Annual Meeting Presentation Materials

24 November 2021
CHAIR ADDRESS FOR ANNUAL MEETING
It was my privilege to be asked to join the Board and assume the Chair role from 1 November this year,
taking over from Richard Perry who had been Chair since mid-2020.
Before addressing you today, I would like to acknowledge the contribution of Richard as a director.
Whilst I was not around at the time, I am told that Richard was a valuable contributor to both the
Allied and NZ Farmers Livestock Boards, and we were able to tap into his breadth of experience and
expertise in the agricultural, technology and innovation sectors. Importantly, Richard was a driving
force in the decision to acquire a 50% interest in NZ Rural Land Management, which has proven to be
very successful.
I would also like to acknowledge Marise James, who stepped into the role as interim chair ahead of
my appointment, and is not seeking re-election as a director at this meeting. Philip Luscombe will say
more about Marise later in the meeting.
One of the reasons I agreed to accept the role of Chair of Allied is that I can see the breadth of
opportunity in front of us. In its recent history, Allied has been on a long and complex journey of
recovery from the impact of the GFC on its finance company assets that decimated value for
shareholders. Back then, it was all about survival. Today, it has re-established itself as an investor in
rural focused businesses with a strong balance sheet and a focus on building value for its shareholders.
The foundations for Allied’s recovery were built on the contribution from NZ Farmers Livestock. This
has enabled Allied in recent years to shake-off its survival culture to the point of having confidence
and strength to consider a transformational investment. The investment in NZ Rural Land
Management (NZRLM,) the Manager of NZX-listed New Zealand Rural Land Company has not only
enabled earnings diversification and growth, it has attracted a new breed of investors who believe in
the refreshed Allied story and the people driving it.
Allied has just begun the next stage of its journey to become an earnings growth story. With careful
oversight of our investments, improving earnings per share, a strong and supportive investor base,
and a team of people who can execute on opportunities to grow intrinsic value, I am confident and
excited to be here. There are significant opportunities which will open up for us over the medium
term.
The Board has decided to not pay a dividend for the FY21 financial year. We strongly believe that in
the short term, retaining and redeploying earnings is in shareholders’ best interests. In this regard, as
you will know, next year the Independent Directors will need to consider whether Allied wishes to
recommend calling it’s option to acquire the 50% of NZ Rural Land Management it does not already
own. We would like to be able to maintain financial flexibility in our funding options – cash or shares,
or a combination of both - in the event we determine to make that recommendation to shareholders.
Allied’s renewed focus has also led the Board to consider the ongoing need for the role of an Allied
Chief Executive. Currently, this role has been performed in a part time capacity - 10 percent of time
allocation - by Steve Morrison, our NZ Farmers Livestock Chief Executive. Steve has agreed to step
down from his Allied CEO role with effect from today. Allied’s Directors, Company Secretary, and
Group CFO will pick up the work previously contributed by Steve. Importantly, this will allow Steve,
as the NZ Farmers Livestock CEO, to focus full time on its growth in both market share and profitability.
As you will have seen from the 2021 Annual Report, Allied’s audited net profit after tax attributable
to Allied’s shareholders was $2.021 million, which was a significant increase from the previous year.

Chris Swasbrook will provide detail on this in his presentation, but clearly this was an outstanding
result reflective of the inaugural profit contribution by NZRLM after the sizeable land acquisitions prior
to 30 June 2021 by New Zealand Rural Land Company. It is pleasing to see this momentum has
continued into the new financial year with New Zealand Rural Land Company completing $61m of new
acquisitions on 10 November 2021 as announced to the NZX.
On behalf of the Board, I wish to thank and acknowledge the efforts of our NZFL and NZRLM teams
over the last year and I look forward to our shared journey ahead.
Mark Franklin
Chair

---

alliedfarmers.co.nzSince 1889
ANNUAL SHAREHOLDERS MEETING
24 November 2021
SINCE 1889

alliedfarmers.co.nzSince 1889
1. Chair’s Introduction
2. Presentation to Shareholders
3. Shareholder Discussion
4. Resolutions
Agenda
1

alliedfarmers.co.nzSince 1889
FY 2021 Result Commentary
Five Year Earnings Summary:
Financial Year Ending 30 JuneFY 2021FY 2020FY 2019FY 2018FY 2017
Allied Farmers Net Profit After Tax (NPAT)
- attributable to Allied Farmers shareholders - $ 000’s
2,0217671,2581, 5351,552
Allied Farmers Earnings Per Share – cents per share7. 0 24.307.589 . 519 . 61
Allied Farmers Dividend Per Share – cents per share-1.22.02.02.0
Comprising:
NZFL incl. Finance - earnings attributable to Allied Farmers
shareholders* - $ 000’s
1, 3701,1751, 76 41,6631, 79 4
NZRLM - earnings attributable to Allied Farmers shareholders
- $ 000’s
1 ,15 2----
Asset Management (Legacy Finance Co’s) - $ 000’s---44930
Allied Farmers Holding Co (Parent)** - $ 000’s(501)(408)(506)(577)(272)
Allied Farmers NPAT - attributable to Allied Farmers shareholders
- $ 000’s
2,0217671,2581, 5351,552
* Recognises Allied Farmers’ 67% NZFL ownership and 52% Redshaw Livestock ownership.
** In FY 2021 from Parent Operations costs of $812,000 disclosed in Note A1 of the Financial Statements, deferred tax benefits arising from tax losses and refunds are deducted.
FY 2021 Result Commentary:
- Allied Farmers reported a Net Profit After Tax (NPAT) of $2.021mln in FY 2021 vs. $0.767mln in FY 2020.
- The result reflected an improved performance from New Zealand Farmers Livestock (NZFL) and an inaugural half year contribution
from New Zealand Rural Land Management (NZRLM) totalling $1.152mln.
- The decision to acquire 50% of the contracted manager of the New Zealand Rural Land Company (NZL:NZX) was vindicated
in the first six months of ownership as it has clearly increased and diversified the company’s earnings.
2

