Letter to management and the Board of AVL

Management AVL

To whom it concerns,

As a shareholder who has around 2 million shares in your company and has been invested for atleast the last 5 years I am extremely disappointed that the company and theboard have decided to do a Capital Raise to only a select few that qualify as “SophisticatedInvestors” at a reduced share price.

Not only are you providing discounted shares you are also offering “free” options as well that areworth close to 40% of the value of the shares being offered.

This demonstrates a complete lack of support for small time shareholdersand those that have supported the company for a long time.

It gives the opinion that the management and the board have been coercedif not bullied by the larger shareholders into obtaining shares at a discountedprice with the added benefit of free options. It demonstrates that the companyand the board have no consideration or respect for small mum and dad investors who are the bread and butter of any company.

This decision is wrong and I urge management and the board to reconsideropening up the new share allocation to all shareholders regardless of theamount of shares that they hold.

I certainly do not think this action is in the best interest of allshareholders.

I ask for all other shareholders that feel the same about this capital raise to "Sophisticated Investors" to also express their displeasure at this decision to management and the board.

Regards,

A very disappointed and annoyed shareholder.