Ann: Investor Conference Call Recording, page-32

I am not suggesting anything illegal is occurring or that anyone is a patsy. But but surely it is fair to point out that given the cash burn and heavy fall in share price I and some other posters have formed a view that it is unlikely that the new CEO (or anyone else) is going to be able to turn EXL into a profitable business regardless of any previous success and experience with other companies.

It is also a fair question IMHO why retail holders should invest their funds in the capital raise when the top holders aren’t doing so (and the top holder has restated his intention to sell part of his holding).

You have been calling EXL oversold, under valued etc. for quite some time, it is astonishing that you continue to maintain the faith despite such a large share price fall, significantly declining revenues and a regular steam of adverse announcements (including quite a bit of turnover, not of product, but of senior personnel).

What exactly is ‘the next level’ those behind the scenes are taking EXL? Those who followed your advice to buy at a much higher price than the 20 cent capital raise are probably desperate to try and understand...