DELIVERING DISCIPLINED GROWTH

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Message: NI Price 17.25 US

For each ARU sh we recd 0.317 shs and 0.1429 Wt. Kinross determined ARU FMV on 29Sept08 = $5.91 Where did K get this fig as it's not a Closing price of any significant date ie end of Aug, 15Sept or 29Sept08.

the $5.91 price is the aggregate of the value of the warrants and shares we received.

the share price was $17.10 x 0.317 = 5.42

the warrant price was $3.41 x 0.1428 = 0.49

so the total value of the transaction was $5.91.



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