Ann: Shareholder Newsletter, page-54

hi wally,

I agree, and I hope he gets thanked a lot - because he is doing a sterling job.

Frankly I don't know how he gets up the pace let alone keeps it up.

ATM - he is full on in many areas - any single area as far as what I have seen in life - any other person would have trouble keeping up with - but, he manages probably half a dozen.


And, I think that is what we are seeing - AJX is getting bigger - yes, a simple model- but, the enormity of what we are coming on to is beginning to become clear --------- this is the formation of a multi billion dollar company - and, no matter how simple - a billion or more dollar company is a whole different kettle of fish to a toddler worth a few hundred mil..

So - he is the man of many hats - and, he is demanding - very demanding. And, he has to hand over the reins - part by part - and, with the stage of the company as it is ------ you just can't pay $500k p/a for a top flight person in many roles.

Bigger companies - once you get to level 2 - you are looking at million dollar salaries plus - level 3 you are looking at half a mil - and, if you are LUCKY (or good, - not many of them though) - then you get your money's worth.

Our people are wonderful - but, look at them ---------- energetic, fantastic - however, they are young - and that is great as well - but, you just can't match several decades of high performance in many roles - it just doesn't work that way.

So - there is a learning curve - and, we are seeing some of that learning IMO.

Anyway - I think everyone is doing either a great job or putting their best in - but, it's just that there is always tweaking for better performance.

Pinto