30 August Timeline, page-79

Sorry, problem with link..........note answer 2.

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I have been in touch with Gary today.

While I am not prepared to disclose all of the conversation I can say the following based upon first hand knowledge:

1. The main reason for the delay in the TSI team coming out was due to the fact that TSN has reporting duties at the end of this month (TSN is a March year end) and there is a blackout period for “promotion” – however the first week of June is not locked-in.

2. Gary would be very keen to secure 100% ownership of TSI India as would the CFO & CEO of TSI (as noted yesterday, they have options in TSN). They (CEO & CFO) have also expressed a desire for further equity participation as they expect TSI to be a billion dollar company very quickly and hence want to be involved in the uplift.

3. Gary noted that they believe they have all the pieces of the jigsaw now that they have the managed services platform ... all the other revenue lines will be brought on to the platform and they will continue the expansion from 13,000 ATMs to the 50,000 ATM capacity on the network.

4. I got the strong impression that CX really wants to be part of this story in to the future and so is very keen to continue to partner with TSN (through a shareholding in TSN via a new fund I would assume).... I am not sure when the current fund has to wind up but I assume this will require CX to act soon.

What did I take away from this?

1. There will be some big deals coming soon but I don't think there will be an IPO unless CX and TSN cannot agree on a deal (I should note that this is just my opinion and Gary did not answer this question).
2. The growth of TSI is still in its infancy compared to where it will end up.
3. TSN may return to being the 100% owner of TSI with CX Partners still involved in the business (with all the flow on benefits we know that would bring).
4. I need to extend my line of credit ready to start buying again! lol

MartyW

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Cheers,

Jocko.