PLP – Updated Offer Documents

Offer of units in the Private Land and Property Fund of the Booster Investment Scheme 2
This document replaces the Product Disclosure Statement dated 8 October 2020.
This document gives you important information about this investment to help you decide whether you want to invest. There is other
useful information about this offer on www.disclose-register.companiesoffice.govt.nz. Booster Investment Management Limited has
prepared this document in accordance with the Financial Markets Conduct Act 2013. You can also seek advice from a financial advice
provider to help you to make an investment decision.
7 April 2021
Issuer: Booster Investment Management Limited
Product Disclosure Statement
Private Land and Property Fund
Private Land
& Property Fund

Private Land and Property Fund2
1. Key information summary
Description and investment objectiveRisk indicator
The Fund’s investment objective is to provide investors with a complementary
and enhanced risk / return outcome compared to traditional listed property
investments.
It aims to generate an average annual long-term return of about 6.5% p.a.
(before tax and after all fees, charges and costs) over rolling 7 year periods from
a combination of income and capital gain as properties reach full productive
capability.
The Wholesale Portfolio, in which the Fund invests, may borrow to invest in more
property or to develop property already held by the Wholesale Portfolio.
This Fund may not be suitable for all investors
due to the risks of volatility of returns, gearing
and concentration of investments. If you
are unsure, you should seek advice from
a financial adviser.
2 Because the Fund was established in January 2019, the risk indicator has been calculated using a mix of historical returns obtained from the Property
Council/IPD New Zealand Property Index for the period of 1 January 2016 to 30 June 2017; actual returns of the Wholesale Portfolio, the Private Land and
Property Portfolio, for the period of 1 July 2017 to 31 January 2019; and actual Fund returns for the remaining period to 31 March 2021. As a result, the risk
indicator may provide a less reliable indication of the potential future volatility of the Fund. The Property Council/IPD New Zealand Property Index is not
a securities index, but we have used it in the risk indicator calculation because there is no appropriate securities index or peer group index available for
the Fund. We consider the Property Council/IPD New Zealand Property Index allows the risk indicator to reflect the potential future volatility of the Fund,
although not as reliably as if actual returns were available for the entire period.
What is this?
This is a managed investment scheme.
Your money will be pooled with other investors’ money
and invested in various investments.
Booster Investment Management Limited (Booster,
Manager, We or Us) will invest your money and charge
you a fee for its services. The returns you receive are
dependent on the investment decisions of Booster and the
performance of the investments.
The value of those investments may go up or down.
The types of investments and the fees you will be charged
are described in this document.
What will your money be invested in?
The Private Land and Property Fund (Fund) is listed on the
NZX Main Board (with the code PLP). The Fund provides
investors with an opportunity to obtain an investment
exposure primarily in a specialised portfolio of directly
held, unlisted, agricultural and horticultural land and other
property investments in New Zealand, which may be
supplemented with investments in industrial, commercial
and retail properties (including land, buildings, bearer
plants1, and plant and equipment). The Fund obtains its
property exposure by buying units in a separate wholesale
property fund managed by Booster – the Private Land and
Property Portfolio (Wholesale Portfolio) established under
the Booster Investment Scheme. Details of the property
held by the Wholesale Portfolio can be found in the
‘Other Material Information’ document located at
www.booster.co.nz/plpf
1 A bearer plant is a plant (such as a grape vine) that is used in the
production or supply of agricultural produce for more than one period
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Potentially lower returns Potentially higher returns
Higher risk
Lower risk
See Section 4 – What are the risks of investing? for an explanation of the risk indicator and for information about other risks
that are not included in the risk indicator. To help you clarify your own attitude to risk, you can seek financial advice or work
out your risk profile at www.booster.co.nz/booster-investments/investment-documents.
More about the Fund
2

Private Land and Property Fund3
3Calculated daily as a percentage of the net asset value of the Fund.
The Fund may also incur interest and borrowing costs related to gearing undertaken by the Wholesale Portfolio.
For more information about the fees charged, see Section 5 – What are the fees?
Who manages the Private Land and Property
Fund?
Booster is the manager of the Fund. You’ll learn more about
us in Section 7 – Who is involved?
What are the returns?
The return on your investment comes from income
distributions made by the Fund, and from any change in
the Fund’s unit price. The unit price changes as net income
is earned (prior to being distributed), and as property is
revalued.
The Manager will aim to pay a quarterly distribution
to investors of any net cash income received from the
Wholesale Portfolio (after allowing for expenses). Eligible
investors can choose to reinvest their distributions by
participating in the Distribution Reinvestment Plan.
