Capital Change Notice - Vesting of Performance Share Rights

Capital Change Notice



Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A. Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information
Name of issuer Allied Farmers Limited
NZX ticker code ALF
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZALFE0001S1
Currency NZD
Section 2: Capital change details
Number issued 144,032
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Nil
Nature of the payment (for example, cash or other
consideration)
144,032 performance share rights granted
to Richard Milsom under the FY24 LTI
Plan vest on 1 September 2026, and
convert into 144,032 Ordinary Shares at
such time, for no cash consideration.
Amount paid up (if not in full) Fully Paid
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

0.499999%
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)
N/A
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Ordinary Shares issued to Richard Milsom
as a result of performance rights vesting
and exercised in connection with ALF’s
FY24 LTI Plan, as authorised by a Board
Resolution dated 1 September 2026
Total number of Financial Products of the Class
after the issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total number of
28,950,466 Ordinary Shares.
No Treasury Stock

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

Financial Products of the Class held as Treasury
Stock after the issue/acquisition/redemption.
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
Board Resolution dated 1 September
2026 and Listing Rule 4.9.1(b)
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
All Ordinary Shares issued rank equally
with the existing Ordinary Shares
Date of issue/acquisition/redemption
2
1 September 2026
Section 3: Disclosure required for Placements made under Rule 4.5.1
[Issuers may opt to release Section 3 information (if not already done so) in a separate announcement within five Business Days of
the issuance. Delete this Section 3 if capital change is not the result of a Placement under Rule 4.5.1]

Details of the approach in identifying investors who
were able to participate in the offer and how their
respective allocations in the offer were determined.

The explanation must set out the key objectives
and criteria the Issuer adopted in the allocation
process, whether one of those objectives was a
best effort to allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities, and any
significant exceptions or deviations from those
objectives and criteria.
N/A
Section 4: 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 021424829
Contact email address Ross.oneill@alliedfarmers.co.nz
Date of release through MAP

1/9/2026




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).