Notice of Annual Meeting and Director Nominations

Allied Farmers Limited
Notice of Annual Meeting of Shareholders
Notice is hereby given that the Annual Meeting of Shareholders of Allied Farmers
Limited ("ALF" or the "Company") will be held at 11:00am on Thursday, 19 November
2026, in person and by video link from the offices of MUFG Pension & Market Services,
Level 30, PwC Tower, 15 Customs Street West, Auckland, New Zealand. Shareholders
may attend in person at the above address or participate virtually via the MUFG Pension
& Market Services Virtual Meeting Platform at www.virtualmeeting.co.nz/alf26.
Further details on how to participate online are set out in this Notice of Meeting and the
Virtual Meeting Guide available on the Company’s website (www.alliedfarmers.co.nz).
ITEMS OF BUSINESS
A.Chair’s Introduction
B.Addresses to Shareholders
C. Resolutions
To consider, and if thought fit, to pass the following ordinary resolutions:
1. Resolution 1: Auditor’s Remuneration
"That the Directors be authorised to fix the fees and expenses of the Company’s
auditor for the ensuing year."
Refer to Explanatory Note 1 on page 3 for further details on this Resolution.
2. Resolution 2: Appointment of Richard Milsom
"That Richard Milsom be appointed as a Director of the Company."
Refer to Explanatory Note 2 on page 3 for further details on this Resolution.
D. Shareholder Questions
To consider any other matters that may properly be brought before the Meeting.
By Order of the Board of Directors
Shelley Ruha
Chair, Allied Farmers Limited
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P
ROCEDURAL NOTES
Voting Entitlements
Voting entitlements for the Meeting will be determined with reference to the Company’s
share register as at 5:00pm on 17 November 2026 ("Record Date"). Only those persons
who are registered Shareholders on the Record Date will be entitled to attend and vote
at the Meeting. Voting on all of the Resolutions will be by way of poll, meaning that each
shareholder has one vote for each ordinary share held by that shareholder.
Meeting Attendance
Shareholders may attend the Meeting in person at the offices of MUFG Pension &
Market Services or participate online via the Virtual Meeting Platform at
www.virtualmeeting.co.nz/alf26. Shareholders will require their CSN/Holder Number for
verification purposes. Shareholders attending and participating in the Meeting will be
able to vote and ask questions during the Meeting. The Company recommends logging
in to the online portal at least 15 minutes prior to the scheduled start time.
More information regarding online attendance (including how to vote and ask questions)
is available in the Virtual Meeting Guide on the Company’s website.
Proxy Vote
Shareholders may attend and vote at the Meeting or may appoint a proxy (who need not
be a Shareholder) to attend and vote on their behalf by completing and returning the
enclosed Voting Form. If you return the Voting Form without directing the proxy how to
vote on any particular matter, the proxy may vote as he/she thinks fit or abstain from
voting.
The Chair of the Meeting is willing to act as proxy for any Shareholder who may wish to
appoint them for that purpose, and intends to vote in favour of the Resolutions where
given a "Proxy Discretion". All Shareholders wishing to appoint the Chair as proxy should
clearly indicate on their Voting Form whether they wish to direct the Chair to vote for or
against, or to abstain from voting on, the Resolutions.
If you do not name a person as your proxy (but have completed the Voting Form in full)
or your named proxy does not attend the meeting, the Chair will be appointed your
proxy and will vote in accordance with your express direction.
Shareholders wishing to appoint a proxy must complete and send the Voting Form so
that it is received by MUFG Pension & Market Services no later than 11:00am on 17
November 2026.
2

