr Hemsley said.

The Product Disclosure Statements for the Peet Income Property Fund can be obtained from the company website at: www.peet.com.au/funds/pipf or Freecall 1800 673 222.

Peet and Company Ltd is one of Australia's largest and most successful residential land developers and syndicators.

The company currently acts as project manager and marketing agent for 42 land development projects in Western Australia, Victoria, New South Wales and Queensland. The combined total of these various estates represents over 24,000 residential lots. The subdivided sales of these estates in today's prices would realise in excess of $3.4 billion.

Ends.

(Media enquiries to: Warwick Hemsley, managing director of Peet & Company Ltd Tel 08 9420 1111 or Mobile 0418 923 325 / or Louise Dumas, Impact Media 0411 201496)

MELBOURNE Level 1 436 St Kilda Road Melbourne VIC 3004 Tel: +61 3 9868 5900 Fax: +61 3 9866 6230 Email: beetco@peet.com.au

BRISBANE

Level 3 Waterfront Place 1 Fagle St Brisbage OLD 4000 Tel: +61 7 3360 0250 Fax: +61 7 3360 0841 Email: peetco@peet.com.au