SPH Notice – WAF Limited (WAF)

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Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Allied Farmers Limited (Allied Farmers)
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event: 22 September 2023
Date this disclosure made: 22 September 2023
Date last disclosure made: 14 September 2023
Substantial product holder(s) giving disclosure
Full name(s): WAF Limited (WAF)
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Allied Farmers (NZX: ALF) (ALF
Shares)
Summary for WAF
For this disclosure,—
(a)total number held in class: 5,385,396
(b)total in class: 28,806,434
(c)total percentage held in class: 18.695%
For last disclosure,—
(a)total number held in class: 4,811,282
(b)total in class: 28,806,434
(c)total percentage held in class: 16.702%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
1.WAF made an unsolicited offer dated 7 September 2023 to purchase ALF Shares (the
Offer). Since the date of WAF’s last SPH notice, WAF has received acceptances under
the Offer for an additional 574,114 ALF Shares. Since the Offer opened, WAF has
received acceptances under the Offer for 1,194,814 ALF Shares. This is an interim
disclosure as the Offer remains open until 9 October 2023.

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Details after relevant event
Details for WAF
Nature of relevant interest(s): Beneficial owner of ordinary shares in Allied Farmers. A
relevant agreement document is not required to be attached to this notice.
For that relevant interest,—
(a)number held in class: 1,735,582
(b)percentage held in class: 6.025%
(c)current registered holder(s): Custodial Services Limited
(d)registered holder(s) once transfers are registered: N/A
Nature of relevant interest(s): Registered holder and beneficial owner of ordinary shares in
Allied Farmers. A relevant agreement document is not required to be attached to this
notice.
For that relevant interest,—
(a)number held in class: 2,455,000
(b)percentage held in class: 8.522%
(c)current registered holder(s): WAF
(d)registered holder(s) once transfers are registered: N/A
Nature of relevant interest(s): Qualified power to acquire ALF Shares owned by the Allied
Farmers shareholders who have accepted the Offer and qualified power to control the
disposition of ALF Shares owned by the Allied Farmers shareholders who have accepted the
Offer (in each case subject to the terms of the Offer and the accepting shareholders’ rights
to withdraw their acceptances under the Financial Markets Conduct Regulations 2014).
Subject to settlement occurring, WAF will become the registered holder and beneficial
owner of these ALF shares.
For that relevant interest,—
(a)number held in class: 1,194,814
(b)percentage held in class: 4.148%
(c)current registered holder(s): Acceptors of the Offer
(d)registered holder(s) once transfers are registered: WAF
Additional information
Address(es) of substantial product holder(s): Floor 34 Vero Centre, 48 Shortland Street,
Auckland Central, Auckland 1010, New Zealand

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Contact details: Joshua Pringle, joshua.pringle@chapmantripp.com, 093589831
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: None
Certification
I, Amanda Smith, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.