PEET LIMITED — Capital/Financing Update 2006

Jun 27, 2006

28 June 2006

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

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Dear Sir/Madam

PEET'S $20 MILLION MELBOURNE LAND SYNDICATE CLOSES EARLY AND OVERSUBSCRIBED

Please find attached a media release regarding the early closure of Peet's latest land syndicate.

Yours faithfully PEET & COMPANY LIMITED

D

DOM SCAFETTA COMPANY SECRETARY

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PERTH - REGISTERED OFFICE Level 7, 200 St Georges Terrace Perth WA 6000 PO Box 7224 Cloisters Square WA 6850Tel: +61 8 9420 1111 Fax: +61 8 9481 4712 Email: Perth@peet.com.au Licensed Real Estate Agent in WA Australian Financial Services Licence 225772

SYDNEY Level 20, Tower 2, Darling Park 201 Sussex Street Sydney NSW 2000Tel: +61 2 9006 1290Fax: +61 2 9006 1010 Email: Sydney@peet.com.au

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

Level 2 167 Eagle St Brisbane QLD 4000 Tel: +61 7 3137 2040Fax: +61 7 3137 2045 Email: Brisbane@peet.com.au

MEDIA RELEASE

28 June 2006

PPPFF

Peet's $20 million Melbourne land syndicate closes early and oversubscribed

Land developer Peet & Company Limited adds to a growing list of recent successes with its latest syndication closing early and oversubscribed - raising more than $20 million in capital.

Shares in the Peet Cranbourne Central Syndicate Limited, a syndicate created for the development of 64ha of residential land in Melbourne's rapidly growing southeast, were taken up by investors in record time - just five working days.

The Peet Cranbourne Central Syndicate Limited is the 15th land syndication offered by the company since 1997 – all of which have been extremely popular with investors, closing quickly and frequently oversubscribed.

Peet & Company Ltd Managing Director, Warwick Hemsley, said investors continued to be attracted to Peet's land syndication projects because of the company's wellestablished record in providing value for money and excellent returns.

"Peet & Company is one of Australia's largest broadacre property developers and the closure of this latest syndicate brings the total capital raised in recent years to more than $220 million," Mr Hemsley said.

"Peet is recognised for its solid performance in profitably managing property syndicate projects right around Australia with a general target performance for new syndicates of at least 15 to 20 per cent per annum return pre-tax on capital." he said.

Mr Hemsley said the Peet Cranbourne Central Syndicate Limited was no exception, providing investors with an excellent opportunity to invest in a proposed residential sub-division in a fast-developing area of Melbourne.

Cranbourne Central is situated 42 kilometres south-east of the Melbourne CBD and has been earmarked for subdivision and the development of more than 700 residential lots and a commercial site.

The development area is just one kilometre from the Cranbourne town centre and located in Melbourne's growing Casey Cardinia corridor where the population is expected to increase to 349,000 people by 2016.

Mr Hemsley said Cranbourne had been identified by the Victorian Government as a Principal Activity Centre in its strategic direction plan "Melbourne 2030".

"The area is well known to Peet & Company. We've previously developed and marketed the very successful Brookland Greens estate and The Avenues estate in Cranbourne." Mr Hemsley said.

Peet & Company Limited has been involved in the property field for more than 110 vears and is currently involved in master-planned estates in Western Australia. Victoria and Queensland. The company listed on the Australian Stock Exchange in August 2004.

Peet & Company Limited, its subsidiaries and syndicates under management sold a total of 2507 lots in the 2005 financial year, producing before-tax profits of $115 million for investors.

The company currently acts as project manager and marketing agent for 55 land development projects in Western Australia, Victoria, New South Wales and Queensland. The combined total of these various estates' vield is in excess of 34,800 residential lots. The subdivided sales of the remaining lots in these estates at today's prices would realise more than $4.2 billion.

Peet & Company Limited projects offer minimal overheads for investors. The company acts as both project and marketing manager and only receives management fees when block sales are settled, allowing major development progress to be made before the syndicates incur these costs.

"Peet's 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 the high start-up costs associated with paving for their own individual project management in the lead-up to development." Mr Hemsley said.

"The Peet Cranbourne Central Syndicate Limited is another example of the company's capital efficient land syndication model - an important feature of our business which our investors like," he said.

For further information or interviews please contact:

Jacqui Schofield or Marie Mills Mills Wilson Communication Consultants Tel: (08) 9228 1999 iacquis@millswilson.com.au mariem@millswilson.com.au Jacqui Schofield mobile: 0418 158 378 Marie Mills mobile: 0418 918 202

OR

Warwick Hemsley, Managing Director Peet & Company Limited Tel: (08) 9420 1111 Mobile: 0418 923 325 warwickh@peet.com.au

ENDS