Warrant Conversion Notice

Please see attached a Warrant Conversion Notice detailing the conversion of warrants in New Zealand Rural Land Company Limited (NZL) (NZX:NZLWA) (Warrants) in accordance with the Warrant Terms of Issue. Each Warrant can be exercised at any point on or before the expiry date, being 30 November 2025, at an exercise price of $1.20 per Warrant. Each Warrant converts to one ordinary share in NZL (Share) upon exercise. End CA:00413829 For:NZL Type:ADMIN Time:2023-06-28 16:05:34