European Roadshow Presentation

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493
www.nzrlc.co.nz
20 March 2023
European Roadshow Presentation
Please find attached New Zealand Rural Land Company Limited’s (NZX.NZL) European Roadshow Presentation
ahead of investor presentations in Munich, Frankfurt, Liechtenstein, Luxembourg and Switzerland next week.
For further information please contact:
Richard Milsom - Director, New Zealand Rural Land Management
Mobile: 021 274 2476
Email: richard@nzrlm.co.nz
or
Christopher Swasbrook - Director, New Zealand Rural Land Company
Mobile: 021 928 262
Email: chris@nzrlc.co.nz

---

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
Rural Land Co
New Zealand
The Rural Land Investors
EUROPEAN INVESTOR ROADSHOW
March 2023

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.
Any applications for shares and warrants in NZL are subject in all respects to compliance with all applicable
securities offering laws.
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
9.0 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 $154.7m in equity since IPO.
21 October 2022
Announced $63m forestry
estate acquisition in
Manawatu-Whanganui,
New Zealand.
1 March 2023
Announced Pro-Rata Rights
issue to raise $38.5m to settle
forestry acquisition on 15 April
2023.
15 March 2023
Raised $24.0m via
1:3 Pro-Rata Rights
issue.

8
NEW ZEALAND RURAL LAND COMPANY
NZL: At a Glance - 31 December 2022
INTRODUCTION
$1.652
NAV per Share
+21.5%
12 Month NAV per Share Increase
$298.8m
Total Assets
$190.9m
Net Asset Value (NAV)
2.03cps
Final Dividend
(record date: Tuesday, 7 March 2023 / payment date: Friday, 10 March 2023)
-40.7%
*
Share Price Discount to NAV
3.7%
**
After Tax Dividend Yield
*Based on a share price of $0.98 as at 15 March 2023.
**Total dividend of 3.63 cps for the last 12 calendar months (1.60 cps 30 June 2022, 2.03 cps 31 December 2022) at a 28% tax rate and a share price of $0.98 as at 15 March 2023.
***Total tangible assets divided by total bank debt.
36.2%
***
Gearing

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 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
NZL: Forestry Acquisition Drives Earnings and Dividends Higher (1)
ACQUISITION RATIONALE
+14.3%
Increase in the
diversity of NZL’s
tenant base.
*WALT is weighted by lease value
**As % of lease value
+17.4%
Increase in FY24
AFFO and dividend
yield per share
+34.4%
*
Increase in WALT
High quality asset with
attractive purchase and
lease metrics
+29%
**
of leases (by value)
expiring in 2043.
Adds materially to the
scale and diversity of
NZL’s portfolio

11
NEW ZEALAND RURAL LAND COMPANY
$1.652
NAV per share as at 31 December 2022
9.0 years
Weighted average lease term (by value)
11,710
Hectares of rural land owned
4.0cps - 4.5cps
Forecast FY24
*
Dividend
4.0% - 4.5%
Forecast FY24
*
After Tax Dividend Yield
**
1
Following the forestry acquisition.
*Period ending 31 December 2024
**Based on an issue price of $1.00.
$1.497
¹
NAV per share post-acquisition
12.1 years
¹
Weighted average lease term (by value)
14,093
¹
Hectares of rural land owned
5.0cps - 5.5cps
¹
Forecast FY24
*
Dividend
5.0% - 5.5%
¹
Forecast FY24
*
After Tax Dividend Yield
**
Before AcquisitionAfter Acquisition
NZL: Forestry Acquisition Drives Earnings and Dividends Higher (2)
ACQUISITION RATIONALE

12
NEW ZEALAND RURAL LAND COMPANY
$1.50
$1.00
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
NAV/shIssue Price
NZL: Acquisition Funded via Pro-Rata Rights Issue
ACQUISITION RATIONALE
-33.2%
Forecast Offer Price Discount to NAV/sh
*
Forecast FY24 Dividend Yield and Dividend/sh
*
*Assumes 154,135,427 shares on issue post rights offer, and acquisition of 100% of the forestry estate.
**Assumes 28% tax rate.
***Application has been made to NZX for the quotation of the warrants on the NZX Main Board and all the requirements of NZX relating to the quotation that can be complied with at the date of this presentation have
been complied with. The warrants have not yet been approved for trading.
1:3
Pro-rata rights issue
$1.00
Issue price
$38.5m
Amount to raise
-33.2%
Discount to
post issue NAV/sh
1
Warrant for every
3 new shares
subscribed for in
rights issue
$1.20
Warrant exercise price
>2 years
Warrants expire
30 November 2025
NZLWA
Warrants quoted on
NZX
***
5.0%
7.0%
5.0 cps
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Dividend Yield (post-tax)**Dividend Yield (pre-tax)FY24 Dividend/sh

13
NEW ZEALAND RURAL LAND COMPANY
NZL: Now Placing Shortfall of 1:3 Pro-Rata Rights Issue
CAPITAL RAISING
NZL is now placing approximately $14.5m of rights issue shortfall to investors.
The terms of the placement are as follows:
• $1.00 per share
• for every 3 shares taken up the investor receives 1 warrant with the following terms:
• Type - American
• Exercise Price - $1.20
• Expiry - 30 November 2025
• Expected to be quoted on the NZX Main Board - NZLWA (expected quotation from Tuesday, 23 March 2023)
Warrant Value:
• To determine the appropriate valuation methodology for the warrant, NZL consulted a number of experienced valuation
practitioners.
• As a result of these conversations, NZL concluded that a Binomial pricing model was the appropriate methodology to apply.
This methodology accounts for the value associated with an investor’s ability to exercise the warrant at any time prior to expiry,
the defining feature of an American style warrant.
• Applying the binomial pricing methodology to the new warrants provided an indicative value range of $0.10c - $0.13c per
warrant.
• Further details regarding the warrant valuation can be found on NZL’s website: www.nzrlc.co.nz/nzx-announcements.

14
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
NZL ADVANTAGES

15
NEW ZEALAND RURAL LAND COMPANY
SUSTAINABILITY
NZL Advantages
RISK MANAGEMENT
SECTORAL
RETURNS
STRUCTURAL
1
NZL ADVANTAGES

16
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.

17
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

18
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

19
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

20
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

21
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
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
*REINZ Farm Price Index (excluding forestry and lifestyle blocks)
1.250
1.360
1.652
$1.00
$1.10
$1.20
$1.30
$1.40
$1.50
$1.60
$1.70
IPO as at 21 Dec 202031-Dec-2131-Dec-22
Net Asset Value Per Share
NZL Audited NAV Performance Since Listing
+8.8%
+21.5%

22
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%
REINZ Dairy Farm Index Growth
(Period ending 30 June 2022)**
NZL Asset Growth
(Period ending 30 June 2022)
2.1%
10.8%*
0%
2%
4%
6%
8%
10%
12%
REINZ Dairy Farm Index Growth
(Period ending 30 June 2021)**
NZL Property Asset Growth
(Period ending 30 June 2021)***

23
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
PRO
-
FORMA PORTFOLIO AND LEASE PROFILES
(
POST FORESTRY ACQUISITION
)

24
NEW ZEALAND RURAL LAND COMPANY
NZL: Pro-Forma Portfolio
1
WALT is weighted by lease value.
2
One of our tenants leases farms in both Canterbury and North Otago.
PRO
-
FORMA PORTFOLIO
RegionOtagoCanterburySouthlandManawatu-WhanganuiTotal
Land Area (ha)
3,9916,3331,3862,38314,093
Rural Asset Class
Pastoral FarmsPastoral FarmsPastoral FarmsForestry
Pastoral Farms and
Forestry
Current Use
DairyDairyDairyForestryDairy and Forestry
WALT (years)
1
8.69.39.22012.1
# Tenants
23318
2
Occupancy
100%100%100%100%100%
2

25
NEW ZEALAND RURAL LAND COMPANY
NZL: Pro Forma Tenant Concentration and Lease Profiles
LEASE PROFILES
Current Tenant Concentration as % of Lease Value
Tenant Concentration
NZL’s tenant concentration is detailed in the chart above.
NZL expects tenant concentration to reduce as it continues to further
expand its asset and tenant base.
Lease Profiles
Following the proposed Acquisitions NZL’s WALT (Weighted Average
Lease Term) will be 12.1 years up from 9.0 years currently (+34.4%).
NZL’s pastoral farm leases generally have 3, 6, and 9 year CPI
increases with rights of renewal in years 10 and 11 (tenancy
dependent). The forestry lease has annual CPI-linked increases.
10%
31%
11%
4%
31%
9%
4%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7
Pro Forma Lease Expiry Profile by Value
Pro Forma Tenant Concentration as % of Lease Value
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32FY33
$m
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7
7%
22%
8%
3%
22%
6%
3%
29%
Tenancy 1
Tenancy 2
Tenancy 3
Tenancy 4
Tenancy 5
Tenancy 6
Tenancy 7
Tenancy 8
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY23FY25FY27FY29FY31FY33FY35FY37FY39FY41FY43
$m
Tenancy 1Tenancy 2Tenancy 3Tenancy 4
Tenancy 5Tenancy 6Tenancy 7Tenancy 8
Current Lease Expiry Profile by Value
+34.4%
Increase in WALT
+29%
of leases (by value)
expiring in FY43
diversifying NZL's
lease expiry profile
+29%
of leases (by value)
have annual rental
adjustments
2

26
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
NZL FINANCIALS & RETURN METRICS FOR
PERIOD ENDING 31 DECEMBER 2022

