Question: Recommendation on proposed IPO structure

Specifically, present recommendations on:

• gearing level you would recommend,

• dividend policy following the IPO,

• the mix of primary and secondary shares that should be offered at IPO;

• the impact on existing shareholders of the transaction costs and the expected IPO discount, and

• describe how the IPO and your proposed structure will help facilitate the exit of the shareholder and fund the growth project.

Present your recommendations on whether TNS should pursue an IPO or stay private? Outline the key factors that you have considered in reaching this recommendation.