PEET LIMITED — Capital/Financing Update 2009

Mar 26, 2009

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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

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES

27 MARCH 2009

PEET LIMITED RAISES APPROXIMATELY $64.4 MILLION THROUGH INSTITUTIONAL ENTITLEMENT OFFER

Peet Limited (“Peet” or the “Company”) today announced the successful completion of the institutional component of its accelerated non-renounceable prorata entitlement offer (“Entitlement Offer”)[1] , raising approximately $64.4 million at $1.10 per share, including $10.5 million committed to by Peet Directors and related parties.

Peet Managing Director and Chief Executive Officer, Brendan Gore, said the equity raising received a high level of support from existing Institutional Shareholders and keen interest from a significant number of new institutional investors.

Eligible Institutional Shareholders took up more than 94% of the entitlement shares available to them as part of the Institutional Entitlement Offer (excluding Peet Directors and related parties). The shortfall was well oversubscribed based on additional demand from existing eligible Institutional Shareholders and new institutional investors.

“Our institutional investors, both existing and new, have shown confidence in Peet’s ability to navigate current difficult market conditions and have provided Peet with greater financial flexibility at a time of increased opportunity,” said Mr Gore.

“While we are very pleased with the high level of support the offer has received from our existing Institutional Shareholders, we are also pleased that the raising has enabled us to welcome a significant number of new, high-quality institutional investors to our register,” he said.

The Entitlement Offer was announced to the market on 27 March 2009. The New Shares to be issued as part of the Institutional Entitlement Offer are expected to be allotted on 15 April 2009 and commence normal trading on ASX on the same day.

The Institutional Entitlement Offer is underwritten by UBS AG, Australia Branch, except in relation to the participation by Directors and related parties.

With the launch of the Entitlement Offer, the Directors of the Company suspended the Dividend Reinvestment Plan in respect of the interim dividend. All shareholders on the register on the dividend record date of 30 March 2009 will receive a $0.03 per share fully franked 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.

1 Subject to no termination rights arising under the underwriting agreement prior to settlement on 14 April 2009.

1

Perth | Melbourne | Brisbane Enriching lives since 1895 | Asset Manager | Land Syndicator | Fund Manager Peet Limited | ACN 008 665 834 | Australian Financial Services Licence 225772 | Licensed Real Estate Agent in WA

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

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Commencement of Retail Entitlement Offer

The retail component of the entitlement offer (“Retail Entitlement Offer”) opens on 6 April 2009 and is expected to close at 5.00pm (AWST) on 30 April 2009. Eligible retail Shareholders will have the opportunity to participate at the same price and offer ratio as under the Institutional Entitlement Offer.

Peet shares are expected to resume trading on ASX on 30 March 2009.

This announcement is not a prospectus and does not constitute an offer of securities. Eligible Retail Shareholders wishing to acquire New Shares will need to complete the Entitlement and Acceptance Form that will be sent to them, which is expected to be mailed to shareholders and will be available on our website at www.peet.com.au on or around 6 April 2009.

For investor inquiries, call:

For media inquiries, call:

Brendan Gore Marie Mills Managing Director & CEO Mills Wilson Communication Consultants Peet Limited Phone: +61 8 9228 1999 Phone: +61 8 9420 1111 Mobile: +61 418 918 202 Email: brendang@peet.com.au Email: mariem@millswilson.com.au

NOT AN OFFER

This release is not and should not be considered to be an invitation or offer of securities for subscription, purchase or sale and does not and will not form any part of any contract for the acquisition of shares in Peet.

NOT FOR DISTRIBUTION IN THE UNITED STATES

This release does not constitute an offer of shares for sale in the United States, or to any person that is or is acting 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 (the “Securities Act”) (“U.S. Person”), or in any other jurisdiction in which such an offer would be illegal. The New Shares have not been registered under the Securities Act, and may not be offered or sold in the United States or to or for the account or benefit of U.S. Persons unless the New Shares are registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available. There is no intention to register the offer and sale of the New Shares under the US Securities Act or the securities laws of any State or other jurisdiction of the United States.

This release and its attachments include “forward-looking statements” within the meaning of securities laws of applicable jurisdictions. Forward-looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, “objectives”, “outlook”, “guidance” or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Peet, and its officers, employees, agents or associates, including risks associated with the ability of Peet to raise equity in the Retail Entitlement Offer and other risks described in Annexure B. Actual results, performance or achievements may vary materially from any projections and forward looking statements and the assumptions on which those statements are based. Readers are cautioned not to place undue reliance on forward-looking statements and Peet assumes no obligation to update such information.

2

Perth | Melbourne | Brisbane

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

Peet Limited | ACN 008 665 834 | Australian Financial Services Licence 225772 | Licensed Real Estate Agent in WA