Ann: Appendix 4C Commentary, page-477

Positives
1. Site is up and running.
2. Looks fresh.
3. Contains some new information.
4. At least the Company secretary made an email announcement (if only to demonstrate that the function still exists).
5. Cows are up (???). Milkers are up (???). Production is down as against forecasts (!!!!).
6, Elements of navigation are easier.
7. At long last, we also have the units vs shares split for Dec16 (not previously provided).
8. The optics are good. The content varies between good and poor.

Negatives
1. If correct, the milking forecasts /production levels are down, not up. Not long ago, they were talking of 16.5m/L. Then it twittered (radiated) between 16.2m/L and 16.0m/L. The website today is saying 15.8m/L. Going backwards, but at least something robust.

2. Strategy update to be for 30/6/17. Website says that this was advised on 15/6/17. No corresponding ASX announcement to reflect this. However, some of the ASX /CHI trading (uplift) of 15/6 and 16/6 can seemingly be linked to this information.

3. Website still contains elements of jibberish. Not good when trying to present something as fresh, professional and informed.

4. Confusion reigns - the statistics on the new site say (according to the landing page), but something else again on the linked site (ie: under the ADFG tab - bracketed numbers):
* Herd = 3435 landing page (3196 ADFG tab page)
* Milkers = 2130 landing page (2130 ADFG tab page)
* Production = 15.8m/L landing page (15m/L ADFG tab page).

5. The vertically integrated chartfest /narrative is quite insipid, uninspiring and smacking of a school assignment statement rather than anything significant, inspiring or considered. After thoughts don't work well here. This aspect therefore looks staged rather than crafted.

6. The content varies between good and poor (seemingly rushed in parts). The broader optics though are better.

7. The development house is still in its infancy, with AHF just as much being used as a test case for them.See --- http://www.zelkovaconsulting.net.au/about/

8. Opportunities missing include having a page bringing together the various investor /market presentations (etc) as some of these have been useful in the past. Now, instead, they have to be individually searched for, year after year, with all announcements individually combed through. Another miss is in having a research or brokerage page, even if the most recent research available is upwards of 12 months old. It shows however that you are interested in what shareholders have to say, do or consider.

9. The Investor Centre should also have contained the following information:
* historic SP link.
* SP details at key dates (ie: 30/6).
* Pass through link to the share registry.

10. More broadly, still situation normal.

For effort - 6
For content - 5
For ease of navigation - 7
For keeping shareholders adequately informed - 4
For imagination, innovation and excitement - 4
As a forerunner to future change s/developments - 6 (in terms of scale, improvement and future learnings).

Overall, still a relative learning in progress story, for the website and so it would seem, for the Company.