Settlement of Large Scale Dairy Asset Portfolio

10 November 2021 NZL settles acquisition of Large Scale Dairy Asset Portfolio New Zealand Rural Land Company Limited (NZL.NZX) has today settled its agreement with Dairy Farms Partnership (DFP) to acquire a large scale dairy asset portfolio comprised of six dairy assets in Maniototo, Central Otago totalling approximately 3,500 hectares. The aggregate cost of the acquisition was approximately $61.40M (including transaction fees but subject to final post completion adjustments and costs). NZL has funded settlement by drawing $41.5 million from its debt facilities with Rabobank and the balance from cash on hand. This has taken NZL's total drawings under the Rabobank facility to $88.5M and NZL's loan to value ratio (LVR) to just over 39%. As previously advised, the vendor will lease the assets from NZL until 31 May 2022. On 1 June 2022, a second lease will commence for a term of 10 years with NZL's long term tenant, WHL Capital Limited. The leases have a gross lease rate of over 5% per annum. NZL now owns approximately 10,800ha of dairy assets (in aggregate) in Southland, Otago and Canterbury. NZL's gross assets are now approximately $220M. NZL is in the process of updating its recent dividend guidance to account for this transaction and will provide that updated guidance to the market shortly. This transaction caps off a busy and successful initial 11 months for NZL as a listed entity executing on its acquisition programme. Over the next six months NZL intends to focus on: o Paying its inaugural dividend in respect of the six month period ending on 31 December 2021; and, o Embedding its systems and processes across its landholdings and leases alongside continuing to enhance reporting to investors. For further information please contact: Christopher Swasbrook Mobile: 021 928 262 Email: chris@nzrlc.co.nz Richard Milsom Mobile: 021 274 2467 Email: richard@nzrlm.co.nz End CA:00382597 For:NZL Type:TRANSACT Time:2021-11-10 17:07:43