PEET LIMITED — Capital/Financing Update 2005

Mar 30, 2005

MEDIA RELEASE 31 March 2005

Peet & Co Ltd launches $12 million capital raising for new land project in Victoria

Strong interest is expected in the latest residential land investment project being offered by Peet & Company Ltd which listed on the ASX in August 2004. It is one of Australia's largest broadacre property developers/syndicators.

Peet Tarneit Rise Syndicate Limited has lodged a prospectus to raise $12 million for the development of a 65ha land parcel, already zoned for residential use, at Tarneit, about 26km west of Melbourne's CBD. The emerging suburb of Tarneit is a fastgrowing area close to the existing Werribee commercial and retail centre.

The offer is for the issue of 12 million shares at $1 each with 50 cents per share due on application and the remaining 50 cents per share due on November 8, 2005.

Construction of the first home sites in the project to be known as Tarneit Rise is expected to commence in March 2006.

The land is elevated being the highest point within the City of Wyndham. Views to the Melbourne city skyline and Port Phillip Bay can be obtained from the property.

The project proposes the development of 627 residential lots, a childcare centre site, two integrated housing sites and a school site.

Developed residential sites are estimated to sell at an average price of $122,000. which is very affordable land, by Australian standards.

CB Richard Ellis has valued the overall land parcel at $19.5 million, which represents an underlying value of approximately $31,000 per residential lot.

Capital raised for the project would raise equity to assist in the purchase of the land with development then proceeding on a staged basis. The investment offering is fully underwritten by Peet & Company Ltd.

The Tarneit Rise land parcel adjoins an existing Peet syndicated residential development. Tarneit Gardens, which has begun development. Early home sites at this estate have proved popular. A major display village featuring leading Melbourne builders will open in Tarneit Gardens in early 2006.

"We expect very strong demand for shares in Peet Tarneit Rise Syndicate given the track record of many similar syndicated residential land development projects managed by our company," Mr Hemsley said.

"We have an excellent record in profitably managing property syndicate projects for investors with a general target performance for new syndicates of at least 15 to 20 per cent per annum return pre-tax on capital."

Peet & Co Ltd has been involved in residential land development for over $110$ years and is involved in major masterplanned estates in WA, Victoria and OLD. The company listed on the Australian stock exchange in August 2004.

"Peet & Co Ltd, its subsidiaries and syndicates under management produced before tax profits for investors for the 2004 financial year of $115 million. These entities sold a total 1.473 lots in the same financial year.

"In addition the company has won a range of awards for planning, environmental excellence and community development initiatives within its land estates."

The company currently acts as project manager and marketing agent for 41 land development projects in Western Australia, Victoria, New South Wales and Oueensland. The combined total of these various estates will vield in excess of 32,000 residential lots. The subdivided sales of the remaining lots in these estates in today's prices would realise in excess of $3.4 billion.

Peet & Company Ltd continues to secure land projects for its group and for which it acts as project manager and marketing manager. It has raised equity funds of more than $140 million in recent years for land acquisitions.

Peet & Company Ltd projects offer minimal overheads for investors as the company receives management fees only when block sales are settled which means that major development progress has been made before the syndicate incurs these costs.

"Our unique structure, where we act as an umbrella project manager and marketing and selling manager for a large number of individual land syndicates, ensures that syndicates are not burdened with high start-up costs associated with paying for their own individual project management in the lead-up to development."

Enquiries about the prospectus can be made on Tel 1 800 673 222 or from the company website: www.peet.com.au

Ends.