Roc Partners Transaction Settlement

9 February 2024 NZL is pleased to announce that the agreement to sell a 25% equity interest in its land portfolio to Roc Partners settled today for NZ$44.2m. NZL's 19 January 2024 market announcement outlines the key features of the Roc Partners transaction and can be found here: www.nzx.com/announcements/424985. NZL will use some of the proceeds to immediately repay the NZ$11.8m convertible note that it drew down in April 2023 to partially fund its NZ$71.0m forestry acquisitions. The balance of funds has been retained as working capital while NZL considers future growth and capital options. An announcement of NZL's preliminary full-year results will be made on or before 29 February 2024. For further information please contact: Richard Milsom - Director, NZRLM Mobile: 021 274 2476 Email: richard@nzrlm.co.nz Christopher Swasbrook - Director, NZRLC Mobile: 021 928 262 Email: chris@nzrlc.co.nz End CA:00425956 For:NZL Type:TRANSACT Time:2024-02-09 11:21:43