General, page-500

G'day all,

As many of you may know, I've been an AJXer since my first purchase on 22nd March, 2012. I've not posted for a long time, mainly due to an overwhelming sense of embarrassment after being so easily misled by the early (mis)managent of the company. I became an ardent supporter of AJX, and convinced many of my family members to invest along with me. My financial position is secure, but for my children, it was money they couldn't really afford to lose. Fortunately, they understood the risks involved and we have never fallen out as a result of my poor advice. We are all still holding - though not as many as was once the case. I personally rode my holding all the way up to over $400,000 and then watched it fall all the way back again - all the time believing in the technology and expecting a reversal that never came.

Needless to say, I've learnt the hard way that the old investment cliches are too true. Never fall in love with a stock. Never trust what management tell you. Never become carried away by the HC cheer squad's enthusiasm. When a stock price rolls over, take profits. Never try to catch a falling knife. I knew all those rules, but ignored every one of them. Never again! I remain amazed that directors can tell such blatant lies, strip truckloads of shareholders' invested capital and then escape without

I'm encouraged to see that so many of you, who have weathered the storms for so long now, have still been able to retain your optimism, despite having very good reasons to give in to disillusioned depression. I'm still there with you, in the optimistic camp! I feel as though AJX is now where I thought it was about 5 or 6 years ago. I have enormous respect for Dr Bob, and I now trust the management team and the strategies they are executing. I think this is going to be the turn-around year.

I'll now dare to repeat phrases that have haunted me for many years. Changes are imminent. This time it's different.

For all our sakes, I hope I'm right.

All the best,

Jeff