Half Year Financial Presentation – amendment

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
RESULT FOR THE PERIOD ENDING 30 JUNE 2023
Rural Land Co
New Zealand
The Rural Land Investors
25 AUGUST 2023

v
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.

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

4
NEW ZEALAND RURAL LAND COMPANY
Highlights
1
INTRODUCTION
*Based on a share price of $0.85 as at 24 August 2023.
NAV per share has grown from $1.25 at listing to $1.534.
Share price is currently trading at a -44.6% discount to NAV/sh
*
.
Diversification via forestry acquisition (forestry now 30% of lease income).
Buy-back continues. The Board considers NZL to still be materially undervalued.
Accretive acquisitions boost full year Adjusted Funds From Operations (AFFO) per share.
Green Loan funding with a portion of proceeds earmarked for plantings.
“Enduring Land for Life” programme launched and adopted on-farm.
Native Plantings and other initiatives.

5
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY - Financial Highlights
Total Returns
Net asset value per share has grown from $1.25 at IPO
*
to
$1.534
**
(at 30 June 2023), a total return CAGR of +14.6%
including dividends and a total return of +40.7%
***
.
1
INTRODUCTION
* 21 December 2020
**As at 23 August 2023.
***Assumes full participation at rights issues.
***As at 23 August 2023.
Significant Discount to NAV
Increasing AFFO/Share Guidance
A share price of $0.85 (24 August 2023), representing
a -44.6% discount to NAV, offers a compelling entry
point for a quality, defensive asset, with a strong rental
income growth outlook.
Strong uplift in AFFO guidance driven by forestry
acquisition. FY23 AFFO per share post forestry
acquisition is forecast to be 4.2 - 4.6 cps, FY24
AFFO per share is forecast to be 5.7 - 6.0 cps. This
represents an AFFO mid point CAGR of +31.4% from
FY22 - FY24.
Share Buy-Back Ongoing
NZL’s share Buy-back continues. The Board considers
NZL to still be materially undervalued, and thus
continues to purchase shares on market. To date NZL
has repurchased 306,327 shares and intends to make
further repurchases at current levels as cashflow
permits.

6
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY - Operational Highlights
1
INTRODUCTION
Enduring Land For Life
Green Loan
NZL has recently published its programme it utilises
to ensure our land and partnerships are enduring.
Titled “Enduring Land for Life” (working title) this
programme focuses on five vital & interconnected
areas: environmental, economic, social, animal welfare
and mana whenua. A sixth area, governance, ensures
oversight and measurement of performance. It can
be found on our website at https://www.nzrlc.co.nz/
sustainability which also includes specific detail related
to individual projects and initiatives. This will be updated
on an ongoing basis.
Commitments between NZL and tenants are developed
and refined jointly, incorporating industry best practice,
latest scientific research and learnings from leading
tenants. Joint commitments to preserve the land are
made binding by our leases and NZL incorporates
regular audits to monitor this.
As part of its recent forestry acquisitions NZL established
a green loan programme. The green loan follows
the Asia Pacific Loan Market Association Green Loan
Principles. Working within these principles enables NZL
to align itself with UN Sustainable Development Goal 15
which aims to protect, restore and promote sustainable
use of terrestrial ecosystems, sustainably manage
forests, combat desertification, and halt and reverse
land degradation and halt biodiversity loss. A portion of
proceeds from the loan have be earmarked for native
plantings, and the promotion of biodiversity on several
of our farms.
* 21 December 2020
**Unaudited NAV/sh for the 6 months to 30 June 2023.
Diversification
NZL’s recent forestry acquisition added meaningful sector,
income and tenant diversification to NZL’s portfolio.
As a proportion of value, forestry land now represents
~30% of NZL’s lease income. NZL’s forestry leases will
also roll more frequently than its pastoral leases, with
annual uncapped CPI adjustments. NZL also benefits
from an increase in WALT (11.6 years from 9 years) and
an increase in its tenant base to eight large tenants from
a previous seven.
Planting & Other Initiatives
NZL continues mapping its current portfolio for marginal
land which can be enhanced with replanting. Two
properties are earmarked for planting in FY23.
NZL has initiated work on several special projects
across its portfolio. These include a solar pump upgrade
(from diesel), improved effluent systems on some of our
farms, native regeneration and predator control at NZL’s
forestry estate in partnership with our tenant.