See Section 2 – How does this investment work? for more
information.
How can you get your money out?
You can make a request to Booster to withdraw some or
all of your investment in the Fund at any time. Withdrawals
from the Fund will only be processed on the first business
day of the month. There are minimum withdrawal amount
requirements and you must either maintain the amount that
is set as the Fund’s minimum on-going balance or withdraw
in full. If you make a withdrawal request directly with
Booster, a withdrawal fee will normally apply. See Section
5 – What are the fees?
Because the Fund invests in the Wholesale Portfolio, whose
investments by nature have relatively long sale timeframes,
there may be some circumstances in which processing of
withdrawal requests is delayed or suspended.
To mitigate this risk, the Fund and the Wholesale Portfolio
are managed to provide various sources of limited liquidity
for withdrawals.
Units in the Fund are quoted on the NZX Main Board, so
you can also sell your investment on the exchange if there
are interested buyers, in addition to being able to redeem
your investment directly with the Manager. The amount
you get may be less than the amount you invested.
We’ll explain how you can withdraw your investment in
Section 2 – How does this investment work?
How will your investment be taxed?
The Fund is a listed portfolio investment entity (Listed PIE)
for tax purposes.
The amount of tax that the Fund pays is calculated at the
rate of 28%. The Fund intends to pay a distribution on
a quarterly basis, which will include imputation credits
representing the tax it has paid. For a New Zealand resident
individual or trustee investor (other than a unit trust) that
has a marginal tax rate that is lower than the rate of tax
payable by the Fund, you may be able to apply the surplus
imputation credits against other income on which you are
required to pay tax.
See Section 6 – What taxes will you pay? for more
information.
Where can you find more key information?
Booster is required to publish quarterly updates for the
Fund. The updates show the returns, and the total fees
actually charged to investors, during the previous year.
The latest fund updates are available at
www.booster.co.nz. The Manager will also give you
copies of those documents on request.
Annual fund charges3Individual action fees
Management fee 1.00%
Other management and
administration charges
In fund costs* 0.10%
Property operating
expenses** 0.09%
Total (estimate) 1.19%
* Estimated.
** The estimated property operating
expenses are the direct costs of
ownership and operation of the
individual underlying properties of
the Wholesale Portfolio which are
proportionately passed to the Fund.
This includes (but is not limited to)
valuations and other property related
costs and associated professional fees.
These amounts are not fees payable
for the management of the Fund.
Contribution fees
Booster does not charge an entry fee. Your financial adviser, with your agreement, may charge
you other fees for the services they provide to you. These fees may include an entry fee on each
investment amount. If you buy units in the Fund through an NZX Participant (such as a broker),
they may also charge you a fee for their services.
Withdrawal fee
To help manage withdrawal requests, Booster may charge a withdrawal fee on part or all of your
investment withdrawn from the Fund. The fee charged is based on the sum of all amounts you
have withdrawn from the Fund in the previous rolling 12 months. If you hold multiple accounts
for the same legal entity or with the same beneficial ownership, the withdrawal fee applicable
will be based on the TOTAL amount of withdrawals by the same legal entity/beneficial owner.
If you sell your units on the NZX Main Board you will not be charged a withdrawal fee.
Total amount withdrawn Fee payable
in the last rolling 12 months (for each tier)
$50,000 or less Nil
Between $50,000 and $100,000 1% of the amount above $50,000
Between $100,000 and $200,000 2% of the amount above $100,000
Between $200,000 and $300,000 3% of the amount above $200,000
Between $300,000 and $500,000 4% of the amount above $300,000
$500,000 or more 5% of the amount above $500,000
Other funds managed by Booster that invest in the Fund will not be charged a withdrawal fee.

Private Land and Property Fund4
2. How does this investment work?
The Fund has been established within the Booster
Investment Scheme 2 (Scheme), a managed investment
scheme that is registered under the Financial Markets
Conduct Act 2013.
Why invest
The key benefits of investing in the Fund include:
• Access to unlisted property investments.
Your money is combined with other investors’ money,
to give you access to a specialised investment
portfolio of unlisted New Zealand land and property
investments. This is achieved by investing in the
Wholesale Portfolio which holds the property
investments directly. Consistent with the Fund’s long-
term approach, we take an active interest in being a
good steward of land held by the Wholesale Portfolio,
without compromising its investment objective.
• Diversification. Unlisted property returns have a low
correlation with returns from other asset classes over
the long term, helping to reduce the overall volatility
in returns when combined with an existing investment
strategy. Agriculture and horticulture property also
provide diversification benefits when combined with
other traditional property investment types such as
commercial, industrial, retail, retirement villages and
residential.
