European Roadshow Presentation and Updated Website

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
Rural Land Co
New Zealand
The Rural Land Investors
January 2023
INTRODUCTION TO

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 (NZL)
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

Why is NZL Without Parallel?
A perfect combination of advantages
• A rapidly growing global population, food demand and a decrease in available productive
land means rural land is increasingly a more attractive investment and this scarce and critical food
production infrastructure has demonstrated consistent positive returns over time.
• New Zealand has the most productive agricultural land in the world. Water, soils, space and
climate come together to deliver world-leading low-cost production and carbon efficiency.
• NZL invests in land, not farm operations. There is no direct exposure to operational,
environmental or commodity price risks.
• NZL currently owns 11,710 hectares (28,963 acres) of high quality productive rural land in
New Zealand and leases it, long term.
• NZL is the only pure-play, NZX-listed exposure to agricultural land in New Zealand. As such NZL
provides investors with a liquid and inflation-hedged investment.
• For overseas investors NZL is one of the only ways they can gain exposure to New Zealand
agricultural land.
• NZL shareholders receive twice-yearly dividends plus growth in land value. NZL, since listing,
has established a track record of outperforming the broader rural land market.
Rural Land Co
New Zealand
The Rural Land Investors

5
NEW ZEALAND RURAL LAND COMPANY
New Zealand is a World Leading Producer and Exporter
of Primary Products - for Good Reason
The World’s Most
Efficient and Lowest
Cost Producer
Advantaged Exporter,
Well Positioned for
Free Trade
Sustainably
Advantaged
World Class
Risk Mitigation
New Zealand’s temperate
climate, fertile soils and
pasture-based production
system results in lower cost of
production than the farming
systems used in most of the
world.
New Zealand’s natural
advantages and efficient
production means that the
country produces far more than
it can consume domestically.
This allows farmers to export
the majority of their goods to
high value international markets.
New Zealand has a lower
carbon footprint for its
primary products than most if
not all alternative producers.
The importance of agriculture
to the New Zealand economy
mitigates political risks to the
industry. While social risks are
mitigated by the industry’s
active management of social
perception and social licence.
95
%
of products are exported
to over 130 countries.
90m
people can source all
their dairy from New
Zealand.
$
12.9b
is the value of
New Zealand’s
Dairy Exports.
68
%
less carbon from cradle-to-
farm gate than the global
average.
1
st
of 50 countries for
Animal Welfare.
1
st

out of 113 countries for
Food Safety.
- 40
%
lower cost of
production than EU or
USA.
INTRODUCTION
Temperate Climate
Fertile Soils
Pasture-based
Production
Carbon Footprint
water
emissions
electricity
transport
offsets
waste
recycling
gas
personnel
fuel
co
2

6
NEW ZEALAND RURAL LAND COMPANY
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.
NZL: Today
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
9.2 Years
Weighted Average Lease Term
7
High Quality Tenants
100
%
Occupancy Rate
INTRODUCTION

7
NEW ZEALAND RURAL LAND COMPANY
NZL: Timeline Since IPO
INTRODUCTION
21 December 2020
Completed $75m IPO
and listed on the
NZX.
23 March 2021
Announced first
$10.2m unconditional
acquisition in Southland,
New Zealand.
01 June 2021
Settled $112.5m of acquisitions
in North Otago, South
Canterbury and Southland.
04 June 2021
Announced 2:3 Pro-Rata Rights
Issue at $1.10 per share.
02 August 2021
Completed $12m acquisition in
South Canterbury, New Zealand.
10 November 2021
Settled $61.4m acquisition in
Otago, New Zealand.
23 September 2021
Completed rights issue and
shortfall placement to raise a
total of $38.8m
*
.
8 June 2022
Announced 1:5 Pro-Rata Rights
issue at $1.05 per share
9 August 2022
Completed rights issue and
shortfall placement to raise a total
of $16.8m**.
30 June 2022
Completed $10.2m
pastoral farm acquisition in
Southland, New Zealand.
15 June 2022
Settled $18.4m pastoral farm
acquisition in Southland, New
Zealand.
* 87.52% of the Pro-Rata Rights Issue was taken up by investors.
** 82.63% of the Pro-Rata Rights Issue was taken up by investors.
NZL has raised a total of $130.7m in equity since IPO.
21 October 2022
Announced $63m forestry
estate acquisition in Manawatu-
Whanganui, New Zealand.

