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      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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    <image:image>
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      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/a7169cae-ac7e-46d5-b6c0-e225a10ad768/Carbon+Footprint+Per+Gram+of+Protein+Graph.png</image:loc>
      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
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      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/49861127-0c34-4e1a-b13e-36757b52d6ab/NZL%E2%80%99S+Outperformance+Vs+the+Market+.png</image:loc>
      <image:title>ABOUT US - HISTORICAL - Make it stand out</image:title>
      <image:caption>NZL’s revaluation gains of +10.52%* were +8.45% higher than the +2.07% increase in the REINZ Dairy Farm Index in the months from December 2020 to 30 June 2021.</image:caption>
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    <lastmod>2026-01-29</lastmod>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Mokoreta Farm, Southland, New Zealand | Farm Type: Pastoral | Acquisition Date: March 2021 | Farm Size: 456 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Makihiki, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 493 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Riverside, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 494Ha</image:caption>
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      <image:caption>Ryde Dairy, South Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 270 Ha</image:caption>
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      <image:caption>Rocklea Downs, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 732 Ha</image:caption>
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      <image:caption>Hill Dairy, South Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 324 Ha</image:caption>
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      <image:caption>Bridge, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 513 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Parkdale, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 595 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Kilmarnock, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 794 Ha</image:caption>
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      <image:caption>Seaview, North Otago, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 505 Ha</image:caption>
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      <image:caption>Waihao Downs, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 535 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Tainui, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 434 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>McNaughtons, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 436 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>ATS, Otago, New Zealand | Farm Type: Pastoral | Acquisition Date: October 2021 | Farm Size: 1644 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Crowes Road, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: April 2021 | Farm Size: 142 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Toi Puke, Otago, New Zealand | Farm Type: Pastoral | Acquisition Date: October 2021 | Farm Size: 468 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Willowview, Otago, New Zealand | Farm Type: Pastoral | Acquisition Date: October 2021 | Farm Size: 787 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Helenslea, Otago, New Zealand | Farm Type: Pastoral | Acquisition Date: October 2021 | Farm Size: 588 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Browns, Southland, New Zealand | Farm Type: Pastoral | Acquisition Date: June 2022 | Farm Size: 366 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Argyle Downs, Southland, New Zealand | Farm Type: Pastoral | Acquisition Date: June 2022 | Farm Size: 564 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Southern Skies, Manawatu-Whanganui, New Zealand | Farm Type: Forestry | Acquisition Date: April 2023 | Size: 2,307 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Pohonui, Manawatu-Whanganui, New Zealand | Farm Type: Forestry | Acquisition Date: April 2023 | Size: 737 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Piripiri, Manawatu-Whanganui, New Zealand | Farm Type: Forestry | Acquisition Date: February 2024 | Size: 1,105 Ha</image:caption>
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    <image:image>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Twyford Orchard, Hawke's Bay, New Zealand | Farm Type: Horticulture | Acquisition Date: February 2024 | Size: 97 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>M &amp; FTB, Manawatu-Whanganui, New Zealand | Farm Type: Forestry | Acquisition Date: May 2024 | Size: 1,501 Ha</image:caption>
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      <image:caption>Southern Orchard, Otago, New Zealand | Farm Type: Horticulture | Acquisition Date: October 2024 | Size: 126 Ha</image:caption>
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      <image:title>OUR LANDHOLDINGS</image:title>
      <image:caption>Spreadeagle, Canterbury, New Zealand | Farm Type: Pastoral | Acquisition Date: March 2025 | Farm Size: 304 Ha</image:caption>
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    <lastmod>2022-05-05</lastmod>
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      <image:title>Reports &amp; Presentations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Reports &amp; Presentations - Interim Report 31 December 2021 (Copy)</image:title>
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      <image:title>Reports &amp; Presentations - Annual Report 30 June 2021 (Copy)</image:title>
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      <image:title>Reports &amp; Presentations - Interim Report 31 December 2020 (Copy)</image:title>
