While estimation of the PMF is considered in other projects, there is a need in the application of a risk management framework to estimate the AEP of a PMF event. Current guidance is based on work by Laurenson and Kuczera (1999) who, in the absence of a conceptually sound and theoretically defendable basis, recommended an interim methodology. It is this interim methodology that will be reviewed as part of this project with the aim of developing a methodology which can be defended from a conceptual and theoretical basis. Reference ¿ Laurenson, E.M. and Kuczera, G. A. (1999): Annual exceedance probability of probable maximum precipitation, Aus. J. Water Resour., 3(2), 167-176.