Annual Meeting Chair Address and Presentation

E: info@nzrlm.co.nz | +64 9 217 2905
www.nzrlc.co.nz
24 May 2024
New Zealand Rural Land Company (NZL.NZX) - Chair Address to ASM
The Company recorded a net profit after tax of $10.9m in the 2023 financial year and Adjusted Funds from Operations
(AFFO) of $6.0m, including earnings from properties with put/call arrangements in place.
The Company has amended its dividend policy targets to a pay-out of 60% - 90% of AFFO, with an interim dividend to
be paid in early October 2024. In addition, the Company continues to maintain a selective on-market share buyback
programme.
In April 2023 acquired two forestry estates, totalling 3,137 hectares. The purchase was funded with NZL’s inaugural Green
Loan via Rabobank of $25.2m, the proceeds of the pro-rata rights issue, and a $12m convertible note.
In February 2024, subsequent to FY23 year end, the Company sold a 25% equity interest in its land portfolio to Roc
Partners for $44.2m in cash. The Company used the proceeds to repay a convertible note, and fund the acquisition
of land supporting three apple orchards located in Hawkes Bay, and a forestry block located in close proximity to its
existing Whanganui estates, for a total cost of approximately $27.6m. The balance was retained as working capital as
opportunities are investigated.
The Company now owns 16,063 hectares of rural land - (25% of which is owned by Roc). This represents a +8.4% increase
in total owned land, a +9.5% increase in WALT and continued growth in the scale and diversity of asset and tenant base.
Our strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive risk-
adjusted returns as a ground lessor. We generate shareholder value through a combination of asset value appreciation
and cash flow from long-term leases.
Post the most recent acquisitions and Roc transaction, the Company forecasts FY24 AFFO of between $7.0m and $7.5m,
excluding earnings from properties with put/call arrangements in place.
From April 2024, NZL will start to see the positive impact of rental growth with approximately half of its portfolio (by lease
income) due for CPI review. This includes 100% of its forestry leases and 53% of its pastoral leases.
NZL remains excited by its future opportunities, which are augmented by the strategic partnership with Roc Partners, and
the Company is positioned well to continue to grow shareholder value.
Rob Campbell
Independent Chair

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1
New Zealand Rural Land Company
Rural Land Company
New Zealand
Annual Shareholder
Meeting Presentation
24 MAY 2024
LISTED ON:
www.nzrlc.co.nz
2024

2
New Zealand Rural Land Company
2
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

3
New Zealand Rural Land Company
ASM AGENDA
1. Chair’s Introduction
2. Presentation to Shareholders
3. Resolutions
4. Questions

4
New Zealand Rural Land Company
FY23 NPAT of $10.9m and AFFO of $6.0m
NAV per share has grown from $1.250 at listing to $1.602 as at 31
December 2023, total returns have been +32.6% or +9.9% CAGR
*
AFFO has grown from 4.13
**
cps in FY22 to 4.35 cps (+5.4%) in FY23.
AFFO forecast to be 5.03 to 5.38 cps in FY24 (+19.7% mid-point)
Gearing ended FY23 at 36.2%. Lowered to 32.9% post Roc
transaction and subsequent acquisitions
Materially increased diversification via forestry acquisition in FY23
and further horticulture and forestry acquisitions early FY24
Dividend reinstated with an amended policy targeting a pay-out
of 60-90% of AFFO
On-market Share Buyback Programme continued
Roc Partners purchase 25% of NZL portfolio, validating strategy
and partnering for growth
4
FY23 RESULT & SUBSEQUENT EVENTS FY24
* This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on
issue at IPO to 139,295,000 on issue as at 31 December 2023. Calculation assumes full participation in rights
issues, plus dividend accumulated to 31 December 2023.
** Sum of AFFO/sh for 6 months to 30 June 2022 and 6 months to 31 December 2022.

5
New Zealand Rural Land Company
PORTFOLIO OVERVIEW - AS AT 24 MAY 2024
4
25% owned by Roc
2
WALT is weighted by lease value.
3
One of our tenants leases farms in both Canterbury and North Otago.
Region
Hawke’s Bay
Manawatū -
Whanganui
CanterburyOtagoSouthlandTotal
Land Area (ha)
974,2566,3333,9911,38616,063
1
Rural Asset Class
HorticultureForestryPastoral FarmsPastoral FarmsPastoral Farms
Pastoral Farms,
Forestry & Horticulture
Current Use
ApplesForestry & Carbon Dairy & SupportDairy & SupportDairy & Support
Dairy, Support,
Forestry, Carbon &
Apples
WALT (years)
2
3018.58.58.38.812.7
# Tenants
113238
3
Occupancy
100%100%100%100%100%100%
21.0%
46.4%
32.5%
Rural Sub-Sector Breakdown
55%
9%
31%
5%
DairySupportFore st ryApples

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New Zealand Rural Land Company
ROC PARTNERS TRANSACTION - POST BALANCE DATE
Overview
On 19 January 2024 NZL announced it had entered into an agreement to sell
a 25% equity interest in its land portfolio to Roc Partners (Roc). This transaction
settled on 9 February 2024.
Roc acquired the equity interest for approximately $44.2m in cash.
NZL used the proceeds to repay the $11.8m owing on a convertible note it drew
down in April 2023 to partially fund its forestry acquisition. A further $20.7m
of the proceeds were used to fund orchard and forestry land acquisitions
announced to the market on 20 February 2024.
• Capital recycling at a premium - the transaction is highly value accretive to
shareholders given the value of the 25% sold versus the implied share price value
of the rural land portfolio.
• Improved financial position - the proceeds of the transaction enabled NZL
to repay its convertible note, and have the financial capacity to capitalise on
opportunities that are NAV and AFFO accretive.
• Strategic partner – Roc Partners has extensive experience in rural property
investment and conducted extensive due diligence as part of the transaction. NZL
and Roc have already co-invested (through the LP) in two acquisitions successfully
growing the portfolio.
Key Points
The strategic benefits of this transaction were as follows:

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New Zealand Rural Land Company
NEW ACQUISITIONS IN FY24
MetricAcquisition 1: Twyford
Orchards
Acquisition 2: Forestry
Estate
LocationHawke’s BayManawatū-Whanganui
Asset ClassApple Orchard, HorticultureForestry
Area97 ha1,119 ha
Purchase Price~$18.1m~$9.5m
TenantKiwi CrunchNew Zealand Forest Leasing
Lease TypeTriple Net LeaseTriple Net Lease
Lease Term 30 years16 years
Year 1 Rent ~$1.35m$760k
Lease Rate 7.50%8.00%
Rent ReviewsAnnual adjustments of 2.5% or
CPI, which ever is higher
Annual CPI adjustments
Overview
Key Points
Subsequent to the settlement of the Roc transaction, NZL entered into two further
acquisitions that are accretive to AFFO and WALT, and further diversify NZL’s
portfolio*.
The first acquisition was the land supporting three apple orchards located in the
Hawke’s Bay region of the North Island. The properties have a total land area of
approximately 97 hectares of which 82 hectares are planted in a range of apple
varieties. This marks NZL’s entry into a new sub-sector (Horticulture).
The second acquisition is a forestry property located in close proximity to its
existing estates in the Manawatū-Whanganui region. This property has a total area
of approximately 1,119 hectares and is leased to New Zealand Forest Leasing (NZFL).
Further detail of the acquisitions can be found here:
www.nzrlc.co.nz/nzx-announcements

Portfolio as at 24 May 2024
Diversity Increased
WALT Increased
Gearing Lowered
AFFO/sh
/ Dividend
5.49
cps
4.12
cps
-25.0%
6.56
cps
+59.3%
Immedi at el y Post Sal e
Post Use of Funds
36.2%
Debt/Assets
32.9%
Debt/Assets
-9.1%
Gearing
30.6%
Debt/Assets
+22.0%
Post Use of Funds
0.53
0.09
0.33
0.05
DairySupportForestryApples
11.7
Years
12.7
Years
+8.5%
59%
10%
31%
55%
9%
31%
5%
DairySupportFore st ryApples
*The properties were acquired through a newly formed Limited Partnership 75% owned by NZL and 25% owned by Roc Partners

