Ann: Appendix 4C - quarterly, page-243

In reality - compared to the broarder market - AJX has been performing really well for months - although we may feel differently ---------- in this case the charts do tell the story - here they are -

same time frame







Whilst holders in a broad market portfolio have had a really bad time - AJX has just been plugging along with the business going from strength to strength - as opposed to economies which by and large are looking decidedly bloody crook.

What it seems is that in this year and next AJX will be bringing in large amounts of revenue and profit --------- what can be said about the wider markets and economies - one cannot say with such confidence - in fact, it would be easy to have a quick panic about things.

The upward pressure is building inside AJX - and, whilst some feel it has more to do to be so valued as it is - it is indeed treading water pretty comfortably - in the face of China meltdowns, sad US figures, Australia on the ropes - and god knows what else.

In short - if we really look closely - we are doing fine - although I am sure many will argue otherwise.

Pinto