Retail Entitlement Offer Booklet and Covering Letter - AJ Lucas

Key Risks
Introduction
As with all businesses, there are a number of factors that are specific to AJL and of a general nature that may have a material impact on AJL’s
future operating and financial performance. This Section describes certain specific areas that are believed to be risks associated with AJL and
with an investment in the new shares being offered under the Institutional Placement and Entitlement Offer (Offer Shares).
Each of the risks described below could, if they eventuate, have a material impact on AJL's operating and financial performance and on the
market price of AJL’s shares. These risk factors are not exhaustive. Whilst some of the risks identified can be mitigated by the use of
safeguards and appropriate systems and actions, many of these risks are outside the control of AJL, the Directors and the senior executives of
AJL.
Risks have been outlined in three categories:
• specific risks relating to investing in the Offer Shares;
• general risks relating to the operating businesses of AJL and the markets in which they operate; and
• general risks relating to the investments of AJL.
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