7
NEW ZEALAND RURAL LAND COMPANY
FY2023 1HY Key Financial Metrics
$1.534
NAV per Share
$362.7m
Total Assets
$214.5m
Net Asset Value (NAV)
+31.4%
FY22-FY24 Forecast AFFO
per share CAGR*
37.1%
**
Gearing
1
INTRODUCTION
*From FY22 to full year FY24 based on actuals and guidance. Represents a forecast and may differ from actual results.
**Total tangible assets divided by total bank debt.

8
NEW ZEALAND RURAL LAND COMPANY
INTRODUCTION
Summary of FY2023 1HY
On 14 April 2023, NZL announced the settlement of a forestry
estate acquisition which comprises five individual properties with
a total area of approximately 2,400 hectares. The total acquisition
cost was ~$63m. The estate is leased to New Zealand Forest
Leasing (NZFL) for a 20 year period with the first year’s lease
payment being ~$5m.
NZL funded the purchase with $25.2m of borrowings from
Rabobank. These borrowings were in the form of a green loan
established within a green financing framework managed and
reported on in line with Asia Pacific Loan Market Association’s
Green Loan Principles.
The equity component of the purchase was funded from the
proceeds of NZL’s pro-rata rights issue and a $12m convertible note
issued to an entity associated with NZFL. The note is unsecured
and pays an 8% p.a. coupon. NZL can redeem any part of the note
at any time without penalty.
On 28 April 2023, NZL announced the settlement of a
supplementary forestry acquisition for a purchase cost of
approximately $8m. NZL acquired 100% of the forest which has a
total area of 737ha. The forest is leased to NZFL for a period of 16
years. The purchase was funded through a combination of debt
from capacity in the previously established green loan facility and
equity remaining from the pro-rata rights issue.
1
INTRODUCTION
On 26 May 2023 NZL announced an upgrade of FY24 earnings
guidance, suspension of the FY23 interim dividend and an on-
market share buyback.
NZL announced an upgrade to its forecast FY24 AFFO on 26
May 2023. This was due to the accretive nature of NZL’s forestry
acquisitions, FY24 is the the first full financial year in which the
forests will be owned by NZL. NZL’s FY24 AFFO forecast is
unchanged at $8.0m - $8.5m.*
The NZL Board considers that the current market price of NZL
shares materially undervalues both the assets and the free
cashflow profile of the business making shares purchased at this
level attractive and accretive on an asset and free cashflow basis
for shareholders.
In the Directors’ opinion, buying back shares was more attractive
for shareholders than paying dividends and the Board resolved to
suspend NZL’s dividend policy for the current six-month period.
NZL will use available cash flow to:
• acquire NZL shares through an on-market share buyback
programme; and
• initiate its buyback program, repurchasing a small amount of
shares and remains in the market for further purchases; and
• repay the convertible note recently issued to acquire the
forestry assets.
AcquisitionsCorporate Actions
*Assumes 100% of forest owned

9
NEW ZEALAND RURAL LAND COMPANY
Updates from the Timber, Carbon & Dairy Markets
In April 2023, NZL acquired a 2,400ha forestry estate in Manawatu-Whanganui and, in the same month added a further 737 ha in the same region. Both
estates are leased long term to New Zealand Forest Leasing (NZFL).
The Carbon market / Emissions Trading Scheme (ETS) market has seen significant volatility with the current carbon/NZU price at approximately $65*. The
volatility was largely attributed to increased uncertainty. The government’s decision in December 2022 to decline the Climate Change Commission’s (CCC)
price control recommendations for 2023-2027 played a crucial role in driving down prices from nearly $90 to below $35. The CCC’s advice was rejected due to
concerns carbon price increases would exacerbate inflation. It is worth reiterating that NZL is sheltered from price swings in NZU’s as NZL only owns the
land, not the derived carbon or timber revenues, and has an experienced, well capitalised tenant in NZFL.
Recently, the price of NZU’s have increased to ~$65 after the climate change minister James Shaw offered some market certainty and announced the
government would adopt the Climate Change Commissions advice.
Due to an ongoing review of the Emissions Trading Scheme (ETS) there is further short-term market uncertainty. The consultation has been triggered by
concern around the possibility that the current settings of the ETS do not provide adequate incentives for businesses to reduce their emissions directly,
instead promoting reliance on carbon offsets through forest planting (consultation closed 11 August 2023). The government is inviting submissions on four
potential amendments to the current frame work. We believe our properties in the forestry sector are supported by long term tailwinds in the carbon price
and timber sectors alongside a well established market participant in NZFL.
Fonterra’s FY23 mid point milk price is currently $6.75 kg/ms, which is lower than some farmer’s cost of production. NZL and NZRLM are offering support
to tenants with access to advice and operational support experts. All leases continue to be current and we continue to monitor and offer assistance where
useful.
INTRODUCTION
1
Timber & Carbon
Dairy Market
*As at 18 August 2023.

