NZ Rural Land Management Valuation

201 Broadway, Stratford, 4332
PO Box 304, Stratford 4352

Phone: 06 765 6199
Web: http://www.alliedfarmers.co.nz
Email: headoffice@alliedfarmers.co.nz
3 March 2023

announce@nzx.com

NZ Rural Land Management Valuation

Allied Farmers Limited (ALF.NZX) has this morning received from PwC a binding
valuation of $8.3 million for the 50 percent of NZ Rural Land Management (NZRLM)*
that it does not already own (Valuation).

This means that, pursuant to the exercise of its Call Option on 19 December 2022 (see
https://www.nzx.com/announcements/404303), the consideration to settle the
acquisition of the 50 percent stake is $8.3 million (NZRLM Consideration), and on
completion NZRLM will be wholly owned and controlled by Allied Farmers.

Now that the Valuation has been completed, each of the five NZRLM vendors are
expected to shortly notify Allied Farmers of its preference for how the NZRLM
Consideration will be satisfied, and, after receipt, the Allied Farmers Independent
Directors will determine the optimum manner in which to satisfy the NZRLM
Consideration. More details on this process are described in our Half Year 2023
Report (https://www.nzx.com/announcements/407545).

Allied Farmers will also need to determine fair value of the existing 50 percent stake
in NZRLM as at the acquisition date in its FY23 Financial Statements, as required by
NZ IFRS.

A further update will be provided once it has been decided how the NZRLM
Consideration will be funded and satisfied, and a date determined for completion.



Philip Luscombe Shelley Ruha
Independent Director Independent Director


* Specifically, on completion of the Option Exercise Allied Famers will purchase:
• 500 Partnership Units of NZ Rural Land Management Limited Partnership
• 500 Ordinary Shares of NZ Rural Land Management GP Limited