In advanced English morphosyntax and indirect speech (narration) transformations, converting direct discourse containing complex modal structures, conditional clauses, imperative exhortations, and subjunctive moods requires strict adherence to structural constraints. Consider the following four advanced propositions regarding direct and indirect speech: I. When converting a first-class (realis) or second-class (hypothetical) conditional sentence embedded within direct speech (e.g., The consultant stated, 'If the market stabilizes tomorrow, we will launch the product'), standard tense backshifting applies to both clauses, transforming the protasis into the past subjunctive/modal-past and the apodosis into the conditional ('would'), yielding: *The consultant stated that if the market stabilized the following day, they would launch the product.* II. When a direct speech command is addressed to a group with an inclusive first-person plural hortative exhortation introduced by 'Let's' (e.g., The director proposed, 'Let's review the quarterly financial audit before proceeding'), the reporting verb can be appropriately converted to 'suggested', 'proposed', or 'urged', followed by a gerundial complement or a mandative clause with 'should' (e.g., *The director suggested reviewing the quarterly financial audit before proceeding* or *...that they should review...*). III. When reporting a direct speech exclamation expressing strong emotion or interjection (e.g., The exhausted climber cried out, 'Alas! We have lost our primary navigational equipment!'), the emotional interjection must be omitted, and the reporting clause must be reframed using an appropriate lexical matrix verb describing the affective state (e.g., *The exhausted climber exclaimed sorrowfully that they had lost their primary navigational equipment*). IV. When converting a direct speech utterance containing the counterfactual past subjunctive or modal auxiliary verbs that inherently lack a past-tense backshift form—such as 'could', 'might', 'should', and 'ought to'—these modal forms remain entirely unchanged during the narration conversion process. Identify the option that correctly evaluates the grammatical, syntactic, and semantic validity of propositions I, II, III, and IV according to standard English grammar and Indirect speech principles.