10
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
NZL FINANCIALS & RETURN METRICS FOR
PERIOD ENDING 30 JUNE 2023

11
NEW ZEALAND RURAL LAND COMPANY
Adjusted Funds From Operations (AFFO)
1.96cps
AFFO
2.12cps
FFO
NZ$00030 June 2023
*
30 June 2022
**
Variance%
Net Profit After Tax2,49236,512(34,020)(93.1%)
Adjusted for:
Unrealised Net Gain on Investment Properties-(35,342)(35,342)-
Performance Fee Payable in Shares-4,115(4,115)-
Unrealised Net Gain on Derivatives260(960)+1,220+127.1%
Deferred Tax Expense / (Benefit)97(919)+1,016+110.6%
Amortisation of Rent Free Incentives8859+29+49.2%
Amortisation of Lease Fee2531(6)(19.4%)
Funds from Operations (FFO)2,9623,496(534)(15.2%)
FFO per Share2.123.10(0.98)(31.2%)
Adjusted Funds from Operations
Incentives and Leasing Costs109(1,110)+1,219(109.8%)
Future Maintenance Capital Expenditure(332)(178)+154+86.5%
Adjusted Funds from Operations (AFFO)2,7392,208+35124.0%
AFFO per share (cents)1.961.96--
2
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 free cash flow.
*6 month period to 30 June 2023.
**6 moth period to 30 June 2022.
Note: REIT - Real Estate Investment Trust, AFFO - Adjusted Funds From Operations, FFO - Funds From Operations
FY23 AFFO/share is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps and 6.0 cps.

12
NEW ZEALAND RURAL LAND COMPANY
Profit & Loss Statement
NZ$000
30 June 2023
*
30 June 2022
**
Variance%
Gross Rental Income
Rental Income
6,8514,717+2,134+45.2%
Net Rental Income
6,8514,717+2,134+45.2%
Less Overhead Costs
Directors Fees
(114)(114)0-
Insurance
(41)(40)+1+2.5%
Management Fees
(503)(331)+172+52.0%
Repairs and Maintenance
(82)-+82-
Professional, Consulting and Listing Fees
(292)(187)(105)+56.2%
Performance Fee
-(4,115)(4,115)-
Total Overhead Costs
(1,032)(4,787)(3,755)(78.4%)
Profit / (Loss) Before Net Finance Income, Other
Income and Income Tax
5,819(70)+5,889+8,412.9%
Finance Income9261,842(916)(49.7%)
Finance Expense(4,156)(1,521)+2,635+173.3%
Net Finance Income(3,230)321(3,551)(1,106.3%)
Profit /(Loss) Before Other Income and Income Tax2,589251+2,338+931.5%
Other Income
Change in Fair Value of Investment Property-35,342(35,342)-
Profit / (Loss) Before Tax2,58935,593(33,004)(92.7%)
Income Tax Expense(97)919(966)(105.1%)
Profit / (Loss) and Total Comprehensive Income for the
Period
2,49236,512(34,020)(93.2%)
Earnings per Share (EPS) (cents)1.9237.27(35.45)(94.85%)
$2.49m
NPAT
1.92cps
EPS
2
FINANCIALS
+45.2%
Increase in Rental Income
*6 month period to 30 June 2023.
**6 month period to 30 June 2022.