8
NEW ZEALAND RURAL LAND COMPANY
NZL: Key Statistics as at 20 January 2023
INTRODUCTION
$231.8m
**
Enterprise Value
$1.614
***
Net Asset Value Per Share
$298.8m
*
Total Assets
$124.9m
**
Market Capitalisation
+3.3%
**
Net Dividend Yield
-33.1%
**
Discount to NAV
36.2%
Gearing
5.6%
Weighted Average Cost of Debt
*Unaudited as at 31 December 2022
**Based on a share price of $1.08 as at 20 January 2023
***Net Asset Value Per Share is based on NZL’s last audited net asset value as at 30 June 2022

9
NEW ZEALAND RURAL LAND COMPANY
On 21 October 2022, NZL announced it had entered into an agreement to acquire up to 100% of a forestry estate located in the Manawatū-
Whanganui Region of the North Island. The estate is comprised of five individual properties with a total area of 2,400ha.
The planted area with Carbon Emissions Trading Scheme (ETS) potential is 1,889ha, of this 1,458ha is currently registered under the ETS. The
remaining 430ha have been identified as potential ETS areas.
The chart below details the age class of trees within the Estate. Nearly all trees were planted between 1994 and 1996 making them between
26 and 28 years old. These trees are expected to continue sequestering carbon for a number of decades into the future.
The forecast sequestration profile of the Estate is also detailed below. As illustrated the rate at which pine trees sequester carbon increases
rapidly in the first seven years after planting before settling into a largely linear trend until year 70.

NZL: Forestry Estate - Acquisition
FORESTRY ACQUISITION
The Estate
0
200
400
600
800
1000
1200
Old Crop19941995199619971998199920082015
Total Estate Age ClassesForecast Carbon Sequestration Profile
-
500
1,000
1,500
2,000
2,500
1591317212529333741454953576165697377
Cumulative NZUs per Hectare
Years Since Planting
NZL’s cost to acquire 100% of the Estate is approximately $63m (subject to final costs) with a first year payment of $4.98m under the terms of
the lease. The lease is a triple net lease, has uncapped annual CPI-linked rental adjustments with a three yearly catch-up indexed to 50% of
the increase in the price of NZU’s over the period (if greater than CPI).
The purchase will be funded using a combination of debt and equity - the equity component of which NZL may fund using a variety of sources
including reallocation of capital within the group and borrowing capacity. There is an option for NZL’s tenant partner New Zealand Forest
Leasing (NZFL) to purchase up to approximately 48% of the asset if required.
The settlement date for the acquisition is 15 April 2023 with the entire estate to be leased to NZFL for a period of 20 years.

10
NEW ZEALAND RURAL LAND COMPANY
As previously announced, NZL has changed its balance date to 31 December (from 30 June). Accordingly, NZL has begun work
with its auditors and valuers on this reporting period.
At this time, NZL has received preliminary independent valuations of its investment properties. In aggregate, the properties have
increased in value by +0.9% (+$2.46 million)* which demonstrates both the resilience and quality of the rural land NZL holds in
its portfolio.
It further highlights the attractiveness of farmland as an investment in times of rising interest rates, high inflation and market
volatility - especially when compared to other investments including commercial real estate, which has not fared as well in the
aforementioned environment. The chart below details New Zealand’s Official Cash Rate (OCR) since 1999. The OCR is now at
4.25% a level not seen since 2008 as the RBNZ raises interest rates to combat widespread inflationary pressures.
NZL: Market Update - January 2023
MARKET UPDATE
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Mar-99
Oct-00
May-02
Dec-03
Jul-05
Feb-07
Sep-08
Apr-10
Nov-11
Jun-13
Jan-15
Aug-16
Mar-18
Oct-19
May-21
Dec-22
New Zealand Official Cash Rate
4.25%
* Subject to final audit confirmation

11
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
NZL ADVANTAGES

12
NEW ZEALAND RURAL LAND COMPANY
SUSTAINABILITY
NZL Advantages
RISK MANAGEMENT
SECTORAL
RETURNS
STRUCTURAL
1
NZL ADVANTAGES

13
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.
Globally, productive rural land is a scarce/finite resource. New Zealand rural land is extremely well placed to capitalise on the
global scarcity of high quality arable 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)
1
NZL ADVANTAGES
-56%
between 1962 and 2018
the amount of arable (productive)
land available per person to
produce food is in significant
decline.

