Ann: Response to ASX Appendix 4C Query, page-94

Well, it did cost me but I suppose I had to learn a few things. One of those things I had to learn was to do away with my greed. ( actually, I keep having to learn this lesson) When I invested I think the market cap was just north of $230 million and the share was around 87c. I was wondering if it would get into the ASX300 or 200 I think - that was 2015. I think the $1.00 had been a bit earlier and I saw this as something that spiked too early. I believed the stories and I was looking for 2016 to be its defining moment. I cannot remember when I dived in but my belief was that this would shoot through the $1.00 again and that this market cap could end up well over $1B.If the basic FR and Alexicool are as good as it has been said to be, it should get there at some point or maybe only $300 million as I believe that is a good goal from $30 million.

I kept making excuses for the gap between the 4c and the commentary. I forgave announcements that didn't address the hard issues. I kept beliving way beyond when the tooth fairy would be caught out by a child - I did not want to be wrong. I averaged down instead of selling out.

These days I am a bit circumspect and I really don't interest myself with finding excuses - If management has told you the whole story you cannot be caught. I still make mistakes like OVH - I thought that getting security for an asset you have sold and getting the asset as part of that security was a fundamental business practice. I now understand that sometimes this isn't as clear as it should.

As regards AJX - I think that there is enough here for a group of you to approach the Angel Investor and have a meeting and see if you cannot get a greater understanding of what you have as an asset. I am sure they want this to succeed - I don't subscribe to the idea that they have great security and can get all of it if the company doesn't work. That, in my opinion, would only mitigate their loss not achieve their objective. If it was a death spiral lender then I would be concerned but they don't appear to be in that market.