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    <loc>https://www.nzrlc.co.nz/investor-document-updated-1905</loc>
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    <lastmod>2022-05-19</lastmod>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>INVESTOR Document Updated 19/05 - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>INVESTOR Document Updated 19/05 - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>INVESTOR Document Updated 19/05 - Product Disclosure Statement (Copy) (Copy) (Copy)</image:title>
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      <image:title>INVESTOR Document Updated 19/05 - Company Policy Documents (Copy) (Copy)</image:title>
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      <image:title>INVESTOR Document Updated 19/05 - Constitution (Copy) (Copy)</image:title>
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      <image:title>INVESTOR Document Updated 19/05 - Acquisitions, Tenant &amp;amp; Leasing Policy (Copy) (Copy)</image:title>
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  </url>
  <url>
    <loc>https://www.nzrlc.co.nz/nzl-structural-advantage</loc>
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    <lastmod>2022-07-17</lastmod>
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      <image:title>NZL Structural Advantage</image:title>
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      <image:title>NZL Structural Advantage</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1651463703274-92LDQZU4Q0NFK45IGP00/Structural++Advantage.png</image:loc>
      <image:title>NZL Structural Advantage</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1651463702665-VKFC0DJZ0HP75H64EX8R/Lower+Risk.png</image:loc>
      <image:title>NZL Structural Advantage</image:title>
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    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1651463702644-8V91XQFA16E6X9MS5T7W/Strong+Returns.png</image:loc>
      <image:title>NZL Structural Advantage</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/d5f8aec6-9bbe-43ae-9ed7-9e3c60f4a8dc/71%25.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/d269fc36-8629-4fc9-957d-013a0de13637/-56%25.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/a7169cae-ac7e-46d5-b6c0-e225a10ad768/Carbon+Footprint+Per+Gram+of+Protein+Graph.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/018c4eff-df46-4658-83b9-b83d7357dc46/THE+NZL+ADVANTAGE.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/7af8eaaf-16f4-4464-87b3-2fa3b80c4d40/%2B6.6%25++.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/49861127-0c34-4e1a-b13e-36757b52d6ab/NZL%E2%80%99S+Outperformance+Vs+the+Market+.png</image:loc>
      <image:title>NZL Structural Advantage - Make it stand out</image:title>
      <image:caption>NZL’s revaluation gains of +10.52%* were +8.45% higher than the +2.07% increase in the REINZ Dairy Farm Index in the months from December 2020 to 30 June 2021.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.nzrlc.co.nz/ourstory</loc>
    <changefreq>daily</changefreq>
    <priority>1.0</priority>
    <lastmod>2026-02-05</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/a6b27a46-4254-457f-9080-e0cf716a4389/NZRLC_Lockup_Graphic_White.png</image:loc>
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      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1658099814121-5Y3613943R0SQTFF8Y0V/unsplash-image-ukvgqriuOgo.jpg</image:loc>
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    </image:image>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/767a80eb-1c6b-4eda-be0c-b25d5629bb19/Sustainable+Practices.png</image:loc>
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      <image:title>Our Story - Global decline in available, agricultural land</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1660629999095-WO0ILKSJCFAJFG2TVCVO/World+Beating+Investment2.png</image:loc>
      <image:title>Our Story - Rapidly growing global population and food consumption (available land per head declining)</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1660630071015-ZE46VEA1SQI3H57LLIDW/World+Beating+Investment3.png</image:loc>
      <image:title>Our Story - World-leading carbon efficiency of NZ agriculture</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1665542749701-G28H6Y2P8T0VRAY0MIS1/World+Beating+Investment9.png</image:loc>
      <image:title>Our Story - No direct exposure to farming risk</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1660630142179-HFCOQCCWDMKOE66EG89C/World+Beating+Investment5.png</image:loc>
      <image:title>Our Story - Investment structure is uniquely open to overseas investors</image:title>
      <image:caption />
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/1665542425013-1OG7IBSLB1KIRZBABK0M/World+Beating+Investment4.png</image:loc>
      <image:title>Our Story - Low risk asset and strength of land ownership</image:title>
      <image:caption />
    </image:image>
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      <image:title>Our Story - Proven, attractive long-term risk-adjusted returns from the sector</image:title>
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      <image:title>Our Story - Strong and experienced governance</image:title>
      <image:caption />
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    </image:image>
    <image:image>
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    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/626f44a57884513d9346e3e5/ca4554c3-e939-40af-ad8d-1ec3dbddd03a/Structural+Icon.PNG</image:loc>
    </image:image>
    <image:image>
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    <image:image>
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    <lastmod>2025-09-14</lastmod>
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      <image:title>Overview - HY25 Financial Statements</image:title>
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    <loc>https://www.nzrlc.co.nz/nzx-announcements</loc>
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