To appoint your proxy and vote, please go to the MUFG Pension & Market Services
website at: https://nz.investorcentre.mpms.mufg.com/voting/ALF.
Alternatively, please complete and sign the enclosed Voting Form and return it by email
to meetings.nz@cm.mpms.mufg.com, deliver it to MUFG Pension & Market Services,
Level 30, PwC Tower, 15 Customs Street West, Auckland, or mail it to PO Box 91976,
Victoria Street West, Auckland 1142, New Zealand.
Ordinary Resolutions
Each Resolution is an ordinary resolution. An ordinary resolution is a resolution
approved by a simple majority of the votes of those Shareholders entitled to vote and
voting on the resolution in person or by proxy. Each Resolution is independent of any
other Resolution being passed.
Shareholder Questions
Shareholders attending the Meeting will be given the opportunity to raise questions
during the Meeting. Shareholders may also submit written questions on the bottom of
the Voting Form or by email to meetings.nz@cm.mpms.mufg.com.
EXPLANATORY NOTES
Explanatory Note 1 – Auditor’s Remuneration
The Company’s auditor will be automatically reappointed under section 207T of the
Companies Act 1993. Resolution 1 authorises the Directors to fix the fees and expenses
of the Company’s auditor in accordance with section 207S of the Companies Act 1993.
This is a standard resolution at annual meetings, allowing the Board to negotiate and
approve the auditor’s remuneration for the coming year.
Explanatory Note 2 – Appointment of Richard Milsom
Richard Milsom is being nominated for appointment as a Director of the Company.
Richard was appointed Managing Director of Allied Farmers Limited in April 2023. He is
a founder and executive of New Zealand Rural Land Management and NZX-listed New
Zealand Rural Land Company. Previously, he was a consultant at global investment
management firm Elevation Capital Management, where he focused on special-
situation investments. His experience spans tourism, agriculture and biotechnology,
and fine art auction houses, with responsibilities across finance, marketing, strategy,
strategic review and implementation. Richard has also served on the board of the
Institute of Finance Professionals New Zealand (INFINZ) and received the INFINZ
Emerging Leader Award in 2017. He holds a Bachelor of Commerce in finance and
economics from the University of Canterbury, together with postgraduate certificates in
value investing from Columbia University in New York and in agricultural businesses and
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leadership from Harvard Business School in Boston. Richard is not an independent
director.
The Board supports his appointment and believes his experience and expertise will
continue to be valuable to the Company. If appointed, Richard will serve as a Director in
accordance with the Company’s constitution and applicable laws.
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Go online to https://nz.investorcentre.mpms.mufg.com/voting/ALF to appoint your proxy

LODGE YOUR PROXY
















Proxy Form / Admission Card for Allied Farmers Limited 2026 Annual Meeting of Shareholders

Notice is hereby given that the Annual Meeting of Shareholders of Allied Farmers Limited (“the Company”) will be held in person at the offices of MUFG
Pension & Market Services, Level 30, PwC Tower, 15 Customs Street West, Auckland, New Zealand and online through the MUFG Pension & Market
Services meeting platform at www.virtualmeeting.co.nz/alf26 at 11:00am (New Zealand time) on Thursday, 19 November 2026. You will require your
CSN/Holder Number for verification purposes.
If you will not attend the meeting but wish to be represented by proxy, please complete and return this form (in accordance with the lodgment instructions
above) to Allied Farmers Limited’s share registry, MUFG Pension & Market Services, by no later than 11:00am on Tuesday, 17 November 2026. You can
also appoint your proxy and vote on the resolutions on the reverse of this form online by going to https://nz.investorcentre.mpms.mufg.com/voting/ALF or
by scanning the QR code above with your smartphone.


Thursday, 19 November 2026 at 11:00am (New Zealand time)


The offices of MUFG Pension & Market Services, Level 30, PwC
Tower, 15 Customs Street West, Auckland, New Zealand

www.virtualmeeting.co.nz/alf26

Appointment of proxy
If you are entitled to vote at the meeting, you may appoint a proxy to attend
the meeting and vote on your behalf, unless specifically excluded. The
proxy need not also be a shareholder. The Chair of the Meeting, Shelley
Ruha, is willing to act as proxy for any shareholder who may wish to appoint
her for that purpose, and she intends to vote in favour of the Resolutions
where she is given “Discretion”.

Voting of your holding
Direct your proxy how to vote by making the appropriate election, either
online or on this Proxy Form, in respect of each resolution.
A shareholder
can direct the proxy holder in respect of one or more resolutions and give
the proxy holder discretion in respect of other resolutions. If no box is
marked, or more than one box is marked, in relation to any resolution, the
vote on that resolution will be treated as “Abstain”.
If you do not name a person as your proxy (but have completed the Voting
Form in full) or your named proxy does not attend the meeting, the Chair
will be appointed as your proxy and will vote in accordance with your
express direction.

Attending the meeting
If you plan to attend the meeting virtually, you can join via the MUFG
Pension & Market Services meeting platform at
www.virtualmeeting.co.nz/alf26. You will require your CSN/Holder Number
for verification purposes.

