Ann: Issue of Placement Shares and Appendix 3B-KBL.AX, page-42

I am not a noteholder but agree completely with Bill. To deliberately wipe out most of the equity of noteholders to advantage shareholders would be completely unethical. Don't forget what goes around comes around. I would be out of KBL as fast as I could if they tried to do anything like that. The first thing to look at in directors is an ethical track record. If they will shaft others, they are likely to shaft you!