13
NEW ZEALAND RURAL LAND COMPANY
Balance Sheet
NZ$00030 June 202331 December 2022Variance%
Current Assets
Cash and Cash Equivalents2291,942(1,713)(88.2%)
Other Current Assets499282+217+77.0%
Total Current Assets7282,224(1,496)(67.3%)
Non-Current Assets
Investment Property275,597267,360+8,237+3.08%
Investment in forestry estate63,367-+63,367-
Deposit for Forestry Estate Acquisition-6,294(6,294)-
Loan receivable19,73319,144+589+3.08%
Derivative Assets2,3182,506(188)(7.5%)
Other Non-Current Assets9431,292(349)(27.0%)
Total Non-Current Assets361,919296,596+65,323+22.0%
Total Assets362,647298,820+63,827+21.4%
Current Liabilities
Trade and Other Payables2,214594+1,620+272.7%
Income in Advance292-+292-
Borrowings29,5001,968+27,532+1,399.0%
Convertible Note1,244-+1244-
Other Current Liabilities169319(150)(47.0%)
Total Current Liabilities33,4192,881+30,528+1060.0%
Non-Current Liabilities
Borrowings104,000105,000(1,000)(0.95%)
Convertible Note10,716-+10,716-
Total Non-Current Liabilities114,716105,000+9,716+9.25%
Total Liabilities148,135107,881+40,254+37.3%
Net Assets214,512190,939+23,573+12.4%
Total Equity214,544190,939+23,605+12.4%
$214.5m
Total Equity
$362.7m
Total Assets
*Shares on issue as at 30 June 2023 - 139,906,327
**Shares on issue as at 31 December 2022 - 115,601,570
2
FINANCIALS
+12.4%
Increase in NAV

14
NEW ZEALAND RURAL LAND COMPANY
Debt Summary
2.0 Years
*
Weighted Average Term
to Expiry
6.42%
*
Weighted Average
Interest Cost
Key Metrics30 June 202331 December 2022
Debt Drawn ($m)133.5107.0
Debt to Total Assets37.1%36.1%
Interest Coverage Ratio1.8x2.4x
Weighted Average Term to Expiry (Years)2.02.4
Weighted Average Debt Cost6.42%5.6%
% of Debt Hedged53%39%
Total Debt Facilities Available ($m)133.5107.0
NZL Debt Facility Expiry Profile as at 30 June 2023
* As at 30 June 2023
** Gearing is calculated as: bank debt / total tangible assets
37.1%
*
Gearing
**
Key Banking Partner
NZL has hedging arrangements in place for 53% of its total borrowings costing, on average, 5.33%. The remaining debt is floating and the cost of the
floating debt component is 7.63%. Accordingly, NZL’s weighted average cost of debt is currently 6.42%.
34%
22%22%
22%
0%
10%
20%
30%
40%
50%
FY23FY24FY25FY26FY27
Tranche ATranche B
Tranche C
Gr een Loan
2
FINANCIALS

15
NEW ZEALAND RURAL LAND COMPANY
1.250
1.360
1.652
1.533
$1.0 0
$1.10
$1.20
$1.3 0
$1.4 0
$1.50
$1.60
$1.70
IPO as at 21 Dec 202031-Dec-2131-Dec-2230/06/2023 (Unaudited)
Net Asset Value Per Share
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 +40.7%*.
NZL delivered $2,559m in AFFO in the six months to June 2023, +15.9% from the six months to June 2022 ($2,208m). NZL remains on track to meet its full
year AFFO guidance as it will capture the first full six months of lease income from its forestry estate over the second half of the year.
FY23 AFFO/share is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps and 6.0 cps.
*This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 139,906,000 on issue as at 30 June 2023. Calculation assumes full participation in rights issues.
** 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.
****CAGR calculation is from FY22 - FY24 and includes forecasts, as such actual results may differ.
NAV Performance Since Listing
+8.5% CAGR
2
FINANCIALS
0.80
3.95
6.25
8.25
0.00
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
FY21 AFFO
Actual
FY22 AFFO
Actual
FY23 AFFO
Guidance - Midpoint
FY24 AFFO
Guidance - Midpoint
AFFO/share (cents)
AFFO $m
AFFO
AFFO/Share
AFFO & AFFO/Share
+31.4%
AFFO/Share CAGR
****
2.01
1.6
2.03***
0
1
2
3
4
5
6
31-Dec-21FY 22**FY 23 - D ivi de nd
Suspended (Curren tly)
cps

