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KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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worth of over $26  million.  In addition  to leading  Key  through its  critical
post-reorganization   period,  Mr.  John  strengthened  Key's  position  through
strategic  acquisitions,  including the acquisitions of Odessa Exploration,  the
WellTech West Texas assets and Clint Hurt,  and by negotiating  and  structuring
financings  for Key.  The Merger with  WellTech  now in progress is an important
step in positioning  Key as a leader in the well servicing  business.  Corporate
overhead  has  remained  low and  staffing  patterns  lean.  In these  and other
initiatives,  Mr. John has enhanced Key's ability to compete effectively and has
positioned  Key to  participate  in future growth in the industry and to enhance
stockholder value.

         The Compensation Committee believes that its current policies have been
and will  continue to be  successful  in aligning  the  financial  interests  of
executive  officers  with  those of Key's  stockholders  and Key's  performance.
Nevertheless,  the Compensation  Committee intends to continue to review whether
and how to modify its policies to further link executive  compensation with both
individual and Company performance.

                                                  Van Greenfield
                                                  William Manly
                                                  Morton Wolkowitz

         Shareholder Return Performance Presentation. Set forth below is a chart
comparing  the yearly change in Key's Common Stock against the S&P 500 Index and
the SCI  Production/Well  Service Group Index ("Peer Group") provided by Simmons
for the last three years.

                      1992          1993             1994            1995
                      ----          ----             ----            ----
Key                   100           200.0            171.1           231.1
S&P 500               100           110.1            111.5           153.4
Peer Group            100           133.9            104.3           133.0