FY24 Annual Report

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NEW ZEALAND RURAL LAND COMPANY
www.nzrlc.co.nz
listed on:
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Rural Land Co
New Zealand
The Rural Land Investors

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NEW ZEALAND RURAL LAND COMPANY
CONTENTS
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4
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2024
Review
Statutory
Information
Financial
Statements
5 Statutory Information
16 Financial Statements46 Company Directory
3 2024 Review
Company
Directory
This report is dated 28 March 2025 and is signed on behalf of the Board of New Zealand Rural Land Company Limited:
Rob Campbell
Independent Chair
Sarah Kennedy
Director

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NEW ZEALAND RURAL LAND COMPANY
New Zealand Rural Land Co (NZL.NZX) is pleased to present its Annual Report for the year ended 31 December 2024. NZL
recorded a consolidated net profit after tax of $23.1m and Adjusted Funds From Operations (AFFO) of $7.1m, excluding
earnings from properties with put/call arrangements in place
1
.
FY24 Highlights
• Roc Partners purchased 25% of NZL’s portfolio, validating strategy and partnering for future growth;
• CPI linked rental increases of +18.6% on 37.3% of NZL’s portfolio took effect in mid-2024. A further 26.5% of NZL’s portfolio
was subject to a +4.0% increase on 15 April 2024;
• AFFO grew from 4.35 cps in FY23 to 4.94 cps (+13.6%) in FY24. NZL forecasts FY25 AFFO of between 5.25 cps and
5.60cps (FY25 includes further CPI linked rental adjustments and the first full year of higher yielding horticultural
acquisitions);
• Portfolio diversification and yield materially increased by forestry and horticultural acquisitions in FY24;
• WALT increased from 11.6 years (31 December 2023) to 12.5 (+8.2%) years at FY24 end, due to the acquisition of forestry
and horticultural properties with lease terms of 22 and 30 years respectively;
• 17,503 hectares of rural land now owned, an increase of +9.0% on FY23 16,063;
• Restructured NZL’s borrowing arrangements on 20 December 2024 by entering into a syndicated facility agreement with
Rabobank and Bank of China. The new syndicated facility reduces NZL’s weighted average cost of debt and increases
total available debt capital from $133.5m to $140.0m;
• Gearing lowered to 29.6% from 36.2% (-6.6%) with 65.0% of borrowing hedged;
• Dividend reinstated at ~80% of AFFO, equivalent to a full year dividend of 4.00 cps. The final dividend will be paid in April
2025. NZL will continue to offer a dividend reinvestment programme.
• Net asset value per share has grown from $1.25 at IPO to $1.603 (at 31 December 2024); and
• On-market share buyback programme continued, with 88,804 shares repurchased at an average price of $0.89 per
share, bringing the total shares repurchased to 710,131 since buyback was initiated in June 2023.
The FY24 result delivered an increased portfolio value, effective risk management, and sustainable growth in value and
dividends for shareholders.
A detailed results presentation is available at: www.nzrlc.co.nz/reports-presentations.
Roc Transaction
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 in early HY24 on 9 February 2024.
Roc acquired the equity interest for $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. Further proceeds were used to fund orchard and forestry land
acquisitions detailed below, with the balance retained as working capital while other opportunities were investigated.
Roc Partners has extensive experience in rural property investment and represent an ideal strategic partner for NZL. The
Companies have already co-invested in four acquisitions, successfully growing the portfolio.
Chair Report
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2024
Review

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NEW ZEALAND RURAL LAND COMPANY
Acquisitions
In the first half of the year, NZL announced the acquisition of several additional properties including a 97 hectare horticultural
property in Hawke’s Bay and a 1,105 hectare forestry estate in Manawatu-Whanganui. NZL supplemented the purchases
with an additional 1,501 hectare forestry estate in the same well regarded forestry region. These properties were collectively
purchased for $34.9m and were leased to Kiwi Crunch, New Zealand Forest Leasing and MM Forests respectively.
NZL also settled the first tranche of a 126 hectare apple orchard for $4.9m. This initial purchase consisted of approximately
47 hectares, with an annualised year one income of $635k. Settlement of the property included consideration of 2,215,190
shares. The next property is scheduled for settlement in September 2025.
The average weighted lease term and yield for FY24 acquisitions is 24.4 years and 7.8%, respectively (by lease value).
Following these transactions, NZL now owns 17,503 hectares of rural land (25% of which is owned by Roc) with a 12.5 year
WALT (by lease value) and 100% occupancy across nine tenants. The new properties add meaningful sector, income and
tenant diversification to NZL’s portfolio, with forestry and horticulture now holding a 32% and 8% proportion of the company’s
annual lease income.
CPI Adjustments
NZL benefits from CPI adjustments for all of its properties and has received CPI adjusted rental payments from all 18
properties due for review in FY24. Most of NZL’s dairy assets (37.3% of NZL’s rent) had rental reviews effective in mid-2024,
which resulted in CPI linked rental increases of +18.6%, a further 26.5% of NZL’s portfolio was subject to a +4.0% increase on
15 April 2024. Reflecting this the portfolio’s total lease value has increased by ~$1.56m or +7.6%. NZL’s dairy leases undergo
CPI review every three years, in contrast to its horticultural and forestry leases which undergo CPI review annually.
Dividend and Share Buyback Programme
NZL reinstated dividend payments and paid an interim dividend of 1.46 cps. NZL will pay a final dividend of 2.54 cps in April
2025 resulting in a total FY24 dividend of 4.00 cps representing ~80% of FY24 AFFO.
NZL’s intention has always been to pay regular semi-annual dividends. NZL’s amended dividend policy targets a pay-out of
60% - 90% of AFFO. The pay-out range grants the company greater flexibility to deploy NZL’s cash operating earnings in ways
considered most beneficial to increasing shareholder value.
The company maintains a selective on-market share buyback programme. During the period NZL repurchased a total of
88,804 shares at an average price of $0.89 per share. Under the programme 710,131 shares have been acquired as at the date
of this announcement.
Outlook and Subsequent Events
NZL’s strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive risk-adjusted
returns as a ground lessor. Recent acquisitions are delivering on this strategy.
The outlook for agriculture is positive with property prices forecast to continue increasing and higher commodity prices
improving the servicing ability of NZL’s tenants.
NZL’s leases incorporate regular CPI reviews. That means inflation results in rental growth. NZL is also protected from inflation-
impacted, and all other operational on-farm costs by owning only the land.
Post the most recent acquisitions and Roc transaction, NZL forecasts FY25 AFFO of between $7.5m and $8.0m, this excludes
earnings from properties with put/call arrangements in place (~$1.4m).
Subsequent to balance date NZL settled a transaction which involved the acquisition of land from an existing tenant for
approximately $15.5 million. As consideration, NZL transfered two properties held for sale and cash to the tenant. This
transaction sees NZL receive increased rental revenue.
This transaction was settled on 7 March 2025.
Rob Campbell
Chair

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NEW ZEALAND RURAL LAND COMPANY
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SECTION
STATUTORY
INFORMATION
DIRECTORS
NZL’s shareholders elect Directors to look after their interests. Directors are expected to:
• Ensure the strategic goals of NZL are clearly established and strategies are in place to achieve them;
• Approve and monitor NZL’s financial statements, corporate governance and other reporting, including reporting to
Shareholders and other stakeholders in accordance with its statutory functions;
• Establish procedures and systems to promote a culture and remuneration practice within NZL which facilitates the
recruitment, professional development and retention of staff;
• Ensure that NZL has appropriate risk management and regulatory compliance policies in place and monitor the integrity of
these policies;
• Familiarise itself with issues of concern to Shareholders and significant Stakeholders, including customers, staff, lessee’s
and the community; and
• Monitor the performance of NZL’s Manager.
Rob Campbell, appointed in September 2020, has more than 40 years’ experience in investment management and corporate
governance. He is the Chair of Ara Ake and Chancellor of Auckland University of Technology. Rob trained as an economist and
has worked in a variety of capital market advisory and governance roles over a long period.
Sarah Kennedy, appointed in September 2020, is the Founder and Managing Director of Calocurb Limited, a bioactive developed
by Plant and Food Research selling internationally. She is the former CEO of Lifestream International, a New Zealand-owned
company specialising in bioavailable, ethical, plant-based health foods. Sarah has also been chief executive of Designer Textiles
International. From 2011 to 2014, she held a number of senior roles with Fonterra, such as vice president of international farming
based in China, managing director of dairy nutrition, and managing director of RD1 — Fonterra’s chain of rural retail stores.
Before that, Sarah was managing director of Healtheries/Vitaco for a decade. Sarah is a veterinarian by training.
Christopher Swasbrook, appointed in September 2020, is one of the founders of New Zealand Rural Land Company and New
Zealand Rural Land Management. He is also the Founder and Director of Elevation Capital Funds Management Limited. He
was previously a Partner of Goldman Sachs JBWere Pty, co-head of institutional equities at Goldman Sachs JBWere (NZ) and a
foundation broker of the NZX. He has been a board member of the Financial Markets Authority since 2019. He is also Chair and
Director of the Auckland Future Fund, Chair of Bethunes Investments Limited, Executive Chair of McCashin’s Brewery Limited,
Chair of the Auckland Art Gallery Advisory Board and Chair of The Helen Clark Foundation.
Tia Greenaway, appointed in September 2021, is the CFO for Tupu Angitu Ltd, the commercial arm of Lake Taupō Forest Trust.
Tia has broad experience in the Māori sector and holds various roles on Iwi and Ahu Whenua Trusts and Committees operating
mainly in farming, forestry and property management. Tia is a member of Chartered Accountants Australia and New Zealand,
has a background in climate change mitigation and adaptation and is passionate about improving well-being outcomes for our
taiao and our communities.
for the period ended 31 December 2024

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NEW ZEALAND RURAL LAND COMPANY
ENVIRONMENTAL, SOCIAL, AND GOVERNANCE
NZL and its tenants share a vision of sustainable practices. These include practices that enhance the health and well-being of NZL and its tenants share a vision of sustainable practices. These include practices that enhance the health and well-being of
the natural environment, animals and communities connected to the land. NZL is prioritising working with tenants who share the natural environment, animals and communities connected to the land. NZL is prioritising working with tenants who share
these values. Additionally, NZL and its tenants agree to binding sustainability pledges in leases. Under the Financial Markets
Conduct Act 2013 NZL is a climate reporting entity. In order to comply with the Act NZL must prepare climate reporting within
four months of the Company's balance date. The Company's climate statement is currently being prepared and when complete
will be available on NZL's website, www.nzrlc.co.nz on or before 30 April 2025.
CORPORATE GOVERNANCE
The Board is committed to the highest standard of corporate governance as established by recognised best practice. The
Board is responsible for establishing and implementing NZL’s corporate governance frameworks. NZL’s corporate governance
practices have been prepared in accordance with the Financial Markets Authority’s Corporate Governance Handbook, the
requirements of the NZX Listing Rules, and, except where specifically stated otherwise in this Report, the recommendations in
the NZX Corporate Governance Code (NZX Code).
The Board has implemented governance principles and processes to establish, shape and maintain appropriate governance
standards and behaviours throughout NZL that align with the NZX Code. The adoption of governance principles ensures that
the Board act in accordance with agreed standards of ethical and moral behaviour, including observing NZL’s Code of Ethics.
Copies of NZL’s key corporate governance documents, including NZL’s Board Charter and Code of Ethics, are available at NZL
Policy Documents & Constitution section of NZL’s website: www.nzrlc.co.nz/company-policy-documents.
This statement was approved by the Board on 28 March 2025, and was accurate as at that date.
Corporate Governance Structure
The Board are elected by Shareholders of NZL. The Board has overall responsibility for the governance of NZL, while the day-
to-day management of NZL has been delegated to the Manager. The respective roles of the Board and the Manager within this
corporate governance structure are summarised below.
Role of the Board
The primary role of the Board is to approve and monitor the strategic direction of NZL that is recommended by the Manager and
to add long-term value to NZL’s shares, whilst having appropriate regard to the interests of all material Stakeholders. Further
information on the Board’s role and responsibilities is set out in the Board Charter.
Board Committees
The Board may establish a committee to consider certain issues and functions in more detail. The Board retains ultimate
responsibility for the functions of its committees and determines their responsibilities. The Board has established two standing
committees, and other committees may be established on a case-by-case basis where the Board considers it appropriate to do
so.
Audit and Risk Committee
The Board has established an Audit and Risk Committee (Sarah Kennedy (Chair), Rob Campbell and Tia Greenaway), with the
role of overseeing financial reporting, accounting policies, financial management, and internal control systems. The Audit and
Risk Committee responsibilities are outlined in the Audit and Risk Committee Charter available on NZL’s website.
Remuneration Committee
The Board has established a Remuneration Committee (Rob Campbell (Chair) and Sarah Kennedy), with the role of recommending
Director remuneration packages to Shareholders. The Remuneration Committee responsibilities are outlined in the Remuneration
Committee Charter available on NZL’s website. NZL also has a Remuneration Policy applicable to Directors available on its
website. NZL does not have a Remuneration Policy for executives because executive functions are performed by the Manager,
and therefore NZL does not employ any executives. For the same reason, there are no disclosures in relation to the Chief
Executive Officer remuneration arrangements.
SECTION 2. STATUTORY INFORMATION

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NEW ZEALAND RURAL LAND COMPANY
Board Membership
The Board shall comprise of at least three Directors, with at least two independent Directors, and an intention that one
Director is nominated and appointed as a representative of the Manager. The composition of the Board reflects the duties and
responsibilities it is required to perform in setting NZL’s strategy and ensuring it is implemented.
At the date of this Annual Report, the Board comprises four Directors (three independent Directors and one non-independent
Director).
Independence
The Board Charter of NZL sets out the standards for determining whether a Director is independent for the purposes of service
on the Board and committees. These standards reflect the requirements of the NZX Listing Rules. A Director is independent if
the Board affirmatively determines that the Director has satisfied these standards. As at 31 December 2024, Sarah Kennedy, Tia
Greenaway and Rob Campbell are considered by the board to be independent directors. They are considered to be independent
due to the following factors:
• They are non-executive directors who are not substantial shareholders and who are free of any interest, business or other
relationship that would materially interfere with, or could reasonably be seen to materially interfere with, the independent
exercise of their judgement;
• They have not been employed or retained, within the last three years, to provide material professional services to the
Company;
• Within the last 12 months, they were not a partner, director, senior executive or material shareholder of a firm that provided
material professional services to the Company or any of its subsidiaries; and
• None of these directors:
Ղhave been, within the last three years, a material supplier to the Company or have any other material contractual
relationship with the Company or another group member other than as a director of the Company;
Ղreceive performance-based remuneration from, or participates in, an employee share scheme of the Company; and
Ղcontrol, or is an executive or other representative of an entity which controls, 5% or more of the Company’s voting
securities.
Christopher Swasbrook is a non-Independent Director because of his service provider role with the Manager.
Tenure
Directors are not appointed for fixed terms. However, the Constitution and the NZX Listing Rules require all Directors to stand
for re-election at the third annual meeting after appointment or after three years (whichever is longer). A Director appointed by
the Board to fill a casual vacancy must also stand for election at the following annual meeting.
Board and Committee Meetings
The Board and committee meetings and attendance in the year to 31 December 2024 are set out below:
AttendeeBoard MeetingsAudit and Risk CommitteeRemuneration Committee
Rob Campbell9/99/92/32/31/1
Sarah Kennedy9/99/93/33/31/1
Christopher Swasbrook9/99/9-1/1
Tia Greenaway9/99/93/31/1
SECTION 2. STATUTORY INFORMATION

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NEW ZEALAND RURAL LAND COMPANY
Independent Professional Advice
Directors are entitled to seek independent professional advice on any aspect of the Directors’ duties at NZL’s expense, with the
approval of the Chair.
During the period no instances have arisen whereby a Board committee or individual director has needed to seek independent
legal or financial advice. However, the Board has access to appropriate internal and external expertise to support board
assurance activities:
• All executives of the Manager have direct access to the Board and each of the Directors;
• The external Audit Firm Lead Partner has direct access to the Chair of the Audit and Risk Committee, and has “Board only”
time without management present at Audit and Risk Committee meetings; and
• The Board has directly sought expert external valuation, corporate finance, tax, and legal advice as required.
Board Assessment
The Board undertook a Board performance review in November 2024. As a result of this survey, the Board agreed a number of
actions to address key areas identified for improvement.
Directors’ and Officers’ Insurance
While acting in their capacities as Directors, NZL provides indemnity and insurance cover for Directors to the fullest extent
permitted by law. As permitted by its Constitution, NZL has entered into a deed of indemnity, insurance and access indemnifying
each Director for potential liabilities, losses, costs and expenses they may incur for acts or omissions in their capacity as Director,
and agreeing to effect directors’ and officers’ liability insurance for those persons, in each case subject to the limitations set out
in the Companies Act 1993.
Role of New Zealand Rural Land Management Limited Partnership
The day-to-day management responsibilities for NZL have been delegated to the Manager under a long-term Management
Agreement. The Management Agreement details a comprehensive list of the Manager’s duties and responsibilities, and the fees
payable to the Manager (which are summarised in the Financial Statements at page 36 of this report). Under the Management
Agreement, the Manager is responsible for the:
• Management and administration of NZL including secretariat services;
• Management of properties owned by NZL;
• Sourcing of sale and purchase opportunities, including overseeing the due diligence and execution processes;
• Operation of lease arrangements;
• Communication with investors; and
• Administration of dividends and distributions.
Manager Performance
A key role of the Board is to monitor the performance of the Manager. NZL benefits from having a management team with a
great breadth and depth of skills, however the Board recognises that the interests of the Manager and the interests of NZL’s
Shareholders have the potential to conflict.
The Board is responsible for identifying, assessing and resolving any potential conflicts in relation to NZL’s structure, NZL’s
adopted strategies and the resulting potential fees payable to the Manager. Any matters to be considered under the Management
Agreement by NZL are considered and determined by the independent Directors on the Board. Where the Board must vote
on any matter relating to the Manager, Chris Swasbrook is interested and must not vote on that matter given his historical
relationship with the Manager.
SECTION 2. STATUTORY INFORMATION

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NEW ZEALAND RURAL LAND COMPANY
Diversity
NZL has a Diversity Policy, which describes NZL’s approach to diversity and inclusion. NZL believes that building and celebrating
diversity in the workplace creates an inclusive workplace culture and delivers enhanced business performance. The Diversity
Policy applies to the Board and the Manager and should be read in conjunction with NZL’s Code of Ethics and all other policies
that cover areas such as values, culture and employee expectations. A copy of the Diversity Policy is available on NZL’s website.
In accordance with the Company’s Diversity Policy, NZL has evaluated its performance against the measurable objectives
established under the governance section of the Company’s Sustainability Programme. These relate to the Board of Directors
because NZL does not employ any staff. NZL has successfully met its diversity targets in relation to both director independence
and gender diversity and, while not having specific targets, has noted that there is also diversity of both age and ethnicity among
the directors.
The following table provides a quantitative breakdown as at 31 December 2024 as to the gender composition of the Board:o the gender composition of the Board:
31 December 202431 December 2023
FemaleMale% FemaleFemaleMale% Female
Board2250%2250%
Officers010%010%
NZX Corporate Governance Code
NZL considers that during the year ended 31 December 2024, NZL materially complied with the Code. NZL does deviate from
the Code, by not having a formally established Nominations Committee. Given the current nature and structure of NZL, the
Board considers the matters related to nominations are best undertaken by the entire Board.
Risk Management Risk Management
The Audit and Risk Committee ensures that NZL fulfils its responsibilities in all matters related to risk management. The
Committee is responsible for overseeing financial reporting, accounting policies, financial management and internal control
systems. Formal control and reporting processes have been introduced to ensure the Board is properly and regularly informed
on corporate financial matters.
NZl’s key risks as a land owner are identified, scored and reported to the Board as part of NZL’s Enduring Land Programme. These
are broadly categorised under environmental, economic, social, and animal welfare categories. More detail on this programme
can be found at www.nzrlc.co.nz/sustainability. Health and Safety risks are managed and reported to the Board in accordance
with NZL’s Health and Safety Management Plan. Other risks that may impact NZL’s value (including land value, tenant financial
capacity, access to capital, unbudgeted capex, and forestry regulation) are assessed by the Manager and reported to the Board
with appropriate recommendations. A number of these risk are reflected in NZL’s Corporate Policies such as the Acquisitions,
Tenant and Leasing Policy, Capital Management Policy, and Dividend Policy.
Health & Safety
NZL owns farming property and leases it to tenants, and the Manager manages the lease arrangement on behalf of NZL. This
scenario creates overlapping health and safety duties for the properties. NZL, the Manager, and the tenant have carefully
considered each parties’ ability to influence and control health and safety matters, and put in place a Health and Safety
programme via a Overlapping Duties Agreement on each farm. This takes into account who has control over work activity,
control of the workplace and control over workers, and allocates in a detailed register responsibilities based on who is in the
best position to control, influence and manage each health and safety obligation to ensure successful implementation and avoid
duplication of efforts.
NZL considers Health and Safety a key feature of the Social Sustainability pillar of NZL's overarching Sustainability Programme.
SECTION 2. STATUTORY INFORMATION

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NEW ZEALAND RURAL LAND COMPANY
Directors’ Relevant Interests
As at 31 December 2024, the Directors of NZL who have relevant interests (as defined in the Financial Market Conduct Act 2013)
in quoted financial products of NZL are as follows:
NZL Ordinary SharesBeneficial InterestsNon-beneficial Interests
Rob Campbell957,629-
Sarah Kennedy45,747-
Christopher Swasbrook350,0002,876,953
Tia Greenaway8,271-
As at 31 December 2024, the Directors of NZL held, in aggregate, 2.97% of NZL’s ordinary shares.
Directors disclosed the following acquisitions and disposals of relevant interests in NZL shares during the year ended 31
December 2024 pursuant to section 148 of the Companies Act 1993:
NZL Ordinary Shares
Beneficial interests
as at 31 December
2024
Change
from 31 December
2023
Non-beneficial
Interests
as at 31 December
2024
Change
from 31 December
2023
Rob Campbell957,629+15,629--
Sarah Kennedy45,747+ 74 7--
Christopher Swasbrook350,000350,000-1,260,000-1,260,0002,876,9532,876,953+170,453+170,453
Tia Greenaway8,2718,271+ 13 5+ 13 5----
Interests Register
The following are the relevant interests of the Directors of NZL and its subsidiaries:
Rob CampbellRob Campbell
Director of Ara Ake Limited
Chancellor of Auckland University of Technology
Director of RC Custodian Limited
Director of LamCam Limited
Sarah Kennedy
Founder and Managing Director of Calocurb Limited
Director Lanaco Limited
Christopher Swasbrook
Chair of Auckland Future Fund
Director of Bethunes Investments Limited (in liquidation)
Director of Elevation Capital Funds Management Limited (ECML):
• Director and Shareholder
• Through ECML, Chris Swasbrook acts as a financial adviser to Clyde and Rena Holland and indirectly receives
financial benefits from advising them. Clyde and Rena Holland are substantial shareholders of the Company.
Director and shareholder of CGS & CVS Limited
Director and shareholder of CGS & CVS Limited No.2 Limited
Swasbrook Securities Limited
• Director and shareholder
• Services contract with New Zealand Rural Land Management Limited Partnership
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NEW ZEALAND RURAL LAND COMPANY
Executive Chair McCashins Brewery Limited
Chair of Auckland Art Gallery Advisory Board
Chair of The Helen Clark Foundation
Board Member of Financial Markets Authority
Director of Merx Trust Management Limited (from 1 April 2025)
Tia Greenaway
Member of New Zealand Maori Tourism Audit and Risk Committee
Trustee of Ngati Tutemohuta Charitable Trust
Committee Member of Opepe Investment Committee
Director of Piata Horizons Limited
Member of Rongowhakaata Iwi Trust Audit Risk and Finance Committee
Responsible Trustee of Tauhara Middle 14 Trust
Responsible Trustee of Tauhara Middle Lands Trust
Chief Financial Officer Tupu Angitu
Te Iho Tahi Investment Committee
Directors’ RemunerationDirectors’ Remuneration
TThe remuneration paid to NZL and its subsidiaries’ Directors in respect of the year ended 31 December 2024 was as follows
(these amounts exclude GST, where appropriate):
DirectorYear to 31 December 2024 (NZD)
Rob Campbell97,50097,500
Sarah Kennedy65,00065,000
Christopher SwasbrookNil*Nil*
Tia Greenaway65,000
Total227,500227,500
Directors also receive reimbursement for reasonable travelling, accommodation and other expenses incurred in the course of Directors also receive reimbursement for reasonable travelling, accommodation and other expenses incurred in the course of
performing their duties. The Company has no specific policy on whether or not to pay directors additional fees for the provision performing their duties. The Company has no specific policy on whether or not to pay directors additional fees for the provision
of additional services. However, the Company did not pay any additional fees to any Director for the provision of additional of additional services. However, the Company did not pay any additional fees to any Director for the provision of additional
services.services.
Directors do not receive any retirement benefits, and do not receive share options. Whist NZL strongly encourages NZL share Directors do not receive any retirement benefits, and do not receive share options. Whist NZL strongly encourages NZL share
ownership to support shareholder alignment, it is not compulsory given that personal circumstances may mean share ownership ownership to support shareholder alignment, it is not compulsory given that personal circumstances may mean share ownership
is not appropriate or achievable.is not appropriate or achievable.
Any proposed increases in non-executive Director fees will be put to shareholders for approval. At that time a Fee Pool will also Any proposed increases in non-executive Director fees will be put to shareholders for approval. At that time a Fee Pool will also
be proposed to shareholders for approval (a fee pool has not been required because director fees were established prior to be proposed to shareholders for approval (a fee pool has not been required because director fees were established prior to
listing on NZX). If independent advice is sought by the Board, it will be disclosed to shareholders as part of the approval process.listing on NZX). If independent advice is sought by the Board, it will be disclosed to shareholders as part of the approval process.
* Swasbrook Securities Limited, a company controlled by Christopher Swasbrook, is party to a services agreement with the
Manager. Under the services contract Swasbrook Securities Limited receives remuneration from the Manager including for
Chris Swasbrook acting as a director of NZL. Consequently NZL does not pay Christopher Swasbrook directors fees itself.
SECTION 2. STATUTORY INFORMATION

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NEW ZEALAND RURAL LAND COMPANY
The following Board skills matrix outlines the qualifications, capabilities, geographical location, tenure and gender of each
member of the Board:
The following Board skills matrix outlines the qualifications,
capabilities, geographical location, tenure and gender of
each member of the Board
Rob CampbellChris Swasbrook Sarah KennedyTia Greenaway
Director Qualification
CNZM,
BA (Hons),
MPhil (Economics)
BCom (Economics)
BVSc (Dist), MIT
Sloan Fellowship
MPA (Accounting),
CA
Strategic knowledge of rural investmentsYes Ye sYe s Ye s
Strategic knowledge of funds management businesses
Ye sYes NoNo
Financial
Ye sYes Ye sYe s
Risk management/regulatory
Ye sYes NoYe s
Sustainability
NoNoYe sYe s
Legal No No Yes Yes
People leadership and culture
Ye sYe sYe sYe s
Listed company governance Yes Yes Ye sNo
Capital markets Ye sYe sYe sNo
Geographic location Auckland Auckland Auckland Taupo
Tenure (years) 51 Months51 Months51 Months39 Months
Gender Male Male Female Female
Employee Remuneration
NZL, including its subsidiaries, have no employees. NZL is managed by the Manager under the Management Agreement. Details
of the fees paid to the Manager are included in the Financial Statements on page 36.
Subsidiaries
NZL has four subsidiaries. The following people were directors of NZL's subsidiary companies in the year to 31 December
2024. These companies are all New Zealand incorporated companies. Except where shown NZL's ownership interest in these
companies as at 31 December 2024 was 100%
Donations
NZL, including its subsidiaries, did not make any donations during the six months endedNZL, including its subsidiaries, did not make any donations during the six months ended 31 December 2024. NZL has a policy
of not making political donations.
Dividends Paid
NZL paid an interim dividend of 1.46 cps. and will pay a final dividend of 2.54 cps in April 2025 resulting in a total FY24 dividend
of 4.00 cps.
Company Secretariat ServicesCompany Secretariat Services
Company Secretariat Services are provided by the Manager. The Manager manages the independence of Company Secretariat Company Secretariat Services are provided by the Manager. The Manager manages the independence of Company Secretariat
Services via oversight from the Manager’s Board of Directors. The Board of the Manager does not consist of any NZL Directors.
Auditors
The Audit and Risk Committee reviews the quality and cost of the audit undertaken by the NZL’s external auditors and provides The Audit and Risk Committee reviews the quality and cost of the audit undertaken by the NZL’s external auditors and provides
a formal channel of communication between the Board, senior management and external auditors.a formal channel of communication between the Board, senior management and external auditors.
SECTION 2. STATUTORY INFORMATION
SubsidiaryDirectors
NZRLC Dairy Holdings LimitedR Campbell, C Swasbrook, S Kennedy, T Greenaway
SSP NI LimitedC Swasbrook
New Zealand Rural Land Investments GP Limited (75%)R Campbell, S Kennedy, T Greenaway, B Mytton
New Zealand Rural Land Investments LP Limited (75%)R Campbell, S Kennedy, T Greenaway, B Mytton
NZRLC LP Nominee LimitedR Campbell

13
NEW ZEALAND RURAL LAND COMPANY
The Audit and Risk Committee approves the auditor’s terms of engagement, audit partner rotation (at least every five years) The Audit and Risk Committee approves the auditor’s terms of engagement, audit partner rotation (at least every five years)
and audit fee, and reviews and provides feedback in respect of the annual audit plan. The Board is aware that a lengthy audit and audit fee, and reviews and provides feedback in respect of the annual audit plan. The Board is aware that a lengthy audit
firm tenure has the potential to compromise auditor independence, and therefore will rotate the audit firm after 10 years unless firm tenure has the potential to compromise auditor independence, and therefore will rotate the audit firm after 10 years unless
on balance it is not in the interests of NZL to do so. The Committee periodically has time with the external auditor without on balance it is not in the interests of NZL to do so. The Committee periodically has time with the external auditor without
management present. The Audit and Risk Committee also assesses the auditor’s independence on an annual basis.management present. The Audit and Risk Committee also assesses the auditor’s independence on an annual basis.
An External Auditor Independence Policy has been adopted and sets out the services that may or may not be performed by the An External Auditor Independence Policy has been adopted and sets out the services that may or may not be performed by the
external auditor.
William Buck was appointed as external auditor for NZL on 15 November 2023 and Darren Wright was appointed as Lead Audit
Partner on the same date.
All audit work is fully separated from non-audit services, to ensure that appropriate independence is maintained. The amount of
fees paid to William Buck for audit work in FY24 are identified in note 22 of the consolidated financial statements. At the 2024 At the 2024
Annual Meeting shareholders autAnnual Meeting shareholders authorised the Directors to fix the auditor’s fees and expenses for the ensuing year.
William Buck has provided the Audit and Risk Management Committee with written confirmation that, in its view, it was able to
operate independently during the year.
William Buck attended the 2024 Annual Shareholders' meeting and were available to answer any questions.
No non-audit services were provided by William Buck.No non-audit services were provided by William Buck.
NZX Waivers
The Company applied for and was granted a waiver from NZX Listing Rule 5.2.1 during the year ended 31 December 2024. A
copy of the waiver can be found in the "Investors" section of NZL's website www.nzrlc.co.nz/nzx-announcements.bsite www.nzrlc.co.nz/nzx-announcements.
Credit Rating
NZL does not have a credit rating.
Substantial Product Holders
The following information is pursuant to section 293 of the Financial Markets Conduct Act 2013. The total number of voting
securities of NZL on issue as at 31 December 2024 was 142,953,801. According to notices received by NZL, the following
persons were substantial product holders in NZL as at 14 March 2025:
Ordinary sharesNumber held
ANZ New Zealand Investments Limited, ANZ Bank New Zealand Limited and ANZ Custodial
Services New Zealand Limited
15,929,96915,929,969
Clyde and Rena Holland12,247,43912,247,439
Accident Compensation Corporation10,683,51810,683,518
FirstCape Group8,795,6228,795,622
Spread of Shareholders
The spread of the Shareholders of NZL as at 14 March 2025 is as follows:
Number of SharesNumber of HoldersTotal Shares HeldPercentage (%)
1 - 1,00013690,9670.06
1,001 – 5,0003681,047,7620.73
5,001 – 10,0002321,762,2261.23
10,001 – 50,0003627,826,4465.47
50,001 – 100,000634,445,2973.12
100,001 and over83127,781,10389.39
Total1,244142,953,801100.00
SECTION 2. STATUTORY INFORMATION

