2026 Annual Meeting Chair Address and Presentation

E: info@nzrlm.co.nz | +64 9 217 2905
www.nzrlc.co.nz
20 May 2026
New Zealand Rural Land Company (NZL.NZX) - Chair Address to ASM
Financial Performance
NZL delivered a solid result in FY25, recording consolidated net profit after tax of $7.9m and Adjusted Funds From
Operations - AFFO - of $7.9m. This outcome reflects sustainable growth in value and dividends, supported by disciplined
risk management.
Capital Management
An independent KPMG review confirmed that NZL’s value is driven primarily by a sustainable and reliable cash yield. Scale
and liquidity matter, but only where growth is clearly accretive on a per-share basis.
Accordingly, our capital management remains firmly focused on growing AFFO per share, with equity raised only where
it enhances returns for shareholders.
Property Transactions
During the year, we acquired a Canterbury dairy property, adding approximately $290,000 in annual lease income. This
was partly funded by the sale of two pastoral farms at prices above book value.
Today, NZL owns just over 17,000 hectares of fully occupied rural land, with long lease terms and a well-diversified tenant
and income base.
CPI Adjustments
All our leases include CPI-linked rent reviews. In FY25, this delivered rental growth of around $740,000, or 3.2%, providing
a natural hedge against inflation.
Dividends
We paid a final dividend of 2.75 cents per share in April, representing 100% of second-half AFFO. Under our revised policy,
we now intend to pay regular quarterly dividends of between 90 and 100% of AFFO. The next dividend will be paid in
June.
The dividend reinvestment programme has been suspended.
Board Review
Earlier this year we engaged Propero to undertake a Board review. As a result, we are evaluating our skills matrix and
overall composition. Our objective is to appoint a new director or directors whose expertise and experience align with
our governance requirements.
Outlook
The outlook for the agricultural sector remains positive, supported by improving commodity prices and rising land values.
Our CPI-linked leases provide ongoing rental growth, while insulating the company from on-farm operating costs.
For FY26, NZL is forecasting AFFO of between $8.25 million and $8.75 million, excluding earnings from properties subject
to put and call arrangements.
Rob Campbell
Independent Chair

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New Zealand Rural Land Company
Rural Land Company
New Zealand
Annual Shareholder
Meeting Presentation
20 MAY 2026
LISTED ON:
www.nzrlc.co.nz
2026

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New Zealand Rural Land Company
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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. Resolutions
4. Questions

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New Zealand Rural Land Company
Sold two pastoral properties at above most recent valuation and
acquired a high yielding highly productive dairy farm increasing
total annual rental income by ~$290k
Capital Review undertaken resulting in NZL adopting a refined
strategic position and revised dividend policy
Interest rate hedging increased to 96% at FY25, from 65% in FY24
AFFO per share has grown to 5.43 cps in FY25 (+9.9%) vs 4.94 cps
in FY24 and is forecast to grow a further +7.1% to 5.82 cps in FY26
1
Gearing lowered to 29.4%, from 30.5% in FY24
Final dividend declared of 2.75 cps equivalent to 100% of AFFO for
the second half of FY25. This equates to a full year dividend of 4.91
cps equivalent to 90.5% of FY25 AFFO
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FY25 RESULT
1. Mid-point of FY26 AFFO guidance of $8.25m - $8.75m assuming 146,138,526 shares on issue
2. NZL’s AFFO after deducting Roc’s share of AFFO

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New Zealand Rural Land Company
PORTFOLIO OVERVIEW - AS AT 20 MAY 2026
1
25% owned by Roc. Numbers are rounded.
2
WALT is weighted by lease value.
RURAL ASSET CLASSHORTICULTURE
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FORESTRYPASTORAL
Land Area (ha)1445,48811,445
RegionHawke’s Bay & OtagoCentral North IslandCanterbury, Otago & Southland
Current UseApples & PearsForestry & Carbon Dairy & Support
WALT (years)28.116.56.5
# of Tenants225
% of Total Portfolio
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8%31%61%
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.

