Updated Presentation – Capital Management and Balance Date

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
26 August 2022
Updated Presentation - Capital Management and Balance Date
NZL advises that the Board has resolved to undertake the following changes to company policies and balance date:
• NZL’s capital management policy will be amended to include the ability to undertake placements as well as pro-rata offers.
Currently, NZL’s foreign ownership is at ~23.71% and the Board and Manager are looking to lift this foreign ownership
percentage in the year ahead. This may also include dual listing on another global stock exchange.
• NZL sought to be very conservative when NZL listing and tabled a target gearing ratio of 30% - having created a sizeable
and geographically diversified asset base alongside further tenant diversification the Board has amended this target gearing
ratio to a maximum 40%. This is in line with Rabobank’s loan-to-value ratio (LVR) limit of 40% on NZL’s current lending facilities.
• The Board of NZL has also resolved to change balance date to 31 December (from 30 June). This shifts NZL’s annual result
reporting to the end of February each year, well ahead of the season where pastoral farms traditionally trade (May/June)
which will further assist the Manager in its negotiations and acquisitions in the future.
These are now included on page 21of the annual result presentation.
Yours faithfully,
Richard Milsom
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
Chris Swasbrook
Mobile: 021 928 262
Email: chris@nzrlc.co.nz

---

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
FULL YEAR RESULTS PRESENTATION
YEAR ENDING 30 JUNE 22
Rural Land Co
New Zealand
The Rural Land Investors
26 August 2022

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.

New Zealand Rural Land Co owns and
leases some of the best farmland in
the world, offering an unparalleled
investment opportunity.
Rural Land Co
New Zealand
The Rural Land Investors

New Zealand Rural Land Company is a landlord to New Zealand’s highly advantaged agricultural sector.
We own rural land and lease it to high quality tenants.
NEW ZEALAND RURAL LAND COMPANY
New Zealand Rural Land Company - Today
4
NZL currently owns
hectares of rural land.
(28,963 acres)
11,710
Canterbury
6,333 ha owned
Otago
3,991 ha owned
Southland
1,386 ha owned
9.8 Years
Weighted Average Lease Term
7
High Quality Tenants
100
%
Occupancy Rate
INTRODUCTION

5
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
FY22 RESULTS AND MARKET UPDATE

6
NEW ZEALAND RURAL LAND COMPANY
1.06
1.656
$1.00
$1.10
$1.20
$1.30
$1.40
$1.50
$1.60
$1.70
NZL Share Price as at 22 August 2022NAV/sh as at 30 June 2022
FY22: Substantial NAV Uplift Demonstrates Quality of Portfolio
3.61cps
**
FY22 Full Year Dividend
+18.6%
Net Asset Value per Share Growth
$289.0m
Total Assets
$39.7m
FY22 NPAT
NZL Share Price vs Audited NAV Per Share (NAV/sh)
NZL Share
Price Trading at
36.0% Discount
to Audited
NAV/sh
***
$1.656
Net Asset Value per Share
$4.3m
*
FY22 AFFO
1
FY22 RESULTS
* This is ahead of 22 February 2022 AFFO guidance of $4.2m for FY22
** This reflects the 16.3% increase in share count to 112,648,894 shares as at 30 June 2022. On an undiluted basis this is in line with our guidance (issued 2 June 2022) for a full year dividend of 4.20 cps.
***Based on a closing share price as at 22 August 2022 of $1.06

7
NEW ZEALAND RURAL LAND COMPANY
FY22: Highlights
Asset and Portfolio Growth
Total ReturnsFFO, AFFO & Dividends
NAV Growth
Funds From Operations (FFO) and Adjusted
Funds From Operations (AFFO) for the year
were $6.2m (5.52cps) and $4.3m (3.81cps)
respectively.
NZL will pay a final dividend of 1.60 cents per
share (cps). This brings the total dividends for
FY22 to 3.61 cps representing a 95% payout of
FY22 AFFO, consistent with policy.
NZL generates returns for shareholders through
a combination of dividends and asset value
growth.
In FY22, NZL’s NAV/sh increased by +18.6% from
$1.397 to $1.656. NZL also paid an inaugural
interim dividend of 2.01cps.
In FY21, NZL’s NAV/sh increased +11.7% from
$1.250 to $1.397.
NZL has total assets of $289.0m, composed
primarily of 11,710ha of premium rural land.
NZL made a further four acquisitions in FY22
totalling ~4,900ha of high quality rural land.
Independent valuations of NZL’s acquisitions
during FY22 show an increase in value of
+26.2% (+$23.5M) on purchase price.
NZL’s residual portfolio (FY21 acquisitions) saw a
further value increase of +10.3% (+$14.1M) on top
of the +10.8% (+$13.4M) value increase in FY21.
Audited NAV/sh is $1.656. This compares
to a Share Price of $1.06 (22 August 2022),
representing a 36.0% discount.
Substantial uplift to NAV demonstrating the quality of NZL’s portfolio.
1
FY22 RESULTS

