PEXA GROUP LIMITED — Investor Presentation 2021

Aug 24, 2021

FY21 Results Presentation

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25 AUGUST 2021
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This presentation and the information accompanying it ( Presentation ) has been prepared and provided solely by PEXA Group Limited ( PEXA or the Company ).

No offer of securities

This Presentation is not a Prospectus, product disclosure statement or offer document under Australian law or the laws of any other jurisdiction. It is not and should not be considered, and does not contain or purport to contain, an offer, invitation, solicitation or recommendation with respect to the subscription, purchase or sale of any securities in PEXA or any other entity.

The information contained in the Presentation has been prepared without taking account of any person’s investment objectives, financial situation or particular needs and nothing contained in the Presentation constitutes investment, tax, legal or other advice. You must not rely on the Presentation but make your own independent assessment and rely on your own independent taxation, legal, financial or other professional advice.

Financial data

All financial amounts contained in this Presentation are expressed in Australian dollars (unless otherwise stated). Note: numbers may not sum due to rounding.

Certain financial information included in this Presentation is ‘non-IFRS financial information’ under Regulatory Guide 230 ‘Disclosing non-IFRS financial information’ published by ASIC. PEXA believes this non-IFRS financial information provides useful information to users in measuring the financial performance and condition of PEXA. The non- IFRS financial information does not have standardised meanings prescribed by Australian Accounting Standards and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should it be construed as an alternative to other financial information determined in accordance with Australian Accounting Standards. You are cautioned, therefore, not to place undue reliance on any non-IFRS financial information or ratio included in this Presentation.

Forward statements

No representation or warranty, expressed or implied, is made as to the accuracy, reliability, adequacy or completeness of the information and opinions contained in the Presentation.

The Presentation may contain certain forward-looking statements, including estimates, projections and opinions (Forward Statements). We use words such as ‘will’, ‘may’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify Forward Statements. Forward Statements are based on assumptions and contingencies which are subject to change without notice, may involve known and unknown risks and uncertainties and other factors, many of which are beyond the control of PEXA, and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect on us.

No representation is made or will be made that any Forward Statements will be achieved or will prove to be correct. Actual future results and operations could vary materially from the Forward Statements. Circumstances may change and the contents of this Presentation may become outdated as a result.

Except as required by applicable laws or regulations, PEXA does not undertake any obligation to provide any additional or updated information or revise the Forward Statements or other statements in this Presentation, whether as a result of a change in expectations or assumptions, new information, future events, results or circumstances.

You are strongly cautioned not to place undue reliance on Forward Statements, particularly in light of the current economic climate and the significant volatility, uncertainty and disruption caused by COVID-19.

Past performance

Past performance and historical information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Market and Industry data

This Presentation contains statistics, data and other information (including forecasts and projections) relating to markets, market sizes, market shares obtained from research, surveys or studies conducted by third parties (Market Data). You should note that Market Data is inherently predictive, are subject to uncertainty and not necessarily reflective of actual market conditions. PEXA cannot assure you as to the accuracy or the reliability of the underlying assumptions used to estimate such Market Data. Forecasts and estimates involve risks and uncertainties and are subject to change based on various factors, including in data collection and the possibility that relevant data has been omitted. As a result, the Market Data is not necessarily reflective of actual market conditions, involves additional risks and uncertainties and are subject to many factors beyond PEXA’s control. There is no assurance that any of the estimates contained in the Market Data and included in this Presentation will be achieved.

Disclaimer

The information is supplied in summary form and is therefore not necessarily complete. The material contained in this Presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

To the maximum extent permitted by law, PEXA and each of its affiliates, directors, employees, officers, partners, agents and advisers and any other person involved in the preparation of the Presentation disclaim all liability and responsibility (including without limitation, any liability arising from fault or negligence) for any direct or indirect loss or damage which may arise or be suffered through use or reliance on anything contained in, or omitted from, the Presentation. PEXA accepts no responsibility or obligation to inform you of any matter arising or coming to their notice, after the date of the Presentation or this document, which may affect any matter referred to in the Presentation.

This Presentation should be read in conjunction with PEXA’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au.

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Today’s speakers Glenn King Group Managing Director and Chief Executive Ofcer >Joined PEXA in late-2019 >Prior to PEXA was the NSW Customer Service Commissioner & Secretary of NSW Government Department of Customer Service, after previous senior executive roles at NAB Group (Australia, UK, NZ) Richard Moore Chief Financial Ofcer >Joined PEXA in early-2020 >Prior to PEXA was the CFO at MYOB for 8 years, overseeing its IPO in 2015, after previous senior fnance roles at Jetstar, Bankwest Business and GE Capital	Today’s agenda FY21 Business Highlights 4
	FY21 Business Overview & Performance 8
	FY21 Financial Summary 15
	Trading Update & Outlook 23
	Q&A 26
	Appendix 27

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FY21 Business Highlights

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Successful A$3B IPO and listing on the ASX

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FY21 revenue and PEXA Exchange EBITDA ahead of Prospectus forecast

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PEXA Exchange volumes up 37% year on year, with continued growth potential

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Property market volumes remain robust in early FY22

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Multiple growth opportunities progressing across PEXA UK, PEXA Insights and PX Ventures

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FY22 Prospectus forecasts reaffirmed

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5
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KEY FINANCIAL METRICS
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REVENUE

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up 42% YoY and 1% on Prospectus forecast

PEXA EXCHANGE EBITDA[1]

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up 114% YoY and 2% on Prospectus forecast

NPAT[1 ]

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in line with prior year and Prospectus forecast

NPAT (STATUTORY)

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($12m) below prior year and ($2m) below Prospectus forecast

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KEY OPERATING METRICS
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PEXA EXCHANGE TRANSACTIONS

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up 37% YoY and 1% on Prospectus forecast

PEXA EXCHANGE TRANSFER MARKET PENETRATION

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YoY and in line up 14ppts with Prospectus forecast

PEXA EXCHANGE EBITDA MARGIN[1]

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YoY and in line up 17ppts with Prospectus forecast

FREE CASH FLOW CONVERSION (BEFORE FINANCING AND TAX)[1]

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YoY and up 41ppts 10ppts on Prospectus forecast

Notes: 1. Pro Forma EBITDA, NPAT, PEXA Exchange EBITDA Margin and Free Cash Flow Conversion – see slide 30 for reconciliation between Pro Forma and Statutory financial results

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MEMBER HIGHLIGHTS
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Momentum towards digital transactions

3.3m property transactions occurred on the PEXA Exchange, up 37% on FY20

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ADDITIONAL GROWTH HIGHLIGHTS
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International expansion

With a build partner appointed and a local team on the ground, PEXA’s entry into the UK is progressing to schedule

Focus on enhancements

More than 100 enhancements were made to the PEXA Exchange in response to member feedback

Bringing new insights to market

PEXA launched a series of property insights and services bringing a new lens to the state of property in Australia

Strong trust in the PEXA brand

Against the backdrop of COVID-19, PEXA helped more practitioners transact digitally than ever before, receiving a brand trust rating of 8.7/10, up from 7.9 the year prior[1]

Notes:

1. PEXA Brand Research Wave 2, December 2020, Nature

Expanding innovation

PEXA launched PX Ventures, nurturing innovation and entrepreneurialism by focussing on bringing new tools and technologies to consumers, businesses and government alike

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FY21 Business Overview & Performance

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GROWTH INITIATIVES
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PEXA Exchange

PEXA International

PEXA Insights

PX Ventures

Improving the property settlement experience for everyone

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Bringing digital property settlement solutions to certain international jurisdictions, leveraging PEXA’s experience in Australia

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Providing innovative data insights and services for industry, government, consumers and other stakeholders, using unique, near real-time data insights

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Through partnerships, delivering new digital property products and services to consumers, businesses, industry and government

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Delivering digital settlements into new jurisdictions and deepening PEXA’s footprint nationally

Replicating into the UK, positive lender engagement

Delivering property insights and bespoke digital solutions to existing and new customers

Focusing on building a strong foundation for innovation and entrepreneurship

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PEXA EXCHANGE
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FY21 transactions completed [1]
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More than 650,000 property settlements and more than 320,000 mortgage refinances

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Users
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9,400+ practitioner firms
160+ financial institutions
1 million+ consumers
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Systems integrated with:
6 Land Titles Offices (LTOs)
5 State Revenue Offices (SROs) [2]
Reserve Bank of Australia
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Australia’s leading Electronic Lodgement Network Operator (ELNO)

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Estimated transfer market
80% penetration in all jurisdictions
(active and inactive) [3]
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> Favourable industry conditions continue, 19% growth in total market volumes between FY20 and FY21

> Strong growth across the market including Queensland and South Australia

Notes:

1. As at Jun-21 estimate based on number of workspaces (differs from billable transactions, as there may be multiple transactions per completed settlement or mortgage refinancing) 2. Based on jurisdictionally specific industry process requirements there is no need to develop an integration with the State Revenue Office to enable stamp duty processing in the ACT 3. Transfer market uptake based on BIS Oxford estimate of market size and PEXA Exchange transaction volumes, month of Jun-21

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EXCHANGE DELIVERY AND GROWTH IN FY21
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• Increased digital enablement in jurisdictions, meaning more transactions can be completed via the PEXA Exchange

• Enhancements to Exchange included:

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EXCHANGE DELIVERY AND GROWTH IN FY22
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  - Expansion into new jurisdictions

  - Launch of new products and services to meet customer needs

  - Delivery of ongoing government and industry reforms

• Simplification of data entry through enhanced settlement summary

• Bulk settlements through PEXA Projects

• Continued rollout of PEXA Key to consumers to settle property securely

• Strengthened partnership with governments and regulators to support industry reforms

