Market Update – Full Year Results / Audited Net Asset Value

NZX Release 26 August 2021 Market Update - Full Year Results + Audited Net Asset Value New Zealand Rural Land Company (NZL.NZX) can advise the market that it will be releasing its audited FY21 full year results on Monday, 30 August 2021. Further to the market announcement of 2 August 2021, NZL can also advise of a positive adjustment to its net asset value. Through the audit process further valuation work has been undertaken on NZL's rural land portfolio, this work has taken further account of the value of NZL's lease revenue from the portfolio. As a result: o NZL expects its audited net asset value to be approximately $110.25million as at 30 June 2021. o This translates to an audited net asset value per share of approximately $1.3968 as at 30 June 2021. The previously advised un-audited net asset value per share was $1.3351. o The performance fee payable to NZL's manager is now expected to be approximately $1.625 million and satisfied in new NZL shares at approximately $1.3968 per share. The figures above do not take account of the Makikihi Farm acquisition that occurred at the beginning of August and subsequent to balance date. ENDS For further information please contact: Christopher Swasbrook Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00378003 For:NZL Type:MKTUPDTE Time:2021-08-26 11:19:37