Annual Shareholders Meeting – Presentation

1
NEW ZEALAND RURAL LAND COMPANY
ASM PRESENTATION
15 December 2021
www.nzrlc.co.nz
listed on:
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA

2
NEW ZEALAND RURAL LAND COMPANY
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.

3
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 $8.40 and
$9.00 per kgMS, which is ~38% 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

4
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
TIMELINE
21 December 2020
Completed $75M IPO
and listed on the NZX.
23 March 2021
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.

5
NEW ZEALAND RURAL LAND COMPANY
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 15 December 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:

6
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

7
NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO UPDATE

8
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
FY22 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

9
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
FY22 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

10
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO AS AT 15 DECEMBER 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

11
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO OVERVIEW AS AT 15 DECEMBER 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
10.4110.4810.46
# tenants335
4
occupancy100%100%100%

12
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
LEASE PROFILES AS AT 15 DECEMBER 2021
NZL’s WALT (Weighted Average Lease Term) is currently 10.46 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

13
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
TENANT CONCENTRATION AS AT 15 DECEMBER 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

14
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
CAPITAL STRUCTURE OVERVIEW AS AT 15 DECEMBER 2021
As at 15 December 2021, NZL’s total debt is $88.50M with Rabobank (NZ).
NZL’s Average Cost of Debt = ~2.9% as at 15 December 2021. [At present, 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 15 December 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

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

16
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 15 December 2021 of $1.10 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)
5.87%
5.94%
5.39%
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)
5.87%
5.48%
4.48%
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.

17
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)
5.55%
5.18%
4.27%
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 4.27%
*
rising to 5.55%
*
in FY24;
Forecast net cash dividends, based on NZL’s current portfolio and shares on issue as at 15 December 2021
*
are detailed below:
* Based on Share Price as at 15 December 2021 of $1.10 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).

18
NEW ZEALAND RURAL LAND COMPANY
NAV GROWTH

19
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

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

21
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
KEY PEOPLE AS AT 15 DECEMBER 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
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 & Founder
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
MARK FRANKLIN
Director
Chair - Auckland Unlimited
Deputy Mayor - Industry Leaders Infrastructure Council
Advisory Board Char - Utilligent Global and PT Blink
Director - Auckland Chamber of Commerce
Independent Director - Stevenson Group
Independent Director - SwimTastic Limited
Previously Managing Director - Stevenson Group
Previously CEO - TZ1, and Vector
HAYDEN DILLON & CHRISTOPHER SWASBROOK
Founders
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
XAVIER LYNCH
Corporate Development Manager
Executive, Corporate Finance - Bancorp Merchant Bankers
Senior Analyst, Corporate Finance - Deloitte New Zealand
Analyst - Todd Property Group
Investment Analyst - Crown Irrigation Investments Limited

22
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
Director
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

23
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 Milsom132,0000.12%
Rob Campbell116,6660.12%
Hayden Dillon100,0000.10%
Shelley Ruha80,0000.08%
Sarah Kennedy33,0000.03%
Tia Greenaway5,0000.01%
Total20,469,8562 1 . 11 %
NZL’s Director and Manager Shareholding Interests as at 15 December 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.