alliedfarmers.co.nzSince 1889
Tax Losses a Valuable Asset for Shareholders
Tax Losses:
- Allied Farmers had tax losses as at 30 June 2021 which amounted to $40,568,976.
- Shareholder continuity remains intact and we have recently obtained advice from KPMG to ensure this valuable asset is
maintained. (Business continuity is unlikely to apply, so shareholder continuity is critical.)
$30,000,000
$32,000,000
$34,000,000
$36,000,000
$38,000,000
$40,000,000
$42,000,000
$44,000,000
$46,000,000
$48,000,000
30-Jun-1730-Jun-1830-Jun-1930-Jun-2030-Jun-21
Allied Farmers Available Tax Losses (2017 - 2021)
3

alliedfarmers.co.nzSince 1889
Allied Farmers Structure as at 30 June 2021& Strategic Review
(67
%
)(50
%
)(100
%
)
- Strategic Review (undertaken with Northington Partners) revealed finance strategy as a standalone operation would not
add value for shareholders given the level of scale and investment required. Accordingly, the Directors have decided to
wind down Rural Funding SolutioNZ (RFS) and focus all lending activities through NZ Farmers Livestock Finance Limited
(NZFLFL) as has been the case in the past.
- Allied Farmers also has a call option over the other 50% of the New Zealand Rural Land Management (NZRLM) that can
be exercised from December 2022. The Independent Directors are naturally turning their minds to this as 2022 approaches.
- As part of their strategic review and advisor to the Directors, Northington Partners also informed as follows...
Strategic Review:
4

alliedfarmers.co.nzSince 1889
Poor Track Record of Historical Performance...
- Up until recently, Allied Farmers had delivered Total Shareholder Returns (TSR) of ~0% since 2017*.
* Data Source & Analytics: Northington Partners.
**
** Fully imputed.
5

alliedfarmers.co.nzSince 1889
High Overheads at Parent Company also Weighed Heavily...
- Allied Farmers Parent Company costs have been +$240K higher than the average of its small cap peers*.
- The costs detailed below are flattered by tax benefits (e.g., actual costs were $812,000 in FY 2021).
* Data Source & Analytics: Northington Partners.
** Audit Cost = $194,000 + Tax Advice ~$25,000.
**
6

alliedfarmers.co.nzSince 1889
Considerable Change in the Share Register over 2021 has
removed an “Overhang” of Sellers and seen a shift in the
Register to those Investors Aligned with New Zealand Rural
Land Company (NZL:NZX)
RankInvestor NameTotal Shares% Issued
Capital
1Elevation Capital Management Limited2,750,0009.55%
2Stockmans Holdings Limited2,594,0269.01%
3Custodial Services Limited1,254,3694.35%
4Albany Braithwaite Holdings Limited1,234,9534.29%
5Hopeton Trustee Company Limited1,000,0003.47%
5Richard Milsom1,000,0003.47%
7Donald Clifton Jacobs831,0502.88%
8Deborah Lee Seerup600,0012.08%
9Geoffrey Richard Field Seerup600,0002.08%
10New Zealand Depository Nominee589,7742.05%
Top 10 Shareholders - 30 June 2021Top 10 Shareholders - 22 November 2021Top 10 Shareholders - 30 June 2020
RankInvestor NameTotal Shares% Issued
Capital
1Elevation Capital Management Limited* 3,125,000 10.85%
2Custodial Services Limited 1,619,369 5.62%
3Forsyth Barr Custodians Limited 1,400,008 4.86%
4Richard Milsom** 1,250,000 4.34%
5Wairahi Investments Limited 1,000,000 3.47%
5Hopeton Trustee Company Limited 1,000,000 3.47%
7Donald Clifton Jacobs 831,050 2.88%
8DFS Investment Partners Llc 522,185 1.81%
9Deborah Lee Seerup 500,001 1 . 74 %
10Geoffrey Richard Field Seerup 500,000 1 . 74 %
RankInvestor NameTotal Shares% Issued
Capital
1Stockmans Holdings Limited1,945,51910.90%
2Albany Braithwaite Holdings Limited1,796,39510.06%
3Donald Clifton Jacobs8 2 4 , 7814.62%
4Deborah Lee Seerup685,0013.84%
5Geoffrey Richard Field Seerup685,0003.84%
6John Drakley Moore503,2442.82%
7Garry Charles Bluett312 , 7181. 75 %
8Ronald Alfred Brierley303,1591. 70 %
9Glenn Leslie Ballinger300,0001.68%
10Ross Phillip Drew274,0001.53%
* Includes non-beneficial interest of 375,000 shares for Elevation Capital clients.
** Includes Richard Milsom & RP Milsom Investments.
7

