The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, ACQUIRE OR SUBSCRIBE FOR (OR THE SOLICITATION OF AN OFFER TO BUY, ACQUIRE OR SUBSCRIBE FOR) ORDINARY SHARES TO ANY PERSON WITH A REGISTERED ADDRESS IN, LOCATED IN, OR WHO IS A RESIDENT OF, THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL OR CONTRAVENE ANY REGISTRATION OR QUALIFICATION REQUIREMENTS UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

23 March 2023

Agriterra Limited ('Agriterra' or the 'Company')

Agriterra Limited / Ticker: AGTA / Index: AIM / Sector: Agriculture

Further Debt Conversion and TVR

Agriterra, the AIM-quoted African agricultural company, announces that, further to the announcement made on 22 March, Magister Investments Limited ("Magister"), have elected to convert a further c. £5,884 of debt held by Magister in the Company into 588,389 new Ordinary Shares (the "Further Conversion Shares") at the Issue Price (being 1 pence).

The net effect of this further conversion is that Magister will restore its shareholding in the Company to 50.58%, which it had prior to the Placing and Broker Option, with a holding of 36,332,222 Ordinary Shares.

Total Voting Rights

Application has been made for admission of 588,389 Further Conversion Shares to be admitted to trading on AIM ("Admission"), with Admission expected to be on or around 28 March 2023. Following Admission, the Company's enlarged issued share capital will be 71,829,007 Ordinary Shares. The Company holds no Ordinary Shares in Treasury. This figure of 71,829,007 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise defined, capitalised terms are as per the Company's 22 March 2023 RNS.

** ENDS **

For further information please visit www.agriterra-ltd.com or contact: