Ann: Exclusive Option Agreement to Acquire Balance of TSi India-TSN.AX, page-30

Good morning team TSN.

Well what outstanding news to end this week with.

For those that need any further proof that this is the tightest ship on the ASX, there it is. This is a completely company transforming deal, that they have been working on for 6 months, and days before this announcement, nothing to even hint that its been inked. The SP has given us no clues.

All my conversations with Gary have been the same, this guy gives NOTHING away. I have spent 20 years working with hundreds of CEO's of listed companies and have never met someone like Gary. He is incredibly capable and very very honest.....a rare combination now days.

This deal will make the Indian duo managing this the 2 richest Indians I know....that's for sure. Even thought they paid up some decent cash (for India) a few months ago to buy shares in their own name, they are now being locked in via grant of script in the listed vehicle....very happy about that. This means management will now hold an even larger portion of the register. Making us very much aligned.

I met with Mohnish and Deepak in Sydney a few months ago and got to really understand how they operate. Both are ex Citi and are absolutely key in the success of this business....I am very happy they are being locked in like this.

When I met them, we discussed what the actual value of this 75% position might cost us to purchase....and our model had it priced far far higher than here. I walked away thinking there is no way they will pull this off for this price point. But I guess our bargaining position with CX was that it will be harder to sell no another buyer without these key TSN people (Gary included).

I am betting we start getting some updates now about what has really been going on in the private vehicle that we have agreement to acquire at a very very reasonable price.

Having had presented the investment thesis for TSN to around 8 separate fund managers who all gave me the same feedback regarding lack of transparency of numbers.....this corporate action completely de-risks this investment now....and I am confident the $1b market cap is now a real and achievable company objective.

Very very happy today.

Good work to all the believers.

10x