I'm going to attempt to illustrate (as best I can) just how...

I'm going to attempt to illustrate (as best I can) just how unique I think TSI India's business model is.

The company highlights on their website that their goal is “To build the leading electronic transaction and processing business in India”.

http://www.tsiplc.com/our_goal.asp

What are the multiplicity of services that TSI India offer and what holds these all together?

Let me use the analogy of a solid tree.

The solid tree = TSI India's managed services platform.

The branches on this tree have certainly increased in just a short space of a few years. There are now many strong solid branches on this tree of ours with potential for more.

* Solid branch #1 = ATM managed service suite.
* Solid branch #2 = White Label & Bank ATM Deployment.
* Solid branch #3 = Bill Payment Solutions.
* Solid branch #4 = E-Surveillance Solutions.
* Solid branch #5 = Energy Management.

These are TSI India's existing service offerings.

Page 11 of the recent Investor Presentation below highlights that TSI India's integrated product offering allows for multiple revenue lines to be drawn from the one network.

http://www.asx.com.au/asxpdf/20160808/pdf/4394wpqqhsjt1y.pdf

Let me give you an example of what this potentially means. Let'g go back to the first branch - Solid branch #1 = ATM managed service suite.

The 'ATM managed service suite' has provided the opportunity for the company to dramatically increase the number of ATMs it's now managing. With the Mphasis deal the company have skyrocketed from 2,000 odd ATMs to 14,000 ATMs that they are currently managing.

Here's where it gets interesting. That one solid branch #1 ie: 'ATM managed service suite' can branch off to new 'sub branches' that allows for....

* Multiple potential partners to join the 'ATM managed services suite'. Few examples are - Mphasis, SREI etc..

* Multiplicity of potential services & revenue lines from this one branch. For example - ATM deployment and managed services suite, ATM e-surveillance, ATM power management, ATM switching and processing, ATM reconciliation, ATM cash monitoring/management, ATM electronic journal etc etc. Refer to pages 3 & 4 of the May 2016 Operations Update below.

http://www.asx.com.au/asxpdf/20160502/pdf/436ykfjrnbyg1y.pdf

Back to the latest Investor Presentation... http://www.asx.com.au/asxpdf/20160808/pdf/4394wpqqhsjt1y.pdf

Page 11 also highlighted that each service can be independently marketed or collectively for increased pricing power. If we stick to the solid branch #1 example above ie: 'ATM managed service suite', these ATMs are already in the ground and operating (Mphasis 11k plus ATMs) or will be at a potential future date (as for example the potential SREI deal). What this potentially means is that as each service (sub branches) branches off the main branch, it's not going to cost them much (if anything) to add to that main branch is it? What it also provides is added firepower when negotiating for other potential partners/deals.

I've just illustrated what's potentially possible from just one main branch, now multiply that across the other four main branches above that are currently online. Who's to say there won't be more main branches branching off the solid tree?

I've never been more encouraged and excited with this business model.

Tony