Ann: Change in substantial holding, page-4

Given Kip McGrath and family own circa 35% of KME, they are well and truly in from their own equity perspective. I know that they would have their finger on the pulse to ensure if Editure are seeking an exit or reduction in exposure, management will be motivated to ensure Pie Funds Management or another investor takes up any available large allocation.

I have met the management team at KME on numerous occasions and they have a good sense of pride in the company (family name) and also each time I have seen them they mention the goal of providing a return for the patience of shareholders. Pie Funds Management have obviously been keen to take a position on where the business model has transitioned to and Editure have obviously played an important part in supporting investment into the business as it has transitioned and changed its model in recent years. Overall IMO active management with their own equity to protect also, and therefore I am sure they will be on the ball with any substantial transition of ownership interests.