PEET LIMITED — Capital/Financing Update 2006

Nov 12, 2006

Enriching lives since 1895 Asset Manager Land Syndicator Fund Manager www.peet.com.au

Perth Level 7, 200 St Georges Terrace, Perth WA 6000 PO Box 7224 Cloisters Square WA 6850 Telephone (08) 9420 1111 Facsimile (08) 9481 4712 Email perth@peet.com.au

$80m institutional placement to deliver growth

National diversified property funds management and asset management group Peet Limited is today undertaking an $80m equity raising via an underwritten institutional placement. Peet also intends to undertake a Share Purchase Plan (SPP), allowing existing retail shareholders to participate in the equity raising at the same price as the institutional placement.

The equity raising will further strengthen Peet's balance sheet and enable it to:

• Accelerate growth of its funds management business;
• Grow new profit streams by funding diversified development projects; and
• ۰ Capitalise on larger acquisition opportunities.

Peet Managing Director, Mr Warwick Hemsley commented, "Peet has an established and scalable business model. The equity raising will leverage our existing platform and drive future earnings growth."

Peet confirms its earnings guidance of 21.2 cents per share, reflecting growth of 15% for the 2007 financial year - exceeding Peet's stated underlying long-term target growth of 10 per cent per annum. Dividends for the 2007 financial year are expected to be 19.1 cents per share, consistent with earlier quidance.

The institutional placement will be conducted via a bookbuild to institutional and sophisticated investors. Shares issued pursuant to the placement will rank equally with existing Peet ordinary shares and as such will be entitled to the Peet dividend for the six months ending 31 December 2006.

Peet expects that the institutional placement will be completed overnight with confirmation expected to be made before trading commences on Tuesday 14 November 2006.

The placement is being underwritten by UBS AG, Australia Branch.

The SPP will be offered to all ordinary shareholders following the completion of the institutional placement, under which existing shareholders will be offered an entitlement of up to $5,000 worth of shares. Peet will be writing to shareholders outlining the details of the SPP shortly.

For more information please contact:

Warwick Hemsley Managing Director Peet Limited

0418 923 325 61 8 9420 1104

Peet Limited

$80m institutional placement to deliver growth

13 November 2006

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Offer overview

Capital raising to leverage platform and drive future earnings growth

Placement of 20 million Peet shares to raise approximately $80 million

• New shares to rank pari passu with existing shares $\rangle$
• Placement pricing to be determined by book build $\mathcal{Y}$
• Indicative book build range of A$4.00 to A$4.10 $\rightarrow$

Share purchase plan

Peet shareholders will be offered an entitlement of up to $5,000 worth of shares $\mathcal{Y}$

Placement underwritten by UBS AG, Australia Branch

Purpose of capital raising is to

• Strengthen capital position to accelerate growth of the funds management business via increased $\rangle$ warehousing capacity
  • Over 5,280 lots acquired over six months to 30 September 2006 $\rightarrow$
• Access new profit streams, as signaled since IPO, by funding diversified development projects $)$ (retirement, commercial, etc)

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Business overview

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Strategic growth model

Unique business model provides ability to maximise return on capital employed

• Funds and asset management underpinned by $\rightarrow$ Australia's third largest land bank amongst the ASX listed entities and an established company owned distribution network
• Syndication business allows efficient $)$ management of revenues, cashflow and capital
• Land bank amassed over several decades $\mathcal{Y}$ provides locked in profitability over the long term
• Further organic growth from existing $\gg$ development pipeline e.g. commercial development

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Financial performance

Peet has recorded and continues to project strong earnings growth

• Three years historical NPAT of 24% (CAGR) $\rightarrow$
• FY07 EPS guidance maintained at 21.2 cps2—15% growth on FY06 $\rightarrow$
• FY07 DPS guidance maintained at 19.1 cps $\gg$
• Strong FY06 EBIT margins—26.3% for owned projects; 72.8% for funds management; 71.5% for JVs $\rightarrow$