27
NEW ZEALAND RURAL LAND COMPANY
Asset and Portfolio Growth
NZL has total assets of $298.8m, composed
primarily of 11,710ha of premium rural land.
Independent valuations of NZL’s portfolio show
an increase of +0.94% in the six months from 1
July 2022 to 31 December 2022.
NZL: Highlights
NAV Growth
Net asset value per share has grown from $1.360
(at 31 December 2021) to $1.652 (at 31 December
2022) resulting in a 12 month NAV increase of
+21.5% The increase per share in the current
environment demonstrates the resilience and
quality of NZL’s portfolio especially considering
interest rate increases and the negative impact
they have had on commercial real estate
globally. A share price of $0.98 (15 March 2023),
representing a -40.7% discount, offers a compelling
entry point for a quality, defensive asset, with a
strong rental income growth outlook.
Balance date change and valuations once again demonstrate the quality of NZL’s portfolio.
FINANCIALS
Balance Date Change
NZL has changed its balance date to 31
December from 30 June each year. This is to
better align with the agricultural calendar.
3

28
NEW ZEALAND RURAL LAND COMPANY
NZL: Adjusted Funds From Operations (AFFO)
2.14cps
AFFO
2.70cps
FFO
95%
AFFO Payout Ratio
2.03cps
Total Dividend
**6 month period to 30 June 2022.
NZ$00031 December 2022
*
30 June 2022
**
Variance
Net Profit After Tax5,26536,457(31,192)
Adjusted for:
Unrealised Net Gain on Investment Properties(2,258)(35,342)(33,084)
Performance Fee Payable in Shares4954,115(3,620)
Unrealised Net Gain on Derivatives(671)(960)+289
Deferred Tax Expense / (Benefit)174(863)+1,037
Amortisation of Rent Free Incentives8888-
Amortisation of Lease Fee2531(6)
Funds from Operations (FFO)3,1183,526(408)
FFO per Share2.703.13(2.82)
Dividend Payout Ratio to FFO
Adjusted Funds from Operations
Incentives and Leasing Costs(315)(1,110)+795
Future Maintenance Capital Expenditure(329)(178)(151)
Adjusted Funds from Operations (AFFO)2,4742,238+236
Total Dividend2.031.60+0.43
Cash Dividend Payout Ratio as a % of AFFO95%95%-
FINANCIALS
AFFO is a proxy for free cash flow commonly used by REITs. AFFO is intended to provide investors with a clearer picture of the
company’s dividend paying ability.
Note: REIT - Real Estate Investment Trust, AFFO - Adjusted Funds From Operations, FFO - Funds From Operations
*6 month period to 31 December 2022.
3

29
NEW ZEALAND RURAL LAND COMPANY
NZL: Profit & Loss Statement
NZ$00031 December 2022
*
30 June 2022
**
Variance
Gross Rental Income
Rental Income5,6815,307+374
Net Rental Income5,6815,307+374
Less Overhead Costs
Directors Fees(114)(114)-
Insurance(40)(40)-
Marketing Expenses(11)(1)+10
Management Fees(467)(331)+136
Professional and Consulting Fees(295)(148)+147
Performance Fee(495)(4,115)+3,620
Other Expenses(53)(38)+15
Total Overhead Costs(1,475)(4,787)(3,312)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
4,206250+3,956
Finance Income1,5901,522+68
Finance Expense(2,615)(1,520)+1,095
Net Finance Income(1,025)2(1,027)
Profit /(Loss) Before Other Income and Income Tax3,181252+2,929
Other Income
Change in Fair Value of Investment Property2,25835,342(33,084)
Profit / (Loss) Before Tax5,43935,594(30,155)
Income Tax Expense(174)863(1,037)
Profit / (Loss) and Total Comprehensive Income for the
Period
5,26536,457(31,192)
Earnings per Share (EPS)4.5936.6(32.01)
FINANCIALS
$5.27m
NPAT
4.59cps
EPS
**6 month period to 30 June 2022.
*6 month period to 31 December 2022.
3

30
NEW ZEALAND RURAL LAND COMPANY
NZL: Balance Sheet
NZ$00031 December 202230 June 2022Variance
Current Assets
Cash and Cash Equivalents1,9421,004+938
Trade and Other Receivables2691,411(1,142)
Current Tax Receivable1310+3
Total Current Assets2,2242,425(201)
Non-Current Assets
Investment Property267,360264,899+2,461
Deposit for Forestry Estate Acquisition6,294-+6,294
Loan receivable19,14418,554+590
Deferred Tax Assets9151,089(174)
Derivative Assets2,5061,792+714
Other Non-Current Assets377256+121
Total Non-Current Assets296,596286,590+10,006
Total Assets298,820289,015+9,805
Current Liabilities
Trade and Other Payables594923(329)
Income in Advance-579(579)
Borrowings1,968-+1,968
Other Current Liabilities319150+169
Total Current Liabilities2,8811,652+1,229
Non-Current Liabilities
Borrowings105,000100,768+4,232
Total Non-Current Liabilities105,000100,768+4,232
Total Liabilities107,881102,420+5,461
Net Assets190,939186,595+4,344
Total Equity190,939186,595+4,344
NAV per Share1.652
*
1.656
**
(0.004)
FINANCIALS
+$4.34m
Total Equity
+$9.81m
Total Assets
*Shares on issue as at 31 December 2022 - 115,601,570
**Shares on issue as at 30 June 2022 - 112,648,894
3