14
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 ability to grow grass and other crops year round make it a highly
advantaged, efficient, consistent and low cost 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).
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. In the case of milk production it is a 40% - 50% lower cost than EU and US producers.
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 c.-63% lower than the global average. While
beef production emits c.-77% less carbon.
New Zealand’s Emissions Advantage
Source: Ag Research
*Fat and Protein Corrected Milk
1
NZL ADVANTAGES
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00

15
NEW ZEALAND RURAL LAND COMPANY
Sustainability Advantages (continued)
Additionally, NZL only selects tenants with a track record of environmentally sustainable performance. (All NZL’s leases also
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).
Joint sustainability commitments 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.
1
NZL ADVANTAGES

16
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 structural appeal
• 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
• Advantaged and refined due diligence processes
• Proprietary and comprehensive leases and structures
• Proprietary risk vs. return analysis
• Highly repeatable process
1
NZL ADVANTAGES

17
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:
1
NZL ADVANTAGES
Inflation hedged
asset class

18
NEW ZEALAND RURAL LAND COMPANY
Land as an investment offers a low risk profile for investors, generates consistent returns (non-cyclical) and NZL since listing has a
demonstrated history of outperforming the farm price index
*
.
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 are triple net leases; meaning
the responsibility for maintenance rests with the tenants.
The capital growth of rural land in New Zealand offers a significant tax advantage over other jurisdictions as capital gains are not
taxed in New Zealand.
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.
**
**REINZ Farm Price Index (excluding forestry and lifestyle blocks)
1
NZL ADVANTAGES
NZL Audited NAV Performance Since Listing
+11.7%
+18.6%
CAGR +15.1% p.a.
*REINZ Farm Price Index (excluding forestry and lifestyle blocks)

19
NEW ZEALAND RURAL LAND COMPANY
Return Advantage (continued)
NZL is now an experienced and advantaged acquirer of rural land in New Zealand, its ability positions it well to continue to deliver
above market returns.
NZL has a demonstrable track record of delivering above index returns based on its asset value growth.
NZL Portfolio Performance vs. Index 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. Index 2021
1
NZL ADVANTAGES
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%
higher than the +2.1% increase in the REINZ Dairy Farm
Index*.
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 Z L A s s e t G r o wth
(Period ending 3 0 June 2 0 2 2 )
2.1%
10.8%*
0%
2%
4%
6%
8%
10%
12%
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 )* * *

20
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
NZL PORTFOLIO OVERVIEW

21
NEW ZEALAND RURAL LAND COMPANY
NZL: 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
Pastoral FarmsPastoral FarmsPastoral FarmsPastoral Farms
Current Use
DairyDairyDairyDairy
WALT (years)
1
8.89.49.49.2
# Tenants
2337
2
Occupancy
100%100%100%100%
2
PORTFOLIO OVERVIEW

22
NEW ZEALAND RURAL LAND COMPANY
NZL: 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 9.2
years* (100% occupancy).
NZL’s leases all have three, six and nine year uncapped CPI increases with tenant rights of renewal in years 10 or 11.
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
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33
$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 20 January 2023
2
PORTFOLIO OVERVIEW

23
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
NZL LATEST FINANCIALS & KEY METRICS

24
NEW ZEALAND RURAL LAND COMPANY
$1.08
$1.614
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
NZL Share Price as at 20 January 2023Current NAV/sh as at 20 January 2023
NZL: Results for Period Ending - 30 June 2022 (FY22)
3.61cps
**
FY22 Full Year Dividend
+18.6%
FY22 Net Asset Value per Share Growth
$289.0m
FY22 Total Assets
$39.7m
FY22 NPAT
NZL Share Price vs Current NAV Per Share (NAV/sh)
NZL Share
Price Trading at
33.1% Discount
to Current
NAV/sh
***
$1.656
FY22 Net Asset Value per Share
* 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 20 January 2023 of $1.08 with NAV/sh calculated using NZL’s last audited net asset value as at 30 June 2022
INTRODUCTION