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New Zealand Rural Land Company
SUMMARY OF FY23 ACQUISITIONS & CORPORATE ACTIONS
On 14 April 2023, NZL announced the settlement of a forestry estate acquisition
with a total area of approximately 2,400 hectares, for ~$63m and was 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 a Rabobank Green
Loan*, proceeds of NZL’s pro-rata rights issue and a $12m convertible note.
On 28 April 2023, NZL announced the settlement of a supplementary forestry
acquisition for a purchase cost of approximately $8m, which has a total area of 737
hectares. The forest is leased to NZFL for a period of 16 years and was funded by
the aforementioned green loan and rights issue.
Corporate Actions
On 26 May 2023, NZL announced upgraded FY24 earnings and AFFO guidance,
suspension of the FY23 interim dividend and an on-market share buyback.
The earnings upgrade was due to the accretive nature of NZL’s forestry
acquisitions; 2024 is the first full financial year in which the forests will be owned by
NZL.
On 18 September 2023, NZL announced the suspension of its full-year dividend
for FY23 and the continuation of its share buyback programme, as the company
considered that the price of NZL shares materially undervalued both the assets and
the free cash flow profile of the business.
Acquisitions
* Established within a green financing framework managed and reported on in line with Asia Pacific
Loan Market Association’s Green Loan Principles.

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New Zealand Rural Land Company
DIVIDEND REINSTATEMENT & SHARE BUYBACK PROGRAMME
Dividend
Share Buyback Programme
NZL has resolved to both amend its dividend policy and reinstate NZL’s
dividend. The interim dividend will be based upon results for the period 1
January 2024 to 30 June 2024.
NZL’s amended dividend policy targets a pay-out ratio of 60% - 90% of AFFO.
The pay-out range grants the company greater flexibility to deploy NZL’s cash
operating earnings in ways most beneficial to increasing shareholder value.
NZL maintains a selective on-market buyback programme. Pursuant to
NZX Listing Rule 4.14.2 buybacks may take place over a 12 month period
commencing on 1 June 2023. The programme may be refreshed for
further 12 month periods
As per the policy released on 26 May 2023, the total number of shares
that may be bought back shall not exceed 5,350,000 shares. Shares will
only be acquired if the acquisition price represents 90% or less of NZL’s
prevailing net asset value per share.
The board will regularly determine the exact capital allocation to the
buyback programme while considering prevailing market conditions.

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New Zealand Rural Land Company
OUTLOOK & FY24 FORECAST
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 will start to see the positive impact of inflation in 2024, with many of its leases
up for CPI review. These include:
• 100% of leases for forestry assets acquired in FY23 in April 2024. CPI
accumulated since the leases began in April 2023 is +3.4%*, and is forecast to
be +4.3% at the time of review.
• 54% of its pastoral leases up for review on 1 June 2024. CPI accumulated since
the leases began on 1 June 2021 is +17.9%*, and is forecast to be +18.96% for the
three years to 1 June 2024.
NZL has hedging arrangements in place for 64% of its total borrowings costing,
on average, 4.7%. The remaining debt is floating and the cost of the floating debt
component is 7.7%. NZL’s weighted average cost of debt is 5.8%.
NZL still retains cash from the Roc Partners transaction following its orchard and
forestry acquisitions. NZL will continue to investigate options for deploying this cash
in a way which best serves its shareholders.
Post the most recent acquisitions and Roc transaction, NZL forecasts FY24 AFFO
of between $7.0m and $7.5m (Note: this excludes earnings from properties with
put/call arrangements in place). AFFO per share of 5.03 to 5.38 cents (Based on
139,295,000 shares on issue).
Dividend payout ratio in keeping with NZL’s new policy is 60-90% of AFFO.
*As at 31 December 2023

New Zealand Rural Land Company
111111
RESOLUTIONS

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New Zealand Rural Land Company
RESOLUTIONS
To consider an, if thought fit, to pass the following ordinary resolutions:
1. Re-Election of Tia Greenaway: That Tia Greenaway, who retires as a Director in accordance with NZX Listing Rule 2.7.1 and NZL’s constitution, and being eligible, be re-
elected as a Director of NZL.
2. Auditor’s Remuneration: That the Board be authorised to fix the fees and expenses of the Company’s Auditors

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New Zealand Rural Land Company
LISTED ON:
Rural Land Co
New Zealand
The Rural Land Investors
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
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