NZL Capital Review - Update

18/12/2025 12:55 NZDT, GENERAL

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