25
NEW ZEALAND RURAL LAND COMPANY
NZL: 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 $298.8m, 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.
Current NAV/sh is $1.614. This compares to
a Share Price of $1.08 (20 January 2023),
representing a 33.1% discount.
Substantial uplift to NAV demonstrating the quality of NZL’s portfolio.
INTRODUCTION

26
NEW ZEALAND RURAL LAND COMPANY
NZL: 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
3
FINANCIALS

27
NEW ZEALAND RURAL LAND COMPANY
NZL: 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
3
FINANCIALS

28
NEW ZEALAND RURAL LAND COMPANY
NZL: FY22 Adjusted Funds From Operations (AFFO)
3.81cps
FY22 AFFO
5.52cps
FY22 FFO
95%
FY22 AFFO Payout Ratio
3.61cps
FY22 Total Dividend
*Based on a share price of $1.08 as of 20 January 2023
3
FINANCIALS
FY22 AFFO and FY23 Forecast AFFO Range (cps)
NZL’s policy is to pay 95% of AFFO as a twice-yearly dividend.
NZL’s total dividend for FY22 was 3.61 cents per share, a yield of 3.3%
*
.
NZL FY23 guidance for AFFO is a range of $4.9m - $5.4m.
4.30
4.90
5.40
Actual
Dividend
3.61 cps
Implied
Divid
end
4.03 cps
Implied
Dividend
4.44cps
3.00
3.50
4.00
4.50
5.00
5.50
6.00
6.50
7.00
FY22 AFFO
Actual
FY23 AFFO
Guidance - Low
FY23 AFFO
Guidance - High
$m

29
NEW ZEALAND RURAL LAND COMPANY
NZL: FY22 NAV/sh Performance
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.
3
KEY METRICS
$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
NZL Audited NAV Performance Since Listing
+11.7%
+18.6%
CAGR +15.1% p.a.

30
NEW ZEALAND RURAL LAND COMPANY
NZL: FY22 Debt Summary
2.4 Years
*
Weighted Average Term
to Expiry
5.6%
*
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 20 January 2023
** Gearing is calculated as: finance debt / total tangible assets
36.2%
*
Gearing
**
44%
28%28%
0%
10%
20%
30%
40%
50%
Jun-22Jun-23Jun-24Jun-25Jun-26Jun-27Jun-28
Tranche ATranche BTranche C
3
KEY METRICS
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 NZL’s floating debt as at 20 January 2023 was
6.35%.

31
NEW ZEALAND RURAL LAND COMPANY
SECTION 4
NZL OUTLOOK, OPERATIONAL UPDATE &
SUMMARY

32
NEW ZEALAND RURAL LAND COMPANY
NZL Outlook Commentary
NZL has received preliminary independent valuations of its investment properties ast at 31 December 2022. In aggregate, the
properties have increased in value by +0.9% (+$2.46 million)* which demonstrates both the resilience and quality of the rural land
NZL holds in its portfolio.
NZL’s rural land portfolio is further supported by leases incorporating regular, uncapped, CPI reviews. Accordingly, high inflation
yields stronger than anticipated rental growth. Furthermore, NZL is insulated from inflation-impacted (and all other operational) on-
farm costs by owning only the land.
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 +12.6% to 31 December
2022 and is forecast by the market to be in excess of 17% by 30 June 2024.
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 NZL’s floating debt as at 20 January 2023 is
6.35%. NZL’s weighted average interest cost (fixed and floating) is currently 5.6%.
NZL continues to focus on broadening its share register. Currently, NZL’s foreign ownership is ~22.4% as at 31 December 2022. The
Board and Manager are focused on lifting this foreign ownership percentage in the year ahead and the European Roadshow is the
first initiative in this regard in January/February 2023.
4
OUTLOOK
** As at 20 January 2023
* Subject to final audit confirmation

33
NEW ZEALAND RURAL LAND COMPANY
Sector:Description:Timeframe:
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.
First transaction
announced
NZ’s environment suits dairy farming and has a lower cost of production,
in an environment of growing demand.
Existing
ownership
A growing demand supported by supportive government policies and
decreasing costs of renewable energy construction provides attractive
alternative land use.
Near-term
horizon
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
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
NZL 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 January
2023 is as follows:
Target Rural Land Asset Classes:
GREEN ENERGY
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
OUTLOOK

