Statement

A significant volume has been written in the media over the past few days regarding Incomlend and the recent case-in-attention. Given the nature of the reporting, we believe it is important to provide some clarification and context.

We are grateful for the understanding and patience shown by our investors, clients and other stakeholders and will provide further updates as matters develop.

Incomlend's Role and Platform

Incomlend does not itself act as a lender or creditor in the conventional sense. Rather, Incomlend operates a platform through which investors, in their capacity as funders and purchasers, may select and finance trade receivables presented on the platform, in accordance with their own portfolio mandates and investment criteria. Such receivables are, in turn, purchased by and held on trust for the benefit of the relevant investor, with Incomlend acting solely as facilitator in that regard. Where a recovery action becomes necessary, Incomlend acts on behalf of, and in the interests of, the relevant investors in pursuing recovery of the funds concerned.

Radiant Related Matter

We have noted, with due attention, recent media reports concerning certain trade finance transactions involving Incomlend. In the interests of clarity, and insofar as we are able, we set out our position below.

The matter concerns two shipments of iron ore sold by the supplier Radiant to the buyer Glencore, in respect of which Incomlend purchased the corresponding receivables at a discount, in the ordinary course of its business. It may be noted that similar transactions involving the same relevant parties had been financed on previous occasions, that appropriate due diligence had, been conducted on the parties concerned, and that payments in respect of those earlier transactions were duly and successfully received.

It is important to record that the documentation relating to the two invoices referenced to are subject to the court and police proceedings, but the relevant shipments were checked and actually carried out.

Recent media reports have referred to allegations contained in court filings and other publicly available information concerning these transactions. While Incomlend acknowledges that such proceedings and allegations are matters of public record, the reporting necessarily reflects the nature and scope of the information available at the time and should not be interpreted as constituting findings of fact or final determinations.

Incomlend considers that certain descriptions and characterisations do not capture the full factual and transactional context, and the matters remain subject to ongoing legal proceedings. We would encourage those following this matter and media reporting to reserve judgment until the full circumstances are properly and fairly established.

Public reporting has necessarily focused on information currently available through court filings and other public sources. Those materials should be considered in the context of the ongoing proceedings, which have not resulted in final findings or determinations.

Relevant Proceedings

Incomlend has filed a Statement of Claim in the relevant jurisdiction. The supplier and associated parties have, to date, yet to provide a substantive response to Incomlend in respect of the invoices.

As this matter remains before the appropriate legal process, and for reasons of legal and commercial confidentiality adherence, Incomlend is not in a position, at this stage, to provide further detail. We will, of course, share such further information as becomes appropriate and permissible in due course.

We are conscious that certain recent media reporting appears to summarise elements of official legal documents without the benefit of their full context, and that, as a result, some coverage may not accurately reflect the nature or circumstances of the matter. We would gently caution against undue reliance on such accounts.

This is, ultimately, a matter now properly before the relevant legal authorities, and one which is best resolved through that process rather than through public speculation.

Incomlend remains fully committed to protecting the interests of its investors and other stakeholders, and to pursuing all appropriate avenues available to it, to the fullest extent permitted by law and through such enforcement measures as may be available.

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