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New Zealand Rural Land Company
INDEPENDENT CAPITAL REVIEW
Overview
At NZL’s five-year mark, the Board commissioned KPMG to perform an
independent capital review.
The review considered market feedback, valuation drivers and capital
management settings. The review indicated that NZL is primarily valued by
investors on the sustainability and reliability of its cash yield, with asset values
and NTA viewed as secondary considerations.
The review also reinforced the importance of increased scale and liquidity,
provided growth is accretive on a per-share basis.
NZL’s board has adopted a revised strategic and capital management
framework. This positions NZL as a specialist yield vehicle focused on
delivering consistent and growing dividends, supported by disciplined, yield-
accretive growth and exposure to productive land assets.
NZL has resolved to revise it’s dividend policy to target quarterly distributions
of approximately 90% - 100% of AFFO. Furthermore, the board intends to take a
more dynamic approach to the Dividend Reinvestment Plan (DRP).
The Board will confirm whether the DRP will apply at each dividend
announcement, having regard to the Group’s capital requirements and any
potential dilution to earnings and NTA.
Future capital management decisions will be guided by disciplined AFFO per-
share accretion with equity only raised if forecast to be accretive to AFFO per
share, scale growth only pursued if not at the expense of yield or per share
returns, and share buybacks and alternative uses of capital assessed on a yield
based framework.

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New Zealand Rural Land Company
CORPORATE ACTIONS IN FY25
FY25 was a year of consolidation for NZL with only one acquisition being
completed during the period. This involved the acquisition of a 305ha, highly
productive dairy farm located in Canterbury. The transaction was accretive to
both WALT and AFFO and increased NZL’s total rental income by ~$290k a
year
1
.
NZL also sold two pastoral farms at above book values/most recent valuations.
This represents another instance of NZL recycling/selling properties and
redeploying capital in an accretive manner. Every sale has been completed at
above market value reinforcing balance sheet values
1. The properties were acquired through a Limited Partnership 75% owned by NZL and 25% owned by Roc Partners
Portfolio as at 31 December 2025Portfolio as at 31 December 2025
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 - the first tranche (47 hectares) of a 126 hectares of premium horticultural land in central
Otago. Consideration included of $3.5m worth of NZL shares issued at the prevailing NAV of $1.58 per
share. A +71.7% premium to NZL’s share price of $0.92 at the time of the transaction.
7 March 2025
NZL sold one dairy farm and one drystock farm both above market value. 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 highly productive dairy farm.
Properties Sold Since Inception
Acquired Property: Dairy Farm
LocationCanterbury
Asset ClassDairy
Area305 hectares
Purchase Price$15.5m
TenantWilliams Holdings Limited
Lease TypeTriple Net Lease
Lease Term 15 Years
Year 1 Rent $915k
Year 1 Lease Rate 5.9%
Rent Reviews3 Yearly

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New Zealand Rural Land Company
DIVIDEND & SHARE BUYBACK PROGRAMME
Dividend
Share Buyback Programme
• In response to KPMG’s Capital Review NZL has adopted a revised
dividend policy targeting distributions of approximately 90-100% of AFFO,
paid quarterly, consistent with sector practice. The policy is designed to
provide greater predictability and transparency for shareholders and will
only be suspended in extreme circumstances.
• NZL paid a final dividend of 2.75 cps representing 100% of NZL’s AFFO
for the second half of FY25. This brought the total dividend for the year to
4.91 cps equivalent to 90.5% of NZL’s FY25 AFFO*.
• Alongside the revised dividend policy, the Board has resolved to take
a more dynamic approach to the Dividend Reinvestment Plan (DRP).
The Board will confirm whether the DRP will apply at each dividend
announcement, having regard to the Group’s capital requirements and
any potential dilution to earnings and NTA. This approach broadly aligns
with other listed property vehicles in New Zealand.
• NZL maintains a selective on-market buyback programme.
• NZL’s on-market share buyback programme remained in place during the
year. No shares were repurchased during the period. 710,131 shares have
been repurchased since the project was initiated in June 2023.
* NZL’s AFFO after deducting Roc’s share of AFFO

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New Zealand Rural Land Company
OUTLOOK & FY26 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.
The positive impact of inflation continued in 2025, with a number of leases
successfully undergoing CPI review. Further CPI linked lease reviews are due in
FY26. These include:
• 7% NZL’s pastoral leases will be subject to review in 2026. CPI accumulated
since the leases began is expected to be ~+9.5%.
• 100% of NZL’s forestry assets will be subject to rent review in the first half
of 2026. CPI accumulated since the last rent review for these properties is
expected to be ~+2.5%.
• 100% of NZL’s existing horticultural assets will also be subject to rent review
in the first half of FY26. CPI accumulated since the last rent review for these
properties is expected to be ~+2.5%.
In total 61.0% of NZL’s leases (by value) will be subject to CPI linked lease reviews in
FY26.
NZL forecasts FY26 AFFO of between $8.25m and $8.75m (Note: this excludes
earnings from properties with put/call arrangements in place). AFFO per share of
5.65 to 5.99 cents (Based on 146,138,526 shares on issue).

