Allied Shortfall Calculation

Issue Price/share (cents) 0.2069245

Market capitalisation of Allied Farmers $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 1.9%
Former Hanover shareholders 98.1%
Total 100%

Rob Alloway 0.2788%

Shortfall Calculation

0.2069245 0.2069245 0.2069245 0.2069245

$7,800,372 $7,800,372 $7,800,372 $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 0.0750197 0.0987669 0.1445113

87,246,281 155,281,841 209,822,409 323,418,685

49,549,576 117,585,136 172,125,704 285,721,980

5,442,963 5,442,963 5,442,963 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% 7.5% 9.9% 14.5%

95.6% 92.5% 90.1% 85.5%
 100% 100% 100% 100%

0.6293% 1.0832% 1.4261% 2.0866%