PLP – Quarterly Client Update

Booster Investment Scheme 2
Private Land and Property Fund
Update as at 30 June 2020
Disclaimer This document is for information purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change. The content is of
a general nature and does not take into account your financial situation or goals and is not financial advice.
Neither Booster Financial Services Ltd nor any of its related companies (Booster) accepts any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on,
the information provided in this document. Booster Investment Management Ltd is the manager and issuer, and Public Trust is the supervisor, of the Booster Investment Scheme 2,
Private Land and Property Fund. None of Booster, Public Trust, or any director, board member or nominee of any of those entities, or any other person, guarantees the Scheme’s
performance, returns or repayment of capital. The Scheme’s Product Disclosure Statements are available at www.booster.co.nz or by contacting your financial adviser or by calling
Booster on 0800 336 338. A disclosure statement is available, on request and free of charge, from your financial adviser.
Portfolio Performance
The Private Land and Property Fund (PLPF) returned 1.5% for the
3 months to 30 June 2020. With a net asset value of $45m, it
invests through the wholesale Booster Private Land and Property
Portfolio (PLPP), which has delivered a performance of 9.2% p.a.
since inception in June 2017 (all figures before tax and after fees).

Portfolio Changes
There were no portfolio changes during the quarter.

Spotlight on Kiwi Fruit
PLPP owns a 20-hectare SunGold kiwifruit orchard in Kerikeri,
Northland, leased to Seeka. The property also includes ~14
hectares, mainly planted in lemons currently and with some
residual unplanted area.

Seeka is a publicly listed company on the NZX and offers
professional orchard management services to kiwifruit growers.
They have local experts with the experience and technical
resources to maximise production for all kiwifruit varieties. The 15
year lease includes the right to step into operatorship once the
developing orchard reaches maturity.

Kiwifruit is New Zealand's largest horticultural industry, and New
Zealand is the largest global exporter of kiwifruit by a significant
margin. The largest markets being China, Japan, Spain, Taiwan,
Germany and South Korea.

Demand for kiwifruit globally is expected to grow, and the industry
is well supported by strong brand development through Zespri.
Zespri is the world's largest marketer of kiwifruit selling into more
than 59 countries and managing 30% of global volume. This
marketing structure helps producers deliver scale and enables
Zespri to choose distributors to operate in each market effectively.

The deep-rooted vines of kiwifruit lower the need for irrigation
requirements and Kerikeri is not frost prone, both factors
moderating water need and environmental footprint. Orchards are
not land-hungry with data showing that between 2000 and 2010
the industry doubled production with only a 25% increase in land
use.

Investment Holdings (%)
1

Vineyard property in Awatere Valley, Marlborough
This investment is in three properties situated in the Awatere
Valley being Barewood Vineyard, Upton Downs, and Flemings
Road. These vineyards have grape supply agreements (GSA) with
Booster Wine Group. The GSA structure sees PLPP take the risk
and return of crop volumes for these properties, versus a fixed
rental.


1
ANZ Bank New Zealand Limited (ANZ) has provided a loan facility of up to 50% of the value of the secured properties for use by the Private Land and Property Portfolio to effect its gearing strategy which
results in ANZ holding a security interest over some of the assets held by the Private Land and Property Portfolio.
2
Gross Asset Value comprises the net asset value of the investments held and the drawn portion of the ANZ loan facility.
3
Returns prior to the Fund’s inception are based on the underlying wholesale Private Land and Property Portfolio return. Past performance is not an indicator of future performance
Barewood Vineyard and Upton Downs properties are yet to reach
full maturity having been developed in 2018 and 2019 and are
expected to deliver increased harvest volumes as they mature.
Vineyard property in Hope, Nelson
This investment is in the former Waimea winery and associated
vineyards in Nelson. The vineyard and winery are leased to
Booster Wine Group on a long-term lease.
Vineyard property in Hawke's Bay
This investment is in three vineyards formerly part of Sileni Estates,
including Talbot, Wedd and Winery vineyard properties and a
winery building. All are leased to Booster Wine Group on a long-
term lease.
Vineyard property in Mahana, Nelson
The property at Mahana is a state-of-the-art gravity fed winery.
This, and the surrounding vineyard is leased to Booster Wine
Group on a long-term lease.

Risk Indicator
The Risk Indicator is rated from 1 (low) to 7 (high). The
rating reflects how much the value of the Fund's assets go
up and down (volatility). A higher risk generally means
higher potential returns over time, but more ups and
downs along the way.


Key Facts
Performance as at 30-Jun-2020
3

All figures are after fees. Please see the Product Disclosure Statement for further details.

Vineyard property in Awatere Valley, Marlborough 29%
Vineyard property in Hope, Nelson 25%
Kiwifruit Orchard property in Kerikeri, Northland 24%
Vineyard property in Hawke's Bay 12%
Vineyard property in Mahana, Nelson 6%
NZ Cash (BNZ Bank Trust Account) 4%

Fund Size (net asset value) $45.0 million
Gross Asset Value
2

$63.5 million
Inception Date 7/01/2019
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)


Before
Tax
After Tax
at 28%
Last month 0.7% 0.5%
Last 3 months 1.5% 1.2%
Last 6 months 2.9% 2.4%
Last 12 months 7.7% 6.5%
Last 2 years (p.a.) 11.4% 10.1%
Last 3 years (p.a.) 9.3% 8.2%
Since Inception 13/06/2017 (p.a.) 9.2% 8.1%

Potentially lower returns
ower ris
Potentially higher returns
igher ris