Ann: Dividend/Distribution - TNE, page-11

On yesterday' s conference call on the question of future acquisitions Ed confirmed looking for more product acquisitions that drive the IP deeper into the verticals they serve. Mention made that TNE receives many approaches from other companies but there is an extremely high level of due diligence undertaken ensuring money isn't squandered.

On the topic of price rises linking to CPI the company was resolute that CPI rises are passed on without any complaint from their user base.

On the level of available cash which continues to build north of $150M at the end of the year the question of what to do with it was raised- buy backs, special divs etc. Ed's response was classic TNE " Isn't it great to have such a strong business churning out lots of cash- we won't squander it and we continue to look at ways to utilise capital management alternatives. We have a war chest to acquire businesses that makes sense that are in that sweet spot"

My impression after listening in is the TNE management are extremely confident in themselves (and the business model) without any hubris or arrogance- They know they are shooting the lights out and they also know this will continue to happen for years to come.