8
NEW ZEALAND RURAL LAND COMPANY
FY22: Update on Market Conditions - Transactions
1
Source: REINZ
MARKET CONDITIONS
In FY22, sales of New Zealand rural land* totalled $4.9b. This was +17% higher than in FY21 ($4.2b), more than double the total
value of sales in FY20 ($2.3b). The average value of rural land sold in FY22 was higher than at any point in the last 25 years.
The market for rural land remains buoyant. According to Colliers:
“... the market’s momentum is being driven by the resilience of the New Zealand dairy industry during a global pandemic and a
strong farm gate milk price restoring confidence in those already invested and capturing the attention of new investors”.
An example of the market’s momentum is illustrated in two recent transactions:
• In July 2022, the sale of more than 1,200 hectares of high quality dairy land in South Canterbury for a reported value of
approximately $70m.
• In August 2022, the sale three Southland dairy farms totalling 1,200 hectares for $32.7m with a stated lease rate of 4.5%.
* All rural land excluding forestry and lifestyle blocks

9
NEW ZEALAND RURAL LAND COMPANY
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Inflation reached a 30-year high of +7.3% in June 2022.
New Zealand’s large trading banks believe inflation has peaked but expect levels to remain above 3% into 2024.
All NZL’s leases have three yearly CPI indexing and remove all operational exposure, providing a hedge against inflation.
From 1 July 2024, NZL will start to see the positive impact of rental growth with approximately 55% of the portfolio (by lease income)
due for review. CPI accumulated since the leases began (1 June 2021) totals +8.7% to 30 June 2022 and is forecast by the market
to be +14.2% for the three years to 30 June 2024.
+7.3%
30-Year High
Quarterly Change in CPI
Source: Stats New Zealand, www.stats.govt.nz/indicators/consumer-price-index-cpi
FY22: Update on Market Conditions - Inflation
1
MARKET CONDITIONS

10
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
LATEST FINANCIALS & KEY METRICS

11
NEW ZEALAND RURAL LAND COMPANY
FY22: Profit & Loss Statement
$39.68m
FY22 NPAT
42.43cps
FY22 EPS
NZ$00030 June 202230 June 2021*Variance
Gross Rental Income
Rental Income8,215498+7,717
Net Rental Income8,215498+7,717
Less Overhead Costs
Directors Fees(217)(170)+47
Insurance(80)(31)+49
Marketing Expenses(1)(125)(124)
Management Fees(632)(99)+533
Professional and Consulting Fees(456)(200)+256
Performance Fee(4,115)(1,625)+2,490
Other Expenses(85)(68)+17
Total Overhead Costs(5,586)(2,318)+3,268
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
2,629(1,820)+4,449
Finance Income3,550122+3,428
Finance Expense(2,408)(234)+2,174
Net Finance Income1,142(112)+1,254
Profit /(Loss) Before Other Income and Income Tax3,771(1,932)+5,703
Other Income
Change in Fair Value of Investment Property35,34216,525+18,817
Profit / (Loss) Before Tax39,11314,593+24,520
Income Tax Expense567522+45
Profit / (Loss) and Total Comprehensive Income for the
Period
39,68015,115+24,565
*Period was 292 days from 11 September 2020 to 30 June 2021 due to NZL listing on the NZX on 21 December 2021
2
FINANCIALS

12
NEW ZEALAND RURAL LAND COMPANY
FY22: Current Balance Sheet
NZ$00030 June 202230 June 2021Variance
Current Assets
Cash and Cash Equivalents1,00420,496(19,492)
Trade and Other Receivables1,411668+743
Current Tax Receivable1023(13)
Total Current Assets2,42521,187(19,341)
Non-Current Assets
Investment Property264,899137,678+127,221
Loan receivable18,5545,475+13,079
Deferred Tax Assets1,089522+567
Derivative Assets1,792-+1,792
Other Non-Current Assets25675+181
Total Non-Current Assets286,590143,750+142,840
Total Assets289,015164,937+124,078
Current Liabilities
Trade and Other Payables923308+615
Income in Advance579-+579
Other Current Liabilities150-+150
Total Current Liabilities1,652308+1,344
Non-Current Liabilities
Borrowings100,76854,254+46,514
Derivative Liabilities-121(121)
Total Non-Current Liabilities100,76854,375+46,393
Total Liabilities102,42054,683+47,737
Net Assets186,595110,254+76,341
Share Capital129,63293,514+36,118
Share Based Payment Reserve4,1151,625+2,490
Retained Earnings52,84815,115+37,733
Total Equity186,595110,254+76,341
2
FINANCIALS