24
NEW ZEALAND RURAL LAND COMPANY
FOREIGN OWNERSHIP

25
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

26
NEW ZEALAND RURAL LAND COMPANY
BUYBACK

27
NEW ZEALAND RURAL LAND COMPANY
Prior to undertaking our Initial Public Offering (IPO) last year, the directors adopted a Capital Management Policy for NZRLC. This policy, together with our other corporate
governance policies, is available on our website at www.nzrlc.co.nz.
Under the Capital Management Policy NZRLC is to establish a share buyback programme where NZRLC may, from time to time, acquire its own shares on-market. The
directors consider that having this ability is appropriate for NZRLC as acquiring its own shares may be an efficient use of capital and in the interests of NZRLC and its
shareholders.
The NZRLC directors have resolved to implement a share buyback programme under section 63 of the Companies Act 1993 (Programme). This letter is a disclosure
document for the programme under section 64. The purpose of this disclosure document is to explain to you the key parameters of the programme and to make certain other
prescribed disclosures. These particulars are as follows:
NEW ZEALAND RURAL LAND COMPANY
BUYBACK - DISCLOSURE DOCUMENT ISSUED TO NZX ON 16 MARCH 21
Maximum Number of Shares that may be acquired under the Programme
Under the Programme NZRLC may acquire not more than 6,046,000 of its own shares. This represents 10% of all shares on issue in NZRLC at the date of this
disclosure document.
Nature and Terms of the Programme
• Duration of Programme: NZRLC will only commence acquiring shares under the Programme 10 working days after this disclosure document has been sent
to shareholders. The Programme will end on the date that is 12 months later. At the conclusion of the Programme the Board may look to implement a new share
buyback programme in conjunction with a review of its Capital Management Policy.
• On-Market Purchases Only: NZRLC will only acquire shares under the Programme by making offers to acquire shares on the NZX Market. No shares will
be acquired off-market under the Programme.
• Consideration Payable: NZRLC will only acquire shares under the Programme where the acquisition price per share represents a discount of 10% or more
to NZRLC’s prevailing net asset value per share. The directors consider that acquisitions at this discount level may be an efficient use of NZRLC’s capital.

28
NEW ZEALAND RURAL LAND COMPANY
NZL INITIATIVES AND OUTLOOK FOR 2022+

29
NEW ZEALAND RURAL LAND COMPANY
Sustainability and Endurance is a
Cornerstone of NZL
NZL considers multi-generational success and
endurance will rely on assets and partners
being leaders in increasing productivity and
championing impact reduction from food, fiber
and energy production.
This vision manifests itself in different ways
throughout NZL and its partners. Continuing to
implement, improve, measure and communicate
these initiatives is a focus for NZL.
Introducing Initiative #1 - NZL’s
Stewardship Pledge
NZL has developed a proprietary set of values
and measures designed to ensure endurance,
sustainability, improving productivity and a
reduction in environmental impact from the
utilisation of our assets. These include standards
that ensure optimum animal welfare, maximise
infrastructure efficiency and quality, improve farm
environmental impacts, and leading employment
practices.
NZL currently has five of its tenants that have
signed the ‘Stewardship Pledge’.
NZL will continue to develop and iterate the
‘Stewardship Pledge’ to ensure it is industy
leading and fit-for-purpose. NZL will also
prioritise working with tenants in future who share
similar values. NZL will initiate measurement on
both sustainability pledge initiatives and tenants
who have made a long-term commitment to
uphold these joint values.
Introducing Initiative #2 - Efficiency
Improving Infrastructure
NZL has continued to investigate opportunities
identified during due-diligence on properties
acquired to improve efficiency of use and
dispersion of water and nutrients, on a range of
small to medium sized infrastructure development.
These developments are likely to be land value
accretive and staged over a number of years.
NZL will continue its investigations across its
portfolio and will update investors on progress in
due course.
NEW ZEALAND RURAL LAND COMPANY
UPDATE ON NZL INITIATIVES
000102

30
NEW ZEALAND RURAL LAND COMPANY
Introducing Initiative #3 - Bio-diversity
and Planting Initiatives
NZL has identified a number of potential
opportunities to increase bio-diversity and
planting on properties it has acquired.
These opportunities will be progressed on
completion of positive feasibility studies.
03
Introducing Initiative #4 - Communications
Reporting and Key Metrics
NZL believes in communicating and measuring
success, failure and progress on new and existing
initiatives. NZL undertakes investigations and
projects with the intention of being a leader in
value creation, endurance and sustainability.
NZL believes clear and regular communication
assists all stakeholders improve understanding
and provides an opportunity to lead by example.
NZL expects to increase investor/stakeholder
communication and reporting on current and
new initiatives in 2022.
04
NEW ZEALAND RURAL LAND COMPANY
UPDATE ON NZL INITIATIVES

