Managing Director and Independent Chair Appointments

5 April 2023


Managing Director and Independent Chair Appointments

Managing Director Appointment

Allied Farmers Limited (NZX: ALF) is delighted to secure Richard Milsom in a new
Managing Director role. Richard’s appointment provides impetus to Allied’s strategic
transformation into a rural investment company focused on earnings growth.

Mr. Milsom has the ideal experience and skills to oversee Allied’s investment in NZ
Rural Land Management Limited (NZRLM) and NZ Farmers Livestock Limited (NZFL).
Richard successfully founded and continues to manage NZRLM, and has extensive
leadership experience in the dairy, beef, and porcine sectors.


Persons associated with Mr. Milsom have also agreed to purchase all of Elevation
Capital Management Limited’s (ECML) shares in Allied. As a result, Mr. Milsom’s
associated persons will own 15.8 percent of Allied. Mr Milsom also owns 632,605
shares in NZ Rural Land Company Limited (NZRLC), the NZX listed rural landowner
managed by NZRLM.

Mr Milsom said: “I accepted this role and materially increased my ownership in Allied
because I believe it is in a strong position to capitalise on opportunities in the sector
and within its current business. I look forward to working with the team to execute on
these”.

The Allied Board has assessed that Mr. Milsom is not an Independent Director given
his role as Manging Director. His appointment will be effective from 5 April 2023.

Independent Chair Appointment

Allied Farmers has received notice today from Christopher Swasbrook that, given the
sale to Mr. Milsom of all the Allied shares owned by ECML (a company controlled by
Mr. Swasbrook), he has decided to step down as Chair and a Director of Allied
Farmers effective 5 April 2023.

However, Mr Swasbrook will remain closely involved with NZRLM through a renewed
services contract including remaining as a Director of NZRLC. Importantly, ECML
remains a sizeable individual shareholder in NZRLC.

Allied Farmers would like to thank Mr Swasbrook. He was instrumental in bringing the
NZRLM transaction to Allied Farmers in July 2020 and has spent considerable time as
a Director assisting Allied in its cost control efforts, debt reduction in its subsidiary NZ
Farmers Livestock, improved reporting/communications with shareholders, as well as

securing a private ruling from Inland Revenue which significantly increased the tax
losses available to the Allied Farmers Group.

Shelley Ruha will assume the role of Independent Chair. Ms Ruha said: “This is a
really positive strategic management and governance reset. We now have a Managing
Director with strong credentials and alignment with our shareholders through his
substantial Allied shareholding, improved governance with an independent Chair, and
the ongoing involvement of Chris. This establishes a solid foundation to provide
strategic input into our investments, and identify and execute on opportunities for
growth”.

Ends

For more information:

Richard Milson

richard@nzrlm.co.nz
ph. 021 274 2476