PEET INCOME PROPERTY FUND - Product Disclosure Statement

ARSN 113 746 615

PEET INCOME PROPERTY FUND IS CURRENTLY CLOSED FOR SUBSCRIPTIONS.

The Offer

Owing to the successful completion of the current capital raising, no further applications under the PDS 17 July 2006 are being accepted, with effect from 13 June 2007.

The PDS may still be downloaded for information purposes only, not for subscription purposes.

A new PDS reflecting revised pricing may be issued in the 2008 financial year. Intending applicants are invited to contact us to register their interest in receiving the new PDS.

Before downloading or viewing the electronic Product Disclosure Statement ('PDS'), you must read the following and indicate your agreement or otherwise at the bottom of the notice. By accessing the PDS you agree to these conditions.

This PDS contains important information about investing in the Peet Income Property Fund ('Fund') and should be read carefully. In preparing the PDS, Peet Limited ('Peet') did not take into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision, investors should consider whether the investment is appropriate to their needs, objectives and circumstances. Peet encourage investors to obtain independent financial advice before making an investment decision.

In-use Notice Lodged with ASIC

An in-use notice was lodged with the Australian Securities and Investments Commission (ASIC). ASIC takes no responsibility for the contents of the PDS. ASIC have since been notified that the Fund is currently closed for subscriptions.

Applications for Units

The offer to which this electronic version of the PDS relates is only available to persons receiving the electronic PDS within Australia. Any person accessing this PDS for the purpose of investing in the Fund must access the PDS from within Australia.

The Corporations Act 2001 prohibits any person from:

• passing on to another person any application form unless it is accompanied by a hard copy of the PDS; or
• in the case of an electronic PDS, an application form is linked to a complete and unaltered electronic form of the PDS.

Anyone wishing to apply for units in the Fund, must complete an application form that is in or accompanies the PDS. Units in the Fund will only be issued on receipt of an application form issued together with the PDS. Applications made pursuant to an electronic PDS can be made by printing and completing the application form contained in the electronic PDS or you can complete a paper application form which is attached to the paper PDS. A paper PDS will be provided on request and free of charge by contacting Peet on (08) 9420 1111.

Investors should read the PDS before completing the relevant application form.

Warning

The PDS does not constitute an offer in any place in which, or to any person to whom, it would not be lawful to make such an offer. The distribution of the PDS in jurisdictions outside Australia may be restricted by law and persons who come into possession of the PDS should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities law.

The offer to apply for units is made in Australia only, and only to Australian residents. No action has been taken to register or qualify the units or the offer or otherwise permit a public offering of the units in any jurisdiction outside Australia. If you are accessing this website from anywhere outside Australia, DO NOT download the PDS accessible through this website. By accepting these conditions, you confirm that you are accessing the PDS from within Australia.

To Access the Product Disclosure Statement

If you accept these conditions, you may view or download an electronic copy of the PDS by clicking on the button below. However, you should read the following information carefully first.

The PDS has 62 pages. The electronic copy is in Adobe Portable Document Format (PDF) and is approximately
1 MB in size. You should ensure that any copy you view or print is complete. Subject to any law which Peet and its directors, management and staff cannot exclude, Peet and its directors, management and staff are not liable for any loss incurred from accessing or relying on the PDS including but not limited to data corruption on download. If you have any difficulties in reading, viewing, downloading or printing the electronic PDS, you should request a free paper copy before applying for units in the Fund.