Historical EBIT growth

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Historical NPAT growth

1 AIFRS adjusted

2 Based on weighted avg per shares on issue assuming 16 November allotment

Land bank and market position

Significant land bank with an on completion value of approximately $5.4 billion1

• Australia's third largest land bank amongst ASX listed entities $\rightarrow$
• Existing controlled lots stand in excess of 30,660 with a further pipeline of 259 lots under conditional $)$ contract

Ababa ayi "talik da she fach malmayar ayin birin ayir takil dalila filahayir ayiktiyan dari tabil yara

Size of land bank provides ability to purchase well ahead of production, providing significant $\mathcal{Y}$ competitive advantage

Estimated land bank sizes (ASX listed companies)

1 Using current average sale prices

2 As at 30 June 2006-Portfolio report

• 3 As at 30 June 2006 FY06 annual results presentation (9 August 2006)
• 4 Landbank has a dwelling lot equivalent of 37,400 if a residential yield is applied to medium density sites and non-residential sites
• 5 As at 30 June 2006 Preliminary final report (22 August 2006)

6 As at 30 June 2006 - Half year results (28 July 2006)

• 7 As at 30 June 2006 Full year results presentation (10 August 2006).
• 8 Company announcements (4 July 2006 and 25 July 2006)
• 9 Company announcement (6 November 2006).
• 10 Wilbow acquisition presentation (22 September 2006)
• 11 As at 30 June 2006- Full year results presentation (17 August 2006)

EBIT COMPOSITON

High quality earnings stream, weighted to funds management

• » Strong growth in syndicate equity raisings projected to continue
• » Four layer funds management fee structure de-risks earnings
• » Victoria and Queensland contributed 53% of 2006 EBIT-similar contribution anticipated in FY07

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2006 EBIT composition by business type

2006 EBIT composition by geography

$\blacksquare$ WA $\blacksquare$ Vic $\mathbb Z$ Qld

Strong business diversification

Strong diversification, over 66 projects diversified by business type and geography

• EBIT and land bank diversified across funds management and owned projects $\rightarrow$
• 95% of land bank is in a designated urban category $\rightarrow$
• Land bank focused on VIC, WA and QLD, providing diversification to market cycles $)$
• Controlled land bank comprises over 66 projects (producing and dormant) $\rightarrow$

Lots-designated urban/other

Lots by business division

Lots by geographical location

Key drivers to growth

Peet has an established and scalable business model; future earnings growth to be driven by leveraging existing platform

• Increased scale of FM business / syndication rollout $\mathcal{Y}$
  • Increase product flow (via strengthened capital position) $\rangle$
  • In excess of 65% of repeat investment by existing investors $\rightarrow$
  • Potential for larger land holdings for syndicates $\rightarrow$
  • Diversification and growth of distribution network—retail and institutional $\rightarrow$
  • Diversification of product offering—income funds / larger institutional funds / fund of funds $\rightarrow$

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• Continued growth in diversified developments—retirement, retail, childcare and other sectors $)$
• Substantial investment in personnel head count; grown by over 60% since listing $\rangle$
  • Strategic appointments of commercial and retirement general managers to deliver $\mathcal{Y}$ future earnings

Use of proceeds and financial

information

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Use of proceeds

Provide greater capital capacity to increase scale of funds management

• Strengthened capital position to provide greater warehousing capacity and increased Funds $\rangle$ Management product rollout
• Distribution network is an efficient source of capital $\rightarrow$
  • 3,500 active syndicate investors $\mathcal{Y}$
  • FY06 syndications (3) fully subscribed ($48.5 million) in less than 10 days $\rangle$
  • Strategy to grow and further diversify distribution network $\rightarrow$
• Provides ability to capitalise on larger acquisition opportunities $\rightarrow$
  • Strategy to offer investment opportunities to institutional funds $\mathcal{Y}$
• Peet has acquired over 5,280 lots in the last six months with an estimated on-completion value of $\rangle$ $790 million