• Ability to trade on-market. Units in the Fund can be
bought and sold on the NZX Main Board like shares in
a company, provided there are interested sellers and
buyers.
• Unlisted property investments have lower return
volatility. While the Fund is listed on the NZX Main
Board, it purchases units in the Wholesale Portfolio,
which invests in unlisted property. Unlisted property
investments are by their nature revalued less frequently
than listed property investments, which are typically
priced and traded daily in an active market resulting
in higher price volatility over time. Investors in this
Fund ordinarily have the ability to either redeem units
monthly at its unit price via the Manager (which is not
subject to listed market volatility), or sell on the NZX at
a price determined by the market.
Having two options to either redeem or sell your units
may give you an opportunity to obtain a better price
per unit than you would if you could only redeem at unit
price or sell on-market.
• Combination of cash income and capital growth.
The Wholesale Portfolio receives regular rental income
from its leased property, and income from its contracts
to supply crops produced from land (which is passed
to the Fund by distribution), as well as offering the
potential for capital growth.
• An inflation hedge. The income derived from
underlying leased property generally has an increase
linked to inflation or above. This means both the
income and underlying asset value of property tends
to appreciate with inflation. This helps to preserve the
real value of your investment.
• Experience. The investments are managed by
experienced professionals with support from industry
specialists. Further details of our experienced team can
be found in the ‘Other Material Information’ document
on our website www.booster.co.nz/plpf.
• Knowledge. We keep you up to date about your
investment with regular reporting and you can easily
access information about your investment online.
• Financial advice. You have access to a financial adviser
who will be able to help you with your investment
decisions.
• Tax benefits. Tax is paid by the Fund at the rate of 28%.
Imputation credits on distributions allow those
New Zealand resident individual or trustee investors
(other than a unit trust) on lower tax rates to apply
surplus imputation credits against other taxable income
they may have. Investors should also receive an indirect
tax timing benefit from the depreciation the Wholesale
Portfolio claims on its property.
How it works
Booster Investment Scheme 2 (Scheme) is a managed
investment scheme established as a trust governed by a
Trust Deed, which is an agreement between the Manager
(Booster) and the Supervisor (Public Trust) describing
how the Scheme works and our responsibilities. Booster
is responsible for managing the Scheme and the Fund
Section 1Key information summaryPage 2
Section 2How does this investment work?Page 4
Section 3Description of your investment optionsPage 7
Section 4What are the risks of investing?Page 7
Section 5What are the fees?Page 9
Section 6What taxes will you pay?Page 11
Section 7Who is involved?Page 11
Section 8How to complainPage 11
Section 9Where you can find more informationPage 12
Section 10How to applyPage 12
Table of contents

Private Land and Property Fund5
and Public Trust supervises us to make sure we meet
our responsibilities and obligations. Public Trust has also
appointed a custodian to hold the investments on behalf
of investors. This structure is designed to ensure that
your interests are always put first.
When you invest your money in the Fund, you receive
‘units’. ‘Units’ represent your share of the investments in the
Fund. The ‘unit price’ shows what your share is worth at any
time. If the Fund’s investment value goes up, your units will
be worth more. If the value goes down your units will be
worth less. The Fund’s unit prices are published on
Booster’s website at www.booster.co.nz/plpf.
The return on your investment comes from any distributions
made by the Fund and any change in the value of your units.
The Manager will aim to pay quarterly distributions
to investors of any net cash income received from the
Wholesale Portfolio (after allowing for any other expenses).
The amount you receive will depend on the distributable
income of the Fund, the number of units you hold in the
Fund on the Record Date of the distribution and the
amount per unit to be distributed by the Fund. The
distribution amount can be reinvested into the Fund
to purchase further units or paid to your designated
account (your custodial account or nominated bank
account if no custodial account). For further information
about reinvesting distributions, refer to the section titled
‘Distribution Reinvestment Plan (DRP)’.
Making investments
How do you invest?
You can invest in the Fund online by applying directly
to Booster at www.booster.co.nz/plpf, or through
your financial adviser, by completing and submitting an
application form. The application form is available by
contacting Booster, or from your financial adviser. Units are
issued by the Fund at its unit price.
Alternatively, you can buy units in the Fund on market at the
quoted price through an NZX Participant (such as a broker).
