NZL – AREO and Warrant Issue

Memorandum To: Market Participants From: NZX Product Operations Date: Wednesday, 1 March 2023 Subject: New Zealand Rural Land Company Limited ("NZL") - Accelerated Renounceable Entitlement Offer and Warrant Issue Message: As per its announcement of 1 March 2023, New Zealand Rural Land Company Limited ("NZL") is undertaking a 1 for 3 Pro Rata Accelerated Renounceable Entitlement Offer of new shares and warrants. Capitalised terms in this memorandum are defined in NZL's offer documentation. Under the Offer, Eligible Shareholders are being invited to subscribe for New Shares, at an Offer Price of $1.00 per share. Shareholders who subscribe for New Shares under the Offer, will then be allocated 1 Warrant ("NZLWA") per 3 New Shares subscribed. A Warrant may be exercised in the future to receive a Share in NZL of the same class as already quoted on the NZX Main Board. To facilitate the institutional component of the Offer, NZL has been placed into a trading halt, and will resume trading at the sooner of an announcement of the results of the Institutional Offer, or market open Friday, 3 March 2023. An NZX Quotation Notice for the NZLWA warrants has been released to market today. A timetable of retail events is attached. Please contact NZX Product Operations on +64 4 496 2853 or productoperations@nzx.com with any queries. ENDS End CA:00407621 For:NZL Type:MEMO Time:2023-03-01 16:37:14