alliedfarmers.co.nzSince 1889
Change in Share Register by Geographic Location
18.66%
18.57%
10.56%
9.68%
5.64%
8.31%
6.99%
6.81%
5.98%
4.56%
3.18%
1.05%
21.00%
19.75%
16.42%
16.36%
5.78%
5.72%
5.44%
3.42%
3.04%
2.00%
1.07%
20.63%
19.66%
16.67%
12.83%
7.33%
6.40%
5.69%
5.57%
2.29%
1.94%
0.98%
Greater Auckland
Waikato
Taranaki,
Manawatu &
Whanganui
Bay of Plenty
Canterbury
West Coast
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago & Southland
Nelson &
Tasman
Wellington
& Wairarapa
Northland
Waikato
Taranaki,
Manawatu &
Whanganui
Bay of Plenty
Canterbury
West Coast
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago &
Southland
Nelson &
Tasman
Canterbury
West Coast
Waikato
Wellington
& Wairarapa
Taranaki,
Manawatu &
Whanganui
Greater Auckland
Bay of Plenty
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago & Southland
Nelson &
Tasman
As at 1 November 2019
As at 1 November 2020
As at 12 November 2 0 21
Milsom,
Dillon
& Elevation
Capital
Wellington
& Wairarapa
Greater Auckland
+ Milsom, Dillon &
Elevation Capital
37.23%
# Shares on Issue:
17,854,858
# Shares on Issue:
17,854,858
# Shares on Issue:
28,806,434
Canterbury
West Coast
Greater Auckland
18.66%
18.57%
10.56%
9.68%
5.64%
8.31%
6.99%
6.81%
5.98%
4.56%
3.18%
1.05%
21.00%
19.75%
16.42%
16.36%
5.78%
5.72%
5.44%
3.42%
3.04%
2.00%
1.07%
20.63%
19.66%
16.67%
12.83%
7.33%
6.40%
5.69%
5.57%
2.29%
1.94%
0.98%
Greater Auckland
Waikato
Taranaki,
Manawatu &
Whanganui
Bay of Plenty
Canterbury
West Coast
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago & Southland
Nelson &
Tasman
Wellington
& Wairarapa
Northland
Waikato
Taranaki,
Manawatu &
Whanganui
Bay of Plenty
Canterbury
West Coast
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago &
Southland
Nelson &
Tasman
Canterbury
West Coast
Waikato
Wellington
& Wairarapa
Taranaki,
Manawatu &
Whanganui
Greater Auckland
Bay of Plenty
Gisbourne&
Hawkes Bay
Northland
Overseas
Otago & Southland
Nelson &
Tasman
As at 1 November 2019
As at 1 November 2020
As at 12 November 2 0 21
Milsom,
Dillon
& Elevation
Capital
Wellington
& Wairarapa
Greater Auckland
+ Milsom, Dillon &
Elevation Capital
37.23%
# Shares on Issue:
17,854,858
# Shares on Issue:
17,854,858
# Shares on Issue:
28,806,434
Canterbury
West Coast
Greater Auckland
8

alliedfarmers.co.nzSince 1889
Governance Structure & Costs have been Realigned
- Allied Farmers is actually an investment company and therefore needs a robust but simple governance framework with an
increased vigilance on costs.
- Accordingly, Allied Farmers is in the process of restructuring to reduce costs at the parent company level to improve shareholder
returns on a go-foward basis.
- To align with its investment company focus and to save costs, Allied Farmers no longer has a Group CEO - Steve Morrison is
now singularly focused on NZFL as CEO.
- KPMG have also advised on the amalgamation of a number of legacy subsidiaries having regard to our tax losses. We expect
these amalgamations to occur prior to 30 June 2022 as part of our rationalisation plans.
- Allied Farmer’s simplified corporate structure* will be as following by 30 June 2022:
(67
%
)(50
%
)
* Full Corporate Structure in Appendix #1, Pre-Amalgamations.
Governance & Costs:
9

alliedfarmers.co.nzSince 1889
Governance Structure
Philip Luscombe
Independent Director
Mark Franklin
Independent Chair
Christopher Swasbrook
Director
Philip was appointed a Director of Allied Farmers Limited in
December 2005 and is Chair of New Zealand Farmers Livestock
Limited. As a former Agricultural Research Scientist, and with a
broad farming background, he has extensive experience in the
agricultural sector.
He is a shareholder and Chair of the Argyll Dairy Farm group of
farms in Otago, a partner in the family dairy farm in Taranaki,
and has interests in farm forestry. He is a trustee of The Massey-
Lincoln and Agricultural Industry Trust, and is an Independent
Director of dairy farming business, Te Rua O Te Moko Limited.
He is a former director of PKW Farms Ltd, Kiwi Cooperative
Dairies Limited, Kiwi Milk Products Limited, Dairy Insight, Dexcel,
and NZAEL Limited. Mr Luscombe is an independent director. He
has the following qualifications: BAgSci(Hons).
Mark has extensive experience in the infrastructure, energy, and
technology sectors in New Zealand, Australia, US and Asia. His
Chief Executive roles span 30 years in the Utilities, IT and Telco
sectors and have encompassed both start up and consolidation
activities.
Mark’s current governance roles include: Chair of Auckland
Unlimited; Member of the critical Auckland Mayoral Housing
Taskforce and the Deputy Mayor Industry Leaders Infrastructure
Council; Advisory Board Chair of Utilligent Global and PT Blink;
Director of Auckland Chamber of Commerce; Independent
Director of Stevenson Group; and, Independent Director of
SwimTastic Limited.
Mark’s most recent roles were Managing Director of Stevenson
Group (which also included extensive rural operations), founding
Chief Executive of TZ1, the global carbon registry, and prior to
this Chief Executive of Vector.
Chris is one of the founders and directors of New Zealand Rural
Land Management and NZX-listed New Zealand Rural Land
Company. He is also the founder and managing director of
Elevation Capital Management Limited.
He was previously a Partner of Goldman Sachs JBWere Pty, co-
head of institutional equities at Goldman Sachs JBWere (NZ) and a
foundation broker of the New Zealand Exchange (“NZX”). Before
that he was an Individual Full Member of the NZ Stock Exchange
(“NZSE”). He has been a board member of the Financial Markets
Authority since 2019, the NZX Listing Sub-Committee since 2008,
a member of the NZ Markets Disciplinary Tribunal since 2013 and
an Advisory Board Member of the Auckland Art Gallery Toi o
Tamaki. He is also a director of Bethunes Investments Limited and
Swimtastic Limited.
Chris Swasbrook is not an independent director as he is an
Associated Person of an Allied Farmers’s Substantial Product
Holder.
10

