Special Meeting – Presentation

1
Special Meeting Presentation
24 May 2021
www.nzrlc.co.nz
listed on:
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA

2
New Zealand Rural Land Company (NZL.NZX)
Recap From IPO Documents
New Zealand Rural Land Company (NZL) was incorporated for the purpose of acquiring rural land across New Zealand’s agricultural sector;
NZL would partner with and lease land to experienced farmers and food producers;
NZL would present a differentiated investment proposition to what is currently available on the NZX:
• Exposure to agriculture / rural land as an asset class without the direct operational exposure and volatility;
• Core focus on securing experienced, well capitalised, long-term tenants to provide security around income;
Market forces are creating an opportunity to acquire high quality dairy farms at attractive prices;
Although the initial target is dairy land given favorable pricing backdrop, NZL will target other rural land asset classes across cycles;
Target minimum gross lease rate of 4.50% per annum + potential NAV growth;
NZL will be the only agricultural land based listed property company on the NZX.

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Rural Land is an Attractive Asset
Investing in New Zealand land is still nascent. Investors in the past have been deterred by high up front capital outlays, direct commodity price exposure, on-farm
risks (including weather and animal health) and, a lack of liquidity. These barriers have prevented many investors from diversifying their portfolios to include this
high-quality asset that offers attractive long-term returns, an effective inflation hedge and uncorrelated returns to broader investment markets.
Attractive long-term returns:
+6.52% p.a
500
1.000
0
1.500
2.000
2.500
3.000
3.500
4.000
4.500
96 96 97 97 98 98 99 99 00 00 01 01 02 02 03 03 04 04 05 05 06 06 0708 08 09 09 10 10 11 11 12 12 13 13 14 14 15 15 15 16 16 16 17 17 18 18 19 1907
New Zealand All Farm Type Price Index*
MASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEPMASEP
Source: REINZ

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Rural Land Assets are an Effective Inflation Hedge
New Zealand rural land has on average outperformed inflation over the last 25+ years. An investment in rural land can be expected to offer some protection
against inflation into the future.
Effective inflation hedge:
Dairy Assets in a balanced portfolio
Return on New Zealand Agricultural Land and Inflation (%, base year 1988)
Returns on New Zealand dairy farms versus the S&P 500 (%)
JUN 93JUN 94JUN 95JUN 94JUN 96JUN 97JUN 98JUN 99JUN 00JUN 01JUN 02JUN 03JUN 04JUN 05JUN 06JUN 07JUN 08JUN 09JUN 10JUN 11JUN 12JUN 13JUN 14JUN 15JUN 17JUN 16
JUN 00JUN 01JUN 02JUN 03JUN 04JUN 05JUN 06JUN 07JUN 08JUN 09JUN 10JUN 11JUN 12JUN 13JUN 14JUN 15JUN 17JUN 16
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
InflationFarm Prices
Return on the S&P 500Return on assets New Zealand dairy farms*
Source: Dairy NZA Economic Surveys, Refinitiv* The return on New Zealand dairy farms includes the return on dairy operations and changes in underlying land values
Standard deviation of returns
7%
11%
Ne w Zealand
Dairy Farms
Correlation of
Dairy Farm and
S&P 500 returns
15%
S&P 500
Source: Dairy NZA Economic Surveys, Bloomberg

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Ideal for pasture-based dairy farming
Results in lower production costs
Produces and allows for a premium
grass-fed product
Lowest emissions globally for dairy
production
Long history of dairy production
Focus on continuous improvement
Supported by vibrant ecosystem for Agri-tech
innovation
Mitigating environmental risks by reducing surface
water contamination and on-farm emissions
Mitigating social risks by increased transparency,
community programs and respecting social
license
Political risks are mitigated by Dairy’s importance
to regional economies and employment
Focuses government attention in mitigation of
biosecurity risks
Mitigating risks of climate change with focus on
evidence-based transition solutions
New Zealand Dairy Land is an Attractive Long-Term Asset
Carbon footprint per gram of protein (gm CO2 eq./gm protein)
Grams CO2 eq. per gram protein
Cow's Milk
Australia &
New Zealand
Cow's Milk
Europe
Cow's Milk
North
America
Cow's Milk
World
Average
Soy-milkCow's Milk
South and
Central
America
Cow's Milk
Asia
Cow's Milk
Africa
Almond,
Coconut Milk
33
3737
39
40
47
70
93
95
20
40
60
80
10 0
12 0
0
Source: NZX Dairy Outlook 2019, A Sustainable Dairy Future
World Leader
in Managing
Industry Risks
Efficient
Industry
Natural
Conditions
New Zealand has the Lowest Carbon Footprint Per Gram of Protein produced in the World.