34
NEW ZEALAND RURAL LAND COMPANY
NZL: Operational Update (as at 20 January 2023)
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.
4
OPERATIONAL UPDATE

35
NEW ZEALAND RURAL LAND COMPANY
NZL Summary
NZL provides investors with exposure to:
*Based on the closing share price of $1.08 as at 20 January 2023
Favourable Industry
Dynamics
A Proven Value Add
Acquirer of Land
Attractive Total ReturnsHigh Quality Tenants
with attractive WALT
A Significant Growth
Opportunity
Rising global demand for
key commodities and food
vs declining availability of
productive land.
Increasing scarcity of
productive land globally is
mirrored in New Zealand.
New Zealand is one of the
world’s lowest-cost and
lowest-carbon emitting
producers of protein in the
world.
Successfully acquired 11,710
hectares of dairy land over
the past 18 months.
NAV per share increased
from $1.397 (30 June 2021)
to $1.656 on the back of
revaluations as at 30 June
2022. This represents an
annual increase in NAV of
18.6% and a two-year CAGR
of 15.1%.
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on issue
at IPO to ~112.6m shares on
issue as at 30 June 2022.
Currently trading at a
+33.1% discount to audited
NAV as at 20 January
2023.*
+6.6% CAGR for long-term
farm price returns in New
Zealand (25 years, 1996 -
2021).
All tenants have significant
operating experience,
strong balance sheets
and robust governance
frameworks.
9.2 year WALT (by value).
NZL provides unique
investment exposure as it is
currently the only pure-play
listed exposure to New
Zealand rural land.
NZL provides inflation
hedging and stable income
via CPI-linked leases
(uncapped).
NZL’s strategy is to
continue to grow its
portfolio, both in dairy
and other attractive
agricultural opportunities,
to ultimately provide scale
and diversified exposure to
high quality New Zealand
rural land.
NEW ZEALAND
Rural Land Co
4
SUMMARY

36
NEW ZEALAND RURAL LAND COMPANY
SECTION 5
NZL HISTORICAL RETURNS & GLOBAL
PEERS
(
COMPARABLE COMPANIES
)

37
NEW ZEALAND RURAL LAND COMPANY
New Zealand Rural Land Offers the Continued Prospect of
Attractive Long Term Land Value Growth
5
HISTORICAL RETURNS
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 this is before operating or lease returns.
NZL’s leases all incorporate CPI adjustments. Currently NZL is writing leases in excess of +5% per annum.
NZL believes New Zealand’s rural land values will continue to grow over the long term driven by the increasing scarcity of
productive land globally, especially the world’s most carbon efficient land which offers the lowest cost production.
Source: REINZ Farm Price Index

38
NEW ZEALAND RURAL LAND COMPANY
-
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
Horticulture Land
-
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%
5
HISTORICAL RETURNS

39
NEW ZEALAND RURAL LAND COMPANY
Global Peer Metrics vs. NZL
Rural Land Co
New Zealand
The Rural Land Investors
Ownership ModelNet Asset ValueNAV per ShareShare PricePremium/
(Discount) to NAV
Owns land only$186.60m$1.61$1.08(33.09)%
Owns land and
operations
$975.54m$2.86$2.59(10.04)%
Owns land only$1,469.53m$25.48$30.06+18.00%
Owns land and has
exposure to operating
risks via crop sale
income
$909.22m$20.37$18.76(0.53)%
Note: As at 20 January 2023. All figures in NZD
5
PEER COMPANIES

40
NEW ZEALAND RURAL LAND COMPANY
0%
2%
4%
6%
8%
10%
12%
GladstoneRFFFarmland PartnersNZL
-
500
1,000
1,500
2,000
2,500
GladstoneRFFFarmland PartnersNZL
Global Peer Metrics vs. NZL
Market Capitalisation
Gearing*
Dividend Yield
Net Asset Value
*Total assets divided by total debt
All data as at 23 January 2023
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
5
PEER COMPANIES
36.20%
45.2%
38.6%
43.8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
NZLGladstoneFarmland PartnersRural Funds

41
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:

MARKET CAPITALISATION (AUD$ mln)DIVIDEND YIELD (%)PRICE TO NAV PREMIUM/DISCOUNT (%)
• RFF’s current market capitalisation is AUD$928.4m (NZD$987.7)
*
.
• From mid 2016 RFF’s dividend yield has largely remained between 4% and 6% with its current yield being 4.8%.
• RFF traded at a discount to NAV from February 2014 until October 2016 then traded at a premium to NAV until recently.
• 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 subsequently proved false and RFF was awarded compensation.
5
PEER COMPANIES
*As at 20 January 2023
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
Dividend Yield12 Month Moving Average
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Price to NAV Premium/Discount12 Month Moving Average
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
AUD$ mln
Market Capitalisation

42
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 (%)
• Gladstone’s current market capitalisation is USD$675.0m (NZD$1,038.5)
*
.
• 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.
5
PEER COMPANIES
*As at 20 January 2023
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
USD$ mln
Series1
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

43
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 (%)
Data Not Available
• Farmland’s current market capitalisation is USD$714.3m (NZD$1,098.9)
*
.
• 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.
5
PEER COMPANIES
*As at 20 January 2023
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-20 Sep-20Apr-21Nov-21Jun-22Jan-23
Dividend Yield12 Month Dividend Moving Average
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
USD$ mln
Market Capitalisation

44
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 1
NZL COMPANY STRUCTURE & OWNERSHIP

45
NEW ZEALAND RURAL LAND COMPANY
NZL: Company Structure & Board as at 20 January 2023
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
**New Zealand Rural Land Management Limited (NZRLM) is currently 50% owned by NZX listed Allied Farmers. Soon to be 100% owned ~March 2023. (ALF.NZX)
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
1
APPENDIX
Listed

46
NEW ZEALAND RURAL LAND COMPANY
NZL: Key People as at 20 January 2023
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
Director
Director - Heartland Bank
Director - Allied Farmers
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
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
1
APPENDIX

47
NEW ZEALAND RURAL LAND COMPANY
NZL: Director & Manager Ownership Interests as at 20 January 2023
# Shares
Clyde & Rena Holland10,089,278
Elevation Capital Management Limited
7,285,998*7,285,998*
Allied Farmers4,200,0004,200,000
Christopher Swasbrook2,853,958**2,853,958**
Rob Campbell477,984
Richard Milsom 357,571
Hayden Dillon 272,023
Shelley Ruha80,000
Sarah Kennedy40,678
Tia Greenaway6,102
Total25,663,592
% of Total Shares on Issue ***22.2%
All Directors & Shareholders of the Manager are investors in NZL. As at 20 January 2023 these holdings total:
* Elevation Capital Management Limited has clients that hold 7,285,998 shares. Elevation Capital Management Limited does not have discretion on these holdings.
** Elevation Capital Management Limited (Christopher Swasbrook) holds 752,458 NZL shares directly and has discretion (but a non-beneficial interest) for 2,101,500 shares.
***Total number of shares on issue is 115,601,570 as at 20 January 2023.
1
APPENDIX

48
NEW ZEALAND RURAL LAND COMPANY
NZL: Foreign Ownership Rules & Levels as at 31 December 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 31 December 2022,
NZL had foreign domiciled
shareholders amounting to
~22.4% of its share register.
1
APPENDIX

49
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 2
OUR SUSTAINABILITY PROGRAMME
-

“ENDURING LAND FOR LIFE”

