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u ~i ts~ss os: oo F'.~.e sus saa ssos K.-~i ssit ti'GVTURes i~IINLJTES OF THE BOARD OF DIItECTORS MEETING KAISER STEEL RESOURCES, INC. APRIL 5, 1993 Daniel N. Larson Reynold C. MacDonald Charles E. Packazd Lyle B. Stevenson Thomas S. Rabone Richard E. Stoddard Marshall F. Wallach Mr. Stoddazd took this opportunity to express the Company's sincere appreciation for the dedication and effort of Nick Rickazd and for his service to the Company since the early days of the bankruptcy reorganization in 1987. Mr. Stoddard's endorsement was concur7ed in by all members of the Boazd. A brief discussion ensued regarding Committee assignments, including the appointment to the Boazd of Directors of KSC Recovery. After brief discussion, it was agreed that Committee assignments and KSC Recovery Board positions would be handled at the June 14 Meeting of the Board of Directors following the election at the Annual Shareholders' Meeting. Corporate Name Change Mr. Larson gave a brief introduction to the Company's u6iization of Kaiser Steel Resources as its name following t1,e reorganization in November 1988. Mr. Larson also reported on feedback that the Company had received from its investment bankers, financial analysts, and investor relations specialists as to the value or liability associated with continued use of Kaiser Stce] Resources for its corporate identity. Mr. Lazson indicated that there was near unanimous recommendation that Steel should be deleted from the Company's name because of its potentially misleading chazacterization and confusion. On the other hand, there was very strong endorsement that Kaiser should be retained and that Resources was a descriptive and positive attribute for identification of the Company. Based on this input, it was the recommendation of Management to change the name to Kaiser Resources Inc. After a brief discussion, Mr, Cole moved to submit to the shareholders a name change from Kaiser Steel dooa 3