Opinions about ALB Scheme of Arrangement, page-269

Hi jm...the following is a copy of a footnote in a relevant section of the fact sheet on the Australian Super site...

"All investments in the AustralianSuper Member Direct investment option, including listed securities, Term
Deposit/s and cash will be registered in the name of JP Morgan Nominees Australia Limited, as custodian,
for AustralianSuper Pty Ltd as trustee of AustralianSuper. Consequently, members do not directly own the
investment in their own name which prevents them from being able to participate in certain corporate
actions such as Voting at Annual General and Extraordinary Meetings and Class Actions."

There is more commentary in the document regarding corporate actions, but it fails to mention takeover elections...One would think that such an important element of a direct investment would be allowed to be made, as indeed they are for participation in Share Purchase Plans and entitlement issues...

CORPORATE ACTIONS

" A corporate action is an action taken by a publicly listed
company relating to its securities. Frequently, corporate
actions provide investors with different options so that
each investor can elect the option they believe is best
suited to their personal circumstances (an ‘elective’
corporate action). Other corporate actions simply occur
(these are called ‘mandatory’ corporate actions).

When a listed security you hold through the Member
Direct investment option is affected by an elective
corporate action, AustralianSuper allows you to make
an election in relation to that action.

We will send you an alert through the platform and an
email with any actions that you need to take. You will
need to make your election through the platform before
the cut-off date. The dates pertaining to the corporate
action that you are provided may differ from any dates
you see within the prospectus or other platforms.

The platform aggregates all the applications made
by members who have elected to participate in the
corporate action and, through the custodian, submits
as a single application to the company/registry. This can
lead to differences in the way the platform may allocate
any entitlements that AustralianSuper receives through
the corporate action compared to the treatment for
a single individual investor outlined under the terms of
the corporate action and contained in the prospectus/
booklet accompanying the offer. An example of this
can occur when the corporate action is scaled back
due to high levels of investor demand."

My interpretation of this is that there will be an allowed election in the matter before us, but I cannot be sure. I have a significant holding in my "member direct" account and so I want to know and will pursue an answer tomorrow and report back.

regards
DF