Ann: TSN Business Update on TSI India, page-10

The last few lines just confirm that the intent to purchase TSI has never faded, it was simply not appropriate to move on the purchase as the risk was too high given the changes and I applaud management for that decision at that time. Then no news re TSI was taken as bad news and all was lost. At no point was there an Ann stating the deal was dead, out right dead, in fact it was stated that although they had not gone ahead with the purchase at that time TSN still had first rights in place and management would monitor TSI.

That Monitoring now shows an improving position, less risk and a favourable business trend that will give management to leverage to go back to finance partners of previous attempt for a second crack.

Further more TSI have now grown and have better numbers than previously making an even stronger case for the purchase. Early 2018 may see a move made.