Ann: San Quintin Financial Close, page-5

Investors should be encouraged with confirmation the business model is evolving.

1) Recurring revenue (warrants a higher multiple than one off sales)
2) Confirmation of ability to close (access to off balance sheet finance)
3) Government clients (higher credit rating)
4) Investing equity (alignment of interest, maximise returns)
5) The "potential" African contract will further boost confidence in the model
6) SQ will be a showcase for potential clients in the medium term
7) Infrastructure and ethical investing characteristics
8) A positively trending global thematic

While the contract was known and incorporated in this years forecasts, confirmation was critical.