Silverstone Capital LLP Comments on the ISS Opinion and Keystone Response

LONDON--Today Silverstone Capital LLP (formerly Rockhampton Management U.K. LLP) sent the following letter to Keystone Automotive Industries’ Chairman of the Board:

Dear Mr. Foster,

We note the conclusion of ISS (Institutional Shareholder Services Inc.) that the proposed acquisition of Keystone Automotive by LKQ Corp. does not warrant shareholder support. We have also noted the company's response, which points in particular to matters concerning State Farm and design patent challenges. Relative to prior public commentary, it appears to us that the company's position on these two items has altered materially. Finally, we note that the company intends to speak directly to investors regarding these matters. We look forward to hearing the company's views presented in a public forum.

Once again, we urge the board to consider a leveraged recapitalization of Keystone and an expedient execution of the current business plan, or else renegotiate a significantly higher price for this deal.

Yours sincerely,

Silverstone Capital LLP

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By: Saul Rubin, its member