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NZL - Majority New Zealand Owned, Operated and Domiciled Company
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
Listed
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Director
NEW ZEALAND Rural
Land Management
50.0%
16.5%
Hayden Dillon
6.0%
Richard Milsom
7.5%
Accountant
Auditor
Registry
Listed
Clyde & Rena
Holland
20.0%

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NZL - Majority New Zealand Owned, Operated and Domiciled CompanyNZL - Key People
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
ROB CAMPBELL
Independent Chair
Chair – SKYCITY Entertainment Group
Chair – WEL Group Limited
Chair - Tourism Holdings
Chair - Summerset Group
Director - Precinct Properties
CHRISTOPHER SWASBROOK
Director
Managing Director – Elevation Capital Management Limited
Board Member – Financial Markets Authority
Director – Bethunes Investment Limited, Director Allied Farmers, RAL Limited
and Swimtastic Limited
Previously a Partner of Goldman Sachs JBWere Pty Limited & Co-Head of
Institutional Equities at Goldman Sachs JBWere (NZ) Limited
SARAH KENNEDY
Independent Director
Director - Comvita NZ
CEO - Calocurb Limited
Previously CEO - Designer Textiles International
Previously Vice President International Farming - Fontera
Previously CEO / Member of the Board of Directors - Vitaco Health Limited
Previously CEO - Healtheries of New Zealand Ltd
RURAL VALUER
Independent Consultant
FARM CONSULTANT
Independent Consultant
AGRICULTURAL ENVIRONMENTAL SPECIALIST
Independent Consultant
RURAL PROPERTY MANAGER
Rural Property Manager
HAYDEN DILLON
Consultant
Managing Partner Findex (Waikato) & Head of Agribusiness New Zealand for Findex.
Independent Director - Williams Holdings Limited
Independent Director - Aquila Sustainable Farms Limited and associated Limited Partner Farms.
Independent Director Rowing New Zealand.
Trustee - South Waikato Investment Fund
Chairman - Bioceta Limited
Previously - Senior Partner Bank Of New Zealand – Waikato
Previously - Corporate Relationship Manager Food Fibre & Beverage National Australia Bank - Melbourne
Fellow FINSIA
SHELLEY RUHA
Independent Chair
Director - Heartland Bank
Director - Icehouse
Director - 9 Spokes
Previously - Senior Management Team and leader of
BNZ Partners - BNZ
RICHARD MILSOM
Executive Director
Consultant - Elevation Capital Management Limited
CEO – Bellevue Enterprises Limited – Bovine & Porcine
Genetic Improvement & Sustainable Pork Production Company
INFINZ Board Member
INFINZ Emerging Leader 2017
NEW ZEALAND Rural Land Management
MARISE JAMES
Director
Director - Allied Farmers
Partner - Baker Tilly Staples Rodway Taranaki,
Chair - Firstlight Wagyu NZ Limited,
Previously:
Founding director - Fonterra Co-operative Group
Director - FMG Insurance Limited
Director - Landcorp Farming Limited
Director - TSB Bank + TSB Trust
Chaired the Audit Committees of FMG and Landcorp.
CHRISTOPHER SWASBROOK
Consultant
Managing Director – Elevation Capital Management Limited Board Member – Financial Markets Authority (FMA)
Director – Bethunes Investments Limited, New Zealand Rural Land Company Limited and Swimtastic Limited
Previously a Partner of Goldman Sachs JBWere Pty Limited & Co-Head of Institutional Equities at Goldman Sachs JBWere (NZ)
Limited

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Announced Acquisition
Now Unconditional
www.nzrlc.co.nz
NEW ZEALAND Rural Land Co
WWW.NZRLC.CO.NZ
listed on:

9
Southland Acquisition & Tenant Summary
PROPERTY OVERVIEW
$10,373,062.50
$515,667
4.97%
purchase price (NZ$) [iNcludiNg traNsactioN costs]
lease value (NZ$ pa)
lease rate
Southland
TENANT OVERVIEW
Fortuna Group is a Southland based company that
operates more than 18 (wholly-owned and majority-
owned) dairy farms in the Southland region. The
company runs more than 10,000 dairy cows over
3,626 hectares, and operates 920 hectares of
support land over three farms.
Fortuna meets all of NZL’s tenant criteria as was
outlined in NZL’s IPO documents.
New Zealand Rural Land Company has an unconditional
agreement to acquire a 456 Ha dairy farm in Mokoreta,
Southland. The farm contains a 64 Bail Rotary Dairy
Shed, a 13 Bay Purpose Built Calf Shed, 4 houses, and
other ancillary buildings.
NZL has a signed lease with Fortuna Group, an
experienced partner for NZL as we look to expand our
ownership of quality rural assets in the Southland region.
The lease will commence from settlement of the acquisition.
This farm is a large operation, enabling economies of
scale with close proximity to two dairy factories.
TRANSACTION OVERVIEW
10 Years - CPI Adjustment Years 3, 6, 9
lease term
1 June 2021
settlemeNt date
PROPERTY DETAILS
456
total ha
Easy Undulating -
Rolling
coNtour
Bore
water source
Mokoreta,
Southland
locatioN
houses
4
Predominantly Kaiwera
Soils with a small strip of
Waimahaka Hill Soils.
soils
You can learn more about Fortuna Group at:
https://fortunagroup.net.nz/
Operating Performance
& Experience
Strong Balance Sheet
Robust Governance Sustainability Focus

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Proposed Acquisitions that
Shareholders are Voting on Today
www.nzrlc.co.nz
NEW ZEALAND Rural Land Co
WWW.NZRLC.CO.NZ
listed on:

11
South Canterbury + North Otago
Transaction Overview
Under the proposed acquisition NZL will acquire fourteen large scale dairy assets in South
Canterbury and North Otago totaling approximately 6,350 hectares. The properties are a
mixture of traditional seasonal supply pastoral dairy farms, hybrid grass based grazing and cut
winter barn farms, and dairy support blocks.
The 14 farms will be acquired from 6 entities at a cost to NZL of NZ$114.00M (subject to
adjustments). The transaction is due to settle on 1 June 2021.
The farms will be leased to three tenants for an aggregate rental of NZ$ 5.62M per annum.
The three tenant entities meet NZL’s criteria for tenants and the leases have an initial term of 11
years with two rights of renewal of 12 years.
These 14 properties are being leased in groups of 3, 5, and 6
properties respectively and to three individual tenants with experience
on the type of farm they are leasing. NZL has signed leases with:
• 3 farms leased by Sustainable Grass Dairy Limited (SGDL)
NZ$ 1,167,196 p.a.;
• 5 farms leased by Performance Dairy Limited (PDL)
NZ$ 3,094,986 p.a.;
• 6 farms leased by Performance Livestock Limited (PLL)
NZ$ 1,357,727 p.a..
All tenants have a strong balance sheet supporting both the
financial and maintenance components of their lease, independent
experienced governance, a demonstrable history of farming
excellence, efficient production and profitability in their respective
geographies.
$114,000,000 [Subject to Final Adjustments]
$5.792M [$5.62M - Adjusted for Rental Holiday]
>5%
total purchase price (NZ$)
total aNNual lease (NZ$ pa)
gross lease rate
11 Years - CPI Adjustment Years 3, 6, 9
iNitial term
1 June 2021
settlemeNt date

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Asset/s Overview
quality
locatioN
ZoNe/
water catchmeNt
quality
water
The majority of the dairy farms being acquired
are irrigated. Many source water from the
Morven Glenavy Ikawai Irrigation Company
(MGI) and bore water - both of which are low-
cost and high-reliability water sources.
Appealing Water Catchment Areas with regard
to the Resource Management Act and Local
& District Plans and shareholdings in irrigation
schemes providing assistance with compliance
and the potential for future nutrient headroom.
The localities of dairy farms in prominent dairy
regions offers a variety of dairy supply options
including Fonterra, Oceania (who pays a +$0.15
premium to Fonterra), and Synlait. The locations
are well recognised for their soils, water, and their
ability and proximity to centers to attract staff.
The farms have quality soils that predominantly fall
into two categories:

The flat land soils are silt loam soils – e.g. Steward,
Pukeuri, Darnley, Pahau, well suited to irrigation
and intensive livestock farming. Some of these soils
are also well suited to arable cropping.

