Proxy Advisor Recommendation Against TNE Rem Report

Introduction

Proxy reports have been recently issued pertaining to Technology One Limited’s (ASX:TNE) Remuneration Report as follows:

~ CGI Glass Lewis – recommendation vote against Remuneration Report

~ Ownership Matters– recommendation vote against Remuneration Report

~ ISS - recommendation vote in favour of the Remuneration Report

The recommendation against the Remuneration Report is because the TechnologyOne Board exercised discretion pertaining to LTIs, that resulted in LTIs fully vesting.

TechnologyOne has been approached by Shareholders on this matter. We have issued this ASX statement to ensure all our shareholders are fully informed.

TechnologyOne believes that the recommendation by the Proxy Advisors does not take into account the real-world considerations faced by the TechnologyOne Board, as outlined below. (see attachment)

Board discretion occurred to avoid unintended and unfair consequences that would have had a profound impact on executive motivation and retention.

The Board believes executives should be acknowledged and rewarded for the exceptionally strong outcomes delivered during COVID19. Board discretion has not led to an unreasonable outcome. There is a clear alignment between shareholder rewards and executive remuneration after Board discretion.

We ask shareholders to consider the following information and vote in favour of adopting the Remuneration Report at the upcoming AGM.