4C Report - December Half Year 1/4 ly, page-11

Hi Greg

I base my determination on the quarterly CASE INVESTMENT PORTFOLIO disclosure that IMF-Bentham announces like clock work each quarter.

It is an estimate of a) the book build, b) the timing of the expected judgement & settlement c) the geography.

The maximum is the biggest they determine for the approximately twelve or so estimates for any particular book year. This aggregate builds up as cases accumulate, and then declines as cases are settled, judged, withdrawn or deferred into a later period.

The maximum - it may seem logical to guess is a slight understatement, as some cases I imagine come to resolution earlier than the year anticipated? I doubt it is material tho', and in any event would worsen my estimate's paucity.

I show the derivation of my figures, in shades of violet.

I show, by way of carrots, where your figures would slot in too.

Where do you get those figures?

I am not sure.