Ann: Notification regarding unquoted securities - KZA, page-9

My personal comments on management and the board:

- all the studies are being done by independent bodies, so what does mgmt do specifically the CEO and other senior positions on day to day basis? There is nothing for them to manage and being paid at the level they are? Why can you not align the work that is needed with the state of the developing company with the skills that are needed right now just simply oversight and looking for ways to ensure it is properly funded. You do not need to pay a CEO the level of compensation in place right now for example - what are they doing 9-5?
- the board also has not performed in providing oversight and direction to management along the lines of what is strategically important at this stage of the company. Specifically skill sets necessary for senior management in guiding the company and hiring the right people with these skills and aligning a compensation structure to match the work being performed and the developing stage of the company with available funds.
- In my opinion the board has performed poorly and specifically on execution of strategy.
- both the board and mgmt have not performed well in setting up proper oversight and reporting of all the studies. Independence of the studies is excellent as it brings credibility but you need regular interval reporting with concrete data at those reporting timelines. You can not just continue to state it is delayed. Rightfully people, investors, have put their money at risk and need timely information to determine is it worth continuing to support the company.

My 2 cents as I am long term but frustrated investor right now.