Shareholders, page-17

I, for one, have only been interested in TSN for the prospect of retaking control of TSI and then being part of the journey of building a dominant financial transactions enabler in India. Anything else was to be icing on the cake...but icing without cake is frankly unsustainable, IMO.

I am inclined to believe what Mohnish is implying, as it lines up with the facts that we have evidenced. More credible perhaps with the ongoing deafening silence from the Chairman or the new CEO. But, as Mohnish has also said, he represents the 75% - the selling party. He has not disclosed any CX incentives (if any) for getting an acceptable buyout. We know his incentives on the TSN side, but it may just not stack up. These incentives may not just be financial. No disrespect intended here Mohnish - as you have no obligation to us. I understand that your baby is TSI and that is where your loyalty rests - and the Citi boys control that destiny as of today - not TSN.

My previously stated voting inclinations have now been amended to NO on all resolutions. Unless of course we hear something official, substantial and credible from Chairman and CEO well in advance of the AGM. If it is a blue sky alternative to India, it is going to have to be spectacular and imminent. IMO.

Much to ponder.