Project Flower Confidential

After careful deliberation, and in light of further information received, Ramesh Holdings withdraws from consideration as an applicant and submits the following in its place, grammatical errors notwithstanding.

Deal Memorandum

Structure
Proposed merger of equals, subject to audit by both sides
Pursuit
Mutual; a one-sided deal does not close
Sincerity
Higher than the format implies

Ramesh Holdings has reviewed Varadan & Co.’s standards with interest and, with respect, maintains higher ones of its own. What follows is disclosed because a firm this selective has nothing to hide.