alliedfarmers.co.nzSince 1889
- The $1.0 mln bond was repaid in September 2021 which will reduce interest costs at parent company level.
- Board has been reduced in size from 5 to 3.
- Rural Funding SolutioNZ will be wound up and all future lending activities will take place via New Zealand Farmers Livestock
Finance Limited.
- Investigating further cost reduction initiatives.
- Unlikely that dividends will be paid until tax losses have been utilised - it makes little sense at present to pay unimputed dividends.
- Buy-backs will most likely be utilised as a mechanism to return capital to shareholders as and when opportunities present themselves.
FY 2022 Operational Update
New Zealand Rural Land Management LTD
- NZRLM delivered an inaugural profit contribution of $1.152mln for the period ending 30 June 2021. (This is an attractive return on a
$2.5 mln initial investment for 50% of NZRLM.)
- NZRLM has received a ~$758,000 transaction fee from NZL upon completion of the recently announced transaction on 10
November 2021.
- NZRLM is now cashflow positive on a monthly basis based on management fees and is adding a new executive resource in
December to compliment the existing team.
- NZRLM outlook remains robust inline with NZL’s investor update presentation dated 22 November 2021.
- NZFL delivered an earnings contribution fo $1.37mln for the period ending 30 June 2021.
- The outlook for FY 2022 is for a result in excess of the FY 2021 profit.
- Much improved FMEL result, buoyant livestock prices and encouraging early dairy herd sales.
- Livestock profitability normally mainly second half.
- Managing Covid but an area of uncertainty – digital/live auction uptake.
- Indicative saleyards revaluations for NZFL’s share have increased to ~$6.3mln from $2.6mln - waiting on final valuation
reports from Colliers.
11

alliedfarmers.co.nzSince 1889
New Zealand Farmers Livestock Saleyards
Saleyard LocationsOwnership
Frankton (Waikato)50%
Rongotea (Manawatu)100%
Stratford (Taranaki)50%
Te Kuiti (King Country)33%
Raglan (Waikato)33%
NZFL also operates from other sales yards around New Zealand being: Morrinsville, Stortford Lodge, NZFL also operates from other sales yards around New Zealand being: Morrinsville, Stortford Lodge,
Temuka, Matakohe, and various minor and on-farm yards.Temuka, Matakohe, and various minor and on-farm yards.
NZFL has ownership interests in the saleyards detailed below:
12

alliedfarmers.co.nzSince 1889
New Zealand Rural Land Management - Investor Update
listed on:
INVESTOR UPDATE
22 November 2021
13

INVESTOR UPDATE
22 November 2021
www.nzrlc.co.nz
listed on:
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA

DISCLAIMER
The information and opinions in this presentation were prepared by New Zealand Rural Land Company
(NZL). NZL makes no representation or warranty as to the accuracy or completeness of the information in
this report. Opinions including estimates and projections in this report constitute the current judgment of NZL
as at the date of this report and are subject to change without notice. Such opinions are not guarantees or
predictions of future performance. This report is provided for information purposes only and does not constitute
investment advice. Neither NZL, nor any of its Board members, officers, employees, advisers (including New
Zealand Rural Land Management Limited) or any other representatives will be liable for any damage, loss or
cost incurred by any recipient of this report or other person in connection with this report.
All images were taken on site of various farms held within NZL’s portfolio.
02
NEW ZEALAND RURAL LAND COMPANY

On 10 November 2021, NZL completed the
acquisition of a large scale dairy asset portfolio
in Maniototo, Central Otago totalling ~3,500
hectares. An agreement was also reached for a
new long-term tenancy agreement with a gross
lease rate >5%. This acquisition increases NZL’s
total portfolio to 10,812Ha/$220M total asset
value of rural land, all acquired within less than
11 months of listing on the NZX.
NZL’s audited Net Asset Value (NAV) was
$1.3968/share as at 30 June 2021. NZL
delivered +17.38% NAV growth for the period
ending 30 June 2021*. NZL reiterates its belief
that it can continue to deliver NAV growth in
the short to medium term driven by a positive
macro story. Fonterra is currently forecasting
a 2021/2022 milk price between $7.90 and
$8.90 per kgMS, which is ~30% above the 10
year average.
In the near term, NZL is focused on further
developing its acquisition pipeline in the rural
sector; paying its inaugural dividend in respect
of the six month period ending on 31 December
2021; and, embedding its systems and processes
across its landholdings and leases alongside
continuing to enhance reporting to investors.
NZL expects to pay an inaugural interim dividend
of 2.0 cps in February 2022 and follow-up with
a final dividend in August 2022 of 2.7 cps, for a
total dividend of 4.7 cps in FY22. NZL highlights
that it has one of the longest WALTs (10.65 years)
and one of the highest forecast dividend yields in
the NZ listed property sector.
NEW ZEALAND RURAL LAND COMPANY
HIGHLIGHTS
01
04
02
05
03
NZL reported an inaugural net profit after
tax of +$15.115M as at 30 June 2021 after
successfully completing an IPO in December
2020 and acquiring $124.25M of rural land
within 6 months. NZL as at 30 June 2021 owned
a total of 6,797 Hectares of premium rural land
in Canterbury, Otago and Southland.
* Opening NAV per Share is $1.19 which assumes full participation in the NZL rights issue
03
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
TIMELINE
21 December 2020
Completed $75M IPO
and listed on the NZX.
23 March 20
21
Announced first $ 10.24M
unconditional acquisition in
Southland, New Zealand.
01 June 2021
Settled $ 124.25M of
acquisitions in North
Otago, South Canterbury
and Southland New
Zealand.
04 June 2021
Announced 2:3 Rights
Issue at $ 1.10 / share.
01 August 2021
Completed $12M
acquisition in
South Canterbury,
New Zealand.
30 August 2021
NZL released its inaugural
Annual Result for
the period ending
30 June 2021.
10 November 2021
Settled $60.64M acquisition
in Otago, New Zealand.
23 September 2021
Completed rights issue &
shortfall placement to raise
$38.8M.
04
NEW ZEALAND RURAL LAND COMPANY
17

