Ann: Appendix 4G - Corporate Governance, page-4

Tightening of concentration within management /board circles, but not outside of this. Some new investors in place but equally some seriously held (prior period) shareholders have now left. Putting however to one side, Iron-Bark and Skene, the unconnected (ex-management /Board) Top20 have sold down c14.6m+ shares, but bought up c3.5m+ shares for a net loss in support from unconnected investors.

This is also reflected in a flat shareholding reach overall:
* 3,489 shareholders (across all value ranges) in 2017, vs
* 3,451 shareholders, now, despite the c45M in new shares issued along the way,
* with most of these going to management /Board (ie: 37M to Iron-Bark; 7M as loan shares to Skene; a further 1M as performance shares to Skene).

In 2017, there were 1767 shareholders with 10K+ parcels. Now, there are 1,734. A slight reduction but broadly overall, flat on flat.

For all the announcements being made (and /or progress, if management's position is to be accepted), the shareholding community has largely ignored what AHF is either doing, or is up to. Whether this is considered good or bad remains to be seen, but regardless, the Company might be growing its potential for /in the future, but it hasn't so far brought along its shareholder base (ie: to share the journey).

About the only bright speck on the horizon has been a reduction in the number of unmarketable parcels:
* 825, in 2017 (measured @12.5c); vs
* 709 in 2018 (measured @16c).

The investment community therefore is largely ignoring AHF (or, far more likely, doesn't even know that it exists or what it really stands for). Shareholder communication (both for existing as well as prospective shareholders) therefore remains a problem. So too, the lack of any real supporting broker out there, particularly if AHF is positioning for some sort of capital raising, realignment or structural adjustment process which, given several of the matters that have recently been discussed, it is either likely working on or, if not, will soon need to be working on. Either way, AHF is still in need of an effective shareholder communication program, in need of a supporting broker out there, and in need of finding fresh, interested investors who are prepared to seriously buy into the future investment story of the business. Presently however, this is not being achieved. So, still a work in progress.