KEWL Keweenaw Land Association Limited (PK)

Mr. Ronald S. Gutstein today made the following remarks in response to a letter to shareholders of Keweenaw Land Association, Ltd., a Michigan Corporation (Other OTC: KEWL), released March 4, 2008. Mr. Gutstein stated: �Management has consistently rejected our suggestions to increase shareholder value. We therefore were left with no alternative but to seek representation on the Board of Directors.� Mr. Gutstein continued: �We strongly believe that Keweenaw has the potential to generate healthy investment returns for shareholders. Unfortunately, current management seems unable to reach these goals.� Responding to statements made by Mr. Ayer concerning Keweenaw�s tax status, Mr. Gutstein noted: �In his letter Mr. Ayer states that as a REIT, Keweenaw would have to distribute 95% of earnings to shareholders. This was in fact true prior to 2001. Since 2001, however, REITs have been required to distribute only 90% of earnings to shareholders. Mr. Ayer and his advisors appear to be unaware of changes in the tax law made more than seven years ago.� Responding to Mr. Ayer�s claim that REIT dividends are not eligible for the favorable qualified dividend tax rate of 15%, Mr. Gutstein stated: �The Plum Creek Timber Company in its February 2008 press release states that its dividends should qualify for a 15% rate because the income generated by the sale of timber is considered long-term capital gain. In any event, all other things being equal, shareholders are always better off without the corporate double tax.� Mr. Gutstein continued: �We believe it is imperative that management seriously consider ways to increase shareholder value, including a reexamination of whether the company should become a REIT and working harder to exploit the company�s substantial mineral reserves.� Mr. Gutstein concluded: �We call on our fellow shareholders to help us move our company forward and enhance shareholder value. We encourage shareholders to look at the facts, and visit www.freekeweenaw.com in order to see other views. If you have any questions, please contact The Altman Group, Inc. toll-free at (866) 745-0270.� Ron Gutstein is a 1993 graduate of Colgate University. Mr. Gutstein was formerly the Director of Trading Operations of Investec Ernst & Company, the US subsidiary of an international, specialist banking group. He currently heads the NASDAQ market-making operation of Access Securities, Inc., which provides execution services for institutional investors. This operation at Access Securities, Inc. makes a market in the common stock of Keweenaw.