13
NEW ZEALAND RURAL LAND COMPANY
FY22: Adjusted Funds From Operations (AFFO)
3.81cps
FY22 AFFO
5.52cps
FY22 FFO
95%
FY22 AFFO Payout Ratio
3.61cps
FY22 Total Dividend
*Period was 292 days from 11 September 2020 to 30 June 2021 as NZL listed on the NZX on 21 December 2021
NZ$00030 June 202230 June 2021*Variance
Net Profit After Tax39,68015,115+24,565
Adjusted for:
Unrealised Net Gain on Investment Properties(35,342)(16,525)(18,817)
Performance Fee Payable in Shares4,1151,625+2,490
Unrealised Net Gain on Derivatives(1,890)121(2,011)
Deferred Tax Expense / (Benefit)(567)(522)(45)
Amortisation of Rent Free Incentives176-+176
Amortisation of Lease Fee461+45
Funds from Operations (FFO)6,218(185)+6,403
FFO per Share5.52(0.23)+5.75
Dividend Payout Ratio to FFO65%--
Adjusted Funds from Operations
Incentives and Leasing Costs(1,608)(618)(990)
Future Maintenance Capital Expenditure(319)-(319)
Adjusted Funds from Operations (AFFO)4,291(803)+5,094
AFFO per Share3.81(1.02)+4.83
Total Dividend3.61-+3.61
Cash Dividend Payout Ratio as a % of AFFO95%--
2
FINANCIALS

$1.250
$1.397
$1.656
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
IPO Price as at 21 Dec 202030-Jun-2130-Jun-22
Net Asset Value Per Share
14
NEW ZEALAND RURAL LAND COMPANY
FY22: Net Asset Value Per Share (NAV/sh) Performance
NZL Audited NAV Performance Since Listing
NZL’s audited NAV/sh increased +18.6% in FY22.
Since listing on the NZX, 21 December 2020, NZL’s audited NAV/sh has increased +15.1% (+$0.203) per annum on average*.
*This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 112,648,894 on issue as at 30 June 2022.
** CAGR - Compound Annual growth Rate
+11.7%
+18.6%
CAGR +15.1%
2
FINANCIALS

15
NEW ZEALAND RURAL LAND COMPANY
FY22: Debt Summary
2.8 Years
*
Weighted Average Term to Expiry
4.7%
*
Weighted Average Interest Cost
Key Metrics31 December 202130 June 2022
Debt Drawn ($m)88.5100.8
Debt to Total Assets38.5%35.2%
Interest Coverage Ratio3.5x3.4x
Weighted Average Term to Expiry (Years)2.82.8
Weighted Average Debt Cost2.9%4.7%
% of Debt Hedged27%40%*
Total Debt Facilities Available ($m)88.5105.0
NZL Debt Facility Expiry Profile as at 30 June 2022
* as at 22 August 2022
** Gearing is calculated as: finance debt / total tangible assets
35.2%
*
Gearing
**
44%
28%28%
0%
10%
20%
30%
40%
50%
Jun-22Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28
Tranche ATranche BTranche C
2
FINANCIALS
Key Banking Partner
NZL has hedging arrangements in place for 40% of its total borrowings at an average all in cost of 4.50%. NZL’s remaining debt is borrowed on a
floating rate (BKBM plus bank margins) and the average all in cost of this debt as at 22 August 2022 was 4.69%.

16
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
PORTFOLIO OVERVIEW & OPERATIONAL
UPDATE

17
NEW ZEALAND RURAL LAND COMPANY
Portfolio Overview
1
WALT is weighted by lease value.
2
One of our tenants leases farms in both Canterbury and North Otago.
RegionOtagoCanterburySouthlandTotal
Land Area (ha)
3,9916,3331,38611,710
Rural Asset Class
DairyDairyDairyDairy
WALT (years)
1
9.69.81 0.19.8
# Tenants
3317
2
Occupancy
100%100%100%100%
3
PORTFOLIO OVERVIEW

18
NEW ZEALAND RURAL LAND COMPANY
Tenant Concentration, Lease Profile & Lease Overview
Tenant Concentration as % of Lease Value
NZL expects tenant diversification to increase as it continues to grow its asset base.
NZL’s Weighted Average Lease Term (WALT) is currently 9.8 years*.
NZL’s leases all have three, six and nine year uncapped CPI increases with tenant rights of renewal in years 10 or 11.
All NZL’s properties are zero vacancy type assets with 100% current occupancy.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33
$m
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7
10%
31%
11%
4%
31%
9%
4%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7
Lease Expiry Profile by Value
* As at 22 August 2022
3
PORTFOLIO OVERVIEW

19
NEW ZEALAND RURAL LAND COMPANY
Operational Update
* Audited net asset value per share
Infrastructure Efficiency
Sustainability
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 binding sustainability pledges in every
lease. NZL and its Tenants are currently
implementing processes to measure
these.
NZL is concluding investigations of
projects 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.
Biodiversity & Carbon
NZL has undertaken studies and analysis
to better understand carbon sequestration
opportunities on marginal/non-productive
land and areas suitable for increasing
biodiversity.
Such initiatives if progressed would
contribute to climate change mitigation,
balance sheet/cash generation and
biodiversity improvement.
3
OPERATIONAL UPDATE

