In October, the NZL Board joined the NZRLM directors and team for a site visit to our Hawke's Bay orchards - an opportunity to see firsthand the quality of our assets and the calibre of our tenant partnerships.

NZL owns 97 hectares of premium orchards in Hawke's Bay, with 81 hectares planted predominantly in high-value apple varieties including Dazzle, Galaxy, Royal Gala and Stella, alongside pears. The orchards are leased to Kiwi Crunch, led by director Wade Glass and Chief Operating Officer Nigel Hope, who guided us through the property showcasing the significant operational improvements they've implemented since taking on the lease.

Kiwi Crunch is actively upgrading the orchard portfolio, removing underperforming older varieties and replanting with premium options like Piqa Boo pears. They've also purchased the intellectual property for Popstar, an exciting new apple variety they've tested and are now growing commercially. From advanced growing practices to streamlined operations, the visit demonstrated the quality of operator we seek to partner with - professionals deeply committed to maximising productivity and land stewardship.

Kiwi Crunch is actively upgrading the orchard portfolio, removing underperforming older varieties and replanting with premium options like Piqa Boo pears. They've also purchased the intellectual property for Popstar, an exciting new apple variety they've tested and are now growing commercially. From advanced growing practices to streamlined operations, the visit demonstrated the quality of operator we seek to partner with - professionals deeply committed to maximising productivity and land stewardship.

Their focus on innovation extends to technology adoption - including tree pruning machinery, mowing robots, and advanced packhouse scanners - all aimed at reducing costs, improving tree growth, and delivering consistent fruit quality.

Kiwi Crunch General Manager, Ross Howard, joined to take us through the packhouse facilities and RSE accommodation, giving us valuable insight into the full supply chain - from orchard to export. These visits reinforce what we already know: quality land paired with experienced, commercial operators creates value that extends well beyond the lease agreement.

This kind of engagement keeps the Board connected to the real engines of our portfolio
performance - the land itself and the people working it.