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GOVERNMENT AND REGULATORY ENGAGEMENT UNDERWAY

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PEXA UK PROGRESS TO DATE
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TECHNOLOGY BUILD PROGRESSING WELL

POSITIVE LENDER ENGAGEMENT

Partnered with global software consultancy, ThoughtWorks , to design and build a new platform for international markets

Technology build teams now on the ground in Australia, India and the UK— development of PEXA’s platform commenced

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Product testing with lender pilot-groups in FY22 as part of critical Bank of England integration

Commercial and technical discussions progressing

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Positive senior official engagement is ongoing , focus on building transparent, long-term relationships with:

> Bank of England

> Her Majesty’s Land Registry

> Critical government departments > Regulators

COVID-19 has brought renewed focus and urgency to the digitisation of property settlements

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UK-BASED TEAM HAS GROWN TO 14 FTE SUPPORTED BY EXPERT ADVISORY BOARD

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PEXA INSIGHTS

PX VENTURES

• Established PEXA Insights

> PEXA Insights team now 40+ data specialists

• Property Bureau established and being developed

• New data and insight products, such as MyView and Mortgage Collateral Monitor built and being tested with customers

• Established PX Ventures to expand services, in partnership with consumers, business and government

• Highly skilled Advisory Board in place

• Entrepreneurial program ‘Launchpad’ live in market

• Investment in Honey Insurance

• New Chief Data and Analytics Officer appointed

• Launched Business Advantage to small and medium businesses

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QL D +3 7 . 1% [1]
PEXA Property and
Mortgage Insights
Property sale settlements increased across all eastern 148,227 203,152
Report—East Coast states in FY21.NSW recorded the most sale settlements in FY21 at 219K,
eclipsing VIC, which had recorded the highest settlement N S W +25. 8% [1]
F I N A N C I AL Y E A R 2 0 2 1 volumes in FY20.
173,855 218,696
V IC +11. 7 % [1]
FY20 FY21 Source: PEXA, QLD Government
1 FY21 sale settlements have been calculated using actuals from Jul-20 to May-21 and a forecast for Jun-21 177,917 198,780
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13

OUR PEOPLE

ESG

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OUR PURPOSE: TRANSFORMING PROPERTY EXPERIENCES FOR EVERYONE
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TRUST

• Against the backdrop of COVID-19, PEXA helped more practitioners transact digitally than ever before – and practitioners responded giving PEXA a brand trust rating of 8.7/10 making PEXA the Number 1 trusted provider against peers[1]

• Our members see us as:

• A leader – the “owner” of e-Conveyancing

• An innovator

• Responsive to evolving needs

• Committed to industry

• Transparent and open

• 350+ employees across Australia and the UK

• A diverse and inclusive workplace

• Leading policies supporting individuals and families

• Highly engaged workforce (84/100 in the 2020 Culture Amp employee survey)

• 3 in the 2021 Best Place to Work Awards (for companies with more than 100 employees)

• A ‘net zero’ commitment formalised and embedded into group strategy

• Partnered with Homes for Homes to tackle homelessness through the creation of sustainable housing

• SisterWorks mentoring program launched

• PEXA became recognised as a certified Family Friendly Workplace

• GRESB sustainability action plan executed to support FY22 outcomes

Notes: 1. PEXA Brand Research Wave 2, December 2020, Nature

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Innovate for good.

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Better together.
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Make it happen. Make it count.

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FY21 Financial Summary

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PRO FORMA[1] FINANCIAL PERFORMANCE

REVENUE AND PRO FORMA[1 ] PEXA EXCHANGE EBITDA (A$M)

				Variance (%)	Variance (%)
A$m; Year ended 30 June	FY20	FY21A	FY21F2	FY20	FY21F
Revenue	155.6	221.0	218.5	42%	1%
Operating costs incl. cost of sales	(104.0)	(110.6)	(110.3)	6%	0%
PEXA Exchange EBITDA	51.6	110.4	108.2	114%	2%
EBITDA	45.3	101.8	99.7	124%	2%
NPAT	(4.5)	(4.9)	(4.6)	(10%)	(7%)
NPATA3	35.2	34.7	35.2	(1%)	(1%)
Gross margin %	85.2%	86.7%	86.5%	1.5ppt	0.2ppt
PEXA Exchange EBITDA Margin %	33.2%	50.0%	49.5%	16.8ppt	0.5ppt

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221.0
218.5
+42%
155.6
110.4
108.2
+114%
51.6
FY20 FY21A FY21F
Revenue Pro Forma PEXA Exchange EBITDA
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Notes:

1. Pro Forma results differ from the Statutory results in the Financial Statements due to adjustments to reflect the operating and capital structure of the busines following completion of the IPO as if it was in place as a 1 July 2019. Adjustments are (i) the addition of estimated incremental public company costs associated with PEXA being a listed company, (ii) the removal of IPO costs which are recognised in the Statutory financial information, and (iii) the removal of the impact of the accelerated vesting and close-out of the Management Equity Plan which occurred as a result of the IPO. See slide 30 for a reconciliation between Pro Forma and Statutory EBITDA and NPAT

2. All references to FY21F in this documents refer to the FY21 Forecast in the IPO Prospectus

3. NPATA = Net Profit After Tax and after adding back the tax-effected Amortisation of acquired intangible assets

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PEXA Exchange penetration (%)[ 1]

PEXA Exchange transaction volumes (000s)[1]

> Total market volumes of 4.2m

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98% 99% 97%
80% 80%
66%
56%
55%
50%
79% 79%
68%
FY20 FY21A FY21F
Market share (%) Transfer Refinance Other
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3,326
3,282
383
371
2,421 649 627
321
585
2,294 2,283
1,515
FY20 FY21A FY21F
Transfer Refinance Other
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transactions (billable events) were up 19% on FY20 and 1% on Prospectus Forecast

• Exchange penetration of 79% was up 11ppts from FY20 and in line with Prospectus forecast

• Combined, this resulted in total exchange volumes up 37% from FY20 and 1% ahead of Prospectus forecast

Notes:

1. Market penetration is calculated using BIS Oxford Economics estimated market volumes and PEXA volumes. FY21F market volumes were a combination of BIS Oxford Economics and PEXA management estimates

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PEXA Exchange revenue (A$M)[1,2]

PEXA Exchange transaction volumes (000s)[1]

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218.6
216.3
9.7
9.4
30.0
29.0
153.6
7.8
26.8
178.9 177.9
119.1
FY20 FY21A FY21F
Transfer Refinance Other
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3,326 3,282
383 371
2,421
649 627
321
585
2,294 2,283
1,515
FY20 FY21A FY21F
Transfer Refinance Other
PEXA Exchange average pricing (A$)
$79 $78 $78
$66
$66
$63
$46 $46
$46
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FY20 FY21A FY21F
Transfer Refinance Other
PEXA Exchange average pricing (A$)
$79 $78 $78
$66
$66
$63
$46 $46
$46
$24 $25 $25
FY20 FY21A FY21F
Average price ($) Transfer Refinance Other
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• Total Exchange volumes up 37% from FY20 and 1% ahead of Prospectus forecast

• Average price (driven by CPI price increase and mix changes) up 4% on FY20 and in line with Prospectus forecast

• Average Transfer price reduction (-A$1) from FY20 driven by higher levels of

• ‘Better Together’ discounting in QLD in FY21. The discount ended on 30 June 2021

• Combined, this resulted in total Exchange revenue being up 42% from FY20 and 1% ahead of Prospectus forecast

• Pro Forma revenue excluding ancillary services

Notes:

1. Prospectus forecast for FY21

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85%+ margin underpinned by fixed cost of sales per lodgement

• Cost of sales predominantly made up of LSS Fees[1] paid to state land registries for the pre-population of bundled property information from the land registry into a workspace

• Charged on a per workspace basis (i.e. per Lodgement, not per transaction)

• The increase in multi-party transactions (transfers with four billable events, as opposed to refinances with two) drove higher gross margin between FY20 and FY21

• FY21 gross margin of 87% in line with Prospectus forecast

Average revenue per PEXA Exchange transaction (A$/transaction)[2]

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Increases due to product mix (greater proportion
of higher-priced transfer transactions)
63.5 65.7 65.9
FY20 FY21A FY21F
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Average cost of sales per PEXA Exchange transaction (A$/transaction)[3]

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Decreases due to greater proportion
of multi-party (transfer) transactions
9.5 8.8 9.0
FY20 FY21A FY21F
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PEXA Exchange gross margin (A$M / %)

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250 100%
87% 87%
85%
200
80%
150
100
191.7 189.0
60%
132.6
50
0 40%
FY20 FY21A FY21F
Gross profit Gross profit margin
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Notes:

1. Lodgement Support Services Fees

2. Calculated based on PEXA Exchange transaction volumes and Pro Forma PEXA Exchange revenue (ex ancillary services) 3. Calculated based on PEXA Exchange transaction volumes and Pro Forma PEXA Exchange cost of sales (ex ancillary services)

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PRODUCT DESIGN AND DEVELOPMENT

Pro Forma PEXA Exchange operating expenses (A$M)[1]

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81.0 81.3 80.9
37.4 38.0 38.1
21.9 20.1 20.1
21.7 23.2 22.7
FY20 FY21A FY21F
Product design and development Sales and marketing General and administration
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• Costs to develop and operate the PEXA platform

• Main driver is headcount, third parties supporting platform operations and AWS hosting services

