Building the Replacement Infrastructure for the World's Money

We grew our team to invest in growth and service customer demand. Notes: Comparison is FY23 to FY22 and FY22 to FY21. 2Other admin expenses comprise Marketing, Technology and development, Consultancy and outsourced services, Other administrative expenses, Depreciation and amortisation, Capitalisation. Administrative expenses (£m) Total Income 54% YOY¹ 495 FY23 YOY¹ 500 47% YOY¹ Other admin 46% 400 321 200 expenses² 300 218 137 200 76 295 100 142 185 Employee benefit expenses 60% FY21 FY22 FY23 45

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