NEW ZEALAND RURAL LAND COMPANY
BACKGROUND
NO DIRECT
EXPOSURE
to volatile
commodity prices
NO DIRECT
EXPOSURE
to on-farm risks
(via either sharemilker
or operational partner)
NO DIRECT
EXPOSURE
to animal health
risks
LIMITED
EXPOSURE
to environmental
risks
NO DIRECT
EXPOSURE
to farmer co-ops
NZL as at 22 November 2021 owns 10,812 Hectares (Ha) of premium dairy land in the South Island of New Zealand with some of the most experienced farmers
in the country as long-term tenants.
New Zealand Rural Land Company (NZL) was incorporated for the purpose
of acquiring rural land across New Zealand’s agricultural sector and is the
only agricultural land based listed property company on the NZX.
NZL separates land ownership and operations. NZL is a change agent within the agricultural sector seeking to improve capital efficiency for its tenants while offering
its investors a clear separation from traditional on-farm risks:
05
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
A RURAL LAND OWNER IN A WORLD LEADING AGRICULTURAL ECONOMY
COUNTRY PARTNER
OF THE GLOBAL FARM 2050 INITIATIVE
The Farm 2050 Initiative is a global programme focused
on feeding the world’s population in a sustainable way.
Source: farm2050.com
1
ST
YEARS OF RESEARCH HAS LED TO
WORLD-LEADING DAIRY PRODUCTS
Through innovation New Zealand turns milk into more
than 1,500 products and product specifications. Almost a
hundred years of research has led to a number of ‘firsts’
for breakthrough products.
Source: New Zealand Dairy Research Institute: A History of the First Fifty Years,
19 27 - 19 7 7
10 0
90
M
PEOPLE COULD GET ALL THEIR DAIRY
FROM
NEW ZEALAND
New Zealand farmers and dairy companies produce
the equivalent to two and a half serves of milk per day
for around 90 million people each year.
Source: Dairy Companies Association of New Zealand
2
ND
OUT OF 181 COUNTRIES FOR
CLIMATE CHANGE READINESS
New Zealand is ranked 2
nd
on the Notre Dame Global
Adaptation Country Index. The index summarises a
country’s economic, governance and social readiness
and its exposure, sensitivity and capacity to adapt to the
negative effects of climate change.
Source: University of Notre-Dame, ND-GAIN Index 2017
NEW ZEALAND DAIRY FARMERS HAVE THE
WORLD’S LOWEST CARBON FOOTPRINT
AgResearch found that New Zealand is the most efficient
producer at 0.77 kg CO2e per kg FPCM - this is 48% less
than the average of countries studied.
Source: DairyNZ
1
ST
C0
2
06
NEW ZEALAND RURAL LAND COMPANY
19