14
NEW ZEALAND RURAL LAND COMPANY
Spread of Warrant Holders
The spread of the Warrant Holders of NZL as at 14 March 2025 is as follows:
Number of WarrantsNumber of HoldersTotal Warrants HeldPercentage (%)
1 - 1,000243106,1121.33
1,001 – 5,000150343,2964.29
5,001 – 10,00027177,4612.22
10,001 – 50,00021528,8096.61
50,001 – 100,0006460,3495.76
100,001 and over86,380,20079.79
Total4557,996,227100.00
Twenty Largest Shareholders
The twenty largest Shareholders of NZL as at 14 March 2025 are as follows:
ShareholdersNumber held
New Zealand Permanent Trustees Limited 20,565,651
Accident Compensation Corporation10,683,518
Premier Nominees Limited10,061,157
TEA Custodians Limited8,435,168
B J Lindsay & J J Parsonson & W D Anderson & S M Palmer6,533,333
Custodial Services Limited6,446,397
HSBC Nominees (New Zealand) Limited5,176,506
MFL Mutual Fund Limited4,734,005
FNZ Custodians Limited4,159,266
Janice Catherine Walker & Sonya Jane Walker & Duncan Varhan Fea4,000,000
New Zealand Depository Nominee3,632,664
Allied Farmers Limited3,423,630
Wairahi Investments Limited2,600,000
Custodial Services Limited2,477,306
FNZ Custodians Limited2,049,491
DFS Investment Partners LLC1,950,790
Investment Custodial Services Limited1,760,581
Clyde Parker and Rena Holland1,336,356
Premier Nominees Limited 1,122,807
JP Morgan Chase Bank1,094,296
SECTION 2. STATUTORY INFORMATION

15
NEW ZEALAND RURAL LAND COMPANY
Twenty Largest Warrant Holders
The twenty largest Warrant Holders of NZL as at 14 March 2025 are as follows:
Warrant HoldersNumber held
Accident Compensation Corporation1,636,731
B J Lindsay & J J Parsonson & W D Anderson & S M Palmer1,044,444
Premier Nominees Limited854,965
MFL Mutual Fund Limited515,502
Custodial Services Limited329,156
New Zealand Permanent Trustees Limited299,999
HSBC Nominees (New Zealand) Limited243,013
FNZ Custodians Limited220,871
TEA Custodians Limited204,985
New Zealand Permanent Trustees Limited196,334
Custodial Services Limited172,333
FNZ Custodians Limited131,436
Public Trust RIF Nominees Limited122,991
John Albert Galt119,072
Christina Dietzsch Kley116,667
Elizabeth Beatty Benjamin & Michael Murray Benjamin100,000
Philip Bowman91,667
Elevation Capital Limited83,606
New Zealand Depository Nominee78,887
Graeme Arthur Cleary56,333
SECTION 2. STATUTORY INFORMATION

16
NEW ZEALAND RURAL LAND COMPANY
3
SECTION
Financial
Statements
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ŝƌĞĐƚŽƌƐΖƌĞƐƉŽŶƐŝďŝůŝƚLJƐƚĂƚĞŵĞŶƚ
ŝƌĞĐƚŽƌŝƌĞĐƚŽƌ
dŚĞĚŝƌĞĐƚŽƌƐĂƌĞƉůĞĂƐĞĚƚŽƉƌĞƐĞŶƚƚŚĞ auditedĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨEĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘
dŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ŽĨEĞǁĞĂůĂŶĚZƵƌĂů >ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂƵƚŚŽƌŝƐĞĚƚŚĞĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐĨŽƌŝƐƐƵĞŽŶ27 March 2025.
&ŽƌĂŶĚ ŽŶďĞŚĂůĨ ŽĨƚŚĞŽĂƌĚ
Ϯ
Sarah Kennedy
Rob Campbell

EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
ϮϬϮκϮϬϮϯ
EŽƚĞƐ
ΨΖϬϬϬ
ΨΖϬϬϬ
ZĞŶƚĂůŝŶĐŽŵĞΘ
ϭε͕Θςεϭρ͕ϯρϬ
dŽƚĂůƌĞŶƚĂůŝŶĐŽŵĞ
ϭε͕Θςεϭρ͕ϯρϬ
>ĞƐƐŽǀĞƌŚĞĂĚĐŽƐƚƐ
ŝƌĞĐƚŽƌƐĨĞĞƐϮϯ͘Ϯ
;ϮϮϳͿ;ϮϮϳͿ
/ŶƐƵƌĂŶĐĞ
;ΘϳͿ;ΘρͿ
^ŚĂƌĞŚŽůĚĞƌƌĞŐŝƐƚƌLJĂŶĚĐŽŵŵƵŶŝĐĂƚŝŽŶƐ
;ϳκͿ;ερͿ
DĂŶĂŐĞŵĞŶƚĨĞĞƐϮϯ͘ϭ
;ϭ͕κϬϳͿ;ϭ͕ϬϯεͿ
ZĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ
;ϯεςͿ;ϭϭϳͿ
WƌŽĨĞƐƐŝŽŶĂů͕ĐŽŶƐƵůƚŝŶŐĂŶĚůŝƐƚŝŶŐĨĞĞƐ
;ςΘςͿ;ϯΘϬͿ
WĞƌĨŽƌŵĂŶĐĞĨĞĞϮϯ͘ϭ
;ςςϬͿ;εϬϭͿ
^ĞƚƚůĞŵĞŶƚŽĨĐŽŶǀĞƌƚŝďůĞůŽĂŶ
;ϭςϬͿͲ
KƚŚĞƌ
;ϯΘͿ;ϭκͿ
dŽƚĂůŽǀĞƌŚĞĂĚĐŽƐƚƐ
;ϯ͕ϳϯρͿ;Ϯ͕ΘρΘͿ
WƌŽĨŝƚďĞĨŽƌĞŶĞƚĨŝŶĂŶĐĞĞdžƉĞŶƐĞ͕ŽƚŚĞƌŝŶĐŽŵĞĂŶĚŝŶĐŽŵĞƚĂdž
ϭς͕ϭϯκϭϮ͕κεϮ
&ŝŶĂŶĐĞŝŶĐŽŵĞ
Ϯ͕ρρϬϭ͕Θϳε
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ
;ϭϬ͕ΘϬΘͿ;ϭϭ͕ϯΘΘͿ
EĞƚĨŝŶĂŶĐĞĞdžƉĞŶƐĞε
;Θ͕ϮρΘͿ;ε͕ρϬεͿ
WƌŽĨŝƚďĞĨŽƌĞŽƚŚĞƌŝŶĐŽŵĞĂŶĚŝŶĐŽŵĞƚĂdž
ϳ͕ΘϳςϮ͕εΘϯ
KƚŚĞƌŝŶĐŽŵĞ
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐς
Ϯϯ͕Θρεϳ͕ϯΘΘ
DŽǀĞŵĞŶƚŝŶƌĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐϭΘ
;ϳ͕ϳϮκͿͲ
KƚŚĞƌ
κϳͲ
dŽƚĂůŽƚŚĞƌŝŶĐŽŵĞ
ϭς͕ϭΘϮϳ͕ϯΘΘ
WƌŽĨŝƚďĞĨŽƌĞƚĂdž
Ϯκ͕ϬρΘϭϬ͕ϯϳϭ
/ŶĐŽŵĞƚĂdž;ĞdžƉĞŶƐĞͿͬďĞŶĞĨŝƚϭϬ͘ϭ
;εϳεͿκΘϯ
EĞƚƉƌŽĨŝƚ
Ϯϯ͕ϬϳεϭϬ͕Θρκ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ͲͲ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
Ϯϯ͕ϬϳεϭϬ͕Θρκ
ĞŶƚƐĞŶƚƐ
ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞϮΘ
ϭς͘κϳΘ͘Ϭς
ŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƚŽďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐϯ
17
NEW ZEALAND RURAL LAND COMPANY

EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ
ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ
ϮϬϮκϮϬϮϯ
EŽƚĞƐ
ΨΖϬϬϬΨΖϬϬϬ
ƵƌƌĞŶƚĂƐƐĞƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐϭϭ
ρ͕ρϮϬϭ͕ϮρΘ
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐϭκ
ϭρϭͲ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐϭϮ
ϭ͕ϳςεϯϳΘ
ƵƌƌĞŶƚƚĂdžƌĞĐĞŝǀĂďůĞ
Ͳϳ
ƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞϳ
ϭϭ͕ϯρρͲ
dŽƚĂůĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϭΘ͕ϳερϭ͕ςκϯ
EŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐς
κϬϬ͕κκΘϯκς͕ϮΘϭ
>ŽĂŶƌĞĐĞŝǀĂďůĞϭϯ
Ϯϭ͕ςΘρϮϬ͕ϯςϯ
ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐϭϬ͘Ϯ
ρρϮϭ͕ϯεΘ
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐϭκ
ϯρϮϳϭ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
ϭϬϭϳρ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ
κϮϯ͕ϭϯΘϯςΘ͕ϭΘΘ
dŽƚĂůĂƐƐĞƚƐ
κκϭ͕εϯϯϯςε͕Θϯϭ
ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐϭρ
ϯ͕ϭρϳϭ͕ϬεϬ
ŽƌƌŽǁŝŶŐƐϭς
κϳ͕ϭϬϭϮε͕ρϬϬ
ŽŶǀĞƌƚŝďůĞůŽĂŶϭϳ
Ͳϭϭ͕εΘϬ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐϭκ
ϭϮεͲ
KƚŚĞƌĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϭςεϭςε
dŽƚĂůĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ρϬ͕ρρςκϮ͕ϳϯε
EŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ŽƌƌŽǁŝŶŐƐϭς
Θκ͕ϭϬςϭϬκ͕ϬϬϬ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐϭκ
Ϯ͕ϯκϮͲ
ZĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐϭΘ
ϳρ͕ϳεϳͲ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ϭςϮ͕ϮκρϭϬκ͕ϬϬϬ
dŽƚĂůůŝĂďŝůŝƚŝĞƐ
ϮϭϮ͕ΘϬϭϭκς͕ϳϯε
EĞƚĂƐƐĞƚƐ
ϮϮε͕ϭϯϮϮϮϯ͕ϬεϮ
^ŚĂƌĞĐĂƉŝƚĂůϭε
ϭςϭ͕ϬςΘϭρϳ͕κϭε
^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞϮϭ
ςςϬεϬϭ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ
ςϳ͕κϬκςκ͕ϳϳϮ
dŽƚĂůĞƋƵŝƚLJ
ϮϮε͕ϭϯϮϮϮϯ͕ϬεϮ
ΨΨ
EĞƚƐƐĞƚƐsĂůƵĞ;EsͿƉĞƌƐŚĂƌĞϮρ͘Ϯ
ϭ͘ςϬϮΘϭ͘ςϬϭς
EĞƚdĂŶŐŝďůĞƐƐĞƚƐ;EdͿƉĞƌƐŚĂƌĞϮρ͘Ϯ
ϭ͘ςϭϮϳϭ͘ρεϭϬ
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƚŽďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐκ
18
NEW ZEALAND RURAL LAND COMPANY

EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EŽƚĞƐΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂůĂŶĐĞĂƚϭ:ĂŶƵĂƌLJϮϬϮϯ
ϭϯκ͕ϭΘϬκερρς͕ϮςκϭεϬ͕εϯε
ŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚͲͲϭϬ͕ΘρκϭϬ͕Θρκ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͲͲϭϬ͕ΘρκϭϬ͕Θρκ
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐ
ĂƉŝƚĂůƌĂŝƐĞĚϭεϮϮ͕ϳκκͲͲϮϮ͕ϳκκ
WĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐƐƵĞĚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐϭεκερ;κερͿͲͲ
WĞƌĨŽƌŵĂŶĐĞĨĞĞƉĂLJĂďůĞŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐϮϭͲεϬϭͲεϬϭ
ŝǀŝĚĞŶĚƐƉĂŝĚϮϬͲͲ;Ϯ͕ϯκςͿ;Ϯ͕ϯκςͿ
ĂůĂŶĐĞĂƚϯϭĞĐĞŵďĞƌϮϬϮϯϭρϳ͕κϭεεϬϭςκ͕ϳϳϮϮϮϯ͕ϬεϮ
ŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚͲͲϮϯ͕ϬϳεϮϯ͕Ϭϳε
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞͲͲϮϯ͕ϬϳεϮϯ͕Ϭϳε
dƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐ
ĂƉŝƚĂůƌĂŝƐĞĚϭεϭ͕ΘεϳͲͲϭ͕Θεϳ
WĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐƐƵĞĚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐϭεεϬϭ;εϬϭͿͲͲ
WĞƌĨŽƌŵĂŶĐĞĨĞĞƉĂLJĂďůĞŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐϮϭͲςςϬͲςςϬ
ŝǀŝĚĞŶĚƐƉĂŝĚϮϬͲͲ;Ϯ͕ϬκϭͿ;Ϯ͕ϬκϭͿ
ŝǀŝĚĞŶĚƌĞŝŶǀĞƐƚŵĞŶƚƉůĂŶŝƐƐƵĞƐϮϬΘρϭͲͲΘρϭ
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ;>ĂŶĚdƌƵƐƚͿρͲͲ;κ͕ϮεϭͿ;κ͕ϮεϭͿ
ĚũƵƐƚŵĞŶƚŽŶƌĞĐŽŐŶŝƚŝŽŶŽĨƌĞĚĞĞŵĂďůĞ>WƵŶŝƚƐρͲͲ;ϭκ͕ϭϭρͿ;ϭκ͕ϭϭρͿ
ĂůĂŶĐĞĂƚϯϭĞĐĞŵďĞƌϮϬϮκϭςϭ͕ϬςΘςςϬςϳ͕κϬκϮϮε͕ϭϯϮ
^ŚĂƌĞĐĂƉŝƚĂů
ZĞƚĂŝŶĞĚ
ĞĂƌŶŝŶŐƐ
dŽƚĂů
^ŚĂƌĞďĂƐĞĚ
ƉĂLJŵĞŶƚ
ƌĞƐĞƌǀĞ
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƚŽďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐρ
19
NEW ZEALAND RURAL LAND COMPANY

EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
ϮϬϮκϮϬϮϯ
EŽƚĞƐΨΖϬϬϬΨΖϬϬϬ
ĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
>ĞĂƐĞŝŶĐŽŵĞƌĞĐĞŝǀĞĚϭε͕ϯϭκϭρ͕εϯε
WĂLJŵĞŶƚƐƚŽƐƵƉƉůŝĞƌƐ;ϭ͕ϭςϳͿ;ΘΘρͿ
DĂŶĂŐĞŵĞŶƚĨĞĞƐƉĂŝĚ;ϭ͕ϯϯϭͿ;ϭ͕ϬϮςͿ
/ŶĐŽŵĞƚĂdžĞƐƌĞĐĞŝǀĞĚϳς
/ŶƚĞƌĞƐƚƉĂŝĚ;ε͕ϬϯεͿ;Θ͕ςεΘͿ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚϭ͕Ϯϯκςρϯ
EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐϮεε͕ϬϭΘρ͕εΘε
ĂƐŚĨůŽǁƐĨƌŽŵŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
WĂLJŵĞŶƚƐĨŽƌŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ;ϯΘ͕ϳϮϯͿ;ςρ͕κκϭͿ
WƌŽĐĞĞĚƐĨƌŽŵĚŝƐƉŽƐĂůƐŽĨĂƐƐĞƚƐͲϮε
EĞƚĐĂƐŚƵƐĞĚŝŶŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ;ϯΘ͕ϳϮϯͿ;ςρ͕κϭϮͿ
ĂƐŚĨůŽǁƐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ
WƌŽĐĞĞĚƐĨƌŽŵŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐρϮϯ͕ϯκς
WĂLJŵĞŶƚƐĨŽƌƐŚĂƌĞďƵLJͲďĂĐŬƐ;ϳϳͿͲ
WĂLJŵĞŶƚŽĨ>ĂŶĚdƌƵƐƚƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ;κ͕ϮεϮͿͲ
WĂLJŵĞŶƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽŶŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐ;ϮϯͿ;ρεϯͿ
ŝǀŝĚĞŶĚƐƉĂŝĚ;ŶĞƚŽĨƌĞŝŶǀĞƐƚŵĞŶƚƐͿ;ϭ͕ϭεϬͿ;Ϯ͕ϯκςͿ
WƌŽĐĞĞĚƐĨƌŽŵďŽƌƌŽǁŝŶŐƐϮς͕εϬϮϯϬ͕ρϬϬ
ZĞƉĂLJŵĞŶƚŽĨďŽƌƌŽǁŝŶŐƐ;Ϯε͕ϭερͿ;ϯ͕εςΘͿ
WƌŽĐĞĞĚƐĨƌŽŵƌĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐρϯ͕ΘϮρͲ
WƌŽĐĞĞĚƐĨƌŽŵĐŽŶǀĞƌƚŝďůĞůŽĂŶͲϭϮ͕ϬϬϬ
ZĞƉĂLJŵĞŶƚŽĨĐŽŶǀĞƌƚŝďůĞůŽĂŶ;ϭϭ͕εΘεͿ;ϮϬϬͿ
EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚďLJĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐϯϯ͕εςϳρΘ͕ϳϯε
EĞƚŝŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐκ͕ϮςϮ;ςΘκͿ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐďĞŐŝŶŶŝŶŐŽĨƚŚĞƉĞƌŝŽĚϭ͕ϮρΘϭ͕εκϮ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚϭϭρ͕ρϮϬϭ͕ϮρΘ
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƚŽďĞƌĞĂĚŝŶĐŽŶũƵŶĐƚŝŽŶǁŝƚŚƚŚĞĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐς
20
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
ϭZĞƉŽƌƚŝŶŐĞŶƚŝƚLJ
ϮDĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJŝŶĨŽƌŵĂƚŝŽŶ
Ϯ͘ϭ^ƚĂƚĞŵĞŶƚŽĨĐŽŵƉůŝĂŶĐĞĂŶĚƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬ
Ϯ͘Ϯ
&ƵŶĐƚŝŽŶĂůĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶĐƵƌƌĞŶĐLJ
Ϯ͘ϯĂƐŝƐŽĨƉƌĞƉĂƌĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚ
ZĞǀĞŶƵĞ͕ĞdžƉĞŶƐĞƐ͕ĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚŽĨŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƚĂdž;'^dͿĞdžĐĞƉƚ͗
•
•
Ϯ͘κĂƐŝƐŽĨĐŽŶƐŽůŝĚĂƚŝŽŶ
•ŚĂƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͖
•
ŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚƐ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ͖ĂŶĚ
•ŚĂƐƚŚĞĂďŝůŝƚLJƚŽƵƐĞŝƚƐƉŽǁĞƌƚŽĂĨĨĞĐƚŝƚƐƌĞƚƵƌŶƐ͘
ĨŽƌƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐǁŚŝĐŚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶĐůƵƐŝǀĞŽĨ'^d;ƚŚĞŶĞƚĂŵŽƵŶƚŽĨ'^dƌĞĐŽǀĞƌĂďůĞĨƌŽŵŽƌƉĂLJĂďůĞƚŽƚŚĞƚĂdžĂƚŝŽŶ
ĂƵƚŚŽƌŝƚLJŝƐŝŶĐůƵĚĞĚĂƐƉĂƌƚŽĨƌĞĐĞŝǀĂďůĞƐŽƌƉĂLJĂďůĞƐͿ͘
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
dŚĞŽŵƉĂŶLJŝƐŝŶĐŽƌƉŽƌĂƚĞĚŝŶEĞǁĞĂůĂŶĚĂŶĚƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚϭεεϯ͘dŚĞŽŵƉĂŶLJŝƐĂŶ&DƌĞƉŽƌƚŝŶŐĞŶƚŝƚLJĨŽƌƚŚĞ
ƉƵƌƉŽƐĞƐŽĨƚŚĞ&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚĐƚϮϬϭϯĂŶĚƚŚĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐĐƚϮϬϭϯ͘dŚĞŽŵƉĂŶLJǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚŽŶϭϭ^ĞƉƚĞŵďĞƌϮϬϮϬ
ĂŶĚŝƐĚŽŵŝĐŝůĞĚŝŶEĞǁĞĂůĂŶĚ͘dŚĞŽŵƉĂŶLJŝƐůŝƐƚĞĚŽŶƚŚĞEĞǁĞĂůĂŶĚ^ƚŽĐŬdžĐŚĂŶŐĞ;Ey>ŝŵŝƚĞĚͿǁŝƚŚŽƌĚŝŶĂƌLJƐŚĂƌĞƐůŝƐƚĞĚŽŶƚŚĞEy
DĂŝŶŽĂƌĚ͘dŚĞĂĚĚƌĞƐƐŽĨƚŚĞŽŵƉĂŶLJΖƐƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞŝƐρϬƵƐƚŽŵŚŽƵƐĞYƵĂLJ͕tĞůůŝŶŐƚŽŶĞŶƚƌĂů͕tĞůůŝŶŐƚŽŶ͕EĞǁĞĂůĂŶĚ͘
dŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨŽƌEĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚ;ƚŚĞΗŽŵƉĂŶLJΗŽƌΗWĂƌĞŶƚΗͿĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
;ƚŽŐĞƚŚĞƌƚŚĞΗ'ƌŽƵƉΗͿ͘dŚĞ'ƌŽƵƉΖƐƉƌŝŶĐŝƉĂůĂĐƚŝǀŝƚLJŝƐŝŶǀĞƐƚŵĞŶƚŝŶEĞǁĞĂůĂŶĚƌƵƌĂůĨĂƌŵůĂŶĚĂŶĚĨŽƌĞƐƚƌLJůĂŶĚ͘
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞĨŽƌƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘dŚĞĐŽŵƉĂƌĂƚŝǀĞƉĞƌŝŽĚŝƐƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌ
ϮϬϮϯ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐĞdžĐĞƉƚĨŽƌĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂŶĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ
ǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘
dŚĞŽŵƉĂŶLJƌĞĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐƚŽŽŶĞŽƌŵŽƌĞŽĨƚŚĞ
ƚŚƌĞĞĞůĞŵĞŶƚƐŽĨĐŽŶƚƌŽůůŝƐƚĞĚĂďŽǀĞ͘
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶLJĂŶĚĞŶƚŝƚŝĞƐĐŽŶƚƌŽůůĞĚďLJƚŚĞŽŵƉĂŶLJĂŶĚŝƚƐ
ƐƵďƐŝĚŝĂƌŝĞƐ͘ŽŶƚƌŽůŝƐĂĐŚŝĞǀĞĚǁŚĞŶƚŚĞŽŵƉĂŶLJ͗
dŚĞŵĂƚĞƌŝĂůĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂƉƉůŝĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƐĞƚŽƵƚŝŶŶŽƚĞϮŽƌŝŶƚŚĞ
ĂĐĐŽŵƉĂŶLJŝŶŐŶŽƚĞƐ͘dŚĞƐĞƉŽůŝĐŝĞƐŚĂǀĞďĞŶĐŽŶƐŝƐƚĞŶƚůLJĂƉƉůŝĞĚƚŽĂůůƚŚĞLJĞĂƌƐƉƌĞƐĞŶƚĞĚ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
tŚĞŶŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨĂƐƵďƐŝĚŝĂƌLJƚŽďƌŝŶŐƚŚĞŝƌĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐŝŶƚŽůŝŶĞǁŝƚŚƚŚĞ'ƌŽƵƉΖƐ
ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘
ůůŝŶƚƌĂŐƌŽƵƉĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͕ĞƋƵŝƚLJ͕ŝŶĐŽŵĞ͕ĞdžƉĞŶƐĞƐĂŶĚĐĂƐŚĨůŽǁƐƌĞůĂƚŝŶŐƚŽƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶŵĞŵďĞƌƐŽĨƚŚĞ'ƌŽƵƉĂƌĞ
ĞůŝŵŝŶĂƚĞĚŝŶĨƵůůŽŶĐŽŶƐŽůŝĚĂƚŝŽŶ͘
dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEĞǁĞĂůĂŶĚ'ĞŶĞƌĂůůLJĐĐĞƉƚĞĚĐĐŽƵŶƚŝŶŐWƌĂĐƚŝĐĞ;ΗE'WΗͿĂŶĚƚŚĞ
&ŝŶĂŶĐŝĂůDĂƌŬĞƚƐŽŶĚƵĐƚĐƚϮϬϭϯ͘dŚĞLJĐŽŵƉůLJǁŝƚŚEĞǁĞĂůĂŶĚĞƋƵŝǀĂůĞŶƚƐƚŽ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;ΗE/&Z^ΗͿĂŶĚ
ŽƚŚĞƌĂƉƉůŝĐĂďůĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͘dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĐŽŵƉůLJǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ
^ƚĂŶĚĂƌĚƐ;Η/&Z^ΗͿĂƐƉƵďůŝƐŚĞĚďLJƚŚĞ/ŶƚĞƌŶĂƚŝŽŶĂůĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ͘&ŽƌƚŚĞƉƵƌƉŽƐĞƐŽĨĐŽŵƉůLJŝŶŐǁŝƚŚE'W͕ƚŚĞ'ƌŽƵƉŝƐĂĨŽƌͲ
ƉƌŽĨŝƚĞŶƚŝƚLJ͘dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞŽŵƉĂŶŝĞƐĐƚϭεεϯĂŶĚŽŶĂŐŽŝŶŐ
ĐŽŶĐĞƌŶďĂƐŝƐ͘
dŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞƉƌĞƐĞŶƚĞĚŝŶEĞǁĞĂůĂŶĚĚŽůůĂƌƐ͕ǁŚŝĐŚŝƐƚŚĞ'ƌŽƵƉΖƐĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘ůůĂŵŽƵŶƚƐŚĂǀĞďĞĞŶƌŽƵŶĚĞĚƚŽƚŚĞ
ŶĞĂƌĞƐƚƚŚŽƵƐĂŶĚ;ΨΖϬϬϬͿ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘
ŽŶƐŽůŝĚĂƚŝŽŶŽĨĂƐƵďƐŝĚŝĂƌLJďĞŐŝŶƐǁŚĞŶƚŚĞŽŵƉĂŶLJŽďƚĂŝŶƐĐŽŶƚƌŽůŽǀĞƌƚŚĞƐƵďƐŝĚŝĂƌLJĂŶĚĐĞĂƐĞƐǁŚĞŶƚŚĞŽŵƉĂŶLJůŽƐĞƐĐŽŶƚƌŽůŽĨƚŚĞ
ƐƵďƐŝĚŝĂƌLJ͘^ƉĞĐŝĨŝĐĂůůLJ͕ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐŽĨĂƐƵďƐŝĚŝĂƌLJĂĐƋƵŝƌĞĚŽƌĚŝƐƉŽƐĞĚŽĨĚƵƌŝŶŐƚŚĞLJĞĂƌĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨƌŽŵƚŚĞĚĂƚĞƚŚĞŽŵƉĂŶLJŐĂŝŶƐĐŽŶƚƌŽůƵŶƚŝůƚŚĞĚĂƚĞǁŚĞŶƚŚĞŽŵƉĂŶLJĐĞĂƐĞƐƚŽĐŽŶƚƌŽůƚŚĞƐƵďƐŝĚŝĂƌLJ͘
ǁŚĞƌĞƚŚĞĂŵŽƵŶƚŽĨ'^dŝŶĐƵƌƌĞĚŝƐŶŽƚƌĞĐŽǀĞƌĞĚĨƌŽŵƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͕ŝƚŝƐƌĞĐŽŐŶŝƐĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨĂŶ
ĂƐƐĞƚŽƌĂƐƉĂƌƚŽĨĂŶŝƚĞŵŽĨĞdžƉĞŶƐĞ͖Žƌ
ϳ
21
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯ͘ρ&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐͲĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐͲ/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐͲŵŽƌƚŝƐĞĚĐŽƐƚ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐͲĞƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ϯ
ƌŝƚŝĐĂůĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐĂŶĚũƵĚŐĞŵĞŶƚƐ
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&ĂŝƌǀĂůƵĂƚŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ;ŶŽƚĞςͿ
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ĞƚĞƌŵŝŶĂƚŝŽŶƚŚĂƚůĂŶĚĂŶĚĨŽƌĞƐƚƐŚŽƵůĚďĞĐůĂƐƐŝĨŝĞĚĂŶĚŵĞĂƐƵƌĞĚĂƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ;ŶŽƚĞςͿ
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ĞĨĞƌƌĞĚƚĂdžŽŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ;ŶŽƚĞϭϬ͘ϮͿ
•
ZĞĐŽŐŶŝƚŝŽŶŽĨůŽĂŶƌĞĐĞŝǀĂďůĞ;ŶŽƚĞϭϯͿ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞ'ƌŽƵƉďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨƚŚĞŝŶƐƚƌƵŵĞŶƚƐ͘
The Group’s financial assets consist of cash, trade receivables, derivatives and loan receivable.
dŚĞ'ƌŽƵƉĚĞƌĞĐŽŐŶŝƐĞƐĂĨŝŶĂŶĐŝĂůĂƐƐĞƚǁŚĞŶƚŚĞĐŽŶƚƌĂĐƚƵĂůƌŝŐŚƚƐƚŽƚŚĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞĂƐƐĞƚĞdžƉŝƌĞ͕ŽƌǁŚĞŶŝƚƚƌĂŶƐĨĞƌƐƚŚĞĨŝŶĂŶĐŝĂů
ĂƐƐĞƚĂŶĚƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚƚŽĂŶŽƚŚĞƌƉĂƌƚLJ͘/ĨƚŚĞ'ƌŽƵƉŶĞŝƚŚĞƌƚƌĂŶƐĨĞƌƐŶŽƌƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJ
ĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂŶĚĐŽŶƚŝŶƵĞƐƚŽĐŽŶƚƌŽůƚŚĞƚƌĂŶƐĨĞƌƌĞĚĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝƐĞƐŝƚƐƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚĂŶĚ
ĂŶĂƐƐŽĐŝĂƚĞĚůŝĂďŝůŝƚLJĨŽƌĂŵŽƵŶƚƐŝƚŵĂLJŚĂǀĞƚŽƉĂLJ͘/ĨƚŚĞ'ƌŽƵƉƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨĂƚƌĂŶƐĨĞƌƌĞĚ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ƚŚĞ'ƌŽƵƉĐŽŶƚŝŶƵĞƐƚŽƌĞĐŽŐŶŝƐĞƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚĂŶĚĂůƐŽƌĞĐŽŐŶŝƐĞƐĂĐŽůůĂƚĞƌĂůŝƐĞĚďŽƌƌŽǁŝŶŐĨŽƌƚŚĞƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͘
/ŵƉĂŝƌŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞƌĞĐŽƌĚĞĚƚŚƌŽƵŐŚĂůŽƐƐĂůůŽǁĂŶĐĞĂĐĐŽƵŶƚ;ďĂĚĚĞďƚƉƌŽǀŝƐŝŽŶͿ͘dŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐĂůůŽǁĂŶĐĞŝƐďĂƐĞĚŽŶ
ƚŚĞƐŝŵƉůŝĨŝĞĚdžƉĞĐƚĞĚƌĞĚŝƚ>ŽƐƐ;>ͿĂƉƉƌŽĂĐŚǁŚŝĐŚŝŶǀŽůǀĞƐƚŚĞ'ƌŽƵƉĞƐƚŝŵĂƚŝŶŐƚŚĞůŝĨĞƚŝŵĞ>ĂƚĞĂĐŚďĂůĂŶĐĞĚĂƚĞ͘dŚĞůŝĨĞƚŝŵĞ>ŝƐ
ĐĂůĐƵůĂƚĞĚƵƐŝŶŐĂƉƌŽǀŝƐŝŽŶŵĂƚƌŝdžďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůĐƌĞĚŝƚůŽƐƐĞdžƉĞƌŝĞŶĐĞĂŶĚĂĚũƵƐƚĞĚĨŽƌĨŽƌǁĂƌĚůŽŽŬŝŶŐĨĂĐƚŽƌƐƐƉĞĐŝĨŝĐƚŽƚŚĞĚĞďƚŽƌƐĂŶĚ
ƚŚĞĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚ͘
Financial instruments are classified into the following specified categories: ‘fair value through profit or loss' (FVTPL), and 'at amortised cost'. The
ĐůĂƐƐŝĨŝĐĂƚŝŽŶĚĞƉĞŶĚƐŽŶƚŚĞďƵƐŝŶĞƐƐŵŽĚĞůĂŶĚŶĂƚƵƌĞŽĨƚŚĞĐĂƐŚĨůŽǁƐŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚĂƚƚŚĞƚŝŵĞŽĨŝŶŝƚŝĂů
ƌĞĐŽŐŶŝƚŝŽŶ͘
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐƚŚĂƚĂƌĞĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽƌ
ŝƐƐƵĞŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ;ŽƚŚĞƌƚŚĂŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐͿĂƌĞĂĚĚĞĚƚŽ
ŽƌĚĞĚƵĐƚĞĚĨƌŽŵƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ĂƐĂƉƉƌŽƉƌŝĂƚĞ͕ŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĚŝƌĞĐƚůLJ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŵŵĞĚŝĂƚĞůLJŝŶƉƌŽĨŝƚŽƌ
ůŽƐƐ͘
>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚĂƐƐŽĐŝĂƚĞĚƚƌĂŶƐĂĐƚŝŽŶƐ;ŶŽƚĞƐρĂŶĚϭΘͿ
dŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƌĞƋƵŝƌĞƐŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐ͘dŚĞƐĞĂĨĨĞĐƚƚŚĞĂŵŽƵŶƚƐŽĨƌĞƉŽƌƚĞĚ
ƌĞǀĞŶƵĞĂŶĚĞdžƉĞŶƐĞĂŶĚƚŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘ĐƚƵĂůƌĞƐƵůƚƐĐŽƵůĚĚŝĨĨĞƌĨƌŽŵƚŚĞƐĞĞƐƚŝŵĂƚĞƐ͘dŚĞƉƌŝŶĐŝƉĂůĂƌĞĂƐŽĨ
ũƵĚŐĞŵĞŶƚĂŶĚĞƐƚŝŵĂƚŝŽŶŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƌĞ͗
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ;ŝŶĐůƵĚŝŶŐďŽƌƌŽǁŝŶŐƐ͕ƌĞůĂƚĞĚƉĂƌƚLJƉĂLJĂďůĞƐĂŶĚƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐͿĂƌĞŝŶŝƚŝĂůůLJƌĞĐŽŐŶŝƐĞĚĂƚĨĂŝƌ
ǀĂůƵĞĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
dŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚŝƐĂŵĞƚŚŽĚŽĨĐĂůĐƵůĂƚŝŶŐƚŚĞĂŵŽƌƚŝƐĞĚĐŽƐƚŽĨĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĂŶĚŽĨĂůůŽĐĂƚŝŶŐŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŽǀĞƌƚŚĞ
ƌĞůĞǀĂŶƚƉĞƌŝŽĚ͘dŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŝƐƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƉĂLJŵĞŶƚƐ;ŝŶĐůƵĚŝŶŐĂůůĨĞĞƐĂŶĚƉŽŝŶƚƐƉĂŝĚŽƌ
ƌĞĐĞŝǀĞĚƚŚĂƚĨŽƌŵĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͕ƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂŶĚŽƚŚĞƌƉƌĞŵŝƵŵƐŽƌĚŝƐĐŽƵŶƚƐͿƚŚƌŽƵŐŚƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨ
ƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͕Žƌ;ǁŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞͿĂƐŚŽƌƚĞƌƉĞƌŝŽĚ͕ƚŽƚŚĞŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘
dŚĞ'ƌŽƵƉĚĞƌĞĐŽŐŶŝƐĞƐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐǁŚĞŶ͕ĂŶĚŽŶůLJǁŚĞŶ͕ƚŚĞ'ƌŽƵƉΖƐŽďůŝŐĂƚŝŽŶƐĂƌĞĚŝƐĐŚĂƌŐĞĚ͕ĐĂŶĐĞůůĞĚŽƌƚŚĞLJĞdžƉŝƌĞ͘dŚĞĚŝĨĨĞƌĞŶĐĞ
ďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĚĞƌĞĐŽŐŶŝƐĞĚĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚĂŶĚƉĂLJĂďůĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
Θ
22
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϯ͘ϭ
&ĂŝƌǀĂůƵĞĞƐƚŝŵĂƚŝŽŶ
•
•
•
κ
^ĞŐŵĞŶƚŝŶĨŽƌŵĂƚŝŽŶ
ρ
^ŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶͲ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚĂƐƐŽĐŝĂƚĞĚƚƌĂŶƐĂĐƚŝŽŶƐ
dŚĞŽŵƉĂŶLJŚŽůĚƐϳρйŽĨƚŚĞƉĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐĂŶĚĞĐŽŶŽŵŝĐŝŶƚĞƌĞƐƚǁŝƚŚ>ĂŶĚdƌƵƐƚŚŽůĚŝŶŐƚŚĞŽƚŚĞƌϮρй͘dŚĞ>WŝƐĚŝƌĞĐƚĞĚďLJEĞǁĞĂůĂŶĚ
Rural Land Investment GP Limited (the “GP”) with the Company and the Land Trust holding shares in the GP at the same proportion as their LP
ƵŶŝƚƐ͘
/ŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉΖƐƚŽƚĂůŐƌŽƐƐĨŝŶĂŶĐĞŝŶĐŽŵĞ͕ĞdžĐůƵĚŝŶŐŐĂŝŶƐŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐ͕ŵŽƌĞƚŚĂŶϭϬйǁĂƐƌĞĐĞŝǀĞĚĂƐ
ŝŶƚĞƌĞƐƚŝŶĐŽŵĞĨƌŽŵƚǁŽƐŝŐŶŝĨŝĐĂŶƚĐƵƐƚŽŵĞƌƐ͘dŚĞƚŽƚĂůŐƌŽƐƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞĚĞƌŝǀĞĚŝŶƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκĨƌŽŵƚŚĞƐĞ
ĐƵƐƚŽŵĞƌƐǁĂƐΨϬ͘ςεϮŵŝůůŝŽŶĂŶĚΨϭ͘ϯϯκŵŝůůŝŽŶƌĞƐƉĞĐƚŝǀĞůLJ;ϮϬϮϯ͗ΨϬ͘ςϮεŵŝůůŝŽŶĂŶĚΨϭ͘ϮϯΘŵŝůůŝŽŶƌĞƐƉĞĐƚŝǀĞůLJͿ͘EŽŽƚŚĞƌƐŝŶŐůĞĐƵƐƚŽŵĞƌ
ĐŽŶƚƌŝďƵƚĞĚϭϬйŽƌŵŽƌĞŽĨƚŚĞ'ƌŽƵƉΖƐƚŽƚĂůĨŝŶĂŶĐĞŝŶĐŽŵĞ;ϮϬϮϯ͗ŶŝůͿ͘
ƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŽƚŚƌĞĞůĞǀĞůƐ͕ƵƐŝŶŐĂĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJƚŚĂƚƌĞĨůĞĐƚƐƚŚĞƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚĞŝŶƉƵƚƐ
ƵƐĞĚŝŶŵĂŬŝŶŐƚŚĞŵĞĂƐƵƌĞŵĞŶƚƐ͘ůĂƐƐŝĨŝĐĂƚŝŽŶƐĂƌĞƌĞǀŝĞǁĞĚĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐĂƌĞĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂ
ƌĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞůŽǁĞƐƚůĞǀĞůŽĨŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘&ŽƌĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͕ĨĂŝƌǀĂůƵĞ
ŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞĐĂƚĞŐŽƌŝƐĞĚŝŶƚŽ>ĞǀĞůϭ͕ϮŽƌϯďĂƐĞĚŽŶƚŚĞĚĞŐƌĞĞƚŽǁŚŝĐŚƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞŽďƐĞƌǀĂďůĞĂŶĚƚŚĞ
ƐŝŐŶŝĨŝĐĂŶĐĞŽĨƚŚĞŝŶƉƵƚƐƚŽƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŝŶŝƚƐĞŶƚŝƌĞƚLJ͕ǁŚŝĐŚĂƌĞĚĞƐĐƌŝďĞĚĂƐĨŽůůŽǁƐ͗
The Group’s assets and liabilities that are measured at fair value are investment properties and derivative financial instruments. Investment
ƉƌŽƉĞƌƚLJŝƐŵĞĂƐƵƌĞĚƵƐŝŶŐůĞǀĞůϯǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂƐĨƵƌƚŚĞƌĚĞƚĂŝůĞĚŝŶŶŽƚĞς͘
dŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐŝŶŽŶĞďƵƐŝŶĞƐƐƐĞŐŵĞŶƚďĞŝŶŐEĞǁĞĂůĂŶĚƌƵƌĂůůĂŶĚ͘
/ŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉΖƐƚŽƚĂůƌĞŶƚĂůŝŶĐŽŵĞ͕ŵŽƌĞƚŚĂŶϭϬйǁĂƐƌĞĐĞŝǀĞĚĨƌŽŵƚŚƌĞĞƐŝŐŶŝĨŝĐĂŶƚĐƵƐƚŽŵĞƌƐ͕WĞƌĨŽƌŵĂŶĐĞĂŝƌLJ>ŝŵŝƚĞĚ͕t,>
ĂƉŝƚĂů>ŝŵŝƚĞĚ͕ĂŶĚEĞǁĞĂůĂŶĚ&ŽƌĞƐƚ>ĞĂƐŝŶŐ;EŽ͘ϮͿ>ŝŵŝƚĞĚ͘dŚĞƚŽƚĂůƌĞŶƚĂůŝŶĐŽŵĞĚĞƌŝǀĞĚŝŶƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκĨƌŽŵƚŚĞƐĞ
ĐƵƐƚŽŵĞƌƐǁĂƐΨϮ͘κϮϳŵŝůůŝŽŶ͕Ψϯ͘ςκΘŵŝůůŝŽŶ͕ĂŶĚΨρ͘ϭϯϬŵŝůůŝŽŶƌĞƐƉĞĐƚŝǀĞůLJ;ϮϬϮϯ͗Ψϯ͘ϭϭϯŵŝůůŝŽŶ͕Ψϯ͘ςκΘŵŝůůŝŽŶ͕ĂŶĚΨϯ͘ρρΘŵŝůůŝŽŶ
ƌĞƐƉĞĐƚŝǀĞůLJͿ͘EŽŽƚŚĞƌƐŝŶŐůĞĐƵƐƚŽŵĞƌĐŽŶƚƌŝďƵƚĞĚϭϬйŽƌŵŽƌĞŽĨƚŚĞ'ƌŽƵƉΖƐƚŽƚĂůƌĞŶƚĂůŝŶĐŽŵĞ;ϮϬϮϯ͗ŶŝůͿ͘
>ĞǀĞůϯŝŶƉƵƚƐĂƌĞƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͘
>ĞǀĞůϮŝŶƉƵƚƐĂƌĞŝŶƉƵƚƐ͕ŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶ>ĞǀĞůϭ͕ƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌ
ůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͖ĂŶĚ
>ĞǀĞůϭŝŶƉƵƚƐĂƌĞƋƵŽƚĞĚƉƌŝĐĞƐ;ƵŶĂĚũƵƐƚĞĚͿŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐƚŚĂƚƚŚĞĞŶƚŝƚLJĐĂŶĂĐĐĞƐƐĂƚƚŚĞ
ŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͖
ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐůĞǀĞůϮǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐ͕ǁŚŝĐŚŝƐďĂƐĞĚŽŶŝŶƉƵƚƐŽƚŚĞƌƚŚĂŶƋƵŽƚĞĚƉƌŝĐĞƐŝŶĂŶĂĐƚŝǀĞ
ŵĂƌŬĞƚƚŚĂƚĂƌĞŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJ͕ĞŝƚŚĞƌĚŝƌĞĐƚůLJ;ƚŚĂƚŝƐ͕ĂƐƉƌŝĐĞƐͿŽƌŝŶĚŝƌĞĐƚůLJ;ƚŚĂƚŝƐ͕ĚĞƌŝǀĞĚĨƌŽŵƉƌŝĐĞƐͿ͘dŚŝƐǀĂůƵĂƚŝŽŶ
ƚĞĐŚŶŝƋƵĞŵĂdžŝŵŝƐĞƐƚŚĞƵƐĞŽĨŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂǁŚĞƌĞŝƚŝƐĂǀĂŝůĂďůĞĂŶĚƌĞůŝĞƐĂƐůŝƚƚůĞĂƐƉŽƐƐŝďůĞŽŶĞŶƚŝƚLJƐƉĞĐŝĨŝĐĞƐƚŝŵĂƚĞƐ͘
dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨĂůůŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŚĞůĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚƌĞĂƐŽŶĂďůLJĂƉƉƌŽdžŝŵĂƚĞƐƚŚĞĨĂŝƌǀĂůƵĞĚƵĞƚŽƚŚĞƐŚŽƌƚƚĞƌŵ
ŶĂƚƵƌĞŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘
&ĂŝƌǀĂůƵĞŝƐƚŚĞƉƌŝĐĞƚŚĂƚǁŽƵůĚďĞƌĞĐĞŝǀĞĚƚŽƐĞůůĂŶĂƐƐĞƚŽƌƉĂŝĚƚŽƚƌĂŶƐĨĞƌĂůŝĂďŝůŝƚLJŝŶĂŶŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚ
ƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌƚŚĂƚƉƌŝĐĞŝƐĚŝƌĞĐƚůLJŽďƐĞƌǀĂďůĞŽƌĞƐƚŝŵĂƚĞĚƵƐŝŶŐĂŶŽƚŚĞƌǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞ͘/ŶĞƐƚŝŵĂƚŝŶŐƚŚĞ
ĨĂŝƌǀĂůƵĞŽĨĂŶĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJ͕ƚŚĞ'ƌŽƵƉƚĂŬĞƐŝŶƚŽĂĐĐŽƵŶƚƚŚĞĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŽĨƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJŝĨŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐǁŽƵůĚƚĂŬĞƚŚŽƐĞ
ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐŝŶƚŽĂĐĐŽƵŶƚǁŚĞŶƉƌŝĐŝŶŐƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘&ĂŝƌǀĂůƵĞĨŽƌŵĞĂƐƵƌĞŵĞŶƚĂŶĚͬŽƌĚŝƐĐůŽƐƵƌĞƉƵƌƉŽƐĞƐŝŶ
ƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝƐĚĞƚĞƌŵŝŶĞĚŽŶƐƵĐŚĂďĂƐŝƐ͘
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚƌĞĚĞĞŵĂďůĞ>WƵŶŝƚƐĂƌĞŵĞĂƐƵƌĞĚƵƐŝŶŐůĞǀĞůϯŝŶƉƵƚƐ;ƌĞĨĞƌƚŽŶŽƚĞςĂŶĚŶŽƚĞϭΘ͕ƌĞƐƉĞĐƚŝǀĞůLJͿ͕ǁŚŝĐŚĂƌĞďĂƐĞĚŽŶ
ǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƚŚĂƚŝŶĐůƵĚĞŝŶƉƵƚƐĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJƚŚĂƚĂƌĞŶŽƚďĂƐĞĚŽŶŽďƐĞƌǀĂďůĞŵĂƌŬĞƚĚĂƚĂ;ƚŚĂƚŝƐ͕ƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐͿ͘
/Ŷ:ĂŶƵĂƌLJϮϬϮκ͕ƚŚĞŽŵƉĂŶLJĞŶƚĞƌĞĚŝŶƚŽĂŶĂŐƌĞĞŵĞŶƚƚŽƐĞůůĂϮρйƐƚĂŬĞŝŶŝƚƐƌƵƌĂůůĂŶĚƉŽƌƚĨŽůŝŽƚŽĂŐƌŽƵƉŽĨŝŶǀĞƐƚŽƌƐŝŶĂ>ĂŶĚdƌƵƐƚ
;Η>ĂŶĚdƌƵƐƚΗͿĨŽƌΨκκ͘ϮŵŝůůŝŽŶ͘
dŚĞŽŵƉĂŶLJƵƐĞĚΨϭϭ͘ΘŵŝůůŝŽŶŽĨƚŚĞƉƌŽĐĞĞĚƐƚŽƌĞƉĂLJƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶƚŚĂƚŝƚĚƌĞǁĚŽǁŶŝŶƉƌŝůϮϬϮϯƚŽƉĂƌƚŝĂůůLJĨƵŶĚĂĨŽƌĞƐƚƌLJ
ĂĐƋƵŝƐŝƚŝŽŶ;ƌĞĨĞƌƚŽŶŽƚĞϭΘͿ͘dŚĞďĂůĂŶĐĞŽĨƚŚĞĨƵŶĚƐŚĂǀĞďĞĞŶƵƐĞĚĨŽƌůĂŶĚĂĐƋƵŝƐŝƚŝŽŶƐŽƌŝƐŚĞůĚĨŽƌĨƵƚƵƌĞŽƉƉŽƌƚƵŶŝƚŝĞƐ͘
The investment was mechanised through the establishment of a limited partnership, the New Zealand Rural Land Limited Partnership (the “LP”).
dŚĞƉŽƌƚĨŽůŝŽŽĨƌƵƌĂůůĂŶĚĂƐƐĞƚƐĂŶĚĂƐƐŽĐŝĂƚĞĚĚĞďƚǁĂƐƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ>WƉƌŝŽƌƚŽ>ĂŶĚdƌƵƐƚΖƐŝŶǀĞƐƚŵĞŶƚ͘dŚĞŽŵƉĂŶLJΖƐŝŶǀĞƐƚŵĞŶƚ
ŵĂŶĚĂƚĞĐŽŶƚŝŶƵĞƐŝŶƚŚĞ>WǁŝƚŚƚŚĞƐĂŵĞĂĐƚŝǀĞƐƚƌĂƚĞŐLJĂŶĚŵĂŶĂŐĞƌ;EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚDĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉͿ͘
ε
23
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ρ
^ŝŐŶŝĨŝĐĂŶƚƚƌĂŶƐĂĐƚŝŽŶͲ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉĞƐƚĂďůŝƐŚŵĞŶƚĂŶĚĂƐƐŽĐŝĂƚĞĚƚƌĂŶƐĂĐƚŝŽŶƐ;ĐŽŶƚŝŶƵĞĚͿ
ς
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ
•
•
•
•
ϮϬϮκ
>ĂŶĚĂƌĞĂ
KƉĞŶŝŶŐ
ďĂůĂŶĐĞĚĚŝƚŝŽŶƐϷ
ZĞĐůĂƐƐŝĨŝĐĂƚŝ
ŽŶƐϸ
>ĞĂƐĞĨĞĞ
ĂŵŽƌƚŝƐĂƚŝŽŶ
ĂƉŝƚĂůŝƐĞĚ
ůĞĂƐĞ
ŝŶĐĞŶƚŝǀĞ
ϯ
ZĞǀĂůƵĂƚŝŽŶ
;ůŽƐƐͿͬŐĂŝŶĂƌƌLJŝŶŐǀĂůƵĞ
>ŽĐĂƚŝŽŶ
,ĞĐƚĂƌĞƐΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂŶƚĞƌďƵƌLJρ͕εϭϮϭϯϯ͕ϭϭςρϭ;ϭϭ͕ϯρρͿ;ΘͿ;ϭϳϳͿς͕ϯϭϳϭϮϳ͕εκκ
KƚĂŐŽ
κ͕Ϭϯεϳε͕ϮεΘ
ς͕ϭϯκ
Ͳ;κͿͲϯϳϮΘρ͕ΘϬϬ
^ŽƵƚŚůĂŶĚϭ͕ϯΘςκκ͕ϭςς
ρΘ
Ͳ;εͿ;ϮςͿ;ΘΘεͿκϯ͕ϯϬϬ
Manawatū-Whanganuiκ͕ϳςΘΘε͕ϳϬϭ
ϭκ͕ϯρς
Ͳ;ςͿͲε͕εκεϭϭκ͕ϬϬϬ
,ĂǁŬĞΖƐĂLJεϳͲ
ϭΘ͕κϭϳ
ͲͲͲρ͕ΘΘκϮκ͕ϯϬϭ
^ŽƵƚŚdĂƌĂŶĂŬŝςΘςͲ
Ϯ͕ϯϭΘ
ͲͲͲϭ͕ϳεκκ͕ϭϭϮ
ZĂŶŐŝƚŝŬĞŝŝƐƚƌŝĐƚƐϭερͲ
ρρε
ͲͲͲκϯϮεεϭ
&ĂŝƌǀĂůƵĞϯκς͕ϮΘϭκϭ͕Θεϯ;ϭϭ͕ϯρρͿ;ϮϳͿ;ϮϬϯͿϮϯ͕ΘρεκϬϬ͕κκΘ
WĂƐƚŽƌĂůĂŶĚŽƌĐŚĂƌĚůĂŶĚ͗
dŚĞĨĂŝƌǀĂůƵĞƌĞĐŽƌĚĞĚĨŽƌƚŚĞĨŽƌĞƐƚƌLJůĂŶĚĂŶĚĂƉƉůĞŽƌĐŚĂƌĚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκǁĂƐĚĞƚĞƌŵŝŶĞĚĂƐĨŽůůŽǁƐ͗
&ƌĞĞŚŽůĚǀĂůƵĂƚŝŽŶƐŽĨĞĂĐŚƉƌŽƉĞƌƚLJŚĂǀĞďĞĞŶĞƐƚĂďůŝƐŚĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞďLJĞdžƚĞƌŶĂůŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĞƌƐ͕ŽůůŝĞƌƐ
/ŶƚĞƌŶĂƚŝŽŶĂů͘
A residuary value (lessor’s interest) has been determined by external experts, KPMG, and added to those freehold valuations. The
ƌĞƐŝĚƵĂƌLJǀĂůƵĞŝƐƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞdžƉĞĐƚĞĚƐƵƌƉůƵƐĐĂƐŚĨůŽǁƐŽĨƚŚĞĞdžĐĞƐƐŽĨƚŚĞĐŽŶƚƌĂĐƚĞĚůĞĂƐĞƌĂƚĞƐŽǀĞƌƚŚĞ
ĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚƐ͘
dŚĞĂďŽǀĞŝƐĂĚŝĨĨĞƌĞŶƚŵĞƚŚŽĚŽůŽŐLJƚŽƵƚŝůŝƐĞĚŝŶƚŚĞƉƌŝŽƌLJĞĂƌ͘dŚĞĨĂŝƌǀĂůƵĞƌĞĐŽƌĚĞĚĨŽƌƚŚĞƉĂƐƚŽƌĂůĂŶĚŽƌĐŚĂƌĚůĂŶĚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭ
ĞĐĞŵďĞƌϮϬϮϯǁĂƐĚĞƚĞƌŵŝŶĞĚĂƐĨŽůůŽǁƐ͗
&ƌĞĞŚŽůĚǀĂůƵĂƚŝŽŶƐŽĨĞĂĐŚƉƌŽƉĞƌƚLJŚĂǀĞďĞĞŶĞƐƚĂďůŝƐŚĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞďLJĞdžƚĞƌŶĂůŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĞƌƐ͕ŽůůŝĞƌƐ
/ŶƚĞƌŶĂƚŝŽŶĂů͘dŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞƉƌŽũĞĐƚĞĚƚĞƌŵŝŶĂůǀĂůƵĞŽĨƚŚĞƐĞƉƌŽƉĞƌƚŝĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞŝŶŝƚŝĂůĐŽŶƚƌĂĐƚůĞĂƐĞƉĞƌŝŽĚ͘
ƌĞƐŝĚƵĂƌLJǀĂůƵĞǁĂƐĂĚĚĞĚƚŽƚŚĞĂďŽǀĞĂŵŽƵŶƚǁŚŝĐŚǁĂƐƚŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĐŽŶƚƌĂĐƚĞĚůĞĂƐĞƌĂƚĞƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚ
ŵĂƌŬĞƚƌĞŶƚƐ͘
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞŝŶŝƚŝĂůůLJŵĞĂƐƵƌĞĚĂƚĐŽƐƚĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞǁŝƚŚĂŶLJĐŚĂŶŐĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘ŶLJ
ŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐĨƌŽŵĂĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŝƐƉƌŽƉĞƌƚLJŚĞůĚĞŝƚŚĞƌƚŽĞĂƌŶƌĞŶƚĂůŝŶĐŽŵĞ͕ĨŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶŽƌĨŽƌďŽƚŚ͘
ϯ
EĞƚŽĨĂŵŽƌƚŝƐĂƚŝŽŶ͘
The Company’s directors represent the majority of the GP (75%) and can unilaterally direct disposals and subsequent acquisitions of properties for
ůĂŶĚŝŶĚŝǀŝĚƵĂůůLJƵƉƚŽΨρŵŝůůŝŽŶ͘&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞŽŵƉĂŶLJŚĂƐƚŚĞĂďŝůŝƚLJƚŽŵĂŬĞƐŽŵĞĐŚĂŶŐĞƐƚŽůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘dŚĞŽŵƉĂŶLJŚĂƐ
ĐŽŶĐůƵĚĞĚƚŚŝƐƉƌŽǀŝĚĞƐŝƚǁŝƚŚƐƵĨĨŝĐŝĞŶƚĐŽŶƚƌŽůƚŽĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞ>WĂŶĚĂĐĐŽƌĚŝŶŐůLJŚĂƐĐŽŶĐůƵĚĞĚƚŚĂƚŝƚĐŽŶƚƌŽůƐĂŶĚǁŝůů
ĐŽŶƐŽůŝĚĂƚĞƚŚĞ>W͘
/ŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶŶĞŐŽƚŝĂƚŝŶŐĂŶĚĂƌƌĂŶŐŝŶŐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐĂŶĚůĞĂƐĞŝŶĐĞŶƚŝǀĞƐŐƌĂŶƚĞĚĂƌĞĂĚĚĞĚƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞ
ůĞĂƐĞĚĂƐƐĞƚ͘
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŽĨΨκ͘ϯŵŝůůŝŽŶǁĞƌĞŝŶĐƵƌƌĞĚŝŶƌĞƐƉĞĐƚŽĨƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶĂŶĚƌĞĐŽƌĚĞĚĂƐĂƌĞĚƵĐƚŝŽŶŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐŽĨƚŚĞ'ƌŽƵƉ͘
Ϸ/ŶĐůƵĚĞƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐĂŶĚŝƐƌĞĚƵĐĞĚďLJƉĂƌƚŝĂůĚŝƐƉŽƐĂůƐ͘
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝƐĞĚǁŚĞŶƚŚĞLJŚĂǀĞďĞĞŶĚŝƐƉŽƐĞĚŽĨĂŶĚĂŶLJŐĂŝŶƐŽƌůŽƐƐĞƐŝŶĐƵƌƌĞĚŽŶĚŝƐƉŽƐĂůĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌ
ůŽƐƐŝŶƚŚĞLJĞĂƌŽĨĚĞƌĞĐŽŐŶŝƚŝŽŶ͘
ϸ

