Ann: Appendix 4D and Half Year Financial Report, page-27

A proper CEO would have had a big raise when the SP was much higher Budge seems to put his holding first above the company's interests and has had lots of lots of little raises which in the short term limit dilution but create the need for ever bigger number of shares to be issued as the SP falls.

A proper CEO would put the company first not the personal interests of the founder.

A proper CEO would inspire excitement about the company's technology and not drone on as if completely bored by it all.

A proper CEO would communicate with shareholders and not run the company like a private fiefdom.

A proper CEO would be incentivised by corporate development metrics creating trust and belief in the company from potential customers. I mean would you buy a multi-million dollar 3D printer from a company you saw lurching from crisis to crisis while its share price does nothing but go down for years? I certainly wouldn't.

A Proper CEO would leverage his own contacts to find and develop relationships with institutional and corporate investors to create a strong company foundation and engender belief in potential customers.

I have mentioned this before, I work in investment banking, one of my clients is an unquoted 3d ceramics printing company, from Odessa Ukraine, last year Black and Decker came on board with a $500k investment and B&D are using the company's tech to 3D print the ceramic cogs that go in the gearboxes of their electric drills. That had to be sold to B&D (by me) they didn't walk through the door with a suitcase full of cash. I would have hoped A3D could have done something similar but no, our CEO doesn't do real CEO stuff to the detriment of A3D's corporate development.

With a real CEO Budge could put on his white coat and stay in the lab making the tech better faster giving the real CEO ever better concepts and products to sell.

EB