PORTFOLIO UPDATE

NEW ZEALAND RURAL LAND COMPANY
FY2
2 ACQUISITION - MANIOTOTO
On 10 November 2021, NZL completed the acquisition of a large scale dairy asset portfolio comprising of
six dairy assets in Maniototo, Central Otago totalling approximately 3,500 hectares.
Within the six farms there is a mixture of productive dairy platforms, support farms, and modern infrastructure. The
farms have averaged over 2.4M kilograms of milk solids per annum since 2017 and the assets have been well
maintained with investment in infrastructure to mitigate environmental impacts and climate change risks.
Approximately 70% of the assets are covered by central pivot irrigation (the most efficient irrigation method
available to the region). This irrigation platform has been enhanced by the construction of a 1,100,000m
3
dam
to increase water reliability.
MANIOTOTO
purchase pricelocationtotal hafarm typelease ratetenant
$60,640,000
Maniototo,
Central Otago
~3,500Dairy Farm>5%
WHL Capital
Limited
08
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
FY
22 ACQUISITION - MAKIKIHI
On 1 August 2021, NZL completed the acquisition of a 493 Ha Hybrid Dairy Farm. NZL has already entered
into a lease of this property with Performance Dairy Limited that will be for 11 years with two 12 year rights
of renewal.
The property has low levels of nutrient leaching, an A Grade Farm Environmental Plan Audit and the ability to
easily scale production to take advantage of high milk payout years.
NZL has also entered a put and call options deed where interests associated with the vendor may call for the
repurchase of Makikihi Farm from NZL at any time. In addition, in approximately 2 years’ time, NZL will have the
option to put the Makikihi Farm to the vendor and require it to purchase it back. In either case the purchase price
will be $12M plus 4.66% per annum.
MAKIKIHI ROAD
purchase pricelocationtotal hafarm typelease ratetenant
$12,000,000
Waimate, South
Canterbury
493
Hybrid Dairy
Farm
5.34%
Performance
Dairy Limited
09
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO AS AT 22 NOVEMBER 2021
NZL’S ACQUISITIONS PER ANNUM (P.A.)
NZL‘S TOTAL (CUMULATIVE) RURAL LAND PORTFOLIO
The charts below detail by Financial Year NZL’s rural land portfolio - including revaluations gains/losses (if any).
*FY21 Revaluations totalled +$16.525M
$160
$140
$120
$100
$80
$60
$40
$20
$ -
FY21YTD
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
18,000$180
NZ$ Millions
Hectares
20,000
22,000
24,000
$220
$200
$240
$160
$140
$120
$100
$80
$60
$40
$20
$ -
FY21
YTD
FY21 Revaluations*
FY22 Purchases
to date
FY21Purchase Price
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
18,000$180
NZ$ Millions
Hectares
Hectares
20,000
22,000
24,000
$220
$200
$240
FY21 Revaluations*
FY22 Purchases
to date
FY21Purchase Price
Hectares
10
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO OVERVIEW AS AT 22 NOVEMBER 2021
1 Excluding transaction costs
2 Weighted Average Portfolio Cap Rate Based on Purchase Price excluding Transaction Costs
3 WALT is weighted by lease value.
4 One of our tenants lease farms in both Canterbury and North Otago
locationotago/southlandcanterburytotal
land
area (ha)4,4826,33010,812
rural asset classDairyDairyDairy
purchase price
1
$83.61M$113.68M$196.89M
weighted average
cap rate
2
5.79%5.44%5.56%
walt (years)
3
10.4310.5510.50
# tenants335
4
occupancy100%100%100%
11
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
LEASE PROFILES AS AT 22 NOVEMBER 2021
NZL’s WALT (Weighted Average Lease Term) is currently 10.50 years.
NZL’s leases all have 3, 6, and 9 year CPI increases with rights of renewal in years 10 and 11
(tenancy dependent).
NZL LEASE EXPIRY BY TENANT
90%
100%
80%
70 %
60%
50%
40%
30%
20%
10 %
0%
FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33
Tenancy 4
Tenancy 2Tenancy 1 Tenancy 3
Tenancy 5
12
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
TENANT CONCENTRATION AS AT 22 NOVEMBER 2021
NZL Tenant Concentration as a % of Lease Value
NZL’s current tenant concentration is detailed in the pie chart (right).
NZL expects its tenant concentration to reduce as it continues to grow its
asset and tenant base.
13
11%
39%
12%
5%
33%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5
13
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
CAPITAL STRUCTURE OVERVIEW AS AT 22 NOVEMBER 2021
As at 22 November 2021, NZL’s total debt is $88.50M with Rabobank (NZ).
NZL’s Average Cost of Debt = 2.9% as at 22 November 2021. [NZL has swaps in place for ~27% of its debt facility with Rabobank.]
NZL DebtNZL Debt Facility Tranches as at 30 June 2021
$ 60
$ 50
$ 40
$ 30
$ 20
$ 10
$ -
As at 30 June 2021As at 22 November 2021
$54.25M
$ 90
$ 80
$ 70
33.33%
33.33%
33.33%
2 Year (Facility A)3 Year (Facility B)5 Year (Facility C)
$88.50M
14
NEW ZEALAND RURAL LAND COMPANY

FFO/AFFO/DIVIDEND FORECASTS
15
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
FFO/AFFO FORECASTS
*
BASED ON CURRENT PORTFOLIO
Forecast Adjusted Funds from Operations (AFFO):
* FFO and AFFO forecasts are sensitive to assumptions for, interest rates (source: Rabobank swap curve indicative rates as at 29 October 2021), operating expenses, repairs and
maintenance and maintenance CAPEX. Any variances to budget would have a direct impact on both forecast and reported FFO/AFFO.
** Based on Share Price as at 22 November 2021 of $1.11 and shares on issue of 96,900,000.
Note: Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO) are non-GAAP financial information and are common property investor metrics, which have been
calculated in accordance with the guidelines issued by the Property Council of Australia.
Forecast FFO / Share
**
from Current Portfolio
7.00
6.50
6.00
5.50
5.00
4.50
30 June 202230 June 2023
5.93 cps
30 June 2024
6.53 cps
6.46 cps
Cents per share (cps)
5.82%
5.88%
5.34%
Forecast AFFO / Share
**
from Current Portfolio
7.00
6.50
6.00
5.50
5.00
4.50
30 June 202230 June 2023
4.93 cps
30 June 2024
6.03 cps
6.46cps
Cents per share (cps)
5.82%
5.43%
4.45%
Forecast Funds from Operations (FFO):
FY2022 to FY2024 FFO is the organisation’s underlying and recurring earnings from its operations. This is determined by
adjusting statutory net profit for certain non-cash and other items.
16
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
NET CASH DIVIDEND YIELD FORECASTS BASED ON CURRENT PORTFOLIO
Forecast Net Cash Dividend & Yield (%) / Share
*
7.00
6.50
6.00
5.50
5.00
4.50
30 June 202230 June 2023
4.70 cps
30 June 2024
5.70 cps
6.10 cps
Cents per share (cps)
5.50%
5.14%
4.23%
NZL’s dividend policy is to payout 95% of AFFO;
NZL is currently forecasting a FY22 net cash dividend of 4.70 cps this equates to a net cash dividend yield of 4.23%
*
rising to 5.50%
*
in FY24;
Forecast net cash dividends, based on NZL’s current portfolio and shares on issue as at 22 November 2021
*
are detailed below:
* Based on Share Price as at 22 November 2021 of $1.11 and shares on issue of 96,900,000.
Note: NZL is a listed Portfolio Investment Entity (PIE) meaning that there is no further tax to pay on dividends
(for individual tax payers they can choose to include it as taxable income to claim imputation credits if there
are any).
17
NEW ZEALAND RURAL LAND COMPANY

