PEET LIMITED — Major Shareholding Notification 2011

Dec 22, 2011

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	Peet Limited
ACN/ARSN/ABN	56 008 665 834
1. Details of substantial holder (1)
Name	Orbis Investment Management (Australia) Pty Ltd (Orbis Australia) and its related bodies corporate as set out inTable 1 of Annexure A (together Orbis Group), as investment manager for the funds or investment mandateslisted at Table 2 of Annexure A
ACN (if applicable)	112 316 168 (ACN of Orbis Australia)
The holder became a substantial holder on	21 December 2011

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary	18.986,020	Same as no of securities	5.93%

3. Details of relevant interests

$\mathbf{z}_{\text{max}}$ .

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	I Nature of relevant interest (7)	Class and number of securities
See Annexure A, Tables 2 and 3

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevantinterest	Registered holder ofsecurities	Person entitled to beregistered as holder (8)	'Class and numberof securities
See Annexure A, Tables 2 and 3

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	Consideration (9)		Class and numberof securities
		Cash	Non-Cash
See Annexure A, Tables2 and 3

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

$\sim 10^{-1}$

$\mathbf{r}$

Name and ACN/ARSN (if applicable)	Nature of association
See Annexure A, Tables 1 and 2

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Orbis Group	1 C/- Orbis Australia, Level 2 Challis House 4 Martin PlaceSydney NSW 2000

Signature

Simon Marais		Capacity
Print name		Director
Sian here	$\sim$ $\sim$	Date 23 December 2011

Al tamis

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of $(1)$ an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant $(5)$ interest In.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
  • any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document $(a)$ setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the $(b)$ securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write "unknown". $(8)$
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become $(9)$ entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

ORBIS INVESTMENT

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Peet Limited

THIS IS ANNEXURE A OF 2 PAGES REFERRED TO IN THE ABOVE FORM 603

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Print name	Simon Marais	Director
Sign here	11 varano----	Date: 23 December 2011

Table 1 - Related bodies corporate

The following entities are associates of Orbis Australia and each other by virtue of being related bodies corporate.

• Orbis Holdings Limited
• Orbis World Limited

Orbis Investment Management Limited (OIML)Orbis Asset Management Limited (OAML)

• Orbis Administration Limited

Orbis Investment Research Limited

Orbis Investment Management (MIS) Limited

Triple Blue Holdings Limited Pictet Overseas Trust Corporation and Pictet Trustee Company SA

Orbis Mansfield Street Properties Ltd Orbis Investment Management (BVI) Limited (OBIVL)Orbis Investment Management (BVI) Limited (OBIVL) Orbis Holdings (Australia) Pty LimitedOrbis Holdings (Australia) Pty LimitedOrbis Investment Management (Australia) Pty Limited Orbis Client Services (Canada) LimitedOrbis Client Services (Canada) Limited Orbis Investment Management (Europe) LLP Orbis Investment Advisory (Hong Kong) Limited

Table 2 - Funds

An entity within the Orbis Group acts as investment manager for some or all of the assets in the following funds.

