Notice pursuant to Listing Rule 7.12.1 and 7.12.9

NZX/NZDX - NOTICE PURSUANT TO LISTING RULE 7.12.1 AND 7.12.9 (a) Class of Security and ISIN: Ordinary Shares ISIN NZALF0001S1 (b) Number issued, acquired or redeemed: 870,000 (c) The nominal value and the issue, acquisition or redemption price: Ordinary Shares issued upon exercise of options; the exercise price for the exercise of the options was $0.027 per option (d) Payment in Cash: The exercise price (as set out above) for each option was paid in cash (e) Amount paid up: Fully paid up (f) The principal terms of the Securities (other than for Quoted Securities): Not applicable (g) Percentage total of class of securities: 0.5387percent (h) Reason for issue, acquisition or redemption: Issue of Ordinary Shares upon exercise of options issued pursuant to the terms and conditions of Allied Farmers Rural Limited's issue of Bonds on 13 September 2013 (010 Bonds) . (i) Specific authority for issue, acquisition or redemption: Board resolution on issue of 010 Bonds (j) If Companies Act 1993 registered company - whether shares to be held as Treasury Stock: No (k) Total number of securities on issue after issue, acquisition or redemption: 161,505,350 quoted ordinary shares, and 0 unlisted options (taking into account the exercise of the 870,000 options referred to above) (l) If Companies Act 1993 registered company - whether shares to held as Treasury Stock: No (m) Date of issue, acquisition or redemption: 5 April 2017 (n) Number of Securities Converted: 870,000 options granted pursuant to the 010 Bond issue referred to above. (o) Number and Class of Securities into which they have been Converted: 870,000 quoted ordinary shares (p) Details of any interest or dividend conditions attaching to Securities Converted, and allotted upon Conversion: None (q) Number of Securities of the same class that remain to be Converted: Nil Garry Bluett Chairman End CA:00299475 For:ALF Type:ALLOT Time:2017-04-05 13:29:30