Ann: Appendix 3B, page-80

The announcement of NC’s retirement effective 1^st August stated: “Nick is retiring to focus on the needs of his young family in the US following the unexpected loss of his wife, Georgia, last year. Nick will also be stepping down from all public and community roles.”

Under the circumstances it is quite understandable that, as a major shareholder of both AJX and D13, he might choose to sell some of his holdings in order to fund this move away from corporate life to concentrate on more important issues, and he would be quite justified in doing so.

If so, the effect on the share prices would not have any relationship to the fundamentals of either company.