The hill land soils are silt loam soils – e.g. Timaru,
Claremont, Kauru, Ngapara. These soils are suited
to irrigation and intensive livestock farming.
soils
support
laNd
These acquisitions contain a number of ‘support
land’ dairy farms. ‘Support land’ is for grazing
dairy animals that are not in milk. We believe
the importance and therefore value of ‘support
land’ will increase over time as increasing
environmental regulations and disease risk
increases off-farm support land importance.

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Property & Tenant Summary
PROPERTIES OVERVIEW
PROPERTY DETAILS
SGDL will lease three farms in South Canterbury totaling 873 Ha with proximity to
Oceania (who have a history of paying a +NZ$0.15 premium to the Fonterra Milk
Price).
The farms are located in the South Canterbury area with all of the farms drawing water
from the Morven-Glenvay-Ikawai (MGI) water scheme providing a low-cost and high
reliability access to water.
Sustainable Grass Dairy Limited (SGDL) is the tenant of the below pastoral dairy farms.
SGDL has local geographical experience in regards to best-practice management and
optimal production on this portfolio of farms making them an attractive tenant who are
best placed to manage the farms efficiently.
The tenant has significant experience in the dairy industry in regards quality dairy farm
performance, with strong independent governance containing a wealth of knowledge
in the New Zealand dairy industry, animal welfare, people and environmental
management.
Farm 1Ikawai, South
Canterbury
270Irrigation sourced from MGI Water SchemePastoral Dairy Farm250 Bale Rotary Dairy Shed, Effluent Storage
Farm 2Ikawai, South
Canterbury
324Irrigation Sourced from MGI Water SchemePastoral Dairy Farm240 Bale Rotary Dairy Shed, Effluent Storage, Various Sheds
Farm 3Morven, South
Canterbury
279Irrigation Sourced from MGI Water SchemePastoral Dairy Farm360 Bale Rotary Dairy Shed, Effluent System, Various Sheds
total ha
irrigatioN
$ 1,16 7,19 6
>5%
total aNNual lease (NZ$ pa)
gross lease rate
OVERVIEW
11 Years (with two 12 year
rights of renewal with a total
potential term of 35 years)
lease terms:
SUSTAINABLE GRASS DAIRY LIMITED (SGDL)
https://www.sustainablegrassdairy.co.nz/
houses
farm type
DIRECTORS
Mark Heer - Independent Director
Paul Tocker - Independent Director
Wilma Van Leeuwen Jr - Executive Director
Aad Van Leeuwen - Non-Executive Director
locatioNaNcillary buildiNgs

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Property & Tenant Summary
PROPERTIES OVERVIEW
$3,094,986
>5%
total aNNual lease (NZ$ pa)
gross lease rate
OVERVIEW
PDL will lease five farms in South Canterbury & North Otago totaling 2,049 hectares with proximity to Oceania
(who pay a +NZ$0.15 premium above Fonterra milk price). The farms are located in the attractive South
Canterbury area with three of the farms drawing water from the Morven-Glenvay-Ikawai (MGI) water scheme
providing a low-cost and high reliability access to water.
The five farms consist of four hybrid/barn dairy farms and one support farm.
PDL has local geographical experience in regards to best-practice management and optimal production on this
portfolio of farms making them an attractive tenant who are best placed to manage the farms efficiently.
The tenant has significant experience in the dairy industry in regards quality dairy farm performance, with strong
independent governance containing a wealth of knowledge in the New Zealand dairy industry, animal welfare,
people and environmental management.
11 Years (with two 12 year rights of renewal
with a total potential term of 35 years)
lease terms:
PERFORMANCE DAIRY LIMITED (PDL)
https://www.performancedairy.co.nz/
Farm 1Waihao Downs,
South Canterbury
535Irrigation Sourced from Waihao Downs Irrigation Company
Support Farm3Various Sheds, Cattle Yards, Fertiliser Bunker
Farm 2Morven, South
Canterbury
434Irrigation Sourced from MGI Water SchemeHybrid Dairy Farm660 Bale Rotary Dairy Shed, Office Building & Plant, Effluent
Storage, Yard
Farm 3Waianakarua,
North Otago
504Irrigation sourced from Local RiverHybrid Dairy Farm560 Bale Rotary Dairy Shed, Cattle Yards, Effluent Storage,
Feed System
Farm 4Morven, South
Canterbury
14 2Irrigation Sourced from MGI Water SchemeHybrid Dairy Farm2Effluent Storage, Cow Barn, Dairy Feed System
Farm 5Morven, South
Canterbury
434Irrigation Sourced from MGI Water SchemeHybrid Dairy Farm460 Bale Rotary Dairy Shed, Feed Barns, Effluent Storage
PROPERTY DETAILS
DIRECTORS
Mark Heer - Independent Director
Paul Tocker - Independent Director
Dion Van Leeuwen - Executive Director
Aad Van Leeuwen - Non-Executive Director
locatioN
total ha
irrigatioN
houses
farm type
aNcillary buildiNgs

