Annual Meeting Chair Address and Presentation

E: info@nzrlm.co.nz | +64 9 217 2905
www.nzrlc.co.nz
21 May 2025
New Zealand Rural Land Company (NZL.NZX) - Chair Address to ASM
The Company recorded a consolidated net profit after tax of $23.1m in the 2024 financial year and Adjusted Funds from
Operations (AFFO) of $7.1m, excluding earnings from properties with put/call arrangements in place.
The Company has amended its dividend policy targets to a pay-out of 60% - 90% of AFFO. In FY24, NZL reinstated
dividend payments, paying an interim dividend of 1.46 cps and a final dividend of 2.54 cps, resulting in a total FY24
dividend of 4.00 cps, which represents ~80% of FY24 AFFO.
The Company continues to maintain a selective on-market share buyback programme 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.
In February 2024, NZL sold a 25% equity interest in its land portfolio to Roc Partners (Roc) 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.
With the proceeds from the Roc deal NZL acquired several properties including a 97 hectare horticultural property in
Hawke’s Bay, two forestry estates totalling 2,606 hectares in Manawatu-Whanganui and the first tranche of a 126 hectare
apple orchard in Central Otago (initial purchase of 47 hectares).
The average weighted lease term and yield for FY24 acquisitions was 24.4 years and 7.8%, respectively (by lease value).
Post-balance date NZL acquired a blue chip dairy farm from one of the Company’s existing tenants. The acquired property
was then leased to the tenant. As part of the consideration for the aquisition NZL sold two pastoral farms at above book
value/most recent valuation to the tenant. The transaction increases NZL’s total rental income by ~$290k a year.
Following these transactions, NZL now owns 17,238 hectares of rural land (25% of which is owned by Roc) with a 12.4
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.
In addition, NZL saw the positive impact of rental growth on it’s portfolio from April 2024, with approximately half of its
properties (by lease income) undergoing CPI review. This included 100% of its forestry leases and 53% of its pastoral
leases.
Our strategy is to own quality rural land in New Zealand; growing a diverse portfolio while delivering attractive risk-
adjusted returns as a ground lessor. We generate shareholder value through a combination of asset value appreciation
and cash flow from long-term leases.
Post the most recent acquisitions and Roc transaction, the Company forecasts FY25 AFFO of between $7.5m and $8.0m,
this excludes earnings from properties with put/call arrangements in place (~$1.4m).
NZL remains excited about the opportunities ahead and is well-positioned to continue delivering shareholder value.
These prospects are further enhanced by the Company’s strategic partnership with Roc Partners.
Rob Campbell
Independent Chair

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1
New Zealand Rural Land Company
Rural Land Company
New Zealand
Annual Shareholder
Meeting Presentation
21 MAY 2025
LISTED ON:
www.nzrlc.co.nz
2025

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New Zealand Rural Land Company
2
DISCLAIMER
The information and opinions in this presentation were
prepared by New Zealand Rural Land Company (NZL).
NZL makes no representation or warranty as to the accuracy
or completeness of the information in this report. Opinions
including estimates and projections in this report constitute the
current judgment of NZL as at the date of this report and are
subject to change without notice. Such opinions are not guarantees
or predictions of future performance. This report is provided for
information purposes only and does not constitute investment advice.
Neither NZL, nor any of its Board members, officers, employees,
advisers (including New Zealand Rural Land Management Limited) or
any other representatives will be liable for any damage, loss or cost
incurred by any recipient of this report or other person in connection with
this report.
Rural Land Co
New Zealand
The Rural Land Investors
NEW ZEALAND RURAL LAND COMPANY OWNS AND
LEASES SOME OF THE BEST AGRICULTURAL LAND
IN THE WORLD.

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

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New Zealand Rural Land Company
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FY24 RESULT
Roc Partners purchased 25% of NZL portfolio, validating strategy
and partnering for growth
Portfolio diversification and rental yield materially increased by
forestry and horticultural acquisitions in FY24
Partnered with New Zealand Forest Leasing to execute native
regeneration on NZL’s forestry properties
AFFO per share grew from 4.35cps in FY23 to 4.94 cps in FY24
(+13.6%)
Gearing lowered to 29.6%, from 36.2% at the end of FY23
Total dividend declared of 4.00 cents per share (net) equivalent to
~80% of FY24 AFFO*
* NZL’s AFFO after deducting Roc’s share of AFFO

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New Zealand Rural Land Company
51%
10%
6%
33%
DairySupportApplesForestry
PORTFOLIO OVERVIEW - AS AT 21 MAY 2025
1
25% owned by Roc. Numbers are rounded.
2
WALT is weighted by lease value.
Rural Asset Class
HorticultureForestryPastoralTotal
Land Area (ha)
1445,64911,44517,238
1
Regions
Hawke’s Bay and OtagoCentral North IslandCanterbury, Otago & SouthlandPastoral, Forestry & Horticulture
Current Use
Apples & PearsForestry & Carbon Dairy & Support
Dairy, Support, Forestry, Carbon,
Apples & Pears
WALT (years)
2
2 9.117.57. 512.4
# Tenants
2259
Occupancy
100%100%100%100%
Rural Sub-Sector Breakdown

