PEET LIMITED — Capital/Financing Update 2011

Jun 15, 2011

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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16 June 2011

The Manager Company Notices Section ASX Limited Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

DIRECTOR PARTICIPATION IN OFFER

Peet Limited ( Peet or the Company ) has today confirmed that no cumulative, redeemable, unsecured convertible notes (Peet Notes) will be issued to Directors and their associates in aggregate as part of the Company's $50 million issue of Peet Notes which was announced on 1 June 2011 (the Offer).

The ASX granted Peet a waiver from Listing Rule 10.11 on 31 May 2011 to permit the Directors and their associates to participate in the Offer without shareholder approval, on the following conditions:

• the number of Peet Notes issued to Directors and their associates is no more than 0.2% of the total number of Peet Notes issued;

• once the Peet Notes are issued to Directors and their associates, the Company announces to the market the total number of Peet Notes issued to the Directors and their associates in aggregate;

• the participation of the Directors and their associates in the Offer is on the same terms and conditions as other subscribers; and

• the Company releases the terms of the waiver to the market.

The Company has today satisfied all the conditions of the waiver.

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