20
NEW ZEALAND RURAL LAND COMPANY
SECTION 4
NZL OUTLOOK

21
NEW ZEALAND RURAL LAND COMPANY
Outlook: Forecasts, Hedging, CPI Accumulation and Key Changes
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, high inflation yields higher than anticipated rental growth.
Furthermore, NZL is insulated from inflation-impacted (and all other operational) on-farm costs by owning only the land.
NZL currently forecasts FY23 AFFO of between $4.9m and $5.4M.
NZL has hedging arrangements in place for 40% of its total borrowings at an average all in cost of 4.50%. NZL’s remaining debt is
borrowed on a floating rate (BKBM plus bank margins) and the average all in cost of debt as at 22 August 2022 is 4.69%.
From 1 July 2024, NZL will start to see the positive impact of rental growth with approximately 55% of the portfolio (by lease income)
due for review. These reviews are CPI-indexed. CPI accumulated since the leases began (1 June 2021) totals +8.7% to 30 June 2022
and is forecast by the market to be +14.2% for the three years to 30 June 2024.
NZL’s capital management policy will be amended to include the ability to undertake placements as well as pro-rata offers. Currently,
NZL’s foreign ownership is at ~23.71% and the Board and Manager are looking to lift this foreign ownership percentage in the year
ahead. This may also include dual listing on another global stock exchange.
NZL sought to be very conservative when NZL listing and tabled a target gearing ratio of 30% - having created a sizeable and
geographically diversified asset base alongside further tenant diversification the Board has amended this target gearing ratio to a
maximum 40%. This is in line with Rabobank’s loan-to-value ratio (LVR) limit of 40% on NZL’s current lending facilities.
The Board of NZL has also resolved to change balance date to 31 December (from 30 June). This shifts NZL’s annual result reporting
to the end of February each year, well ahead of the season where pastoral farms traditionally trade (May/June) which will further
assist the Manager in its negotiations and acquisitions in the future.
4
OUTLOOK

22
NEW ZEALAND RURAL LAND COMPANY
Sector:Description:Timeframe:
NZ’s environment suits dairy farming and has a lower cost of production,
in an environment of growing demand.
Existing
ownership
Eggs are highly nutritious and relatively low cost food which New
Zealand has a competitive advantage in producing, due to its suitability
for free range and local production of feed, both of which have lower
carbon footprints than more intensive operations.
Near-term
horizon
NZ’s environment provides for a wide variety of forestry and tree based
carbon sequestration due to its natural advantages in soil, climate and
rainfall.
Near-term
horizon
A growing demand supported by supportive government policies and
decreasing costs of renewable energy construction provides attractive
alternative land use.
Near-term
horizon
New Zealand’s maritime climate, fertile soils and elongated geography
allow for regional wine variations including Pinot Noir and Sauvignon
Blanc. We believe forecast macro trends will provide for more favourable
future acquisition pricing in the sector.
Medium-term
horizon
New Zealand’s climate and soil allows for the production of a range of
high quality produce with Kiwifruit the largest crop. NZL considers that
the sector is largely fully priced but continues to monitor opportunities
as they arise.
Medium-term
horizon
Outlook: Creating a Diversified Rural Land Portfolio Over Time
Portfolio Construction:
NZL’s initial focus has been on
acquiring New Zealand dairy
properties.
Intention is to expand focus
to other New Zealand primary
sectors, particularly as investment
opportunities arise in horticulture,
viticulture and forestry as well as
sheep and beef.
Subsector focus as at June 2022
is as follows:
Target Rural Land Asset Classes:
GREENENERGY
D
AIRY
POUL
TRY
VITICUL
TURE
HORTICUL
TURE
FORESTRY
KEY
CURRENTLY
MOST
DESIRABLE
CURRENTLY
LEAST
DESIRABLE
As NZL grows it will continue to diversify
its portfolio and tenants while delivering
attractive risk-adjusted returns.
4
NZL OUTLOOK

23
NEW ZEALAND RURAL LAND COMPANY
QUESTIONS

24
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 1
HISTORICAL RETURNS & GLOBAL PEERS
(
COMPARABLE COMPANIES
)

