Ann: Managing Director AGM Presentation, page-3

Firstly, let me give a big thank you to those shareholders and Hotcopperites, who are able to attend the AGM and taken the time to post their thoughts and considerations.

For those of us that we not able to attend, your efforts and willingness to share your impressions are greatly appreciated.

There is an old saying that “the proof of the pudding is in the eating”.

Unfortunately, there is no pudding on the table yet, but the optimists amongst us, will say that the smell of its baking is well and truely in the air.

Of course, the pessimists - and some rightly frustrated long term holders, may not be as convinced.

The new management team, particularly DR are very skilled in presenting a very promising future and the plan for how this will be realised. Unfortunately, this has been the status quo now for some time now, without any definitive or concrete commercial success being realised.

Having been an ADO share holder for over 12 years, I would have to be considered optimistic to still be holding and as such, hope that commercial success in the near future, will at last be realised.

I am sure however, that many share holders are like myself and feel that now is the “crunch” time.

If in 12 months, we are still being told what’s going to happen, as opposed to what has happened, I for one will have to say enough is enough.

Unfortunately, in this case as always, shareholders will again pay the price. The current management and board, in my opinion, have been very well remunerated given ADO’s market cap and commercial progress to date and will be able to move on without any financial handicap.