Ann: Change of Director's Interest Notice , page-6

Dalibor

I have read the announcements thank you and I understand that management are investing heavily in a new product range. I'm OK with this.

My concern is that profits are being reported yet there is no corresponding free cash flow! In the last four half year periods (DH10, JH11, DH11 and JH12) the company only produced free cash flow in one out of four (see my graphs).

The impact of this can be seen in net debt sky-rocketing to ~$7.5m as at 30 September 2012, from $4.3m at 30 June 2012 .

I like ADQ but I need to see the company generate some free cash flow before investing my hard earned cash.