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New Zealand Rural Land Company
ROC PARTNERS TRANSACTION
Overview
On 19 January 2024 NZL announced it had entered into an agreement to sell
a 25% equity interest in its land portfolio to Roc Partners (Roc). This transaction
settled on 9 February 2024.
Roc acquired the equity interest for approximately $44.2m in cash.
NZL used the proceeds to repay the $11.8m owing on a convertible note it drew
down in April 2023 to partially fund its forestry acquisition. A further $26.2m of
the proceeds were used to fund orchard and forestry land acquisitions.
• Capital recycling at a premium - the transaction was highly value accretive to
shareholders given the value of the 25% sold versus the implied share price value
of the rural land portfolio.
• Improved financial position - the proceeds of the transaction enabled NZL
to repay its convertible note, and have the financial capacity to capitalise on
opportunities that are NAV and AFFO accretive.
• Strategic partner – Roc Partners has extensive experience in rural property
investment and conducted extensive due diligence as part of the transaction. NZL
and Roc have co-invested (through the LP) in five acquisitions successfully growing
the portfolio (including post-balance date transaction discussed on page 10).
Key Points
The strategic benefits of this transaction were as follows:

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New Zealand Rural Land Company
NEW ACQUISITIONS IN FY24
Acquisition 1: Twyford OrchardsAcquisition 2: Forestry EstateAcquisition 3: Forestry EstateAcquisition 4: Southern Orchards
LocationHawke’s BayManawatū-WhanganuiTaranaki, Whanganui & RangitikeiOtago
Asset ClassHorticultureForestryForestryHorticulture
Area97 ha1,105 ha1,501 ha126ha
Purchase Price~$18.1m~$9.5m~$7.3m~$13.2m
TenantKiwi CrunchNew Zealand Forest LeasingMM Forests LimitedSI Orchards
Lease TypeTriple Net LeaseTriple Net LeaseTriple Net LeaseTriple Net Lease
Lease Term 30 years16 years22 years30 Years
Year 1 Rent ~$1.35m$760k$657k$1.13m
Lease Rate 7.50%8.00%9.00%8.50%
Rent ReviewsAnnual adjustments of 2.5% or CPI,
which ever is higher
Annual CPI adjustmentsAnnual CPI adjustmentsAnnual adjustments of 2.5% or CPI,
which ever is higher
Four AFFO and WALT accretive acquisitions settled during FY24. Further
diversifying NZL by tenant, geography and sub-sector while also increasing
rental adjustment frequency
1
.
• Twyford Orchards: Horticultural land supporting three apple orchards
located in Hawke’s Bay, marking NZL’s entry into a new sub-sector
(Horticulture).
• Forestry Estate 1: Forestry land located in close proximity to NZL’s existing
estates and leased to New Zealand Forest Leasing (NZFL).
• Forestry Estate 2: Forestry land located in Taranaki, Whanganui and
Rangitikei and leased to MM Forests Limited.
• Southern Orchards: The first tranche (47 hectares) of a 126 hectares of
horticultural land supporting an apple orchard in central Otago. Settlement of
the property included consideration of $3.5m worth of NZL shares issued at
$1.58 per share. Settlement of the second tranche is scheduled for September
2025.
1. The properties were acquired through a newly formed Limited Partnership 75% owned by NZL and 25% owned by Roc Partners
Portfolio as at 31 December 2024
Diversity Increased
0.53
0.09
0.33
0.05
DairySu pp ortForestryApp les
WALT IncreasedGearing Lowered
Summary of Acquired Properties

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New Zealand Rural Land Company
CORPORATE ACTIONS
Dividend
• NZL resolved to pay a final dividend of 2.54 cps bringing the total
dividend for the year to 4.0 cps equivalent to ~80% of NZL’s FY24 AFFO*.
• NZL’s dividend policy targets a pay-out ratio of 60% - 90% of AFFO. The
pay-out range grants the company greater flexibility to deploy NZL’s cash
operating earnings in ways most beneficial to increasing shareholder
value.
• NZL maintains its dividend reinvestment plan which offers shareholders
the opportunity to reinvest the net proceeds of cash dividends payable on
some or all of their NZL shares into additional fully paid shares.
* NZL’s AFFO after deducting Roc’s share of AFFO
• NZL maintains a selective on-market buyback programme.
• A total of 710,131 shares have been repurchased under NZL’s buyback
programme. This programme was initiated in June 2023. During the
period NZL repurchased a total of 88,804 shares at an average price of
$0.89 per share.
Share Buyback Programme

