NZL Successfully Completes Institutional Entitlement Offer

New Zealand Rural Land Company Limited (NZX.NZL) is pleased to announce that it has successfully completed the institutional entitlement offer component (Institutional Entitlement Offer) of its 1 for 3 pro-rata accelerated renounceable entitlement offer of fully paid ordinary shares in NZL (New Shares) and issuance of warrants (Warrants) (together, the Offer), as announced to the market on Wednesday, 1 March 2023. A total of $10.486m was raised under the Institutional Entitlement Offer. NZL received strong support from existing institutional shareholders with eligible institutional shareholders electing to take up 100% of their entitlements under the Institutional Entitlement Offer. These institutional shareholders have also applied for $4.535m of any potential shortfall. Any shortfall will be advised after the close of the retail offer on Wednesday, 15 March 2023. Settlement and allotment of the New Shares and Warrants for the Institutional Entitlement Offer is expected to occur on Wednesday, 8 March 2023. RETAIL ENTITLEMENT OFFER Eligible retail shareholders are invited to participate in the retail entitlement offer component of the Offer (Retail Entitlement Offer). The Retail Entitlement Offer will open at 10:00am (NZDT) on Monday, 6 March 2023 and close at 5:00pm (NZDT) on Wednesday, 15 March 2023. Eligible retail shareholders will have the opportunity to participate at the same offer ratio and application price of NZD$1.00 per New Share as the Institutional Entitlement Offer. Eligible retail shareholders can choose to take up their entitlement in whole, in part or not at all. Entitlements cannot be traded or sold on the NZX. As part of the Offer, for every 3 New Shares allotted to an eligible shareholder, 1 Warrant will also be allotted for no additional consideration. Each Warrant gives shareholders the right, but not the obligation, to subscribe for one additional ordinary share in NZL on or before the expiry date, for an exercise price of NZD$1.20. The expiry date of the Warrants is 30 November 2025. The quotation and commencement of trading of the Warrants on the NZX Main Board is expected to occur on Thursday, 23 March 2023, under the ticker code "NZLWA". An Offer Document (accompanied by an online acceptance form) will be available online for eligible retail shareholders on Monday, 6 March 2023. FURTHER INFORMATION AND SHAREHOLDER ENQUIRIES Shareholders who have any questions about the Offer are encouraged to read the Offer Document and Equity Raising Presentation released to market on 1 March 2023 and consult with their broker, solicitor, accountant, financial adviser or other professional adviser. For further information please contact: Richard Milsom - Director, New Zealand Rural Land Management Mobile: 021 274 2476 Email: richard@nzrlm.co.nz or Christopher Swasbrook - Director, New Zealand Rural Land Company Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00407722 For:NZL Type:OFFER Time:2023-03-03 08:30:07