• FY21A costs up 7% on FY20 and 2% on Prospectus forecast due to higher hosting costs in Q4 FY21

SALES AND MARKETING

• Costs associated with marketing, onboarding, training and supporting PEXA members

• Main driver is headcount and includes the PEXA Direct Specialists, PEXA Partners and call centre support team

• FY21 costs dropped 9% from FY20 due to reduced marketing and events as a result of COVID-19. FY21 in line with Prospectus forecast

GENERAL AND ADMINISTRATION

• Costs of corporate team, Board and executive remuneration, professional fees, occupancy and administration

• FY21A up 1.6% on FY20, driven by CPI increases, and are in line with Prospectus forecast

• Includes A$6.5m Pro Forma adjustment for incremental public company costs p.a.

Notes: 1. Pro Forma operating expenses, including A$6.5m of public company costs each year

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Strong revenue growth and stable expenses deliver 50% EBITDA margin in FY21

Total PEXA Exchange expenses (A$M) and expense per transaction (A$)[1]

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120.0 $80
110.6 110.3
104.0
$70
100.0
29.3 29.4
23.0
$60
80.0
$50
43
60.0 $40
34
33
$30
40.0 81.0 81.3 80.9
$20
20.0
$10
--
$0
FY20 FY21A FY21F
ProForma Operating Expenses COS Total expenses per transaction
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PEXA Exchange EBITDA (A$M) and EBITDA margin (%)

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120.0 60.0%
50.0% 49.5%
100.0 50.0%
80.0 40.0%
33.2%
60.0 30.0%
110.4
108.2
40.0 20.0%
51.6
20.0 10.0%
-- -
FY20 FY21A FY21F
PEXA Exchange EBITDA PEXA Exchange EBITDA Margin
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• Stable total cost base and growth in transaction numbers saw total expenses per transaction fall to A$33 in FY21 (slightly below Prospectus forecast)

> Combined with the growth in revenue this resulted in Pro Forma PEXA Exchange EBITDA being up 114% from FY20 and 2% ahead of Prospectus forecast

> Pro Forma PEXA Exchange EBITDA margin grew from 33% in FY20 to 50% in FY21 (slightly above Prospectus forecast)

Notes: 1. Calculated based on operating expenses + CoS, and PEXA Exchange transaction volumes

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FY21 PEXA Group Statutory Cash Movements (A$M)

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Pro Forma Cash Flows (A$M)

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297.4
116.9
10.8
(6.5) (1.5) 161.6
(2.1)
(3.0)
(22.6) (0.7) (7.5)
70.4
51.5
(400.0)
Exch. Stat Non-PEXA Fixed Asset Lease Indicative Ext. debt Closing Cash
EBITDA Exch. costs / Invst. FY21 Bal. (net of costs) at Bank
Opening Proj & Expan. Intangible NWCap Mvmt Net Interest Offer Costs S/H loan
Cash at Bank costs Capex expense Repayment
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$ millions	Pro Forma Historical	Pro Forma Historical
Year ended 30 June	FY20	FY21A	FY21F
EBITDA	45.3	101.8	99.7
Non-cash items in EBITDA	—	0.6	0.6
Changes in working capital	(4.5)	10.8	2.4
Operating cash flow before capex	40.9	113.2	102.7
Acquisition of intangible assets	(18.9)	(22.6)	(22.5)
Acquisition of PP&E	(0.2)	(0.5)	(1.2)
Free cash flow before financing and tax	21.8	90.1	79.0
Interest received	2.5	0.7	0.7
Interest paid	—	(3.7)	(3.3)
Payment of finance lease liabilities	(2.0)	(2.1)	(2.0)
Free cash flow	22.3	84.9	74.4
FCF conversion (before financing & tax)	48%	89%	79%

• Strong EBITDA and low capex driving free cash flow conversion from EBITDA of 89%

• External debt and initial repayment of shareholder loans occurred on 30 June, just prior to 1 July listing

• Remaining A$193m of shareholder loans on balance sheet at 30 June 2021 were repaid on 1 July 2021

22

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Trading Update & Outlook

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Comparison of PEXA Exchange volumes (000s)

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+47%
+28%
vs. pcp
+50%
+29% +43% 1,786
+26% 1,539
1,203 [1,218 ]
967
832 819 +53%
707
643 646
560 572
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1H20 2H20 1H21 2H21 July 20 July 21
FY20 FY21 FY22
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> Q4 FY21 volumes of 967k:

• exceeded Prospectus forecast (923k) by 5%

• up 50% from Q4 FY20; up 18% from Q3 FY21

• 2H FY21 volumes up 47% from 2H20

• Confirm no dividend payable for FY21

• FY22 has started well, with July volumes maintaining strong YoY growth, up 53% on July 2020

• PEXA reaffirms FY22 Prospectus forecast revenue, EBITDA and NPAT (below) despite COVID-19 related lockdowns

