Small Shareholder Update and Repurchase

20 June 2019 Small Shareholder Update and Repurchase On 26 February 2019 the Board of Allied Farmers Limited (Allied) gave notice to shareholders that at the expiration of three months after that notice, being 27 May 2019, the Board will, unless shareholders increase their shareholding to more than 2,000 shares, exercise the power of sale of individual holdings of less than 2,000 shares. This resulted in Allied having the power of sale over 3,505,885 shares (Relevant Shares). Accordingly, Allied appointed a broker to sell the Relevant Shares both off market and on the NZX trading platform for a period of 10 trading days commencing shortly after 27 May 2019 at minimum price equivalent to the volume weighted average price of Allied's shares for the 10 business days preceding 27 May 2019, being $0.076 per share. No Relevant Shares were sold under this offer, and therefore, as previously foreshadowed to the market, the Relevant Shares have been repurchased and cancelled by Allied at the equivalent price of $0.076 per share, being gross consideration of $266,447.26. After deduction of sale expenses the net consideration received will be applied to relevant shareholdings and settlements to individual shareholders facilitated by Link Market Services Limited, the Company's Share Registrar. Confirmation of payment will be sent out to affected shareholders on 21 June 2019. As previously notified, in some cases, the reasonable sales expenses will exceed the value of holder's shares, in which case there will be no proceeds remitted. Mark Benseman Chairperson NZX Main Board and Debt Market - Notice pursuant to Listing Rule 7.12.1 (a) Class of Security and ISIN: Ordinary Shares ISIN NZALFE0001S1 (b) Number issued, acquired or redeemed: 3,505,885 (c) Nominal value and issue price, acquisition price or redemption price: $266,447.26 ($0.076 per share) (d) Whether payment was in cash: Payment in cash (e) Any amount paid up: Paid up in full (f) Principal terms of the Securities (other than for Quoted Securities), for example, the exercise price and exercise date in respect of an Option, or the conversion price and conversion date in respect of Convertible Securities or the ranking of the Securities in relation to other Classes of Securities: Quoted Securities (g) Percentage of the total Class of Securities issued, acquired or redeemed: 1.9257% of the total number of ordinary shares on issue by Allied Farmers Limited as at the 20 June 2019. (h) Reason for the issue, acquisition or redemption: Buy-back of shares where less than Minimum Holding to reduce administration and transaction costs and improve capital structure for the benefit of the remaining shareholders. (i) Specific authority for the issue, acquisition or redemption: Directors resolution dated 20 June 2019 (j) Terms or details of the issue, acquisition or redemption: Net proceeds of buyback to be paid to holders of less than a Minimum Holding. Buy back shares will be cancelled. (k) Total number of Securities of the Class in existence after the issue, acquisition or redemption: 178,547,294 ordinary shares (l) In the case of an acquisition of shares by an Issuer which is a company registered under the Companies Act 1993, whether those shares are to be held as Treasury Stock: No (m) Dates of issue, acquisition or redemption: 20 June 2019 Mark Benseman Chairperson End CA:00336310 For:ALF Type:CORPACT Time:2019-06-20 09:35:00