Ann: Response to Shareholder Letter , page-22

wow - it seems that KEY S/H have reacted to today's announcement with some healthy discussions. I think the Key (no pun intended) issue is the lack of transperence and the lack of respect the board has show to its shareholders, both major & minor.

I think the board expected that S/H would just laydown and accept anydeal that was proposed, however have now realised that this is certainly not the case.

As pointed out many S/H have poured in lots of cash into KEY, and in return all we want is management to do their best to return an acceptable level of return on investment. Afterall the KEY executives are well paid so it is not unreasonable to expect a certain level of performance that comes with being a director of an ASX listed entity.

Although directors are appointed to manage and advance grow companies wealth and prospects, their mandate to do so is only matched to their ability to successfully achieve this. When they have been found wanting from years of bad decision making that leads to only one option remaining, such as the Zeta Petroleum proposal, then its time for the the owners of the company (ITS SHAREHOLDERS) to step in and say enough!

The current board can't argue they haven't been given the opportunity or time to achieve reasonable outcomes!

The great thing about investing in an asx listed stock is that you can measure a companies performance through its S/H and portfolio of assets.

So before you cast your vote I urge you to please take the time to go through the track record of the current KEY board.

Cheers