NZ Rural Land Management earnings contribution – update

26 August 2021 announce@nzx.com New Zealand Rural Land Management Earnings Contribution - Further Update On 2 August 2021 Allied Farmers Limited ("Allied Farmers" NZX: ALF) advised, subject to any final audit adjustments, that the attributable earnings (including the performance fee) from New Zealand Rural Land Management Limited Partnership (NZRLM) for FY21 will be approximately $1.1 million. Allied Farmers' notes the market update today from New Zealand Rural Land Company Limited (NZL.NZX) that, as a result of a positive adjustment to its net asset value during its audit process, a performance fee of $1.625 million has been calculated as payable to NZRLM for the period ending 30 June 2021. This will be satisfied in new NZL shares at approximately $1.3968 per share. The previously advised un-audited net asset value per share was $1.3351 per share. Consequently, Allied Farmers confirms, subject to audit, that the attributable earnings for FY21 (including the performance fee and after a mark-to-market valuation of the NZL shares yet to be issued) is approximately $1.16 million. Further details, including Allied Farmers' group full FY21 results, will be provided in its Results Announcement scheduled to be released on Monday, 30 August 2021. Richard Perry Chair End CA:00378004 For:ALF Type:MKTUPDTE Time:2021-08-26 11:21:50