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Prospectus Forcast FY22F FY22F
A$M; Year ended 30 June Pro Forma Statutory
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Revenue	246.9	246.9
PEXA Exchange EBITDA	126.3	126.3
EBITDA	107.6	75.6
NPAT	19.6	(2.5)

24

In closing

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Showcasing a consistent track-record, FY21 revenue and PEXA Exchange EBITDA were ahead of Prospectus forecast

Growth driven by PEXA Exchange with momentum across other initiatives Growth despite COVID-19, refinancing activity is robust and the property market remains resilient

A trusted brand with strong culture and commitment to our community PEXA reaffirms its FY22 Prospectus forecast

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Q&A

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Appendix

Penetration by jurisdiction (% of transfers lodged via PEXA Exchange)[2]

Total digital property settlement billable transactions in Australia (M)[1]

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4.2 97%
98%
96%
96%
90% 94%
3.6 3.5
78%
78% 78%
79%
63%
65%
62%
68%
49%
3.3
36%
2.4
1.8
8%
4%
FY19 FY20 FY21
PEXA Market Share Billable Transactions
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> Favourable industry conditions continue, 19% growth in total market volumes between FY20 and FY21 > Positive property market continuing into early FY22 despite COVID restrictions

Notes:

1. Based on market estimates from BIS Oxford and PEXA volumes, includes both paper-based and e-conveyancing transactions 2. Based on market volume estimates from BIS Oxford Economics and PEXA Transfer volumes

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Year ended 30 June FY20 FY21A FY21F Key operating metrics Transfer 2,306 2,878 2,853 Refinance 599 658 643 Other 642 687 681 Market volumes(000's) 3,547 4,223 4,178 Transfer 66% 80% 80% Refinance 98% 99% 97% Other 50% 56% 55% Market share(%) 68% 79% 79% Transfer 1,515 2,294 2,283 Refinance 585 649 627 Other 321 383 371 PEXA transactions(000's) 2,421 3,326 3,282 Transfer 79 78 78 Refinance 46 46 46 Other 24 25 25 Average price($) 63 66 66 Transfer 119 179 178 Refinance 27 30 29 Other 8 10 9 Pro Forma revenue excluding ancillary services ($ millions) 154 219 216 Ancillary services revenue ($millions) 2 2 2 Pro forma revenue($ millions) 156 221 218	Variance (%)
	FY20 FY21F
	25% 1%
	10% 2%
	7% 1%
	19% 1%
	14% 0%
	1% 1%
	6% 1%
	11% 0%
	51% 0%
	11% 3%
	19% 3%
	37% 1%
	-1% 0%
	1% 0%
	5% 1%
	4% 0%
	50% 1%
	12% 3%
	25% 4%
	42% 1%
	23% 11%
	42% 1%

Year ended 30 June FY20 FY21A FY21F Exchange revenue by state VIC 66 73 72 NSW 61 76 75 WA 13 23 23 QLD 8 28 28 SA 5 18 18 Pro forma revenue excluding ancillary services ($ millions) 154 219 216 Ancillary services revenue ($millions) 2 2 2 Pro forma revenue($ millions) 156 221 218 Key pro forma financial metrics Revenue growth NA 42% 40% Cost of sales per transaction ($) 9.51 8.82 8.97 Gross margin 85.2% 86.7% 86.5% PEXA Exchange EBITDA growth NA 114% 110% PEXA Exchange EBITDA margin 33.2% 50.0% 49.5% NPATA ($ million) 35.2 34.7 35.2 NPATA growth NA (1%) (0%) NPATA margn 22.6% 15.7% 16.1% Net debt / PEXA Exchange EBITDA - 2.23x 2.59x	Variance (%)
	FY20 FY21F
	11% 2%
	25% 1%
	75% 1%
	242% 1%
	245% 0%
	42% 1%
	23% 11%
	42% 1%
	NA 2%
	(0.69) (0.15)
	1.5% 0.2%
	NA 4%
	16.8% 0.4%
	(0.5) (0.5)
	NA (1%)
	(6.9%) (0.4%)
	NA 0.37x

