Investor Day Presentation

www.nzrlc.co.nz
Listed on:
Investor
Day
16 October 2025

New Zealand Rural Land Company
owns and leases some of the best
Agricultural Land in the world.
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.
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New Zealand Rural Land Company

Agenda
Rob Campbell
Strategic Overview
1
Richard Milsom
Implementing The Strategy
2
Jen Corkran
Rabobank - The Rural Industry
3
Richard Milsom
Summary
4
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New Zealand Rural Land Company

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Rob Campbell
Chair New Zealand Rural Land Company

New Zealand Rural Land Company
Why we started NZL
How the NZL model works
The Board is focused on the
long term interests of NZL
Management performance
Capital Review
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New Zealand Rural Land Company

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Richard Milsom
Managing Director New Zealand Rural Land Management

Portfolio Overview - As at 16 October 2025
RURAL ASSET
CLASSHORTICULTURE
1
FORESTRYPASTORAL
Land Area (ha)1445,48811,445
Current UseApples & PearsForestry & Carbon Dairy & Support
WALT (years)29.017.47. 4
% of Total Portfolio
2
8%28%64%
NZL owns 17,077 hectares of highly-productive
agricultural land spread across three sub-sectors
and with long-term leases to some of New
Zealand’s most successful operators.
1. ~46 hectares of NZL’s horticultural land is located in Central Otago.
2. Percentage of total book value of NZL’s rural assets.
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New Zealand Rural Land Company

Who is NZL?
100.0%
The Rural Land Investors
Listed
Listed
AUDITORS
REGISTRY
ROB
CAMPBELL
Independent
Chair
SARAH
KENNEDY
Independent
Director
CHRISTOPHER
SWASBROOK
Non-Independent
Director
TIA
GREENAWAY
Independent
Director
Board
ACCOUNTANTS
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New Zealand Rural Land Company

NZRLM Team Structure
(ALF:NZX)
In-house Team
Consultants
XAVIER LYNCH
General Manager -
Corporate
SHELLEY RUHA
Director
HAYDEN DILLON
Consultant
JOSH JENKINS
Investment Associate
RICHARD MILSOM
Executive Director
JONNY NOAKES
Strategic Finance Advisor
CILLA HEWITT
Project and
Communications Manager
ROSS O’NEILL
Company Secretary
Directors
JAMES TREADWELL
Consultant
TBC
Chief Financial Officer
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New Zealand Rural Land Company

No Direct Exposure
to volatile commodity prices
No Direct Exposure
to farmer co-ops
Liquidity
NZX listing provides greater
liquidity than syndicates or direct
investments
No Direct Exposure
to on-farm risks
No Direct Exposure
to animal health risks
Limited Exposure
to environmental risks
Why NZL (vs Traditional Rural Land Investment)
By only owning the land NZL has no direct exposure to the operational risks of farming.
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New Zealand Rural Land Company

Why Rural Land (vs Urban Property)
By only owning rural land NZL has a number of advantages over traditional REITs:
Rural land assets have a
much lower depreciable
asset base
Uncorrelated with
traditional assets
Food production is an
essential service
Credit quality
of tenants
Easy and costless
alternative use
Low obsolescence
risk
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New Zealand Rural Land Company

Our Sustainable Structural Advantage
NZL’s
STRUCTURAL
ADVANTAGE
Access
to
transactions
Access
to capital
Domestic
buyer
Due diligence and
lease structure/s
Access to
quality
tenant
partnerships
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New Zealand Rural Land Company

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Portfolio
Performance

Evolution of NZL’s Portfolio
Over the last three years NZL has significantly increased the size and diversity
of its portfolio.
TOTAL PORTFOLIO 2025
17,077 hectares
Horticulture, Forestry, Dairy and
Support
Central North Island, Hawke’s Bay,
Otago, Canterbury & Southland
WALT - 12.0 years
9 Tenants
TOTAL PORTFOLIO 2021
10,812 hectares
Dairy and Support
Canterbury, Otago & Southland
WALT - 10.3 years
5 Tenants
6,000 additional hectares
Two new sub-sectors
Four additional tenants
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New Zealand Rural Land Company

Performance Track Record
• +27.1% NAV per share growth since IPO• HY25: $3.9m (2.70 cps) - up 44.1% from HY24
• FY25 Forecast: $7.5m-$8.0m (+9.7% increase)
NAV/sh CAGR: +4.9%AFFO/sh CAGR: +20.4%
NZL has delivered consistent growth in NAV and AFFO per share since listing in
December 2020.
NAV/SH PERFORMANCEAFFO & AFFO/SH
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New Zealand Rural Land Company