NAV GROWTH
18
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
ATTRACTIVE GROWTH IN NET ASSET VALUE (NAV) PER SHARE FOR
PERIOD ENDING 30 JUNE 2021 WHICH WE EXPECT TO CONTINUE
NZL’s growth in Audited Net Asset Value (NAV) for the year ending 30 June 2021 highlights a combination of attractive large scale acquisitions and industry
tailwinds for high-quality rural properties.
NZL expects further growth in Net Asset Value based on a continuation of the above factors in FY22.
Net Asset Value Growth per Share - Assuming Full
Rights Issue Participation
+17.38%
* Based on Audited Financial Statements and 78,930,970 shares on issue.
$ 1.40
$ 1.35
$ 1.30
$ 1.25
$ 1.20
$ 1 .15
$ 1.10
$ 1.05
$ 1.00
Cost Base Assuming Full Par-
ticipation in 2:3 Rights Issue
Audited NAV/Share as at 30
June 2021*
$ 1.3968
$ 1.1900
19
NEW ZEALAND RURAL LAND COMPANY

COMPANY & MANAGEMENT STRUCTURE + SHAREHOLDINGS
20
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
KEY PEOPLE AS AT 22 NOVEMBER 2021
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
ROB CAMPBELL
Independent Chair
Chair – WEL Group Limited
Chair - Tourism Holdings
Vice Chancellor - AUT
Chair - Heath NZ
CHRISTOPHER SWASBROOK
Executive Director
Managing Director – Elevation Capital Management
Limited
Board Member – Financial Markets Authority
Director – Allied Farmers, Bethunes Investment Limited,
Ruapehu Alpine Lifts 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
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
Director - WZ Dairies
INFINZ Board Member
INFINZ Emerging Leader 2017
NEW ZEALAND Rural Land Management
MARISE JAMES
Non-Executive 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 – Allied Farmers Limited, Bethunes Investments Limited, New Zealand Rural Land Company Limited,
Ruapehu Alpine Lifts and, Swimtastic Limited
Previously a Partner of Goldman Sachs JBWere Pty Limited & Co-Head of Institutional Equities at Goldman Sachs
JBWere (NZ) Limited
TIA GREENAWAY
Independent Director
Hailing from Ngāti Tūwharetoa and
Waikato-Tainui
Leads the Rautaki Māori team for He Pou
a Rangi - Climate Change Commission
Various roles on Iwi and Ahu Whenua
Trusts and Committees
Bachelor of Music
Masters in Professional Accounting
Chartered Accountants ANZ
AGRICULTURAL ENVIRONMENTAL SPECIALIST
Independent Consultant
RURAL PROPERTY MANAGER
Rural Property Manager
RURAL VALUER
Independent Consultant
FARM CONSULTANT
Independent Consultant
21
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
EXTERNALLY MANAGED STRUCTURE
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
Listed
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Executive
Dir
ector
NEW ZEALAND Rural
Land Management
50.0%
16.5%
Hayden Dillon 6.0%
Richard Milsom 7.5%
Accountants
Auditors
Registry
Listed
Clyde & Rena
Holland
TIA
GREENAWAY
Independent
Director
20.0%
22
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
MANAGER & DIRECTOR OWNERSHIP INTERESTS
# Shares% Ownership
Clyde & Rena Holland9,589,3299.90%
Elevation Capital Management Limited6,497,280*6.71%
Allied Farmers2,081,5812.15%
Christopher Swasbrook1,835,000**1.89%
Richard Milsom120,0000.12%
Rob Campbell116,6660.12%
Hayden Dillon100,0000.10%
Shelley Ruha80,0000.08%
Sarah Kennedy33,0000.03%
Tia Greenaway5,0000.01%
Total20,457,8562 1 . 11 %
NZL’s Director and Manager Shareholding Interests as at 22 November 2021:
All Directors & Shareholders of the Manager are investors in NZL (including Independent Chair of the Manager
- Shelley Ruha).
* Elevation Capital Management Limited has clients that hold 6,397,280 shares. Elevation Capital Management Limited does not have discretion on these holdings.
** Elevation Capital Management Limited (Christopher Swasbrook) holds 325,000 NZL shares directly and has discretion (but a non-beneficial interest) for 1,510,000 shares.
23
NEW ZEALAND RURAL LAND COMPANY

FOREIGN OWNERSHIP
24
NEW ZEALAND RURAL LAND COMPANY

NEW ZEALAND RURAL LAND COMPANY
FOREIGN OWNERSHIP
NEW ZEALAND BUYER
NZL is highly advantaged
because it is a New Zealand
buyer of rural land
CURRENT LISTED
COMPANY FOREIGN
OWNERSHIP RULES
Under the Overseas Investment
Amendment Act 2021, NZL
can have foreign domiciled
shareholders of up to 49.9%
of its share register (subject to
certain share parcel restrictions).
Private companies in NZ are
limited to less than 25%.
CURRENT NZL FOREIGN
OWNERSHIP
As at 30 September 2021,
NZL has foreign domiciled
shareholders amounting to
~26.08% of its share register.
25
NEW ZEALAND RURAL LAND COMPANY

INVESTOR CONTACTS

NEW ZEALAND RURAL LAND COMPANY
INVESTOR CONTACTS
Christopher Swasbrook
chris@nzrlc.co.nz
+64 21 928 262
Level 4, The Blade
12 St Marks Road
Remuera
Auckland 1050
New Zealand
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 4, The Blade
12 St Marks Road
Remuera
Auckland 1050
New Zealand