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• Gearing currently at approximately 40%1 $\mathcal{Y}$
• Additional funds required to continue scale of expansion $\mathcal{Y}$

1 Gearing is equal to net debt/total tangible assets adjusted for market value, as at 30 September 2006

Use of proceeds—details

Upscaling of business is already underway via land bank expansion

• Four commercial developments in next two years $\rightarrow$
• Roll out of medium density residential development projects $)$
• Planning of Peet's first retirement village (Lakelands, WA) is well-advanced $\mathcal{Y}$

Item	On-completionvalue ($m)
Acquisition of over 5,280 lots over last 6months across 16 different projects	790.0
Commercial development over 4 projectsfor FY07 and FY08	29.6
Medium density residential developmentsover 11 projects for FY07 and FY08 1	165.1
Lakelands retirement village	60.7

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Table of on-completion values

4 Significant pre-sales will be required before commencement.

Key financial information

• FY06 EPS was 18.4 cents $\mathcal{Y}$
• FY07 EPS guidance maintained at 21.2 cps1-15% growth on FY06 $\rangle$
• FY07 DPS guidance maintained at 19.1 cps $\gg$

Revenue ($m)	FY06
Revenue	113.6
Expenses	(60.1)
EBIT	53.5
Interest expense	(1.1)
Profit before tax	52.4
Income tax expense	(15.6)
Profit attributable to members of Peet Limited	36.8
EBIT margins--- by segment (%)	FY06
Funds management/land syndication	72.8
Joint ventures	71.5
Owned projects	26.3
1 Based on weighted avg shares on issue, assuming allotment on 16

November 2006

		$Sep-06$
	FY06	mng.		Pro-
Balance sheet	statutory	adjusted	Adi.	forma
Assets
Cash	18.5	28.3		28.3
Trade debtors	39.3	54.6		54.6
Inventory	178.3	223.3		223.3
Property, plant and equipment	1.6	1.8		1.8
Other	3.3	3.2		3.2
Total assets	241.0	311.2		311.2
Liabilities
Trade creditors	44.8	63.8		63.8
Borrowings-short term debt	23.8
Borrowings-long term debt	111.1	178.4	$(80)^{2}$	98.4
Other	14.7	13.0		13.0
Total liabilities	194.4	255.2		175.2
Net assets	46.7	56.0		136.0
Gearing ratio 3	32%	40%		30%

2 Excluding transaction costs

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3 Gearing is equal to net debt/total tangible assets adjusted for market value (based on independent valuations)

Funds management

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Funds management and JV land bank

summary

28 projects with over 17,700 lots under management, with an estimated on-completion value of $3.4 billion1

• » 28 projects currently under management
• » Total syndicate equity under management of $184m
• » 1,990 lots sold in funds management and joint venture projects during FY06

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1 Calculated adopting current average lot sale price

2 As at 30 September 2006

Syncheate dapital ratsing and distribution

Distribution network of over 3,500 active investors; repeat investment in excess of 65%

• Additional 5,500 prospective investors who receive information $\rightarrow$
• Four layer fee structure de-risks earnings $\rightarrow$
• Target of A$55m in equity to be raised from syndication in FY07 $)$
  • Peet Cranbourne Central ($20m) & Peet Byford ($8.5m)—closed after 9 business days $\mathcal{Y}$

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• Peet Botanic-prospectus has been lodged with ASIC $\mathcal{Y}$
• Peet Mundijong—prospectus scheduled to be lodged with ASIC shortly $\mathcal{Y}$
• Highly scalable business model, with strong margins likely to be maintained $\mathcal{Y}$

Syndicate equity raised

Number of syndicates under management

Syndicated and JV project pipeline

Over 17,700 lots under management, with an estimated on-completion value of $3.4 billion2

Older syndicates make significant contribution to profits over FY07 to FY08; Increased profitability $\mathcal{Y}$ over longer term as increased profit share is realised on more recent syndicates with Peet receiving higher profit shares

		No. ofLots $^{\rm 1}$	On CompletionValue ($m)	2007	2008	2009	2010	2011	2012
1	Bayview Heights	189	34.0
2	Botanic Village	761	99.8
3	Brimbank Gardens	1,307	171.7
4	Brookland Greens	307	41.3
5	Burns Beach	1,333	604.4
6	Byford	195	38.5
7	Cardinia Lakes	616	92.6
8	Carramar	478	130.9
9	Cranbourne Central	706	92.7
10	Lakelands	1,905	402.8
首章	Mardo Ave	39	9.7
12	Northbrook Gardens	732	99.1
13	Oakford Gardens	100	150.0
14	Ocean Lagoon	4	1.3
15	Point Cook Gardens Estate	24	3.5
16	Point Cook Junction	74	19.5
17	Quattro, Queens Park	318	80.1
18	Riverbank	748	111.3			32.	認用
19	Tarneit Gardens	841	116.5					Thomas Marantha Marantha Marantha Marantha
20	Tarneit Rise	665	84.8
21	The Ridge, Baldivis	66	13.4
22	The Sanctuary	206	41.2
23	Twin Rivers (Australind)	126	25.2
24	The Village at Wellard	2,413	494.6
25	Warner Lakes	996	179.1

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1 Lots remaining

2 Calculated adopting current average lot sales price

Funds managementand JV land bank Sumnary - units and non residential

Over 90 diversified potential development sites within funds management and joint venture land holdings

• These sites are able to be developed within new syndicates, income funds or on Peet's balance $\mathcal{Y}$ sheet
• Recent syndicates provide opportunity to buy-back medium density and non residential sites $\rangle$

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1 Sites comprised of units and non-residential

Owned projects

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Owned land bank lot summary

Over 12,960 lots in owned land bank, with an on-completion value of $2.0 billion1

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Owned project earnings

Owned projects making a solid contribution to earnings growth; ability to substantially value add and shift off balance sheet through syndication network

• Since listing Peet has benefited from a strengthened capital position, and increased capacity to $\rightarrow$ develop on balance sheet
• Ability to warehouse projects for potential syndication $)$
• Land bank of approximately 38 projects on balance sheet $)$
• Number of owned projects have historically low cost base, providing locked in profits for future years $\rightarrow$

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• Capacity to value add e.g. achieve rezoning, and distribute through syndication platform $\rightarrow$
  • Enhance ROE $\rightarrow$
  • Efficient capital management $\rightarrow$

Owned land bank lot summary - units and non-residental

18 diversified projects, providing a pipeline for syndicates and income funds

• These sites include commercial, residential and retirement projects $\rightarrow$
  • Lakelands (Mandurah, WA) retirement village development is scheduled to commence by $\mathcal{Y}$ April 2007 ID.

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Owned project pipeline

Over 12,960 lots owned with a combined estimated completion value of $2.0 billion

• Owned projects contributing to profits projected to increase from 3 in FY06 to 11 over FY07 $\mathcal{Y}$
• Number of owned projects have historically low cost base $\mathcal{Y}$

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1 Lots remaining

Commercial and residental foult form

In excess of 110 commercial and residential built form projects identified in land bank; potential income fund feedstock

• Peet Commercial seeks to develop shopping centres, light industrial units, office & hi-tech business units, $\mathcal{Y}$ bulky goods outlets and medical and childcare centres
• Peet Living undertakes development of low rise apartments, townhouses, gated villa complexes, mixed $)$ use and live / work accommodation
• Projects begin to yield profits from 2H FY07 and growing into FY08 $)$
• Asset pipeline may support future funds management initiatives $\mathcal{Y}$
• First residential built from project 100% pre-sold (Grand 56, Joondalup, WA) $)$
• Low risk approach to development including pre sales and pre letting, geographic spread and thorough $)$ market research

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Point Cook Junction

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Project	Point Cook Junction, Point Cook, VIC
Project Type	Retail and retirement - Live Work
No. of retail units	30
Current Status	Development Application
Expected Completion Date	Mid 2008
Description	This project comprises 30 live work single and two storey units located immediately adjacent to theproposed Point Cook Junction commercial centre. The units will offer a range of live work solutions andprovides a combination of owner occupation and leasing opportunities within each unit.

