NZX Webinar Presentation

1
NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
Rural Land Co
New Zealand
The Rural Land Investors
NZL Introduction
September 2023

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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 14,847 hectares (36,988 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, 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.
Temperate Climate
Fertile Soils
Pasture-based
Production
Carbon Footprint
water
emissions
electricity
transport
offsets
waste
recycling
gas
personnel
fuel
co
2
INTRODUCTION

6
NEW ZEALAND RURAL LAND COMPANY
New Zealand Rural Land Company is a landlord to New Zealand’s attractive agricultural sector.
We own rural land and lease it to high quality tenants.
NZL Today
NZL currently owns
hectares of rural land.
(36,688 acres)
14,847
Canterbury
6,333 ha owned
Otago
3,991 ha owned
Southland
1,386 ha owned
11.5 Years
Weighted Average Lease Term (WALT)
8
High Quality Tenants
100
%
Occupancy Rate
Manawatu - Whanganui
3,137 ha owned
INTRODUCTION

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NEW ZEALAND RURAL LAND COMPANY
NZL Year to Date Highlights
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.

8
NEW ZEALAND RURAL LAND COMPANY
SECTION 1
NZL ADVANTAGES

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

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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.

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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

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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

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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

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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

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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
1.533
$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
NAV Performance Since Listing
CAGR +8.5%
***
***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.

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

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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%
2
PORTFOLIO OVERVIEW
21.0%
46.4%
32.5%
Rural Sub-Sector Breakdown

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

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NEW ZEALAND RURAL LAND COMPANY
INTRODUCTION
Summary of FY23 To Date
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.
4
OPERATIONAL UPDATE
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:
• continue to acquire NZL shares through an on-market share
buyback programme; and
• repay the convertible note recently issued to acquire the
forestry assets.
AcquisitionsCorporate Actions
*Assumes 100% of forest owned

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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.

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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.
UPDATE
4
Timber & Carbon
Dairy Market
*As at 24 August 2023.

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NEW ZEALAND RURAL LAND COMPANY
Sector:Description:Time frame:
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
completed.
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
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 September
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

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NEW ZEALAND RURAL LAND COMPANY
Summary
NZL provides investors with exposure to:
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.
11.6 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

24
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
3
APPENDIX
MSCI World Micro Cap Index
S&P / NZX Micro Cap Index

25
NEW ZEALAND RURAL LAND COMPANY
Investor 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
3
APPENDIX

26
NEW ZEALAND RURAL LAND COMPANY
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