Adjusting our IFRS 17 estimates Following investor feedback and observations of reporting under the new IFRS accounting standard from other insurers, we have adjusted our modelling of Prudential''s IFRS 17 PandL. The principal changes are a) we now assume a reduction in investment income in FY23 vs. FY22, reflecting the mark-to-market impact on the asset balances over the course of FY22; b) we estimate the CSM release as a % of average CSM over the course of the reporting period, rather than the end of period. The net impact is to reduce EPS by c.8%. No change to valuation, which is based on distributable capital generation These changes are purely related to the way we model the PandL under the new accounting standard. They do not impact our valuation, which is based on the distributable capital generation.