31
NEW ZEALAND RURAL LAND COMPANY
NZL: Debt Summary
2.4 Years
*
Weighted Average Term
to Expiry
5.6%
*
Weighted Average
Interest Cost
Key Metrics31 December 202230 June 2022
Debt Drawn ($m)107.0100.8
Debt to Total Assets36.1%35.2%
Interest Coverage Ratio2.4x3.4x
Weighted Average Term to Expiry (Years)2.42.8
Weighted Average Debt Cost5.6%4.7%
% of Debt Hedged39%40%
Total Debt Facilities Available ($m)107.0105.0
NZL Debt Facility Expiry Profile as at 31 December 2022
* As at 31 December 2022
** Gearing is calculated as: bank debt / total tangible assets
36.2%
*
Gearing
**
DEBT METRICS
Key Banking Partner
NZL has hedging arrangements in place for 39% of its total borrowings at an average all in cost of 4.5%. 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 31 December 2022
was 6.3%. NZL’s weighted average interest cost (fixed and floating) is 5.6%.
43%
29%
28%
0%
10%
20%
30%
40%
50%
1/01/20231/01/20241/01/20251/01/20261/01/2027
Tranche ATrance BTranche C
3

32
NEW ZEALAND RURAL LAND COMPANY
1.250
1.360
1.652
$1.00
$1.10
$1.20
$1.30
$1.40
$1.50
$1.60
$1.70
IPO as at 21 Dec 202031-Dec-2131-Dec-22
Net Asset Value Per Share
NZL: Total Returns
Dividends per Share Since Listing
Since listing on the NZX, 21 December 2020, NZL has delivered total returns (NAV per share growth plus dividends) of +36.7%.
NZL declared an inaugural dividend of 2.01cps on 31 December 2021. For the 12 months from 1 January 2022 to 31 December 2022
NZL declared 3.63cps in total dividends (1.60cps as at 30 June 2022 and 2.03cps as at 31 December 2022).
NZL’s audited NAV/sh increased +21.5% in the 12 month period to 31 December 2022.
Since listing on the NZX, 21 December 2020, NZL’s audited NAV/sh has increased at a compound annual growth rate (CAGR)
approximately +15% per annum
*
.
*This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 115,601,570 on issue as at 31 December 2022.
** Adjusted to reflect the change in balance date from 30 June 2022 to 31 December 2022.
*** Declared dividend for 6 months ending 31 December 2022.
TOTAL RETURNS
NZL Audited NAV Performance Since Listing
+8.8%
+21.5%
2.01
1.60
2.03***
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
31-Dec-21FY22**
31-Dec-211HY22**2HY22**
3

33
NEW ZEALAND RURAL LAND COMPANY
SECTION 4
NZL OPERATIONAL UPDATE &
OUTLOOK

34
NEW ZEALAND RURAL LAND COMPANY
NZL: Operational Update
OPERATIONAL UPDATE
NZL has mandated Perella Weinberg Partners LP (PWP) to assist us in identifying a potential capital partner to support our long-
term strategic growth objective of establishing the leading diversified agroforestry landlord platform of scale in New Zealand. PWP
is a New York based independent financial advisory firm focused on providing strategic, financial, and tactical advice in connection
with complex M&A and capital solutions situations. PWP is taking a bespoke approach to identify the appropriate partner, who
must meet specific criteria that closely align with our values and strategic mission.
NZL has changed its balance date from 30 June to 31 December. This is to better align the company with the timing of the rural
land market.
NZL continues to work on mapping its current portfolio for marginal land (approx 171 ha) which can be enhanced with replanting
and a programme to increase biodiversity. This is in the final stages of completion and NZL then plans to begin an implementation
programme in FY23 and FY24.
All NZL tenants remain compliant with NZL’s key tenant covenants. There have been no major health and safety events with our
tenants.
NZL’s properties were unaffected by the recent storms in New Zealand (the forestry acquisition was also unaffected).
4

