PEET LIMITED — Capital/Financing Update 2009

Mar 8, 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

9 March 2009

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

Dear Sir/Madam

DIVIDEND REINVESTMENT PLAN (“DRP”)

Please find attached a copy of the letter inviting shareholders to participate in the Company’s DRP.

Yours faithfully PEET LIMITED

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DOM SCAFETTA COMPANY SECRETARY

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

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Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au

6 March 2009

Dear Shareholder

DIVIDEND REINVESTMENT PLAN

On 27 February 2009 Peet Limited (ASX: PPC – “Peet” or the “Company”) announced a fully franked interim dividend of 3.0 cents per share and the activation of the Dividend Reinvestment Plan (“DRP”). The record date for the dividend is Monday, 30 March 2009 and the payment date is Friday, 17 April 2009.

The DRP has been activated as part of the Company’s ongoing capital management strategy. The DRP provides a mechanism for eligible shareholders to increase their shareholding in the Company by reinvesting all or part of their dividend entitlement in ordinary shares at a discount to the market price.

Pursuant to the terms of the DRP, the Peet Board has determined that the right to participate in the DRP will only be available to shareholders whose registered address is in Australia or New Zealand and who hold at least 200 shares in Peet.

The Board is pleased to announce that all directors have undertaken to participate fully in the DRP with the balance being fully underwritten by Euroz Securities Limited, which will enable the Company to strengthen its balance sheet and use the funds raised for ongoing working capital purposes.

Enclosed is a DRP application form which should be completed by shareholders wishing to participate in the DRP and returned to Computershare in the enclosed envelope by no later than Friday 27 March 2009.

New shares issued under the DRP will be issued at a discount of 2.5% to the average of the daily volume weighted average prices of the shares sold on the Australian Stock Exchange operated by ASX Limited during the 10 business days immediately following the record date of 30 March 2009. The new shares are expected to be allotted on or around 17 April 2009.

Further details about the DRP are included in the attached summary.

If you have any concerns or questions in relation to the DRP, including the taxation implications of the plan, you should consult your stockbroker, accountant or other professional adviser. If you have any questions in relation to the administration of the plan please contact the Company’s share registry on 1300 850 505.

Yours sincerely PEET LIMITED

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DOM SCAFETTA COMPANY SECRETARY

Perth | Melbourne | Brisbane

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

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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

SUMMARY OF DIVIDEND REINVESTMENT PLAN (“DRP” or “THE PLAN”)

Please note that this is only a summary of the Company’s DRP. A full version can be obtained from the ASX website.

1 The Plan

• Participation in the Plan is optional but is not transferable.

2 Eligibility to Participate

• Shareholders in the Company (“Shareholders”) who are not resident in Australia may not be eligible to participate in the Plan because of legal requirements applying in their country of residence. Any allotments made to these Shareholders are subject to the Shareholder obtaining all necessary government approvals. It is the responsibility of each Shareholder to obtain any such approvals.

• The board of the Company (“Board”) may, on any occasion, determine that the right to participate in the Plan will not be available to a Shareholder whose registered address is in a country or place where the Board is of the opinion that participation would be illegal, or participation would be impractical or impossible.

• A Shareholder must hold at least 200 Shares to participate in the Plan.

3 Level of Participation

• Shareholders may elect one of the two following levels of participation in the Plan:

• a) a Shareholder may participate in respect of all shares in the Company (“Shares”) registered in the name of the Shareholder as at each record date for a dividend; or

• b) a Shareholder may nominate a specific number of Shares to be subject to the Plan which is less than that Shareholder’s total shareholding in the Company.

• All Shares allotted to a participating Shareholder under the Plan (“Participant”) will be added to the number of Shares which the Participant has participating in the Plan unless the Company has been notified otherwise.

• Where a Participant has less Shares registered in his or her name at any record date than the number of Shares nominated by him or her for participation, the Participant will be deemed a full participant until his or her shareholding again exceeds the nominated number of Shares.

4 Electing to Participate

• A Shareholder who wishes to participate in the Plan must:

• a) where participation in the Plan is to be on the basis of partial participation, indicate clearly in the Application Form the specific number of Shares registered in his or her name which he or she nominates as Shares for participation in the Plan (“Plan Shares”);

• b) where all of the Shareholder’s shares from time to time are to be Plan Shares (“Full Participation”), indicate this election clearly on the Application Form;

• c) sign the application form for participation (“Application Form”), or if two or more Shareholders hold Shares jointly, each Shareholder must sign the Application Form; and

• d) to be effective in relation to a particular dividend, return the Application Form to the Company’s share registry prior to the record date for that dividend.

