Ann: Updated FY22 Guidance, page-14

I know the figures are not static and would include both new purchases and payment arrangements finalised either early or in the normal course of business but the return of capital appears to be over an 8 year period on the basis of liquidations shown as being about 12.7 % per annum of purchase price. That is a bit longer than the figures they normally quote for their payment arrangements which is 4-6 years. Most banks and finance companies would have a faster return of capital on their personal loans than this. It does surprise me a little but I imagine that the arrangements have been largely set by the PDP seller and not PNC. But I do agree that a wall of payment arrangements is far better than a pile of PDPs on which a lot of hard work is still required when the costs are high and resources are low.