Ψϭϭ͘κŵŝůůŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐŝŶĂŶƚĞƌďƵƌLJŚĂǀĞďĞĞŶƌĞĐůĂƐƐŝĨŝĞĚĂƐĂƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ;ƌĞĨĞƌƚŽŶŽƚĞϳͿ͘
dŚĞ>WƵŶŝƚƐŚĞůĚďLJƚŚĞ>ĂŶĚdƌƵƐƚĂƌĞƌĞĚĞĞŵĂďůĞ;ƌĞĨĞƌƚŽŶŽƚĞϭΘͿ͘dŚĞ'ƌŽƵƉŚĂƐĞůĞĐƚĞĚƚŽƌĞĨůĞĐƚƚŚŝƐƚƌĂŶƐĂĐƚŝŽŶĂƐϮďĂĐŬͲƚŽͲďĂĐŬ
ƚƌĂŶƐĂĐƚŝŽŶƐ͕;ϭͿĂƌĞĐŽŐŶŝƚŝŽŶďLJƚŚĞ'ƌŽƵƉŽĨĂŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚĨŽƌƚŚĞ>WƵŶŝƚƐŚĞůĚďLJ>ĂŶĚdƌƵƐƚ͕ƚŚĞŶ;ϮͿĂŶŝŵŵĞĚŝĂƚĞĚĞͲƌĞĐŽŐŶŝƚŝŽŶ
ŽĨƚŚĂƚŶŽŶͲĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚǁŝƚŚƌĞĐŽŐŶŝƚŝŽŶŽĨĂůŝĂďŝůŝƚLJƚŽƌĞĚĞĞŵƚŚĞ>ĂŶĚdƌƵƐƚΖƐƵŶŝƚ͘dŚĞĚŝĨĨĞƌĞŶĐĞĨƌŽŵƚŚĞƐĂůĞƉƌŽĐĞĞĚƐ͕ĂŶĚƚŚĞƐŚĂƌĞ
of the Land Trust’s net assets in the LP ($58.4 million on transaction date), is reflected as an equity adjustment ($14.1 million), refer to the
^ƚĂƚĞŵĞŶƚŽĨŚĂŶŐĞƐŝŶƋƵŝƚLJ͘
&ĂŝƌǀĂůƵĞŽĨůĂŶĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͗
ϭϬ
24
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ς
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ;ĐŽŶƚŝŶƵĞĚͿ
ϮϬϮκ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
dŽƚĂů
Ϯε͕ϳρϭϮρϭ͕ςεκϮΘϭ͕κκρ
ϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
dŽƚĂů
ϭε͕ϳςϬϮϯς͕ΘϮϬϮρς͕ρΘϬ
ϮϬϮϯ
>ĂŶĚĂƌĞĂKƉĞŶŝŶŐďĂůĂŶĐĞĚĚŝƚŝŽŶƐϷ
>ĞĂƐĞĨĞĞ
ĂŵŽƌƚŝƐĂƚŝŽŶ
ĂƉŝƚĂůŝƐĞĚ
ůĞĂƐĞ
ŝŶĐĞŶƚŝǀĞϸ
ZĞǀĂůƵĂƚŝŽŶ
;ůŽƐƐͿͬŐĂŝŶĂƌƌLJŝŶŐǀĂůƵĞ
>ŽĐĂƚŝŽŶ
,ĞĐƚĂƌĞƐΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂŶƚĞƌďƵƌLJ
ρ͕ϳςρϭκϬ͕ΘΘϳϮϳϳ;ςͿ;ϭϳςͿ;ϳ͕ΘςςͿϭϯϯ͕ϭϭς
KƚĂŐŽ
ϯ͕ρϬϬΘϬ͕ϳΘςͲ;ϯͿͲ;ϭ͕κΘρͿϳε͕ϮεΘ
^ŽƵƚŚůĂŶĚ
ϭ͕ϯΘςκρ͕ςΘϳε;ϭεͿ;ϭϮϬͿ;ϭ͕ϯεϭͿκκ͕ϭςς
Manawatū-Whanganui
ϯ͕ϭϯϳͲϳϭ͕ρϳϯ;ϮͿͲϭΘ͕ϭϯϬΘε͕ϳϬϭ
&ĂŝƌǀĂůƵĞ
Ϯςϳ͕ϯςϬϳϭ͕Θρε;ϯϬͿ;ϮεςͿϳ͕ϯΘΘϯκς͕ϮΘϭ
ς͘ϭ&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͕ǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚŝŶƉƵƚƐ
džƚĞƌŶĂů͕ŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĞƌƐ͕ŚĂǀŝŶŐĂƉƉƌŽƉƌŝĂƚĞƌĞĐŽŐŶŝƐĞĚƉƌŽĨĞƐƐŝŽŶĂůƋƵĂůŝĨŝĐĂƚŝŽŶƐĂŶĚƌĞĐĞŶƚĞdžƉĞƌŝĞŶĐĞŝŶƚŚĞůŽĐĂƚŝŽŶĂŶĚĐĂƚĞŐŽƌLJŽĨ
the property being valued, value the Group’s dairy, pastoral and orchard properties at least every 12 months. The fair values are based on market
ǀĂůƵĞƐ͕ďĞŝŶŐƚŚĞĞƐƚŝŵĂƚĞĚĂŵŽƵŶƚĨŽƌǁŚŝĐŚĂƉƌŽƉĞƌƚLJĐŽƵůĚďĞĞdžĐŚĂŶŐĞĚŽŶƚŚĞĚĂƚĞŽĨƚŚĞǀĂůƵĂƚŝŽŶďĞƚǁĞĞŶĂǁŝůůŝŶŐďƵLJĞƌĂŶĚĂǁŝůůŝŶŐ
seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without
ĐŽŵƉƵůƐŝŽŶ͘sĂůƵĂƚŝŽŶƐƉĞƌĨŽƌŵĞĚŽŶƚŚĞĨŽƌĞƐƚƌLJĞƐƚĂƚĞƐĂƌĞŵĂĚĞĂŶĚĞǀĂůƵĂƚĞĚďLJƚŚĞĐŽŵƉĂŶLJƵƐŝŶŐĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͕ǁŝƚŚ
ŝŶĚĞƉĞŶĚĞŶƚŵĂƌŬĞƚŝŶƉƵƚƐĨƌŽŵŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĞƌƐ͘
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐůĞǀĞůϯ;ŝŶƉƵƚƐĂƌĞƵŶŽďƐĞƌǀĂďůĞĨŽƌƚŚĞĂƐƐĞƚŽƌůŝĂďŝůŝƚLJͿƵŶĚĞƌƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽŶƚŚĞďĂƐŝƐƚŚĂƚ
ĂĚũƵƐƚŵĞŶƚƐŵƵƐƚďĞŵĂĚĞƚŽŽďƐĞƌǀĂďůĞĚĂƚĂŽĨƐŝŵŝůĂƌƉƌŽƉĞƌƚŝĞƐƚŽĚĞƚĞƌŵŝŶĞƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶŝŶĚŝǀŝĚƵĂůƉƌŽƉĞƌƚLJ͘
/Ŷ&ĞďƌƵĂƌLJϮϬϮκ͕ƚŚĞ>WĂĐƋƵŝƌĞĚĂƉƉůĞĂŶĚĨŽƌĞƐƚƌLJůĂŶĚĨŽƌĂƚŽƚĂůŽĨΨϯϭ͘ςŵŝůůŝŽŶ͘dŚĞĂƉƉůĞŽƌĐŚĂƌĚůĂŶĚ͕ĞdžĐůƵĚŝŶŐƚƌĞĞƐĂŶĚďƵŝůĚŝŶŐƐǁĂƐ
ĂƉƉƌŽdžŝŵĂƚĞůLJεϳŚĞĐƚĂƌĞƐŚĂƐďĞĞŶůĞĂƐĞĚƚŽ<ŝǁŝƌƵŶĐŚĨŽƌϯϬLJĞĂƌƐŐĞŶĞƌĂƚŝŶŐΨϭ͘κŵŝůůŝŽŶŽĨŝŶĐŽŵĞŝŶLJĞĂƌŽŶĞŽĨƚŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚ͘dŚĞ
>WĂůƐŽĂĐƋƵŝƌĞĚĨŽƌĞƐƚƌLJůĂŶĚŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭ͕ϭϭεŚĞĐƚĂƌĞƐĂŶĚŚĂƐůĞĂƐĞĚƚŚĞůĂŶĚƚŽEĞǁĞĂůĂŶĚ&ŽƌĞƐƚ>ĞĂƐŝŶŐ>ŝŵŝƚĞĚĨŽƌĂƉĞƌŝŽĚŽĨϭς
LJĞĂƌƐ͕ŐĞŶĞƌĂƚŝŶŐΨϳςϬŬŽĨŝŶĐŽŵĞŝŶLJĞĂƌŽŶĞŽĨƚŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚ͘
/Ŷ:ƵŶĞϮϬϮκ͕ƚŚĞ>WĂĐƋƵŝƌĞĚĂϭ͕ρϬϬŚĞĐƚĂƌĞĨŽƌĞƐƚƌLJĞƐƚĂƚĞĨŽƌΨϳ͘ϯŵŝůůŝŽŶ͘
ƵƌŝŶŐƚŚĞLJĞĂƌ͕ƚŚĞ>WĂĐƋƵŝƌĞĚĂϭϮςŚĞĐƚĂƌĞĂƉƉůĞŽƌĐŚĂƌĚůĂŶĚĨŽƌĂƚŽƚĂůŽĨΨϭϯ͘ϮŵŝůůŝŽŶ͕ŽĨǁŚŝĐŚ͕Ψκ͘εŵŝůůŝŽŶ;κϳŚĞĐƚĂƌĞƐͿǁĂƐƐĞƚƚůĞĚŝŶ
EŽǀĞŵďĞƌϮϬϮκ͘WĂƌƚŽĨƚŚŝƐƉƵƌĐŚĂƐĞƉƌŝĐĞǁĂƐƐĞƚƚůĞĚƚŚƌŽƵŐŚƚŚĞŝƐƐƵĞŽĨϮ͕Ϯϭρ͕ϭεϬƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ;ƌĞĨĞƌƚŽŶŽƚĞϭΘͿ͘dŚŝƐŝŶŝƚŝĂů
ƐĞƚƚůĞŵĞŶƚŚĂƐĂŶĂŶŶƵĂůŝƐĞĚLJĞĂƌŽŶĞŝŶĐŽŵĞŽĨΨςϯρ͕ϬϬϬ͘dŚĞƌĞŵĂŝŶŝŶŐΨρ͘ϳŵŝůůŝŽŶ;ϳεŚĞĐƚĂƌĞƐͿŝƐĚƵĞƚŽďĞƐĞƚƚůĞĚŝŶ^ĞƉƚĞŵďĞƌϮϬϮρ͕ǁŝƚŚ
ĂĚĞƉŽƐŝƚŽĨΨϮ͘ςŵŚĂǀŝŶŐďĞĞŶƉĂŝĚŝŶĂĚǀĂŶĐĞŝŶEŽǀĞŵďĞƌϮϬϮκ͘dŚĞĂƉƉůĞŽƌĐŚĂƌĚǁŝůůďĞůĞĂƐĞĚƚŽ^/KƌĐŚĂƌĚƐĨŽƌϯϬLJĞĂƌƐ͕ŐĞŶĞƌĂƚŝŶŐƚŽƚĂů
ůĞĂƐĞŝŶĐŽŵĞŽĨΨϭ͘ϭϯŵŝůůŝŽŶŝŶLJĞĂƌŽŶĞŽĨƚŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚ͘
ƚƚŚĞĞŶĚŽĨƚŚĞϯϬLJĞĂƌůĞĂƐĞƉĞƌŝŽĚ͕ŽǁŶĞƌƐŚŝƉŽĨƚŚĞƚƌĞĞƐ;ŽƌĐŚĂƌĚͿǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽƚŚĞ'ƌŽƵƉ͘
>ĞƐƐŽƌƐ
ŝŶƚĞƌĞƐƚ
&ƌĞĞŚŽůĚ
ƉƌŽƉĞƌƚLJ
ǀĂůƵĞ
dŽƚĂůǀĂůƵĞ
sĂůƵĂƚŝŽŶƐ
>ĞƐƐŽƌƐ
ŝŶƚĞƌĞƐƚ
&ƌĞĞŚŽůĚ
ƉƌŽƉĞƌƚLJ
ǀĂůƵĞ
dŽƚĂůǀĂůƵĞ
sĂůƵĂƚŝŽŶƐ
dŚĞĨĂŝƌǀĂůƵĞŽĨĚĂŝƌŝĞƐĂŶĚŽƌĐŚĂƌĚƐŝƐƌĞƉƌĞƐĞŶƚĞĚďLJƚŚĞĨƌĞĞŚŽůĚǀĂůƵĞƐĂŶĚƚŚĞůĞƐƐŽƌƐŝŶƚĞƌĞƐƚ͘
&ĂŝƌǀĂůƵĞŽĨƌƵƌĂůĂŶĚĨŽƌĞƐƚƌLJůĂŶĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂŶĚŽƚŚĞƌŝŵƉƌŽǀĞŵĞŶƚƐ͗
Ϸ/ŶĐůƵĚĞƐĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐĂŶĚŝƐƌĞĚƵĐĞĚďLJƉĂƌƚŝĂůĚŝƐƉŽƐĂůƐ͘
ϸEĞƚŽĨĂŵŽƌƚŝƐĂƚŝŽŶ͘
ϭϭ
25
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ς͘ϭ&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͕ǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚŝŶƉƵƚƐ;ĐŽŶƚŝŶƵĞĚͿ
<ĞLJŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞŽĨƉĂƐƚŽƌĂů͗ϮϬϮκϮϬϮϯ
W/ĨŽƌĞĐĂƐƚ;ϮϬϮςŽŶǁĂƌĚƐͿ
Ϯ͘ϬϬйϮ͘ϬϬй
ŝƐĐŽƵŶƚƌĂƚĞ;ƉƌĞͲƚĂdžŽŶĐŽŶƚƌĂĐƚĞĚͿEͬ
ϳ͘ϯρй
>ĂŶĚǀĂůƵĞŐƌŽǁƚŚƌĂƚĞEͬϮ͘ϳρй
tƉŽƐƚƚĂdžŽŶĞdžĐĞƐƐŽĨĐŽŶƚƌĂĐƚůĞĂƐĞŝŶĐŽŵĞŽǀĞƌĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚϳ͘ϮϬйEͬ
ƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚĂůĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĨƌĞĞŚŽůĚƉƌŽƉĞƌƚLJǀĂůƵĞκ͘κϬйEͬ
džƉĞĐƚĂƚŝŽŶŽĨůĞĂƐĞďLJůĞƐƐĞĞĂƚĨŝƌƐƚƌŝŐŚƚŽĨƌĞŶĞǁĂůϳρ͘ϬϬйEͬ
džƉĞĐƚĂƚŝŽŶŽĨůĞĂƐĞďLJůĞƐƐĞĞĂƚƐĞĐŽŶĚƌŝŐŚƚŽĨƌĞŶĞǁĂůρϬ͘ϬϬйEͬ
<ĞLJŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞŽĨŽƌĐŚĂƌĚĂƐƐĞƚƐ͗ϮϬϮκϮϬϮϯΎ
W/ĨŽƌĞĐĂƐƚ;ϮϬϮςŽŶǁĂƌĚƐͿ
Ϯ͘ϬϬй
Eͬ
WŽƐƚͲƚĂdžĚŝƐĐŽƵŶƚƌĂƚĞŽŶĞdžĐĞƐƐŽĨĐŽŶƚƌĂĐƚĞĚůĞĂƐĞŽǀĞƌĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚ
Θ͘ϭϬй
Eͬ
ƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚĂůĂƐĂƉĞƌĐĞŶƚĂŐĞŽĨĨƌĞĞŚŽůĚƉƌŽƉĞƌƚLJǀĂůƵĞκ͘ρϬйEͬ
<ĞLJǀĂůƵĂƚŝŽŶŝŶƉƵƚĞƐĐƌŝƉƚŝŽŶ
W//ŶĐƌĞĂƐĞĞĐƌĞĂƐĞ
ŝƐĐŽƵŶƚƌĂƚĞĞĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ
ĞĐƌĞĂƐĞ/ŶĐƌĞĂƐĞΎ
ƵƌŝŶŐƚŚĞLJĞĂƌƚŚĞƌĞǁĞƌĞŶŽƚƌĂŶƐĨĞƌƐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJďĞƚǁĞĞŶůĞǀĞůƐŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͘dŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚŝŶ
ŵĞĂƐƵƌŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͕ĂƐǁĞůůĂƐƚŚĞƐŝŐŶŝĨŝĐĂŶƚƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƵƐĞĚĂƌĞĂƐĨŽůůŽǁƐ͗
/ŶϮϬϮκ͕ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐǁĞƌĞĂƐƐĞƐƐĞĚŽŶĂĨĂŝƌǀĂůƵĞďĂƐŝƐĂƐƚŚĞĨƌĞĞŚŽůĚƉƌŽƉĞƌƚLJǀĂůƵĞĂŶĚƚŚĞƌĞƐŝĚƵĂƌLJŝŶƚĞƌĞƐƚ͕ďĞŝŶŐƚŚĞŶĞƚƉƌĞƐĞŶƚ
ǀĂůƵĞŽĨĞdžƉĞĐƚĞĚĨƵƚƵƌĞƉĞƌŝŽĚƐŽĨƚŚĞĞdžĐĞƐƐŽĨƚŚĞĐŽŶƚƌĂĐƚƌĞŶƚĂůƚĞƌŵƐŽǀĞƌĞƐƚŝŵĂƚĞĚŵĂƌŬĞƚƌĞŶƚƐ͘dŚĞƌĞƐŝĚƵĂƌLJŝŶƚĞƌĞƐƚŝŶĐůƵĚĞƐƉƌŽũĞĐƚĞĚ
ŝŶĐŽŵĞĨƌŽŵƚŚĞůĞƐƐĞĞƐĞdžĞƌĐŝƐŝŶŐƚŚĞŝƌƌŝŐŚƚŽĨƌĞŶĞǁĂůĂƚĂďŽǀĞŵĂƌŬĞƚƌĂƚĞƐĨŽƌƚŚĞϮŶĚĂŶĚϯƌĚƉĞƌŝŽĚƐŽĨƚŚĞůĞĂƐĞƐ͘
/ŶϮϬϮϯ͕ƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ;ĞdžĐĞƉƚĨŽƌĨŽƌĞƐƚƌLJĂƐƐĞƚƐͿǁĞƌĞĂƐƐĞƐƐĞĚŽŶĂĨĂŝƌǀĂůƵĞďĂƐŝƐƵƚŝůŝƐŝŶŐƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚĨŽƌƚŚĞ'ƌŽƵƉΖƐ
ŝŶƚĞƌĞƐƚĂƐůĞƐƐŽƌĂŶĚĂŵĂƌŬĞƚĂƉƉƌŽĂĐŚƚŽĂƐƐĞƐƐƚŚĞƌĞǀĞƌƐŝŽŶĂƌLJǀĂůƵĞŽĨƚŚĞĂƐƐĞƚƐĂƚƚŚĞĞdžƉŝƌLJŽĨƚŚĞĐƵƌƌĞŶƚůĞĂƐĞƚĞƌŵƐ͘dŚĞǀĂůƵĂƚŝŽŶ
ŝŶĐůƵĚĞƐƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶŵĂĚĞďLJƚŚĞǀĂůƵĞƌĨŽƌƚŚĞĂƉƉůŝĐĂďůĞĐůŝŵĂƚĞƌŝƐŬƐ͘dŚĞŶĞƚƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŝŶĐŽŵĞƉƌŽǀŝĚĞĚƵŶĚĞƌƚŚĞůĞĂƐĞ
ĂŐƌĞĞŵĞŶƚƐŚĂǀĞďĞĞŶĂƐƐĞƐƐĞĚƚŽďĞĂďŽǀĞƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚůĞĂƐĞƐĨŽƌƐŝŵŝůĂƌĂƐƐĞƚƐ͘dŚŝƐƌĞƐƵůƚƐŝŶƚŚĞ'ƌŽƵƉΖƐŝŶƚĞƌĞƐƚĂƐƐĞƐƐŵĞŶƚŝŶƚŚĞ
ůĞĂƐĞƐďĞŝŶŐŐƌĞĂƚĞƌƚŚĂŶƚŚĞĐƵƌƌĞŶƚĨĂŝƌǀĂůƵĞĨŽƌƚŚĞĂƐƐĞƚŽŶƚŚĞďĂƐŝƐŽĨƚŚĞŽŵƉĂƌĂďůĞ^ĂůĞƐƉƉƌŽĂĐŚ͘
ΎdŚĞ'ƌŽƵƉƉƵƌĐŚĂƐĞĚƚŚĞŝƌĨŝƌƐƚŽƌĐŚĂƌĚĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘
DĞĂƐƵƌĞŵĞŶƚƐĞŶƐŝƚŝǀŝƚLJ
/ŶĐƌĞĂƐĞŝŶ
ŝŶƉƵƚ
ĞĐƌĞĂƐĞŝŶ
ŝŶƉƵƚ
dŚĞǀĂůƵĞƌΖƐĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞĂŶŶƵĂůŶĞƚŵĂƌŬĞƚŝŶĐŽŵĞƉĞƌŚĞĐƚĂƌĞ
ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƉƌŽƉĞƌƚLJ͘hƐĞĚŝŶƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚ͘
ΎĚĞĐƌĞĂƐĞŝŶŵĂƌŬĞƚƌĞŶƚĂůĂƐƐĞƐƐŵĞŶƚŵĂLJƌĞƐƵůƚŝŶĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞůĞƐƐŽƌŝŶƚĞƌĞƐƚǀĂůƵĞ͕ĂƐƐƵŵŝŶŐƚŚĞĨĞĞƐŝŵƉůĞǀĂůƵĞŽĨƚŚĞƉƌŽƉĞƌƚLJ
ƌĞŵĂŝŶƐƐƚĂďůĞ͘
dŚĞĞdžƉĞĐƚĞĚŝŶĨůĂƚŝŽŶŝŶĐƌĞĂƐĞĂƉƉůŝĞĚƚŽƚŚĞůĞĂƐĞŝŶĐŽŵĞ͘hƐĞĚŝŶƚŚĞ
ŝŶĐŽŵĞĂƉƉƌŽĂĐŚ͘
dŚĞƌĂƚĞĂƉƉůŝĞĚƚŽĚŝƐĐŽƵŶƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐ͕ŝƚƌĞĨůĞĐƚƐƚƌĂŶƐĂĐƚŝŽŶĂů
ĞǀŝĚĞŶĐĞĨƌŽŵƐŝŵŝůĂƌƚLJƉĞƐŽĨƉƌŽƉĞƌƚLJĂƐƐĞƚƐ͘hƐĞĚŝŶƚŚĞŝŶĐŽŵĞ
ĂƉƉƌŽĂĐŚ͘
DĂƌŬĞƚƌĞŶƚĂůĂƐƐĞƐƐŵĞŶƚ
ϭϮ
26
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ς͘ϭ
&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͕ǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂŶĚŝŶƉƵƚƐ;ĐŽŶƚŝŶƵĞĚͿ
&ŽƌƚŚĞĨŽƌĞƐƚƌLJĂƐƐĞƚƐ͕ĂŵĂƌŬĞƚĂƉƉƌŽĂĐŚŚĂƐďĞĞŶƵƐĞĚƚŽĂƐƐĞƐƐƚŚĞƌĞǀĞƌƐŝŽŶĂƌLJǀĂůƵĞ͘
dŚĞǀĂůƵĞƐĂĚŽƉƚĞĚŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞĨŽƌĞƐƚƌLJĂƐƐĞƚƐĂƌĞƐƵŵŵĂƌŝƐĞĚĂƐ;ΨϬϬϬͿ͗
>ĞĂƐĞWŽƐƚͲůĞĂƐĞdŽƚĂů
ϮϬϮκ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ůŽĐŬKŶĞςϬ͕εϬϬϭϮ͕ϮϬϬϳϯ͕ϭϬϬ
ůŽĐŬdǁŽρ͕ϬϬϬϭϮ͕ϮϬϬϭϳ͕ϮϬϬ
ůŽĐŬdŚƌĞĞρ͕ΘϬϬϭϭ͕εϬϬϭϳ͕ϳϬϬ
ůŽĐŬ&ŽƵƌς͕ϮϬϬρ͕ϬϬϬϭϭ͕ϮϬϬ
ϳϳ͕εϬϬκϭ͕ϯϬϬϭϭε͕ϮϬϬ
>ĞĂƐĞWŽƐƚͲůĞĂƐĞdŽƚĂů
ϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ůŽĐŬKŶĞρϳ͕ϭϯϬϭϯ͕ϯϳϬϳϬ͕ρϬϬ
ůŽĐŬdǁŽρ͕ϬϬϭϭκ͕ϮϬϬϭε͕ϮϬϭ
ςϮ͕ϭϯϭϮϳ͕ρϳϬΘε͕ϳϬϭ
dŚĞƉŽƐƚůĞĂƐĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĨŽƌĞƐƚƌLJĂƐƐĞƚƐŚĂƐƚŚĞĨŽůůŽǁŝŶŐŬĞLJŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞĨĂŝƌǀĂůƵĞ͗
ϮϬϮκ
ŝƐĐŽƵŶƚƌĂƚĞ;ůĞĂƐĞƉĞƌŝŽĚͿͲůŽĐŬKŶĞ
Θ͘ϬϬй
ŝƐĐŽƵŶƚƌĂƚĞ;ůĞĂƐĞƉĞƌŝŽĚͿͲůŽĐŬƐdǁŽͲ&ŽƵƌϳ͘ϮϬй
ŝƐĐŽƵŶƚƌĂƚĞ;ƉŽƐƚͲůĞĂƐĞͿε͘εϬй
EhŵĂƌŬĞƚƉƌŝĐĞϮϬϯεΎΨϮϬϯ
EhŵĂƌŬĞƚƉƌŝĐĞϮϬκϬΎΨϮϬϳ
EhŵĂƌŬĞƚƉƌŝĐĞϮϬκϯΎΨϮϮϬ
EhŵĂƌŬĞƚƉƌŝĐĞϮϬκςΎΨϮϯϯ
>ŽŶŐƚĞƌŵEhƉƌŝĐĞŐƌŽǁƚŚƌĂƚĞĨƌŽŵϮϬϯϭϮ͘ϬϬй
ϮϬϮϯ
ŝƐĐŽƵŶƚƌĂƚĞ
ε͘ςϬй
EhŵĂƌŬĞƚƉƌŝĐĞ:ĂŶƵĂƌLJϮϬϯεΎΨϮϯκ
EhŵĂƌŬĞƚƉƌŝĐĞƉƌŝůϮϬκϯΎΨϮρρ
EhΖƐƉĞƌͲŚĞĐƚĂƌĞĂƚůĞĂƐĞĞŶĚρϭ͕ρϬϬ
>ŽŶŐƚĞƌŵEhƉƌŝĐĞŐƌŽǁƚŚƌĂƚĞĨƌŽŵϮϬϯϭϮ͘ϭϬй
dŚĞĨĂŝƌǀĂůƵĞŐĂŝŶƌĞĐŽŐŶŝƐĞĚŝŶƌĞůĂƚŝŽŶƚŽĨŽƌĞƐƚƌLJĂƐƐĞƚƐǁĂƐΨϭϮ͘ϮŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϭΘ͘ϭŵŝůůŝŽŶͿ͘
ΎZĞƉƌĞƐĞŶƚƐEhŵĂƌŬĞƚƉƌŝĐĞĂƚĚŝĨĨĞƌĞŶƚĞŶĚĚĂƚĞƐŽĨůĞĂƐĞƐ͘EhƉƌŝĐŝŶŐŚĂƐďĞĞŶĨŽƌĞĐĂƐƚĂŶĚƚŚĞŵŝĚͲƉŽŝŶƚŝƐĂĚŽƉƚĞĚĨŽƌƚŚĞƐĞƉƵƌƉŽƐĞƐ͘
dŚĞĐƵƌƌĞŶƚǀĂůƵĞŝƐĂůƐŽĚƌŝǀĞŶďLJƚŚĞǀŽůƵŵĞƐŽĨĞƐƚŝŵĂƚĞĚĐĂƌďŽŶƐĞƋƵĞƐƚƌĂƚŝŽŶŽǀĞƌƚŚĞůŝĨĞŽĨƚŚĞĨŽƌĞƐƚǁŚŝĐŚŚĂƐďĞĞŶŵŽĚĞůůĞĚďLJĞdžƚĞƌŶĂů
ĞdžƉĞƌƚƐďĂƐĞĚŽŶĐŽŵƉĂƌĂďůĞƉƌŽƉĞƌƚŝĞƐĂŶĚƚŚĞ/ϯϬϬŵĞƚŚŽĚǁŚŝĐŚŝƐƵƐĞĚƚŽĞdžƉƌĞƐƐƚŚĞƉƌŽĚƵĐƚŝǀŝƚLJŽĨĂƐŝƚĞŝŶƚĞƌŵƐŽĨǀŽůƵŵĞŐƌŽǁƚŚĨŽƌ
WŝŶƵƐƌĂĚŝĂƚĂ͘/ƚŝƐƚŚĞŵĞĂŶĂŶŶƵĂůǀŽůƵŵĞŝŶĐƌĞŵĞŶƚŝŶĐƵďŝĐŵĞƚƌĞƐƉĞƌŚĞĐƚĂƌĞŽĨĂϯϬϬƐƚĞŵƉĞƌŚĞĐƚĂƌĞZĂĚŝĂƚĂƉŝŶĞƐƚĂŶĚĂƚĂŐĞϯϬLJĞĂƌƐ͘Ɛ
ĂŵĞĂƐƵƌĞŽĨƉƌŽĚƵĐƚŝǀŝƚLJƵƐĞĚŝŶŵŽĚĞůůŝŶŐĂŶĚĨŽƌĞĐĂƐƚŝŶŐƚƌĞĞŐƌŽǁƚŚĂŶĚƐƚĂŶĚLJŝĞůĚ͕ŝƚŝƐƌĞůĞǀĂŶƚĞǀĞŶǁŚĞƌĞĐƌŽƉƐĂƌĞŶŽƚŝŶƚĞŶĚĞĚƚŽďĞ
ƚŚŝŶŶĞĚƚŽĂƐƚŽĐŬŝŶŐĂƐůŽǁĂƐϯϬϬƐƚĞŵƐƉĞƌŚĞĐƚĂƌĞŽƌŐƌŽǁŶƚŽĂŐĞϯϬ͘
&ŽƌĞƐƚƌLJĂƐƐĞƚƐ͗
dŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĨŽƌĞƐƚƌLJĂƐƐĞƚƐŚĂƐďĞĞŶĂƐƐĞƐƐĞĚƵƚŝůŝƐŝŶŐƚŚĞŝŶĐŽŵĞĂƉƉƌŽĂĐŚĨŽƌƚŚĞ'ƌŽƵƉΖƐŝŶƚĞƌĞƐƚĂƐĂůĞƐƐŽƌĂŶĚĚŝƐĐŽƵŶƚĞĚƉŽƐƚͲůĞĂƐĞ
ĐĂƐŚĨůŽǁƐ͘dŚĞǀĂůƵĞŽĨƚŚĞƉŽƐƚůĞĂƐĞƉĞƌŝŽĚŝƐďĂƐĞĚŽŶĞƐƚŝŵĂƚĞĚĐĂƌďŽŶƉƌŽĚƵĐƚŝŽŶĂŶĚĐĂƌďŽŶƵŶŝƚƉƌŝĐŝŶŐ͘
dǁŽĨŽƌĞƐƚƌLJĂƐƐĞƚƐǁĞƌĞĂĐƋƵŝƌĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘dŚĞĨŝƌƐƚĂƐƐĞƚǁĂƐĂĐƋƵŝƌĞĚĂƐďĂƌĞůĂŶĚǁŝƚŚƉůĂŶƚŝŶŐƚŽďĞ
ĐŽŵƉůĞƚĞĚŝŶϮϬϮκ͕ĂŶĚŝƐůĞĂƐĞĚƚŽĂƚŚŝƌĚƉĂƌƚLJƵŶƚŝůϮϬκϬ͘dŚĞƐĞĐŽŶĚĂĐƋƵŝƐŝƚŝŽŶŝƐĂŶĞƐƚĂďůŝƐŚĞĚĨŽƌĞƐƚƌLJĂƐƐĞƚǁŝƚŚĂƌĞĂƐƐƚŝůůƚŽďĞƉůĂŶƚĞĚ͕
ůĞĂƐĞĚƚŽĂƚŚŝƌĚƉĂƌƚLJǁŝƚŚĞdžƉŝƌLJŝŶϮϬκς͘
dŚĞƚĞŶĂŶƚƐŽĨďŽƚŚƐŝƚĞƐŚĂǀĞůĞĂƐĞĚƚŚĞůĂŶĚƚŽĚĞƌŝǀĞŝŶĐŽŵĞĨƌŽŵĞŝƚŚĞƌĐĂƌďŽŶŽƌƚŝŵďĞƌ͘/ƚŝƐĂƐƐƵŵĞĚďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚƉƌŝĐŝŶŐĂŶĚ
ŽƵƚůŽŽŬƚŚĂƚĐĂƌďŽŶǁŝůůďĞƚŚĞŵŽƐƚůŝŬĞůLJŝŶĐŽŵĞƐŽƵƌĐĞ͕ŝƚŝƐƚŚĞƌĞĨŽƌĞĂƐƐƵŵĞĚƚŚĂƚƚŚĞĨŽƌĞƐƚƐǁŝůůŶŽƚďĞŚĂƌǀĞƐƚĞĚĂŶĚǁŝůůƐůŽǁůLJƌĞǀĞƌƚƚŽ
ŶĂƚŝǀĞĨŽƌĞƐƚ͘
ϭϯ
27
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ς͘ϮsĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐLJŽĨĨŽƌĞƐƚƌLJĂƐƐĞƚƐ
<ĞLJǀĂůƵĂƚŝŽŶŝŶƉƵƚĞƐĐƌŝƉƚŝŽŶ
W//ŶĐƌĞĂƐĞĞĐƌĞĂƐĞ
ŝƐĐŽƵŶƚƌĂƚĞĞĐƌĞĂƐĞ/ŶĐƌĞĂƐĞ
/ŶĐƌĞĂƐĞĞĐƌĞĂƐĞ
dŚĞŬĞLJƚǁŽƐƵďũĞĐƚŝǀĞŝŶƉƵƚƐŝŶƚŽƚŚĞƉŽƐƚͲůĞĂƐĞǀĂůƵĂƚŝŽŶĂƌĞ͗
ϭ͘ ŝƐĐŽƵŶƚƌĂƚĞŽĨε͘εϬй͘
Ϯ͘The prices of NZU’s at lease termination
ϮϬϮκ
>ŽǁDŝĚ,ŝŐŚ
ƐƚŝŵĂƚĞƐĨŽƌϮϬϯεΨεΘΨϮϬϯΨϯϬΘ
ƐƚŝŵĂƚĞƐĨŽƌϮϬκϬΨϭϬϬΨϮϬϳΨϯϭκ
ƐƚŝŵĂƚĞƐĨŽƌϮϬκϯΨϭϬςΨϮϮϬΨϯϯϯ
ƐƚŝŵĂƚĞƐĨŽƌϮϬκςΨϭϭϯΨϮϯϯΨϯρκ
ϮϬϮϯ
>ŽǁDŝĚ,ŝŐŚ
ƐƚŝŵĂƚĞƐĨŽƌϮϬϯεΨϭϯκΨϮϯκΨϯϯρ
ƐƚŝŵĂƚĞƐĨŽƌϮϬκϯΨϭκςΨϮρρΨϯςκ
ƵƌŝŶŐϮϬϮκ͕EhĞdžƉĞƌŝĞŶĐĞĚǀŽůĂƚŝůŝƚLJŝŶƚŚĞŝƌƉƌŝĐĞƐ͕ĂŶĚƚŚĞƌĂŶŐĞŽĨƉŽƚĞŶƚŝĂůĨƵƚƵƌĞŽƵƚĐŽŵĞƐŝƐƐŝŐŶŝĨŝĐĂŶƚ͘
ZĞǀŝƐĞĚ
sĂůƵĂƚŝŽŶ/ŵƉĂĐƚ
ΨΖϬϬϬΨΖϬϬϬ
>ŽǁƉƌŝĐĞƉĂƚŚϳε͕εϳϯ;ϯε͕ϮϬϬͿ
,ŝŐŚƉƌŝĐĞƉĂƚŚϭρκ͕κϯςϯρ͕ϮϬϬ
dŚĞƌĂƚĞĂƉƉůŝĞĚƚŽĚŝƐĐŽƵŶƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐ͕ŝƚƌĞĨůĞĐƚƐƚƌĂŶƐĂĐƚŝŽŶĂů
ĞǀŝĚĞŶĐĞĨƌŽŵƐŝŵŝůĂƌƚLJƉĞƐŽĨƉƌŽƉĞƌƚLJĂƐƐĞƚƐ͘hƐĞĚŝŶƚŚĞŝŶĐŽŵĞ
ĂƉƉƌŽĂĐŚ͘
ĞĐƌĞĂƐĞŝŶ
ŝŶƉƵƚ
sĂůƵĞĂĚŽƉƚĞĚďLJŵĂŶĂŐĞŵĞŶƚďĂƐĞĚŽŶĂĚǀŝĐĞĨƌŽŵ<WD'͘
dŚĞĚŝƐĐŽƵŶƚƌĂƚĞŽĨε͘εϬйŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJƵƚŝůŝƐŝŶŐƚŚĞĂƉŝƚĂůƐƐĞƚWƌŝĐŝŶŐDŽĚĞů;WDͿƚŽĚĞƚĞƌŵŝŶĞtĨŽƌƚŚŝƐƚLJƉĞŽĨĂƐƐĞƚďLJ
ĞdžƚĞƌŶĂůĞdžƉĞƌƚƐ;<WD'Ϳ͘
The Group engaged an independent third party expert (KPMG) to provide guidance on the expected future price path of NZU’s over the next 40
LJĞĂƌƐ͘dŚĞLJƉƌŽǀŝĚĞĚƚŚƌĞĞƐĐĞŶĂƌŝŽƐĂŶĚĞƐƚŝŵĂƚĞĚǀĂůƵĞƐĂƐĨŽůůŽǁƐ͗
DĂŶĂŐĞŵĞŶƚĂĚŽƉƚĞĚƚŚĞDŝĚƐĐĞŶĂƌŝŽŝŶƚŚĞǀĂůƵĂƚŝŽŶƐĂƐĂŵŝĚͲƉŽŝŶƚďĞƚǁĞĞŶƚǁŽƉƌŝĐĞƉĂƚŚƐĚĞĞŵĞĚƚŽďĞŽƉƚŝŵŝƐƚŝĐĂŶĚƉĞƐƐŝŵŝƐƚŝĐ͘
dŚĞǀĂůƵĂƚŝŽŶŽĨƚŚĞĨŽƌĞƐƚƌLJĂƐƐĞƚƐŝƐƐĞŶƐŝƚŝǀĞƚŽĐŚĂŶŐĞƐŝŶƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞƉƌŝĐĞƐ͘dŚĞǀĂůƵĂƚŝŽŶŽĨΨϭϭε͘ϮŵŝůůŝŽŶĂƚϯϭĞĐĞŵďĞƌϮϬϮκ
ǁŽƵůĚďĞŝŵƉĂĐƚĞĚĂƐĨŽůůŽǁƐŝĨĚŝĨĨĞƌĞŶƚƉƌŝĐĞƉĂƚŚĂƐƐƵŵƉƚŝŽŶƐŚĂĚďĞĞŶĂƉƉůŝĞĚ͗
DĞĂƐƵƌĞŵĞŶƚƐĞŶƐŝƚŝǀŝƚLJ
&ŽƌĞĐĂƐƚEhƉƌŝĐĞƐ
/ŶĐƌĞĂƐĞŝŶ
ŝŶƉƵƚ
dŚĞĞdžƉĞĐƚĞĚŝŶĨůĂƚŝŽŶŝŶĐƌĞĂƐĞĂƉƉůŝĞĚƚŽƚŚĞůĞĂƐĞŝŶĐŽŵĞ͘hƐĞĚŝŶƚŚĞ
ŝŶĐŽŵĞĂƉƉƌŽĂĐŚ͘
ϭκ
28
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϳ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ZƵƌĂůůĂŶĚƉƌŽƉĞƌƚŝĞƐŚĞůĚĨŽƌƐĂůĞϭϭ͕ϯρρͲ
ϭϭ͕ϯρρͲ
•
•
•
•
ΘZĞŶƚĂůŝŶĐŽŵĞ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
'ƌŽƐƐůĞĂƐĞƌĞĐĞŝƉƚƐ
ϮϬ͕ϮΘρϭρ͕εϯΘ
^ƚƌĂŝŐŚƚůŝŶĞƌĞŶƚĂůĂĚũƵƐƚŵĞŶƚƐ;ϮϮͿ;ϭϮϬͿ
ZĞǀĞŶƵĞƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞĂĚũƵƐƚŵĞŶƚƐ;ϮϭΘͿ;ϮεϮͿ
ŵŽƌƚŝƐĂƚŝŽŶŽĨĐĂƉŝƚĂůŝƐĞĚůĞĂƐĞŝŶĐĞŶƚŝǀĞƐ;ϭϳςͿ;ϭϳςͿ
ZĞŶƚĂůŝŶĐŽŵĞϭε͕Θςεϭρ͕ϯρϬ
Θ͘ϭ>ĞƐƐŽƌĐŽŶƚƌĂĐƚƵĂůŽƉĞƌĂƚŝŶŐůĞĂƐĞŝŶĐŽŵĞ
ϮϬϮκϮϬϮϯ
&ƵƚƵƌĞŵŝŶŝŵƵŵƌĞŶƚĂůƌĞĐĞŝǀĂďůĞƐƵŶĚĞƌŶŽŶͲĐĂŶĐĞůůĂďůĞŽƉĞƌĂƚŝŶŐůĞĂƐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗
ΨΖϬϬϬΨΖϬϬϬ
tŝƚŚŝŶϭLJĞĂƌϯκ͕Ϭκκϭς͕ερκ
ĨƚĞƌϭLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶρLJĞĂƌƐϭϯς͕ϭϳϳςϳ͕Θϭϳ
DŽƌĞƚŚĂŶρLJĞĂƌƐϭϭϮ͕ϯϮϮϭϭς͕ςϯϯ
dŽƚĂůƉƌŽƉĞƌƚLJŽƉĞƌĂƚŝŶŐůĞĂƐĞŝŶĐŽŵĞ
ϮΘϮ͕ρκϯϮϬϭ͕κϬκ
ε&ŝŶĂŶĐĞŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞ
&ŝŶĂŶĐĞĞdžƉĞŶƐĞŝŶĐůƵĚĞƐŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŝŶĐƵƌƌĞĚŽŶďŽƌƌŽǁŝŶŐƐĂŶĚĂŶLJůŽƐƐŽŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐ͘/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞŝƐ
ƌĞĐŽŐŶŝƐĞĚƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘
dŚĞĐŽŵŵŝƚŵĞŶƚƐĂďŽǀĞĂƌĞĐĂůĐƵůĂƚĞĚďĂƐĞĚŽŶƚŚĞĐŽŶƚƌĂĐƚƌĂƚĞƐƵƐŝŶŐƚŚĞƚĞƌŵĐĞƌƚĂŝŶĞdžƉŝƌLJĚĂƚĞƐŽĨůĞĂƐĞĐŽŶƚƌĂĐƚƐ͘ĐƚƵĂůƌĞŶƚĂůĂŵŽƵŶƚƐ
ŝŶĨƵƚƵƌĞŵĂLJĚŝĨĨĞƌĚƵĞƚŽW/ĂĚũƵƐƚŵĞŶƚƐǁŝƚŚŝŶƚŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘
dŚĞ'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽĂĐŽŶĚŝƚŝŽŶĂůĂŐƌĞĞŵĞŶƚǁŝƚŚĂƚĞŶĂŶƚǁŚŝĐŚŝŶǀŽůǀĞƐƚŚĞĨŽůůŽǁŝŶŐ͗
&ŝŶĂŶĐĞŝŶĐŽŵĞŝŶĐůƵĚĞƐŝŶƚĞƌĞƐƚŝŶĐŽŵĞĚĞƌŝǀĞĚĨƌŽŵĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĂŶLJŐĂŝŶŽŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐ͘/ŶƚĞƌĞƐƚŝŶĐŽŵĞĨƌŽŵĂ
ĨŝŶĂŶĐŝĂůĂƐƐĞƚŝƐƌĞĐŽŐŶŝƐĞĚǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůůĨůŽǁƚŽƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĂŵŽƵŶƚŽĨŝŶĐŽŵĞĐĂŶďĞŵĞĂƐƵƌĞĚ
ƌĞůŝĂďůLJ͘/ŶƚĞƌĞƐƚŝŶĐŽŵĞŝƐĂĐĐƌƵĞĚŽŶĂƚŝŵĞďĂƐŝƐ͕ďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞƉƌŝŶĐŝƉĂůŽƵƚƐƚĂŶĚŝŶŐĂŶĚĂƚƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞ͕ǁŚŝĐŚŝƐ
ƚŚĞƌĂƚĞƚŚĂƚĞdžĂĐƚůLJĚŝƐĐŽƵŶƚƐĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚƌĞĐĞŝƉƚƐƚŚƌŽƵŐŚƚŚĞĞdžƉĞĐƚĞĚůŝĨĞŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽƚŚĂƚĂƐƐĞƚΖƐŶĞƚĐĂƌƌLJŝŶŐĂŵŽƵŶƚ
ŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘
ZĞŶƚĂůŝŶĐŽŵĞĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐůĞĂƐĞĚƚŽĐůŝĞŶƚƐƵŶĚĞƌŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ
ŝŶĐŽŵĞŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞůĞĂƐĞ͕ƚĂŬŝŶŐŝŶƚŽĂĐĐŽƵŶƚƌĞŶƚĨƌĞĞƉĞƌŝŽĚƐ͘tŚĞƌĞůĞĂƐĞŝŶĐĞŶƚŝǀĞƐĂƌĞƉƌŽǀŝĚĞĚƚŽ
ĐƵƐƚŽŵĞƌƐ͕ƚŚĞĐŽƐƚŽĨŝŶĐĞŶƚŝǀĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐĂƐĂƌĞĚƵĐƚŝŽŶƚŽƌĞŶƚĂůŝŶĐŽŵĞ͘
ƐƐĞƚƐŚĞůĚĨŽƌƐĂůĞ
ĐƋƵŝƐŝƚŝŽŶŽĨůĂŶĚĨƌŽŵƚŚĞƚĞŶĂŶƚĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJΨϭρ͘ρŵŝůůŝŽŶ͘ƐĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ƚŚĞ'ƌŽƵƉǁŝůůƚƌĂŶƐĨĞƌƉƌŽƉĞƌƚLJŚĞůĚĨŽƌƐĂůĞĂŶĚ
ĐĂƐŚƚŽƚŚĞƚĞŶĂŶƚ͘dŚĞ'ƌŽƵƉǁŝůůƚŚĞŶůĞĂƐĞƚŚĞĂĐƋƵŝƌĞĚůĂŶĚƚŽƚŚĞƚĞŶĂŶƚ͘
dŚĞ'ƌŽƵƉǁŽƌŬŝŶŐǁŝƚŚĂŶŽƚŚĞƌƵŶƌĞůĂƚĞĚƚĞŶĂŶƚŚĂƐĂŐƌĞĞĚƚŽƚƌĂŶƐĨĞƌƐĞǀĞƌĂůůĞĂƐĞƐƚŽƚŚĞƚĞŶĂŶƚ͘dŚĞůĞĂƐĞƐŚĂǀĞĂĐŽŵďŝŶĞĚ
ĂŶŶƵĂůƉĂLJŵĞŶƚŽĨΨϯ͘κŵŝůůŝŽŶ;ϮϬϮκĨŝŶĂŶĐŝĂůLJĞĂƌͿ͘dŚĞƚƌĂŶƐĨĞƌǁŝůůďĞŵĞĐŚĂŶŝƐĞĚƚŚƌŽƵŐŚƚŚĞůĞŐĂůƐƵƌƌĞŶĚĞƌŽĨƚŚĞŽůĚůĞĂƐĞ
ĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞ'ƌŽƵƉƚŚĞŶĞŶƚĞƌŝŶŐŝŶƚŽĂŶĞǁůĞĂƐĞĂŐƌĞĞŵĞŶƚǁŝƚŚƚŚĞƚĞŶĂŶƚƵŶĚĞƌƐƵďƐƚĂŶƚŝĂůůLJƚŚĞƐĂŵĞƚĞƌŵƐ͘
ĐĂůůŽƉƚŝŽŶǁŝůůďĞŐƌĂŶƚĞĚďLJƚŚĞ'ƌŽƵƉƚŽƚŚĞƚĞŶĂŶƚƐƵĐŚƚŚĂƚŝƚĐĂŶƉƵƌĐŚĂƐĞƚŚĞůĂŶĚŽĨƚŚĞƚƌĂŶƐĨĞƌƌĞĚůĞĂƐĞƐĨŽƌĂƉƉƌŽdžŝŵĂƚĞůLJ
ƚŚĞŝƌĐƵƌƌĞŶƚǀĂůƵĞ;ĂƐŽĨϯϭĞĐĞŵďĞƌϮϬϮκͿ͘dŚĞŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚŽŶŽƌďĞĨŽƌĞDĂLJϮϬϮϳ͘dŚŝƐĐĂůůŽƉƚŝŽŶƌĞůĂƚĞƐƚŽƉƌŽƉĞƌƚŝĞƐ
ƚŚĂƚŚĂǀĞĂŶĂĐĐƵŵƵůĂƚĞĚǀĂůƵĞŽĨΨςϬŵŝůůŝŽŶ;ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐͿ͘DĂŶĂŐĞŵĞŶƚĚŽŶŽƚďĞůŝĞǀĞƚŚĂƚŝƚŝƐŚŝŐŚůLJƉƌŽďĂďůĞƚŚĂƚƚŚĞ
ĐĂůůŽƉƚŝŽŶǁŝůůďĞĞdžĞƌĐŝƐĞĚǁŝƚŚŝŶƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐĂŶĚƚŚĞƌĞĨŽƌĞŚĂǀĞŶŽƚƚƌĞĂƚĞĚƚŚĞƉƌŽƉĞƌƚŝĞƐĂƐŚĞůĚĨŽƌƐĂůĞ͘
dŚĞ'ƌŽƵƉŚĂƐĐŽŵŵŝƚƚĞĚƚŽĐĂƉŝƚĂůƉƌŽũĞĐƚƐŽĨΨϮŵŝůůŝŽŶŽŶůĂŶĚůĞĂƐĞĚƚŽƚŚĞƚĞŶĂŶƚ͘dŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƐĞƉƌŽũĞĐƚƐǁŝůůƌĞƐƵůƚŝŶĂ
ĐŽƌƌĞƐƉŽŶĚŝŶŐƵƉůŝĨƚŝŶƚŚĞůĞĂƐĞƉĂLJŵĞŶƚƐ͘
dŚĞ'ƌŽƵƉŚĂƐĞŶƚĞƌĞĚŝŶƚŽŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJůĞĂƐĞƐ;ĂƐůĞƐƐŽƌͿǁŚŝĐŚŚĂǀĞƌĞŵĂŝŶŝŶŐŶŽŶͲĐĂŶĐĞůůĂďůĞůĞĂƐĞƚĞƌŵƐŽĨďĞƚǁĞĞŶϭϬĂŶĚϮϬLJĞĂƌƐ͘
ϭρ
29
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ε&ŝŶĂŶĐĞŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞ;ĐŽŶƚŝŶƵĞĚͿ
ϮϬϮκ
ϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
&ŝŶĂŶĐĞŝŶĐŽŵĞ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ
Ϯ͕ρρϬϭ͕Θϳε
&ŝŶĂŶĐĞĞdžƉĞŶƐĞ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞ
;Θ͕ΘϭϬͿ;Θ͕ΘϳςͿ
>ŽƐƐŽŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞŝŶƐƚƌƵŵĞŶƚƐ;ϭ͕εεΘͿ;Ϯ͕ρϭϮͿ
EĞƚĨŝŶĂŶĐĞĞdžƉĞŶƐĞ;Θ͕ϮρΘͿ;ε͕ρϬεͿ
ϭϬ/ŶĐŽŵĞƚĂdžĞƐ
ϭϬ͘ϭ/ŶĐŽŵĞƚĂdžƌĞĐŽŐŶŝƐĞĚŝŶƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ƵƌƌĞŶƚƚĂdžĞdžƉĞŶƐĞ
ͲͲ
ĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞͬ;ďĞŶĞĨŝƚͿ
εϳε;κΘϯͿ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͬ;ďĞŶĞĨŝƚͿ
εϳε;κΘϯͿ
ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŝŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƚŽƉƌŝŵĂĨĂĐŝĞƚĂdžƉĂLJĂďůĞ͗
WƌŽĨŝƚďĞĨŽƌĞƚĂdž
Ϯκ͕ϬρΘϭϬ͕ϯϳϭ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞĐĂůĐƵůĂƚĞĚĂƚϮΘй;ϮϬϮϯ͗ϮΘйͿ
ς͕ϳϯςϮ͕εϬκ
ĨĨĞĐƚŽĨĞdžƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚĚĞĚƵĐƚŝďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂdžĂďůĞƉƌŽĨŝƚ
εςΘ
ĨĨĞĐƚŽĨŝŶĐŽŵĞƚŚĂƚŝƐŶŽƚĂƐƐĞƐƐĂďůĞŝŶĚĞƚĞƌŵŝŶŝŶŐƚĂdžĂďůĞƉƌŽĨŝƚ
;κ͕ρϭΘͿ;Ϯ͕ϬςεͿ
dĂdžĚĞƉƌĞĐŝĂƚŝŽŶ
;ϭ͕ϬϬϳͿ;ϭ͕ϯϯϯͿ
WŽƌƚŝŽŶŽĨƚĂdžĂďůĞƉƌŽĨŝƚƐĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ>ĂŶĚdƌƵƐƚ
;ϯϮΘͿͲ
WƌŝŽƌƉĞƌŝŽĚĂĚũƵƐƚŵĞŶƚ
Ͳϳ
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞͬ;ďĞŶĞĨŝƚͿ
εϳε;κΘϯͿ
ϭϬ͘ϮĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ
ƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͕ĞdžĐĞƉƚǁŚĞŶƚŚĞLJƌĞůĂƚĞƚŽŝƚĞŵƐƚŚĂƚĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌ
ĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͕ŝŶǁŚŝĐŚĐĂƐĞ͕ƚŚĞĐƵƌƌĞŶƚĂŶĚĚĞĨĞƌƌĞĚƚĂdžĂƌĞĂůƐŽƌĞĐŽŐŶŝƐĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽƌĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJƌĞƐƉĞĐƚŝǀĞůLJ͘
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the consolidated
ƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞďĞĐĂƵƐĞŽĨŝƚĞŵƐŽĨŝŶĐŽŵĞŽƌĞdžƉĞŶƐĞƚŚĂƚĂƌĞƚĂdžĂďůĞŽƌĚĞĚƵĐƚŝďůĞŝŶŽƚŚĞƌLJĞĂƌƐĂŶĚŝƚĞŵƐƚŚĂƚĂƌĞŶĞǀĞƌ
ƚĂdžĂďůĞŽƌĚĞĚƵĐƚŝďůĞ͘dŚĞ'ƌŽƵƉΖƐĐƵƌƌĞŶƚƚĂdžŝƐĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚĂdžƌĂƚĞƐƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞ
ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
/ƚŝƐĂƐƐƵŵĞĚƚŚĂƚƚŚĞƚĂdžŬǀĂůƵĞŽĨƚĂdžĚĞƉƌĞĐŝĂďůĞĂƐƐĞƚƐƌĞĨůĞĐƚƐƚŚĞŝƌŵĂƌŬĞƚǀĂůƵĞƐ͘dŚŝƐĂƐƐƵŵĞƐƚŚĞƌĞǁŽƵůĚďĞŶŽĚĞƉƌĞĐŝĂƚŝŽŶ
ƌĞĐŽǀĞƌĞĚŝĨĚŝƐƉŽƐĞĚŽĨĨŽƌŵĂƌŬĞƚǀĂůƵĞ͘
dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŝƐƌĞǀŝĞǁĞĚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚƌĞĚƵĐĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐŶŽůŽŶŐĞƌƉƌŽďĂďůĞ
ƚŚĂƚƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĂƐƐĞƚƚŽďĞƌĞĐŽǀĞƌĞĚ͘
ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞƚĂdžƌĂƚĞƐƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽĂƉƉůLJŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚŽƌƚŚĞĂƐƐĞƚ
ƌĞĂůŝƐĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞƐ;ĂŶĚƚĂdžůĂǁƐͿƚŚĂƚŚĂǀĞďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚďLJƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘
ĞĨĞƌƌĞĚƚĂdžŝƐƌĞĐŽŐŶŝƐĞĚŽŶƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂŶĚƚŚĞ
ĐŽƌƌĞƐƉŽŶĚŝŶŐƚĂdžďĂƐĞƐƵƐĞĚŝŶƚŚĞĐŽŵƉƵƚĂƚŝŽŶŽĨƚĂdžĂďůĞƉƌŽĨŝƚ͘ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJ
ĚŝĨĨĞƌĞŶĐĞƐ͘ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞŐĞŶĞƌĂůůLJƌĞĐŽŐŶŝƐĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚĂdžĂďůĞ
ƉƌŽĨŝƚƐǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚŽƐĞĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĐĂŶďĞƵƚŝůŝƐĞĚ͘^ƵĐŚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚ
ƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ;ŽƚŚĞƌƚŚĂŶŝŶĂďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶͿŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŝŶĂ
ƚƌĂŶƐĂĐƚŝŽŶƚŚĂƚĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞƚĂdžĂďůĞƉƌŽĨŝƚŶŽƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚ͘/ŶĂĚĚŝƚŝŽŶ͕ĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚƌĞĐŽŐŶŝƐĞĚŝĨƚŚĞƚĞŵƉŽƌĂƌLJ
ĚŝĨĨĞƌĞŶĐĞĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨŐŽŽĚǁŝůů͘
/ŶĐŽŵĞƚĂdžĞdžƉĞŶƐĞƌĞƉƌĞƐĞŶƚƐƚŚĞƐƵŵŽĨƚŚĞƚĂdžĐƵƌƌĞŶƚůLJƉĂLJĂďůĞĂŶĚĚĞĨĞƌƌĞĚƚĂdž͘
ϭς
30
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϭϬ͘ϮĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ;ĐŽŶƚŝŶƵĞĚͿ
ϮϬϮκ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
>ĞĂƐĞĨĞĞƐͬ>ĞĂƐĞŝŶĐĞŶƚŝǀĞƐ
;ρκκͿ
ϭϯϯ
ϮϬ;ϯεϭͿ
dĂdžůŽƐƐĞƐ
ϭ͕εκϭͲ;εΘεͿερϮ
ĂƌďŽŶĐƌĞĚŝƚƐ
ͲͲ;ρͿ;ρͿ
ŝƐƉŽƐĂůŽĨĂƐƐĞƚƐ
ͲͲ;κͿ;κͿ
KƚŚĞƌ
ϭͲ;ϭͿͲ
dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚͬ;ůŝĂďŝůŝƚLJͿ
ϭ͕ϯεΘϭϯϯ;εϳεͿρρϮ
ϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
>ĞĂƐĞĨĞĞƐͬ>ĞĂƐĞŝŶĐĞŶƚŝǀĞƐ
;ςϭΘͿϳκ;ρκκͿ
dĂdžůŽƐƐĞƐ
ϭ͕ρϯϭκϭϬϭ͕εκϭ
KƚŚĞƌ
Ϯ;ϭͿϭ
dŽƚĂůĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚͬ;ůŝĂďŝůŝƚLJͿεϭρκΘϯϭ͕ϯεΘ
<ĞLJ:ƵĚŐĞŵĞŶƚ
ϭϭĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ĂƐŚĂƚďĂŶŬ
ρ͕ρϮϬϭ͕ϮρΘ
dŽƚĂůĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ
ρ͕ρϮϬϭ͕ϮρΘ
ϭϮdƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂƌĞŶŽŶͲĚĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚůĞƐƐŝŵƉĂŝƌŵĞŶƚ͘
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
dƌĂĚĞƌĞĐĞŝǀĂďůĞƐϭ͕ϭϮϳκϭ
WƌĞƉĂLJŵĞŶƚƐςκϮϯϯϮ
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐͲρ
dŽƚĂůƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐϭ͕ϳςεϯϳΘ
džƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐĞƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκĂƌĞŶŝů;ϮϬϮϯ͗EŝůͿ͘
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐŝŶĐůƵĚĞĐĂƐŚŽŶŚĂŶĚ͕ĚĞƉŽƐŝƚƐŚĞůĚĂƚĐĂůůǁŝƚŚĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐ͕ŽƚŚĞƌƐŚŽƌƚ‑ƚĞƌŵ͕ŚŝŐŚůLJůŝƋƵŝĚŝŶǀĞƐƚŵĞŶƚƐǁŝƚŚ
ŽƌŝŐŝŶĂůŵĂƚƵƌŝƚŝĞƐŽĨƚŚƌĞĞŵŽŶƚŚƐŽƌůĞƐƐƚŚĂƚĂƌĞƌĞĂĚŝůLJĐŽŶǀĞƌƚŝďůĞƚŽŬŶŽǁŶĂŵŽƵŶƚƐŽĨĐĂƐŚĂŶĚǁŚŝĐŚĂƌĞƐƵďũĞĐƚƚŽĂŶŝŶƐŝŐŶŝĨŝĐĂŶƚƌŝƐŬŽĨ
ĐŚĂŶŐĞƐŝŶǀĂůƵĞ͕ĂŶĚďĂŶŬŽǀĞƌĚƌĂĨƚƐ͘
ůŽƐŝŶŐ
ďĂůĂŶĐĞ
KƉĞŶŝŶŐ
ďĂůĂŶĐĞ
KƉĞŶŝŶŐ
ďĂůĂŶĐĞ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƐƐŚŽǁŶŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĐĂŶďĞƌĞĐŽŶĐŝůĞĚƚŽƚŚĞƌĞůĂƚĞĚŝƚĞŵƐŝŶƚŚĞ
ƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĨŽůůŽǁƐ͗
dŚĞŵĞĂƐƵƌĞŵĞŶƚŽĨĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐĂŶĚĂƐƐĞƚƐƌĞĨůĞĐƚƐƚŚĞƚĂdžĐŽŶƐĞƋƵĞŶĐĞƐƚŚĂƚǁŽƵůĚĨŽůůŽǁĨƌŽŵƚŚĞŵĂŶŶĞƌŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉ
ĞdžƉĞĐƚƐ͕ĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ƚŽƌĞĐŽǀĞƌŽƌƐĞƚƚůĞƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨŝƚƐĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ͘
ZĞĐŽŐŶŝƐĞĚŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐ
ůŽƐŝŶŐ
ďĂůĂŶĐĞ
ZĞĐŽŐŶŝƐĞĚŝŶ
ƉƌŽĨŝƚŽƌůŽƐƐ
dŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐƚŚĂƚĂŶLJĨƵƚƵƌĞŐĂŝŶŽŶƐĂůĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐǁŝůůŶŽƚďĞĂƐƐĞƐƐĂďůĞĨŽƌŝŶĐŽŵĞƚĂdžƉƵƌƉŽƐĞƐĂƐƚŚĞƐĂůĞŽĨĂĐĂƉŝƚĂů
ĂƐƐĞƚ͘
dŚĞ'ƌŽƵƉŚĂƐĐŚŽƐĞŶŶŽƚƚŽƌĞďƵƚƚŚĞƉƌĞƐƵŵƉƚŝŽŶŝŶE/^ϭϮ/ŶĐŽŵĞƚĂdžĞƐƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐǁŝůůďĞƌĞĐŽǀĞƌĞĚ
ƚŚƌŽƵŐŚƐĂůĞ͘
ZĞĐŽŐŶŝƐĞĚŝŶ
ĞƋƵŝƚLJ
ϭϳ
31
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϭϯ>ŽĂŶƌĞĐĞŝǀĂďůĞ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
EŽŶͲĐƵƌƌĞŶƚ͗
DĐEĂƵŐŚƚŽŶƐŚŽŵĞďůŽĐŬ
ϳ͕ςϯϮς͕εκϯ
DĂŬŝŬŝŚŝ&Ăƌŵ
ϭκ͕Ϭρϯϭϯ͕κϮϬ
dŽƚĂůůŽĂŶƌĞĐĞŝǀĂďůĞ
Ϯϭ͕ςΘρϮϬ͕ϯςϯ
ϭκĞƌŝǀĂƚŝǀĞƐ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐ
ƵƌƌĞŶƚ͗
EĞƚƐĞƚƚůĞĚŵŝůŬƉƌŝĐĞĨŽƌǁĂƌĚƐ
ϭρϭͲ
EŽŶͲĐƵƌƌĞŶƚ͗
/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ
ϯρϮϳϭ
dŽƚĂůĚĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐρϬϯϳϭ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ
ƵƌƌĞŶƚ͗
EĞƚƐĞƚƚůĞĚŵŝůŬƉƌŝĐĞĨŽƌǁĂƌĚƐ
ϭϬΘͲ
/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ
ϮϭͲ
EŽŶͲĐƵƌƌĞŶƚ͗
/ŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐ
Ϯ͕ϯκϮͲ
dŽƚĂůĚĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ
Ϯ͕κϳϭͲ
ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂƐĐƵƌƌĞŶƚŽƌŶŽŶͲĐƵƌƌĞŶƚŽŶƚŚĞĨĂĐĞŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝƐďĂƐĞĚŽŶƚŚĞĨŝŶĂů
ĐŽŶƚƌĂĐƚƵĂůƐĞƚƚůĞŵĞŶƚĚĂƚĞ͘
KŶϭ:ƵŶĞϮϬϮϭ͕ƚŚĞ'ƌŽƵƉĂĐƋƵŝƌĞĚůĂŶĚĂƚϯϬŽŽŶĞLJƐZŽĂĚ͕DŽƌǀĞŶ;DĐEĂƵŐŚƚŽŶƐŚŽŵĞďůŽĐŬͿĨŽƌΨρ͘κŵŝůůŝŽŶĂŶĚƐŝŵƵůƚĂŶĞŽƵƐůLJĞŶƚĞƌĞĚ
ŝŶƚŽĂůĞĂƐĞĂŶĚĂƉƵƚĂŶĚĐĂůůĂŐƌĞĞŵĞŶƚǁŝƚŚWĞƌĨŽƌŵĂŶĐĞĂŝƌLJ>ŝŵŝƚĞĚ;W>Ϳ͕ĂƌĞůĂƚĞĚĞŶƚŝƚLJƚŽƚŚĞǀĞŶĚŽƌ͘hŶĚĞƌƚŚĞĐĂůůĂŐƌĞĞŵĞŶƚ͕W>ĐĂŶ
ĂĐƋƵŝƌĞƚŚĞůĂŶĚŽŶϯϭDĂLJŝŶĂŶLJLJĞĂƌ;ƉƌŽǀŝĚŝŶŐĂŵŝŶŝŵƵŵεϬĚĂLJƐŶŽƚŝĐĞŚĂƐďĞĞŶƉƌŽǀŝĚĞĚͿĨƌŽŵƚŚĞ'ƌŽƵƉĨŽƌΨρ͘κŵŝůůŝŽŶƉůƵƐϭϬйŝŶƚĞƌĞƐƚ
ĐŽŵƉŽƵŶĚŝŶŐĂŶŶƵĂůůLJ͘hŶĚĞƌƚŚĞƉƵƚĂŐƌĞĞŵĞŶƚ͕ĨƌŽŵϭ:ƵŶĞϮϬϮϯƚŚĞ'ƌŽƵƉĐĂŶƌĞƋƵŝƌĞW>ƚŽĂĐƋƵŝƌĞƚŚĞůĂŶĚŽŶϯϭDĂLJĂŶLJLJĞĂƌƵŶĚĞƌƚŚĞ
ƐĂŵĞƉƌŝĐŝŶŐŵĞĐŚĂŶŝƐŵĂŶĚŶŽƚŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƉƵƚĂŶĚĐĂůůŽƉƚŝŽŶŚĂƐĂεεLJĞĂƌůŝĨĞ͘
ĞƌŝǀĂƚŝǀĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞĐŽŵƉƌŝƐĞĚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐĂŶĚŶĞƚƐĞƚƚůĞĚŵŝůŬƉƌŝĐĞĨŽƌǁĂƌĚƐ͘dŚĞLJĂƌĞŝŶŝƚŝĂůůLJĐůĂƐƐŝĨŝĞĚĂŶĚ
ƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƐĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ;Η&sdW>ΗͿ͘/ŶƚĞƌĞƐƚŝƐŝŵƉƵƚĞĚŝŶƚŚĞŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉĂŶĚƌĞĨůĞĐƚĞĚŝŶĨŝŶĂŶĐĞŝŶĐŽŵĞ
ĂŶĚĞdžƉĞŶƐĞ͘
<ĞLJ:ƵĚŐĞŵĞŶƚ
dŚĞůŽĂŶƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞƐŚĂǀĞďĞĞŶĐŽŶƐŝĚĞƌĞĚĂŶĚĚĞƚĞƌŵŝŶĞĚŶŽŝŵƉĂŝƌŵĞŶƚŝƐƌĞƋƵŝƌĞĚĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
dŚĞůŽĂŶƐĂƌĞƐĞĐƵƌĞĚďLJĂ'ĞŶĞƌĂů^ĞĐƵƌŝƚLJĞĞĚĂŶĚĐƌŽƐƐŐƵĂƌĂŶƚĞĞĨƌŽŵĐĞƌƚĂŝŶsĂŶ>ĞĞƵǁĞŶ'ƌŽƵƉĞŶƚŝƚŝĞƐ͘
dŚĞ'ƌŽƵƉŚĂƐĚĞƚĞƌŵŝŶĞĚƚŚĂƚƚŚĞƐĞĂƌƌĂŶŐĞŵĞŶƚƐŚĂǀĞƚŚĞƐƵďƐƚĂŶĐĞŽĨůŽĂŶƐǁŝƚŚϭϬйŵĂƌŬĞƚŝŶƚĞƌĞƐƚƌĂƚĞƐƉĞƌĂŶŶƵŵ;ϮϬϮϯ͗ϭϬйͿ͘
KŶϮƵŐƵƐƚϮϬϮϭ͕ƚŚĞ'ƌŽƵƉĂĐƋƵŝƌĞĚůĂŶĚĂƚĂEŽƌƚŚĂŶƚĞƌďƵƌLJĂŝƌLJ&Ăƌŵ;DĂŬŝŬŝŚŝ&ĂƌŵͿĨŽƌΨϭϮŵŝůůŝŽŶĂŶĚƐŝŵƵůƚĂŶĞŽƵƐůLJĞŶƚĞƌĞĚŝŶƚŽĂ
ůĞĂƐĞĂŶĚĂƉƵƚĂŶĚĐĂůůĂŐƌĞĞŵĞŶƚǁŝƚŚDĂŬŝŬŝŚŝZŽďŽƚŝĐĂŝƌLJ>ŝŵŝƚĞĚ;DZ>Ϳ͕ĂƌĞůĂƚĞĚĞŶƚŝƚLJƚŽƚŚĞǀĞŶĚŽƌ͘hŶĚĞƌƚŚĞĐĂůůĂŐƌĞĞŵĞŶƚ͕DZ>
ĐĂŶĂĐƋƵŝƌĞƚŚĞůĂŶĚŽŶϯϭDĂLJŝŶĂŶLJLJĞĂƌ;ƉƌŽǀŝĚŝŶŐĂŵŝŶŝŵƵŵεϬĚĂLJƐŶŽƚŝĐĞŚĂƐďĞĞŶƉƌŽǀŝĚĞĚͿĨƌŽŵƚŚĞ'ƌŽƵƉĨŽƌϭϮŵŝůůŝŽŶƉůƵƐκ͘ςςй
ŝŶƚĞƌĞƐƚĐŽŵƉŽƵŶĚŝŶŐĂŶŶƵĂůůLJ͘hŶĚĞƌƚŚĞƉƵƚĂŐƌĞĞŵĞŶƚ͕ĨƌŽŵϭƵŐƵƐƚϮϬϮϯƚŚĞ'ƌŽƵƉĐĂŶƌĞƋƵŝƌĞDZ>ƚŽĂĐƋƵŝƌĞƚŚĞůĂŶĚŽŶϯϭDĂLJĂŶLJ
LJĞĂƌƵŶĚĞƌƚŚĞƐĂŵĞƉƌŝĐŝŶŐŵĞĐŚĂŶŝƐŵĂŶĚŶŽƚŝĐĞƌĞƋƵŝƌĞŵĞŶƚƐ͘dŚĞƉƵƚĂŶĚĐĂůůŽƉƚŝŽŶŚĂƐĂεεLJĞĂƌůŝĨĞ͘
dŚĞǀĂůƵĞŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐĚĞƌŝǀĞĚĨƌŽŵƚŚĞŵĂƌŬͲƚŽͲŵĂƌŬĞƚǀĂůƵĂƚŝŽŶƉƌŽǀŝĚĞĚďLJĂƚŚŝƌĚƉĂƌƚLJ͘dŚĞǀĂůƵĞŽĨŶĞƚƐĞƚƚůĞĚŵŝůŬƉƌŝĐĞ
ĨŽƌǁĂƌĚƐŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďLJŵĂŶĂŐĞŵĞŶƚƵƐŝŶŐƚŚĞŵĂƌŬĞƚƉƌŝĐĞƐŽĨƚŚĞǀĂůƵĞŽĨƚŚĞƵŶĚĞƌůLJŝŶŐĨƵƚƵƌĞƐĐŽŶƚƌĂĐƚ͘
ϭΘ
32
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϭρdƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
dƌĂĚĞƉĂLJĂďůĞƐĂŶĚĂĐĐƌƵĂůƐ
εςϭρςε
ZĞǀĞŶƵĞŝŶĂĚǀĂŶĐĞ
ρϭϭϮεϮ
'^dƉĂLJĂďůĞϮΘϳϮϮε
ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞ
ϭ
ϭ͕ϮςρͲ
ZĞůĂƚĞĚƉĂƌƚLJƉĂLJĂďůĞƐ
ϭϯϯͲ
dŽƚĂůƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϯ͕ϭρϳϭ͕ϬεϬ
ϭςŽƌƌŽǁŝŶŐƐ
dŚĞƚĞƌŵƐŽĨƚŚĞďŽƌƌŽǁŝŶŐƐŝŶĐůƵĚĞƐƚŚĞĨŽůůŽǁŝŶŐĐŽǀĞŶĂŶƚƐƚŚĂƚƚŚĞ'ƌŽƵƉŵƵƐƚĞŶƐƵƌĞĂƚĂůůƚŝŵĞƐ͗
•
/ŶƚĞƌĞƐƚĐŽǀĞƌĂŐĞƌĂƚŝŽŝƐŐƌĞĂƚĞƌƚŚĂŶϭ͘ς͖
•
>ŽĂŶƚŽǀĂůƵĂƚŝŽŶƌĂƚŝŽĚŽĞƐŶŽƚĞdžĐĞĞĚκϬй͖ĂŶĚ
•
ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞŝŶĞĂĐŚĨŝŶĂŶĐŝĂůLJĞĂƌƐŚĂůůŶŽƚĞdžĐĞĞĚϭϮϬйŽĨƚŚĞďƵĚŐĞƚĞĚĨŽƌĞĐĂƐƚĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͘
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ͗
ZĂďŽďĂŶŬĨĂĐŝůŝƚLJ
ϯϭ͕ϳςϭϮε͕ρϬϬ
ĂŶŬŽĨŚŝŶĂĨĂĐŝůŝƚLJϭρ͕ϯκϬͲ
EŽŶͲĐƵƌƌĞŶƚďŽƌƌŽǁŝŶŐƐ͗
ZĂďŽďĂŶŬĨĂĐŝůŝƚLJ
ρϳ͕ϮϳϮϭϬκ͕ϬϬϬ
ĂŶŬŽĨŚŝŶĂĨĂĐŝůŝƚLJϮς͕ΘϯκͲ
dŽƚĂůďŽƌƌŽǁŝŶŐƐ
ϭϯϭ͕ϮϬϳϭϯϯ͕ρϬϬ
džƉŝƌLJĚĂƚĞdŽƚĂů
hŶĚƌĂǁŶ
ĨĂĐŝůŝƚLJ
ƌĂǁŶ
ĂŵŽƵŶƚ
ϮϬϮκ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂŶŬĨĂĐŝůŝƚLJΎϭ:ƵŶϮϬϮρκς͕ϬϬϬͲκς͕ϬϬϬ
ĂŶŬĨĂĐŝůŝƚLJϮϬĞĐϮϬϮϳϯς͕ϬϬϬΘ͕ϳεϯϮϳ͕ϮϬϳ
ĂŶŬĨĂĐŝůŝƚLJϭ:ƵŶϮϬϮςϮε͕ρϬϬͲϮε͕ρϬϬ
ĂŶŬĨĂĐŝůŝƚLJϭκƉƌϮϬϮςϮΘ͕ρϬϬͲϮΘ͕ρϬϬ
ϭκϬ͕ϬϬϬΘ͕ϳεϯϭϯϭ͕ϮϬϳ
ΎƐƉĂƌƚŽĨƚŚĞ'ƌŽƵƉΖƐĚĞďƚŵĂŶĂŐĞŵĞŶƚ͕ďĂŶŬĨĂĐŝůŝƚLJŝƐĨŽƌĞĐĂƐƚĞĚƚŽďĞƌŽůůĞĚŝŶƚŚĞŵŽŶƚŚƐƉƌŝŽƌƚŽŝƚƐĞdžƉŝƌLJ͘
ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ƚŚĞ'ƌŽƵƉƌĞƉůĂĐĞĚĞdžŝƐƚŝŶŐĨĂĐŝůŝƚŝĞƐǁŝƚŚĂƐLJŶĚŝĐĂƚĞĚůŽĂŶĨĂĐŝůŝƚLJĂŐƌĞĞŵĞŶƚǁŝƚŚŽƂƉĞƌĂƚŝĞǀĞZĂďŽĂŶŬh͘͘EĞǁĞĂůĂŶĚ
ƌĂŶĐŚ;ΗZĂďŽďĂŶŬΗͿĂŶĚĂŶŬŽĨŚŝŶĂ;EĞǁĞĂůĂŶĚͿ>ŝŵŝƚĞĚ;ΗĂŶŬŽĨŚŝŶĂΗͿ͘dŚĞĨĂĐŝůŝƚLJĂŐƌĞĞŵĞŶƚŚĂƐĂůŝŵŝƚŽĨΨϭκϬ͕ϬϬϬ͕ϬϬϬǁŝƚŚĨůŽĂƚŝŶŐ
ŝŶƚĞƌĞƐƚƌĂƚĞƐƌĂŶŐŝŶŐŽǀĞƌƚŚĞĨŽƵƌƚƌĂŶĐŚĞƐǁŝƚŚĚŝĨĨĞƌĞŶƚŵĂƚƵƌŝƚŝĞƐǁŝƚŚŝŶƚĞƌĞƐƚƉĂLJĂďůĞŵŽŶƚŚůLJ͘
dŚĞƐĞĂŵŽƵŶƚƐƌĞƉƌĞƐĞŶƚůŝĂďŝůŝƚŝĞƐĨŽƌŐŽŽĚƐĂŶĚƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚƚŽƚŚĞ'ƌŽƵƉƉƌŝŽƌƚŽƚŚĞĞŶĚŽĨƚŚĞĨŝŶĂŶĐŝĂůLJĞĂƌǁŚŝĐŚĂƌĞƵŶƉĂŝĚ͘dŚĞ
ĂŵŽƵŶƚƐĂƌĞƵŶƐĞĐƵƌĞĚĂŶĚĂƌĞƵƐƵĂůůLJƉĂŝĚǁŝƚŚŝŶϯϬĚĂLJƐĨƌŽŵƌĞĐŽŐŶŝƚŝŽŶ͘dƌĂĚĞƉĂLJĂďůĞƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞĂŶĚ
ƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘
ŽƌƌŽǁŝŶŐƐĂƌĞƌĞĐŽŐŶŝƐĞĚŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞ͕ŶĞƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐŝŶĐƵƌƌĞĚ͘ŽƌƌŽǁŝŶŐƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJƐƚĂƚĞĚĂƚĂŵŽƌƚŝƐĞĚĐŽƐƚ͘ŶLJ
ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞƉƌŽĐĞĞĚƐ;ŶĞƚŽĨƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐͿĂŶĚƚŚĞƌĞĚĞŵƉƚŝŽŶǀĂůƵĞŝƐƌĞĐŽŐŶŝƐĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨ
ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŽǀĞƌƚŚĞƉĞƌŝŽĚŽĨƚŚĞďŽƌƌŽǁŝŶŐƐƵƐŝŶŐƚŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͘ŽƌƌŽǁŝŶŐƐĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ
ƵŶůĞƐƐƚŚĞ'ƌŽƵƉŚĂƐĂŶƵŶĐŽŶĚŝƚŝŽŶĂůƌŝŐŚƚƚŽĚĞĨĞƌƐĞƚƚůĞŵĞŶƚŽĨƚŚĞůŝĂďŝůŝƚLJĨŽƌĂƚůĞĂƐƚϭϮŵŽŶƚŚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
ϭ
ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞƌĞůĂƚĞƐƚŽƚŚĞŽƌĐŚĂƌĚůĂŶĚĂĐƋƵŝƌĞĚŝŶ&ĞďƌƵĂƌLJϮϬϮκĂŶĚŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞǀĞŶĚŽƌĐŽŵƉůĞƚŝŶŐƐƉĞĐŝĨŝĐƉŽƐƚƐĞƚƚůĞŵĞŶƚ
ƌĞƋƵŝƌĞŵĞŶƚƐǁŝƚŚŝŶϭϮŵŽŶƚŚƐ͘dŚĞĞŶƚŝƚLJďĞůŝĞǀĞƐƚŚĂƚƚŚĞƐĞƌĞƋƵŝƌĞŵĞŶƚƐǁŝůůďĞŵĞƚ͘
dŚĞƌĞŝƐĂŐĞŶĞƌĂůƐĞĐƵƌŝƚLJĚĞĞĚŽǀĞƌĂůůŽĨƚŚĞĂƐƐĞƚƐŽĨƚŚĞ'ƌŽƵƉĂƐƐĞĐƵƌŝƚLJŽĨƚŚĞďŽƌƌŽǁŝŶŐƐ͘
dŚĞ'ƌŽƵƉŚĂƐĐŽŵƉůŝĞĚǁŝƚŚƚŚĞĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐŽĨŝƚƐďŽƌƌŽǁŝŶŐĨĂĐŝůŝƚŝĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ͘
dŚĞ'ƌŽƵƉΖƐŝŶƚĞƌĞƐƚĐŽǀĞƌƌĂƚŝŽĐŽǀĞŶĂŶƚŝƐϭ͘ςĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϯϬ:ƵŶĞϮϬϮϯƚŽϯϭĞĐĞŵďĞƌϮϬϮκ͕ϭ͘ϳρĨƌŽŵϭ:ĂŶƵĂƌLJϮϬϮρƚŽϯϭDĂƌĐŚ
ϮϬϮρĂŶĚϮ͘ϬϬĨƌŽŵϯϭDĂƌĐŚϮϬϮρŽŶǁĂƌĚƐ͘
ϭε
33
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϭςŽƌƌŽǁŝŶŐƐ;ĐŽŶƚŝŶƵĞĚͿ
džƉŝƌLJĚĂƚĞdŽƚĂů
hŶĚƌĂǁŶ
ĨĂĐŝůŝƚLJ
ƌĂǁŶ
ĂŵŽƵŶƚ
ϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂŶŬĨĂĐŝůŝƚLJϭ:ƵŶϮϬϮρκς͕ϬϬϬͲκς͕ϬϬϬ
ĂŶŬĨĂĐŝůŝƚLJϭ:ƵŶϮϬϮκϮε͕ρϬϬͲϮε͕ρϬϬ
ĂŶŬĨĂĐŝůŝƚLJϭ:ƵŶϮϬϮςϮε͕ρϬϬͲϮε͕ρϬϬ
ĂŶŬĨĂĐŝůŝƚLJϭκƉƌϮϬϮςϮΘ͕ρϬϬͲϮΘ͕ρϬϬ
ϭϯϯ͕ρϬϬͲϭϯϯ͕ρϬϬ
dŚĞĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞŽŶďŽƌƌŽǁŝŶŐƐƌĂŶŐĞƐĨƌŽŵρ͘ΘϮйƚŽς͘ρρй;ϮϬϮϯ͗ϳ͘κςйƚŽϳ͘ϳςйͿ͘
ϭϳ
ϭΘ
ZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƌĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐ
ϮϬϮκ
ΨΖϬϬϬ
ĂůĂŶĐĞĂƐĂƚϭ:ĂŶϮϬϮκ
Ͳ
/ŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĂƚĨĂŝƌǀĂůƵĞΎ
ρΘ͕κκϮ
ŽŶƚƌŝďƵƚŝŽŶƐƌĞĐĞŝǀĞĚĨƌŽŵ>ĂŶĚdƌƵƐƚ
ϭϬ͕εϬρ
ŝƐƚƌŝďƵƚŝŽŶƚŽ>ĂŶĚdƌƵƐƚ
;ϭ͕ϮϳρͿ
ZĞǀĂůƵĂƚŝŽŶŵŽǀĞŵĞŶƚ
ϳ͕ϳϮκ
ĂůĂŶĐĞĂƐĂƚϯϭĞĐϮϬϮκ
ϳρ͕ϳεϳ
dŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞůŝĂďŝůŝƚLJƌĞĐŽƌĚĞĚĂƚĨĂŝƌǀĂůƵĞŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚĨƌŽŵƚŚĞ>ĂŶĚdƌƵƐƚĨŽƌŝƚƐ
ŝŶǀĞƐƚŵĞŶƚŝŶƚŚĞ>WŚĂƐďĞĞŶƌĞĐŽŐŶŝƐĞĚŝŶĞƋƵŝƚLJǁŝƚŚŝŶƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐĂƐĂŶĂĚũƵƐƚŵĞŶƚŽŶƌĞĐŽŐŶŝƚŝŽŶŽĨƌĞĚĞĞŵĂďůĞ>WƵŶŝƚƐ͘
dŚĞĨŝŶĂŶĐŝĂůƌĞƐƵůƚƐŽĨƚŚĞ>WĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκĂŶĚƉŽƐŝƚŝŽŶĂƚϯϭĞĐĞŵďĞƌϮϬϮκŚĂǀĞďĞĞŶĐŽŶƐŽůŝĚĂƚĞĚŝŶƚŽƚŚĞ'ƌŽƵƉ͘
dŚĞƌĞĚĞĞŵĂďůĞ>WƵŶŝƚƐĂůƐŽŝŶĐůƵĚĞƐΨϬ͘ΘΘϳŵŝůůŝŽŶƌĞĐĞŝǀĞĚŝŶĂĚǀĂŶĐĞĨŽƌĨƵƚƵƌĞƉƵƌĐŚĂƐĞƐ͘
ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ĂƚŽƚĂůĚŝƐƚƌŝďƵƚŝŽŶŽĨΨϭ͘ϮϳρŵŝůůŝŽŶǁĂƐĚĞĐůĂƌĞĚĂŶĚƉĂŝĚĨƌŽŵƚŚĞ>WƚŽƚŚĞ>ĂŶĚdƌƵƐƚ͘
* This represents Land Trust’s share of the Limited Partnership’s net assets at date of initial investment.
KŶϭκƉƌŝůϮϬϮϯ͕ƚŚĞ'ƌŽƵƉĞŶƚĞƌĞĚŝŶƚŽĂĐŽŶǀĞƌƚŝďůĞůŽĂŶĂŐƌĞĞŵĞŶƚǁŝƚŚEĞǁĞĂůĂŶĚ&ŽƌĞƐƚ>ĞĂƐŝŶŐ>ŝŵŝƚĞĚ͘dŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶǁĂƐĨŽƌƚŚĞ
ĨĂĐĞǀĂůƵĞŽĨΨϭϮ͘ϯςϬŵŝůůŝŽŶĂŶĚǁĂƐĞdžƉĞĐƚĞĚƚŽďĞƌĞƉĂŝĚǁŝƚŚŝŶĞŝŐŚƚĞĞŶŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞŽĨƚŚĞŶŽƚĞďĞŝŶŐŝƐƐƵĞĚ͘dŚĞĂŐƌĞĞŵĞŶƚ
ƌĞƋƵŝƌĞĚƚŚĞ'ƌŽƵƉƚŽŵĂŬĞƋƵĂƌƚĞƌůLJŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐďĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚŽƵƚƐƚĂŶĚŝŶŐƉƌŝŶĐŝƉĂůĂŵŽƵŶƚ͕ĂƚΘйƉĞƌĂŶŶƵŵ͘
/Ŷ&ĞďƌƵĂƌLJϮϬϮκ͕ƚŚĞŽŵƉĂŶLJƌĞƉĂŝĚƚŚĞĐŽŶǀĞƌƚŝďůĞůŽĂŶƵƐŝŶŐĨƵŶĚƐƌĞĐĞŝǀĞĚĨƌŽŵ>ĂŶĚdƌƵƐƚ;ŶŽƚĞρͿ͘dŚĞĐŽŶǀĞƌƚŝďůĞŶŽƚĞǁĂƐƌĞƉĂŝĚŝŶĐĂƐŚ
ĂŶĚĚŝĚŶŽƚĐŽŶǀĞƌƚƚŽƐŚĂƌĞƐ͘
dŚĞƉŽƚĞŶƚŝĂůƐĂůĞŽďůŝŐĂƚŝŽŶĨŽƌƚŚĞ>WƚŽƌĞĚĞĞŵ>ĂŶĚdƌƵƐƚΖƐƵŶŝƚƐŵĞĂŶƐƚŚĞ'ƌŽƵƉŚĂƐĐůĂƐƐŝĨŝĞĚ>ĂŶĚdƌƵƐƚΖƐŝŶƚĞƌĞƐƚŝŶƚŚĞ>WĂƐĂĨŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚLJĂƐƌĞĚĞĞŵĂďůĞůŝŵŝƚĞĚƉĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂŶĚŶŽƚďLJƌĞĐŽƌĚŝŶŐĂŵŝŶŽƌŝƚLJŝŶƚĞƌĞƐƚ͘dŚĞ'ƌŽƵƉŚĂƐ
ŝŶŝƚŝĂůůLJĂŶĚƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚƚŚĂƚůŝĂďŝůŝƚLJďĂƐĞĚŽŶƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞĨĂŝƌǀĂůƵĞ͕ŝ͘Ğ͘ĂƐŝĨƚŚĞƌĞĚĞŵƉƚŝŽŶŽĐĐƵƌƌĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘
DŽǀĞŵĞŶƚƐŝŶƚŚĞůŝĂďŝůŝƚLJĂƌĞƌĞƉŽƌƚĞĚŝŶŽƚŚĞƌŝŶĐŽŵĞŝŶƚŚĞƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐŵŽǀĞŵĞŶƚŝŶƌĞĚĞĞŵĂďůĞ>WƵŶŝƚƐ͘
dŚĞ'WƐŚĂƌĞŚŽůĚĞƌĂŐƌĞĞŵĞŶƚƌĞƋƵŝƌĞƐƉƌŽĨŝƚƐ;ďĂƐĞĚŽŶĚũƵƐƚĞĚ&ƵŶĚƐĨƌŽŵKƉĞƌĂƚŝŽŶƐ;&&KͿͿƚŽďĞĚŝƐƚƌŝďƵƚĞĚƚŽƚŚĞ>WƵŶŝƚŚŽůĚĞƌƐ͘
ĐĐŽƌĚŝŶŐůLJ͕>ĂŶĚdƌƵƐƚΖƐƐŚĂƌĞŽĨƚŚĞƉƌŽĨŝƚƐŚĂƐďĞĞŶĂůůŽĐĂƚĞĚƚŽƚŚĞƌĞĚĞĞŵĂďůĞƵŶŝƚƐůŝĂďŝůŝƚLJǁŚŝĐŚŝƐƐƵďƐĞƋƵĞŶƚůLJƌĞĚƵĐĞĚĂƐĂŶĚǁŚĞŶ
ĚŝƐƚƌŝďƵƚŝŽŶƐĂƌĞŵĂĚĞ͘
ŽŶǀĞƌƚŝďůĞůŽĂŶ
/Ŷ&ĞďƌƵĂƌLJϮϬϯϬ͕ƚŚĞ>ĂŶĚdƌƵƐƚŚĂƐƚŚĞŽƉƚŝŽŶƚŽŽĨĨĞƌƚŽƐĞůůŝƚƐƵŶŝƚƐŝŶƚŚĞ>WƚŽƚŚĞŽŵƉĂŶLJ͘/ĨƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚĨŝŶĂŶĐŝĂů
ĚĞƚĞƌŝŽƌĂƚŝŽŶŝŶƚŚĞ>WƚŚĞŶƚŚĂƚŽƉƚŝŽŶĐĂŶďĞĞdžĞƌĐŝƐĞĚϮLJĞĂƌƐĞĂƌůŝĞƌ͘/ĨƚŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚĂĐƋƵŝƌĞƚŚĞƵŶŝƚƐ͕ƚŚĞŶ>ĂŶĚdƌƵƐƚĐĂŶƐĞůůƚŚŽƐĞ
ƵŶŝƚƐƚŽĂƚŚŝƌĚƉĂƌƚLJ͘ĨƚĞƌĂƐƵďƐĞƋƵĞŶƚςͲŵŽŶƚŚƉĞƌŝŽĚŝĨŶŽƚŚŝƌĚƉĂƌƚLJŚĂƐƉƵƌĐŚĂƐĞĚƚŚĞƵŶŝƚƐĨŽƌĂƚůĞĂƐƚεΘйŽĨƚŚĞǀĂůƵĞ;ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚ
ŽŶŝŶĚĞƉĞŶĚĞŶƚĂƐƐĞƚǀĂůƵĂƚŝŽŶƐůĞƐƐĂƐƐŽĐŝĂƚĞĚĚĞďƚͿƚŚĞŶ>ĂŶĚdƌƵƐƚĐĂŶƌĞƋƵŝƌĞƚŚĞ>WƚŽƌĞĚĞĞŵƚŚĞƵŶŝƚƐ͘dŚĞŽŵƉĂŶLJĂŶĚ>ĂŶĚdƌƵƐƚǁŝůů
ƚŚĞŶĂŐƌĞĞǁŚŝĐŚ>WĂƐƐĞƚƐĂƌĞƚŽďĞƐŽůĚƚŽĨƵŶĚƚŚĞƌĞĚĞŵƉƚŝŽŶ͘EŽĂƐƐĞƚƐĐĂŶďĞƐŽůĚƌĞƐƵůƚŝŶŐŝŶƉƌŽĐĞĞĚƐĨŽƌůĞƐƐƚŚĂŶεϬйŽĨƚŚĞŝƌŶĞƚĂƐƐĞƚ
ǀĂůƵĞ;ĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐƚŚĞŵŽƐƚƌĞĐĞŶƚŝŶĚĞƉĞŶĚĞŶƚǀĂůƵĂƚŝŽŶƌĞƉŽƌƚƐͿ͘
ϮϬ
34
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϭε^ŚĂƌĞĐĂƉŝƚĂů
EŽƚĞ
ƵƚŚŽƌŝƐĞĚĂŶĚŝƐƐƵĞĚ
ĂůĂŶĐĞĂƚϭ:ĂŶƵĂƌLJϮϬϮϯ
ϭϯκ͕ϭΘϬϭϭρ͕ςϬϭ͕ρϳϬ
ZŝŐŚƚƐŝƐƐƵĞƚŽĞdžŝƐƚŝŶŐƐŚĂƌĞŚŽůĚĞƌƐ
Ϯϯ͕ϮΘρϮϯ͕ϯϳρ͕εΘκ
ρερςϮΘ͕εϮε
;ρϯϬͿ;ςϭϭ͕ϯϮϳͿ
WĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐƐƵĞĚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐ
κερϮεε͕Θκκ
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂƌŝƐŝŶŐŽŶŝƐƐƵĞŽĨƐŚĂƌĞƐ
;ςϬςͿͲ
ĂůĂŶĐĞĂƚϯϭĞĐĞŵďĞƌϮϬϮϯ
ϭρϳ͕κϭεϭϯε͕Ϯερ͕ϬϬϬ
/ƐƐƵĞŽĨƐŚĂƌĞƐĨŽƌĂƉƉůĞŽƌĐŚĂƌĚĂĐƋƵŝƐŝƚŝŽŶ
Ϯ͕ϬϯΘϮ͕Ϯϭρ͕ϭεϬ
^ŚĂƌĞďƵLJͲďĂĐŬ
;ϳϳͿ;ΘΘ͕ϬΘκͿ
ŝǀŝĚĞŶĚƌĞŝŶǀĞƐƚŵĞŶƚ
Θρϭεςϳ͕ρρς
WĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐƐƵĞĚŝŶŽƌĚŝŶĂƌLJƐŚĂƌĞƐ
εϬϭρςκ͕ϭϯε
dƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐĂƌŝƐŝŶŐŽŶŝƐƐƵĞŽĨƐŚĂƌĞƐ
;ϮϯͿͲ
KƚŚĞƌ
;κϭͿͲ
ĂůĂŶĐĞĂƚϯϭĞĐĞŵďĞƌϮϬϮκ
ϭςϭ͕ϬςΘϭκϮ͕ερϯ͕ΘϬϭ
ϮϬŝǀŝĚĞŶĚƐ
Ϯϭ^ŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
ƌŝƐŝŶŐŽŶƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐ;ƉĞƌĨŽƌŵĂŶĐĞĨĞĞͿ
ςςϬεϬϭ
ĂůĂŶĐĞĂƚĞŶĚŽĨƚŚĞƉĞƌŝŽĚςςϬεϬϭ
ΨΖϬϬϬ
dŚĞĚŝǀŝĚĞŶĚŝƐƐƵĞĚďLJƚŚĞWĂƌĞŶƚŝŶĐůƵĚĞĚĂĚŝǀŝĚĞŶĚƌĞŝŶǀĞƐƚŵĞŶƚƉůĂŶŽƉƚŝŽŶƚŽƵŶĚĞƌǁŚŝĐŚŚŽůĚĞƌƐŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐĐŽƵůĚĞůĞĐƚƚŽŚĂǀĞĂůů
ŽƌƉĂƌƚŽĨƚŚĞŝƌĚŝǀŝĚĞŶĚĞŶƚŝƚůĞŵĞŶƚƐƐĂƚŝƐĨŝĞĚďLJƚŚĞŝƐƐƵĞŽĨŶĞǁŽƌĚŝŶĂƌLJƐŚĂƌĞƐƌĂƚŚĞƌƚŚĂŶďLJďĞŝŶŐƉĂŝĚŝŶĐĂƐŚ͘^ŚĂƌĞƐǁĞƌĞŝƐƐƵĞĚƵŶĚĞƌƚŚĞ
ƉůĂŶĂƚĂƐƚƌŝŬĞƉƌŝĐĞŽĨΨϬ͘ΘΘ͕ǁŝƚŚŶŽĚŝƐĐŽƵŶƚƚŽƚŚĞŵĂƌŬĞƚƉƌŝĐĞĂƚƚŚĞƚŝŵĞŽĨƚŚĞĚŝǀŝĚĞŶĚ͘hŶĚĞƌƚŚŝƐƌĞŝŶǀĞƐƚŵĞŶƚƉůĂŶ͕εςϳ͕ρρςƐŚĂƌĞƐǁĞƌĞ
ŝƐƐƵĞĚĨŽƌĂƚŽƚĂůǀĂůƵĞŽĨΨΘρϭ͕κκρ͘dŚŝƐƌĞĚƵĐĞĚƚŚĞŽǀĞƌĂůůĐĂƐŚƉĂŝĚĨŽƌĚŝǀŝĚĞŶĚƐƚŽΨϭ͘ϭεϬŵŝůůŝŽŶ͘
ZĞƉƵƌĐŚĂƐĞŽĨƚŚĞ'ƌŽƵƉΖƐŽǁŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐŝƐƌĞĐŽŐŶŝƐĞĚĂŶĚĚĞĚƵĐƚĞĚĚŝƌĞĐƚůLJŝŶĞƋƵŝƚLJ͘EŽŐĂŝŶŽƌůŽƐƐŝƐƌĞĐŽŐŶŝƐĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶ
ƚŚĞƉƵƌĐŚĂƐĞ͕ƐĂůĞ͕ŝƐƐƵĞŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚĞ'ƌŽƵƉΖƐŽǁŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ͘
EŽ͘ŽĨ
ŽƌĚŝŶĂƌLJ
ƐŚĂƌĞƐ
dŚĞƐŚĂƌĞďĂƐĞĚƉĂLJŵĞŶƚƌĞƐĞƌǀĞƌĞůĂƚĞƐƚŽƚŚĞDĂŶĂŐĞƌΖƐƉĞƌĨŽƌŵĂŶĐĞĨĞĞƚŚĂƚŝƐƐĞƚƚůĞĚƚŚƌŽƵŐŚƚŚĞŝƐƐƵĞŽĨƐŚĂƌĞƐ͘DŽƌĞĚĞƚĂŝůƐŽŶ
ƉĞƌĨŽƌŵĂŶĐĞĨĞĞƐĂƌĞƉƌŽǀŝĚĞĚŝŶŶŽƚĞϮϯ͘ϭ͘
KƚŚĞƌƐŚĂƌĞŝƐƐƵĞƐ
ůůƐŚĂƌĞƐŚĂǀĞĞƋƵĂůǀŽƚŝŶŐƌŝŐŚƚƐ͕ƉĂƌƚŝĐŝƉĂƚĞĞƋƵĂůůLJŝŶĂŶLJĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƚŝŽŶŽƌĂŶLJƐƵƌƉůƵƐŽŶƚŚĞǁŝŶĚŝŶŐƵƉŽĨƚŚĞŽŵƉĂŶLJ͘dŚĞƐŚĂƌĞƐ
ŚĂǀĞŶŽƉĂƌǀĂůƵĞ͘
^ŚĂƌĞďƵLJͲďĂĐŬ
ƋƵŝƚLJͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƐƚŽĞŵƉůŽLJĞĞƐĂŶĚŽƚŚĞƌƐƉƌŽǀŝĚŝŶŐƐŝŵŝůĂƌƐĞƌǀŝĐĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ
ƋƵŝƚLJͲƐĞƚƚůĞĚƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƉĂƌƚŝĞƐŽƚŚĞƌƚŚĂŶĞŵƉůŽLJĞĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ
ƌĞĐĞŝǀĞĚ͕ĞdžĐĞƉƚǁŚĞƌĞƚŚĂƚĨĂŝƌǀĂůƵĞĐĂŶŶŽƚďĞĞƐƚŝŵĂƚĞĚƌĞůŝĂďůLJ͕ŝŶǁŚŝĐŚĐĂƐĞƚŚĞLJĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚƐ
ŐƌĂŶƚĞĚ͕ŵĞĂƐƵƌĞĚĂƚƚŚĞĚĂƚĞƚŚĞĞŶƚŝƚLJŽďƚĂŝŶƐƚŚĞŐŽŽĚƐŽƌƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJƌĞŶĚĞƌƐƚŚĞƐĞƌǀŝĐĞ͘
dŚĞĞĐĞŵďĞƌϮϬϮϯƉĞƌĨŽƌŵĂŶĐĞĨĞĞǁĂƐƐĞƚƚůĞĚǁŝƚŚϬ͘ςŵŝůůŝŽŶƐŚĂƌĞƐďĞŝŶŐŝƐƐƵĞĚŝŶDĂƌĐŚϮϬϮκĂƚĂŶĞƋƵŝǀĂůĞŶƚŽĨΨϭ͘ρεΘƉĞƌƐŚĂƌĞ;ŝŶƚĞƌŶĂů
EsŵĞĂƐƵƌĞŵĞŶƚͿ͘
ƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͕ĚŝǀŝĚĞŶĚƐƚŽƚĂůůŝŶŐΨϮ͘ϬκϭŵŝůůŝŽŶǁĞƌĞĚĞĐůĂƌĞĚ;ϮϬϮϯ͗ΨϮ͘ϯκςŵŝůůŝŽŶͿ͘ŶŽƌĚŝŶĂƌLJĚŝǀŝĚĞŶĚŽĨΨϬ͘ϬϭκςƉĞƌƐŚĂƌĞǁŝƚŚŶŽ
ƐƵƉƉůĞŵĞŶƚĂƌLJĚŝǀŝĚĞŶĚ͕ŝƐƐƵĞĚďLJƚŚĞWĂƌĞŶƚŝŶKĐƚŽďĞƌϮϬϮκ͘EŽŝŵƉƵƚĂƚŝŽŶĐƌĞĚŝƚƐǁĞƌĞĂƚƚĂĐŚĞĚƚŽƚŚĞĚŝǀŝĚĞŶĚ͘
ŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝƐĂŶLJĐŽŶƚƌĂĐƚƚŚĂƚĞǀŝĚĞŶĐĞƐĂƌĞƐŝĚƵĂůŝŶƚĞƌĞƐƚŝŶƚŚĞĂƐƐĞƚƐŽĨĂŶĞŶƚŝƚLJĂĨƚĞƌĚĞĚƵĐƚŝŶŐĂůůŽĨŝƚƐůŝĂďŝůŝƚŝĞƐ͘ƋƵŝƚLJ
ŝŶƐƚƌƵŵĞŶƚƐŝƐƐƵĞĚĂƌĞƌĞĐŽŐŶŝƐĞĚĂƚƚŚĞƉƌŽĐĞĞĚƐƌĞĐĞŝǀĞĚ͕ŶĞƚŽĨĚŝƌĞĐƚŝƐƐƵĞĐŽƐƚƐ͘
Ϯϭ
35
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϮϮZĞŵƵŶĞƌĂƚŝŽŶŽĨĂƵĚŝƚŽƌƐ
ϮϬϮκϮϬϮϯ
ƐƐƵƌĂŶĐĞĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐΨΖϬϬϬΨΖϬϬϬ
^ƚĂƚƵƚŽƌLJĂƵĚŝƚƐĞƌǀŝĐĞƐ
ϭϭρςκ
ϭϭρςκ
ϮϬϮκϮϬϮϯ
ƐƐƵƌĂŶĐĞĂŶĚŽƚŚĞƌƐĞƌǀŝĐĞƐΨΖϬϬϬΨΖϬϬϬ
^ƚĂƚƵƚŽƌLJĂƵĚŝƚƐĞƌǀŝĐĞƐ
Ͳ
Ϯϯ
ͲϮϯ
ϮϯZĞůĂƚĞĚƉĂƌƚŝĞƐ
Ϯϯ͘ϭZĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞDĂŶĂŐĞƌ
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WƌŽǀŝĚŝŶŐĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚŐĞŶĞƌĂůƐĞƌǀŝĐĞƐ͖
•
