Keweenaw Board of Directors Responds to Mr. Ronald Gutstein

Keweenaw Land Association, Limited (KEWL)

Although Mr. Ronald Gutstein sent a letter to the Board of Directors, dated April 16, 2010, he chose to put out a press release with the contents of that letter less than twenty-four hours after it was received by the Board and prior to giving the Board an opportunity to respond. Here then is our response that was sent to Mr. Gutstein:

April 21, 2010

Dear Mr. Gutstein:

This is in response to your letter of April 16, 2010. You allege that certain articles of incorporation and bylaws of Keweenaw Land Association, Limited (“Keweenaw”), voted on and approved over ten years ago, “may be invalid and should be repealed.” We, the Keweenaw Board of Directors, advise you that your allegations lack any merit.

As you know, Mr. David Ayer, Chairman and President of Keweenaw, does not “beneficially own” or “control” 30% of the Company, nor has he ever voted any such block of shares. His personal shareholding interest is, and always has been, properly disclosed. Many descendents of Frederick Ayer and his business associates, who founded the Company over one hundred years ago, own Keweenaw shares held directly or in a considerable number of trusts. Voting authority for these trusts is vested in the trustees and in the beneficial owners themselves, not in Mr. David Ayer. Finally, as you have been informed on numerous occasions, “Essex Street Associates” was the d/b/a for the Ayer family office, not the “owner” (in any form) of Keweenaw stock. So there is no misunderstanding, there has never been any transfer of Keweenaw shares to Essex Street.

Frankly, none of this information is news to you as you raised precisely the same allegations in your proxy and other mailings for the preceding two Keweenaw Annual Meetings. Our answer has always been the same. It is therefore unfortunate that you are raising “issues” for which you know there is no basis.

Sincerely,

The Board of Directors

Keweenaw Land Association, Limited

Keweenaw Land Association (PK) (USOTC:KEWL)
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