Correct Answer: Madhav exclaimed that it was a wonderful ride.

Solution : The correct choice is the first option.

Indirect speech, also known as reported speech or indirect discourse, is a way of reporting what someone else has said without quoting their exact words.

The steps of conversion are as follows:

• The reporting verb "said" is changed to "exclaimed" to emphasise the exclamatory nature of the sentence.
• There would be no change in the tense of the reported speech.
• The connector "that" is used to introduce the reported clause.

Therefore, the correct answer is: Madhav exclaimed that it was a wonderful ride.