2005-10-05_GENERAL DOCUMENTS - C1981023

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MINUTES bF THE BOARD OF DIRECTORS OF KAISER VENTURES INC. June 17,1996. A duly called and regularly scheduled meeting of the Board of Directors of Kaiser Ventures Inc. (the "Corporatio l ") was held at the corporate offices in Ontario, California, on June 17, 1996. The meeting was called to order at approximately 10:30 a.m. (local time) by Richard E. Stoddard, Chairman! of the Board. The following Directors, constituting a quorum, were in attendance at the commencement of the meeting: Ronald E. Bitonti li,l Todd G. Cole Reynold C. MacDonald William J. Morgan Charles E. Packard Thomas S. Rabone Lyle B. Stevenson Richard E. Stoddard, Chairman Marshall F. Wallach Also attending the mei ting were Gerald A. Fawcett, President and Chief Operating Officer, James F. Verhey, Senior Vice President-Finance and Chief Financial Officer, Lee R. Redmond III, Senior Vice President-Real Estate, Pamela M. Catlett, Vice President-Corporate Relations and Terry L. Cook, Senior Vice President, General Counsel and Corporate Secretary. ii Mr. Cook served as secretary of the meeting. Report on Annual Meeting and Expression of Appreciation for Individuals Previously Serving on the Board of Directors Mr. Stoddard welcomed everyone to the Board meeting. Mr. Stoddard thanked those present for attending the Corporation's annual shareholders' meeting that had been held earlier in the morning. Mr. Stoddard reported that the shareholders overwhelmingly approved the election of the nine individuals nominated by the Board to serve on the Board of Directors for the ensuing year and the proposed changes to the Corporation's 1995 Stock Plan. Mr. Stoddard again expressed his thanks to those who served over the past several years on the Corporations Board of Directors, Cass Alvin, Ken Casey, Elmer Johnson and Dan Larson. A plaque was presented to each recent member of the Board present at the annual "k W900-k TZ:60 86. LT 933 60d 96S 3NO1SA3?0 86Z6TZL20Z