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NZL Capital Review - Update

Substantial Holder Notice17 December 2025NZLReal Estate

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

The Blade, Level 4, 12 St Marks Road, Remuera, Auckland, 1050, New Zealand | +64 9 379 6493

www.nzrlc.co.nz

E: info@nzrlc.co.nz | T: +64 9 217 2905

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