Ann: FDV LATAM strategy update, page-6

Thanks for the articles. Clearly the macro backdrop is not conducive to blockbuster volumes in these markets at the moment (nor anywhere else for that matter).

However, every ill-funded competitor that goes out of business is one less for FDV to compete against - I believe the comment was made on a recent shareholder call that they had noted that some of FDV's competitors were now facing funding squeezes.

On the structure of the deal - minimal dilution for cash preservation, AND a vote of confidence from local management that they are bullish on the medium to longer term future of the business...after all, they could have just taken the cash and headed for the exit if they believed the outlook was that bleak. This would have left FDV with a funding problem, for sure. CEO has been flagging some such deal to alleviate this situation for a while now.

I agree with Adimadis in that they have done a good job managing the businesses to date, albeit with a favourable macro backdrop. Macro conditions will undoubtedly have an impact - let's see how they navigate the business through the next 12-24 mths.

They've got cash on BS of c$28m and a current contingent liability which is now covered at c$19.75m after this deal, so it gives them some breathing space whilst they weather the storm.

NASDAQ listing shouldn't even be an investment consideration at the moment, IMHO. The business needs to be sound first!