AGM

Morning all,

just some things that I think I should share.

First, I want to say that as far as the business goes - I have never been more confident - particularly about 2017. I believe the business is on very solid ground and I am superglued into the seat - so, what I will say below has no bearing on my confidence in the business at all - nor on Nick or our team - I think they are all top notch.

That said - I will be today sending off my votes for the AGM resolutions - and, I will be voting 'against' the remuneration resolutions ie.  Resolutions 1, 5,6,7,8,9,10,11,12,13.

I have been mulling this over for weeks - and, in short - I think the package is wrong - at this stage.

After several discussions with other holders - I think the most succinct reason comes down to - 'this is a year too early'.

To me - this is like a country fair contest for the best bread rolls. Now - at this stage - I trust the baker - I believe the ingredients are top notch, I believe the equipment is the best, I can smell the rolls in the oven, I can see them - they look and smell great -------- but,

they are STILL in the oven. I cannot, in good conscience give the baker the blue ribbon for best rolls - until those rolls are out of the oven and I get to taste them. It's that simple.

There is no way that I think Nick is not doing a great job - I think he puts in 200% effort, 200% sacrifice and is 200% deserving  but, I am still travelling on faith here - until those numbers actually come in - then, I will consider remuneration beyond what is atm. or was.

I also believe that any and every director and executive - must EARN their remuneration - and, again - at this stage, I need to see evidence.

Although I understand that directors have little control over the share price - I think that the board should be well aware that the term 'long suffering shareholders' is very correct in this case.

There is no way that I wish to see a board spill - but, if these resolutions receive a first strike - then, we shall see what next year brings at the AGM and will have had far more time to truly access how the business is building. By then - IMO - we need performance - and I mean in the SP as well as the business.

I have thought for a while of abstaining rather than voting against - but, mainly that was to protect my relationship with Nick as I was unsure how he might react to a first strike. I have not spoken to Nick about this - but, I will in the next couple of weeks and my decision to vote against comes post a conversation with a person who has known Nick for a long time and knows him very very well and said that they were certain that Nick would understand my concerns and reasoning and would not let this action get in the way of a good relationship - so, I will go with my convictions and, to do otherwise would be untruthful.

So - that's it. As I am a strong supporter of AJX and post on this board often - I felt it necessary to many here who listen to my words to share what I think is important.

I want to reconfirm that I think the business is just amazing atm and I think that Nick is amazing and will stick with him though probably to the end of this story - but, I do not agree with these proposals that the board has put forward and I will vote them down as such.



all of the above is my opinion - I hope you all have a great day.

Pinto