Interim Result

www.nzrlc.co.nz
1
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
Interim Financial Statements
for the 6 months ended 31 December 2021
www.nzrlc.co.nz
Listed on:

New Zealand Rural Land Company Limited and its subsidiary
For the 6 months ended 31 December 2021
Interim Financial Statements

New Zealand Rural Land Company Limited and its subsidiary
For the 6 month period ended 31 December 2021
COMPILATION REPORT TO THE DIRECTORS & SHAREHOLDERS
Reporting Scope
Responsibilities
No Audit or Review Engagement Undertaken
Disclaimer of Liability
21 February 2022
Deloitte LimitedDate
(as trustee for the Deloitte Trading Trust)
Chartered Accountants
Auckland
While we have attempted to take into account the potential impact of COVID-19 on the performance of the Company, the assumptions
underlying our report have been made against a backdrop of greater uncertainty than usual. In particular, significant uncertainties remain
as to how COVID-19 will affect the New Zealand economy and how it might impact on the financial condition of the Company. As the
situation is continuing to evolve and the prevailing economic and market conditions could change significantly over a relatively short
period of time, these factors need to be considered before relying on this report.
Compilation Report
On the basis of information that you provided we have compiled, in accordance with 'Service Engagement Standard Number 2:
Compilation of Financial Information', the Interim Financial Statements of New Zealand Rural Land Company Limited and its subsidiary for
the 6 month period ended 31 December 2021 as set out on the following pages.
The Interim Financial Statements of New Zealand Rural Land Company Limited and its subsidiary have been prepared in accordance with
Generally Accepted Accounting Practice in New Zealand ('NZ GAAP'). They comply with New Zealand equivalents to International Financial
Reporting Standards ('NZ IFRS') and other applicable Financial Reporting Standards as appropriate for profit-oriented entities. We have
complied with relevant ethical requirements, including principles of integrity, objectivity, professional competence and due care.
You are solely responsible for the information contained in the Financial Statements and have determined that the financial reporting
basis stated above is appropriate to meet your needs and for the purpose that the Financial Statements were prepared. The Financial
Statements were prepared exclusively for your benefit. We do not accept responsibility to any other person for the contents of the
Financial Statements.
Our procedures use accounting expertise to undertake the compilation of the Financial Statements from information that you provided.
Our procedures do not include verification or validation procedures. No audit or review engagement has been performed and accordingly
no assurance is expressed.
As detailed above, we have compiled the Financial Statements based on information provided to us which has not been subject to an
audit or review engagement. Accordingly, neither we nor any of our employees accept any responsibility for the reliability, accuracy or
completeness of the material from which the Financial Statements have been prepared, nor, accordingly, the accuracy of the Financial
Statements. We do not accept any liability of any kind whatsoever, including liability by reason of negligence, to any person for losses
incurred as a result of placing reliance on the compiled financial information.
2

New Zealand Rural Land Company Limited and its subsidiary
Directors' responsibility statement
For and on behalf of the Board
DirectorDirector
The Board of Directors of New Zealand Rural Land Company Limited authorised the interim financial statements for issue on ___
February 2022.
The directors are pleased to present the interim financial statements of New Zealand Rural Land Company Limited and its subsidiary
for the 6 month period ended 31 December 2021.
3

New Zealand Rural Land Company Limited and its subsidiary
For the 6 month period ended 31 December 2021
(Unaudited)(Unaudited)
Notes$'000$'000
Gross rental income
Rental income63,766 -
Net rental income3,766 -
Less overhead costs
Directors fees(103)(89)
Insurance(40)(2)
Marketing expenses- (125)
Management fees13(301)-
Professional and consulting fees(308)-
Other expenses(62)(2)
Total overhead costs(814)(218)
Profit / (Loss) before net finance income, other income and income tax2,952 (218)
Finance income510 9
Finance expense57 -
Net finance income7567 9
Profit / (Loss) before other income and income tax3,519 (209)
Other income
Change in fair value of investment property5- -
Profit / (Loss) before tax3,519 (209)
Income tax expense8(351)-
Profit / (Loss) and total comprehensive income for the period3,168 (209)
CentsCents
Basic and diluted earnings per share153.55 (0.35)
Interim consolidated statement of comprehensive income
6 month period
ended 31
December 2021
11 September 2020
to 31 December
2020
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
4

New Zealand Rural Land Company Limited and its subsidiary
Consolidated statement of financial position
At 31 December 2021
(Unaudited)(Audited)
As at 31
December 2021
As at 30 June
2021
Notes$'000$'000
Current assets
Cash and cash equivalents2,427 20,496
Trade and other receivables316 668
Current tax receivable24 23
Total current assets2,767 21,187
Non-current assets
Investment property5199,554 137,678
Loan receivable917,998 5,475
Deferred tax assets171 522
Derivative assets10809 -
Other non-current assets75 75
Total non-current assets218,607 143,750
Total assets221,374 164,937
Current liabilities
Trade and other payables1,124 308
Total current liabilities1,124 308
Non-current liabilities
Borrowings1188,500 54,254
Derivative liabilities10- 121
Total non-current liabilities88,500 54,375
Total liabilities89,624 54,683
Net assets131,750 110,254
Share capital12113,467 93,514
Share based payment reserve- 1,625
Retained earnings18,283 15,115
Total equity131,750 110,254
$$
Net Assets Value (NAV) per share14.21.3596 1.3968
Net Tangible Assets (NTA) per share14.21.3495 1.3918
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
5

New Zealand Rural Land Company Limited and its subsidiary
Interim consolidated statement of changes in equity
For the 6 month period ended 31 December 2021
Notes
$'000$'000$'000$'000
Balance at 11 September 2020 (Unaudited)
Comprehensive Income
Loss for the period- - (209)(209)
Total comprehensive income- - (209)(209)
Transactions with shareholders
Contributed capital1275,575 - - 75,575
Transaction costs12(2,333)- - (2,333)
Balance at 31 December 2020 (Unaudited)
73,242 - (209)73,033
Balance at 1 July 2021 (Audited)93,514 1,625 15,115 110,254
Comprehensive Income
Profit for the period- - 3,168 3,168
Total comprehensive income- - 3,168 3,168
Transactions with shareholders
Contributed capital1218,486 - - 18,486
Transaction costs12(158)- - (158)
Performance fee issued in ordinary shares1,625 (1,625)- -
Balance at 31 December 2021 (Unaudited)
113,467 - 18,283 131,750
Share capital
Retained
earningsTotal
Share based
payment
reserve
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
6

New Zealand Rural Land Company Limited and its subsidiary
Interim consolidated statement of cash flows
For the 6 month period ended 31 December 2021
(Unaudited)(Unaudited)
Notes
$'000$'000
Cash flows from operating activities
Lease income received
3,949 -
Payments to suppliers
(106) -
Management fees paid
(277) -
Income taxes paid
(1) -
Interest paid
(713) -
Interest received
5 -
Net cash generated by operating activities2,857 -
Cash flows from investing activities
Payment for NZX listing bond
- (75)
Payments for investment properties
(61,497) -
Payment for loan receivable(12,018) -
Net cash used in investing activities(73,515)(75)
Cash flows from financing activities
Proceeds from convertible loan- 375
Proceeds from issue of ordinary shares18,501 74,884
Payment of transaction costs on issue of ordinary shares(158) (2,341)
Repayment of borrowings(14,254) -
Proceeds from borrowings48,500 -
Net cash generated by financing activities52,589 72,918
Net (decrease) / increase in cash and cash equivalents(18,069)72,843
Cash and cash equivalents at beginning of the period20,496 -
Cash and cash equivalents at the end of the period
2,427 72,843
6 month period
ended 31
December 2021
11 September 2020
to 31 December
2020
These interim financial statements have been prepared without conducting an audit or review engagement, and should be read in
conjunction with the attached Compilation Report and accompanying notes.
7

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
1Reporting entity
These interim financial statements are for the 6 month period ended 31 December 2021.
2Basis of preparation
Revenue, expenses, assets and liabilities are recognised net of the amount of goods and services tax (GST) except:
ͻ
ͻ
3
Critical accounting estimates and judgements
ͻFair valuation of investment property (note 5)
ͻRecognition of loan receivable (note 9)
3.1
Fair value estimation
ͻ
ͻ
ͻ
for receivables and payables which are recognised inclusive of GST (the net amount of GST recoverable from or payable to
the taxation authority is included as part of receivables or payables).
New Zealand Rural Land Company Limited and its subsidiary
The consolidated interim financial statements for New Zealand Rural Land Company Limited and its subsidiary (the "Group") are for
the economic entity comprising New Zealand Rural Land Company Limited (the "Company" or "Parent") and its subsidiary. The
Group's principal activity is investment in New Zealand rural farmland.
where the amount of GST incurred is not recovered from the taxation authority, it is recognised as part of the cost of
acquisition of an asset or as part of an item of expense; or
The Company is incorporated in New Zealand and registered under the Companies Act 1993. The Company is an FMC reporting entity
for the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013. The Company was incorporated on
11 September 2020 and is domiciled in New Zealand. The Company is listed on the New Zealand Stock Exchange (NZX Limited) with
ordinary shares listed on the NZX Main Board.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP),
New Zealand International Accounting Standard 34 (NZ IAS 34) Interim Financial Reporting and International Accounting Standard 34
(IAS 34) Interim Financial Reporting. For the purposes of complying with NZ GAAP the Group is a for-profit entity.
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at
the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or
liability, either directly or indirectly; and
These financial statements are presented in New Zealand dollars, which is the Group's functional currency. All amounts have been
rounded to the nearest thousand, unless otherwise stated.
The preparation of these financial statements requires management to make estimates and assumptions. These affect the amounts
of reported revenue and expense and the measurement of assets and liabilities. Actual results could differ from these estimates. The
principal areas of judgement and estimation in these financial statements are:
The financial statements have been prepared on the historical cost basis except for derivative financial instruments and investment
properties which are measured at fair value.
The financial statements do not contain all the disclosures normally included in an annual financial report and should be read in
conjunction with the audited 2021 annual consolidated financial statements.
dŚĞ'ƌŽƵƉ͛ƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐƚŚĂƚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJĂŶĚĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘
Investment property is measured using level 3 valuation techniques as further detailed in Note 5.
Level 3 inputs are unobservable inputs for the asset or liability.
8

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
4
Segment information
5
Investment properties
Fair value of rural land investment properties:
As at 31 December 2021 (Unaudited)
Land area
Opening
balanceAdditions ¹
Lease fee
amortisation
Capitalised
lease
incentive ²
Revaluation
gainCarrying value
TenantLocationHectares$'000$'000$'000$'000$'000$'000
1Canterbury87325,569 -(1) 81 -25,649
2
Canterbury /
Otago
1,96767,939 -(1) 217 -68,155
3Canterbury2,92633,073 -(1) 94 -33,166
4Southland45611,097 -(1) --11,096
5Otago3,500-61,497 (9) --61,488
Fair value of investment properties137,678 61,497 (13) 392 -199,554
As at 30 June 2021 (Audited)
Land areaAdditions ¹
Capitalised
lease
incentive ²
Revaluation
gainCarrying value
TenantLocationHectares$'000$'000$'000$'000
1
Canterbury
873 21,285 97 4,187 25,569
2Canterbury / Otago1,967 58,953 258 8,728 67,939
3
Canterbury
2,926 30,035 113 2,925 33,073
4
Southland
456 10,412 -685 11,097
Fair value of investment properties120,685 468 16,525 137,678
¹
²
Included in the Group's total rental revenue, more than 10% was received from two significant customers. The total rental revenue
derived in the 6 month period ended 31 December 2021 from these customers was $2.810 million and $0.430 million respectively. No
other single customers contributed 10% or more of the Group's total rental revenue.
Investment property is property held either to earn rental income, for capital appreciation or for both.
Included in the Group's total gross finance income, more than 10% was received as interest income from two significant customers.
The total gross interest income derived in the 6 month period ended 31 December 2021 from these customers was $0.272 million
and $0.233 million respectively. No other single customers contributed 10% or more of the Group's total finance income.
Initial direct costs incurred in negotiating and arranging operating leases and lease incentives granted are added to the carrying
amount of the leased asset.
Includes directly attributable acquisition costs.
Investment properties are derecognised when they have been disposed of and any gains or losses incurred on disposal are recognised
in profit or loss in the year of derecognition.
The Group operates in one business segment being New Zealand rural land.
Investment property is initially measured at cost and subsequently measured at fair value with any change therein recognised in
profit or loss. Any gain or loss arising from a change in fair value is recognised in profit or loss.
Property valuations will be carried out at least annually by independent registered valuers.
Net of amortisation.
9

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
5
Investment properties (continued)
5.1Fair value measurement, valuation techniques and inputs
Key inputs used to measure fair value:
ͻ
Land growth rate
3%
ͻ
CPI
2%
ͻ
Discount rate
7.5%
ͻ
Terminal rate
6.5%
ͻ
Market rental assessment
5.2Valuation methodology
Key valuation inputDescription
Land growth rateIncreaseDecrease
CPIIncreaseDecrease
Discount rateDecreaseIncrease
Terminal rateDecreaseIncrease
IncreaseDecrease
External, independent valuers, having appropriate recognised professional qualifications and recent experience in the location and
ĐĂƚĞŐŽƌLJŽĨƚŚĞƉƌŽƉĞƌƚLJďĞŝŶŐǀĂůƵĞĚ͕ǀĂůƵĞƚŚĞ'ƌŽƵƉ͛ƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJƉŽƌƚĨŽůŝŽĂƚůĞĂƐƚĞǀĞƌLJϭϮŵŽŶƚŚƐ͘dŚĞĨĂŝƌǀĂůƵĞƐĂƌĞ
based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between
ĂǁŝůůŝŶŐďƵLJĞƌĂŶĚĂǁŝůůŝŶŐƐĞůůĞƌŝŶĂŶĂƌŵ͛ƐůĞŶŐƚŚƚƌĂŶƐĂĐƚŝŽŶĂĨƚĞƌƉƌŽƉĞƌŵĂƌŬĞƚŝŶŐǁŚĞƌĞŝŶƚŚĞƉĂƌƚŝĞƐŚĂĚĞĂĐŚĂĐƚĞĚ
knowledgeably, prudently and without compulsion.
The Group's investment properties were last valued by Colliers International, as at 30 June 2021. There have been no subsequent
valuations in the period ended 31 December 2021.
The valuer's assessment of the annual net market income per hectare
attributable to the property. Used in the income approach.
Market rental
assessment
Measurement sensitivity
Increase in
input
Decrease in
input
The rate applied to the expected land value growth. Used in the income
approach.
The expected inflation increase applied to the lease income every two
years. Used in the income approach.
The rate applied to discount future cashflows, it reflects transactional
evidence from similar types of property assets. Used in the income
approach.
The rate used to assess the terminal value of the property. Used in the
income approach.
The investment property have been assessed on a fair value basis utilising the income approach for the Group's interest as lessor and
a market approach to assess the reversionary value of the assets at the expiry of the current lease terms.
The net present value of the income provided under the lease agreements have been assessed to be above prevailing market leases
for similar assets. This results in the Group's interest assessment in the leases being greater than the current fair value for the asset
on the basis of the fee simple valuation.
During the year there were no transfers of investment properties between levels of the fair value hierarchy. The valuation techniques
used in measuring the fair value of investment property, as well as the significant unobservable inputs used are as follows:
Investment properties are classified as level 3 (inputs are unobservable for the asset or liability) under the fair value hierarchy on the
basis that adjustments must be made to observable data of similar properties to determine the fair value of an individual property.
10

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
6Rental income
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
$'000$'000
Rental receipts
3,371-
Amortisation of tenants incentives
(88)-
Lease incentives
483-
Rental income
3,766-
7Finance income and expense
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
$'000$'000
Finance income
Interest income
5109
Finance expense
Interest expense(873)-
Gain on change in fair value of derivative instruments930-
Net finance income5679
8Income taxes
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
$'000$'000
Current tax expense--
Deferred tax expense351-
Income tax expense351-
Reconciliation of income tax expense to prima facie tax payable:
Profit / (Loss) before tax3,519(209)
Income tax expense / (benefit) calculated at 28%985(59)
Effect of permanent differences in determining taxable profit(634)-
Effect of tax losses not recognised-59
Income tax expense351-
11

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
9Loan receivable
(Unaudited)(Audited)
As at 31
December
2021
As at 30 June
2021
$'000$'000
Non-current:
McNaughtons home block5,747 5,475
Makikihi Farm12,251 -
Total loan receivable17,9985,475
10Derivatives
(Unaudited)(Audited)
As at 31
December
2021
As at 30 June
2021
$'000$'000
Derivative assets / (liabilities)
809(121)
The Group has determined that these arrangements have the substance of loans with 10% and 4.66% market interest rates per
annum respectively.
In the period ended 31 December 2021, the Group entered a conditional agreement to acquire a North Canterbury Dairy Farm
(Makikihi Farm) for $12 million. The agreement was conditional on the vendor not refinancing its debt over the farm. The conditional
agreement also included a put and call agreement. Under the call, the vendor may repurchase Makikihi Farm at any time. Under the
ƉƵƚ͕ĨƌŽŵĂƉƉƌŽdžŝŵĂƚĞůLJƚǁŽLJĞĂƌƐ͛ƚŝŵĞƚŚĞ'ƌŽƵƉĐĂŶƌĞƋƵŝƌĞƚŚĞǀĞŶĚŽƌƚŽƉƵƌĐŚĂƐĞƚŚĞĨĂƌŵďĂĐŬ͘dŚĞƉƵƌĐŚĂƐĞƉƌŝĐĞƵŶĚĞƌďŽƚŚ
the put and call agreement is $12 million plus 4.66% accruing on a daily basis per annum.
Key Judgement
The loan receivable balance has been considered and determined no impairment is required at reporting date.
On 1 June 2021, the Group acquired land at 30 Cooneys Road, Morven for $5.4 million and simultaneously entered into a lease and a
put and call agreement with Performance Dairy Limited (PDL), a related entity to the vendor. Under the call agreement, PDL can
acquire the land on 31 May in any year (providing a minimum 90 days notice has been provided) from the Group for $5.4 million plus
10% interest compounding annually. Under the put agreement, from 1 June 2023 the Group can require PDL to acquire the land on
31 May any year under the same pricing mechanism and notice requirements. The put and call option have a 99 year life.
Derivative financial instruments, comprising interest rate swaps are classified as fair value through profit or loss ("FVTPL").
Subsequent to initial recognition, changes in fair value of such derivatives and gains or losses on their settlement are recognised in
the Statement of Comprehensive Income in finance expense.
The loans are secured by a General Security Deed and cross guarantee from certain Van Leeuwen Group entities.
12

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
11Borrowings
(Unaudited)(Audited)
As at 31
December
2021
As at 30 June
2021
$'000$'000
Non-current:
Rabobank facility
88,500 54,254
Total borrowings
88,50054,254
Total
Undrawn
facility
Drawn
amountFair value
31 December 2021 (Unaudited)
$'000$'000$'000$'000
Bank facility A1 June 20232.58%29,500 -29,500 29,500
Bank facility B1 June 20242.68%29,500 -29,500 29,500
Bank facility C1 June 20262.98%29,500 -29,500 29,500
88,500 -88,500 88,500
Total
Undrawn
facility
Drawn
amountFair value
30 June 2021 (Audited)
$'000$'000$'000$'000
Bank facility A1 June 20232.05%25,000 10,746 14,254 14,254
Bank facility B1 June 20242.19%16,000 -16,000 16,000
Bank facility C1 June 20262.49%24,000 -24,000 24,000
65,000 10,746 54,254 54,254
The terms of the borrowings includes the following covenants that the Group must ensure at all times:
ͻ
Interest coverage ratio is greater than 2.0;
ͻ
Loan to valuation ratio does not exceed 40%; and
ͻ
Capital expenditure in each financial year shall not exceed 120% of the budgeted forecast capital expenditure.
12Issued capital
Authorised and issued
Balance as at 31 December 2020 (Unaudited)
73,242 60,460,000
Rights issue to existing shareholders
20,318 18,470,970
Transaction costs arising on issue of shares
(46) -
Balance as at 30 June 2021 (Audited)
93,514 78,930,970
Rights issue to existing shareholders
18,486 16,805,868
Transaction costs arising on issue of shares
(158) -
Performance fee issued in ordinary shares
1,625 1,163,162
Balance as at 31 December 2021 (Unaudited)
113,46796,900,000
Effective
interest rate
$'000
No. of
ordinary
shares
All shares have equal voting rights, participate equally in any dividend distribution or any surplus on the winding up of the Company.
The shares have no par value.
The Group has entered into a revolving credit facility agreement with Rabobank on 21 May 2021 and renewed on 29 November 2021.
The facility agreement has increased during the period to a limit of $88,500,000 with floating interest rates ranging over the three
tranches of the debt. Interest is payable quarterly in arrears.
The Group has complied with the financial covenants of its borrowing facilities during the 31 December 2021 reporting period.
Expiry date
There is a general security deed over all of the assets of the Group as security of the borrowings.
Expiry date
Effective
interest rate
13

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
13Related parties
13.1Remuneration of the Manager
ͻProviding administrative and general services;
ͻSourcing and securing potential investors and communicating with investors;
ͻSourcing opportunities for the sale and purchase of Land, and operators for lease agreements in respect of Land;
ͻOverseeing due diligence for and executing transactions for the sale and purchase, and leasing, of Land;
ͻDĂŶĂŐŝŶŐƚŚĞ'ƌŽƵƉ͛ƐWƌŽƉĞƌƚLJ͕ŝŶĐůƵĚŝŶŐ>ĂŶĚŽǁŶĞĚďLJƚŚĞ'ƌŽƵƉ͖
ͻArranging regular valuations and audits of the Group; and
ͻAdministering the payment of dividends and distributions in respect of the Group.
The Manager is remunerated via management fees, transaction fees and performance fees.
Fees paid to the Manager:
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
$'000$'000
Basic management services fee301 -
Land transaction fees758 -
Leasing fees30 -
Total
1,089 -
Management fee
Transaction fee
ͻ
ͻ
Performance fee
For each purchase or sale of land, a fee equal to 1.25% of the acquisition or divestment cost of the land and improvements;
and
The Group has appointed an external manager, New Zealand Rural Land Management Limited Partnership through a signed
management agreement. The Manager is responsible for all management functions of the Group, including:
A monthly management fee is payable equal to 0.5% per annum of the Group's Net Asset Value, calculated on a monthly basis. The
total management fees for the period ended 31 December 2021 were $0.3 million.
A fee is payable for the following transactions:
For each lease agreement entered into, a fee of $30,000.
A performance fee is payable to the Manager when the Group's net asset value ('NAV') per share exceeds the Group's NAV per share
in the immediately preceding financial year. This annual performance fee is calculated as 10% of the increase in NAV per share and is
settled through the issue of ordinary shares based on the NAV per share at that date. NAV per share is adjusted for the impact of
capital reconstructions (such as a rights issue at a premium or discount), with the intention of the calculation being neither prejudicial
nor advantageous to the Company or the Manager. Half of the ordinary shares issued are held in escrow and cannot be sold for 5
years. The performance fee in the 2022 financial year will be calculated after the financial year end. The shares will be issued to the
Manager subsequent to balance date.
Transaction fees incurred for the period ended 31 December 2021 were $0.758 million and $0.03 million in relation to the purchase
and lease fee components respectively. The purchase fee was included in the initial carrying amount of the acquired investment
property. The leasing fee has been added to the carrying value of the leased asset (being investment properties) as part of the initial
direct costs of arranging the lease.
14

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
14Non-GAAP measures
14.1Reconciliation of net profit after tax to adjusted funds from operations (AFFO)
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
Notes
$'000$'000
Net profit / (loss) after tax3,168(209)
Adjustments
Unrealised net gain on derivatives(930) -
Deferred tax expense8351 -
Capitalised incentive adjustments88 -
Amortisation of lease fee15 -
Funds from operations ('FFO')2,692(209)
FFO per share (cents)2.78(0.35)
Adjustments
Incentives and leasing costs(498) -
Future maintenance capital expenditure¹(141) -
Adjusted funds from operations ('AFFO')2,053(209)
AFFO per share (cents)2.12(0.35)
Funds from operations ('FFO') is a non-GAAP financial measure that shows the Group's underlying and recurring earnings from its
operations and is considered industry best practice for a property fund to enable investors to see the cash generating ability of the
business. This is determined by adjusting statutory net profit (under NZ IFRS) for certain non-cash and other items. FFO has been
determined based on guidelines established by the Property Council of Australia and is intended as a supplementary measure of
operating performance. The Manager uses and considers Adjusted Funds From Operations ('AFFO') as a measure of operating cash
flow generated from the business, after providing for all operating capital requirements including maintenance capital expenditure,
tenant improvement works, incentives and leasing costs.
¹ Represents amounts set aside each financial period for future expected maintenance capital expenditure as considered prudent by
the Manager. These amounts do not qualify for recognition as liabilities on the balance sheet under NZ GAAP.
15

Notes to the interim financial statements
For the 6 month period ended 31 December 2021
New Zealand Rural Land Company Limited and its subsidiary
14.2Net assets per share and net tangible assets per share
(Unaudited)(Audited)
As at 31
December
2021
As at 30 June
2021
$'000$'000
Total assets221,374 164,937
(Less): Total liabilities(89,624) (54,683)
Net assets131,750110,254
(Less): Deferred tax asset(171) (522)
(Less) / Add: Derivative (asset) / liability(809) 121
Net tangible assets130,770109,853
Number of shares issued ('000)96,900 78,931
Net assets per share ($)1.3596 1.3968
Net tangible assets per share ($)1.3495 1.3918
15Earnings per share
(Unaudited)(Unaudited)
6 month
period ended
31 December
2021
11 September
2020 to 31
December
2020
Profit after income tax ($'000)3,168 (209)
Weighted average number of shares for the purpose of basic and diluted EPS ('000)89,186 59,600
Basic and diluted earnings per share (cents)3.55 (0.35)
16Contingent liabilities and contingent assets
There are no contingent liabilities or assets as at 31 December 2021.
17Capital commitments
18Subsequent events
There were no material adjusting events subsequent to balance date.
The Group presents net assets per share and net tangible assets per share in these financial statements. The Group believes that
these non-GAAP measures provide useful additional information to readers. Net tangibles assets per share is a required disclosure
under the NZX Listing Rules and net assets per share is a measure monitored by management and required for calculating the
Manager's performance fee. The calculation of the Group's net assets per share, net tangible assets per share, and its reconciliation
to the consolidated statement of financial position is presented below:
Basic and diluted earnings per share amounts are calculated by dividing profit after income tax attributable to shareholders by the
weighted average number of shares on issue.
The Group has no capital commitments as at 31 December 2021.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and the weighted average
number of ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.
16

---

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
22 February 2022
New Zealand Rural Land Company (NZX: NZL) HY22 Commentary
NZL is pleased to announce its unaudited interim financial results for the six months ending 31 December 2021. NZL recorded a
net profit after tax of $3.17M for the period and will pay an inaugural interim dividend of 2.01cps, equivalent to 95% of Adjusted
Funds from Operations (AFFO).
Financial Summary for the six months ending 31 December 2021
Net Profit After Tax $ 3.17M
Total Assets $ 221.37M
Total Liabilities $ 89.62M
Net Assets $ 131.75M
Net Asset Value (NAV) Per Share $ 1.3596
Update
NZL is now into its second year as a listed company. The highlight of the year to date has been the acquisition of a further 4,000
hectares of premium rural land.

NZL has an attractive pipeline of opportunities ahead of it in the second half of the financial year across several rural sub-sectors.
Due diligence is being conducted on a number of assets, by its manager New Zealand Rural Land Management Limited Partnership
(the Manager).

NZL has a low risk profile and is well insulated from the ongoing COVID-19 pandemic and record inflation levels. All NZL’s tenants
are categorised as essential workers, and leases incorporate regular CPI adjustments and remove direct exposure to on-farm oper-
ational risks. All NZL’s properties have 100% occupancy and an average lease term over 10 years. This creates very predictable,
inflation protected and sustainable income.
NZL is managed under a management agreement with the Manager which is governed by a board comprised of a majority of
independent directors. The Manager is 50% owned by NZX-listed Allied Farmers Limited (ALF).
Acquisitions
NZL completed two acquisitions in the period. Both represented quality rural land at attractive prices with new large-scale tenants.
The first, completed in August 2021, was a 493-hectare hybrid dairy farm located in Waimate, South Canterbury, for further details
refer to: (https://nzrlc.co.nz/investors).

NZL’s second acquisition, completed in November 2021, was a portfolio of six large scale dairy assets in Maniototo, Central
Otago, totalling approximately 3,500 hectares. The portfolio comprises a mixture of productive dairy platforms, support farms and
modern infrastructure, for more details refer to: (https://nzrlc.co.nz/investors).

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
Operations Update
The Manager has continued to investigate further investments to increase sector and tenant diversity. NZL has an attractive acquisi-
tion pipeline, with the Manager progressing due diligence on several new opportunities across multiple sub-sectors.
Work continues measuring and articulating the sustainability pledges NZL and its tenants make when entering into a partnership.
These pledges are founded on NZL’s tenants sharing its vision of sustainability, which embraces societal progress, productivity,
economic success and environmental care.
In keeping with its sustainability vision, NZL has commissioned work to understand better the opportunities for carbon sequestration
and biodiversity improvement on its land. NZL is also investigating options to improve the efficiency of water and nutrient use on its
properties. The realisation of efficiency gains is expected to lead to reduced nutrient leaching and improved water quality.
Addressing Market Conditions
NZL is largely insulated from the 30-year high inflation levels reported in December 2021. NZL’s leases all incorporate CPI ad-
justments, typically occurring every three years. Furthermore, NZL is insulated from inflation impacted (and all other operational)
on-farm risks by only owning the land.
As food producers, NZL’s tenants have been classified as essential workers at all stages of the Government’s COVID-19 response.
NZL considers it extremely unlikely that its tenants’ activities, and thus their ability to meet lease payment obligations, will be cur-
tailed in any meaningful way as the result of COVID-19. NZL properties have an occupancy rate of 100%.
Dividend
NZL targets dividends equivalent to 95% of AFFO. For the six months to 31 December 2021, NZL reported an AFFO of 2.12 cps.
Accordingly, an interim cash dividend of 2.01cps will be paid on Friday, 18 March 2022, with a record date of Tuesday, 1 March
2022.
Outlook
NZL expects total FY22 AFFO of $4.2M (4.38cps) and to pay a final dividend of a further 2.15cps. NZL currently forecasts FY23
AFFO of $6.3M (6.52cps) with a total dividend of 6.20cps.
NZL has long term leases in place with an average length of 10.3 years, providing certainty of income for an extended period.
NZL enters the second half of the financial year with solid momentum and an exciting acquisition pipeline. The Company’s core
aspiration remains for it to be a large-scale owner of New Zealand rural land. Acquisitions to date have been in dairy, but NZL
sees opportunities in a number of sub-sectors, including green energy, poultry, viticulture and horticulture. NZL intends to remain
rural sector agnostic, focusing on acquiring well and achieving attractive long-term risk-adjusted returns.
NZL’s long term tenants currently pay approximately $10.4M per annum in rental income. With the Manager currently progress-
ing several opportunities, NZL hopes to announce further acquisitions in the second half of the year. This will grow the Company’s
revenue base while also diversifying NZL’s land holdings and income streams.
For further information please contact:
Christopher Swasbrook or
Mobile: 021 928 262
Email: chris@nzrlc.co.nz
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz

---

1
NEW ZEALAND RURAL LAND COMPANY
INTERIM RESULTS HY22 PRESENTATION
PERIOD ENDING 31 DECEMBER 2021
22 February 2022
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 are of rural property held within NZL’s portfolio.

3
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
HY22: INTERIM RESULTS

4
NEW ZEALAND RURAL LAND COMPANY
$1.19
$1.3596
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
NZL Share Price as at 18 February 2022Unaudited Net Asset Value Per Share
(NAVPS)
HY22: KEY METRICS
1
INTERIM RESULTS
2.01cps
Interim Dividend
2.12cps
AFFO
$221.37m
Total Assets
NZL Share Price vs Unaudited NAV Per Share (NAVPS)
$3.17m
NPAT
NZL Share Price
Trading at 12.5%
Discount to
NAVPS*
* Unaudited Net Asset Value Per Share (NAVPS)

5
NEW ZEALAND RURAL LAND COMPANY
HY22: HIGHLIGHTS
TOTAL ASSETS
DIVIDENDS
FFO & AFFO
NAV
Funds From Operations (FFO) and
Adjusted Funds From Operations
(AFFO) for the period were
$2.69m (2.78cps) and $2.05m
(2.12cps) respectively.
NZL has declared its first interim
dividend of 2.01 cents per share
(cps). This represents a 95%
payout of HY22 AFFO, consistent
with policy.
NZL has total assets of
$221.37m*, composed primarily
of 10,812ha of premium rural land.
Current unaudited Net Asset Value
Per Share (NAVPS) is $1.3596.
This compares to a Share Price of
$1.19 (18 February 2022). Which
represents a12.5% discount.
1
INTERIM RESULTS
* Based on unaudited interim results as at 31 December 2021 - any revaluations occurr at year end and will be included in full year end results

6
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
HY22: MARKET CONDITIONS AND OPERATIONS

7
NEW ZEALAND RURAL LAND COMPANY
0.0
40.0
80.0
120.0
160.0
200.0
240.0
280.0
320.0
Milk PriceLand PriceLinear (Milk Price)Linear (Land Price)
HY22: UPDATE ON MARKET CONDITIONS (1)
MILK PRICE AT AN ALL-TIME HIGH
LAND PRICES TREND UPWARDS
The Farmgate Milk Price has been trending higher for two
decades. Fonterra’s farmgate milk price has increased steadily to
a record high of $9.20 per kgMS this year due to global demand
for dairy products and constrained milk supply across multiple
regions.
Changes in the long-term milk price drive the value of dairy land.
The continuing increase in the milk payout can be expected to flow
through to the value of NZL’s land.
2
MARKET CONDITIONS
Dairy Land Price vs Milk Price
Land Price CAGR +4.65%
Milk Price CAGR +4.68%
Sources: Land Prices - REINZ data, >100 hectare dairy farm prices in Otago, Southland, Canterbury and Waikato
Milk Price - Fonterra
Note: Data is three year rolling averages indexed to 100 from 2003 which is the year of the first published Fonterra Milk Price

8
NEW ZEALAND RURAL LAND COMPANY
HY22: UPDATE ON MARKET CONDITIONS (2)
OIO RESTRICTIONS & CONSTRAINED AGRI LENDING CONTINUE TO
PROVIDE NZL WITH ATTRACTIVE ACQUISITION OPPORTUNITIES
Attractive acquisition opportunities continue to present themselves. Key factors
enabling this are a continued decrease in bank lending to the sector and the
abscence of overseas investors.
Foreign Direct Investment (FDI) in pastoral farmland has decreased to near zero
since the introduction of the foreign buyer ban in 2017.
2
MARKET CONDITIONS
Foreigners Prevented from Investing in Farmland by OIO RestrictionsConstrained Agri Lending Curtailing New Zealand Buyers
50,000
60,000
40,000
30,000
20,000
10,000
2 01020112 0122 0132 0142 0152 01620172 0182 0192020
Dairy
Forestry
Hectares of land purchased by foreign investors in NZ
2017 - OIO policy changes on FDI
in Dairy farms
-6%
6%
8%
10%
12 %
4%
2%
0%
-2%
-4%
May-10
Sep-10
Jan-11
May-11
Sep11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Rolling YoY change in New Zealand dairy farm debt NZ
Source: Overseas Investment OfficeSource: RBNZ

9
NEW ZEALAND RURAL LAND COMPANY
HY22: UPDATE ON MARKET CONDITIONS (3)
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
30 YEAR HIGH INFLATION
Inflation reached a 30-year high of +5.9% in December 2021.
New Zealand’s large trading banks are forecasting inflation to
peak in Q1 2022 but expect levels to remain above 3% into 2023.
All NZL leases have CPI adjustments and remove all operational
exposure; providing a hedge against inflation.
2
MARKET CONDITIONS
+5.9%
30-Year High
Quarterly Change in CPI
30
YEAR HIGH
NEW ZEALAND Rural Land
LEASE
CPI
ADJUSTED
Source: Stats New Zealand, www.stats.govt.nz/indicators/consumer-price-index-cpi

10
NEW ZEALAND RURAL LAND COMPANY
HY22: OPERATIONAL UPDATE
ACQUISITION PIPELINE
SUSTAINABILITY
VALUES
CARBON AND BIODIVERSITY
INFRASTRUCTURE
EFFICIENCY PROJECTS
NZL continues to have an attractive acquisition
pipeline with a number of opportunities currently
under due diligence.
(See Slide 11)
NZL and its tenants share a vision of sustainable
practices. These include practices that enhance the
health and wellbeing of the natural environment,
animals and communities connected to the land.
NZL is prioritising working with tenants who share these
values.
Additionally, NZL and its tenants agree to put binding
sustainability pledges into leases. NZL is currently in
the process of articulating and measuring these shared
values.
NZL has commissioned studies to better
understand carbon sequestration opportunities on
marginal/non-productive land. Such initiatives if
progressed would contribute to climate change
mitigation, balance sheet/cash generation and
biodiversity improvement.
NZL is currently investigating opportunities to
improve the efficiency of water and nutrient use on
NZL properties.
Benefits of improved efficiency are anticipated
to be: wetland rejuvenation; more controlled and
targeted application of irrigation water leading
to a reduction in leaching; and water quality
improvement.
2
OPERATIONS

HY22: ATTRACTIVENESS OF TARGET SUB-SECTORS
KEY
D
AIRY
VITICUL
TURE
HORTICUL
TURE
GREEN
ENERGY
POUL
TRY
Current Assessment of Sub-Sector Attractiveness and NZL Pipeline Update
CURRENTLY
MOST
DESIRABLE
FORESTRY
CURRENTLY
LEAST
DESIRABLE
11
NEW ZEALAND RURAL LAND COMPANY
2
OPERATIONS

12
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
NZL’S SUSTAINABLE STRUCTURAL ADVANTAGE

13
NEW ZEALAND RURAL LAND COMPANY
NZL IS ADVANTAGED WITH A SUSTAINABLE MODEL
RISKSTRUCTURAL
TRENDS
SUSTAINABLE
PRACTICES
STRUCTURAL
ADVANTAGE
Ownership of just the land
removes exposure to direct
farm operational risks.
Lower risk of obsolescence
and replacement than
commercial property.
Increasing scarcity of
productive land in New
Zealand and rising global
demand.
Access to transactions.
Access to capital.
Domestic buyer.
Proprietary processes.
Access to quality tenant
partnerships.
RETURNS
Predictable, attractive
risk-adjusted returns from a
scarce and critical primary
infrastructure asset which is
subject to long-term leases.
3
NZL’S ADVANTAGE
New Zealand has the
world’s lowest carbon
emissions for protein
production.
NZL and its tenants
operate individually
and in partnership with
sustainable practices.
NZL’s diverse team have a
track record of establishing
and implementing
sustainability initiatives.

14
NEW ZEALAND RURAL LAND COMPANY
MORE FOOD NEEDED GLOBALLY WITH LESS LAND TO
PRODUCE IT
The global population is growing rapidly and arable land is becoming
scarcer.
The productivity gains realised through modern farming methods are
proving insufficient at keeping up with this growing demand.
By 2050, the global population is expected to have reached 9.7 billion
people many, of whom will be members of an expanding middle class
demanding higher quality food in greater volumes.
New Zealand with its temperate climate and low input farming is well
positioned to provide for global consumers hungry for premium produce.
STRUCTURAL TRENDS: GLOBAL TAILWINDS SET TO ENDURE
+41%
increase in population
(from 6.9 billion to 9.7 billion people)
by 2050
-56%
decrease in arable land
available per person from 1960
to 2020
3
NZL’S ADVANTAGE
Global Population (billions) vs Arable Land Per Person (ha)
+71%
increase in food required by 2050
-
2
4
6
8
10
12
-
0.08
0.16
0.24
0.32
0.40
196020052050
Global Population (rhs)
Arable Land per person (ha) (lhs)
Source: Food and Agriculture Organisation of the United Nations (FAOSTAT)
Source: The Science of Food Security (2018)
https://www.nature.com/articles/s41538-018-0021-9.pdf;
Source: United Nations

15
NEW ZEALAND RURAL LAND COMPANY
fifl
fifl
2027
Supply
49 MT
Supply
49 MT
2017
Supply
41 MT
fifl
fifl
-6 MT
Deficit/Gap
-30 MT
Deficit/Gap
STRUCTURAL TRENDS: DOMESTIC TAILWINDS ALSO SET TO ENDURE
As is the case globally, the
amount of highly productive
land in New Zealand has
been declining;
In New Zealand, the area
of highly productive land
that was unavailable for
agriculture due to housing
increased by +54% from
2002 to 2019;
The total area of land used for
agriculture and horticulture
has been decreasing since
2002 and fell by -2%
between 2017 and 2019;
By 2025 the supply of dairy
land is expected to be -9%
lower than in 2019;
The long-term global dairy
supply deficit is forecast to
continue to grow demand
for NZ dairy products, the
price of dairy and therefore
the value of dairy land will
continue to be driven by this
factor.
3
NZL’S ADVANTAGE
AVAILABLE RURAL LAND IN NEW ZEALAND IS DECLINING DESPITE DEMAND FOR OUR COMMODITIES
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
Source: A Winning Growth Strategy for Dairy, McKinsey, 2019
Growing Dairy Deficit
1.6
Million hectares of Dairy Farmland
New Zealand Dairy Farm Land Availability Declining
V S 2 019
1.8
Source: NZX Dairy Outlook 2019, A Sustainable Dairy Future
2 0192025
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
-9%
All this is ocurring despite New Zealand being the lowest cost and carbon footprint producer of protein in the world.

16
NEW ZEALAND RURAL LAND COMPANY
LEADERSHIP IN SUSTAINABLE PRACTICES
1. NEW ZEALAND’S CREDENTIALS
New Zealand has the world’s lowest carbon emissions per gram of protein produced.
Key milk producing regions such as Europe and North America produce emissions that are12%
higher than those of New Zealand, with Asia 112% higher, and plant-based ‘milks’ having carbon
footprints 188% higher than New Zealand dairy.
2. WHAT MAKES NZL A LEADER IN
SUSTAINABLITY FOR NEW ZEALAND’S
PRIMARY SECTOR?
NZL only selects tenants with a track record of environmentally
sustainable performance.
NZL and its tenants possess a shared vision of what sustainability
looks like and are committed to proactively managing, mitigating
and minimising greenhouse gas emissions, nutrient leaching
and other potentially environmentally harmful practices, while
ensuring the welfare and wellbeing of the people, communities
and animals connected to the land - these joint pledges are
written into binding leases.
NZL’s governance is independent and diverse by experience,
age, gender, race and sector. NZL’s governance is also notable
for the diversity of thought and perspective among its members.
3. OUR PEOPLE
NZL’s directors and management have a range of experience,
translateable skills and a track record of establishing and
implementing sustainability initiatives across a number of New
Zealand businesses.
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
3
NZL’S ADVANTAGE
Carbon Footprint Per Gram of Protein (gm CO2 eq./gm Protein)
Source: NZX Dairy Outlook 2019, A Sustainable Dairy Future

OUR SUSTAINABLE STRUCTURAL ADVANTAGE
17
NEW ZEALAND RURAL LAND COMPANY
THE NZL
ADVANTAGE
ACCESS
TO
TRANSACTIONS
ACCESS
TO
CAPITAL
DOMESTIC
BUYER
DUE DILIGENCE
AND LEASE
STRUCTURE/S
ACCESS TO
QUALITY
TENANT
PARTNERSHIPS
3
NZL’S ADVANTAGE
Refer to Appendix page 39 for further detail

18
NEW ZEALAND RURAL LAND COMPANY
RISK: vs. TRADITIONAL RURAL
NZL vs. TRADITIONAL RURAL / FARMING INVESTMENTS
By only owning the land NZL has no direct exposure to the operational risks of farming.
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
3
NZL’S ADVANTAGE
LIQUIDITY
listing provides
greater liquidity
than syndicates or
direct investments

19
NEW ZEALAND RURAL LAND COMPANY
RISK: vs. URBAN PROPERTY
NZL vs. URBAN PROPERTY
By only owning rural land NZL has a number of advatanges over traditional REITs:
Rural land typically comprises 10-20%
depreciable assets vs 50-80% for urban
property. Therefore, rural land has much
lower steady state maintenance capex
requirements and very little specialist
infrastructure making change of use
immediate and low/no cost. NZL’s
leases require tenants to assume all R&M
cost and responsibility.
Commercial real estate is generally suited
to one purpose (due to location and
infrastructure - i.e. office, retail, etc) and
potentially prone to a level of obsolescence
due to changing habits or tastes. Rural
land is able to produce a variety of
food and cannot become obsolescent
or disintermediated. A finite supply of
productive land makes a supply side
reaction unlikely without huge technological
advances.
Most rural land can be readily
adapted to alternative uses e.g.
from dairy to cropping. This can
be achieved both quickly and at
a low cost, enabling land use to
respond to changes in demand
or the decline of a particular
rural sector.
NZL’s tenants are required to
guarantee leases and hold
substantial equity to ensure
serviceability even in difficult
operating environments.
Farmland has little correlation
with traditional asset classes
NZL’s tenants are essential
services and have continued to
operate uninterrupted throughout
the COVID-19 pandemic.
Commercial retail property
tenants are often non-essential
and have frequently be forced
to close, work from home or had
limits placed on their operations.
3
NZL’S ADVANTAGE
Uncorrelated with traditional assetsEasy and costless alternative use
Rural land assets have a much lower depreciable asset baseLow obsolescence risk
Food production is an essential service
Credit quality of tenants

20
NEW ZEALAND RURAL LAND COMPANY
2.07%
10.52%
0%
2%
4%
6%
8%
10%
12%
REIN Z Da iry Fa rm Index G rowthN Z L A s s e t G r o wth
$196.9M
$217.6M
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
Purchase PriceRevaluation
0
1000
2000
3000
4000
5000
Dec-96
Oct-97
Aug-98
Jun-99
Apr-00
Feb-01
Dec-01
Oct-02
Aug-03
Jun-04
Apr-05
Feb-06
Dec-06
Oct-07
Aug-08
Jun-09
Apr-10
Feb-11
Dec-11
Oct-12
Aug-13
Jun-14
Apr-15
Feb-16
Dec-16
Oct-17
Aug-18
Jun-19
Apr-20
Feb-21
Dec-21
Farm Price Index
$1.19
$1.3596
$1.00
$1.05
$1.10
$1.15
$1.20
$1.25
$1.30
$1.35
$1.40
NZL Investor Per Share Cost Base (assuming full
rights issue participation)
NAVPS as at 31 December 2021
RETURNS: ATTRACTIVE RISK-ADJUSTED RETURNS
NZL’S GROWTH IN ASSET VALUE
NZL achieved revaluation gains of +10.52%* indicative of
NZL’s success at acquiring quality assets.
Long Term New Zealand Farm Price Returns
NZL Returns
NZL’S OUTPERFORMANCE VS THE MARKET
NZL’s revaluation gains of +10.52%* were +8.45% higher
than the +2.07% increase in the REINZ Dairy Farm Index in
the months from December 2020 to 30 June 2021.
3
NZL’S ADVANTAGE
+10.52%
Revaluation Gains
Performance vs Market
CAGR: +6.6% p.a.
CONSISTENT RURAL LAND PRICE GROWTH
Since 1996 the value of rural land in New Zealand has
grown considerably, with REINZ’s Rural Land Price Index
increasing at a CAGR of +6.6% p.a.
Unaudited Net Asset Value Growth per Share
+14.25%
ATTRACTIVE GROWTH IN NAV PER SHARE

NZL’s growth in Unaudited Net Asset Value (NAV) for the
period ending 31 December 2021 highlights a combination
of attractive large scale acquisitions and industry tailwinds for
high-quality rural properties.
*for the year ended 30 June 2021
+8.45%
Source: REINZ Dairy Farm Price Index
Source: REINZ Farm Price Index
Note: Period is from December 2020 to 30 June 2021 being the last time the portfolio was valued.

21
NEW ZEALAND RURAL LAND COMPANY
SECTION 4
HY22 RESULTS

22
NEW ZEALAND RURAL LAND COMPANY
HY22: FINANCIAL PERFORMANCE
+$3.17m
After Tax Income for the period
+3.55cps
Basic and Diluted Earnings per Share
for the period
31 December 2021
Unaudited
31 December 2020*
Unaudited
Gross Rental Income
Rental Income3,766-
Net Rental Income3,766-
Less Overhead Costs
Directors Fees(103)(89)
Insurance(40)(2)
Marketing Expenses-(125)
Management Fees(301)-
Professional and Consulting Fees(308)-
Other Expenses(62)(2)
Total Overhead Costs(814)(218)
Profit/(Loss) Before Net Finance Income,
Other Income and Income Tax
2,952(218)
Finance Income51 09
Finance Expense57-
Net Finance Income5679
Profit /(Loss) Before Other Income and Income Tax3,519(209)
Other Income
Change in Fair Value of Investment Property--
Profit / (Loss) Before Tax3,519(209)
Income Tax Expense(351)-
Profit / (Loss) and Total Comprehensive Income
for the Period
3,168(209)
4
HY22 RESULTS
*Period was 11 September 2020 - 31 December 2020 as NZL listed on the NZX on 21 December 2021

23
NEW ZEALAND RURAL LAND COMPANY
HY22: ADJUSTED FUNDS FROM OPERATIONS
+2.12cps
AFFO for the period
+2.78cps
FFO for the period
+95%
Payout Ratio of AFFO
+2.01cps
Dividend declared for the period
31 December 2021
Unaudited
31 December 2020*
Unaudited
Net Profit After Tax3,168(209)
Adjusted for:
Unrealised Net Gain on Derivatives(930)-
Deferred Tax Expense3 51-
Capitalised Incentive Adjustments88-
Amortisation of Lease Fee15-
Funds from Operations (FFO)2,692(209)
FFO per Share2.78(0.35)
Dividend Payout Ratio to FFO77%-
Adjusted Funds from Operations
Incentives and Leasing Costs(498)-
Future Maintenance Capital Expenditure(141)
Adjusted Funds from Operations (AFFO)2,053(209)
AFFO per Share2 .12(0.35)
HY Dividend2.01-
Cash Dividend Payout Ratio as a % of AFFO95%
4
HY22 RESULTS
*Period was 11 September 2020 - 31 December 2020 as NZL listed on the NZX on 21 December 2021

24
NEW ZEALAND RURAL LAND COMPANY
HY22: CURRENT BALANCE SHEET
31 December 2021
Unaudited
30 June 2021
Audited
Current Assets
Cash and Cash Equivalents2,42720,496
Trade and Other Receivables316668
Current Tax Receivable2423
Total Current Assets2,76721,18 7
Non-Current Assets
Investment Property199,55413 7, 6 7 8
Loan receivable17, 9 9 85, 475
Deferred Tax Assets171522
Derivative Assets809-
Other Non-Current Assets7575
Total Non-Current Assets218,607143,750
Total Assets2 21, 374164,937
Current Liabilities
Trade and Other Payables1 ,12 4308
Total Current Liabilities1,124 308
Non-Current Liabilities
Borrowings88,50054,254
Derivative Liabilities-121
Total Non-Current Liabilities88,50054,375
Total Liabilities89,62454,683
Net Assets131,750110,254
Share Capital113,4679 3 , 514
Share Based Payment Reserve-1,625
Retained Earnings18,28315 ,115
Total Equity131,750110,254
4
HY22 RESULTS

25
NEW ZEALAND RURAL LAND COMPANY
HY22: AFFO & DIVIDEND FORECASTS BASED ON CURRENT PORTFOLIO
4
HY22 RESULTS
FORECAST ADJUSTED FUNDS FROM OPERATIONS (AFFO)
FY22 to FY24 AFFO is the organisation’s underlying and recurring earnings from its
operations adjusted for maintenance capital expenditure, rental incentives and other
non-cash items.
DIVIDENDS
NZL’s dividend policy is to pay out 95% of AFFO as a dividend. Total dividends for
FY22 are forecast to be 4.16cps increasing to 6.20cps and 6.11cps in FY23 and FY24
respectively. Please note these dividend yields are an after tax basis.
4.16cps
6.20cps
6.11cps
3.5%
5.2%
5.1%
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
30-Jun-2230-Jun-2330-Jun-24
AFFO per share and equivalent yield* per share
Dividend per share and dividend yield*
*Based on the closing share price of $1.19 as at 18 February 2022; Note: The numbers in the charts above differ slightly from those presented in the Investor Presentation - 15 December 2021, due to rent free
periods now being included in FY22
4.47cps
6.52cps
6.43cps
3.8%
5.5%
5.4%
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
30-Jun-2230-Jun-2330-Jun-24

26
NEW ZEALAND RURAL LAND COMPANY
HY22: DEBT SUMMARY
38.5%
Loan to Value Ratio as measured
under banking covenants
2.8 Years
Weighted Average Term to Expiry
2.9%
Weighted Average Interest Cost
Key Metrics31 December 2021
Debt Drawn ($m)88.5
Loan to Value Ratio (Covenant)38.5%
Interest Coverage Ratio (Covenant)19.4x
Weighted Average Term to Expiry (Years)2.8
Weighted Average Debt Cost2.9%
% of Debt Hedged27%
Total Debt Facilities ($m)88.5
33.33%
33.33%
33.33%
2 Year (Facility A)3 Year (Facility B)5 Year (Facility C)
NZL Debt Facility tranches as at 31 December 2021
4
HY22 RESULTS

27
NEW ZEALAND RURAL LAND COMPANY
HY22: PORTFOLIO OVERVIEW
Locationotago/southLandcanterburytotaL
Land area (ha)4,4826,33010,812
ruraL asset cLassDairyDairyDairy
waLt (years)10.410.310.3
# tenants335
Occupancy100%100%100%
4
HY22 RESULTS

28
NEW ZEALAND RURAL LAND COMPANY
HY22: TENANT CONCENTRATION AND LEASE PROFILES
Tenant Concentration as % of Lease Value
TENANT CONCENTRATION
NZL’s tenant concentration is detailed in the chart above.
NZL expects tenant concentration to reduce as it continues to grow its asset and
tenant base.
Lease Expiry Profile by Value
LEASE PROFILES
NZL’s WALT (Weighted Average Lease Term) is currently 10.3 years.
NZL’s leases all have 3, 6, and 9 year CPI increases with rights of renewal in
years 10 and 11 (tenancy dependent).
4
HY22 RESULTS
11%
39%
12%
5%
33%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5

29
NEW ZEALAND RURAL LAND COMPANY
HY22: NZL 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 31 December 2021,
NZL has foreign domiciled
shareholders amounting to
~26.19% of its share register.
29
NEW ZEALAND RURAL LAND COMPANY
4
HY22 RESULTS

30
NEW ZEALAND RURAL LAND COMPANY
QUESTIONS ON HY22 ...

31
NEW ZEALAND RURAL LAND COMPANY
SECTION 5
MANAGEMENT STRUCTURE, PEOPLE &
SHAREHOLDINGS

32
NEW ZEALAND RURAL LAND COMPANY
NZL EXTERNALLY MANAGED STRUCTURE
NEW ZEALAND Rural Land Co
SUSTAINABLE AOTEAROA
Listed
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Non-Independent
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%
32
NEW ZEALAND RURAL LAND COMPANY
5
STRUCTURE

33
NEW ZEALAND RURAL LAND COMPANY
NZL KEY PEOPLE AS AT 31 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
Non-Independent 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
NEW ZEALAND Rural Land Management
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
SHELLEY RUHA
Independent Chair
Director - Heartland Bank
Director - Icehouse
Director - 9 Spokes
Previously - BNZ Senior Management Team and leader of BNZ
Partners
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 Emerging Leader 2017
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
Founder & 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
RURAL PROPERTY MANAGER
Rural Property Manager
RURAL VALUER
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
CHRISTOPHER SWASBROOK
Founder & Consultant
See above.
AGRICULTURAL ENVIRONMENTAL SPECIALIST
Independent Consultant
FARM CONSULTANT
Independent Consultant
5
PEOPLE

34
NEW ZEALAND RURAL LAND COMPANY
MANAGER & DIRECTOR OWNERSHIP INTERESTS
# Shares
Clyde & Rena Holland9,589,329
Elevation Capital Management Limited6,397,280*
Allied Farmers2,081,581
Christopher Swasbrook1,835,000**
Richard Milsom132,000
Rob Campbell116,666
Hayden Dillon100,000
Shelley Ruha80,000
Sarah Kennedy33,333
Tia Greenaway5,000
Total20,370,189
NZL’s Director and Manager Shareholding Interests as at 31 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.
5
SHAREHOLDINGS

35
NEW ZEALAND RURAL LAND COMPANY
SECTION 6
INDEX INCLUSIONS, INVESTOR CONTACTS &
BROKER RESEARCH COVERAGE

36
NEW ZEALAND RURAL LAND COMPANY
NZL NEW INDEX INCLUSION
NEW INDEX INCLUSION FROM 18 MARCH 2022
FTSE Global Micro Cap Index
CURRENT INDEX INCLUSIONS
S&P / NZX All Real Estate Index
6
INDEX INCLUSION
NEW ZEALAND RURAL LAND COMPANY
36

37
NEW ZEALAND RURAL LAND COMPANY
NZL INVESTOR CONTACTS & BROKER RESEARCH COVERAGE
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
NZL Investor ContactsBroker Research Coverage
Kieran Carling
kieran.carling@craigsip.com
Nicholas Hill
nicholas.hill@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
NEW ZEALAND RURAL LAND COMPANY
37
CONTACTS & COVERAGE
6

38
NEW ZEALAND RURAL LAND COMPANY
SECTION 7
APPENDIX

OUR SUSTAINABLE STRUCTURAL ADVANTAGE
39
NEW ZEALAND RURAL LAND COMPANY
THE NZL
ADVANTAGE
ACCESS
TO
TRANSACTIONS
ACCESS
TO
CAPITAL
DOMESTIC
BUYER
DUE DILIGENCE
AND LEASE
STRUCTURE
ACCESS TO
QUALITY
TENANT
PARTNERSHIPS
7
APPENDIX
ACCESS TO
TRANSACTIONS
• First mover
• Profile
• Volume
• Network
• Reputation
• Listed Company
ACCESS TO CAPITAL
• NZX listed
• Relationship with Rabobank
and other rural lenders
DOMESTICALLY
DOMICILED
• Speed and certainty for
vendors
• Ease of completion (no OIO)
• Social license to purchase
farmland
DUE DILIGENCE AND
LEASE STRUCTURE
• Due diligence processes
• Leases (Proprietary and
Comprehensive)
• Risk vs. return analysis
• Highly repeatable process
ACCESS TO TENANTS
• Reputation and Appeal
• Tenant DD process - thorough
and proprietary
• Knowledgeable of who the
best potential tenants are
• Network

40
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
NEW ZEALAND RURAL LAND COMPANY
40

---

Distribution Notice

Updated as at 18 December 2019

14391576_1



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer New Zealand Rural Land Company Limited
Financial product name/description Ordinary Shares
NZX ticker code NZL
ISIN (If unknown, check on NZX
website)
NZNZLE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 1 March 2022 (5pm)
Ex-Date (one business day before the
Record Date)
28 February 2022
Payment date (and allotment date for
DRP)
18 March 2022
Total monies associated with the
distribution
1

$1,947,690
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.0201
Gross taxable amount
3
$ N/A
Total cash distribution
4
$1,947,690
Excluded amount (applicable to listed
PIEs)
$ N/A
Supplementary distribution amount $ N/A
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

% N/A
Imputation tax credits per financial
product
$ N/A
Resident Withholding Tax per
financial product
$ N/A
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
0%
Start date and end date for
determining market price for DRP
03/03/2022 16/03/22
Date strike price to be announced (if
not available at this time)
17/03/2022
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
TBC
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
02/03/2022
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Christopher Swasbrook
Contact person for this
announcement
Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

22/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security
issuer)
Updated as at 17 October 2019

14393159_1


Results for announcement to the market
Name of issuer New Zealand Rural Land Company Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$4,276 N/A% (Previous period $NIL)
Total Revenue $4,276 47,411%
Net profit/(loss) from
continuing operations
$3,168 1,615%
Total net profit/(loss) $3,168 1,615%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.0201
Imputed amount per Quoted
Equity Security
Not applicable
Record Date 01/03/2022
Dividend Payment Date 18/03/2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.3495 $1.208
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
NZL completed an initial public offering and listed on the NZX
Market on 21 December 2020. Accordingly, the previous
reporting period did not cover any business operations.

Please see the attached commentary for further information.
Authority for this announcement
Name of person

authorised
to make this announcement
Christopher Swasbrook
Contact person for this
announcement
Christopher Swasbrook
Contact phone number 021 928 262
Contact email address chris@nzrlc.co.nz
Date of release through MAP

22/02/2022

Unaudited financial statements accompany this announcement.