Tax

16 November 2020

Dear Investors,

The rural sector is an important contributor to the New Zealand economy and a key part of our national identity. Its importance to New Zealand export receipts has been magnified by the COVID-19 pandemic as other sectors of our economy (such as from foreign tourists) have been significantly damaged and will take time to rebuild.

At present New Zealanders have limited options for owning a direct interest in large scale, New Zealand rural land. There is even less opportunity to have a direct interest in rural land without also having direct exposure to commodity price risks.

Our vision for New Zealand Rural Land Company (NZRLC) is to: • acquire substantial rural land assets; • be a New Zealand investor and not subject to overseas investment requirements; • lease our land to Tenants who follow farming best practices; and • use gearing of no more than 30% of total assets.

Our initial focus is on acquiring New Zealand dairy properties. However we intend to expand our focus to other New Zealand primary sectors, particularly as investment opportunities arise in horticulture, viticulture, forestry, as well as sheep and beef. We invite you to read this Product Disclosure Statement to learn more about NZRLC and our investment plans.

Initially we are looking to raise at least $75 million from investors by offering new shares in NZRLC at an issue price of $1.25 per share.

All investment propositions involve risk. NZRLC will: • undertake detailed due diligence and acquire quality rural land assets; • lease its land to experienced and financially sound Tenants to mitigate default risk and ensure its land assets are well managed; and • ensure environmental best practices are followed on our land.

If you have any questions regarding this opportunity, please get in contact with us at info@nzrlc.co.nz for more information.

Thank you for your consideration of this investment opportunity.

Yours faithfully,

Rob Campbell Independent Chairman