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0 x/10;'99 09:00 f:A\ 909 9aa 0(i U.i Ih:\ISE:12 \'G \'1'L112ES <br />11-IINUTES OF THE BOARD OF DIRECTORS MEETING <br />KAISER STEEL RESOURCES, INC. <br />APRIL 5, 1993 <br />Daniel N. Larson <br />Reynold C. MacDonald <br />Charles E. Packard <br />Lyle B. Stevenson <br />Thomas S. Rabone <br />Richazd E. Stoddazd <br />Marshall F. Wallach <br />Mr. Stoddard took this opportunity to express the Company's sincere <br />appreciation for the dedication and effort of Nick Rickard and for his service to the <br />..._._. _.........-w.._......~.,~._.__. <br />Company since the early days of the bankruptcy reorganization in 1987. Mr. <br />.., _.d.~.._...~...,.,.y,..~...~.w,..~.. ._...~_.....u~....,.. ,.~.N.,....,a..,,,.._,a,....~:.~,....~ <br />Stoddard's endorsement was concurred in by all members of the Board. <br />A brief discussion ensued regazding Committee assignments, including the <br />appointment to the Boazd of Directors of KSC Recovery. After brief discussion, it was <br />agreed that Committee assignments and KSC Recovery Board positions would be <br />handled at the June 14 Meeting of the Board of Directors following the election at the <br />Annual Shareholders' Meeting. <br />Corporate Name Change <br />Mr. Larson gave a brief introduction to the Company's utilization of Kaiser <br />Steel Resources as its name following the reorganization in November 1988. Mr. <br />Larson also reported on feedback that the Company had received from its investment <br />bankers, financial analysts; and investor relations specialists as to the value or liability <br />associated with continued use; of Kaiser Steel Resources for its corporate identity. Mr. <br />Larson indicated that there was near unanimous recommendation that Steel should be <br />deleted from the Company's name because of its potentially misleading characterization <br />and confusion. On the other hand, there was very strong endorsement that Kaiser <br />should be retained and that Resources was a descriptive and positive attribute for <br />identification of the Company. Based on this input, it was the recommendation of <br />Management to change the name to Kaiser Resources Inc. Afrer a brief discussion, <br />Mr. Cole moved to submit to the shareholders a name change from Kaiser Steel <br />~joo~ <br />3 <br />