Ann: Kibaran Presentation Indaba 2015, page-17

Just a quick point to clarify my position. I don't get to check HC as often nowadays, due to other (personal) things to sort out.

1. I have sold down (compared to others) a relatively large portion of my position in Dec/Jan. Shumbi is correct to note that private reasons are private reasons, but Tangible is also correct to wonder what the reason is, if that reason is due to company reasons (i.e. some bad news anticipated, and therefore some people are selling). For the record, I have had a personal issue, completely unrelated to KNL, that has seen me sell down in Dec/Jan. For those who have looked at the charts, you'll know that that means I've sold down almost all that at sub 20c, which is not ideal, and would realise that I would not have taken that step willingly. However, there are a few things more important in life than money. It's hard to remember that in the confines of the share trading/investing "game", but I assure you, when you need to use it, you need to use it.

2. Also for the record, Tangible makes the point that privacy is a concern. As some investors (probably not traders) may have, I have multiple accounts (2 company, 2 personal, 1 super). In aggregate, while my holding is definitely (and unfortunately) reduced in recent times, it's still sufficient to be in the Top 20, but it will no longer show up accurately.  I am still a big believer in KNL, am still a long term share holder, and will still be closely watching the updates, and talking regularly with management. I'll even be posting more regularly on HC, from about March. The fact I haven't posted on any other significant investment should provide a clue that I am still a believer. The combination of buyers, a two mine strategy, unique large flake Tanzanian deposits, and a management team that is all about substance, not style, means that Kibaran retains my primary investment in the graphite (or indeed, ASX) space. Let's just hope the damn wider macro market for small-caps starts to recover, so we can see the fruits of our investment. Regardless, I still maintain, this is likely to be a Disallowed by the time we get into production. But it will still be a choppy ride getting there!

Regards to all,

Pavbar