Ann: Appendix 4E and Annual Report FYE 30 June 2022, page-4

There is no doubt that the late purchases of the PAs in particular has influenced the appearance of the P&L accounts and cashflow. Johns does make a brief mention of that within the Annual report indicating that liquidations included only a small proportion of the new arrangements. P9 of the annual report indicates just how transformational FY23 will be for PNC. Much of the foundational work has been carried out - it is now down to how well they can activate their planning and meet the targets. As he said the costs are highest during transformation and I would agree with that. As we both seem to agree the FY23 results will be telling - let us hope he has a few tailwinds to help him although they are not apparent in the current macro financial environment.