Ann: Further Upgrade to FY24 PDP Investment Guidance, page-4

Agreed - results are all that matters. The current market sentiment toward PDP ledger buyers cannot be avoided. The market darling for some time CCP is suffering SP doldrums and that is despite it having a consumer lending arm. I am saying the potential is likely there for PNC based on KJ's forecasts but the past 3 yrs results have not been startling, the new funding still needs to be in place and the PDP purchases momentum needs to be ongoing and certain. PNC is not unlike all other financial businesses it's success is reliant upon the overall improvement of the financial macro environment. There is still uncertainty within that environment and that is a barrier for a lot of investors. Does PNC have a profile which differentiates it from its competitors? - KJ thinks it does. So do your own research, establish the risk/reward available and gauge whether it meets your risk appetite.