PEET LIMITED — Capital/Financing Update 2013

May 22, 2013

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23 May 2013

Australian Stock Exchange Announcement

Market Announcements Australian Securities Exchange 20 Bridge Street SYDNEY NSW 2000

Update on Peet takeover bid and CIC finance facility

The takeover bid by Peet Limited ("Peet") for all of the shares in CIC Australia Limited (“CIC”)(ASX Code: CNB) is now unconditional, and Peet has most recently reported an interest in 84.17% of CIC's shares. Accordingly, control has passed to Peet, and the CIC board will soon be in the process of arranging the appointment of Peet's nominees to the board.

St George Bank MOF refinancing

Shareholders will also have seen from previous announcements to the ASX by both CIC and Peet that one of CIC's significant financing facilities, the Multi-Option Facility ("MOF") with St George Bank, will now become repayable on 30 September 2013 as a result of the change of control. The amount to be repaid on that date is expected to be approximately $15 million. As at the date of this announcement, the amount drawn under the MOF is $32 million.

CIC does not have this amount available as current cash resources nor is it likely to be available from expected cash flows between now and 30 September. As the directors noted in the Target's Statement, it will therefore be necessary to repay or refinance the amount from other external sources.

Due to the imminent appointment of Peet's nominees as a majority of the CIC board, the method by which CIC will obtain those funds is still uncertain. Peet has stated[1] that if it ultimately achieves 90% acceptances under its bid then a capital raising to repay the MOF will not be required. However, if Peet does not achieve this level and so cannot proceed to compulsory acquisition then a significant equity raising from CIC shareholders may be required, in which Peet would expect to participate. In the event of such a capital raising, minority shareholders in CIC who have not accepted Peet's offer will be

1 Peet's First Supplementary Bidder's Statement, dated 13 May 2013

required to contribute additional capital in order to avoid having their interests in CIC diluted at that time.

The MOF has historically provided CIC with access to working capital. Any capital raising may be substantial as it would need to cover the MOF repayment, future working capital and potentially additional capital to take on new projects in the immediate future.

It is anticipated at this stage the required capital raising could be in the range of $25m to $30m, however, the exact quantum will be a decision of the new CIC Board.

Risks of remaining a minority shareholder

As a consequence of the above matters, CIC wish to reiterate the risks set out in the Target's Statement of remaining a minority shareholder after the close of Peet's bid. These risks include (but are not limited to) the real risk of CIC needing to undertake a significant capital raising, and the risk of dilution for those shareholders who do not contribute further capital. Peet has also stated that if it acquires less than 90% of CIC, it intends that CIC retain cash to fund the business and repay debt and would not pay a dividend.

For inquiries, contact: Col Alexander Managing Director and Chief Executive Officer Telephone 02 6230 0800 Email: col.alexander@cicaustralia.com.au