Some comments. Page 1: Cash EBITDA increased 16.4% for the 9...

Some comments.

• Page 1: Cash EBITDA increased 16.4% for the 9 months.
• Page 2: “the groups sales of financial products are heavily weighted to the last quarter …..the Group expects to derive significant cash inflows from operating activities in the final quarter and reaffirms its guidance for Cash EBITDA for the year …between 5% and 10%”.
• Either TFC will incur far greater expenditure during the last quarter to reduce the Cash EBITDA to 10% or TFC will report a Cash EBITDA greater than 16%

• No update on the pharmaceutical investments or the sales of Galderma. Is this because ‘no news is bad news’ or because TFC is waiting to buy back as many MIS interests as possible before it releases good news.

Some questions.

1. Does the $510,000 revenue in note 16 under Pharmaceutical refer to the sale of the Galderma?
2. In Note 7 does the External MIS Grower Interest refer to TFC’s entitlement to a share of some MIS grower’s harvest because the grower deferred their annual fees?
3. In footnote ii to Note 7 what are TFC’s direct interest in MIS projects? Is this where TFC has purchased MIS allotments from growers?