NZL Capital Review - Update

announce@nzx.com 18 December 2025 Re: NZL Capital Review - Update As previously announced, NZ Rural Land Company Limited (NZL) has appointed KPMG to undertake a capital review of NZL’s strategic options (Capital Review). NZL has received a draft of the Capital Review. The NZL Board will consider the draft and provide feedback to KPMG early in the New Year. Once the Capital Review is finalised by KPMG, a summarised version will be publicly released to the NZX. Rob Campbell Chair For further information please contact: Richard Milsom Mobile: 021 274 2476 Email: richard@nzrlm.co.nz