Ann: Appendix 4D and Half-Year Report, page-4

You will note that the SP keeps mirroring the approx NTA. The problem here is that investors see the borrowings compared with the market cap and do not look any further. There is no doubt that the metrics indicate high risk but I think there is some mitigation due to PNC's management being able to pull it through the debacle over the PDP valuations in 2018 and the operating history it has with dealing with Tier 1 clients mainly. It will get there and I think that the first milestone will be the increased profit afforded by the forecast rate reduction of the funding. The next could be the rerate due to the reduction in competition and the greater availability and consistency of PDP purchases. These are relatively long term plays so if you are looking for short term trades then you will only have a few pips to play with. I am still down despite being careful where I entered but not a lot and I am patient. It definitely looks better with every report.