^ŽƵƌĐŝŶŐĂŶĚƐĞĐƵƌŝŶŐƉŽƚĞŶƚŝĂůŝŶǀĞƐƚŽƌƐĂŶĚĐŽŵŵƵŶŝĐĂƚŝŶŐǁŝƚŚŝŶǀĞƐƚŽƌƐ͖
•
^ŽƵƌĐŝŶŐŽƉƉŽƌƚƵŶŝƚŝĞƐĨŽƌƚŚĞƐĂůĞĂŶĚƉƵƌĐŚĂƐĞŽĨůĂŶĚ͕ĂŶĚŽƉĞƌĂƚŽƌƐĨŽƌůĞĂƐĞĂŐƌĞĞŵĞŶƚƐŝŶƌĞƐƉĞĐƚŽĨůĂŶĚ͖
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KǀĞƌƐĞĞŝŶŐĚƵĞĚŝůŝŐĞŶĐĞĨŽƌĂŶĚĞdžĞĐƵƚŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌƚŚĞƐĂůĞĂŶĚƉƵƌĐŚĂƐĞ͕ĂŶĚůĞĂƐŝŶŐ͕ŽĨůĂŶĚ͖
•
Managing the Group’s property, including land owned by the Group;
•
ƌƌĂŶŐŝŶŐƌĞŐƵůĂƌǀĂůƵĂƚŝŽŶƐĂŶĚĂƵĚŝƚƐŽĨƚŚĞ'ƌŽƵƉ͖ĂŶĚ
•
ĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞƉĂLJŵĞŶƚŽĨĚŝǀŝĚĞŶĚƐĂŶĚĚŝƐƚƌŝďƵƚŝŽŶƐŝŶƌĞƐƉĞĐƚŽĨƚŚĞ'ƌŽƵƉ͘
dŚĞDĂŶĂŐĞƌŝƐƌĞŵƵŶĞƌĂƚĞĚǀŝĂŵĂŶĂŐĞŵĞŶƚĨĞĞƐ͕ƚƌĂŶƐĂĐƚŝŽŶĨĞĞƐĂŶĚƉĞƌĨŽƌŵĂŶĐĞĨĞĞƐ͘
&ĞĞƐƉĂŝĚĂŶĚŽǁŝŶŐƚŽƚŚĞDĂŶĂŐĞƌ͗
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂƐŝĐŵĂŶĂŐĞŵĞŶƚƐĞƌǀŝĐĞƐĨĞĞ
ϭ͕κϬϳϭϭςϭ͕ϬϯεΘε
dƌĂŶƐĂĐƚŝŽŶĨĞĞƐϭ͕ϮκϮͲΘϳΘͲ
>ĞĂƐŝŶŐĨĞĞƐ
ϭρϬͲςϬͲ
WĞƌĨŽƌŵĂŶĐĞĨĞĞ
ςςϬςςϬεϬϭεϬϭ
KƚŚĞƌ
ϳͲͲͲ
dŽƚĂůϯ͕κςςϳϳςϮ͕ΘϳΘεεϬ
DĂŶĂŐĞŵĞŶƚĨĞĞ
dƌĂŶƐĂĐƚŝŽŶĨĞĞ
•
•
•
dŚĞƉƵƌĐŚĂƐĞĨĞĞŝƐŝŶĐůƵĚĞĚŝŶƚŚĞŝŶŝƚŝĂůĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂĐƋƵŝƌĞĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘dŚĞůĞĂƐŝŶŐĨĞĞŚĂƐďĞĞŶĂĚĚĞĚƚŽƚŚĞĐĂƌƌLJŝŶŐ
ǀĂůƵĞŽĨƚŚĞůĞĂƐĞĚĂƐƐĞƚ;ďĞŝŶŐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐͿĂƐƉĂƌƚŽĨƚŚĞŝŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐŽĨĂƌƌĂŶŐŝŶŐƚŚĞůĞĂƐĞ͘
ŵŽŶƚŚůLJŵĂŶĂŐĞŵĞŶƚĨĞĞŝƐƉĂLJĂďůĞĞƋƵĂůƚŽϬ͘ρйƉĞƌĂŶŶƵŵŽĨƚŚĞ'ƌŽƵƉΖƐEĞƚƐƐĞƚsĂůƵĞ͕ĐĂůĐƵůĂƚĞĚŽŶĂŵŽŶƚŚůLJďĂƐŝƐ͘dŚĞƚŽƚĂů
ŵĂŶĂŐĞŵĞŶƚĨĞĞƐĨŽƌƚŚĞƉĞƌŝŽĚĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκǁĞƌĞΨϭ͘κϬϳŵŝůůŝŽŶ;ϮϬϮϯ͗Ψϭ͘ϬϯεŵŝůůŝŽŶͿ͘
ƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ͕Ψϭϯϯ͕Ϯκρ;'^dŝŶĐůƵƐŝǀĞͿŝƐŽǁĞĚƚŽƚŚĞDĂŶĂŐĞƌĂŶĚƚŚŝƐŝƐŝŶĐůƵĚĞĚŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ;ƌĞĨĞƌƚŽŶŽƚĞϭρͿ͘
/ŶƚŚĞƉƌŝŽƌLJĞĂƌ͕ƚŚĞĨŽůůŽǁŝŶŐĨĞĞƐǁĞƌĞƉĂŝĚĨŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJWƌŝĐĞǁĂƚĞƌŚŽƵƐĞŽŽƉĞƌƐEĞǁĞĂůĂŶĚĂƐƚŚĞĨŽƌŵĞƌĂƵĚŝƚŽƌŽĨƚŚĞ'ƌŽƵƉ͗
ĨĞĞŝƐƉĂLJĂďůĞĨŽƌƚŚĞĨŽůůŽǁŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐ͗
dŚĞ'ƌŽƵƉŚĂƐĂƉƉŽŝŶƚĞĚĂŶĞdžƚĞƌŶĂůŵĂŶĂŐĞƌ͕EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚDĂŶĂŐĞŵĞŶƚ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƚŚƌŽƵŐŚĂƐŝŐŶĞĚŵĂŶĂŐĞŵĞŶƚ
ĂŐƌĞĞŵĞŶƚ͘dŚĞDĂŶĂŐĞƌŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌĂůůŵĂŶĂŐĞŵĞŶƚĨƵŶĐƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͕ŝŶĐůƵĚŝŶŐ͗
ĨĞĞŽĨΨΘςε͕ϬϬϬǁĂƐƉĂŝĚŝŶƌĞƐƉĞĐƚŽĨƚŚĞĚŝǀĞƐƚŵĞŶƚŽĨĂƐƐĞƚƐŝŶƚŽƚŚĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉ;ƌĞĨĞƌƚŽŶŽƚĞρͿ͘
KǁŝŶŐĂƚϯϭ
ĞĐ
dŚĞĨŽůůŽǁŝŶŐĨĞĞƐǁĞƌĞƉĂŝĚŽƌƉĂLJĂďůĞĨŽƌƐĞƌǀŝĐĞƐƉƌŽǀŝĚĞĚďLJtŝůůŝĂŵƵĐŬƵĚŝƚ;EͿ>ŝŵŝƚĞĚĂƐƚŚĞĂƵĚŝƚŽƌŽĨƚŚĞ'ƌŽƵƉ͗
KǁŝŶŐĂƚϯϭ
ĞĐ
&ĞĞƐĐŚĂƌŐĞĚ&ĞĞƐĐŚĂƌŐĞĚ
&ŽƌĞĂĐŚůĞĂƐĞĂŐƌĞĞŵĞŶƚĞŶƚĞƌĞĚŝŶƚŽ͕ĂĨĞĞŽĨΨϯϬ͕ϬϬϬ͖ĂŶĚ
&ŽƌĞĂĐŚƉƵƌĐŚĂƐĞŽƌƐĂůĞŽĨůĂŶĚ͕ĂĨĞĞĞƋƵĂůƚŽϭ͘ϮρйŽĨƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽƌĚŝǀĞƐƚŵĞŶƚĐŽƐƚŽĨƚŚĞůĂŶĚĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐ͖
ϮϬϮϯϮϬϮκ
ϮϮ
36
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯϯ͘ϭZĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞDĂŶĂŐĞƌ;ĐŽŶƚŝŶƵĞĚͿ
WĞƌĨŽƌŵĂŶĐĞĨĞĞ
Ϯϯ͘Ϯ<ĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĐŽŵƉĞŶƐĂƚŝŽŶ
Ϯκ^ƵďƐŝĚŝĂƌŝĞƐ
ϮϬϮκϮϬϮϯ
EĂŵĞŽĨĞŶƚŝƚLJ
ŽƵŶƚƌLJ
ŝŶĐŽƌƉŽƌĂƚĞĚ
ƋƵŝƚLJ
ŚŽůĚŝŶŐ
ƋƵŝƚLJ
ŚŽůĚŝŶŐ
EZ>ĂŝƌLJ,ŽůĚŝŶŐƐ>ŝŵŝƚĞĚEĞǁĞĂůĂŶĚ
ϭϬϬйϭϬϬй
^^WE/>ŝŵŝƚĞĚEĞǁĞĂůĂŶĚ
ϭϬϬйϭϬϬй
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ'W>ŝŵŝƚĞĚEĞǁĞĂůĂŶĚ
ϳρйϭϬϬй
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚ/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉ
EĞǁĞĂůĂŶĚ
ϳρйϭϬϬй
ϮρEŽŶͲ'WŵĞĂƐƵƌĞƐ
Ϯρ͘ϭZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŶĞƚƉƌŽĨŝƚĂĨƚĞƌƚĂdžƚŽĂĚũƵƐƚĞĚĨƵŶĚƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ;&&KͿ
ƉĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐƉĂLJĂďůĞƚŽƚŚĞDĂŶĂŐĞƌǁŚĞŶƚŚĞ'ƌŽƵƉΖƐŶĞƚĂƐƐĞƚǀĂůƵĞ;ΖEsΖͿƉĞƌƐŚĂƌĞĞdžĐĞĞĚƐƚŚĞ'ƌŽƵƉΖƐEsƉĞƌƐŚĂƌĞŝŶƚŚĞ
ŝŵŵĞĚŝĂƚĞůLJƉƌĞĐĞĚŝŶŐĨŝŶĂŶĐŝĂůLJĞĂƌ͘dŚŝƐĂŶŶƵĂůƉĞƌĨŽƌŵĂŶĐĞĨĞĞŝƐĐĂůĐƵůĂƚĞĚĂƐϭϬйŽĨƚŚĞŝŶĐƌĞĂƐĞŝŶEsƉĞƌƐŚĂƌĞĂŶĚŝƐƐĞƚƚůĞĚƚŚƌŽƵŐŚƚŚĞ
ŝƐƐƵĞŽĨŽƌĚŝŶĂƌLJƐŚĂƌĞƐďĂƐĞĚŽŶƚŚĞEsƉĞƌƐŚĂƌĞĂƚƚŚĂƚĚĂƚĞ͘EsƉĞƌƐŚĂƌĞŝƐĂĚũƵƐƚĞĚĨŽƌƚŚĞŝŵƉĂĐƚŽĨĐĂƉŝƚĂůƌĞĐŽŶƐƚƌƵĐƚŝŽŶƐ;ƐƵĐŚĂƐĂ
ƌŝŐŚƚƐŝƐƐƵĞĂƚĂƉƌĞŵŝƵŵŽƌĚŝƐĐŽƵŶƚͿ͕ǁŝƚŚƚŚĞŝŶƚĞŶƚŝŽŶŽĨƚŚĞĐĂůĐƵůĂƚŝŽŶďĞŝŶŐŶĞŝƚŚĞƌƉƌĞũƵĚŝĐŝĂůŶŽƌĂĚǀĂŶƚĂŐĞŽƵƐƚŽƚŚĞŽŵƉĂŶLJŽƌƚŚĞ
DĂŶĂŐĞƌ͘,ĂůĨŽĨƚŚĞŽƌĚŝŶĂƌLJƐŚĂƌĞƐŝƐƐƵĞĚĂƌĞŚĞůĚŝŶĞƐĐƌŽǁĂŶĚĐĂŶŶŽƚďĞƐŽůĚĨŽƌρLJĞĂƌƐ͘dŚĞǀĂůƵĞŽĨƚŚĞƉĞƌĨŽƌŵĂŶĐĞĨĞĞŝŶƚŚĞLJĞĂƌĞŶĚĞĚ
ϯϭĞĐĞŵďĞƌϮϬϮκǁĂƐΨϬ͘ςςϬŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϬ͘εϬϭŵŝůůŝŽŶͿ͘dŚĞƐŚĂƌĞƐǁŝůůďĞŝƐƐƵĞĚƚŽƚŚĞDĂŶĂŐĞƌƐƵďƐĞƋƵĞŶƚƚŽďĂůĂŶĐĞĚĂƚĞ͘
dŚĞĨŽůůŽǁŝŶŐƐƵďƐŝĚŝĂƌŝĞƐŚĂǀĞďĞĞŶĐŽŶƐŽůŝĚĂƚĞĚŝŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͗
EŽŶͲ'WŵĞĂƐƵƌĞƐĚŽŶŽƚŚĂǀĞĂƐƚĂŶĚĂƌĚŵĞĂŶŝŶŐƉƌĞƐĐƌŝďĞĚďLJ'WĂŶĚƚŚĞƌĞĨŽƌĞŵĂLJŶŽƚďĞĐŽŵƉĂƌĂďůĞƚŽŝŶĨŽƌŵĂƚŝŽŶƉƌĞƐĞŶƚĞĚďLJ
ŽƚŚĞƌĞŶƚŝƚŝĞƐ͘dŚĞƐĞŵĞĂƐƵƌĞƐƐŚŽƵůĚŶŽƚďĞǀŝĞǁĞĚŝŶŝƐŽůĂƚŝŽŶ͕ŶŽƌĐŽŶƐŝĚĞƌĞĚĂƐĂƐƵďƐƚŝƚƵƚĞĨŽƌŵĞĂƐƵƌĞƐƌĞƉŽƌƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE
/&Z^͘
ĐƚŝǀŝƚŝĞƐ
/ŶĂĚĚŝƚŝŽŶƚŽƌĞŵƵŶĞƌĂƚŝŽŶŽĨƚŚĞDĂŶĂŐĞƌŽƵƚůŝŶĞĚĂďŽǀĞ͕ƚŚĞ'ƌŽƵƉƉĂŝĚĚŝƌĞĐƚŽƌƐĨĞĞƐĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚŽĨΨϬ͘ϮϮϳŵŝůůŝŽŶ;ϮϬϮϯ͗ΨϬ͘ϮϮϳ
ŵŝůůŝŽŶͿŝŶĐĂƐŚ͘dŚĞƌĞǁĂƐŶŽŽƚŚĞƌĐŽŵƉĞŶƐĂƚŝŽŶŽĨŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞůĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘
&ƵŶĚƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ;Ζ&&KΖͿŝƐĂŶŽŶͲ'WĨŝŶĂŶĐŝĂůŵĞĂƐƵƌĞƚŚĂƚƐŚŽǁƐƚŚĞ'ƌŽƵƉΖƐƵŶĚĞƌůLJŝŶŐĂŶĚƌĞĐƵƌƌŝŶŐĞĂƌŶŝŶŐƐĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶƐĂŶĚ
ŝƐĐŽŶƐŝĚĞƌĞĚŝŶĚƵƐƚƌLJďĞƐƚƉƌĂĐƚŝĐĞĨŽƌĂƉƌŽƉĞƌƚLJĨƵŶĚƚŽĞŶĂďůĞŝŶǀĞƐƚŽƌƐƚŽƐĞĞƚŚĞĐĂƐŚŐĞŶĞƌĂƚŝŶŐĂďŝůŝƚLJŽĨƚŚĞďƵƐŝŶĞƐƐ͘dŚŝƐŝƐĚĞƚĞƌŵŝŶĞĚ
ďLJĂĚũƵƐƚŝŶŐƐƚĂƚƵƚŽƌLJŶĞƚƉƌŽĨŝƚ;ƵŶĚĞƌE/&Z^ͿĨŽƌĐĞƌƚĂŝŶŶŽŶͲĐĂƐŚĂŶĚŽƚŚĞƌŝƚĞŵƐ͘&&KŚĂƐďĞĞŶĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶŐƵŝĚĞůŝŶĞƐĞƐƚĂďůŝƐŚĞĚ
ďLJƚŚĞWƌŽƉĞƌƚLJŽƵŶĐŝůŽĨƵƐƚƌĂůŝĂĂŶĚŝƐŝŶƚĞŶĚĞĚĂƐĂƐƵƉƉůĞŵĞŶƚĂƌLJŵĞĂƐƵƌĞŽĨŽƉĞƌĂƚŝŶŐƉĞƌĨŽƌŵĂŶĐĞ͘dŚĞDĂŶĂŐĞƌƵƐĞƐĂŶĚĐŽŶƐŝĚĞƌƐ
ĚũƵƐƚĞĚ&ƵŶĚƐ&ƌŽŵKƉĞƌĂƚŝŽŶƐ;Ζ&&KΖͿĂƐĂŵĞĂƐƵƌĞŽĨŽƉĞƌĂƚŝŶŐĐĂƐŚĨůŽǁŐĞŶĞƌĂƚĞĚĨƌŽŵƚŚĞďƵƐŝŶĞƐƐ͕ĂĨƚĞƌƉƌŽǀŝĚŝŶŐĨŽƌĂůůŽƉĞƌĂƚŝŶŐ
ĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŝŶĐůƵĚŝŶŐŵĂŝŶƚĞŶĂŶĐĞĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞ͕ƚĞŶĂŶƚŝŵƉƌŽǀĞŵĞŶƚǁŽƌŬƐ͕ŝŶĐĞŶƚŝǀĞƐĂŶĚůĞĂƐŝŶŐĐŽƐƚƐ͘
ZƵƌĂůůĂŶĚŝŶǀĞƐƚŵĞŶƚ
'ĞŶĞƌĂůƉĂƌƚŶĞƌ
ZƵƌĂůůĂŶĚŝŶǀĞƐƚŵĞŶƚ
ZƵƌĂůůĂŶĚŝŶǀĞƐƚŵĞŶƚ
dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŝŶĐŽƌƉŽƌĂƚĞƚŚĞĂƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐĂŶĚƌĞƐƵůƚƐŽĨƚŚĞƐƵďƐŝĚŝĂƌŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJ
ĚĞƐĐƌŝďĞĚŝŶŶŽƚĞϮ͘κ͘
Ϯϯ
37
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯρ͘ϭZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŶĞƚƉƌŽĨŝƚĂĨƚĞƌƚĂdžƚŽĂĚũƵƐƚĞĚĨƵŶĚƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ;&&KͿ;ĐŽŶƚŝŶƵĞĚͿ
ϮϬϮκϮϬϮϯ
EŽƚĞƐ
ΨΖϬϬϬΨΖϬϬϬ
EĞƚƉƌŽĨŝƚĂĨƚĞƌƚĂdžϮϯ͕ϬϳεϭϬ͕Θρκ
ĚũƵƐƚŵĞŶƚƐ
hŶƌĞĂůŝƐĞĚŶĞƚŐĂŝŶŝŶǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐς
;Ϯϯ͕ΘρεͿ;ϳ͕ϯΘΘͿ
ϭΘϳ͕ϳϮκͲ
WĞƌĨŽƌŵĂŶĐĞĨĞĞƉĂLJĂďůĞŝŶƐŚĂƌĞƐϮϭςςϬεϬϭ
hŶƌĞĂůŝƐĞĚŶĞƚůŽƐƐŽŶĚĞƌŝǀĂƚŝǀĞƐεϭ͕εεΘϮ͕ρϭϮ
ĞĨĞƌƌĞĚƚĂdžĞdžƉĞŶƐĞͬ;ďĞŶĞĨŝƚͿϭϬ͘Ϯεϳε;κΘϯͿ
ŵŽƌƚŝƐĂƚŝŽŶŽĨƌĞŶƚĨƌĞĞŝŶĐĞŶƚŝǀĞƐΘϭϳςϭϳς
ŵŽƌƚŝƐĂƚŝŽŶŽĨůĞĂƐĞĨĞĞĂŶĚĂŵĞŶĚŵĞŶƚϯκϯϬ
ŝƐƉŽƐĂůŽĨƐƵƌƉůƵƐĂƐƐĞƚƐ;ϮϭͿͲ
>ŽĂŶŝŶƚĞƌĞƐƚƌŽůůĞĚŝŶƚŽŶĞǁƐLJŶĚŝĐĂƚŝŽŶĨĂĐŝůŝƚLJϮϯκͲ
/ŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶĂŶĚƵŶƌĞĂůŝƐĞĚŶĞƚŐĂŝŶŽĨĐĂƌďŽŶĐƌĞĚŝƚƐ;ϮςͿͲ
ĂƉŝƚĂůŝƐĞĚŝŶƚĞƌĞƐƚůŽĂŶƌĞĐĞŝǀĂďůĞ;ϭ͕ϯϭςͿͲ
&ƵŶĚƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ;Ζ&&KΖͿε͕ςςϮς͕ςϬϮ
Ϯ͕ϯςϳͲ
ϳ͕Ϯερς͕ςϬϮ
ŽŵƉĂŶLJ&&KƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿρ͘ϭϬκ͘ϳκ
ĚũƵƐƚŵĞŶƚƐ
/ŶĐĞŶƚŝǀĞƐĂŶĚůĞĂƐŝŶŐĐŽƐƚƐ
ϮϯϭϮϬ
&ƵƚƵƌĞŵĂŝŶƚĞŶĂŶĐĞĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞϷ;ϯϯςͿ;ςςϯͿ
ĚũƵƐƚĞĚĨƵŶĚƐĨƌŽŵŽƉĞƌĂƚŝŽŶƐ;Ζ&&KΖͿε͕ϯκΘς͕Ϭρε
Ϯ͕ϮΘςͲ
ϳ͕ϬςϮς͕Ϭρε
ŽŵƉĂŶLJ&&KƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿκ͘εκκ͘ϯρ
Ϯρ͘ϮEĞƚĂƐƐĞƚƐƉĞƌƐŚĂƌĞĂŶĚŶĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐƉĞƌƐŚĂƌĞ
ϮϬϮκϮϬϮϯ
EŽƚĞƐ
ΨΖϬϬϬΨΖϬϬϬ
dŽƚĂůĂƐƐĞƚƐκκϭ͕εϯϯϯςε͕Θϯϭ
;>ĞƐƐͿ͗dŽƚĂůůŝĂďŝůŝƚŝĞƐ;ϮϭϮ͕ΘϬϭͿ;ϭκς͕ϳϯεͿ
EĞƚĂƐƐĞƚƐϮϮε͕ϭϯϮϮϮϯ͕ϬεϮ
;>ĞƐƐͿ͗ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐϭϬ͘Ϯ;ρρϮͿ;ϭ͕ϯεΘͿ
ĚĚ͗ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐϭϬ͘ϮϮ͕κϳϭͲ
;>ĞƐƐͿ͗ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐϭκ;ρϬϯͿ;ϳϭͿ
EĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐϮϯϬ͕ρκΘϮϮϭ͕ςϮϯ
EƵŵďĞƌŽĨƐŚĂƌĞƐŝƐƐƵĞĚ;ΖϬϬϬͿϭκϮ͕ερκϭϯε͕Ϯερ
EĞƚĂƐƐĞƚƐƉĞƌƐŚĂƌĞ;ΨͿϭ͘ςϬϮΘϭ͘ςϬϭς
EĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐƉĞƌƐŚĂƌĞ;ΨͿϭ͘ςϭϮϳϭ͘ρεϭϬ
ϷZĞƉƌĞƐĞŶƚƐĂŵŽƵŶƚƐƐĞƚĂƐŝĚĞĞĂĐŚĨŝŶĂŶĐŝĂůƉĞƌŝŽĚĨŽƌĨƵƚƵƌĞĞdžƉĞĐƚĞĚŵĂŝŶƚĞŶĂŶĐĞĐĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞĂƐĐŽŶƐŝĚĞƌĞĚƉƌƵĚĞŶƚďLJƚŚĞDĂŶĂŐĞƌ͘
dŚĞƐĞĂŵŽƵŶƚƐĚŽŶŽƚƋƵĂůŝĨLJĨŽƌƌĞĐŽŐŶŝƚŝŽŶĂƐůŝĂďŝůŝƚŝĞƐŽŶƚŚĞďĂůĂŶĐĞƐŚĞĞƚƵŶĚĞƌE'W͘
hŶƌĞĂůŝƐĞĚŵŽǀĞŵĞŶƚŝŶƌĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐ
&&KĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŽŵƉĂŶLJ;ĐĞŶƚƐͿ
&&KĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ>ĂŶĚdƌƵƐƚ;ĐĞŶƚƐͿ
Ϯ
&&KĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞŽŵƉĂŶLJ;ĐĞŶƚƐͿ
&&KĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞ>ĂŶĚdƌƵƐƚ;ĐĞŶƚƐͿ
Ϯ
Ϯ
/ŶƚŚĞƉƌŝŽƌLJĞĂƌ͕&&KĂŶĚ&&KǁĞƌĞĞŶƚŝƌĞůLJĂƚƚƌŝďƵƚĞĚƚŽƚŚĞŽŵƉĂŶLJĂƐƚŚĞ>ĂŶĚdƌƵƐƚĚŝĚŶŽƚďĞĐŽŵĞƉĂƌƚŽĨƚŚĞ'ƌŽƵƉƵŶƚŝů&ĞďƌƵĂƌLJϮϬϮκ
;ƌĞĨĞƌƚŽŶŽƚĞρͿ͘
dŚĞ'ƌŽƵƉƉƌĞƐĞŶƚƐŶĞƚĂƐƐĞƚƐƉĞƌƐŚĂƌĞĂŶĚŶĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐƉĞƌƐŚĂƌĞŝŶƚŚĞƐĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉďĞůŝĞǀĞƐƚŚĂƚƚŚĞƐĞŶŽŶͲ'W
ŵĞĂƐƵƌĞƐƉƌŽǀŝĚĞƵƐĞĨƵůĂĚĚŝƚŝŽŶĂůŝŶĨŽƌŵĂƚŝŽŶƚŽƌĞĂĚĞƌƐ͘EĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐƉĞƌƐŚĂƌĞŝƐĂƌĞƋƵŝƌĞĚĚŝƐĐůŽƐƵƌĞƵŶĚĞƌƚŚĞEy>ŝƐƚŝŶŐZƵůĞƐĂŶĚ
ŶĞƚĂƐƐĞƚƐƉĞƌƐŚĂƌĞŝƐĂŵĞĂƐƵƌĞŵŽŶŝƚŽƌĞĚďLJŵĂŶĂŐĞŵĞŶƚĂŶĚƌĞƋƵŝƌĞĚĨŽƌĐĂůĐƵůĂƚŝŶŐƚŚĞDĂŶĂŐĞƌΖƐƉĞƌĨŽƌŵĂŶĐĞĨĞĞ͘dŚĞĐĂůĐƵůĂƚŝŽŶŽĨƚŚĞ
'ƌŽƵƉΖƐŶĞƚĂƐƐĞƚƐƉĞƌƐŚĂƌĞ͕ŶĞƚƚĂŶŐŝďůĞĂƐƐĞƚƐƉĞƌƐŚĂƌĞ͕ĂŶĚŝƚƐƌĞĐŽŶĐŝůŝĂƚŝŽŶƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝƐƉƌĞƐĞŶƚĞĚ
ďĞůŽǁ͗
Ϯκ
38
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯς&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ
ĂƚĞŐŽƌŝĞƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͗
ϮϬϮκ
ƐƐĞƚƐ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲρ͕ρϮϬͲρ͕ρϮϬ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐͲϭ͕ϭϮϳͲϭ͕ϭϮϳ
>ŽĂŶƌĞĐĞŝǀĂďůĞͲϮϭ͕ςΘρͲϮϭ͕ςΘρ
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐρϬϯͲͲρϬϯ
ρϬϯϮΘ͕ϯϯϮͲϮΘ͕Θϯρ
>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ͲͲϮ͕ϯρεϮ͕ϯρε
ŽƌƌŽǁŝŶŐƐͲͲϭϯϭ͕ϮϬϳϭϯϭ͕ϮϬϳ
ZĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐϳρ͕ϳεϳͲͲϳρ͕ϳεϳ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐϮ͕κϳϭͲͲϮ͕κϳϭ
ϳΘ͕ϮςΘͲϭϯϯ͕ρςςϮϭϭ͕Θϯκ
ϮϬϮϯ
ƐƐĞƚƐ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐͲϭ͕ϮρΘͲϭ͕εκϮ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐͲκςͲκϭ
>ŽĂŶƌĞĐĞŝǀĂďůĞͲϮϬ͕ϯςϯͲϭε͕ϭκκ
ĞƌŝǀĂƚŝǀĞĂƐƐĞƚƐϳϭͲͲϮ͕ρϬς
ϳϭϮϭ͕ςςϳͲϮϯ͕ςϯϯ
>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ͲͲρςερςε
ͲͲϭϭ͕εΘϬϭϭ͕εΘϬ
ŽƌƌŽǁŝŶŐƐͲͲϭϯϯ͕ρϬϬϭϯϯ͕ρϬϬ
ͲͲϭκς͕Ϭκεϭκς͕Ϭκε
Ϯϳ&ŝŶĂŶĐŝĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
Ϯϳ͘ϭ/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
&ŝŶĂŶĐŝĂůĂƐƐĞƚƐ
ĂƐŚĂƚďĂŶŬ
ρ͕ρϮϬϭ͕ϮρΘ
&ŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ
ĂŶŬďŽƌƌŽǁŝŶŐƐ;ŶĞƚŽĨĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐͿ
κρ͕ϳϬϳκΘ͕ϬϬϬ
/ŶƚĞƌĞƐƚƌĂƚĞĂƉƉůŝĐĂďůĞĂƚďĂůĂŶĐĞĚĂƚĞ
ĂƐŚĂƚďĂŶŬ
фϭйфϭй
ĂŶŬďŽƌƌŽǁŝŶŐƐ;ŶĞƚŽĨĞĐŽŶŽŵŝĐŝŵƉĂĐƚŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐͿς͘Ϯϯйϳ͘ςϬй
&ŝŶĂŶĐŝĂů
ĂƐƐĞƚƐĂƚ
ĂŵŽƌƚŝƐĞĚ
ĐŽƐƚ
/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚĨůƵĐƚƵĂƚŝŽŶƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐŝŵƉĂĐƚƚŚĞ'ƌŽƵƉΖƐĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŽƌƚŚĞĨĂŝƌǀĂůƵĞŽĨŝƚƐ
ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘
dŚĞ'ƌŽƵƉΖƐƉŽůŝĐLJŝƐƚŽŵĂŶĂŐĞŝƚƐŝŶƚĞƌĞƐƚƌĂƚĞƐƵƐŝŶŐĂŵŝdžŽĨĨŝdžĞĚĂŶĚǀĂƌŝĂďůĞƌĂƚĞĚĞďƚ͘dŽŵĂŶĂŐĞƚŚŝƐŵŝdž͕ƚŚĞ'ƌŽƵƉĞŶƚĞƌƐŝŶƚŽŝŶƚĞƌĞƐƚ
ƌĂƚĞƐǁĂƉƐ͕ŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉĂŐƌĞĞƐƚŽĞdžĐŚĂŶŐĞ͕ĂƚƐƉĞĐŝĨŝĞĚŝŶƚĞƌǀĂůƐ͕ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶĨŝdžĞĚĂŶĚǀĂƌŝĂďůĞƌĂƚĞƐĨŽƌŝŶƚĞƌĞƐƚĐĂůĐƵůĂƚĞĚ
ďLJƌĞĨĞƌĞŶĐĞƚŽĂŶĂŐƌĞĞĚͲƵƉŽŶŶŽƚŝŽŶĂůƉƌŝŶĐŝƉĂůĂŵŽƵŶƚ͘dŚĞƐĞƐǁĂƉƐĂƌĞĚĞƐŝŐŶĞĚƚŽĞĐŽŶŽŵŝĐĂůůLJŚĞĚŐĞƵŶĚĞƌůLJŝŶŐĚĞďƚŽďůŝŐĂƚŝŽŶƐ͘
dŚĞ'ƌŽƵƉΖƐĞdžƉŽƐƵƌĞƚŽǀĂƌŝĂďůĞŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂŶĚƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŝŶƚĞƌĞƐƚƌĂƚĞĨŽƌŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƐĂƚ
ϯϭĞĐĞŵďĞƌϮϬϮκǁĂƐĂƐĨŽůůŽǁƐ͗
dŽƚĂů
ŽŶǀĞƌƚŝďůĞůŽĂŶ
&ŝŶĂŶĐŝĂů
ůŝĂďŝůŝƚŝĞƐĂƚ
ĂŵŽƌƚŝƐĞĚ
ĐŽƐƚ
&ŝŶĂŶĐŝĂů
ĂƐƐĞƚƐͬ
ůŝĂďŝůŝƚŝĞƐĂƚ
&sdW>
Ϯρ
39
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯϳ͘ϭ/ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ;ĐŽŶƚŝŶƵĞĚͿ
/ŶƚĞƌĞƐƚƌĂƚĞ
ĚĞĐƌĞĂƐĞŽĨ
Ϯй
/ŶƚĞƌĞƐƚƌĂƚĞ
ŝŶĐƌĞĂƐĞŽĨ
Ϯй
/ŶƚĞƌĞƐƚƌĂƚĞ
ĚĞĐƌĞĂƐĞŽĨ
Ϯй
/ŶƚĞƌĞƐƚƌĂƚĞ
ŝŶĐƌĞĂƐĞŽĨ
Ϯй
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
/ŶĐƌĞĂƐĞͬ;ĚĞĐƌĞĂƐĞͿŝŶŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞ
;εϭκͿεϭκ;εςϬͿεςϬ
dŚĞƌĞŝƐŶŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬŽŶƚŚĞůŽĂŶƌĞĐĞŝǀĂďůĞ;ŶŽƚĞϭϯͿĂƐƚŚĞLJĂĐĐƌƵĞŝŶƚĞƌĞƐƚĂƚĂĨŝdžĞĚƌĂƚĞ͘
Ϯϳ͘ϮƌĞĚŝƚƌŝƐŬ
Ϯϳ͘ϯ>ŝƋƵŝĚŝƚLJƌŝƐŬ
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞŽƵƚůŝŶĞƐƚŚĞ'ƌŽƵƉƐΖůŝƋƵŝĚŝƚLJƉƌŽĨŝůĞ͕ĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ͕ďĂƐĞĚŽŶĐŽŶƚƌĂĐƚƵĂůŶŽŶͲĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͗
dŽƚĂůϬͲϭLJĞĂƌϭͲϮLJĞĂƌƐϮͲρLJĞĂƌƐхρLJĞĂƌƐ
ϮϬϮκ
ΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϯ͕ϭρϳϯ͕ϭρϳͲͲͲ
ĞƌŝǀĂƚŝǀĞůŝĂďŝůŝƚŝĞƐ
Ϯ
ϭ͕ϯρϬ;ϯϮϳͿϳΘκΘεϯͲ
ŽƌƌŽǁŝŶŐƐϷ
ϭκϮ͕ϭϭκρϯ͕κϯϮρε͕ΘϮϯϮΘ͕ΘρεͲ
ZĞĚĞĞŵĂďůĞůŝŵŝƚĞĚƉĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐ
ϳρ͕ϳεϳͲͲͲϳρ͕ϳεϳ
dŽƚĂů
ϮϮϮ͕κϭϳρς͕ϮςϮςϬ͕ςϬϳϮε͕ϳρϮϳρ͕ϳεϳ
dŽƚĂůϬͲϭLJĞĂƌϭͲϮLJĞĂƌƐϮͲρLJĞĂƌƐхρLJĞĂƌƐ
ϮϬϮϯΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬΨΖϬϬϬ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ϭ͕ϬεϬϭ͕ϬεϬͲͲͲ
ϭϭ͕εΘϬϭϭ͕εΘϬͲͲͲ
ŽƌƌŽǁŝŶŐƐϷ
ϭκε͕εϮϳϯΘ͕κϬϮρϭ͕εκρρε͕ρΘϬͲ
dŽƚĂů
ϭςϮ͕εεϳρϭ͕κϳϮρϭ͕εκρρε͕ρΘϬͲ
ϮϬϮκϮϬϮϯ
>ŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞ'ƌŽƵƉŵĂLJĞŶĐŽƵŶƚĞƌĚŝĨĨŝĐƵůƚLJŝŶŵĞĞƚŝŶŐŝƚƐŽďůŝŐĂƚŝŽŶƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝƚƐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƚŚĂƚĂƌĞƐĞƚƚůĞĚďLJ
delivering cash or another financial asset. Liquidity risk mainly arises from the Group’s obligations in respect of long term borrowings, derivatives
ĂŶĚƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͘
dŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐĂŶĚĞǀĂůƵĂƚĞƐůŝƋƵŝĚŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĂŶĚŐĞŶĞƌĂƚĞƐƐƵĨĨŝĐŝĞŶƚĐĂƐŚĨůŽǁƐĨƌŽŵŝƚƐŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐƚŽ
meet its obligations arising from its financial liabilities and has bank facilities available to cover potential shortfalls. The Group’s approach to
ŵĂŶĂŐŝŶŐůŝƋƵŝĚŝƚLJƌŝƐŬŝƐƚŽĞŶƐƵƌĞŝƚǁŝůůĂůǁĂLJƐŚĂǀĞƐƵĨĨŝĐŝĞŶƚůŝƋƵŝĚŝƚLJƚŽŵĞĞƚŝƚƐŽďůŝŐĂƚŝŽŶƐǁŚĞŶƚŚĞLJĨĂůůĚƵĞƵŶĚĞƌďŽƚŚŶŽƌŵĂůĂŶĚƐƚƌĞƐƐ
ĐŽŶĚŝƚŝŽŶƐ͘
Ϸ/ŶĐůƵĚĞƐĐŽŶƚƌĂĐƚƵĂůŝŶƚĞƌĞƐƚƉĂLJŵĞŶƚƐďĂƐĞĚŽŶĚƌĂǁŶĚŽǁŶĂŵŽƵŶƚƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞĂŶĚĂƐƐƵŵŝŶŐŶŽƌĞƉĂLJŵĞŶƚƐŽĨƉƌŝŶĐŝƉĂůƉƌŝŽƌƚŽĞdžƉŝƌLJ
ĚĂƚĞ͘
ƌĞĚŝƚƌŝƐŬƌĞƉƌĞƐĞŶƚƐƚŚĞƌŝƐŬƚŚĂƚƚŚĞĐŽƵŶƚĞƌƉĂƌƚLJƚŽƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚǁŝůůĨĂŝůƚŽĚŝƐĐŚĂƌŐĞĂŶŽďůŝŐĂƚŝŽŶĂŶĚĐĂƵƐĞƚŚĞ'ƌŽƵƉƚŽŝŶĐƵƌĂ
financial loss. Financial instruments which are subject to credit risk principally consist of cash, debtors and loans receivable. The Group’s exposure
ƚŽĐƌĞĚŝƚƌŝƐŬŝƐĞƋƵĂůƚŽƚŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŽĨƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘
dŚĞ'ƌŽƵƉĐŽŶĚƵĐƚƐĐƌĞĚŝƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚĞŶĂŶƚƐƚŽĚĞƚĞƌŵŝŶĞĐƌĞĚŝƚǁŽƌƚŚŝŶĞƐƐƉƌŝŽƌƚŽĞŶƚĞƌŝŶŐŝŶƚŽůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘dŚŝƐŝŶĐůƵĚĞƐƌĞƋƵŝƌŝŶŐ
ƚĞŶĂŶƚƐƚŽŚĂǀĞĞƋƵŝƚLJĂƚůĞĂƐƚƐŝdžƚŝŵĞƐƚŚĞŝƌĂŶŶƵĂůůĞĂƐĞŽďůŝŐĂƚŝŽŶƐŽƌƉƌŽǀŝĚĞŽƚŚĞƌƐƵŝƚĂďůĞƐĞĐƵƌŝƚLJĂƌƌĂŶŐĞŵĞŶƚƐ͘tŚĞƌĞĂƉƉƌŽƉƌŝĂƚĞ͕ƚŚĞ
'ƌŽƵƉǁŝůůŝŶĐůƵĚĞŐƵĂƌĂŶƚĞĞƐĂŶĚͬŽƌƐĞĐƵƌŝƚLJĨƌŽŵƚĞŶĂŶƚƐǁŝƚŚŝŶůĞĂƐĞĂŐƌĞĞŵĞŶƚƐƚŽƐƵƉƉŽƌƚƌĞŶƚĂůƉĂLJŵĞŶƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĚĞďƚŽƌďĂůĂŶĐĞƐĂƌĞ
ŵŽŶŝƚŽƌĞĚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐǁŝƚŚƚŚĞƌĞƐƵůƚƚŚĂƚĞdžƉŽƐƵƌĞƚŽďĂĚĚĞďƚƐŝƐŶŽƚƐŝŐŶŝĨŝĐĂŶƚ͘
dŚĞƌŝƐŬĨƌŽŵĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐŝƐŵĂŶĂŐĞĚďLJƉůĂĐŝŶŐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐǁŝƚŚŚŝŐŚĐƌĞĚŝƚƋƵĂůŝƚLJĨŝŶĂŶĐŝĂůŝŶƐƚŝƚƵƚŝŽŶƐŽŶůLJ͘dŚĞ'ƌŽƵƉ
ŚĂƐƉůĂĐĞĚŝƚƐĐĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐǁŝƚŚtĞƐƚƉĂĐEĞǁĞĂůĂŶĚ>ŝŵŝƚĞĚ͕ǁŚŽŝƐͲƌĂƚĞĚ;^ƚĂŶĚĂƌĚΘWŽŽƌΖƐͿ͘
dŚĞ'ƌŽƵƉŝŶƚĞŶĚƐƚŽĨƵƌƚŚĞƌŵŝƚŝŐĂƚĞƚŚŝƐƌŝƐŬŝŶƚŚĞĨƵƚƵƌĞďLJĞdžƉĂŶĚŝŶŐŝŶƚŽŽƚŚĞƌƉƌŝŵĂƌLJƐĞĐƚŽƌƐŝŶEĞǁĞĂůĂŶĚ͕ƐƵĐŚĂƐŚŽƌƚŝĐƵůƚƵƌĞ͕
ǀŝƚŝĐƵůƚƵƌĞ͕ƐŚĞĞƉĂŶĚďĞĞĨ͘
dŚĞĨŽůůŽǁŝŶŐƐĞŶƐŝƚŝǀŝƚLJĂŶĂůLJƐŝƐƌĞƉƌĞƐĞŶƚƐƚŚĞĐŚĂŶŐĞŝŶŝŶƚĞƌĞƐƚĞdžƉĞŶƐĞŝĨƚŚĞĨůŽĂƚŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐŽŶďĂŶŬďŽƌƌŽǁŝŶŐƐ;ŶĞƚŽĨĞĐŽŶŽŵŝĐ
ŝŵƉĂĐƚĨƌŽŵŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐͿŚĂĚďĞĞŶϮйŚŝŐŚĞƌŽƌůŽǁĞƌ͕ǁŝƚŚŽƚŚĞƌǀĂƌŝĂďůĞƐƌĞŵĂŝŶŝŶŐĐŽŶƐƚĂŶƚ͗
ŽŶǀĞƌƚŝďůĞůŽĂŶ
Ϯ
sĂůƵĂƚŝŽŶŽĨŝŶƚĞƌĞƐƚƌĂƚĞƐǁĂƉƐŝƐďĂƐĞĚŽŶƚŚĞĨƵƚƵƌĞƐŵĂƌŬĞƚĂŶĚƚŚĞƌĞĨŽƌĞƚŚĞĐƵƌƌĞŶƚŵĂƌŬĞƚΖƐĞdžƉĞĐƚĂƚŝŽŶŽĨƚŚŽƐĞĐĂƐŚĨůŽǁƐ͘
Ϯς
40
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
Ϯϳ͘ϯĂƉŝƚĂůƌŝƐŬŵĂŶĂŐĞŵĞŶƚ
ϮΘĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ
ϮϬϮκϮϬϮϯ
WƌŽĨŝƚĂĨƚĞƌŝŶĐŽŵĞƚĂdž;ΨΖϬϬϬͿϮϯ͕ϬϳεϭϬ͕Θρκ
tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨďĂƐŝĐĂŶĚĚŝůƵƚĞĚW^;ΖϬϬϬͿϭκϬ͕ϭϳϬϭϯκ͕ςκς
ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĐĞŶƚƐͿϭς͘κϳΘ͘Ϭς
ϮεZĞĐŽŶĐŝůŝĂƚŝŽŶŽĨƉƌŽĨŝƚĂĨƚĞƌŝŶĐŽŵĞƚĂdžƚŽŶĞƚĐĂƐŚĨůŽǁƐĨƌŽŵŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ
ϮϬϮκϮϬϮϯ
ΨΖϬϬϬΨΖϬϬϬ
WƌŽĨŝƚĂŶĚƚŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚ
Ϯϯ͕ϬϳεϭϬ͕Θρκ
ĚĚͬ;ůĞƐƐͿŶŽŶͲĐĂƐŚŝƚĞŵƐ͗
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĚĞƌŝǀĂƚŝǀĞƐ
Ϯ͕ϬϯεϮ͕κϯρ
ŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ
;Ϯϯ͕ΘρεͿ;ϳ͕ϯΘΘͿ
DŽǀĞŵĞŶƚŝŶƌĞĚĞĞŵĂďůĞ>ŝŵŝƚĞĚWĂƌƚŶĞƌƐŚŝƉƵŶŝƚƐ
ϳ͕ϳϮκͲ
WĞƌĨŽƌŵĂŶĐĞĨĞĞƉĂLJĂďůĞŝŶƐŚĂƌĞƐ
ςςϬεϬϭ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞĂĐĐƌƵĂů
;ϭ͕ϯϭςͿ;ϭ͕ϮϮςͿ
ĞĨĞƌƌĞĚƚĂdž
Θκς;κΘϯͿ
ĞƌĞĐŽŐŶŝƚŝŽŶŽĨĚĞĨĞƌƌĞĚƚĂdž
ϭϯϮͲ
>ĞĂƐĞŝŶĐĞŶƚŝǀĞƐͲƌĞŶƚĨƌĞĞƉĞƌŝŽĚ
ϭεΘϮεϳ
/ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂĐĐƌƵĂů
;ϭκκͿκϳ
>ĞĂƐĞĨĞĞĂŵŽƌƚŝƐĂƚŝŽŶ
ϯκϯϳ
KƚŚĞƌ
;κςͿͲ
ŽŶǀĞƌƚŝďůĞůŽĂŶĂŵŽƌƚŝƐĂƚŝŽŶ
ͲϭΘϬ
DŽǀĞŵĞŶƚƐŝŶǁŽƌŬŝŶŐĐĂƉŝƚĂůŝƚĞŵƐ͗
;/ŶĐƌĞĂƐĞͿŝŶŽƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ
;ϭ͕ϮϮκͿ;ϯϭͿ
ĞĐƌĞĂƐĞŝŶŝŶĐŽŵĞƚĂdžƌĞĐĞŝǀĂďůĞ
ϳς
/ŶĐƌĞĂƐĞŝŶƚƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ
ςςεςΘ
/ŶĐƌĞĂƐĞŝŶŝŶĐŽŵĞŝŶĂĚǀĂŶĐĞ
ϮϭεϮεϮ
EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚďLJŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐε͕ϬϭΘρ͕εΘε
ŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂĚũƵƐƚƐƚŚĞĨŝŐƵƌĞƐƵƐĞĚŝŶƚŚĞĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞƚŽƚĂŬĞŝŶƚŽĂĐĐŽƵŶƚƚŚĞĂĨƚĞƌŝŶĐŽŵĞƚĂdž
ĞĨĨĞĐƚŽĨŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐĐŽƐƚƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͕ĂŶĚƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨŽƌĚŝŶĂƌLJ
ƐŚĂƌĞƐƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶŽƵƚƐƚĂŶĚŝŶŐĂƐƐƵŵŝŶŐƚŚĞĐŽŶǀĞƌƐŝŽŶŽĨĂůůĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽĚŝůƵƚŝǀĞĨĂĐƚŽƌƐ͘
ĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĂŵŽƵŶƚƐĂƌĞĐĂůĐƵůĂƚĞĚďLJĚŝǀŝĚŝŶŐƉƌŽĨŝƚĂĨƚĞƌŝŶĐŽŵĞƚĂdžĂƚƚƌŝďƵƚĂďůĞƚŽƐŚĂƌĞŚŽůĚĞƌƐďLJƚŚĞǁĞŝŐŚƚĞĚ
ĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽŶŝƐƐƵĞ͘
tŚĞŶŵĂŶĂŐŝŶŐĐĂƉŝƚĂůƌŝƐŬ͕ƚŚĞDĂŶĂŐĞƌΖƐŽďũĞĐƚŝǀĞŝƐƚŽĞŶƐƵƌĞƚŚĞ'ƌŽƵƉĐŽŶƚŝŶƵĞƐĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶĂƐǁĞůůĂƐƚŽŵĂŝŶƚĂŝŶŽƉƚŝŵĂůƌĞƚƵƌŶƐƚŽ
ƐŚĂƌĞŚŽůĚĞƌƐĂŶĚďĞŶĞĨŝƚƐĨŽƌŽƚŚĞƌĐƌĞĚŝƚŽƌƐ͘
dŚĞ'ƌŽƵƉŵĞĞƚƐŝƚƐŽďũĞĐƚŝǀĞƐĨŽƌŵĂŶĂŐŝŶŐĐĂƉŝƚĂůƚŚƌŽƵŐŚŝƚƐŝŶǀĞƐƚŵĞŶƚĚĞĐŝƐŝŽŶƐŽŶƚŚĞĂĐƋƵŝƐŝƚŝŽŶĂŶĚĚŝƐƉŽƐĂůŽĨĂƐƐĞƚƐ͕ĚŝǀŝĚĞŶĚƉŽůŝĐLJ͕
ĂŶĚŝƐƐƵĂŶĐĞŽĨŶĞǁƐŚĂƌĞƐ͘dŚŝƐŝŶĐůƵĚĞƐƌĞƐƚƌŝĐƚŝŶŐĚĞďƚƚŽκϬйŽĨƚŽƚĂůĂƐƐĞƚƐĂŶĚĚĞďƚǁŝůůŐĞŶĞƌĂůůLJďĞƐŽƵŐŚƚŽŶŝŶƚĞƌĞƐƚͲŽŶůLJƌĞƉĂLJŵĞŶƚ
ƚĞƌŵƐ͕ƐƵďũĞĐƚƚŽŵĂŝŶƚĂŝŶŝŶŐƚŚĞκϬйĚĞďƚůŝŵŝƚ͘dŚĞ'ƌŽƵƉǁŝůůĂůƐŽƐĞĞŬĚĞďƚǁŝƚŚŵŽƌƚŐĂŐĞƐĞĐƵƌŝƚLJŽǀĞƌƚŚĞƌƵƌĂůůĂŶĚĂĐƋƵŝƌĞĚƚŽƐĞĐƵƌĞƚŚĞ
ďŽƌƌŽǁŝŶŐƐ͘
Ϯϳ
41
NEW ZEALAND RURAL LAND COMPANY

EŽƚĞƐƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ
&ŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϭĞĐĞŵďĞƌϮϬϮκ
EĞǁĞĂůĂŶĚZƵƌĂů>ĂŶĚŽŵƉĂŶLJ>ŝŵŝƚĞĚĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ
ϯϬŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐĂŶĚĐŽŶƚŝŶŐĞŶƚĂƐƐĞƚƐ
ϯϭ/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJƉƵƌĐŚĂƐĞĐŽŵŵŝƚŵĞŶƚƐ
ϯϮ^ƵďƐĞƋƵĞŶƚĞǀĞŶƚƐ
&ŽƌĞƐƚƌLJůĂŶĚƐĂůĞ
hŵďƌĞůůĂŐƌĞĞŵĞŶƚ
KŶϮΘ:ĂŶƵĂƌLJϮϬϮρ͕ĂϭϬйĚĞƉŽƐŝƚŽĨΨρϮ͕ρϬϬǁĂƐƌĞĐĞŝǀĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƐĂůĞŽĨĨŽƌĞƐƚƌLJůĂŶĚŝŶdĂŝŚĂƉĞ͘dŚĞďĂůĂŶĐĞƐĞƚƚůĞĚŽŶϭϮ&ĞďƌƵĂƌLJ
ϮϬϮρ͘
dŚĞ'ƌŽƵƉŚĂƐĐŽŵŵŝƚƚĞĚƚŽƉƵƌĐŚĂƐŝŶŐΨε͘εϮρŵŝůůŝŽŶŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ;ϮϬϮϯ͗ŶŝůͿ͘
dŚĞƌĞĂƌĞŶŽĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŽƌĂƐƐĞƚƐĂƐĂƚϯϭĞĐĞŵďĞƌϮϬϮκ;ϮϬϮϯ͗ŶŝůͿ͘
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42
NEW ZEALAND RURAL LAND COMPANY