Garramar

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Project	Carramar Neighbourhood Centre, Carramar, WA
Project Type	Shopping
No. of retail units	16
Current Status	Awaiting final approvals
Expected CompletionDate	Late 2007
Description	This project comprises a full line supermarket and a range ofretail, commercial and food outlets, centrally located within ourCarramar Golf Course Estate on Joondalup Drive.

Grand 56, Jöondalup, WA

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Project	Grand 56, Joondalup, WA
Project Type	Mixed use (apartments & commercial)
No. of retail units	25
Current Status	Off plan sales- 100% pre-sold
Expected Completion Date	Late 2007
Description	This boutique project designed by Perth's leading residential architects, Overman & Zuideveld, is located in theheart of Joondalup City on Grand Boulevard. The project comprises 24 one and two bed apartments, a three bedpenthouse and 1 commercial unit. The project benefits from secure access and undercover parking, and a rangeof lifestyle facilities including pool, spa and sauna.

$\blacksquare$

The Vilage at Welard

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Project	The Village at Wellard, WA
Project Type	Apartments & Townhouses
No. of retail units	60
Current Status	Clearing of Planning Approval Conditions
Expected Completion Date	Autumn 2008
Description	This transit orientated project designed by The Buchan Group and Overman & Zuideveld, forms thewestern side of the main street to The Village at Wellard. The project comprises a supermarket, togetherwith a range of retail, commercial and food outlets.

Retrement housing

• Growing business organically by utilising existing (and future) Peet land estates $\mathcal{V}$
• Retirement projects will generate development profit on initial unit sales and DMF (Deferred $\rangle$ Management Fee) income in the long term
• Existing Peet estates with retirement housing potential have been identified and estate master-plans $\rangle$ have been amended to incorporate the best product/concept for each location
• Now involved in assessing the retirement housing potential of new land acquisitions $\rangle$
• Initial focus will be on 150–200 unit strata title / DMF lifestyle villages $\mathcal{Y}$
• Planning work for the first village at Lakelands (WA) is advanced with development scheduled to $\mathcal{Y}$ commence by April 2007

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On-completion value of $60.7 million $\rightarrow$

Placement summary & timotable

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Placement summary

Placement of 20 million shares in Peet Limited

• Placement via an institutional book build $\rightarrow$
• New shares to rank pari passu with existing shares $\rightarrow$
• The offer is fully underwritten by UBS AG, Australia Branch $\mathcal{Y}$

Placement pricing

• Indicative book build range of $4.00 to $4.10 $)$
• Underwritten floor price of $4.00 represents $\rightarrow$
  • 6.8% discount to current trading price of $4.29 (VWAP as at 3pm on 13 November 2006) $\mathcal{Y}$

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• 7.4% discount to 5-day VWAP of $4.32 $)$
• 6.4% discount to 1 month VWAP of $4.27 $\rangle$

Placement timetable

Event	AEST	Date
Offer ovens	4.150m	Monday, 13 November 2006
Offer to Australian and New Zealand investors closes	6.00 pm	Monday, 13 November 2006
Confirmations sent	a katalungan dan bahasa dan bagaiman dan bahasa dan bahasa dan bahasa dalam bahasa dan bahasa dan bahasa dan bBahasa dan bahasa dan bahasa dan bahasa dan bahasa dan bahasa dan bahasa da bahasa dan bahasa dan bahasa dan b	Tuesday, 14 November 2006
Signed acceptances	9.30 am	Tuesday, 14 November 2006
a de la componencia de la componencia de la componencia de la componencia de la componencia de la componenciaLa componencia del componencia del componencia del componencia del componencia del componencia del componenciaAnnouncement	$10.00$ am	Tuesday, 14 November 2006
Settlement of new shares	10.30am	Friday, 17 November 2006
Quotation of new shares.		Monday, 20 November 2006
New shares rank for dividends		pari passu