25
NEW ZEALAND RURAL LAND COMPANY
New Zealand Rural Land Offers the Continued Prospect of
Attractive Long Term Land Value Growth
1
APPENDIX
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Mar-96
Jan-97
Nov-97
Sep-98
Jul-99
May-00
Mar-01
Jan-02
Nov-02
Sep-03
Jul-04
May-05
Mar-06
Jan-07
Nov-07
Sep-08
Jul-09
May-10
Mar-11
Jan-12
Nov-12
Sep-13
Jul-14
May-15
Mar-16
Jan-17
Nov-17
Sep-18
Jul-19
May-20
Mar-21
Farm Price Index
Long-Term New Zealand Farm Price Returns - LAND ONLY
CAGR: +6.6% p.a.
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% per annum.
NZL believes New Zealand’s land value will only increase over the long term in a more carbon-focused world particularly with
regard to agricultural exports in which New Zealand is well positioned.
Source: REINZ Farm Price Index

-
5,000
10,000
15,000
20,000
25,000
19961996199719981999200020012002200320042005200620072007200820092010201120122013201420152016201720182018201920202021
-
10,000
20,000
30,000
40,000
50,000
60,000
19961996199719981999200020012002200320042005200620072007200820092010201120122013201420152016201720182018201920202021
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
19961996199719981999200020012002200320042005200620072007200820092010201120122013201420152016201720182018201920202021
Source: REINZ
New Zealand Rural Land Subsector Return History
26
Horticulture Land
NEW ZEALAND RURAL LAND COMPANY
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
19961996199719981999200020012002200320042005200620072007200820092010201120122013201420152016201720182018201920202021
Livestock Land
Forestry Land
Arable Land
CAGR: +7.2%CAGR: +6.0%
CAGR: +8.3%CAGR: +6.4%
1
APPENDIX

Global Peer Metrics vs. NZL
27
Rural Land Co
New Zealand
The Rural Land Investors
Ownership ModelNet Asset ValueNAV per ShareShare PricePremium/
(Discount) to NAV
Owns land only$186.60m$1.65$1.06(36.0)%
Owns land and
operations
$949.89m$2.49$2.90+16.9%
Owns land only$851.50m$24.67$38.29+55.2%
Owns land and has
exposure to operating
risks via crop sale
income
$903.80m$16.64$23.4+40.6%
NEW ZEALAND RURAL LAND COMPANY
1
APPENDIX
Note: As at 22 August 2022. All figures in NZD

Global Peer Metrics vs. NZL
28
Market Capitalisation
Gearing*
Dividend Yield
Net Asset Value
-
500
1,000
1,500
2,000
2,500
Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22
GladstoneRFFFarmland PartnersNZL
0%
2%
4%
6%
8%
10%
12%
Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22
GladstoneRFFFarmland PartnersNZL
NEW ZEALAND RURAL LAND COMPANY
35.7%
51.5%
33.7%
32.6%
0%
10%
20%
30%
40%
50%
60%
NZLGladstoneFarmland PartnersRural Funds
1
APPENDIX
*Total assets divided by total debt
NZ$m
-
100
200
300
400
500
600
700
800
900
1,000
Feb-14Feb-15Feb-16Feb-17Feb-18Feb-19Feb-20Feb-21Feb-22
GladstoneRFFNZL
NZ$m

29
NEW ZEALAND RURAL LAND COMPANY
Rural Funds Group - ASX Listed
Rural Funds Group (RFF.ASX) is a real estate investment trust which owns a diversified portfolio of high
quality Australian agricultural assets that are leased predominantly to corporate agricultural operators.
Revenues are primarily derived from long-term leases across five sectors: almonds, cattle, vineyards, cropping and macadamias.
RFF has a number of similarities to NZL including:
• Externally managed by Rural Funds Management (RFM);
• triple net leases; and
• WALT of more than 9 years.
RFF participates in the development of orchards and in doing so assumes development risk. In contrast NZL does not participate in any development projects
and actively avoids exposure to key risks including on farm, commodity price and environmental risk.
The charts below depict RFF’s market capitalisation, dividend yield and price to NAV premium/discount:
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Price to NAV Premium/Discount12 Month Moving Average
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Dividend Yield12 Month Moving Average
MARKET CAPITALISATION (AUD$ mln)DIVIDEND YIELD (%)PRICE TO NAV PREMIUM/DISCOUNT (%)
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
AUD$ mln
Market Capitalisation
• RFF’s current market capitalisation is AUD$999.8m (NZD$1,110.9).
• From mid 2016 RFF’s dividend yield has largely remained between 4% and 6% with its current yield being 4.2%.
• RFF traded at a discount to NAV from February 2014 until October 2016 and has traded at a premium to NAV since.
• The sharp decrease in share price observed in June/July 2019 was the result of an American short seller publishing a report bringing into question the
Company’s financial performance. These claims were subsquently proved false and RFF was awarded compensation.
1
APPENDIX