35
NEW ZEALAND RURAL LAND COMPANY
NZL: Outlook
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, high inflation will result in rental growth. Furthermore, NZL is
insulated from inflation-impacted (and all other operational) on-farm costs by owning only the land.
NZL’s previous FY23 AFFO forecast was between $4.9m and $5.4m (1 July 2022 - 30 June 2023), without the forestry acquisition
(announced 21 October 2022, https://www.nzrlc.co.nz/nzx-announcements) on a like-for-like basis, NZL would remain within this
range.
Post forestry acquisition in April 2023 NZL’s AFFO for FY23 (1 January 2023 to 31 December 2023) is forecast to be between
$6.0m and $6.5m with FY24 AFFO forecast to be between $8.0m and $8.5m
**
.
FY23 after tax dividend yield post forestry acquisition is forecast to be between 4.0 cps and 4.5 cps while FY24 after tax dividend
yield is forecast to be between 5.0 cps and 5.5 cps.
From 1 July 2024, NZL will start to see the positive impact of inflation with approximately 55% of the portfolio (by lease income) due
for CPI rental review. CPI accumulated since the leases began (1 June 2021) totals +12.6% to 31 December 2022 and is forecast by
the market to be more than +18.0% for the three years to 30 June 2024.
NZL has interest rate hedging arrangements in place for 39% of its total borrowings at an average all in cost of 4.5%
*
. 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 16
March 2023 is 6.5%. NZL’s weighted average interest cost (fixed and floating) is 5.6%.
OUTLOOK
*as at 15 March 2023
**AFFO forecasts assume that NZL acquires 100% of the forest estate.
4

36
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
pastoral 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 March
2023 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.
OUTLOOK
4

37
NEW ZEALAND RURAL LAND COMPANY
NZL: Outlook - Timber and Carbon Market
MARKET OUTLOOK
The outlook for timber and forestry investments in New Zealand remains positive, this is largely attributed to:
1. Favorable Growing Conditions: New Zealand's climate and soil conditions are well-suited for growing trees, particularly radiata pine,
which is the dominant species planted. The country's temperate climate, abundant rainfall, and fertile soils provide ideal conditions for
fast-growing, high-quality trees that can be harvested for timber.
2. High Demand for Timber: There is strong domestic and international demand for New Zealand timber products, particularly from the
growing construction sector. The demand is expected to increase over the next few decades due to the global trend of using wood as a
sustainable and renewable building material.
3. Stable Political Environment: New Zealand has a stable and predictable political and legal environment, which provides a favorable
investment climate for forestry. The government has also been supportive of the forestry industry, particularly through initiatives such as
the Emissions Trading Scheme (ETS).
4. Diversification: Investing in forestry can provide diversification benefits to an investor's portfolio, as it is not typically correlated with other
asset classes. It can also be a long-term investment, providing a stable source of income over the life cycle of the forest.
5. Environmental Benefits: Forests also provide a range of environmental benefits, including carbon sequestration, soil conservation, and
biodiversity protection. Investing in forestry can, therefore, provide social and environmental benefits in addition to financial returns.
New Zealand timber market outlook is positive with the use of timber in construction forecast to also increase by +25% between 2022 and
2030. Log export returns are expected to grow to $4.0b by 2026 with other wood products adding a further $3.1b.
Additionally, New Zealand uses an emissions trading scheme (ETS) as a tool to reduce carbon emissions. Forests are a very cost efficient
method of sequestering carbon, this sequestration is tradable and able to be used to offset emissions - the tradable units are called NZ Units
(NZUs).
The outlook for the price growth of NZUs is strong, the Climate Change Commission (www.climatecommission.govt.nz) recommends an
increasing carbon price to encourage the behavioural changes necessary to address climate change - this is likely to be supported both by
market forces and government legislation.
NZU values (and therefore the value of producing them) have grown at a CAGR of +30% per annum over the last two years and are forecast to
grow at a further +14% p.a. over the next eight years.
4

38
NEW ZEALAND RURAL LAND COMPANY
NZL: Summary
NZL provides investors with exposure to:
*Based on the closing share price of $0.98 as at 15 March 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, fibre
and timber in the world.
Successfully acquired 11,710
hectares of pastoral farm
land over the past two
years.
NAV per share increased
from $1.360 (30 December
2021) to $1.652 as at 31
December 2022. This
represents an annual
increase in NAV of +21.5%
and a two-year CAGR
approximately +15%.
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~115.6m
shares on issue as at 31
December 2022.
NAV has grown by +32.2%
since NZL’s IPO a CAGR
of approximately +15% per
annum.
NZL has paid/declared
a total of 5.64 cps in
dividends since listing with
the most recently declared
dividend (2.03 cps) +26.9%
higher than that paid for
the six months ended
30 June 2022 (1.60 cps).
NZL continues to provide
predictable, growing and
inflation adjusted long-term
dividend income from long-
term leases.
Currently trading at a
-40.7% discount to audited
NAV as at 15 March 2023
*

NZL represents attractive
buying.
All tenants have significant
operating experience,
strong balance sheets
and robust governance
frameworks.
9.0 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
SUMMARY
4

39
NEW ZEALAND RURAL LAND COMPANY
SECTION 5
NZL HISTORICAL RETURNS & GLOBAL
PEERS
(
COMPARABLE COMPANIES
)

40
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

41
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

42
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$190.09m$1.65$0.98(40.7)%
Owns land and
operations
$1,017.00m$2.96$2.24(24.10)%
Owns land only$1,529.65m$26.28$25.28(3.81)%
Owns land and has
exposure to operating
risks via crop sale
income
$913.85m$17.41$15.25(12.41)%
Note: As at 15 March 2023. All figures in NZD
5
PEER COMPANIES

