what i would have done, page-7

joffa,
read #3

In recognition of the change of ownership structure at KML, Ansteel and Gindalbie have previously agreed to
amend various terms of the Karara Joint Development Agreement. While these amendments have yet to be
formalized, it has been agreed that:

1. The KML Board will be increased in number from 4 to 5 Directors – 3 from Ansteel and 2 from Gindalbie
2. The Chairman of KML will be one of the three Directors appointed by Ansteel and will have a casting vote at KML Board meetings;
3. All Board decisions are to be made by ordinary resolution of the Board apart from decisions concerning the pricing and quality of product sold by KML to Ansteel, concerning any amendment to existing off take sales agreements and concerning the pricing policy of KML product. These matters require unanimous resolution of the Directors of KML.