Share Buyback Disclosure Document

NZX Announcement 16 March 2021 Prior to undertaking our initial public offering last year, the directors adopted a Capital Management Policy for New Zealand Rural Land Company Limited (NZL.NZX). This policy, together with our other corporate governance policies, is available on our website at www.nzrlc.co.nz. Under the Capital Management Policy NZL is to establish a share buyback programme where NZL may, from time to time, acquire its own shares on-market. The directors consider that having this ability is appropriate for NZL as acquiring its own shares may be an efficient use of capital and in the interests of NZL and its shareholders. The NZL directors have resolved to implement a share buyback programme under section 63 of the Companies Act 1993. Attached to this announcement is a disclosure document for the programme under section 64. The purpose of this disclosure document is to explain to you the key parameters of the programme and to make certain other prescribed disclosures. ENDS Contact: Christopher Swasbrook Mobile: 021928262 Email: chris@nzrlc.co.nz End CA:00369173 For:NZL Type:ADMIN Time:2021-03-16 10:12:48