No	Fund name	InvestmentManager	ReferenceCode	Registered Holder	Persons entitled to be registeredholder
1	Orbis MIS - Orbis/SMAustralia Equity Fund	Orbis Australia	SMEF	Citigroup N.A (Citi) as nominee ofSMEF	Citi as nominee of SMEF
2	Warakim Endeavour Fund	Orbis Australia	SMWK	ANZ Nominees Ltd as nominee ofSMWK	ANZ Nominees Ltd as nominee ofSMWK
3	Orbis MIS - Orbis GlobalEquity Fund	OIML	GAPL	SSAL as nominee of GAPL	SSAL as nominee of GAPL
4	Orbis Global Equity FundLimited	OIML	OGEF	Citigroup Pty Ltd as nominee ofOGEF	Citigroup Pty Ltd as nominee ofOGEF
5	Orbis Optimal SA FundLimited	OIML	OSAP	Citigroup Pty Ltd as nominee ofOSAP	Citigroup Pty Ltd as nominee ofOSAP
6	Orbis SICAV - Global EquityFund	OIML	SGPL	Citigroup Pty Ltd as nominee ofSGPL	Citigroup Pty Ltd as nominee ofSGPL
7	Orbis Optimal Global Fund LP	OAML	OOLP	Citigroup Pty Ltd as nominee ofOOLP	Citigroup Pty Ltd as nominee ofOOLP
8	Orbis Asia ex-Japan Fund	OBVIL	XJPL	Citigroup Pty Ltd as nominee ofXJPL	Citigroup Pty Ltd as nominee ofXJPL
9	Intech Australian Shares HighAlpha Trust	Orbis Australia	SMIA	JP Morgan Nominees AustraliaLtd as nominee of SMIA	JP Morgan Nominees Australia Ltdas nominee of SMIA
10	Construction and BuildingUnions Superannuation Fund	Orbis Australia	SMCB	National Nominees (NABCustodian Services) as nomineefor SMCB	NAB Custodian Services as nomineefor SMCB
11	HESTA Superannuation Fund	Orbis Australia	SMHT	JP Morgan Nominees AustraliaLtd as nominee of SMHT	JP Morgan Nominees Australia Ltdas nominee of SMHT
12	Hostplus SuperannuationFund	Orbis Australia	SMHP	JP Morgan as nominee of SMAU	JP Morgan Nominees Australia Ltdas nominee of SMAU
13	Russell AustralianOpportunities Fund	Orbis Australia	SMRI	SSAL as nominee of SMRI	SSAL as nomines of SMRI
14	Orbis International Equity LP	OAML	IELP	Citigroup Pty Ltd as nominee ofIELP	Citigroup Pty Ltd as nominee of IELP
$\overline{15}$	Catholic Superannuation Fund	Orbis Australia	SMCS	NAB Custodian Services	NAB Custodian Services
$\overline{16}$	Orbis US Equity Fund LP	OAML	USLP	Citigroup Pty Ltd as nominee ofIELP	Citigroup Pty Ltd as nominee of IELP
17	Qantas Superannuation Plan	Orbis Australia	SMOS	JP Morgan Nominees AustraliaLtd as nominee of SMOS	JP Morgan Nominees Australia Ltdas nominee of SMOS
$\overline{18}$	Maritime Super	Orbis Australia	SMMS	NAB Custodian Services asnominee for SMMS	NAB Custodian Services as nomineefor SMMS
19	Warakim Australian EquitiesPensions and Charities Fund	Orbis Australia	SMWA	ANZ Nominees Ltd as nominee ofSMWA	ANZ Nominees Ltd as nominee ofSMWA
20	Non-Government SchoolsSuperannuation Fund	Orbis Australia	SMNG	SSAL as nominee for SMNG	SSAL as nominees for SMNG
21	Orbis/SM AustraliaOpportunity Fund	Orbis Australia	SMSF	Citi as nominee for SMSF	Citi as nominee for SMSF
22	REST Superannuation Fund	Orbis Australia	SMRT	SSAL as nominee for SMNG	SSAL as nominees for SMNG

$\sim 10$

Table 3 - Relevant interest

$\hat{\mathcal{A}}$

Trade date	Reference code	Action	No of securities	Consideration
21 Dec 2011	SMCB	Buy	2,918,444	$2,235,236
21 Dec 2011	SMCS	Buy	1,515,236	$1,160,519
21 Dec 2011	SMHT	Buy	2,354,502	$1,803,313
21 Dec 2011	SMIA	Buy	660,779	$506,091
21 Dec 2011	SMWK	Buy	24,684	$18,905
21 Dec 2011	SMQS	Buy	1,133,578	$868,207
21 Dec 2011	SMNG	Buy	1,786,763	$1,368.482
21 Dec 2011	SMEF	Buy	4,454,566	$3,411,752
21 Dec 2011	SMRI	Buy	484,192	$370,843
21 Dec 2011	SMMS	Buy	1,093,704	$837,668
21 Dec 2011	SMHP	Buy	1,707,014	$1,307,402
21 Dec 2011	SMRT	Buy	835,469	$639,886
21 Dec 2011	SMWA	Buy	17,089	$13,088
	Total		18,986,020	$14,541,393