NZL Capital Review Update

05/09/2025 08:30 NZST, MKTUPDTE

5 September 2025

NZL Capital Review Update

On 5 August 2025 NZ Rural Land Company Limited (NZL) announced its intention to seek proposals to

undertake a capital review of its strategic options.

Proposals were sought from a number of independent advisers. The NZL Board has now reviewed these

proposals, and selected KPMG to undertake the capital review.

The Board expects the review and its response to be completed by the end of the financial year

December 2025.

Rob Campbell

Chair