AFR page 57

I had great fun reading "No carats, plenty of stick" this morning, a splendid example of journalism that indeed belongs in a Rear Window. Just a few minor errors and omissions to correct:

- KDL bought Ellendale in 2013, not 2008.

- We paid 250k, not 14.3 million. The rest was paid out of Ellendale earnings and cash deposits left to us by previous owners. So far it paid us back many times over.

- We then bought Lerala for 15% script dilution - it now has NPV of $72 million.

- We did explain why we are raising cash.

- Minsk is not in Russia, stupid!

Alex Alexander
Chairman, KDL