Ann: Full Year Statutory Accounts, page-2

Hi all,

Other than what a few posters have already highlighted from today's announcements, here are a few points that stood out for me in today's Annual Report.

1. The company made sure to highlight TSI India current holding value of $15.34 million for FY2018. First time I've seen this highlighted since being invested here.

2. Dot point #3 regarding TSN's cybersecurity business strategy on page 4....

* research and development activities to create proprietary intellectual property.

3. The DCF model was interesting when comparing it to last year's Annual Report.

2017 - TSI investment fair value $9,750,000 based on 14,346 ATMs, with an additional 1,207 (total 15,553 ATMs) that were expected to be installed with the DCF model adjusted for this increase.

The transaction volumes per ATM machines historically ranged between 3000 to 6000 per month and the DCF valuation model had been based on a reasonable estimate of 4000 transactions per month per ATM machine.

Transaction volumes at ATM sites had been assumed to increase 4% year on year over the forecast period.

2018 - TSI investment fair value $15,340,000 based on 13,414 ATMs with no growth included in the forecast period. Big difference.

In this years Annual Report, transaction volumes forecast per ATM machines highlighted between 1000 to 5000 per month and the DCF valuation model this time did not include a reasonable estimate of transactions per month per ATM machine compared to last year.

Transaction volumes at ATM sites have been assumed to increase 5% year on year over the forecast period but this time what's included is a forecast for BillPay and E-Surveillance, assumed to increase 8% year on year. They haven't even scratched the surface with these two business lines yet.

Big big difference compared to FY17.

And considering what took place with demonitisation, I think this was extremely pleasing to see. Here's a comparison of the last four years based on the DCF valuation model.

2014

Percentage of TSI India
11.22%

Number of ATMs
1,584

Transactions volumes per ATM/per month
4,600

DCF valuation
$5,293,925

2015

Percentage of TSI India
11.22%

Number of ATMs
1,925

Transactions volumes per ATM/per month
3,600

DCF Valuation
$5,644,853

2016

Percentage of TSI India
24.89%

Number of ATMs
3,302

Transactions volumes per ATM/per month
4,000

DCF Valuation
$9,750,000

2017

Percentage of TSI India
24.89%

Number of ATMs
15,553

Transactions volumes per ATM/per month
4,000

DCF Valuation
$9,750,000

2018

Percentage of TSI India
24.89%

Number of ATMs
13,414

Transactions volumes per ATM/per month

Specific number not highlighted, only a wide range 1000-5000

DCF Valuation
$15,340,000

Tony