43
NEW ZEALAND RURAL LAND COMPANY
Global Peer Metrics vs. NZL
Market Capitalisation
Gearing*
Dividend Yield
Net Asset Value
*Total tangible assets divided by total debt
All data as at 15 March 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
0%
2%
4%
6%
8%
10%
12%
GladstoneRFFFarmland PartnersNZL
-
500
1,000
1,500
2,000
2,500
GladstoneRFFFarmland PartnersNZL
36.20%
47.4%
39.5%
31.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
NZLGladstoneFarmland PartnersRural Funds

44
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$810.8m (NZD$862.5)
*
.
• From mid 2016 RFF’s dividend yield has largely remained between 4% and 6% with its current yield being 4.5%.
• 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 15 March 2023
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
AUD$ mln
Market Capitalisation
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

45
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$586.8m (NZD$902.7)
*
.
• 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
021.
• 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 15 March 2023
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
USD$ mln
Share Price
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

46
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$535.9m (NZD$913.9m)
*
.
• From July 2018 Farmland’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 15 March 2023
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
USD$ mln
Market Capitalisation
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Dividend Yield12 Month Dividend Moving Average

47
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 1
FORESTRY ACQUISITION DRIVES EARNINGS
AND DIVIDEND GROWTH

48
NEW ZEALAND RURAL LAND COMPANY
The charts and table below detail the dividend yield accretion and NAV dilution based on a variety of funding and acquisition
scenarios to illustrate why scenario 1 was ultimately chosen – these charts exclude the warrant value.
NZL: Forest Acquisition Drives Earnings and Dividend Growth
Scenario 1 - Purchase 100% of the forestry estate. Equity funded via a pro-rata rights issue.
Scenario 2 - Purchase 52% of the forestry estate with NZFL (tenant) purchasing 48%. Less equity funded via a pro-rata rights issue.
Scenario 3 - Purchase 52% of the forestry estate, exercise Put Options for two farms with NZFL purchasing 48%. Very small equity
raise funded via a pro-rata rights issue.
Forecast NAV p/s Dilution
Forecast Dividend Accretion (%) and
NAV Dilution (%)
Forecast Dividend Growth (cps)
*31 December 2022 NAV/sh.
**Assumes 12,844,619 warrants on issue.
***Assumes 6,595,500 warrants on issue.
****Assumes 2,671,747 warrants on issue.
FY24 Forecast
AFFO/Sh
% AFFO AccretionFY24 Forecast
Dividend/Sh
% Dividend
Accretion
Forecast NAV/sh% NAV Dilution% NAV dilution
post warrant
conversion
Purchase 100% of the Forest5.26cps+17.4%5.00cps+17.4%1.50-9.5%-16.9%
*
Purchase 52% of the Forest4.90cps+9.3%4.66cps+9.3%1.56-5.7%-10.2%
**
Sell Put/Call, 52% Forestry with
Small Share Issue
4.34cps-3.2%4.12cps-3.2%1.61-2.4%-4.5%
***
Status Quo Portfolio4.48cpsNil4.26cpsNil1.65
*
NilNil
4.26
5.00
4.66
4.12
+17.4%
+9.3%
(-3.2%)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Dividend cps
1.65
1.50
1.56
1.61
(-9.5%)
(-5.7%)
(-2.4%)
0.00
0.50
1.00
1.50
2.00
NAV p/s
+17.4%
+9.3%
(-3.2%)
(-9.5%)
(-5.7%)
(-2.4%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
Scenario 1 (100% of Forest)Scenario 2 (52% of Forest)Scenario 3 (Unwind Put/Call)
DividendNAV
1
APPENDIX

49
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 2
RURAL LAND MARKET IS LARGE IN NEW
ZEALAND & VALUATION PROCESS FOR
RURAL LAND