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Appendix. I xisting projects

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Lakelands

Syndicated Project

Gerald Barbara (1981-1982), San Barbara (1983)

Location	Mandurah, 60km South of CBD
Projected Gross Revenue	$419 million
Total Area	281.9 ha
Purchase Date	: 994

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Awards

• » Urban Development Institute of Australia Award '2005 Environmental'
• » Western Australian Environment Award 2005 'Business Leading by Example' Finalist
• » Housing Industry Association Greensmart '2005 Development of the Year'
• » 2005 Planning Institute Australia Award
  • 'Special Commendation for Environmental Planning or Conservation'

The Village at Wellard

Joint Venture Project - Landstart (WA Gov't)

Location	Wellard, 29km South of CBD
Projected Gross Revenueマルノノノベリスリントリントリント しんりんろうだい しんじん しんソンソンソン	$332 million
Total Area,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	320.6 ha,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Purchase Date	2003

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Awards

$\mathcal{V}$

$\gg$

• 2006 Housing Industry Association Greensmart Development of the Year
  • 2005 Planning Institute Australia Awards;
    • Special Commendation for Urban Design -Plans and Ideas
    • Special Commendation for Urban Planning Achievement
    • Special Commendation for Community Based Planning
    • Award for Excellence for WA Planning Minister's Sustainability Award

Enriching lives since 1895 | www.peet.com.au

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Syndicated Project

Location,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	28km North of CBDwww.community.com/www.com/www.com/www.com/www.com/www.com/www.com/
Projected Gross Revenue	$963 million
Total Area	290.0 ha
9333511111111113361331333333333331333313,,,,,,,,,,,,,,,,Purchase Date	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,1969

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Greenvale

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Owned Project

Location,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	20km North of CBD,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Projected Gross Revenue	$500 million
Total Area,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	357.0 ha
Purchase Date	2003

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Impisfall

Owned Project

Location	22km West of CBD
Projected Gross Revenue	$250 million
Total Area,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	145 0 ha,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Purchase Date	l agg

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Tameit Gardens

Syndicated Project

	Location539999955599665557676999999565765555559996655555555	25km West of CBD
ł	Projected Gross Revenue	$139 million
	Total Area	124.6 ha,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
	Purchase Date	2003

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Warner Lakes

Syndicated Project

Location	21km North of CBD
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Projected Gross Revenueいとうしょうき とめきションきょう アンドライン しんきょう アノビトラ ピング ビジネンタング	$203 million
Total Area-	206.0 ha
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Purchase Date	2003.

Warner Lakes

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Disclaimer

The information in this presentation has been prepared by Peet Limited ("Peet") in relation to the offer by Peet of shares to institutional and professional investors ("Offer"). UBS AG has been appointed bookrunner and lead manager to the Offer.

By accepting and/or participating in this presentation you represent and warrant that you are a sophisticated investor (within the meaning of s708(8) of the Corporations Act 2001) or a professional investor (within s707(11)) of the Corporations Act 2001) or a person who otherwise does not require a disclosure document under Chapter 6D of the Corporations Act 2001.

While every effort is made to provide accurate and complete information, Peet does not warrant or represent that the information in this presentation is free from errors or omissions or is suitable for the intended use of investors.

Subject to any terms implied by law and which cannot be excluded, Peet and UBS AG accept no responsibility for any loss, damage, cost or expense (whether direct or indirect) incurred by investors as a result of any error, omission or misrepresentation in information in this presentation. All information in this presentation is subject to change without notice.

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