Ann: Notice of Annual General Meeting/Proxy Form, page-8

Some very brief thoughts:

1. Really good to not see an application to extend/renew 7.1a for an extra 10% listing capacity, this means that either the NYSE listing is going to be done on schedule or that the level of dilution is less than I anticipated. Indeed this alone could justify the late rally in the share price for me.

2. The conditions for the performance rights (appendix 2) seem to set the bar low, ie revenue of $15 million by June 2017, listing on the NYSE, DoD contract(s), share price target 1.25(ish). I concede I'm an AJX believer but we've been led to believe that all these things will happen within 12 months let alone nearly two years - I'm particularly worried by how low the revenue bar has been set?! Unless these terms are just the companies way of communicating where we're heading whilst under SEC blackout, as the other items are very tasty - ASX 300, two major RoW contracts, Non-textile products in market, RST commercialisation.

3. The way that performance rights are valued is laughable, given the above conditions look easy, giving them huge probability and restriction discounts to value them at 12 cents, when the shares will be worth $1.50 at least on meeting vesting conditions! Hard to complain when the company has made so many of us such a lot of money though.

Otherwise happy with the overall picture outlined here but sad that I won't be able to make as I'm overseas at a conference when it's on... Keen to hear others thoughts.