31
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
CURRENT NEW ZEALAND DAIRY OUTLOOK
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
$10.00
Fonterra Milk Price ($/KGMS)
Final Milk PriceRolling 10Y AverageRolling 5Y AverageRolling 3Y Average
Fonterra Milk Price ($/KGMS)
Fonterra Milk Price ($/KGMS) 5Y and 10Y Rolling Average
The outlook for dairy remains strong. FY2022 based on current
forecasts will see an all-time high milk price (~NZ$9.00, ~+38%
above the rolling ten year average and ~+22% above the five
year average milk price).
This compares favourably to NZL’s IPO estimate of a ten year
average milk price for 2019-2029 between NZ$8.74-NZ$9.20.
NZ$8.74
- NZ$9.20
Average price per kgMS for
2019-2029
*
Farmgate Milk Prices projected
to grow in the next decade
+38%
TO +45%**
VS 2020
*Source: OECD-FAO Agricultural Outlook 2019-2028: http://www.fao.org/3/ca4076en/ca4076en.pdf.Source: Interest.co.nz
From NZL’s IPO Presentation - November 2020
$4.50
$5.00
$5.50
$6.00
$6.50
$7.00
FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015FY2014FY2013FY2012
10Y Rolling Average Milk Price
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
FY2022FY2021FY2020FY2019FY2018FY2017FY2016FY2015FY2014FY2013FY2012FY2011FY2010FY2009FY2008FY2007
5Y Rolling Average Milk Price

32
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND DAIRY REMAINS AN ATTRACTIVE INDUSTRY
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
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
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
World Leader
in Managing
Industry Risks
Efficient
Industry
Natural
Conditions

33
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
GLOBAL TAILWINDS FOR DAIRY ARE PERSISTING
The global population is estimated to increase by +41% by 2050, causing the demand for food to increase. Current projections show the supply of dairy-based protein (milk)
alone, is currently 6 million tons short of demand, this shortage is estimated to be around 30 million tons by 2027.

There is a rising consumer preference for ethically produced food and rising global incomes which increases the demand for premium food that New Zealand produces;

It is projected that by 2050 feeding the world will require an increase in food production of 70%, at a time when supply of rural land is decreasing.
fi
fi
2027
Supply
49 MT
Supply
49 MT
2017
Supply
41 MT
fi
fi
-6 MT
Deficit/Gap
-30 MT
Deficit/Gap
1.6
Million hectares of Dairy Farmland
New Zealand Dairy Farm Land supply
projected to decline in the next five years
-9%
V S 2 019
1.8
Source: A Winning Growth Strategy for Dairy, McKinsey, 2019
Source: NZX Dairy Outlook 2019, A Sustainable Dairy Future
fi
fi
2027
Supply
49 MT
Supply
49 MT
2017
Supply
41 MT
fi
fi
-6 MT
Deficit/Gap
-30 MT
Deficit/Gap
2 0192025
Growing Dairy Supply Deficit
Source: The Science of Food Security (2018) - https://www.nature.com/articles/s41538-018-0021-9.pdf;
http://www.fao.org/faostat/en/#data/RL/visualize
150015501600165017001750180018501900195020002050
0
5
10
15
20
25
30
35
40
45
Global Food Demand (kcal/day x 10
15
)
Total Global Agricultural Land (‘000 hectares)
4,200,000
4,300,000
4,400,000
4,500,000
4,600,000
4,700,000
4,800,000
4,900,000
5,000,000
1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017
Then (1961-2000)
Now (2010-2050)
+71%
+41%
Population +98%
Food production +146%
Yields more than doubled
Arable land in use +8%
Agricultural inputs rose:
- Nitrogen fertiliser (x7)
- Phosphate fertiliser (x3)
- Irrigation water (x2)
increase in population
(from 6.9 billion to
9.7 billion people)
increase in food required
(additional 127x1015 kcal)
79 MT
Demand
2027
Supply
49 MT
Supply
49 MT
2017
Supply
41 MT
47 MT
Demand
-6 MT
Deficit/Gap
-30 MT
Deficit/Gap
2018