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New Zealand Rural Land Company
YEAR ON YEAR AFFO GROWTH
NZL AFFO and AFFO/sh
• NZL has increased AFFO on both an absolute and per share basis every year since listing
1
.
• Since FY22 NZL’s AFFO has increased +124%. Over the same period AFFO per share has increased +77.5% (per share growth has been achieved alongside
a ~+30.5m increase in the number of shares on issue).
• Growth is forecast to continue in FY26 with AFFO/sh forecast to grow +7.1% (at the mid-point of guidance).
• In HY24 NZL updated its AFFO calculation to remove the impact of earnings from put/call arrangements as these are comprised of capitalised income rather
than cash, which AFFO is a proxy for. AFFO for years prior to FY24 are adjusted to remove the impact of put/call earnings (~$1.2m - $1.4m p.a) to facilitate a
like-for-like comparison.
1. To further ensure a like-for-like comparison AFFO is shown as at 31 December in each preceding year (NZL changed its balance date from 30 June to 31 December in FY22).

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New Zealand Rural Land Company
FY25 SUSTAINABILITY HIGHLIGHTS
Climate Related Disclosures
Transparent and detailed climate reporting reflects NZL’s values, and we therefore intend to continue to prepare an annual climate statement despite proposed
changes to climate reporting legislation that would exempt the Company from this requirement.
Climate considerations are embedded in NZL’s acquisition strategy and capital deployment decisions. The Board conducted a dedicated transition planning
workshop in 2025 to refine the climate risk register and identify opportunities in carbon markets, sustainable land management, and nature-based solutions.
These initiatives support long-term asset value while contributing to New Zealand’s climate goals.
In April 2026 NZL released its third annual Climate Related Disclosure Report covering all of FY25. The report’s findings are outlined below:
GHG Emissions Profile
Total FY24 emissions of 96,511 tCO2e reflect NZL’s land-ownership model. While NZL does not directly operate facilities or own vehicles the FY25 GHG
inventory takes into account investments (leased properties), purchased goods and services, capital goods, and business travel. The FY25 inventory includes
downstream leased assets, providing comprehensive value chain coverage.
Climate Scenario Analysis
NZL assessed three climate scenarios (1.5°C, 2.0°C, and 3.0°C warming pathways) to test portfolio resilience. The analysis confirmed that geographic and land-
use diversification remains central to managing climate-related risks. Key risks identified include increased water stress, extreme weather events, and regulatory
transition risks. The analysis reinforced the strategic value of NZL’s diversified portfolio across dairy, horticulture, and forestry.
Transition Plan
NZL has established a transition plan aligned with Science Based Targets guidance, targeting a 30% reduction in absolute emissions by 2035 from the FY25
base year. Priority actions include:
1. Supporting decarbonisation across the value chain through the Enduring Land for Life framework
2. Enhancing climate resilience through improved acquisition due diligence and climate mapping
3. Continuing portfolio diversification by geography, sub-sector, and tenant to reduce concentration risk
4. Advancing native regeneration and carbon sequestration programmes in partnership with forestry tenant Nateva

New Zealand Rural Land Company
121212
RESOLUTIONS

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New Zealand Rural Land Company
RESOLUTIONS
To consider an, if thought fit, to pass the following ordinary resolutions:
1. Re-Election of Rob Campbell as a Director: That Rob Campbell, who retires as a Director in accordance with NZX Listing Rule 2.7.1 and NZL’s constitution, and being
eligible, be re-elected as a Director of NZL.
2. Re-Election of Sarah Kennedy as a Director: That Sarah Kennedy, who retires as a Director in accordance with NZX Listing Rule 2.7.1 and NZL’s constitution, and being
eligible, be re-elected as a Director of NZL.
3. 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 4, 131 Queen Street
Auckland Central
Auckland 1010
New Zealand
+64 9 217 2905
info@nzrlc.co.nz
www.nzrlc.co.nz

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