SPH Notices – Swasbrook/Elevation Capital/Milsom

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Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Allied Farmers Limited
Relevant event being disclosed: Movement of 1% or more
Date of relevant event: 14 January 2021
Date this disclosure made: 14 January 2021
Date last disclosure made: 18 December 2020
Substantial product holder(s) giving disclosure
Full name(s): Christopher Swasbrook / Elevation Capital Management Limited
Summary of substantial holding
Class of quoted voting products: ordinary shares
Summary for Christopher Swasbrook / Elevation Capital Management Limited
For this disclosure,—
(a) total number held in class: 2,750,000
(b) total in class: 28,806,434
(c) total percentage held in class: 9.546%
For last disclosure,—
(a) total number held in class: 2,455,025
(b) total in class: 22,318,411
(c) total percentage held in class: 11.000%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
294,975 shares issued at $0.50 per share to the substantial product holder in accordance
with the sale and purchase agreement between the substantial product holder and the
issuer where the issuer has purchased interests in New Zealand Rural Land Management
Limited Partnership from the substantial product holder (and others). The residual
purchase price owing to the substantial product holder under that agreement has been
satisfied today by the issuer issuing these shares.
The substantial product holder has also had its shareholding diluted since its last filing as a
result of the issuer allotting shares under a rights issue.

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Details after relevant event
Details for Elevation Capital Management Limited
Nature of relevant interest(s): Registered holder and beneficial owner.
For that relevant interest,—
(a) number held in class: 2,750,000
(b) percentage held in class: 9.546%
(c) current registered holder(s): Elevation Capital Management Limited
(d) registered holder(s) once transfers are registered: N/A
Additional information
Address(es) of substantial product holder(s): Level 4, the Blade, 12 Saint Marks Road,
Remuera, Auckland
Contact details: chris.swasbrook@elevationcapital.co.nz
ph. 021 92 82 62
Nature of connection between substantial product holders: Christopher Swasbrook is
the managing director and majority shareholder of Elevation Capital Management
Limited
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: None
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Christopher Swasbrook is also a Director of Allied Farmers Limited. This disclosure also
constitutes disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
Certification
I, Christopher Swasbrook, certify that, to the best of my knowledge and belief, the
information contained in this disclosure is correct and that I am duly authorised to make
this disclosure by all persons for whom it is made.

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12506672_1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Allied Farmers Limited
Date this disclosure made: 14 January 2021
Date last disclosure made: 18 December 2020
Date on which substantial holding ceased: 24 December 2020
Substantial product holder(s) giving disclosure
Full name(s): Richard Milsom / RPMilsom Investments Limited
Summary of previous substantial holding
Class of quoted voting products: Shares
Summary for Richard Milsom / RPMilsom Investments Limited
For last disclosure,—
(a) total number held in class: 1,115,921
(b) total in class: 22,318,411
(c) total percentage held in class: 5.000%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 1,250,000
(b) total in class: 28,806,434
(c) total percentage held in class: 4.339%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure:
134,079 shares issued at $0.50 per share to the substantial product holder in accordance
with the sale and purchase agreement between the substantial product holder and the
issuer where the issuer has purchased interests in New Zealand Rural Land Management
Limited Partnership from the substantial product holder (and others). The residual
purchase price owing to the substantial product holder under that agreement has been
satisfied today by the issuer issuing these shares.
The substantial product holder has also had its shareholding diluted since its last filing as a
result of the issuer allotting shares under a rights issue.

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Additional information
Address(es) of substantial product holder(s): Level 4, the Blade, 12 Saint Marks Road,
Remuera, Auckland
Contact details: richard.milsom@elevationcapital.co.nz
ph. 021 274 2476
Nature of connection between substantial product holders: Richard Milsom is the sole
director of RPMilsom Investments Limited.

Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: None
Certification
I, Richard Milsom, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.