Index: ps/trunk/source/graphics/ModelDef.cpp
===================================================================
--- ps/trunk/source/graphics/ModelDef.cpp
+++ ps/trunk/source/graphics/ModelDef.cpp
@@ -33,7 +33,9 @@
 
 void CModelDef::GetMaxBounds(CSkeletonAnimDef* anim, bool loop, CBoundingBoxAligned& result)
 {
-	std::unordered_map<u32, CBoundingBoxAligned>::const_iterator it = m_MaxBoundsPerAnimDef.find(anim ? anim->m_UID : 0);
+	const u32 animIndex = anim ? anim->m_UID : 0;
+
+	std::unordered_map<u32, CBoundingBoxAligned>::const_iterator it = m_MaxBoundsPerAnimDef.find(animIndex);
 	if (it != m_MaxBoundsPerAnimDef.end())
 	{
 		result = it->second;
@@ -47,19 +49,28 @@
 	{
 		for (size_t i = 0; i < numverts; ++i)
 			result += verts[i].m_Coords;
-		m_MaxBoundsPerAnimDef[0] = result;
+		m_MaxBoundsPerAnimDef[animIndex] = result;
 		return;
 	}
-	ENSURE(anim->m_UID != 0);
+	ENSURE(animIndex != 0);
+	CMatrix3D* inverseBindBoneMatrix = GetInverseBindBoneMatrices();
 	std::vector<CMatrix3D> boneMatrix(anim->GetNumKeys());
-	// NB: by using frames, the bounds are technically pessimistic (since interpolation could end up outside of them).
-	for (size_t j = 0; j < anim->GetNumFrames(); ++j)
-	{
-		anim->BuildBoneMatrices(j*anim->GetFrameTime(), boneMatrix.data(), loop);
+
+	const size_t numFrames = anim->GetNumFrames();
+	const float frameTime = anim->GetFrameTime();
+	const size_t numBones = GetNumBones();
+
+	// NB: by using frames, the bounds are technically pessimistic,
+	// since interpolation between frames can put vertices farther.
+	for (size_t j = 0; j < numFrames; ++j)
+	{
+		anim->BuildBoneMatrices(j * frameTime, boneMatrix.data(), loop);
+		for (size_t i = 0; i < numBones; ++i)
+			boneMatrix[i] *= inverseBindBoneMatrix[i];
 		for (size_t i = 0; i < numverts; ++i)
 			result += SkinPoint(verts[i], boneMatrix.data());
 	}
-	m_MaxBoundsPerAnimDef[anim->m_UID] = result;
+	m_MaxBoundsPerAnimDef[animIndex] = result;
 }
 
 CVector3D CModelDef::SkinPoint(const SModelVertex& vtx,
Index: ps/trunk/source/graphics/SkeletonAnimDef.h
===================================================================
--- ps/trunk/source/graphics/SkeletonAnimDef.h
+++ ps/trunk/source/graphics/SkeletonAnimDef.h
@@ -96,7 +96,6 @@
 	// Unique identifier - used by CModelDef to cache bounds per-animDef.
 	// (hopefully we won't run into the u32 limit too soon).
 	u32 m_UID;
-	static u32 nextUID;
 };
 
 #endif
Index: ps/trunk/source/graphics/SkeletonAnimDef.cpp
===================================================================
--- ps/trunk/source/graphics/SkeletonAnimDef.cpp
+++ ps/trunk/source/graphics/SkeletonAnimDef.cpp
@@ -28,19 +28,22 @@
 #include "ps/CLogger.h"
 #include "ps/FileIo.h"
 
+namespace
+{
 // Start IDs at 1 to leave 0 as a special value.
-u32 CSkeletonAnimDef::nextUID = 1;
+u32 g_NextSkeletonDefUID = 1;
+}
 
 ///////////////////////////////////////////////////////////////////////////////////////////
 // CSkeletonAnimDef constructor
 CSkeletonAnimDef::CSkeletonAnimDef() : m_FrameTime(0), m_NumKeys(0), m_NumFrames(0)
 {
-	m_UID = nextUID++;
+	m_UID = g_NextSkeletonDefUID++;
 	// Log a warning if we ever overflow. Should that not result from a bug, bumping to u64 ought to suffice.
-	if (nextUID == 0)
+	if (g_NextSkeletonDefUID == 0)
 	{
 		// Reset to 1.
-		nextUID++;
+		g_NextSkeletonDefUID++;
 		LOGWARNING("CSkeletonAnimDef unique ID overflowed to 0 - model-animation bounds may be incorrect.");
 	}
 }