34
NEW ZEALAND RURAL LAND COMPANY
Land Prices vs Revenue (5Y average milk price at time of purchase)
Land Prices vs Revenue (10Y average milk price at time of purchase)
NEW ZEALAND RURAL LAND COMPANY
DAIRY LAND PRICES vs REVENUE vs NZL ACQUISITIONS (TO DATE)
As with all asset classes, cyclicality and market anomalies present
opportunity. Dairy land has historically traded between ~5.0x and ~9.0x
the five year average milk price at time of purchase and between ~5.5x and
~7.0x the ten year average milk price at time of purchase.
During the FY2019 to FY2021period NZL saw an opportunity to acquire
at scale an attractive asset class (dairy land) at compelling prices versus
intrinsic value.
NZL executed on this strategy in 2021 - acquiring large scale, high quality
assets at historically low multiples of revenue. This is further enhanced by the
positive outlook, particularilly in the dairy sector.
NZL believes that there remains attractive opportunities across the rural
sector and is investigating a number of these at the moment that would see
NZL diversify into other sub-sectors of the New Zealand rural/agricultural
economy.
4.00x
5.00x
6.00x
7.00x
8.00x
9.00x
10.00x
Land Price vs Revenue (5Y Average at time of purchase)
5.00x
5.50x
6.00x
6.50x
7.00x
7.50x
FY2021FY2020FY2019FY2018FY2017FY2016FY2015FY2014FY2013FY2012
Land Price vs Revenue (10Y Average at time of purchase)
Price/Revenue (10Y)Av.
Source: REINZ data, >100 hectare dairy farm prices in Otago, Southland, Canterbury and Waikato.

35
NEW ZEALAND RURAL LAND COMPANY
NEW ZEALAND RURAL LAND COMPANY
PORTFOLIO DIVERSIFICATION AND POTENTIAL FUTURE ACQUSITIONS
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
Dairy
Viticulture
Horticulture
Green Energy
Forestry
Poultry

36
NEW ZEALAND RURAL LAND COMPANY
QUESTIONS...

37
NEW ZEALAND RURAL LAND COMPANY
INVESTOR CONTACTS

38
NEW ZEALAND RURAL LAND COMPANY
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

39
NEW ZEALAND RURAL LAND COMPANY
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

---

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
NEW ZEALAND Rural Land Co
WWW.NZRLC.CO.NZ
NZL Chair Address – 2021 Annual Shareholders Meeting (ASM)
15 December 2021
It is nearly a year to the day since New Zealand Rural Land Company (NZL) closed its IPO and listed on NZX.
A lot has been achieved in that year.
Firstly, we thank shareholders for their significant support. Our IPO in December 2020 raised $75 million and our June 2021
rights issue and follow-on placements raised a further $38.8 million. These are significant sums for a new company with a
new strategy.
We have been able to supplement that shareholder capital by establishing a strong relationship with Rabobank. During the
year we secured an $88.5 million debt facility with Rabobank and have had the cyclical benefit of low interest rates with an
average cost of debt of only ~2.9%.
With these resources we have acquired ownership of high quality New Zealand rural land in the dairy sector. We have spent
$197 million acquiring 10,800 hectares ha of dairying platforms and support farms in Canterbury, Otago and Southland.
We are now one of the 50 largest landowners in New Zealand.
Property revaluations were undertaken at our 30 June balance date over the majority of our portfolio. Those revaluations
saw the value of our rural land increase to around $220 million. That is more than 10% higher than cost and suggests that we
have acquired very well.
In conjunction with acquiring our rural land, we have entered long term leases with experienced tenants who now farm our
land. Across our portfolio we have five tenants and a weighted average lease term of 10 and a half years - one of the longest
in the listed property company sector.
Thanks to the security of the revenue from our long term leases we recently published forecasts for a total dividend payment of
4.7c a share for FY22, 5.7c for FY23 and 6.1c in FY24. We expect to pay our inaugural interim dividend in February 2022
for the period ending 31 December 2021.
In the coming year we will continue to look at acquisition opportunities and, in particular, opportunities to start diversifying
our rural land portfolio from being concentrated in the dairy sector. At the same time we will be working on our current land
portfolio with our tenants to look at improvements and sustainability initiatives that we can implement so that we are fulfilling
our responsibilities as a significant landlord in Aotearoa.
For too long rural land ownership has been inaccessible to most retail investors. Investors have needed large amounts of
capital or to be qualifying investors in private syndicates to gain this investment exposure. Our strategy is democratising rural
land ownership in New Zealand.
Unlike property syndicates we offer the liquidity and transparency of a listed entity. Even more critically, our investors are not
directly exposed to the operational risks associated with our rural land. We are confident that as we continue to execute on
our strategy, our share price will come to reflect the intrinsic value of the assets that we hold.

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
I now turn to Chris Swasbrook and Richard Milsom to provide a more detailed briefing to shareholders on behalf of our
Manager.
Rob Campbell
Independent Chairman