New Forests Australia New Zealand Landscapes and Forestry Fund – Benditi Pastoral

WA-50031

ANZLAFF Sub 2, through its trustee The Trust Company Limited, (the **Purchaser**) proposes to acquire the remaining 50% of shares in Benditi Pastoral Co Pty Ltd (**Benditi Pastoral**) from Benditi Holding Co Pty Ltd, as trustee for the Benditi Holding Co Trust (the **Vendor**), pursuant to a Call and Put Option deed dated 4 December 2025 (the **Deed**) (the **Acquisition**). The Vendor granted the Purchaser a Call Option under the Deed to acquire all of the remaining shares it holds in Benditi Pastoral. The parties entered into the Deed simultaneous to ANZLAFF Sub 2 acquiring an initial 50% of the shares in Benditi Pastoral. The Purchaser intends to exercise the Call Option on, or abouts, 17 July 2026. ANZLAFF Sub 2 is a sub-trust of New Forests Australia New Zealand Landscapes and Forestry Fund (**ANZLAFF**), which invests in a diversified portfolio of forestry and agricultural land assets and associated processing assets. Both trusts are administered by professional trustee companies, The Trust Company Limited and The Trust Company (Australia) Limited respectively (subsidiaries of Perpetual Limited). ANZLAFF and ANZLAFF Sub 2 are managed by New Forests Asset Management Pty Limited (**NF Management**). NF Management is a wholly owned subsidiary of New Forests Pty Limited, which is a global investment manager focused on nature-based real assets and natural capital strategies. Benditi Pastoral operates a beef cattle grazing enterprise near Yarrowitch and Walcha, in the New England region of NSW. This involves the breeding, growing and finishing of beef cattle, as well as the management of the cattle herd and associated land and infrastructure.