Ann: Response to ASX Query - Half Year Accounts, page-40

@Pioupiou I agree with the overall premise of your comments. The treatment of valuation of PDPs IMO should be consistent across all companies indulging in discounting past due debts. It is difficult to analyse the accounts of any company if they are not consistent in their methods of valuation - conservative or otherwise. There is no doubt that valuations will differ markedly across different portfolio purchases - Tier 1 debt being very different to the lower end of the spectrum which might contain a large amount of debts already considered irrecoverable. Having been both a bailiff in the field acting for a company and later a manager I am inclined very much towards PNC's methods and philosophy. Maybe even a little biased towards the company despite knowing that this is not a good strategy when investing. I need to also point out that my comments are in no way to be taken to indicate that I am aware of how Keith John is fair valuing his PDPs - just that I would prefer consistency.