See www.nzx.com/services/market-participants for a list
of current NZX Participants. The quoted price on the NZX
Main Board may differ from the unit price provided by the
Fund and may be traded at a discount or premium to the
unit price, depending upon the availability of buyers and
sellers, their respective view of the underlying value of the
investments or their expected return from the Fund (refer
also to the Trading risk outlined on page 9).
In addition to the above, eligible investors can choose
to reinvest their distributions by participating in the
Distribution Reinvestment Plan (DRP). Refer to the
‘Distribution Reinvestment Plan (DRP)’ section for details.
Other funds managed by Booster (Booster Managed
Funds) also invest in the Fund, and are able to invest in
and withdraw from the Fund at any time (other than when
the Fund or Wholesale Portfolio has excess or insufficient
liquidity and has placed a restriction on all applications or
withdrawals).
The Booster Managed Funds may also trade in Fund units on
the NZX Main Board. For more information on how potential
conflicts of interest are managed see the ‘Other Material
Information’ document available at
www.booster.co.nz/plpf.
When can you invest?
Investing by applying directly to Booster or through your
financial adviser
While you can apply to invest in the Fund at any time, new
units in the Fund will generally only be issued to investors
(other than Booster Managed Funds) once a month, on the
first business day of each month. Booster Managed Funds
will be issued units in the Fund as and when applications
are received. Whilst units would generally be issued once
a month, the Manager reserves the discretion to issue units
intra-month to investors where the aggregate demand
exceeds 100,000 units.
Applications received up to 10:00am on the first business
day of the month will be processed on the first business
day of that month.
Any money received by Booster with an application to
invest in the Fund from an investor will be held in the
Fund’s application account until the new units are issued.
While the Fund will generally accept new investments
from investors once a month, as the Fund is invested in
an unlisted wholesale property fund, Booster reserves the
right to refuse to accept or to reduce an investor’s initial or
further investment application at its discretion. This may
include if the Fund or Wholesale Portfolio is carrying excess
liquidity and does not expect to have an opportunity to
invest application money in new investments within
60 days.
Buying units in the Fund on the NZX Main Board
(code PLP)
You can buy or sell units in the Fund on the market at any
time, provided there are interested sellers and buyers.
How much can you invest?
The minimum initial investment in the Fund is $1,000. While
you’re not required to make any further investments, you
can invest more directly with Booster at any time by making
additional investments (minimum $500), or buying units
on market.
While the maximum amount you invest is up to you, Booster
reserves the right to refuse to accept or reduce an investor’s
initial, further or existing investment in the Fund in order
to ensure that the Fund maintains its PIE eligibility status for
tax purposes. For more information, see the ‘Other Material
Information’ document available on our website at
www.booster.co.nz/plpf.
Booster may waive or vary the minimum investment
amounts at any time.
How do you pay?
If you are investing by applying directly to Booster or
through your financial adviser, you can make investments
by direct credit, direct debit or any other method
acceptable to Booster. Cash deposits will not be accepted.
Distribution Reinvestment Plan (DRP)
Investors who are a resident in New Zealand and have an
address in New Zealand on the Fund register are eligible
to reinvest their distributions by participating in the DRP.
As participation in the DRP is voluntary, eligible investors
are free to opt-in or opt-out of the DRP at any time with
prior notice to the Manager (for direct investors) or Link
Market Services Limited (Unit Registrar) (for NZX investors).
Further information on the DRP can be found in the ‘Other
Material Information’ document located at
www.booster.co.nz/plpf.

Private Land and Property Fund6
Selling your units on the NZX Main Board
Units in the Fund are quoted on the NZX Main Board, so
you can sell your investment through an NZX Participant
(such as a broker) or adviser if there are interested buyers.
Periodically, we can request (and require) investors whose
holdings are below the required minimum value to increase
their holdings, sell their units on the NZX, or redeem
their units directly with the Manager. We can also restrict
transfers where the transfer could result in the Fund losing
its PIE status.
In order to trade quoted units, you will need to have a
Common Shareholder Number (CSN), an Authorisation
Code (FIN) and a relationship with an NZX Participant.
The information below at ‘Withdrawing your investments’
does not apply if you are selling your units on market.
Withdrawing your investments
This section does not apply to the sale of the units on
the NZX
How do you withdraw?
You can request a withdrawal from the Fund, by contacting
us or by completing the appropriate withdrawal form
available by contacting Booster, or through your financial
adviser.
Units are redeemed at the Fund’s unit price.
When can you withdraw?
You can apply to withdraw from the Fund at any time.
Withdrawals from the Fund (other than Booster Managed
Funds) will only be processed on the first business day of
the month. Withdrawal requests from Booster Managed
Funds will be processed as and when they are received.
