Page 1

INTERIM REPORT COMMENTARY FOR PERIOD ENDING 31 DECEMBER 2020 Welcome to New Zealand Rural Land Company's ( NZRLC ) interim report for the period 11 September 2020 to 31 December 2020 . We successfully raised $ 75 million through our Initial Public Offering ( IPO ) in late 2020 and listed on the NZX Market . The support for our IPO was pleasing with both institutional and retail investors joining our register . With the IPO proceeds available to deploy , our focus is now on acquiring rural land in the New Zealand dairy sector . Our manager , New Zealand Rural Land Management Limited Partnership , is progressing due diligence as expected on a number of dairy farms in the South Island for NZRLC . The manager has been working closely with several substantial operators undertaking due diligence investigations . It is important to remind investors that despite assets being identified as potential acquisitions prior to the IPO , extensive due diligence ( e.g. irrigation reports , soil testing , etc ) , does take time due to the size of the assets we are looking to acquire . We anticipate being in a position to announce the terms of an acquisition in several weeks . As was discussed in our Product Disclosure Statement ( PDS ) our intention is to acquire rural land across various industry sectors over time . While our core , initial focus remains on acquiring dairy farms , we are having preliminary discussions with potential tenants and vendors in other sectors such as viticulture . This work will continue so that we are prepared to diversify into other sectors once we have established an asset base in the dairy sector . Our intention remains to deploy all of the IPO proceeds towards acquiring rural land in the dairy sector with a conservative level of gearing . Before diversifying into other industry sectors we are likely to return to shareholders for additional capital through a pro - rata rights issue . An advantage for NZRLC in implementing its rural land strategy is being a New Zealand investor and not requiring overseas investment approval to make acquisitions . This means that NZRLC must keep foreign ownership of its shares to less than 25 % . At present our foreign ownership level is 22.12 % . We actively monitor this ownership level and have tools in our constitution to ensure that we remain under this 25 % level . We would also like to remind shareholders the interim accounts attached to this announcement produced by BDO are unaudited . Our annual financial statements will be audited by PwC as is required by the Financial Markets Conduct Act 2013 . We thank our shareholders for their support in our IPO and we look forward to advising you on our acquisitions in the near future . Rob Campbell Chair NEW ZEALAND RURAL LAND CO SUSTAINABLE AOTEAROA The Blade , Level 4 , 12 St Marks Road , Remuera , Auckland 1050 , New Zealand | +64 9 379 6493 www.nzrlc.co.nz