Track Record of Out performance
Since inception NZL’s NAV/sh has grown +27.1% from $1.25 to $1.589
1
. In contrast REINZ’s
All Farm index has increased only +9.8% over the same period.
NZL’s out performance is the result of the Company’s ability to identify quality assets,
purchase them well and then partner with leading operators in each rural sub-sector.
1. This NAV growth has been achieved alongside an expansion of capital base from 60,600,000 shares on issue at IPO to 145,024,724 on issue.
NZL NAV/SH GROWTH VS REINZ ALL FARM INDEX
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New Zealand Rural Land Company

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Investment &
Drivers

What do we want to be?
A disciplined long-term investor delivering
shareholders high risk adjusted returns via
share price, dividend and NAV increases.
How do we get there?
Use NZL’s competitive advantage to access opportunities in the NZ
agricultural sector allowing the acquisition of premium rural land.
Land leased to high-quality tenants on long-term sustainability linked
leases.
Strategy - Long Term and How We Get There
CURRENT ASSESSMENT OF SUB-SECTOR ATTRACTIVENESS
CURRENTLY
MOST
DESIRABLE
CURRENTLY
LEAST
DESIRABLE
The Rural Land Investors
FORESTRY
HORTICULTUREVITICULTURE
POULTRY
PASTORAL
GREEN
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New Zealand Rural Land Company

Favourable Industry
Dynamics
• Growing global food demand
• Declining productive land per capita
• NZ’s low-carbon protein advantage
• Finite supply of premium farmland
A Proven Value Add
Acquirer
• 17,077 ha acquired since Dec 2020
• +27.1% NAV per share growth
• Detailed climate change modelling
during due diligence
Attractive
Total Returns
• +34.8% returns (dividends + NAV
growth)
• Stable CPI-linked income acting as an
inflation hedge
High Quality
Long-Term Tenants
• 12.0 year weighted average lease term
• Experienced operators with strong
balance sheets
• Sustainability-linked leases
A Significant Growth
Opportunity
• Only pure-play listed NZ rural land
exposure
• Pipeline across multiple sub-sectors
• +5% minimum targeted AFFO growth
from FY26
Investment Summary
NZL provides investors with exposure to:
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New Zealand Rural Land Company

Key Drivers of Growth
Structural Trends
• Increasing scarcity of productive land
in New Zealand and rising global
demand.
Sustainable Practices
• One of the world’s lowest carbon
emissions for protein
• Sustainability partnerships with
tenants
• Native regeneration on forestry
assets
Structural Advantage
• Access to transactions.
• Access to capital.
• Domestic buyer.
• Proprietary processes.
• Access to quality tenant partnerships.
Risk
• Land-only ownership model
• No farm operational exposure
• Lower obsolescence vs commercial
property
Returns
• Predictable, attractive risk-adjusted
returns from a scarce and critical
primary infrastructure asset which is
subject to long-term leases
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New Zealand Rural Land Company

Global Long-Term Drivers
-
2
4
6
8
10
12
-
0.08
0.16
0.24
0.32
0.40
196020052050
Global Population (rhs)
Arable Land per person (ha) (lhs)
Source: Food and Agriculture Organisation of the United Nations (FAOSTAT)
+41%
increase in population (from 6.9 billion
to 9.7 billion people) by 2050
Source: United Nations
+71%
increase in food required by 2050
Source: The Science of Food Security (2018)
-56%
decrease in arable land available per
person from 1960 to 2020
GLOBAL POPULATION (BILLIONS) VS ARABLE LAND PER
PERSON (HA)
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New Zealand Rural Land Company

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Capital Allocation

Capital Allocation Considerations
NZL’s approach to allocating capital for the sale or purchase of properties is founded on
several key considerations;
Are there assets available that deliver significantly higher risk adjusted
returns?
2
Are there alternative uses for sale proceeds that are more accretive to
long-term shareholder value?
1
Does the sale/purchase contribute to portfolio risk mitigation by
introducing greater tenant, geographic and sub-sector diversity?
3
NZL’s core investment strategy is to be a long-term investor in rural land.
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New Zealand Rural Land Company

Properties Sold Since Inception
19 January 2024
• 25% equity interest in land portfolio
• +52% premium to $0.85 share price
• ~16% discount to NAV
• Capital recycled into high yielding Forestry
and Horticulture assets
7 March 2025
• Sold 2 farms acquired in 2021
• +5% premium to independent market
freehold valuations
• Proceeds reinvested into a blue-chip dairy
farm leased to better tenants
8 November 2024
• Premium Central Otago horticultural land
• $3.5m consideration in NZL shares at NAV
($1.58/share)
• High-quality apples and pears
All of NZL’s property sales have been completed at above market values.
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New Zealand Rural Land Company

Case Study of Sale or Purchase of Property
In October 2021 NZL acquired six dairy properties in
Maniototo, Central Otago.
NZL’s structural advantage was a key catalyst as
NZL’s presence in the market, access to capital
and tenants, and status as a domestic buyer
allowed the Company to complete the acquisition
of the properties at a very attractive price.
The quality of the acquisition is evidenced
by the fact that the property has achieved
revaluation gains of +30% since purchase.
NZL selected an experienced, well capitalised tenant
to operate the properties. Throughout their tenure they
have driven farm productivity increases whilst adhering
to NZL’s rigorous environmental and sustainability
standards.
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New Zealand Rural Land Company

