We would like to update you regarding a few changes that have happened in the Mastercoin Board.

First, we added a few observers to the board:

Craig Sellars, our CTO, and Dominik Zynis, our Director of Bizdev, have been extremely helpful in navigating the strategic direction of Mastercoin. Nick Lambert, the COO of MaidSafe, has agreed to represent MaidSafe as an observer, and have already contributed meaningful insights.

Brock Pierce, an early Mastercoin investor, has chosen to step down from the board, in favor of neutrality and focus – please read his parting letter below. You can find the updated board structure on mastercoinfoundation.org.

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I have chosen to resign from the Mastercoin Foundation board after working with the project for nearly a year. I got involved by being an early investor in the project through the Exodus address. My belief and confidence in the project and team has not changed in the slightest. The team has done an amazing job pioneering the extensibility of the Bitcoin protocol and have made many significant accomplishments to date with many more on the horizon. I will continue to be large stakeholder in MSC. The reason for my stepping down is that I have reached the limit of the number of boards I can serve on and be effective. My partner Jonathan Yantis is already on the board of the Mastercoin Foundation so I know my interests will continue to be represented by him and the rest of the board. I look forward to continuing to work with each of you to make Mastercoin more successful. Thank you again for creating the opportunity to get involved.

Best regards,

Brock