50
NEW ZEALAND RURAL LAND COMPANY
Enduring Land for Life
To ensure long-term success, NZL is holistic in its approach to sustainability, safeguarding
Land is essential for life. It’s the source of most
of our food, it underpins half our export earnings
and it supports families, iwi, jobs, companies and
communities. Above all it is our place to stand.
It is also under threat. Productive land for
agriculture is shrinking. In just two years, from
2017 - 2019, the land used for agriculture and
horticulture in New Zealand decreased by
2A08,000 hectares.
When land is enduring, life is enduring:
environmentally, socially and economically.
The New Zealand Rural Land Company is here to
enable enduring land for life. We are building a
portfolio of highly-productive land and partnering
with skilled primary producers. We are enabling
up-and-coming farmers to thrive as well as
opening up ways for older farmers to unlock the
value of their land before retirement.
We are setting exacting standards in our
approach to land managemeant, animal welfare,
human resources and governance, ensuring the
land we own and our farmering partners of today
will be safeguarded to support the producers of
tomorrow.
That’s why we developed a commitment that sits
at the core of our business approach. It’s binding,
written into our contractual relationship with our
partners, and it ensures we become a positive,
market-leading force for exceptional land
stewardship and sustainability.
Environmental
Endurance
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NEW ZEALAND RURAL LAND COMPANY
How it works
Enduring Land for Life Programme
Defining our
It’s important we make smart decisions about how we use our
land, what we use it for and how we take care of it.
Farms are complex natural systems where the performance of
one component, such as sheep or dairy cattle, is influenced
by others, including soil fertility, quality feed or the training,
competence and morale of farm staff.
For us, enduring land for life is achieved through goals and
actions in four connected areas: environmental, economic,
social and animal welfare.
A fifth area, governance, ensures oversight and management
of these goals in each on-farm area, and the monitoring and
measurement of performance.
These goals and the specifics related to their achievement are
included in our partnership agreements with our tenants.
As the land owners, NZ Rural Land Company believes smart
decisions start with who we work with. The bar is high because
our expectations are also high, but there is no shortage of
quality candidates.
We are confident our farms are in safe hands, because the
defining factors for enduring land for life are in place, practical,
meaningful and measurable.
Committments between NZL and tenant
developed and refined jointly, incorporating
industry best practice, latest research and
learnings from leading tenants.
Joint committments included in binding
leases.
Regular independent audits.
Reports to NZL, ensuring compliance and
progress towards ultimate outcomes.
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2
3
4
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NEW ZEALAND RURAL LAND COMPANY

Enduring Land for Life: The Framework
Our multi-dimensional approach ensures we are setting the standard in food and energy production, building endurance and sustainability
across five key areas: Environmental sustainability , Economic resilience, Social integrity, Animal welfare responsibility and Governance.
EnvironmentEconomic
Governance
Oversight and management of agreed goals; skills and comitment to Enduring Land for Life vision.
Strength and diversity.
SocialAnimal Welfare
✓ Soil Health
✓ Water Quality
✓ Biodiversity
✓ Emissions reduction per unit of
production
✓ Land Selection
✓ Partnering with tenants
✓ Creating a virtuous circle of growth,
investment, job creation, community
opportunities
✓ Care of people
✓ Health and safety
✓ Warm, safe living conditions
✓ Enabling career and personal growth
✓ Fair pay
✓ Five freedoms
✓ Prioritising animal wellbeing
✓ Nutrition and care
✓ Adequate shelter
We know that the success of any strategy starts with the tone at the top, and NZL values strong and diverse governance. Having the right mix of skills and
commitment ensures NZL has the capability and vision needed to achieve our mission.
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APPENDIX
Protecting and enhancing the
environment has a positive impact on the
sustainability of our assets and our planet.
Our environmental initiatives are focused
on protecting and enhancing soil health,
water quality and biodiversity, alongside
reducing greenhouse gas emissions on a
per-unit-of-production basis.

Economic success and prosperity is an essential
part of sustainability: it ensures our long-term
viability, enabling us to continue achieving our
other sustainability aims. It’s vital to motivate
partners and their teams, to create opportunity,
foster growth, reduce inequality, improve
health, and increase investment in research and
development. This long-term economic success
is in turn dependent on the long-term health
of our core asset: the land. A long-term view,
long-term leases and careful selection of quality
tenants creates a virtuous circle of growth,
investment in innovation, creation of jobs and
increased opportunities for the community.
People are one of the most important
elements of any business. We partner
with tenants who prioritise the economic,
career and personal growth of their
people while providing safe, warm, and
healthy work and living environments. We
ensure this by careful selection of quality
tenants committed to the wellbeing of
their workforce.
Along with land, people and animals
are an integral part of our ecosystem.
Prioritising animal wellbeing has
numerous positive outcomes, for
the animals themselves as well as in
economic prosperity. We and our partners
take pride in their animal welfare practice,
which prioritise good nutrition, adequate
shelter, and care for their physical and
psychological wellbeing.

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NEW ZEALAND RURAL LAND COMPANY
APPENDIX 3
INDEX INCLUSIONS, BROKER RESEARCH
COVERAGE & INVESTOR CONTACTS

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NEW ZEALAND RURAL LAND COMPANY
NZL: Index Inclusions and Broker Research Coverage
FTSE Global Micro Cap Index
S&P / NZX All Real Estate Index
54
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
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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:
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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