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Tenants

NZL’s tenants are characterised by:
• their strong financial position, a >6.0x equity to lease is a requirement built into all our
leases;
• their status as industry leading operators; and
• their commitment to long-term land stewardship and sustainability.
By partnering with high-quality tenants NZL not only ensures a reliable stream of long-
term cash flows but also that the land is farmed productively and in a manner that
ultimately enhances its overall quality for future generations.
Tenant Quality
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New Zealand Rural Land Company

Kiwi Crunch leases 97 hectares of premium orchards
in Hawke’s Bay from NZL.
Since partnering with NZL, Kiwi Crunch have
implemented significant operational improvements.
Advanced growing practices have included the
introduction of “Popstar” apples to which they hold
exclusive IP, and replacing older pears with the new,
higher yielding, Piqabo variety.
Kiwi Crunch are exceptional operators who are
deeply committed to maximising productivity and
land stewardship.
Kiwi Crunch proves that quality land paired with
experienced, commercial operators creates value
that extends well beyond the lease agreement.
Tenant Case Study
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New Zealand Rural Land Company

Tenant Case Study
Piqabo pear
grafting
New variety
‘Popstar’
Enhanced
machinery
used to
maximise
lifespan and
growth of
older trees
Replanting
with modern
varieties
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New Zealand Rural Land Company

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Financial
Overview

Financial Overview
NZL PROPERTY ASSETS OVER TIME
$445.2m
Total Assets
$133.5m
Bank Borrowings
$230.5m
Net Asset Value (NAV)
$1.589
NAV per Share
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New Zealand Rural Land Company

Borrowing History
2.0 Years
Average Term to Expiry
$133.5m
Total Debt Drawn
NZL BORROWING AND GEARING HISTORY
29.8%
Gearing
5.6%
Weighted Average Interest Cost
81%
Hedged
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New Zealand Rural Land Company

Share Price and Current Discount
HY25 Key Metrics
2.16cps
Interim Dividend
$445.2m
Total Assets
NZL SHARE PRICE VS UNAUDITED NAV PER SHARE (NAV/SH)
$3.49m
NPAT
2.70cps
AFFO
4.2%
*
Current Dividend Yield
35.2%
Share Price Discount to NAV
* Based on forecast FY25 full year dividend of ~4.3cps
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New Zealand Rural Land Company

NZL’s Continued Cash Yield Growth
NZL targets annual AFFO growth of at least +5% from FY26.
MINIMUM TARGET AFFO
Historical & Forecast
Performance:
FY25:
$7.5m-$8.0m (+9.8% from FY24)
FY26+
Target: Minimum +5% annual growth
Track Record:
+20.4% AFFO/share CAGR since FY22
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New Zealand Rural Land Company

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Roc Partners

Who is Roc
Roc Partners has been in operation since
1996 and has one of the largest and most
experienced alternative investment teams in
the Asia-Pacific region.
Roc has more than $8bn of AUM and
manages capital for some of Australia’s largest
institutions and investors.
Roc’s real assets investment strategy focuses
assets with the following characteristics:
• Low earnings volatility;
• Strong cash yields;
• Contracted cashflows with stable
counterparties; and
• Incremental capital growth opportunities.
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New Zealand Rural Land Company

Co-investment with NZL
PiriPiri &
Pohonui
Kiwi Crunch
CAJ
Spreadeagle
Since partnering with NZL Roc has co-invested in five high quality rural land assets.
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New Zealand Rural Land Company

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Jen Corkran
Senior Animal Protein Analyst Rabobank

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New Zealand Rural Land Company

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New Zealand Rural Land Company

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New Zealand Rural Land Company

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New Zealand Rural Land Company

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Summary
Richard Milsom

Key Messages
NZL offers investors exposure to New Zealand’s world leading
agricultural sector without the traditional risks associated with traditional
property and rural land investments.
NZL continues to execute on our strategy to be a disciplined long-term
investor delivering shareholders high risk adjusted returns via share
price, dividend and NAV increases.
NZL has rapidly proven up a track record of capital recycling and NAV/
sh and AFFO growth
Gearing lowered to below 30% reducing risk while providing headroom
for future growth opportunities
Agriculture as an asset class is well supported by cyclical and secular
macro trends
Roc Partners investment in NZL validates the Company’s strategy,
quality of our assets and positions NZL for the next stage of growth.
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New Zealand Rural Land Company

Listed on:
New Zealand Rural Land Company
Level 4, 131 Queen Street
Auckland Central
Auckland 1010
New Zealand
+64 9 219 2177
info@nzrlc.co.nz
www.nzrlc.co.nz

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