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Statutory Profit & Loss

Pro Forma Profit & Loss $ millions Year ended 30 June FY20 FY21A FY21F Revenue 155.6 221.0 218.5 Cost of sales (23.0) (29.3) (29.4) Gross profit 132.6 191.7 189.0 Product design and development (21.7) (23.2) (22.7) Sales and marketing (21.9) (20.1) (20.1) General and administration (37.4) (38.0) (38.1) Operating expenses (81.0) (81.3) (80.9) PEXA Exchange EBITDA 51.6 110.4 108.2 Project and expansion related costs (2.1) (6.5) (6.5) Other non-PEXA Exchange related costs (4.1) (2.1) (2.0) EBITDA 45.3 101.8 99.7 Depreciation (2.4) (2.4) (2.2) Amortisation (3.4) (7.1) (6.6) EBITA 39.6 92.3 90.9 Acquired amortisation (56.7) (56.6) (56.8) EBIT (17.0) 35.8 34.1 Net finance income/ (expense) 1.9 (36.5) (36.5) Profit/(loss) before tax (15.1) (0.7) (2.4) Income tax benefit/ (expense) 10.6 (4.2) (2.2) Profit/(loss) after tax (NPAT) (4.5) (4.9) (4.6)	Variance (%) FY20 FY21F 42.1% 1.2% 27.4% (0.3%) 44.6% 1.4% 6.8% 2.1% (7.9%) 0.3% 1.5% (0.3%) 0.4% 0.5% 114.1% 2.1% 204.9% 1.0% (48.9%) 2.5% 124.5% 2.1% 0.7% 10.6% 110.2% 6.5% 133.1% 1.6% (0.2%) (0.4%) (310.0%) 4.9% n.m. (0.1%) (95.3%) (70.5%) (139.5%) 92.4% 9.8% 7.4%	Statutory Profit & Loss $ millions Year ended 30 June FY20 FY21A FY21F Revenue 155.6 221.0 218.5 Cost of sales (23.0) (29.3) (29.4) Gross profit 132.6 191.7 189.0 Product design and development (21.7) (23.2) (22.7) Sales and marketing (21.9) (20.1) (20.1) General and administration (31.1) (31.4) (31.6) Operating expenses (74.6) (74.8) (74.3) PEXA Exchange EBITDA 57.9 116.9 114.7 Project and expansion related costs (2.1) (6.5) (6.5) Other non-PEXA Exchange related costs (4.1) (7.8) (7.7) Offer costs - (8.2) (5.9) EBITDA 51.7 94.4 94.7 Depreciation (2.4) (2.4) (2.2) Amortisation (3.4) (7.1) (6.6) EBITA 46.0 85.0 85.9 Acquired amortisation (56.7) (56.6) (56.8) EBIT (10.7) 28.4 29.1 Net finance income/ (expense) 1.9 (36.5) (36.5) Profit/(loss) before tax (8.8) (8.1) (7.4) Income tax benefit/ (expense) 8.7 (3.7) (2.4) Profit/(loss) after tax (NPAT) (0.0) (11.8) (9.8)	FY21 Variance (%)
			FY20 FY21F
			42% 1%
			27% (0%)
			45% 1%
			7% 2%
			(8%) 0%
			1% (0%)
			0% 1%
			102% 2%
			205% 1%
			90% 1%
			n.m. 40%
			83% (0%)
			1% 11%
			110% 6%
			85% (1%)
			(0%) (0%)
			(365%) (2%)
			n.m. (0%)
			(8%) 9%
			(142%) 55%
			n.m. 20%

Bridging Statutory P&L to Pro Forma P&L

	$ millions
	Year ended 30 June	FY20	FY21A	FY21F
	Statutory PEXA Exchange EBITDA	57.9	116.9	114.7
	Incrementalpublic companycosts	(6.3)	(6.5)	(6.5)
	Pro forma PEXA Exchange EBITDA	51.6	110.4	108.2
	Statutory EBITDA	51.7	94.4	94.7
	Offer costs	-	8.2	5.9
	Incremental public company costs	(6.3)	(6.5)	(6.5)
	MEP close out costs		5.7	5.7
	Pro forma EBITDA	45.3	101.8	99.7
	Statutory NPAT	(0.0)	(11.8)	(9.8)
	Offer costs	-	8.2	5.9
	Incremental public company costs	(6.3)	(6.5)	(6.5)
	MEP close out costs		5.7	5.7
	Tax effect of adjustments	1.9	(0.5)	0.2
	Pro forma NPAT	(4.5)	(4.9)	(4.6)

• Incremental public company costs represent an estimate of the additional costs PEXA will incur as a public company. They include additional audit, tax and legal costs, insurance, Board, investor relations, listing fees, share registry fees, AGM and annual report costs. These Pro Forma adjustments have been applied retrospectively in FY20 & FY21

> Offer costs are portion of the total transaction costs relating to the IPO expensed in FY21

> The MEP (Management Equity Plan) was established in Jan-20 with the first grant issued in Jul-20. As a result of the Offer, the MEP vesting was accelerated, resulting in A$5.7 million of incremental cost recorded in the Statutory Income Statement in FY21

30

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$ millions	Actual Statutory	Actual Statutory	Pro Forma	Pro Forma
A$M; As at	30-Jun-20	30-Jun-21	31-Dec-20	30-Jun-21
Current assets
Cash and cash equivalents	70.4	51.5	8.1	51.5
Other current assets Total current assets	23.0 93.4	33.1 84.6	15.9 24.0	33.1 84.6
Non-current assets
Intangible assets & goodwill	1,558.3	1,517.3	1,536.8	1,517.3
Other non-current assets	10.9	11.2	9.9	11.2
Total non-current assets	1,569.2	1,528.5	1,546.6	1,528.5
Total assets	1,662.6	1,613.1	1,570.6	1,613.1
Current liabilities Trade and other payables	30.2	49.9	16.2	49.9
Shareholder loans	-	193.0	-	-
Other current liabilities Total current liabilities	5.0 35.2	6.7 249.6	5.4 21.6	6.7 56.6
Non-current liabilities
Borrowings	-	297.4	332.4	297.4
Other non-current liabilities	31.0	34.3	15.9	34.3
Total non-current liabilities	31.0	331.7	348.3	331.7
Total liabilities Net assets	66.2 1,596.4	581.3 1,031.8	369.9 1,200.7	388.3 1,224.8
Equity
Contributed equity	1,618.6	1,058.2	1,257.4	1,271.2
Reserves	-	7.6	-	7.6
Accumulated losses	(22.2)	(34.0)	(56.7)	(54.1)
Total equity	1,596.4	1,031.8	1,200.7	1,224.8

Statutory vs Prior Year

• Cash and cash equivalents in Jun-21 below Statutory Jun-20 position due to a pre-IPO repayment of shareholder loans in

• Jun-21

• Other current assets increase largely attributed to A$21m held as agent for Land Titles Offices due to increased volumes on 30 Jun-21

• Shareholder loans of A$193m at 30 Jun-21 reflect the residual shareholder loans outstanding following the initial pre-IPO repayment noted above. The residual amount was repaid on 1 Jul-21

• Trade and other payables also include the A$21m offsetting payable as agents for Land Titles Offices noted above

Pro Forma vs Prospectus

• Proforma adjustments include primary capital raised at IPO and subsequent repayment of remaining shareholder loans

• Cash and cash equivalents growth over Pro Forma Dec-20 driven by strong performance EBITDA in 2H FY21

• As above, other current assets / payables increase largely attributed to A$21m held as agent for Land Titles Offices due to increased volumes on 30 Jun-21

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The PEXA Exchange was developed over eight years in collaboration with key market participants and has reached a critical mass p p

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1
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Reserve Bank of Australia
n Facilitates the settlement of funds
9,400+
Small and medium practitioner firms
n
High levels of adoption amongst legal and
conveyancing firms (practitioner firms), supported
by the development of customised products and
support services
– PEXA Plus
Includes the PEXA Plus interface, which
PEXA Projects
specifically targets practitioner firms PEXA Planner[…]
PEXA Key
n
Strong base of repeat users with 82% of
practitioner firms having completed 11 or more
transfers as at March 2021
n
Increasing brand recognition and market leading
trust, with brand trust increasing from 7.9 to 8.7 in
PEXA’s bi-annual brand sentiment survey
API Layer
1m p.a. +
Consumers (buyers and sellers)
n PEXA has facilitated transactions for over 1 million
consumers in the past 12 months (via other
participants)
n
Additionally, PEXA has a connection with
thousands of consumers per month through PEXA
Land Titles State Revenue
Key , a proprietary mobile application for iOS and 6 5 [1]
Office Office
Android which offers:
– Reduced risk of fraud by enabling secure n State Revenue Offices and Land Titles Offices all have
communication separate systems which required significant time and
–
Near real time settlement tracking information investment to integrate onto PEXA’s platform
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70+
Developers and large practitioner firms
n
Deployment of PEXA Projects specifically targets
efficiencies for multi-lot projects for developers
–
Complete activities in bulk
–
Central location to view all workspaces associated with
a project
n
Member of the Urban Development Institute of
Australia enabling PEXA to keep abreast of sector news
and agendas
160+
Financial institutions
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• n Financial institutions connected to PEXA represent most of all mortgage lenders in Australia

• n PEXA caters for key lender types: Authorised Deposittaking Institutions (ADIs) and Non-ADIs

• n Visibility on upcoming settlements in an aggregated view using PEXA Planner

• n Highlights the actions required to settle on time to enable better resource and work planning

• n Allows financial institutions to standardise their settlement process across jurisdictions

Notes: 1. There is no requirement for SRO integration in ACT

32

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PROPOSED INTEROPERABILITY MODEL

• Strong focus on relationships with government, land titles offices and state revenue offices

• Providing property market insights to government

The Interoperability Operational Committee has endorsed a number of principles to guide the development of the model, including that confidence in digital conveyancing is further strengthened, transactions need to be efficient and secure, and any solution must be implemented in a manner involving least disruption to industry

• Assisting government with important reforms e.g. Stamp Duty

• Assisting regulators and government to deliver interoperability

• Supporting the objective of enabling competition in digital property settlements

• Industry working towards a pilot interoperable transaction in QLD in CY22

Notes: 1. API = Application Programming Interface

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pexa.com.au