6 questions lodged at 2023 PEXA AGM

July 6, 2024

Below is the text of the 6 written questions lodged at the 2023 PEXA hybrid AGM held in Melbourne on November 23, along with a summary of the answers and some video grabs. The only material protest vote at the 68 minute meeting was 15.6% against the rem report.

Q1. The 2021 PEXA float has been a disaster for the retail investors who paid $17.13 a share as Morgan Stanley Infrastructure Partners pocketed most of the $1.174 billion taken from public investors. With the stock down at $11.90, public investors have dropped $358 million or 30% of their money. The AFR reported that Morgan Stanley Infrastructure Partners doubled its money in two and half years before dumping its 40% stake on public investors. As the longest serving non-executive director and CBA's representative director, could Paul Rickard please comment on why CBA didn't also get out at $17.13 a share and if it thought $17.13 represented good value, why hasn't it been buying at much cheaper levels recently?

Answer: not asked. Stock was at $13.38 in July 2024 so still well out of the money.

Q2. Link ceased being our controlling shareholder in January this year. How long have we contracted with Link for them to be our share registry provider or are we free to tender and move to a rival such as Computershare at any point, if we chose. This is not to suggest that Link provides a poor service but just to establish whether it contractually bound PEXA to Link for this service ahead of relinquishing control.ink ceased being our controlling shareholder in January this year. How long have we contracted with Link for them to be our share registry provider or are we free to tender and move to Computershare at any point, if we chose. This is not to suggest that Link provides a poor service but just to establish whether it contractually bound PEXA to Link for this service ahead of relinquishing control.

Answer: There is no long term obligation to Link. Watch video of exchange via Twitter.

Q3. When Morgan Stanley bought 55% of PEXA in 2018, the existing shareholders were the big four Australian banks, Macquarie Group, Link, four state governments and billionaire Paul Little. Five years later, could Paul Rickard comment on why the Commonwealth Bank is the only one of those 11 players that retains an interest in the company? Could Paul comment as to what CBA sees is the point of its ongoing PEXA investment which none of its major competitors can see?

Answer: Paul Rickard explained that CBA was keen to see property settlements digitised and the chair observed that CBA is PEXA's biggest customer. Watch video of exchange via Twitter.

Q4. Could Paul Rickard please comment on how and to who he reports back to the Commonwealth Bank about it's 23.9% stake in PEXA and whether he ever takes riding instructions on positions to be taken in the boardroom? Also, is there any written agreement between PEXA and the CBA stating that CBA is allowed to nominate a director, or is it just by agreement with the existing directors? Finally, why does CBA only have 1 nominee director on our 8 person board? Shouldn't it be 2 out of 9 if they are to be proportionately represented?

Answer: Paul Rickard said CBA is entitled to 1 director and a second in certain circumstances, but he's focused on acting in the best interests of all shareholders. Watch video of exchange via Twitter.

Q5. PEXA has around 30,000 retail shareholders, including director Melanie Willis. Did we invite any of our retail shareholders to attend this week's investor day and did any turn up? Could Melanie comment on whether any of the non-executive directors turned up. Also, there is no information on the PEXA website about our 2 previous AGMs. Could we please publish the full archive of all AGM webcasts online so that retail shareholders who don't watch it live can keep up with developments at the company?

Answer: The directors had input on the content but didn't attend. Retail investors could register online. Watch video of exchange via Twitter.

Q6. What impact has the privatisation of various state government land titles offices had on PEXA and how extensive are our dealings with AWARE Super, which is the major investor in both the NSW and Victorian privatised land titles offices?

Answer: Interesting response from CEO. Watch video of exchange via Twitter.

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6 questions lodged at 2023 PEXA AGM

July 6, 2024

Below is the text of the 6 written questions lodged at the 2023 PEXA hybrid AGM held in Melbourne on November 23, along with a summary of the answers and some video grabs. The only material protest vote at the 68 minute meeting was 15.6% against the rem report.