Allied Shortfall Calculation

Issue Price/share (cents)
Market capitalisation of Allied Farmers

0.2069245
$7,800,372

Value of Hanover assets

$396,177,220

Market capitalisation

$403,977,592

Number of shares
Original number of Allied Farmers
shareholders

37,696,705

Former Hanover Investors shares

1,914,597,933

Total shares after Hanover deal

1,952,294,638

Bonus shares
Estimated Assessed value of Hanover
Shortfall calculation
Percentage of Allied Voting Rights
represented by Allied Shareholders
Total Allied shares after shortfall
Additional shares issued to original
Allied shareholders
Original number of Alloway shares
Additional shares issued to Alloway
Total Allied shares on issue after issue
of bonus shares
% Ownership
Original Allied Farmers shareholders
Former Hanover shareholders

1.9%
98.1%

Total

100%

Rob Alloway

0.2788%

Shortfall Calculation
0.2069245
$7,800,372

0.2069245
$7,800,372

0.2069245
$7,800,372

0.2069245
$7,800,372

$396,177,220

$396,177,220

$396,177,220

$396,177,220

$403,977,592

$403,977,592

$403,977,592

$403,977,592

37,696,705

37,696,705

37,696,705

37,696,705

1,914,597,933

1,914,597,933

1,914,597,933

1,914,597,933

1,952,294,638

1,952,294,638

1,952,294,638

1,952,294,638

171,177,220

96,177,220

71,177,220

46,177,220

$225,000,000

$300,000,000

$325,000,000

$350,000,000

0.0435830
87,246,281

0.0750197
155,281,841

0.0987669
209,822,409

0.1445113
323,418,685

49,549,576
5,442,963

117,585,136
5,442,963

172,125,704
5,442,963

285,721,980
5,442,963

7,154,379

16,977,917

24,852,937

41,254,910

2,001,844,214

2,069,879,774

2,124,420,342

2,238,016,619

4.4%
95.6%

7.5%
92.5%

9.9%
90.1%

14.5%
85.5%

100%

100%

100%

100%

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Err:509

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