Ann: Shareholder Newsletter, page-2

Well, the margin pressure was hinted at previously when they mentioned some discounting, im hoping it's not to significant but I think they are tackling it in a proactive manner. The letter had a feeling of suppressed positive information which has been lacking so I'm looking fwd to some contracts being signed. It's interesting the reach and other approvals took so long and that they have been holding up sales, that information has been vague in th past so it's good that registration has been achieved so hoping sales to progress now. Best news is the marketing appointment to obtain brand recognition. This has been badly lacking, sales teams are not marketing teams, this should have an positive impact going forward. Overall, I'm feeling much better about the management approach however, I am a little concerned the upcoming 4c might not be the boomer some are expecting ( yet again) but I think we'll get there in the end with this new approach. I've been in since 13 cents trading in and out along the way, I bailed when the hype and fluff got out of control but have been buying back in since the change in management and are feeling better and better about the companies direction ( although I am in the red a little after buying back in since the 40s ) overall, ajx has been a winner for me and although I feel for those deep in the red, if you were to look at the company with fresh eyes around these levels you'd have to think your on a winner over the long term! Good luck to all!!