Shareholders, page-69

Hi Lazarus,

You wrote;

I am also confused as to how a deal that made sense pre-monetisation is not now ready to be concluded, when the declared impact was minimal (2% if I recall) and that results are now almost back to pre-monetisation levels.

Yes, there was a dip in quarterly transactions of only 2.24% (refer to Operations Update dated 02/02/17), but you're only highlighting one metric. I too thought that this was quite ok at the time, considering they were right in the middle of demonitisation. If you have a read of the Operations Update dated the 01/05/17 the company highlighted that the March quarter came in negative EBITDA. Yes, it was only one quarter, but it still had a short term impact on the company. What caused this negative EBITDA result? It was most likely a combination of lower transactions as well as what was highlighted in the Operations Update dated 06/07/17 i.e., the mix of transactions between actual ATM enquiries and ATM withdrawals. Note, what was highlighted, that ATM outsourcing operators are paid a higher revenue per transaction than a balance enquiry and whilst both appear to be recovering well, I still think this is why the TSN board decided not to exercise or seek a further extension to the CX Option Agreement and to this day are still assessing, monitoring and evaluating the current business as it stands not only now, but also in the coming months ahead.

Tony