Article, page-24

SnowSigma

I'll certainly like to make some sort of assessment. Sadly we have not been given the particulars.

I believe the criteria to evaluating this deal is that the cost of finance in the Fortress SPV should be way lower than the FIG Deal. That is the Australian FIG source of finance. i.e. To treat this as a financing deal.

I suspect IMF-Bentham will talk this deal through, in the their descriptions, (when it comes?/soon to come?) on the likely future investment returns.

It announced on the 13 February 2017 this as an 'Investment deal'. But within the text its described as Bentham IMF Funding Vehicle i.e. a financing option.

I know this is nuanced, but Investment and Financing are not the same thing.

In some way the FIG loan is a low bar, as although that was a slightly cheaper financing deal, than earlier deals, but the structuring costs of that contract were high. I believe FIG would have been approachable to raise more debt, in the extreme - so I'll assume it as a benchmark.

The Financing component
• This is a bigger level of financing.
• It is American sourced & denominated

The Investment component
• Importantly, and tho' not as I'd first thought - that the US business currently implied in the Current US Case Investment - was to be 'sectioned off' into the SPV - yet ultimately all new US business will be. This means about USD $200m (AUD $263m) of Investment Capital (by estimate just under USD $2,000m (AUD $2,630m) new US case investment) will be "directed" over to the Fortress SPV over the next three years. With a liklihood beyond that time line too.

This is an enormous chunk of directed business - considering it has taken since 2001 to build up the IMF-Bentham Case Investment to AUD $3,370m.

These two objectives should NOT be smudged.

----------------------

Babymonster you compliment me!

Tho' please don't follow me!

Following anyone is a recipe to disaster, I am sure, as we are all unique investors, speculators or traders, that do not share 100% congruent objectives.

Besides I have a very good idea of what my portfolio does over the years... There has to be someone out there who reaches for higher stars.