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
28
NEW ZEALAND RURAL LAND COMPANY

alliedfarmers.co.nzSince 1889
NZ Farmers Livestock Report
CEO - Steve Morrison
42

alliedfarmers.co.nzSince 1889
NZ Farmers Livestock Report
- NZ Farmers Livestock Agency
- MyLivestock Platform and App
- Redshaw Livestock
- Farmers Meat Export
- Livestock Finance – NZFL lead -Bullplan, Lambplan and
General
- Associated Auctioneers JV interests (Saleyards
Management Ltd)
43

alliedfarmers.co.nzSince 1889
NZ Farmers Livestock Report
- To be the best solution provider to livestock farmers, growing value for them and our investors.
- Experienced and growing team
- Adding value for clients - every day
- Sales/purchase channel & Deal closure
- Win-Win business
- Moving with (or ahead of) the times
- Integrated Finance and FMEL businesses
- National Presence
Working with Farmers for Farmers
44

alliedfarmers.co.nzSince 1889
NZ Farmers Livestock Report
- An Improved Year – still challenging
- Improved market conditions
- Just behind of budget YTD
- Covid 19 – Essential service & Yard operations at L3
- Supporting our staff, appreciated the Goverment
support
- Worked hard for farmers
- Digital & Hybrid auctions building
- Agent regulation
- Adding value for clients - every day
Working with Farmers for Farmers
45

alliedfarmers.co.nzSince 1889
Working with Farmers for Farmers
NZ Farmers Livestock Report
46

alliedfarmers.co.nzSince 1889
NZ Farmers Livestock Report
Working with Farmers for Farmers
47

alliedfarmers.co.nzSince 1889
Working with Farmers for Farmers
NZ Farmers Livestock Report
181
252
337
0
50
100
150
200
250
300
350
400
1 July 2018 - 30 June 20191 July 2019 - 30 June 20201 July 2020 - 30 June 2021
Annual Average Daily Users
Period
1 July 2018 -
30 June 2019
1 July 2019 -
30 June 2020
1 July 2020 -
30 June 2021
Average Daily User
Growth Rate
+7%+39%+34%
Working with Farmers for FarmersWebsite | Mobile | App
MyLiveStock - Annual Average Daily UsersMyLiveStock - Annual Average Daily Users
48

alliedfarmers.co.nzSince 1889
Working with Farmers for Farmers
NZ Farmers Livestock Report
49

alliedfarmers.co.nzSince 1889
Working with Farmers for Farmers
NZ Farmers Livestock Report
50

alliedfarmers.co.nzSince 1889
Earnings Performance:
0
2000
4000
6000
8000
10000
12000
FY 2021FY 2020FY 2019FY 2018FY 2017
NZFL Group Earnings and Equity, $000s
EarningsEquity
Working with Farmers for Farmers
NZ Farmers Livestock Report
51

alliedfarmers.co.nzSince 1889
FY2022 Performance – First 4 months:
Livestock
- Slow livestock start, accelerating in November
- Farmer caution, weather/grass
- Dealing Ok with Bovis and Covid
- Very strong market pricing
- Herd forward sales underway
- Positive - with farmer focus and a good, trained team
- Digital engagement & tools
- Covid
Meat Processing - Appreciably ahead of last year and budget
- Market returns up post Covid
- A tough start in the Manawatu & improvement opportunity
Finance - Good contribution but NZFLFL book still below target level
- Pleased with Bullplan & Lambplan
- Funding terms constraints/banking options under review
- NZFLFL Book - $10M goal
- Powerful core business support
Working with Farmers for Farmers
NZ Farmers Livestock Report
52

alliedfarmers.co.nzSince 1889
- Health and Safety of our staff a key priority – Audit, charter, car-tracking, operational focus
- Compliance - Structure, resource and focus to ensure compliance, animal welfare and risk management
Working with Farmers for Farmers
NZ Farmers Livestock Report
Health & Safety & Compliance:
53

alliedfarmers.co.nzSince 1889
Looking Forward:
- Working with farmers for farmers
- Building & supporting teams
- Digital – tools/hybrid auction/information portal,
CRM, immediacy
- Developing/refining FMEL business
- Broader farmer finance options
- Building value & contribution
- Ongoing Growth – recruitment, acquisition, yard
access
- NZFLL Group EBT
- Redshaws in line with acquisition basis
- Covid Management & Recovery
- Continued bank support
Working with Farmers for Farmers
NZ Farmers Livestock Report
54

alliedfarmers.co.nzSince 1889
Questions...
Working with Farmers for Farmers
NZ Farmers Livestock Report
55

alliedfarmers.co.nzSince 1889
Resolutions & Other Business:
Resolution #1: Director election: That Mark Franklin be elected as a Director of the Company.
Resolution #2: Director election: That Christopher Swasbrook be elected as a Director of the Company.
Resolution #3: Auditor’s fees: That the re-appointment of KPMG as the auditor of the Company be recorded and the Directors
be authorised to fix the auditor’s remuneration for the ensuing year.
Other Business: To consider any other matters that may lawfully be considered at the Meeting.
Resolutions
56

alliedfarmers.co.nzSince 1889
Proxy Votes
Proxy Votes:
57

alliedfarmers.co.nzSince 1889
Appendices
Appendices:
Appendix #1: Allied Farmers Full Corporate Structure - as at 23 November 2021 - Pre Amalgamations
58

alliedfarmers.co.nzSince 1889
Appendix #1: Allied Farmers Full Corporate Structure - as at
23 November 2021 - Pre Amalgamations
59