30
NEW ZEALAND RURAL LAND COMPANY
Gladstone Land Corporation - Nasdaq Listed
Gladstone Land (LAND.NASDAQ). Gladstone owns farmland in Arizona, California, Colorado, Delaware, Florida, Georgia, Maryland, Michigan, Nebraska, New
Jersey, North Carolina, Oregon, South Carolina, Texas and Washington. As of 10 May 2022, the Company’s portfolio had a total fair value of approximately
USD$1.5 billion.
• The Company owns 164 farms covering approximately 113,000 total acres (45,730 hectares);
• Gladstone acquires farmland that it rents to corporate and independent farmers on a triple-net lease basis;
• Gladstone’s occupancy rate is 100.0%, with the Company’s farms being leased to 86 different, unrelated third-party tenants growing over 60 different types
of crops; and
• the weighted-average remaining lease term (excluding tenant renewal options) across Gladstone’s agricultural real estate holdings is 6.5 years.
The charts below depict Gladstone’s market capitalisation, dividend yield and price to NAV premium/discount:
MARKET CAPITALISATION (USD$ mln)DIVIDEND YIELD (%)PRICE TO NAV PREMIUM/DISCOUNT (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Dividend Yield12 Month Moving Average
-100.0%
-50.0%
0.0%
50.0%
100.0%
150.0%
200.0%
Price to NAV Premium/Discount12 Month Moving Average
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
USD$ mln
Market Capitalisation
• Gladstone’s current market capitalisation is USD$822.9m (NZD$1,306.2).
• From mid 2016 Gladstone’s dividend yield remained between 3.5% and 5% with the yield falling as the Company’s share price increased rapidly from early
2021.
• Gladstone traded at a discount to NAV from December 2014 until April 2019 and has traded at a premium to NAV since.
1
APPENDIX

31
NEW ZEALAND RURAL LAND COMPANY
Farmland Partners - NYSE Listed
Farmland Partners Inc. (FPI.NYSE) is a publicly traded real estate investment trust (REIT) that manages and seeks to
acquire both high-quality farmland and land with excellent agricultural development potential located throughout North America.
• The Company’s primary goal is to align with top-quality operators in various parts of the United States in an effort to build a diverse portfolio of agricultural
assets across the spectrum of crops. This diversification, combined with stable rental income generation and potential value appreciation, provides an
attractive risk-adjusted return over time;
• Farmland Partners owns approximately 160,000 acres (~64,750 ha) in 17 states. This land is currently being farmed by over 100 tenants who grow 26 major
commercial crops;
• the Company has a gross real estate book value of ~USD$1.1b;
• approximately 70% of Farmland’s portfolio is used to grow primary crops like corn, soybeans, rice, wheat and cotton. The remaining 30% is used to produce
specialty crops including nuts, citrus, berries and vegetables; and
• Farmland Partners also operates a loan programme for farmers, enabling them to finance acquisitions, working capital, operations, and other farming and
agriculture related activities.
The charts below depict Farmland’s market capitalisation, dividend yield and price to NAV premium/discount:
MARKET CAPITALISATION (USD$ mln)DIVIDEND YIELD (%)PRICE TO NAV PREMIUM/DISCOUNT (%)
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Apr-14Nov-14Jun-15Jan-16Aug-16Mar-17Oct-17May-18Dec-18Jul-19Feb-20Sep-20Apr-21Nov-21Jun-22
Dividend Yield12 Month Dividend Moving Average
Data Not Available
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Apr-14Nov-14Jun-15Jan-16Aug-16Mar-17Oct-17May-18Dec-18Jul-19Feb-20Sep-20Apr-21Nov-21Jun-22
USD$ mln
Market Capitalisation
• Farmland’s current market capitalisation is USD$785.3m (NZD$1,246.5).
• From July 2018 Famland’s dividend yield remained largely between 3.0% and 4.0% with the yield falling as the Company’s share price increased rapidly in
late 2020.
• Data on NAV per share is not readily available for Farmland Partners.
1
APPENDIX

32
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 2
NZL ADVANTAGES

33
NEW ZEALAND RURAL LAND COMPANY
SUSTAINABILITY
NZL Advantages
RISK MANAGEMENT
SECTORAL
RETURNS
NEW ZEALAND RURAL LAND COMPANY
STRUCTURAL
2
APPENDIX

34
NEW ZEALAND RURAL LAND COMPANY
The global population is expected to reach 9.7 billion by 2050. A growing global population and surging demand for food
alongside declining available productive land provide a strong long-term global tailwind for productive land ownership.
Productive rural land is scarce/finite, decreasing in availability, critical, possesses inelastic demand and has a low sensitivity to
economic swings with the asset life being infinite.
New Zealand is extremely well placed to capitalise on the global scarcity of high quality land.
Sectoral Advantages
Arable Land Per Person (ha)
Source: Food and Agriculture Organisation of the United Nations (FAOSTAT)
-
0.08
0.16
0.24
0.32
0.40
0.48
Arable Land per person (ha)
2
APPENDIX