50
NEW ZEALAND RURAL LAND COMPANY
NZL: Rural Land Market is Large in New Zealand
NZL Purchases vs All New Zealand Rural Land Sales
4.1%
0.7%
0
1,000
2,000
3,000
4,000
5,000
6,000
20212022
$m
NZL Total PurchasesTotal Sales Volume
NZL Dairy Land Purchases vs Total New Zealand Dairy Land Sales
11.5%
2.0%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
20212022
$m
NZL Total PurchasesTotal Sales Volume
2
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NEW ZEALAND RURAL LAND COMPANY
NZL: Valuation Process for Rural Land Portfolio
Methodology
NZL commissions independent valuation reports for all owned properties (and a majority of the acquisition pipeline) from a globally renowned
independent third party appraisal expert.
Each farm was physically inspected when purchased and at regular intervals thereafter (usually a third of the portfolio annually).
Valuation of NZL’s interest is based on the following valuation approaches:
Market Approach: Standard ‘precedent transactions’ approach; subsequently adds the value of likely structural improvements to arrive at an
overall market value of the property. Approach based on review of key South Canterbury, North Otago and Southland dairy transactions over
the past two years.
‘Lessor’s Interest’ Income Approach: Standard DCF approach, where lessor’s cashflows reflect (i) lease revenue, (ii) return on land and (iii)
annual management and reporting costs. A nominal discount rate of 7.15% reflects rental rates over the life of the respective leases, lease
terms and rights of renewal, and other costs and risks associated with respective leases
The Market Approach provides a vacant property value as the starting point for the valuation, added to this is the present value of the lease cash
flows for the term of the lease and a present value for the land itself at the end of the lease.
Current Assumptions:
• Market Approach: Vacant possession valuation as at valuation date based on comparable sales.
• Assumed land value appreciation per annum of +3.0% (this compares to a 20 year CAGR of +6.6%)
• Inflation uses a current market forecast for the next three years and then a long run steady state assumption of 1+.87% p.a.
• Discount rate of 7.15%
• Valuation assumes that the ‘highest and best use’ of the respective properties is their use as dairy farms.
2
APPENDIX

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

53
NEW ZEALAND RURAL LAND COMPANY
NZL: Company Structure & Board as at 15 March 2023
Listed
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Non-Independent
Director
TIA
GREENAWAY
Independent
Director
Chancellor - AUT
Chair - Ara Ake
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
3
APPENDIX
Listed

54
NEW ZEALAND RURAL LAND COMPANY
NZL: Key People as at 15 March 2023
ROB CAMPBELL
Independent Chair
Chancellor - AUT
Chair - Ara Ake
CHRISTOPHER SWASBROOK
Non-Independent Director
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*
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
3
APPENDIX

55
NEW ZEALAND RURAL LAND COMPANY
NZL: Director & Manager Ownership Interests as at 15 March 2023
# Shares
Clyde & Rena Holland10,089,278
Elevation Capital Management Limited7,375,000*7,375,000*
Allied Farmers4,200,0004,200,000
Christopher Swasbrook3,604,777**3,604,777**
Rob Campbell637,312
Hayden Dillon362,696
Richard Milsom 362,577
Shelley Ruha80,000
Sarah Kennedy40,678
Tia Greenaway8,136
Total26,760,454
% of Total Shares on Issue ***19.2%
All Directors & Shareholders of the Manager are investors in NZL. As at 15 March 2023 these holdings total:
* Elevation Capital Management Limited has clients that hold 7,375,000 shares. Elevation Capital Management Limited does not have discretion on these holdings.
** Elevation Capital Management Limited (Christopher Swasbrook) holds 1,003,277 NZL shares directly and has discretion (but a non-beneficial interest) for 2,601,500 shares.
***Total number of shares on issue is estimated to be 139.5m ahead of allotment on 22 March 2023.
3
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56
NEW ZEALAND RURAL LAND COMPANY
NZL: Foreign Ownership Rules & Levels
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
~22.41% of its share register.
3
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57
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 4
OUR SUSTAINABILITY PROGRAMME
-

“ENDURING LAND FOR LIFE”

58
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
208,000 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 management, animal welfare,
human resources and governance, ensuring the
land we own and our farming 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
4
APPENDIX

59
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, New Zealand 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 they are
also, practical, meaningful and measurable.
Commitments between NZL and tenant
developed and refined jointly, incorporating
industry best practice, latest research and
learnings from leading tenants.
Joint commitments included in binding
leases.
Regular independent audits.
Reports to NZL, ensuring compliance and
progress towards ultimate outcomes.
1
2
3
4
4
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60
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 commitment 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
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. NZL partners
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. NZL and its
partners take pride in their animal
welfare practice, which prioritises good
nutrition, adequate shelter, and care
for their physical and psychological
wellbeing.
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.
4
APPENDIX

