Performance Share Rights Issue

Capital Change Notice




Section 1: Issuer information
Name of issuer Allied Farmers Limited
NZX ticker code ALF
Class of financial product Unlisted Performance Share Rights
(“PSR’s”)
ISIN (If unknown, check on NZX website) Ordinary shares to be issued on
conversion of PSR’s: NZALFE0001S1
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 239,217
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Nil consideration is payable for the issue
of PSR’s.

Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
1

62.44 % of PSR’s
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)






PSR’s issued under Long-Term Incentive
Plan Rules 2025-6. Each Performance
Right represents a right to receive an
Allied Farmers’ ordinary share ranking
equally with ordinary shares already on
issue, or be paid an amount of cash
consideration (in certain circumstances),
subject to the satisfaction of the vesting
conditions. The vesting conditions will be
measured over a performance period
starting from 1 July 2025 and ending 30
June 2028.
The proportion of Performance Rights that
satisfy the Performance Vesting Condition
will be determined by reference to the
following scale:




1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

Performance against
target (budgeted)
three year
average of Group
NPAT
Percentage of
performance rights to
satisfy Performance
Vesting Condition
<80% of target 0%
80% to 100% of target
50% paid if achieve 80%.
100% paid if achieve
100% or more.
with a pro rata allocation
between the 80% and
100% achievement
levels.


Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Issue of PSR’s under the Plan to ensure
Employee alignment to the creation of
longer-term shareholder value
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
622,281
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Shareholders Resolution, Directors’
Resolution and Listing Rule 4.6.1.
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
N/A
Date of issue/acquisition/redemption
2
22/09/25
Section 3: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Ross O’Neill
Contact person for this announcement Ross O’Neill
Contact phone number 021 424829
Contact email address Ross.oneill@alliedfarmers.co.nz
Date of release through MAP

22/09/25




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).