Supplementary Forest Acquisition

New Zealand Rural Land Company (NZL.NZX) has today settled an agreement to acquire a further forestry property located in the Manawatu-Whanganui region in the North Island for a total purchase cost of approximately $8 million. This forest has a total area of approximately 737 hectares and, as with the large forest estate acquired two weeks ago, this forest is now leased to New Zealand Forest Leasing (NZFL) for a period of 16 years and has year one income of $640,000, this is linked to annual CPI-linked rental adjustments. The forest will use a Pinus Radiata Crop for Timber and/or carbon sequestration. This concludes NZL's current forestry estate acquisition. These forest acquisitions have successfully diversified NZL from solely owning pastoral farm land and, as set out in the investment presentation released to market on 1 March 2023, are expected to be earnings accretive to NZL. For further information please contact: Richard Milsom - Director, NZRLM Mobile: 021 274 2476 Email: richard@nzrlm.co.nz Or Christopher Swasbrook - Director, NZRLC Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00410557 For:NZL Type:TRANSACT Time:2023-04-28 08:30:35