61
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 5
KEY RISKS

62
NEW ZEALAND RURAL LAND COMPANY
NZL: Key Risks
KEY RISKS
Land Value RiskNZL will realise its strategy for capital growth in the value of rural land that it acquires only if NZL acquires rural land at a purchase price that is less than the rural land’s
future value. This requires NZL to predict future value when acquiring rural land, which involves inherent uncertainty. Acquiring unproductive land and other external
factors may reduce land value below the price that NZL paid to acquire that land.
NZL’s rural land is currently concentrated in the dairy sector and until there is greater diversification in its rural land holdings, the value of NZL’s land is susceptible to
value decreases if there is a sustained downturn in the dairy sector. The acquisition of the forestry estate will help to mitigate this risk by diversifying NZL's rural land
holdings into the forestry sector. NZL’s rural land assets are also each of a relatively large scale making the number of potential buyers more limited. Therefore, any
realisation of NZL’s rural land assets may take longer to realise for an appropriate sale price.
Tenant Risk (financial)NZL’s income is rental payments received from Tenants who lease NZL’s rural land. Tenants are exposed to the financial risks associated with operations on the land (for
example, commodity price fluctuations, increases in operating costs, health risks to stock). If Tenants do not manage those risks or lack the financial capacity to absorb
those risks Tenants may default on lease payments to NZL. If NZL is required to replace a Tenant, NZL may have a period where it is receiving no or reduced income
from the rural land that it owns while a replacement is appointed. This could impact on NZL’s ability to pay dividends. Accordingly, NZL investors are indirectly exposed
to operational farming risks given that those risks can cause Tenants to become insolvent and reduce NZL’s income.
NZL currently has seven Tenants leasing its rural land holdings and will bring on one additional tenant as part of the acquisition of the forestry estate (whose financial
position is dependent on the forestry and carbon industries, not dairy). Diversifying this Tenant base over time is a key mitigant for NZL to ensure it is not overly exposed
to the financial position of any one Tenant.
Tenant Risk (operational)Operational practices of Tenants on NZL’s rural land could damage the rural land and decrease its value. For example, poor environmental or unsustainable farming
practices could reduce production on the rural land and lead to regulatory actions.
As with the Tenant risk (financial), NZL’s tenant selection criteria becomes a key mitigant where, in addition to selecting Tenant’s that are financially sound, Tenant’s need
to demonstrate a high degree of operational experience and a history of using best farming/agricultural practices.
5
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NEW ZEALAND RURAL LAND COMPANY
NZL: Key Risks (continued)
KEY RISKS
Financing RiskTo grow and diversify its rural land holdings, NZL needs to access capital to fund acquisitions. Capital is sourced from a combination of bank debt and proceeds from
equity issuances.
NZL’s ability to raise capital from equity issuances will be subject to its financial performance, investor sentiment and prevailing market conditions. These factors cannot
be assured.
For bank debt, NZL has a medium-term target of maintaining a loan to value ratio (LVR) of 30% and, a bank covenant requiring the LVR to be no more than 40%. The
LVR of NZL is currently 37.7% as at 31 December 2022. Borrowing to an LVR at the higher end of this range has enabled NZL to act on acquisition opportunities as they
arose and grow its rural land holdings more rapidly. However, this has also reduced the headroom that NZL has with its bank covenant which could be a material risk if
rural land values decreased. In addition, this exposes NZL more to interest rate increases.
Capital Expenditure RiskThere could be unbudgeted capital expenditure on rural land that NZL acquires reducing the expected return from that land for NZL. Such unbudgeted capital
expenditure, or capital expenditure cost overruns may occur if repairs and maintenance are not being properly undertaken, which will generally be the responsibility
of the Tenant. Changes in environmental laws or environmental law non-compliance could give rise to unforeseen capital expenditure necessary for compliance or
remediation.
COVID-19 Pandemic RisksCOVID-19 has and continues to cause significant supply chain disruptions for both domestic and international markets. To date, global supply chains have prioritised the
delivery of food products, minimising disruption to the New Zealand dairy sector. However, supply chain disruptions are continuing and if they do start impacting more
on food products, this could increase spoilage of dairy products, cause increases in operating costs and a reduction in profitability for Tenants.
Extreme Weather EventsClimate change is expected to increase the frequency/severity of extreme weather events. Extreme weather can cause long-term damage to NZL's assets this damage
may include slips, flooding or windthrow while the infrastructure necessary for tenants to conduct their operations may be also be damaged or destroyed. Extreme
weather events may also cause significant supply chain disruptions for both domestic and international markets. Supply chain distruptions could increase spoilage of
dairy products, cause increases in operating costs and a reduction in profitability for Tenants.
Forestry Industry
Regulation
New Zealand's Emissions Trading Scheme is relatively mature in a global context. However, legislation is changed frequently as the country works towards national
emissions budgets. There is therefore a risk that the government makes changes to the Emissions Trading Scheme and its associated legislation that negatively impacts the
returns to the tenant of the forestry estate or NZL as owner of the forestry estate.
Default RiskNZL has entered into unconditional agreements to purchase the forestry estate. If the equity raising is unsuccessful, there is a risk that NZL defaults on its agreements. NZL
has entered into a subscription agreement with the Tenant of the forestry estate to fund up to $18 million of the purchase price, which gives NZL the option to purchase a
lesser percentage of the forestry estate (as outlined further on page 21). NZL has also received indications of interests from investors in Europe, which may provide NZL
with access to capital from new markets. If absolutely necessary, NZL may be able to access some form of bridge financing until such time as NZL can dispose of certain
assets (including as outlined further on page 21).
5
APPENDIX

64
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 6
INDEX INCLUSIONS, BROKER RESEARCH
COVERAGE & INVESTOR CONTACTS

65
NEW ZEALAND RURAL LAND COMPANY
NZL: Index Inclusions and Broker Research Coverage
FTSE Global Micro Cap Index
S&P / NZX All Real Estate Index
65
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
6
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:
6
APPENDIX
66
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