We have made a strong start to our transformation initiatives and are on track to deliver customer benefits and efficiency gains in 2024 and beyond. Our investment case is based on six key areas:

A new Chairman, Chief Executive and Chief Financial Officer are now in post, supported
by a blend of new and experienced Board members and a well-balanced Executive
Committee of new and long-serving leaders.

We know that financial security is a challenge for many people, and that this has
become a more acute issue in recent years. Supporting our customers with a holistic
proposition is central to fulfilling our purpose.

The consumer lending market is undergoing considerable change, marked by
economic headwinds, digital innovation, regulatory evolution and a socially motivated
drive towards financial inclusion. We are well placed to capitalise on these trends.

We benefit from a differentiated approach to our target customers and have carefully
developed propositions to respond to their needs. Assets to help us meet these needs
include the Snoop money management app and access to retail funding.

Our strategic initiatives cover customer centricity; insightful risk management; efficient
organisation; digital, technology, data and analytics; and people and culture.

We will measure our success through a series of customer-focused and financial measures. As a result of the strategic initiatives under way, we project an increase in adjusted return on tangible equity (ROTE) to ‘mid-teens’ by 2026.