Operations Update, page-283

TSN is a holding company, as it stands it's only real asset is the shares it holds in TSI. As we all know it holds 24.98% of the ordinary shares of TSI with CX partners holding the majority share.

The value of TSN is not in the present value of future dividends but rather the underlying value of TSI itself. As has been discussed previously TSI will likely go for an IPO or trade sale later in the year. This is the value of TSN's asset that we have all invested in. As for any share, if the underlying asset increases the value of the share increases. So in this circumstance the higher the value of TSI itself the higher the value of TSN as a holding company.

I believe someone brought up an example of a similar company to TSI in the past that managed less atm's than TSI currently does that was purchased for $250million almost 10 years ago, i'm a bit vague on those stats so please correct me if they are wrong.

Our 25% stake in TSI is what the underlying value is in TSN. If TSI were to be valued at $250 million, TSN would be valued at $62.5 million upon trade sale. However, i believe this example to be grossly underestimated. Hope this helps to answer your question.

Graz