Ann: Appendix 3B, page-4

Raiizo the options were awarded in the past for various reasons that have previously been outlined - eg in lieu of directors fees or as bonuses for sophisticated investors at the time of a capital raising or as staff bonuses. It is merely that some of these are being converted now (expiry Dec 31 2015) - so you need to add the total number of options to the total number of issued shares to get your real TOTAL number of shares. We are not being diluted today - the real dilution as you put it occurred at the time these were issued.

You have a real thing about options but quite frankly I would be surprised if there are many companies that don't issue options - particularly "emerging" companies. (Yes Pinto I don't think we would now classify AJX as an emerging company - however the time many of these options were issued I think it would be fair to say it was one).

There are many benefits of issuing options which has been discussed before. As Alexium is not yet cash flow positive and certainly wasn't 12 months ago when some of these options were granted - if instead the company had to pay directors the full amount in cash - they would have had to raise the money at an even bigger discount than the cost of the options - which would have "diluted" your current shares even more.

So Raiizo - If the issuing of options p...s you off then I suggest the stock market is not the place for you to invest your money. Its a battle you aren't going to win. Not that my small shareholding is going to make any real difference but I for one will definitely vote in favour of issuing options to people like Dr Bob Brookins and Mr Nick Clark.