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NEW ZEALAND RURAL LAND COMPANY





Auckland | Level 4, 21 Queen Street, Auckland 1010, New Zealand
Tauranga | 145 Seventeenth Ave, Tauranga 3112, New Zealand
+64 9 366 5000
+64 7 927 1234
info@williambuck.co.nz
williambuck.com

William Buck is an association of firms, each trading under the name of William Buck
across Australia and New Zealand with affiliated offices worldwide.
*William Buck (NZ) Limited and William Buck Audit (NZ) Limited


Independent auditor’s report to the shareholders of New Zealand
Rural Land Company Limited
Report on the audit of the consolidated financial statements
Qualified opinion
In our opinion, except for the possible effects of the matter described in the Basis for qualified opinion
section of our report, the accompanying consolidated financial statements of New Zealand Rural Land
Company Limited (the Company) and its subsidiaries (the Group), present fairly, in all material respects:
— the consolidated financial position of the Group as at 31 December 2024, and
— its consolidated financial performance and its cash flows for the year then ended
in accordance with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS)
and International Financial Reporting Standards (IFRS).
What was audited?
We have audited the consolidated financial statements of the Group, which comprise:
— the consolidated statement of financial position as at 31 December 2024,
— the consolidated statement of comprehensive income for the year then ended,
— the consolidated statement of changes in equity for the year then ended,
— the consolidated statement of cash flows for the year then ended, and
— notes to the consolidated financial statements, including material accounting policy information.
Basis for qualified opinion
As disclosed in Note 6.1 to the consolidated financial statements the group has recorded forestry assets
within total Investment Properties measured at Fair Value at 31 December 2024 of $119.2 million (2023:
$89.7million). The Group recorded a revaluation gain of $12.2 million on those assets in the Consolidated
statement of comprehensive income in the year ended 31 December 2024 (2023: $18.1 million). A key
subjective assumption included in the valuation of these forestry assets is the estimated long term future
prices of New Zealand Emission Units (NZU’s).

We have been unable to obtain sufficient appropriate audit evidence to provide assurance over the
estimated future NZU prices which form a significant part of the valuation of the forestry assets. As the
future prices of the NZU’s is a material component of the valuations, we are therefore unable to express an
opinion as to whether the carrying value of the Investment property and related revaluation gains
recognised by the Group in the year ended 31 December 2024 are materially correct and whether any
adjustments to these amounts were necessary. Our audit opinion for the year ended 31 December 2023,
dated 27 March 2024, was also qualified on this same matter.

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NEW ZEALAND RURAL LAND COMPANY



The valuation of the Investment Properties is the key input into the carrying value of the Redeemable
Limited Partnership Units of $75.8 million as at 31 December 2024 as disclosed in Notes 5 and 18 to the
consolidated financial statements. As a result we were unable to determine whether any adjustments might
have been necessary in respect of the Redeemable Limited Partnership Units balance.
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)).
Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit
of the consolidated financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company or any of its
subsidiaries.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the
context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon,
and we do not provide a separate opinion on these matters. In addition to the matter described in the Basis
for qualified opinion section we have determined the matters described below to be the key audit matters to
be communicated in our report.

Other information
Limited
Partnership
Area of focus
(refer also to notes 5 & 17)

- In January 2024 the Company entered
into an agreement to sell a 25% stake
in its rural land portfolio to a group of
investors through the establishment of
a Limited Partnership
- The Company has consolidated the
results of the Limited Partnership for
the year ended 31 December 2024 as
it concluded it had sufficient control
over the relevant activities of the
Partnership.
- The Limited Partnership agreement
includes the right of redemption of the
other partner of their Partnership units
which would need to be funded by the
sale of assets.
- As a result of this redemption feature
the Group has classified the 25%
interest in the Partnership as a
financial liability measured at fair value
through profit or loss.
- Because of the significance of this
transaction to the Group and the
complex accounting considerations
involved this is why we considered this
to be a Key Audit Matter.
How our audit addressed the key
audit matter

Our audit procedures included:
— Analysed key documentation
related to the agreement to sell the
25% stake
— Tested for compliance in the
accounting treatment of the Limited
Partnership Agreement with the
requirements of NZ IFRS 10
Consolidated financial statements
— Undertaking detailed testing of the
accounting transaction used to
record the transaction as prepared
by management and their advisors
— Assessed that appropriate
disclosure has been included in the
financial statements

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NEW ZEALAND RURAL LAND COMPANY



The Directors are responsible for the other information included in the Group’s annual report for the year
ended 31 December 2024, being (1) 2024 Review and (2) Statutory Information, but does not include the
consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated
financial statements does not cover the other information and we do not express any form of audit opinion
or assurance conclusion thereon.

In connection with our audit of the consolidated performance report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this
regard.
Directors’ responsibilities for the consolidated financial statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the
consolidated financial statements in accordance with IFRS, and for such internal control as the directors
determine is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs (NZ) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is located at
the External Reporting Board’s website:

https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/

This description forms part of our auditor’s report. The engagement partner on the audit resulting in this
independent auditor’s report is Darren Wright.
Restriction on distribution and use
This independent auditor’s report is made solely to the shareholders, as a body. Our audit work has been
undertaken so that we might state to the shareholders those matters which we are required to state to them
in the independent auditor’s report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the shareholders, as a body, for our audit work,
this independent auditor’s report, or for the opinions we have formed.


William Buck Audit (NZ) Limited
Auckland

27 March 2025

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NEW ZEALAND RURAL LAND COMPANY
4
SECTION
Company
Directory
REGISTERED OFFICE
c/o Duncan Cotterill
Level 2, Chartered Accountants
50 Customhouse Quay
Wellington 6011
New Zealand
https://nzrlc.co.nz/
MANAGER
New Zealand Rural Land Management
Level 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand
SHARE REGISTRAR
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
https://www.mpms.mufg.com
AUDITOR
William Buck Audit (NZ) Limited
Level 4
21 Queen Street
Auckland 1010
New Zealand
https://williambuck.com/nz/
INVESTOR CONTACT
Richard Milsom
richard@nzrlm.co.nz
+64 21 274 2476
Level 1
85 Fort Street
Auckland Central
Auckland 1010
New Zealand