Ann: Shareholder Update India Project, page-181

I do not believe the two statements are contradictory. Here's why:

'remain at arm’s length while the process runs its course' is relatively self explanatory. In order to show objectivity, ESI can't be involved in the decision making process.

'working closely with them to progress through this review' In my opinion, that is why AM's over there. They are setting it up (or more likely finishing up the setting up stage), as they are confident of a positive result. 'them' isn't the same people who are involved in the 'process'.

'while the process runs its course' is a little vague, in my opinion. The 'process' has, in fact, been running for a while and we have successfully leaped many hurdles, including legal.

The facts are that AM is over there 3 weeks of every month; this process has been going for a long time; it has passed legal review; the process is still running it's course. ESI is not involved in the decision-making (for obvious reasons).

My opinion is that AM is over there, overseeing the finishing touches. Why else would he need to go over there? Why now? I think it's because they are very confident of a positive result. We have overcome many hurdles, the biggest being the legal review.

'Hedging the facts?' That is a new one- I'm learning so much on this forum! In my opinion, hedging the facts is the only spurious one here.