Perth | Melbourne | Brisbane

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

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Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au

• Approval of an application made under an Application Form may be withheld in any case at the absolute discretion of the Board, including, but without limiting the generality of the foregoing, if the Board determines that approval of the Application Form may prejudice the effective operation of the Plan or would otherwise be contrary to law. The Company will inform the Shareholder if approval is withheld.

• An election to participate in the Plan remains in force until:

• a) the Shareholder formally varies or terminates his or her participation;

• b) the Board terminates the Plan;

• c) the Plan Shares have been transferred and that transfer is registered in the register of members of the Company (“Register of Members”); or

• d) the Shareholder dies and the Company has received notification of the Shareholder’s death.

• Applications which do not specify the level of participation will be deemed to be an election for Full Participation.

• Where the Shareholder is a corporation, the Application Form must be executed in accordance with the provisions in section 127 of the Corporations Act 2001.

5 Reduction or Termination on Disposal of Shares

• Where a Participant disposes of his or her full holding of Plan Shares, the Participant will be deemed to have withdrawn from the Plan without the need for any notification to the Company.

• Where a Participant disposes of a number of Shares which is less than the number of his or her Shares which are not Plan Shares and the Participant does not notify the Company otherwise, the Shares disposed of will, to the extent possible, be taken to be the Participant’s Shares other than his or her Plan Shares.

• Where a Participant disposes of a number of Shares which is greater than the number of his or her Shares which are not Plan Shares and the Participant does not notify the Company otherwise, the Shares disposed of will be taken to be all of the Participant’s Shares other than his or her Plan Shares together with as many of the Participant’s Plan Shares as may be necessary to make up the total number of Shares disposed of.

• No Plan Share will cease to be a Plan Share pursuant to a transfer unless and until the transfer has been registered in the Register of Members.

6 Operation of the Plan

• Each cash dividend payable with respect to Plan Shares and available for payment to the Participant is to be applied by the Company on the Participant’s behalf in subscribing for Shares.

• A separate Plan account will be maintained for each Participant.

• In respect of each dividend amount referred to above, the Company will for each Participant:

• a) calculate the value of the dividend on Plan Shares by multiplying that number of Plan Shares by an amount of the cash dividend applying to each Plan Share;

• b) determine the number of Shares valued in accordance with the Plan which most nearly equals the value of the dividend payable on the Plan Shares (less any withholding tax payable). Where the number of Shares is not a whole number, the number of Shares shall be rounded to the nearest whole number. No residue shall be carried forward; and

• c) allot that number of Shares to the Participant.

Perth | Melbourne | Brisbane

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

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Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au

• The issue price of Shares allotted under the Plan will be the average of the daily volume weighted average prices of the Shares sold on the stock market conducted by ASX during the 10 Business Days immediately following the record date, less a discount not exceeding 5% as determined by the Company.

• The current discount is 2.5%.

7 Minimum Participating Holding

• The Board may determine a minimum permitted number of Plan Shares per Participant (whether in respect of a particular dividend or dividends generally) from time to time (“Minimum Participating Holding”).

• To the extent that an Application Form has specified a number of Plan Shares less than a prevailing Minimum Participating Holding (including an election of Full Participation where the number of Plan Shares would otherwise be less than that limit), for so long as that limit applies:

• a) the number of Plan Shares for that Participant for the purposes of these Rules is deemed to be zero; and

• b) any Shares specified in the Application Form as Plan Shares less than the limit (including an election of Full Participation where the number of Plan Shares would otherwise be less than that limit) are deemed not to be Plan Shares, and any dividend payable in respect of them will be paid by the Company in accordance with its usual arrangements for the payment of dividends.

8 Shares Allotted under the Plan

• All Shares allotted under the Plan will rank equally with all other Shares then on issue, and will participate in all dividends subsequently determined.

• The allotment of Shares under the Plan must take place no later than 10 days designated by ASX as a business day after the date of payment of a cash dividend by the Company (“Payment Date”).