35
NEW ZEALAND RURAL LAND COMPANY
Sustainability Advantages
Soil in New Zealand is predominantly fertile volcanic loams – ideal for productive farming. This, coupled with New Zealand’s
temperate climate, consistent rainfall, adequate sunshine and abililty to grow grass and other crops year round make it a highly
advantaged producer of primary products.
New Zealand’s pasture based farming system allow for easy transition of rural land to a range of alternative uses should
conditions dictate (e.g. dairy to sheep and beef rearing).
40-50% lower cost of milk production than EU & US
New Zealand’s low input pasture based farming methods enable meat and dairy products to be produced at significantly lower
cost than the EU or US.
New Zealand dairy has the world’s lowest carbon emissions per kg of milk.
The production of sheep/lamb meat in New Zealand generates carbon emissions ~63% lower than the global average. While beef
production emits 77% less carbon.
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
New Zealand’s Emissions Advantage
Source: Ag Research
1: International Food and Agribusiness Management Review
2
APPENDIX

36
NEW ZEALAND RURAL LAND COMPANY
Sustainability Advantages
High Quality Tenants - All NZL’s leases incorporate a requirement that tenants reserve a large buffer of equity relative to annual
lease costs to ensure that leases are paid even in adverse operating conditions.
NZL only selects tenants with a track record of environmentally sustainable performance.
Joint sustainability pledges are written into NZL’s binding leases. These reinforce the shared vision between NZL and its tenants
of what sustainability looks like and the commitment to proactively manage, mitigate and minimise 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.
NZL’s directors and management have a track record of establishing and implementing sustainability initiatives across a number
of New Zealand businesses.
2
APPENDIX

37
NEW ZEALAND RURAL LAND COMPANY
Structural Advantages
NZL’s
STRUCTURAL
ADVANTAGE
ACCESS
TO
TRANSACTIONS
ACCESS
TO
CAPITAL
DOMESTIC
BUYER
DUE DILIGENCE
AND LEASE
STRUCTURE/S
ACCESS TO
QUALITY
TENANT
PARTNERSHIPS
ACCESS TO
TRANSACTIONS
• First mover
• Profile
• Volume
• Network
• Reputation
• Listed Company
ACCESS TO TENANTS
• Reputation and appeal
• Tenant DD process -
thorough and proprietary
• Knowledgeable of who the
best potential tenants are
• Network
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
2
APPENDIX

38
NEW ZEALAND RURAL LAND COMPANY
Risk Management Advantages
By only owning the land NZL has no direct exposure to the operational risks of farming:
No direct
on-farm risks
(via either sharemilker or
operational partner)
No direct
exposure
to volatile
commodity prices
Limited exposure
to environmental
risks
No exposure to
animal health
risks
No direct
exposure
to farmer
co-ops
Listing provides
greater liquidity
than syndicates
or direct
investments
Uncorrelated with
traditional assets
Easy and low cost
alternative use
Rural land assets
have much less
depreciating
improvements
Low
obsolescence risk
Food production
is an essential
service
Tenants with high
credit quality
and a history
of operational
excellence
By only owning rural land NZL has a number of advantages over traditional REITs:
2
APPENDIX

39
NEW ZEALAND RURAL LAND COMPANY
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Mar-96
Jan-97
Nov-97
Sep-98
Jul-99
May-00
Mar-01
Jan-02
Nov-02
Sep-03
Jul-04
May-05
Mar-06
Jan-07
Nov-07
Sep-08
Jul-09
May-10
Mar-11
Jan-12
Nov-12
Sep-13
Jul-14
May-15
Mar-16
Jan-17
Nov-17
Sep-18
Jul-19
May-20
Mar-21
Farm Price Index
$1.250
$1.397
$1.656
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
IPO Price as at 21 Dec 202030-Jun-2130-Jun-22
Net Asset Value Per Share
Return Advantage
Long Term New Zealand Farm Price Returns - Land Only
CAGR +6.6% p.a.
Land is low risk, generates consistent returns (non-cyclical) and NZL has a demonstrated history of providing above market
returns.
For the last 26 years the value of rural land in New Zealand has grown consistently, with REINZ’s Rural Land Price Index
increasing at a CAGR of +6.6% per annum, this is before operating or lease income, currently NZL is receiving >5% cash leases on
capital deployed for low risk assets, these are all subject to uncapped inflation adjusted leases and triple net leases; meaning the
responsibility for maintenance rests with the tenants.
Source: REINZ Farm Price Index
2
APPENDIX
NZL Returns Since IPO
+11.7%
+18.6%
CAGR +15.1% p.a.