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New Zealand Rural Land Company
OUTLOOK & FY25 FORECAST
NZL’s leases incorporate regular, uncapped, CPI reviews. Accordingly, inflation will
result in rental growth. Furthermore, NZL is insulated from inflation-impacted (and all
other operational) on-farm costs by owning only the land.
NZL has seen the positive impact of inflation in 2024, with many of its leases having
successfully undergone CPI review. Further CPI linked lease reviews are due in
FY25. These include:
• 31% of NZL’s pastoral leases will be subject to review in 2025. CPI accumulated
since the leases began is expected to be ~+13.0%.
• 100% of NZL’s forestry assets will be subject to rent review in the first half
of 2025. CPI accumulated since the last rent review for these properties is
expected to be~+2.1%.
NZL forecasts FY25 AFFO of between $7.5m and $8.0m (Note: this excludes
earnings from properties with put/call arrangements in place). AFFO per share of
5.25 to 5.60 cents (Based on 142,953,801 shares on issue at the end of FY24).
Dividend payout ratio in keeping with NZL’s new policy is 60-90% of AFFO.
The chart below shows NZL’s historical AFFO and AFFO/sh performance (CAGR of
+93.3% p.a. since listing), alongside FY25’s forecast.

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New Zealand Rural Land Company
SELECT ASSET TRANSACTIONS SINCE INCEPTION
19 January 2024
Roc Partners acquire a 25% equity interest in NZL’s land portfolio for the equivalent of ~$1.29 per share
($44.2m), a +52% premium to NZL’s share price of $0.85 at the time of the transaction.
8 November 2024
Southern Orchards - 126 hectares of premium horticultural land in central Otago. Included of $3.5m worth
of NZL shares issued at the prevailing NAV ($1.58 per share).
7 March 2025
NZL sell one dairy farm and one drystock farm at above book value/most recent valuation. Acquired in
2021, the properties were sold for a +10.9% premium to their original purchase price.
NZL used the funds from the sale of these properties to acquire a blue chip dairy farm that was then
leased to one of NZL’s existing tenants.

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New Zealand Rural Land Company
NZL’S CONTINUED CASH YIELD GROWTH
• NZL has increased AFFO on both an absolute and per share basis every year since listing and is forecast to continue to do so
1
. Historically there is a strong
correlation between cash yield and share price.
• Since FY22 NZL’s AFFO has increased +99.7% on an absolute basis. Over the same period AFFO per share has increased +61.5% (per share growth has
been achieved alongside a ~+27m increase in the number of shares on issue).
• NZL is forecasting AFFO of between $7.5m and $8.0m in FY25 a +9.8% increase from FY24.
• The Company is currently expecting AFFO growth of +16.1% in FY26 and +7.8% in FY27. The chart below shows NZL’s historical and estimated AFFO.
• Research shows that listed property vehicles (LPV) share prices have a high correlation with dividend yields
2
.
• Increased AFFO per share provides NZL the ability to pay larger dividends.
1. In order to facilitate a like-for-like comparison with FY24 AFFO is shown as at 31 December in each preceding year (NZL changed its balance date from 30 June to 31 December in FY22).
2. Nicholas Hill, Craigs Investment Partners, It’s All About the Yield, 05 February 2025

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New Zealand Rural Land Company
CLIMATE CHANGE REPORTING
• NZL released its annual Climate-Related Disclosures report on the 29th of
April.
• The report represents a significant step in deepening our understanding of
how climate change may affect our business over time utilising the knowledge
for a competitive advantage. It also supports the development of strategies to
enhance the value and resilience of our portfolio.
• Climate considerations are embedded across our acquisition due diligence,
investment prioritisation, and capital planning processes. Integrating climate
risk assessment is a recognised lever to optimise commercial value. We
continue to work with external experts to further mature our approach to
integrating climate related risk into our decision-making process and capital
deployment.
• At the heart of this work is the NZ Earth System Model — a cutting-edge, data-
driven simulation platform often referred to as the ultimate “climate crystal
ball.”
• This high-resolution model integrates vast data sets and complex algorithms
to simulate the dynamic interactions between Earth’s atmosphere, oceans,
land, and biosphere, alongside human activity. It enables NZL to anticipate and
prepare for a range of future climate pathways with scientific precision.
• To inform strategic decisions, NZL interrogated climate risk maps downscaled
to a 5km grid — providing asset-level insights into how climate change could
influence land performance and opportunity across its portfolio.
• Sustainable agriculture and forestry are both vital components of New
Zealand’s national climate strategy, and we remain committed to aligning our
operations with the global drive to reduce emissions while contributing to a
resilient, thriving local economy.

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New Zealand Rural Land Company
SIGN-UP TO OUR MAILER

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New Zealand Rural Land Company
INVESTOR DAY
NZL will host an investor day over the coming months to engage leading analysts and institutional investors. The presentation will also be uploaded to NZX.

New Zealand Rural Land Company
151515
RESOLUTIONS

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New Zealand Rural Land Company
RESOLUTIONS
To consider an, if thought fit, to pass the following ordinary resolutions:
1. Auditor’s Remuneration: That the Board be authorised to fix the fees and expenses of the Company’s Auditors

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New Zealand Rural Land Company
LISTED ON:
Rural Land Co
New Zealand
The Rural Land Investors
New Zealand Rural Land Company
Level 1, 85 Fort Street
Auckland Central
Auckland 1010
New Zealand
+64 9 217 2905
info@nzrlc.co.nz
www.nzrlc.co.nz

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