Shareholders, page-16

Hi Mohnish,

First of all I'd like to thank you for spending time here and doing what you can to help explain our current situation. I get the impression your going against the company's - or those associated with the company - advice to be here. It seems like your acting on principal and for that you have my utmost respect.

I've worked in the corporate world before but after a few years I just could not stand it any longer. I was always someone who believed the job came first and people's egos were second. I liked to believe we were all working together for a common goal but soon learned this was far from the case. I found that many, who were in much higher positions and had little to do, were only interested in promoting themselves and what they could get financially out of the company. Their egos clouded their ability to run the company and the people below them efficiently. Therefore, it bothers me greatly when you say that people ask you, "Why do you bother with mums and pups?" This tells me we are not all here investing in, or managing, a company for a common goal.

I know there are some here who understand our corporate situation much better than I but I also think Senderos has summed it up brilliantly when he says this is the most confusing company he's ever invested in. I'm starting to feel the same. I don't understand what Citi have do do with this, nor the influence of Cadmon. But what I do know is that corporate infighting, or greed, can easily tear a company apart. Greed and an over-inflated sense of one's worth can also be a highly dangerous thing, it's torn countries apart.

Therefore, what I would like to know is:

1) Who is saying, why do you bother with mums and pups?
2) What exactly does Citi have to do with this?
3) What is Cadmon's influence and have they compromised the buyback deal?
4) Do you think there's a likely hood that TSN might still buy back TSI?


I do understand that you may not be able to answer any or all of these questions but what I want you to know is, these are probably questions that would be in the minds of all us less savvy investors. I try to read between the lines but, as you could probably guess by this post, I've given up.

Since being here I've learnt a lot about the banking industry and the products that go with it. I'd like us all to get back to focusing on the things that will drive this company's future but its getting obvious that this can't happen until other things are sorted out. I have no intention of throwing in the towel yet as I still believe TSN/TSI can be a great story but unless we get some info either before or during the AGM, it's going to be hard not to walk away. There's just to much BS here. Perhaps the only thing that would stop me from going, without good info, is that I think maybe that's exactly what TSN want. They want us smaller investors to just go away.

When I think about the corporate world and the manipulators that are in it, I'm always reminded about a famous quote. "The first shall be last and last shall be first."

Cheers

Rhama