40
NEW ZEALAND RURAL LAND COMPANY
11.5%
16.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
REIN Z Da iry Fa rm Index G rowth
(Period ending 3 0 June 2 0 2 2 )
N ZL Property Asset G rowth
(Period ending 3 0 June 2 0 2 2 )
Return Advantage
NZL is establishing a demonstrable track record of delivering above market returns.
NZL’s property assets increased in value by +16.7% to 30 June 2022 this was +5.2% higher than the +11.5% increase in the REINZ
Dairy Farm Index over the same period.
NZL’s property assets increased in value by +10.8% in the period from 21 December 2020 to 30 June 2021 +8.7% more than the
+2.1% market growth measured by the REINZ Dairy Farm Index*.
NZL Portfolio Performance vs. Market 2022
*for the year ended 30 June 2021
+8.7%
Source: REINZ Dairy Farm Price Index
Note: property assets exclude those properties under put/call arrangements
+5.2%
NZL Portfolio Performance vs. Market 2021
2
APPENDIX
2.1%
10.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
REIN Z Da iry Fa rm Index G rowth
(Period ending 3 0 June 2 0 2 1 )
N ZL Property Asset G rowth
(Period ending 3 0 June 2 0 2 1 )

41
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 3
COMPANY STRUCTURE & OWNERSHIP

42
NEW ZEALAND RURAL LAND COMPANY
NZL Company Structure & Board as at 30 June 2022
Listed
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Non-Independent
Director
TIA
GREENAWAY
Independent
Director
Chair – WEL Group Limited
Chair - Tourism Holdings
Chancellor - AUT
Chair - Heath NZ
Director - Comvita NZ

CEO - Calocurb Limited
CEO - Designer Textiles International*
Vice President International Farming - Fonterra*
CEO & Director - Vitaco Health Limited*
CEO - Healtheries of New Zealand Ltd*
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
* Denotes previously held role
Managing Director – Elevation Capital
Management
Board Member – Financial Markets
Authority

Director – NZX listed Allied Farmers,
Bethunes Investment Limited, Ruapehu
Alpine Lifts Limited and Swimtastic Limited
Partner - Goldman Sachs JBWere Pty*
Co-Head of Institutional Equities at
Goldman Sachs JBWere*
Accountant
Auditor
Registry
NEW ZEALAND
RURAL LAND
MANAGEMENT
Rural Land Co
New Zealand
The Rural Land Investors
3
APPENDIX

43
NEW ZEALAND RURAL LAND COMPANY
NZL Key People as at 30 June 2022
ROB CAMPBELL
Independent Chair
Chair – EPA NZ
Chancellor - AUT
Chair - Health NZ
Chair - Ara Ake
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 - Fonterra
Previously CEO / Member of the Board
of Directors - Vitaco Health Limited
Previously CEO - Healtheries of New
Zealand Ltd
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 - W2 Dairies
INFINZ Emerging Leader 2017
MARK FRANKLIN
Director
Chair - Auckland Unlimited
Deputy Chair - 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
New Zealand Rural Land Co
The Rural Land Investors
New Zealand Rural Land Management
3
APPENDIX

44
NEW ZEALAND RURAL LAND COMPANY
NZL Director & Manager Ownership Interests as at 30 June 2022
# Shares
Clyde & Rena Holland9,589,329
Elevation Capital Management Limited7,275,998*7,275,998*
Allied Farmers**2,900,0002,900,000
Christopher Swasbrook2,441,500***2,441,500***
Rob Campbell398,320
Richard Milsom 161,090
Hayden Dillon 122,038
Shelley Ruha80,000
Sarah Kennedy40,678
Tia Greenaway6,102
Total23,015,055
% of Total Shares on Issue ****20.4%
All Directors & Shareholders of the Manager are investors in NZL (including Independent Chair of the Manager - Shelley Ruha). As
at 30 June 2022 these holdings total:
* Elevation Capital Management Limited has clients that hold 7,275,998 shares. Elevation Capital Management Limited does not have discretion on these holdings.
** Mark Franklin (NZRLM Director) represents Allied Farmers on the NZRLM Board.
*** Elevation Capital Management Limited (Christopher Swasbrook) holds 340,000 NZL shares directly and has discretion (but a non-beneficial interest) for 2,101,500 shares.
**** Total number of shares on issue is 112,648,894 as at 30 June 2022.
3
APPENDIX

45
NEW ZEALAND RURAL LAND COMPANY
NZL Foreign Ownership Rules & Levels as at 30 June 2022
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 June 2022, NZL
had foreign domiciled
shareholders amounting to
~23.71% of its share register.
3
APPENDIX

46
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 4
INDEX INCLUSIONS, BROKER RESEARCH
COVERAGE & INVESTORS CONTACTS

47
NEW ZEALAND RURAL LAND COMPANY
NZL Index Inclusions and Broker Research Coverage
FTSE Global Micro Cap Index
S&P / NZX All Real Estate Index
47
Broker Research Coverage
Kieran Carling
kieran.carling@craigsip.com
Nicholas Hill
nicholas.hill@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
Index Inclusions
NEW ZEALAND RURAL LAND COMPANY
4
APPENDIX

NZL Investor Relations 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
NZL Investor Relations Contacts:
4
APPENDIX
48
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:
Rural Land Co
New Zealand
The Rural Land Investors