NZL Announces Opening of Retail Entitlement Offer

New Zealand Rural Land Company Limited (NZX.NZL) is pleased to announce the opening of the retail component (Retail Entitlement Offer) of its accelerated renounceable entitlement offer (Offer). The institutional offer component (Institutional Offer) of the Offer was accelerated, with eligible institutional shareholders electing to take up 100% of their entitlements under the Institutional Entitlement Offer. A total of $10.486million was raised, with an additional $4.535million applied for under any potential shortfall. Settlement and allotment of all New Shares and Warrants for the Institutional Offer is expected to occur on Wednesday, 8 March 2023. RETAIL ENTITLEMENT OFFER Like the Institutional Offer, the Retail Entitlement Offer provides eligible retail shareholders the opportunity to purchase 1 new share (New Shares) for every 3 NZL shares held at 5:00pm (NZT) on the Record Date of Friday, 3 March 2023, at an Application Price of NZ$1.00 per New Share. The Application Price reflects a 5.7% discount to the last close on Monday, 27 February 2023 of $1.06, a 4.3% discount to the theoretical ex-rights price of $1.05, and a 39.5% discount to the NAV per share (as at 31 December 2022). As part of the Offer, for every 3 New Shares allotted to an eligible shareholder, 1 warrant (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$1.20. The expiry date of the Warrants is 30 November 2025. The quotation and commencement of trading of the warrants on the NZX Main Board is expected to occur on Thursday, 23 March 2023, under the ticker code "NZLWA". Eligible retail shareholders can choose to take up their entitlement (Retail Entitlements) in whole, in part or not at all. Eligible retail shareholders who take up their full Retail Entitlement may apply for additional New Shares by specifying the NZD$ amount of additional New Shares in their application. If you wish to participate in the Retail Entitlement Offer, you should complete your application allowing sufficient time for it to be received by NZL's Share Registrar, Link Market Services Limited, no later than 5:00pm (NZT) on Wednesday, 15 March 2023. Key dates relating to the Retail Entitlement Offer are set out in the Appendix of the attached announcement. The closing date for applications is Wednesday, 15 March 2023 at 5:00pm (NZT) and the New Shares and Warrants are expected to be allotted Wednesday, 22 March 2023. Further information and shareholder enquiries The Retail Entitlement Offer is subject to the terms and conditions included in the Offer Document. Eligible Shareholders are encouraged to read the Offer Document carefully, and if in any doubt about whether or not to apply for shares under the Retail Entitlement Offer, to consult with a broker, solicitor, accountant, financial adviser or other professional advisor. 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:00407813 For:NZL Type:OFFER Time:2023-03-06 08:30:11