Completion of Retail Offer

New Zealand Rural Land Company Limited (NZX:NZL) has completed the retail component (Retail Offer) of its pro rata accelerated renounceable entitlement offer (Offer). The Retail Offer closed on Wednesday, 15 March 2023 and raised gross proceeds of approximately NZD$7.9 million including those retail shareholders who applied for additional shares. Settlement and allotment of all new shares and warrants for the Retail Offer is expected to occur on Wednesday, 22 March 2023, with trading of those shares expected to commence on the same day. 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". The new shares to be issued under the Retail Offer will rank equally in all respects with NZL's existing ordinary shares. Holding statements for the new shares issued under the Retail Offer will be despatched on Wednesday, 22 March 2023. NZL has raised as follows from the Offer to date: $10.5m from the Institutional Offer $7.9m from the Retail Offer $5.6m from Shortfall Subscriptions $24.0m Total Raised NZL now intends to place the balance of the shortfall ($14.5m). 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:00408495 For:NZL Type:OFFER Time:2023-03-17 08:30:17