• The Company will in respect of each dividend send a statement to Participants setting out the following information:

• a) the number of Plan Shares held by them at the relevant record date;

• b) the rate of the dividend payable on the Plan Shares, together with details of the extent to which the dividend is franked;

• c) the total value of the dividend payable on the Plan Shares;

• d) the value of Shares allotted under the Plan;

• e) the number of Shares allotted under the Plan;

• f) the total number of Shares participating in the Plan following the allotment; and

• g) if applicable, the amount of withholding tax which has been deducted in respect of the dividend paid on the Plan Shares.

• The Company will provide transaction statements as and when required by the ASX Listing Rules in respect of Shares allotted to Participants under the Plan.

Perth | Melbourne | Brisbane

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

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Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au

9 Costs

• No commission, brokerage or other costs will be payable by Participants on Shares allotted under the Plan. No stamp or other duties will under present law be payable on Shares allotted under the Plan.

10 Altering Participation

• A participant may vary or terminate his or her participation in the Plan by completing and returning to the Company’s Share Registry a notice of variation in the form issued by the Company (“Notice of Variation”).

• To be effective the Notice of Variation must be received by the Company prior to the record date for the dividend in order to take effect for that dividend.

• When a Participant dies, participation will automatically cease upon notice of the Participant’s death being received by the Company.

• Shares which are sold or otherwise transferred by a Shareholder to a new owner will cease to participate in the Plan on the registration of the transfer by the Company.

11 Modification and Termination of the Plan

• The Company may terminate or suspend the Plan at any time.

• The Company may modify the Plan at any time after giving one month’s notice to all Participants in the Plan.

• Where the Plan is modified, existing Participants will continue to participate under the modified Plan unless the Company is notified by the Participant to the contrary by Notice of Variation.

• The accidental omission to give notice of modification to any Shareholder or the non-receipt of any notice by any Shareholder will not invalidate the modification of the Plan.

12 Income Tax

• The Company takes no responsibility for the taxation liabilities of participants and as individual circumstances may vary considerably, Shareholders should seek their own specific taxation advice if required.

13 Notices

• Notices to the Company should be in writing in such form as the Company determines from time to time.

• Notices to be effective must be received prior to the record date for a dividend and those received after that date will be effective for the following dividend.

• The Company may provide notice to the Participant in any manner (including without limitation, by public announcement, advertisement in any newspapers circulating generally in Australia, notice on the Company’s website, announcement to the ASX or mailed written notices) which the Company considers appropriate having regard to the nature of the event for which notice is being given.

Perth | Melbourne | Brisbane

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

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Enriching lives since 1895 Perth Asset Manager Level 7, 200 St Georges Terrace, Perth WA 6000 Land Syndicator PO Box 7224 Cloisters Square WA 6850 Fund Manager Telephone (08) 9420 1111 Facsimile (08) 9481 4712 www.peet.com.au Email perth@peet.com.au

14 Stock Exchange Listing

• The Company will apply promptly, an in any event no later than 10 days after the date of allotment, for the Plan Shares to be quoted on the official list of the ASX.

15 Governing Law

• This Plan shall be governed by the laws of the State of Western Australia.

16 Powers of the Board

• This Plan will be administered by the Board who will have the power to:

• a) determine appropriate procedures for administration of the Plan consistent with the provisions of the Plan’s terms and conditions;

• b) resolve conclusively all questions of fact or interpretation in connection with the Plan or an Application Form and complete any blanks in an Application Form as the Board thinks fit;

• c) delegate to any one or more persons for such period and on such conditions as they may determine the exercise of any of their powers or discretions arising under the Plan; and

• d) modify, suspend or terminate the Plan in accordance with the Plan’s terms and conditions.

Perth | Melbourne | Brisbane

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

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000001 000 PPC MR JOHN SMITH & MR JIM SMITH & MRS JANE SMITH FLAT 123 123 SAMPLE STREET SAMPLEVILLE VIC 3030

All correspondence to: Computershare Investor Services Pty Limited GPO Box 2975 Melbourne Victoria 3001 Australia Enquiries (within Australia) 1300 850 505 (outside Australia) 61 3 9415 4000 Facsimile 61 3 9473 2500 web.queries@computershare.com.au www.computershare.com

Securityholder Reference Number (SRN)

I1234567890

I 1234567890

P P C

PPC PPC_PPC_WIP_124053/000001/000004/i

Please return the completed form in the envelope provided, or to the address opposite:

Computershare Investor Services Pty Limited GPO Box 2975 Melbourne VIC 3001 Australia