Strong AGM Questions to ask?, page-2

Hi Mark,

Thanks for opening up discussion with questions for the upcoming AGM. Unfortunately I won't be able to attend the AGM, but here are some of my questions below, that I would be most grateful if you or others might be open to asking if you're attending?

You wrote;

"I'd like to know why they think they can promote an SREI deal with some fortitude, but never give an update on where this sits.."

We were given an update. The last we heard (02/02/17) is that this project has been delayed due to demonitisation, with 2-3 months required by SREI. Note, we're only a few months over that time frame, so hopefully the macro and micro environments have stabilised and project is back on soon. As of May 2017, the NPCI website below, highlights only 3 SREI WLA have been deployed. Hopefully the next update from management can provide a little more colour around whether they still require more time or whether it's just not on.

http://www.npci.org.in/nfsatm.aspx

My questions...

* Do TSN remain confident with re to TSI's business performance and progress post demonitisation?

* Are TSI cash flow positive and close to profitability?

* Do TSI still think one of their biggest risks are the currency exchange rate?

* The high rate of inflation in India in November 2013 was at an all-time high of just over 12% and is now sitting in the 2% range. Is this having a significant and positive effect on costs for companies operating in India such as TSI India? Is this already translating into earnings and what's the outlook over the short to medium term?

* What cost reductions & cost reduction measures have TSI India put in place post demonitisation?

* TSI India are managing and operating 14,346 ATMs, but how many of those ATMs are 'live and active' and have been during this seven months of turmoil?

* What are TSI's plans for the e-surveillance and power management business lines? Is the focus solely on ATMs or are they planning to branch out into retail and bank branches, now that certain trials have been successful? When can we expect full scale roll out for these trials and what percentage of each market do they believe they can capture?

* Is there an opportunity to out license TSI's e-surveillance and power management IP? If so, would this only be limited to India?

* Are the two revolutionary systems launched throughout India (UPI & BBPS) high on TSI's priority list to be a part of? Do they still potentially have first mover advantage in the area they're pursing and to potentially replicate this across all business clients? If so, when do they expect to be a part of these systems and what will this mean for TSI?

* Of the 35 plus banks that TSI are now working with, how many have now been 'approved in principle' for the BBPS and if so, what will this mean for TSI India?

* Have TSI India applied for the BBPOU license? If TSI don't qualify for the BBPOU license, can they still become an agent of an existing BBPOU?

* Is RAAS high on TSI's priority list? Do they still potentially have first mover advantage in the area they're pursing and to potentially replicate this across all business clients?

* What other potential organic and inorganic opportunities are TSI pursuing in the ATM sector and other business lines?

* Is the strategic tie up with SREI only limited to WLA's or is there potential scope to offer SREI digital solutions, now that the tie up with NOV has been successful?

* If TSN choose not to acquire the remaining 75% of TSI, where does this leave TSN in terms of leveraging power? No one can take away the business relationships that the company have formed over the past decade, even before CXP came onboard. Is this the so called 'leverage' that TSN are talking about on their updated website and in their company announcements?

* Could TSN's new business strategy present a potential opportunity for CXP to become a substantial shareholder in TSN?

* Have TSI approached venture capital arms of TSI's major Tier-1 banking and corporate clients?

* Is this something that TSN could also be open to discussing with venture capital arms of TSI's major clients, given TSN's new business strategy and the areas they're looking to pursue?

* Would an IPO listing for TSI India be a possibility? Is this something TSI are potentially considering?

Tony