PEET LIMITED — Capital/Financing Update 2009

Apr 5, 2009

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

6 April 2009

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

Dear Sir/Madam

PEET LIMITED EQUITY RAISING – LETTER TO INELIGIBLE RETAIL SHAREHOLDERS

Please find attached the letter to be mailed to ineligible retail shareholders on Monday, 6 April 2009.

Yours faithfully PEET LIMITED

DOM SCAFETTA COMPANY SECRETARY

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

6 April 2009

INELIGIBLE RETAIL SHAREHOLDER LETTER

Dear Shareholder,

PEET ENTITLEMENT OFFER – NOTIFICATION TO INELIGIBLE RETAIL SHAREHOLDERS

On 27 March 2009, Peet Limited ("Peet") announced that it was conducting an accelerated non-renounceable pro-rata entitlement offer to eligible shareholders to subscribe for 1 new Peet ordinary share ("New Shares") for every 3 existing Peet ordinary shares ("Shares") held ("Entitlement") at an issue price of A$1.10 per New Share (the "Entitlement Offer"). The Entitlement Offer could raise up to A$81.5 million.

The Entitlement Offer comprises an institutional component ("Institutional Entitlement Offer") and an offer to Eligible Retail Shareholders (as defined below) to participate on the same terms ("Retail Entitlement Offer"). The Entitlement Offer is being made by Peet in accordance with section 708AA of the Corporations Act 2001. On Friday 27 March 2009, Peet announced it had raised approximately A$64.4 million1 through the Institutional Entitlement Offer.

In conjunction with the Entitlement Offer, the Dividend Reinvestment Plan for the interim dividend has been suspended. All shareholders on the register on the dividend record date of 30 March 2009 will receive the $0.03 per share dividend in cash. The New Shares issued under the Entitlement Offer will not participate in this dividend, however rank pari passu for all future dividends.

DETAILS OF THE RETAIL ENTITLEMENT OFFER

The Retail Entitlement Offer is being made to Eligible Retail Shareholders (as defined below), on the basis of 1 New Share for every 3 existing Shares held at 4.00pm (AWST) on Wednesday 1 April 2009 ("Record Date").

The Retail Entitlement Offer Booklet relating to the Retail Entitlement Offer was lodged with ASX on Monday 6 April 2009.

Enriching lives since 1895 | Asset Manager | Land Syndicator | Fund Manager

1 Settlement under the Institutional Entitlement Offer is on 14 April 2009. Until this date, the underwriting agreement remains subject to termination events which are customary for an offer of this kind.

Perth | Melbourne | Brisbane

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

ELIGIBILITY CRITERIA

Peet has determined, pursuant to Listing Rule 7.7.1(a) of the ASX Listing Rules, that it would be unreasonable to make offers to shareholders in all countries in connection with the Retail Entitlement Offer. Accordingly, in compliance with ASX Listing Rule 7.7.1(b), Peet wishes to advise you that it will not be extending the Retail Entitlement Offer to you and you will not be able to subscribe for New Shares under the Retail Entitlement Offer.

Shareholders who are eligible to participate in the Retail Entitlement Offer ("Eligible Retail Shareholders") are shareholders who:

• (a) are registered as a holder of Shares as at 4.00pm (AWST) on Wednesday, 1 April 2009 (the "Record Date");
• (b) have a registered address in Australia or New Zealand;
• (c) are not in the United States and are not "U.S. persons" (as defined under Regulation S under the United States Securities Act of 1933, as amended) ("U.S. Persons") or acting for the account or benefit of U.S. Persons;
• (d) were not an Institutional Shareholder eligible to participate under the Institutional Entitlement Offer (or an Ineligible Institutional Shareholder); and
• (e) are eligible under all applicable securities laws to receive an offer under the Retail Entitlement Offer.

Peet may (at its absolute discretion) extend the Retail Entitlement Offer to certain institutional shareholders in foreign jurisdictions who did not participate in the institutional component of the Entitlement Offer (subject to compliance with applicable laws).

Unfortunately, as you do not satisfy the eligibility criteria for an Eligible Retail Shareholder stated above, you will not be able to subscribe for New Shares or be sent the Retail Entitlement Offer Booklet relating to the Retail Entitlement Offer or be able to subscribe for New Shares under the Retail Entitlement Offer.

As the Retail Entitlement Offer is non-renounceable, you will not receive any payment or value for entitlements in respect of any New Shares that would have been offered to you if you were eligible.

This notice is to inform you about the Retail Entitlement Offer. This letter is not an offer to issue New Shares to you, nor an invitation for you to apply for New Shares. You are not required to do anything in response to this letter.

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

If you have any questions in relation to any of the above matters, please contact the Peet Entitlement Offer Information Line on 1300 755 641 (local call from within Australia) or +61 3 9415 4060 (from outside Australia) from 8.30am to 5.30pm (AWST) Monday to Friday.

On behalf of the Board and management of Peet Limited, thank you for your continued interest in Peet Limited.

Yours sincerely PEET LIMITED

DOM SCAFETTA COMPANY SECRETARY

This notice does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of, any "U.S. Person" (as defined in Regulation S under the United States Securities Act of 1933, as amended ("Securities Act")). Neither entitlements nor the New Shares have been or will be registered under the Securities Act of and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons, absent registration or an exemption from registration under the Securities Act.

IMPORTANT NOTICE TO NOMINEES: Because of legal restrictions, you must not send copies of this letter or any material relating to the Entitlement Offer to any of your clients (or any other person) in the United States or to any other person acting for the account or benefit of a U.S. Person. Failure to comply with these restrictions may result in violations of applicable securities laws.

The provision of this document is not, and should not be considered as, financial product advice. The information in this document is general information only, and does not take into account your individual objectives, taxation position, financial situation or needs. If you are unsure of your position, please contact your accountant, tax advisor, stockbroker or other professional advisor.