ken's response and my follow up response, page-40

Gday thrumyeyes,

Firstly, I very much appreciate you taking the initiative on this issue on behalf of your fellow KEY shareholders on HC. Your email to Ken was extremely well articulated and respectful in many ways, and I am sure this is why he responded immediately to you.

Our views are very well aligned and like you, my position is purely based on what we actually "know" and not speculation.

Ken has a very good opportunity to nip this issue right in the bud if he wants to, with the Annual Report coming out later this week. If nothing appears, i doubt very much we will hear from KEY before the AGM. If the proposed placement is related to further developments with KN#1, we will probably get a heads up from Aminex in their capacity as owner of the JV.

In terms of Resolution 4 being voted down, I am not very confident. However our actions will send a clear message to KEY management that their shareholders need to be kept in the loop as much as possible in order for them to make informed decisions on any resolutions which are put forward.

Thanks again.

Cheers
R