Investor Update Presentation

22 November 2021 New Zealand Rural Land Company (NZL) - Investor Update Presentation NZL is now through its initial investment phase having successfully deployed all funds raised from its IPO in December 2020 and subsequent 2:3 rights issue in June 2021. NZL now owns over 10,800 hectares of premium New Zealand Rural Land with a gross lease yield above 5% per annum and a total asset value of +$220M. NZL considers that the short-term macro outlook for dairy remains positive as indicated by Fonterra's forecast milk price range for 2022 of $7.90 to $8.90 per kgMS. NZL is forecast to pay its inaugural interim net cash dividend of 2.0cps in February 2022 (for the period ending 31 December 2021) and expects to pay a final net cash dividend in August 2022 of 2.7cps (for the period ending 30 June 2022). NZL's focus remains on identifying attractive opportunities to further expand its land ownership portfolio across rural asset classes. In addition to building this diversification for its investors, NZL will be embedding its systems and processes across its landholdings and leases alongside continuing to enhance reporting to investors, and articulating NZL's sustainability programme. Attached to this announcement is an updated Investor Presentation as at 22 November 2021. ENDS For further information please contact: Christopher Swasbrook Mobile: 021 928 262 Email: chris@nzrlc.co.nz Richard Milsom Mobile: 021 274 2476 Email: richard@nzrlm.co.nz End CA:00383290 For:NZL Type:MKTUPDTE Time:2021-11-22 16:04:50