Allotment of Rights Issue

28 June 2021 Allotment of Rights Issue New Zealand Rural Land Company Limited (NZL.NZX) is pleased to announce that it has today allotted approximately 18.47mln ordinary shares under its rights issue, raising $20.3mln in aggregate. NZL thanks shareholders for this support. Under its capital management policy, NZL's primary mechanism for raising capital is through pro rata rights issues. This ensures that existing shareholders receive a first and proportionate right to participate in a capital raise. Accordingly, NZL expects that its rights issues will not be fully subscribed but will give NZL shortfall to place, on no more favourable terms, with institutions and wholesale investors to enable it to then broaden its investor base. Clyde and Rena Holland, a substantial shareholder of NZL, have agreed to maintain a 9.90% stake in NZL and intend to participate in shortfall placements accordingly. Excluding this allocation, a shortfall of approximately $21.6mln remains which NZL will look to place within the next three months. NZL has received expressions of interest for approximately $2.5mln of that shortfall and welcomes further interest from institutional and wholesale investors. NZL has agreed to pay third party financial intermediaries a placement fee of up to 1.75% on shortfall allocations. A capital change notice accompanies this announcement. Contact: Christopher Swasbrook Director Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00374643 For:NZL Type:SECISSUE Time:2021-06-28 14:13:56