NZ Rural Land Management – Update

21 December 2020 announce@nzx.com NZ RURAL LAND MANAGEMENT - UPDATE Allied Farmers Limited (Allied Farmers; NZX: ALF) notes the announcement made by New Zealand Rural Company Limited (NZRLC; NZX:NZL) that the owners of the 50% interest in New Zealand Rural Land Management (NZRLM) not owned by Allied Farmers have transferred 20% of their interests in NZRLM (Transaction). The transferees under the Transaction are Clyde and Rena Holland. Allied Farmers waived its right of pre-emption, and consented, to the Transaction on the condition that the transferees agreed to be bound by Allied Farmers's Call Option to acquire that 50 percent interest in NZRM*. Allied Farmers therefore continues to have the right to acquire that 50 percent interest and become the holder of 100% of NZRLM. NZRLM is now owned as follows: Allied Farmers Limited 50 percent Clyde and Rena Holland 20 percent Elevation Capital Management Limited 16.5 percent RPMilsom Investments Limited 1.5 percent Hopeton Trustee Company Limited 6 percent Richard Paget Milsom 6 percent Richard Perry Chairman * Allied Farmers has a call option exercisable in approximately two years' time to purchase the remaining 50% of the Manager at the fair valuation at the time the option is exercised. The call option can be exercised for a period of 12 months. End CA:00365397 For:ALF Type:GENERAL Time:2020-12-21 10:29:53