## Distribution Notice – 26 August 2022

Pursuant to the terms and conditions of the Capital Notes issued by Police & Nurses Limited (ABN 69 087 651 876) on 26 May 2022 (ISIN: AU3FN0069290), we provide the following Notification of Distribution Rate and expected Distribution.

### Cash Distribution

For the Distribution Payment Date falling on 26/08/22:

- The Distribution Rate (calculated in accordance with Condition 4.4 of the Capital Notes, as shown below in paragraph (a)) is 4.78464% per annum; and
- The expected cash Distribution (calculated in accordance with Condition 4.4 of the Capital Notes, as shown below in paragraph (b)) payable on that date per Capital Note is $904,493.59.

#### (a) Calculation of Distribution Rate

Condition 4.4(a) provides that the formula for calculating the Distribution Rate is as follows:

Distribution Rate = (3M BBSW Rate + Margin) x (1 – Tax Rate)

- The 3M BBSW Rate (at approximately 10.15am Sydney time on the first Business Day of the Distribution Period) was 1.08520% per annum.
- The Margin is 5.75% per annum.
- The Tax Rate is 30%.

The Distribution Rate is therefore 4.78464% per annum, i.e. (3M BBSW Rate + 5.75%) x (1 – 30%).

#### (b) Calculation of expected cash Distribution per Capital Note

Condition 4.4(a) provides that the formula for calculating the expected Distribution is as follows:

Distribution = Distribution Rate x Face Value x N / 365

- The Distribution Rate is 4.78464% per annum.
- The Face Value is $10,000.00.
- “N” means the number of days in the Distribution Period, being 92.

The expected Distribution per Capital Note is therefore $120.5991, i.e. 4.78464% x $10,000 x 92 / 365.

Payment of Distributions is in the absolute discretion of the Issuer and subject to no Payment Condition existing as at the Distribution Payment Date.

#### (c) Franking Credits

The Distribution will be fully franked.

In relation to the Registrar (Austraclear Services Limited) and Holders of the Capital Notes Distribution as a whole, franking credits are allocated as follows:

Amount of the Distribution:

- Franking rate: 100%
- Franked amount: $1,292,133.699
- Unfranked amount: nil
- Franking credit: $387,640.1096