16
NEW ZEALAND RURAL LAND COMPANY
SECTION 2
NZL PORTFOLIO OVERVIEW
AS AT 30 JUNE 2023
*6 month period to 30 June 2023.

17
NEW ZEALAND RURAL LAND COMPANY
Portfolio Overview
1
WALT is weighted by lease value.
2
One of our tenants leases farms in both Canterbury and North Otago.
Region
OtagoCanterburySouthlandManawatu - WhanganuiTotal
Land Area (ha)
3,9916,3331,3863,13714,847
Rural Asset Class
Pastoral FarmsPastoral FarmsPastoral FarmsForestry
Pastoral Farms &
Forestry
Current Use
Dairy & SupportDairy & SupportDairy & Support Forestry & Carbon
Dairy, Support, Forestry
& Carbon
WALT (years)
1
7. 88.88.318.911.6
# Tenants
23318
2
Occupancy
100%100%100%100%100%
3
PORTFOLIO OVERVIEW
21.0%
46.4%
32.5%
Rural Sub Sector Breakdown

18
NEW ZEALAND RURAL LAND COMPANY
Tenant Concentration, Lease Profile & Lease Overview
Tenant Concentration as % of Lease Value
NZL expects tenant diversification to increase as it continues to grow its asset base.
NZL’s Weighted Average Lease Term (WALT) is currently 11.5 years* (100% occupancy).
NZL’s pastoral farm leases all have three, six and nine year uncapped CPI increases with tenant rights of renewal in years 10 or 11.
NZL’s forestry leases all have annual uncapped CPI increases.
All leases are triple net leases, tenants are responsible for all repair and maintenance costs.
Lease Expiry Profile by Value
* As at 18 August 2023
3
PORTFOLIO OVERVIEW
0.0
2.0
4.0
6.0
8.0
10.0
12.0
FY22FY24FY26FY28FY30FY32FY34FY36FY38FY40FY42
$m
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7Tenancy 8
6%
22%
7%
3%
19%
10%
3%
30%
Tenancy 1Tenancy 2Tenancy 3Tenancy 4Tenancy 5Tenancy 6Tenancy 7Tenancy 8

19
NEW ZEALAND RURAL LAND COMPANY
SECTION 3
NZL OPERATIONAL UPDATE &
OUTLOOK

20
NEW ZEALAND RURAL LAND COMPANY
Operational Update
4
OPERATIONAL UPDATE
NZL continues to work on mapping its current portfolio for marginal land which can be enhanced with planting and a programme to increase biodiversity.
The mitigation of erosion is a key outcome of this planting with potential for carbon sequestration and sediment control. Two properties marginal areas are
planned to start planting in FY23.
NZL has initiated work on several special projects across its portfolio. These include a solar pump upgrade (from diesel), improved effluent systems on
some farm, planned/budgeted during purchase, and native regeneration and predator control at NZL’s forestry estate in partnership with our tenant New
Zealand Forestry Leasing.
Release of NZL’s sustainability programme - “Enduring Land for Life” (working title). Visit our website https://www.nzrlc.co.nz/ for further detail.

EnvironmentEconomic
Governance
Oversight and management of 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

Mana Whenua
✓ Prioritising relationships with mana
whenua / te ahi kaa
We know that the success of any strategy starts with the tone at the top, and we value strong and diverse governance. Having the right mix of skills
and commitment ensures NZL has the capability and vision needed to achieve our mission.
Enduring Land for life: The Framework
1
2
3

21
NEW ZEALAND RURAL LAND COMPANY
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.
As announced to the market on 26 May 2023, post the 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
**
. These forecasts remain unchanged.
FY23 AFFO per share post forestry acquisition is forecast to be between 4.2 cps and 4.6 cps while FY24 AFFO per share is forecast to be between 5.7 cps
and 6.0 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 to be approximately +22.3% for the three years
to 30 June 2024.
NZL has hedging arrangements in place for 53% of its total borrowings costing, on average, 5.33%*. The remaining debt is floating and the cost of the
floating debt component is 7.63%. NZL’s weighted average cost of debt is 6.42%.
NZL’s investment properties are valued annually. The most recent valuation was in December 2022 and the next valuation occurs in December 2023. The
rural land market in the last 6 months remains resilient considering market conditions. The REINZ All Farm Price Index has declined a largely immaterial
-2.39% in the 6 month period from December 2022.
4
OUTLOOK
*as at 30 June 2023
**AFFO forecasts assume that NZL acquires 100% of the forest estate.

