As with any forward-looking analysis it comes with a necessary caveat: this is not a projection of future annual returns. Rather, it is our assessment of the value we believe we can receive on exit. We believe our assessments are conservative and grounded in today’s reality, not based on hopes and dreams that the underlying businesses will sell more widgets or increase their profit margins. For example, despite our conviction that we are currently owed — and should ultimately be paid over $300 per $100 face value Crystallex bond, we have instead shown a target almost 30% lower. We have not priced our end-goals to perfection. In any investment, there are a range of potential outcomes; the values in this table reflect our low estimate of that successful range.