Ann: AHG FY2018 APP 4E AND RESULTS PRESENTATION, page-10

As a long term shareholder I certainly share the frustration.

However, looking at the numbers, the underlying automotive business is still chugging along churning out the profits and I continue to have confidence in the ability of the board and management to run this business and to continue to do well with it.

As for the rest:

1. the capital raise was one occasion when I was glad to be excluded as a non-Australian resident shareholder (even though there was no legal reason to disentitle me). That said, as a shareholder, if they are going to raise new capital I would rather they did it at $4.20 than at today's prices. It sucks for those who participated in the issue, but it was the right thing to do;

2. the sale of the refrigerated logistics business was botched from start to finish. Given that HNA's problems were well known at the start of the process, I have to wonder what the board had been smoking when they made the decision to enter into exclusive negotiations with them? I can only assume that there were no other bidders willing to offer anywhere near whatever price HNA was talking about. Even so, the board messed up big time in deciding to attempt a deal with HNA;

3. the refrigerated logistics business has been a millstone from the start – a lesson that companies should stick to the industries they know about and not venture into unfamiliar territory. For this as much as the botched sale process management should be held accountable.