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Property & Tenant Summary
PROPERTIES OVERVIEW
$ 1,357,727
>5%
total aNNual lease (NZ$ pa)
gross lease rate
OVERVIEW
11 Years (with two 12 year rights of renewal
with a total potential term of 35 years)
lease terms:
PLL will lease six support farms in South Canterbury totaling 3,419
hectares. These support farms will provide management and care for
livestock including the development of young dairy stock through to
production and finishing beef cattle. We believe the importance and
therefore value of “support land” will increase over time as increasing
environmental regulations & disease risk increases off-farm support land
importance.
The tenant has significant experience in the dairy industry in regards
quality dairy farm performance, with strong independent governance
containing a wealth of knowledge in the New Zealand dairy industry,
animal welfare, people and environmental management.
PERFORMANCE LIVESTOCK LIMITED (PLL)
https://www.performancelivestock.co.nz/
DIRECTORS
Mark Heer - Independent Director
Paul Tocker - Independent Director
Rodney Van Leeuwen - Executive Director
Aad Van Leeuwen - Non-Executive Director
PROPERTY DETAILS
Farm 1Waihao Forks, South Canterbury494N/ADairy Farm / Support Farm2Dairy Shed, Calf Sheds, Cattle Yards
Farm 2Morven, South Canterbury2 91N/ASupport Farm1Cattle Yards, Stock Yards, Covered Yards
Farm 3Waihaorunga, South Canterbury513Irrigation sourced from Local RiverSupport Farm1Cattle Yards, Wool Shed, Hay Shed
Farm 4Waihaorunga, South Canterbury732N/ASupport Farm3Wool Sheds & Cattle Yards
Farm 5Waihaorunga, South Canterbury794N/ASupport Farm3Cattle Yards, Various Sheds
Farm 6Waihaorunga, South Canterbury595N/A Support Farm2Sheep Yards, Various Sheds
locatioN
total ha
irrigatioN
housesfarm typeaNcillary buildiNgs

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Additional Assets
These are all properties that NZRLC will purchase if the current unconditional contracts for purchase are not completed or, in respect of Makikihi Road, the Vendor is
unsuccessful in refinancing that property itself by 1 August 2021. All leases will be 11 years (with two 12 year rights of renewal with a total potential term of 35 years).
MAKIKIHI ROAD
RYANS ROAD
LINDIS FARM
$ 12,000,000Waimate, South
Canterbury
500Hybrid Dairy Farm> 5%PDL
locatioN
total ha
purchase price
farm type
$ 9,360,000Morven, South
Canterbury
287Pastoral Dairy Farm> 5%SGDL
locatioN
total ha
purchase price
farm type
$ 1,400,000Waimate, South
Canterbury
76Hybrid Dairy Farm> 5%PDL
locatioN
total ha
purchase price
farm type
lease rateteNaNt
lease rateteNaNt
lease rateteNaNt

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Should NZL Shareholders Approve the Proposed Acquisitions and
they settle on 1 June 2021...
NZL will have achieved the targets it set out at the IPO, acquiring rural land at scale and leasing it to experienced operators;
NZL will also have achieved this by mitigating traditional risks:
No on-farm
risks
(via either sharemilker or
operational partner)
No direct
exposure
to volatile
commodity
prices
Limited
exposure to
environmental
risks
No
exposure
to animal
health risks
No direct
exposure
to farmer
co-ops
NZL shareholders can expect to receive their first interim dividend in Q1 2022;
NZL has a pipeline of potential rural land acquisitions (in excess of $100 million) that encompasses: viticulture, dairy + electricity/green energy production;
NZL Board intends to raise capital post settlement of the current asset purchases to restore debt levels back to initial targets and to prepare for future acquisitions
of which Due Diligence is already underway by the Manager (NZRLM).

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New Zealand Rural Land Company
Level 4, 12 St Marks Road
Remuera
Auckland 1050
New Zealand
+64 9 379 6493
info@nzrlc.co.nz
www.nzrlc.co.nz

nzrlc
nzrlc
listed on:
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA