A message from CEO Andrew Hadley

Good afternoon members,

I would like to inform you that following the Special General Meetings held on the east coast yesterday and in Perth today, P&N and bcu members have, in the majority voted in favour of the proposed merger.

The Chair and Board of P&N sincerely thank you, our members, for your engagement with, and support of this opportunity that our Board unanimously support.

Subject to approval from APRA, together we will be a stronger organisation, while maintaining all the attributes that you value such as our customer-owned model, our member focused products and services, our local identity and our ongoing support of our region and community.

I respect that there would be some of you who were not supportive of the merger. I hope in time you will come to appreciate the benefits of the merger as we transition to a larger and stronger organisation while keeping our members at the heart of everything we do.

Apart from the member benefits outlined in our Member Information Documents, you should not see any significant changes in your day to day banking and you can be reassured that you should continue to enjoy the same service that you deserve and expect from your local team.

The next steps are to:

• Advise APRA of the vote outcome and seek official approval of the transfer of business of bcu to Police & Nurses Ltd.
• Commence Day 1 as a merged entity to be confirmed (tentatively planned for 1 November).
• Provide you with more information over the course of the next month or so.

Should you have any questions, please ask one of our branch team members, phone our Contact Centre on 13 25 77 or send us your questions to [email protected]

I very much look forward to providing further updates in the future.

Kind regards,

Andrew Hadley