tay's letter to shreholders, page-4

Trying Again, hopefully this cleans this up.

7th March 2011

Dear Shareholders
I would like to comment on the recent Circular the Independent Board Committee (IBC) circulated to
Dynasty shareholders. I have taken legal advice on the misleading and incorrect comments in the
Circular and have been advised that some of these comments are also defamatory. As such I am
considering bringing legal action against the IBC and Terry Gygar for these comments.
Before commenting on the Circular, I would like to bring the focus back to the reasons for calling the
EGM, which is strictly driven by my concerns for the future of Dynasty. I also believe that shareholders
(of which I am large one myself) deserve a Board where all Board members have the necessary mutual
confidence and trust in each other to operate harmoniously and effectively to increase shareholders
value.

Changes in the Dynasty Board
The Circular made no mention of the pressing issues facing Dynasty, it is simply a smear campaign
against me, intended to take the focus off the main issue, i.e. future of Dynasty and the best way to
ensure optimum returns to shareholders.
As I stated in the Notice of Meeting, Dynasty urgently needs to have a WA based exploration team and
experts in metallurgy and mine geology to take the Spear Hole deposits to the next stage.
I propose that Dynasty:
1. Fast track the exploration to identify the high grade DSO targets to compliment our billion
ton detrital project;
2. Examines the infrastructure solutions best suited to the project; and
3. Undertakes a pre;feasibility study in relation to the project.
I have extensive contacts in China and South East Asia, which I am confident will be useful to Dynasty to
secure any major future funding that maybe required and I believe that with the proposed Board
changes, we can transform Dynasty into the company we all hope it to be.
If you support my view for the future of Dynasty, I would appreciate your support by voting for the
resolutions that I have put forward in the Notice of Meeting. I firmly and sincerely believe that this is the
best way forward for Dynasty.
I have acted and will continue to act at all times in the best interests of Dynasty and the shareholders.
Whilst I view the comments in the Circular as secondary to the main issues, to ensure that shareholders
are fully informed I comment on them below.

Share trading
The shares in Atlas Iron (500,000) and Poseidon Nickel (227,978) were allocated to Dynasty as
consideration for the sale of some exploration tenements to these two companies, which occurred
before I was appointed to the Dynasty Board; Dynasty also subscribed a further 1,800 Atlas shares by
participating the Shareholder Purchase Plan.
The Dynasty Board unanimously approved the investment of $300,000 in Fairstar Resources in 2009.
These transactions were recorded on page 57 of the 2009 Annual Report.
In 2009, the Board instructed me to orderly cash in Poseidon Nickel, Atlas Iron and Fairstar Resources,
By 23 February 2010, the time of the mentioned Board meeting, I had sold out 501,800 Atlas Iron
shares, with the remaining portfolio worth around $245,000.
I note that my trading of the remaining shares, without any additional capital injection, returned a
$72,343 profit to Dynasty plus a net holding of 2,546,099 Argonaut Resources shares. These Argonaut
Resources shares were valued at around $250,000 at this date. Please note that Dynasty has not at
anytime ever owned 4 million Argonaut shares as stated by IBC.

Use of my personal PO Box
Dynasty has at all times been kept aware of the Share transactions, with the share trade statements /
ledgers being forwarded to the Company Secretary at his business office for the preparation of the
Quarterly reports, which had been the practise for the previous 12 months .
Dynasty was and is still temporarily sub‐leasing office space in Sydney , the use of my personal PO Box is
therefore nothing more than a temporary measure until a permanent office address could be provided,
or a Perth office has been set up.

My qualifications
Kin Yu Cheng is the Cantonese spelling of my Chinese name when I lived in Hong Kong, while Kian Loo
Tay is the spelling of my name in Hokkian. I have always been known as Lewis, and in 2002 I formally
changed my name at the Australian registry to be known as Lewis Tay, to be consistent with my
Singapore family, a practice consistent with many people of Chinese descent.
Due to the length of time that has passed since I obtained my university qualifications, I incorrectly
listed my qualifications as a Bachelor of Science rather than a Bachelor of Applied Science and
inadvertently did not inform the Board that the degree would be listed under my previous Cantonese
spelling.
I shall be pleased to answer any queries or provide any clarification required on 0433 166 818. I
respectfully remind shareholders to remain mindful of the reasons given in the EGM notice and not to
be unduly distracted.

Sincerely Yours

Lewis Tay