2010 Media Releases

Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has initiated coverage of Peet Limited (ASX: PPC) with a Buy rating.

Research Analyst Raymond Gonzalez said “Peet Limited represents a relatively pure exposure to what we see as a positive outlook for land price appreciation in WA and VIC, given the forecast housing shortage of c30k dwellings nationwide in 2011 (source: HIA).”

Deutsche Bank believes Peet’s unique funding model is a distinct advantage. The company has a long history of successfully raising syndicate equity capital from a retail investor base, providing the company with a patient investor base willing to wait 3-4 year to see a cash return.

Gonzalez said “We view Peet’s funding model as a key advantage over pure land developers as it allows PPC to increase returns on capital as well as providing exposure to land valuation upside”.

Downside risks for the company include substantial red tape to get development approved in some jurisdictions, environmental issues on development sites and an unsustainable housing market recovery.

Peet Limited is a property group and funds management business, with a special focus on residential property development through syndicated, company-owned and joint venture (JV) projects. As at 31 December 2009 the company’s total land bank has an on-completion value of AUD6.7bn, comprising 33,000 lots across 75 projects.

For further information, please call:

Amy King +61 (0) 2 8258 2505