22
NEW ZEALAND RURAL LAND COMPANY
Summary
NZL provides investors with exposure to:
*Based on the closing share price of $0.83 as at 18 August 2023
Favourable Industry
Dynamics
A Proven Value Add
Acquirer of Land
Attractive Total ReturnsHigh Quality Tenants
with Attractive WALT
A Significant Growth
Opportunity
Long term demand for key
commodities and food
vs declining availability
of productive land drives
land values. Productive
rural land is finite in supply
and its value is founded
on worldwide population
growth, growing food
demand, and yield-
boosting innovation
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
more than 14,800 hectares
of pastoral farm land and
forestry since listing on 21
December 2020.
NAV per share increased
from $1.250 (21 December
2020) to $1.533 as at 30
June 2023. This represents
total increase in NAV of
+22.7% .
NAV growth has been
achieved alongside an
expansion to capital base
from 60.6m shares on
issue at IPO to ~139.9m
shares on issue as at 30
June 2023
NAV has grown by +22.7%
since NZL’s IPO. 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).
Farmland does not
typically experience the
same volatility that mark
economic changes. It usually
experiences peaks and
plateaus – appreciating
at an attractive rate when
times are positive but not
necessarily retreating when
conditions are tough, this
is driven by its increasing
scarcity.
All tenants have significant
operating experience,
robust balance sheets and
governance frameworks.
11.5 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

23
NEW ZEALAND RURAL LAND COMPANY
APPENDIX 1
NZL COMPANY STRUCTURE & OWNERSHIP,
INDEX INCLUSIONS, RESEARCH COVERAGE
AND INVESTOR RELATIONS CONTACTS

24
NEW ZEALAND RURAL LAND COMPANY
Key People
ROB CAMPBELL
Independent Chair
Chancellor - AUT
Chair - Ara Ake
CHRISTOPHER SWASBROOK
Non-Independent Director
Managing Director – Elevation Capital Mgmt Limited
Board Member – Financial Markets Authority (FMA)
Member - NZX Lisiting Sub Committee
Director – Bethunes Investments Limited, McCashin’s
Brewery Limited, Ruapehu Alpine Lifts Limited,
Swasbrook Securities 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
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
CFO - Tupu Angitu
Various roles on Iwi and Ahu Whenua
Trusts and Committees
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
Managing Director - Allied Farmers
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 MANAGERS
Rural Property Managers
RURAL VALUERS
Independent Consultants
XAVIER LYNCH
General Manager - Corporate
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 SPECIALISTS
Independent Consultants
FARM CONSULTANTS
Independent Consultants
New Zealand Rural Land Co
The Rural Land Investors
New Zealand Rural Land Management
1
APPENDIX

25
NEW ZEALAND RURAL LAND COMPANY
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 30 June 2023, NZL had
foreign domiciled shareholders
amounting to ~21.89% of its
share register.
1
APPENDIX

26
NEW ZEALAND RURAL LAND COMPANY
Index Inclusions and Broker Research Coverage
FTSE Global Micro Cap IndexS&P / NZX All Real Estate Index
Broker Research Coverage
Kieran Carling
kieran.carling@craigsip.com
Nicholas Hill
nicholas.hill@craigsip.com
Arie Dekker
arie.dekker@jarden.co.nz
Vishhal Bhula
vishal.bhula@jarden.co.nz
Index Inclusions
1
APPENDIX
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

27
NEW ZEALAND RURAL LAND COMPANY
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 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand
1
APPENDIX

v
New Zealand Rural Land Company
Level 1, 85 Fort Street
Auckland Central
Auckland 1010
New Zealand
+64 9 217 2905
info@nzrlc.co.nz
www.nzrlc.co.nz

nzrlc
nzrlc
listed on:
Rural Land Co
New Zealand
The Rural Land Investors