A corporation may appoint a person as its representative to attend and vote
at the Meeting in the same manner as that in which it could appoint a proxy.
That person need not also be a shareholder.
Signing instructions for this form
Individual
Where the holding is in one name, the shareholder must sign the Proxy
Form.

Joint Holding
Where the holding is in more than one name, at least one joint shareholder
should sign this form (on behalf of all joint shareholders). If different joint
shareholders purport to appoint different proxies, the vote of the proxy
appointed by the first named joint shareholder shall apply.

Power of Attorney
If this Proxy Form has been signed under a power of attorney, a copy of the
power of attorney under which it was signed (if not previously provided to
the Registrar), and a signed certificate of non-revocation of the power of
attorney must accompany this Proxy Form.

Corporate Shareholder
In the case of a corporate shareholder, a duly authorised officer or director
must sign this Proxy Form. Persons who sign on behalf of a corporate
shareholder must be acting with that corporate shareholder’s express or
implied authority.



Online
https://nz.investorcentre.mpms.mufg.com/voting/ALF

Scan & email
meetings.nz@cm.mpms.mufg.com
Scan this QR code with
your smartphone and
vote online


Mail
Use the enclosed reply paid
envelope or address to:
MUFG Pension & Market Services
PO Box 91976
Auckland 1142
General Enquiries

Email
enquiries.nz@cm.mpms.mufg.com

Phone
+64 9 375 5998
Space and position for name and address

Step 1 Appoint a Proxy / Corporate Representative


I/We being a shareholder/s of Allied Farmers Limited hereby appoint:

Name

or failing him/her:
Email Address

Name Email Address

as my/our proxy to vote for me/us on my/our behalf at the Annual Meeting of the Company to be held at 11:00am on Thursday, 19 November 2026, and at
any adjournment of that Meeting.

Step 2 Items of Business – Voting Instructions

Instruct a proxy to vote by placing a tick in the relevant box. If you have appointed a proxy and want him/her to decide how to vote on the resolution, tick the
box “Proxy’s discretion”. Please note for each resolution you must tick one box.






Step 3 Shareholder Questions

Shareholders attending the Annual Meeting virtually will have the opportunity to ask questions during the meeting. If you cannot attend the Annual Meeting
but would like to ask a question, you can submit a question online by going to https://nz.investorcentre.mpms.mufg.com/voting/ALF and completing the online
validation process or complete the question section below and return to MUFG Pension & Market Services in the envelope enclosed. Questions will need to
be submitted by 11:00am on Tuesday, 17 November 2026. The Board will endeavour to address and answer questions at the Annual Meeting.

Question:

Step 4 Signature of Shareholder(s) This section must be completed



Shareholder 1
or duly authorised officer or attorney

Shareholder 2
or duly authorised officer or attorney

Shareholder 3
or duly authorised officer or attorney


Contact Name

Contact Daytime Telephone

Date
Electronic Investor Communications
If you received the Notice of Meeting and Proxy Form by mail and wish to receive your future investor communications by email please provide your email
address below:


To consider and, if thought fit, pass the following ordinary resolutions:
FOR AGAINST ABSTAIN
PROXY
DISCRETION
1. That the Directors be authorised to fix the fees and expenses of the Company’s auditor for
the ensuing year.



2. That Richard Milsom be appointed as a Director of the Company.

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7 October
2026

DIRECTOR NOMINATION DATES

Allied Farmers Limited (ALF) annual meeting is to be held in person and by video link from
the offices of MUFG Pension & Market Services, Level 30, PwC Tower, 15 Customs Street
West, Auckland, New Zealand at 11am on 19 November 2026.

For the purposes of NZX Listing Rule 2.3.2, ALF advises that the opening date for
nominations for directors to be voted on at this year’s annual meeting is today and the closing
date is 4 November 2026. All nominations must be received by 4.00pm on the closing date.

Nominations may only be made by a shareholder entitled to attend and vote at the annual
meeting, and must be accompanied by the consent in writing of the nominated person.

Please send nominations to:

Company Secretariat
Allied Farmers Limited
Level 4, 131 Queen Street Auckland CBD
Auckland 1010
New Zealand

Shelley Ruha
Chair