Updated NZLWA Quotation Notice

09/06/2025 11:42 NZST, OFFER3

Following the announcement released by New Zealand Rural Land Company Limited (“NZL”) on Monday, 9 June 2025, the attached is the updated version of the quotation notice.

UPDATED QUOTATION NOTICE: NZX MAIN BOARD

NEW ZEALAND RURAL LAND COMPANY LIMITED (“NZL”) WARRANTS

Company:

New Zealand Rural Land Company Limited (“NZL”)

Warrants Security Code: NZLWA

ISIN: NZNZLE0005S3

Details of Security to be Quoted: Up to 12,844,619 new warrants to subscribe for ordinary shares

Ratio (Warrants:Shares): 1 new warrant for every 3 ordinary shares subscribed for under the announced Accelerated Renounceable Entitlement Offer.

Exercise Price: $1.20

Conversion Ratio of Warrants: Each warrant gives the holder a right to buy one ordinary share in NZL upon payment of the Exercise Price up to and including the Exercise Date.

Record Date: N/A – NZLWA will be issued to holders who participated in the Accelerated Renounceable Entitlement Offer as per the Ratio above.

Allotment Date: Wednesday, 8 March 2023 - Institutional Offer

Wednesday, 22 March 2023 - Retail Offer

Last Trading Date: Friday, 26 November 2027

Exercise Date: Tuesday, 30 November 2027. Holders can exercise their warrants up to and including the Exercise Date.

Registrar: MUFG Pension & Market Services (“LNKT”)

Settlement Status: NZCDC Settlement System

Mailing of Warrants Holding Statements: No later than:

Wednesday, 15 March 2023 - Institutional Offer

Wednesday, 29 March 2023 - Retail Offer

Expected Commencement of Trading on the NZX Main Board: Thursday, 23 March 2023

Mark Peterson

Chief Executive Officer

NZX Limited

09 06 2025