Withdrawal requests that have been made to and accepted
by Booster will normally be processed within five business
days of the first business day of the month, but could
take longer, depending on available liquidity to pay the
requested withdrawals.
Withdrawal requests received up to 10:00am on the first
business day of the month will be processed on the first
business day of that month.
Because the Fund invests in the Wholesale Portfolio, whose
investments by nature have relatively long sale timeframes,
there are some circumstances where we may delay or
suspend the payment of withdrawals (including for Booster
Managed Funds) if we believe that making payments is not
practicable or in the best interests of all investors in the
Fund. This includes where we consider that the redemption
price cannot be calculated in a fair manner, or there is
insufficient access to liquidity in the Fund (which excludes
any income in the Fund yet to be distributed to investors) to
satisfy a withdrawal request. To mitigate this risk, the Fund
and Wholesale Portfolio are managed to provide various
sources of limited liquidity for withdrawals. See Section 4
– What are the risks of investing? for further details.
How much can you withdraw?
The minimum withdrawal amount is $500.
Booster may charge a withdrawal fee for making a
withdrawal of more than $50,000 from the Fund. See
Section 5 – What are the fees? for more information.
You’ll need to maintain the minimum on-going balance of
$1,000 in the Fund after any withdrawal. If your withdrawal
request takes you below this amount, you will need to either
top up your investment back to the minimum balance,
or withdraw fully from the Fund. If your balance falls below
the minimum balance, Booster reserves the right to pay the
balance of your investment less any tax and fees to your
designated account (your custodial account or nominated
bank account if no custodial account), and your investment
in the Fund will end.
Booster may waive or vary the minimum withdrawal
amounts and the minimum on-going balance amount
at any time.

Private Land and Property Fund7
Private Land and Property Fund
Investment objective and strategy
• The Fund’s investment objective is to provide investors with
a complementary and enhanced risk / return outcome compared
to traditional listed property investments.
• It aims to generate average annual long-term returns of about 6.5%
p.a (before tax and after all fees, charges and costs) over rolling 7 year
periods from a combination of income and capital gain as properties
reach full productive capability.
• The Fund aims to obtain an investment exposure primarily in a specialised
portfolio of directly held, unlisted agricultural and horticultural land and
property investments in New Zealand, which may be supplemented with
investments in industrial, commercial and retail properties.
• The Fund obtains its property exposure by buying units in the Wholesale
Portfolio.
• The Wholesale Portfolio, in which the Fund invests, may borrow to invest
in more property or to develop property already held. The level of gearing
can vary between 0-65% of the Wholesale Portfolio’s asset value.
• The level of diversification of the Wholesale Portfolio’s property
investments is expected to broaden over time, but currently has a
concentration of property in the wine industry across multiple regions
of New Zealand.
• To support its investment objective, the Wholesale Portfolio may enter
into transactions with other funds or parties that are either managed or
associated with Booster (such as leases to companies). Details of any
borrowings, related party transactions and a current list of property
holdings can be found in the ‘Other Material Information’ document on
www.booster.co.nz/plpf.
Target investment mix
Risk indicator5
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4A small proportion of cash for liquidity purposes may be held in future as the liquidity needs of investors are assessed over time.
5 Because the Fund was established in January 2019, the risk indicator has been calculated using a mix of historical returns obtained from the Property Council/
IPD New Zealand Property Index for the period of 1 January 2016 to 30 June 2017; actual returns of the Wholesale Portfolio, the Private Land and Property
Portfolio, for the period of 1 July 2017 to 31 January 2019; and actual Fund returns for the remaining period to 31 March 2021. As a result, the risk indicator may
provide a less reliable indication of the potential future volatility of the Fund. The Property Council/IPD New Zealand Property Index is not a securities index,
but we have used it in the risk indicator calculation because there is no appropriate securities index or peer group index available for the Fund. We consider
the Property Council/IPD New Zealand Property Index allows the risk indicator to reflect the potential future volatility of the Fund, although not as reliably as if
actual returns were available for the entire period.
3. Description of your investment options
100% Unlisted property4
Minimum suggested investment timeframe
4 years
This Fund may not be suitable for all investors due to the
risks of volatility of returns, gearing and concentration of
investments. If you are unsure, you should seek advice
from a financial adviser.
Potentially lower returns Potentially higher returns
Higher risk
Lower risk
Growth assets 100% | Income assets 0%
Statement of Investment Policy and Objectives (SIPO)
If you would like to learn more about the Fund, you can read
the SIPO. The most current SIPO for the Fund can be found
on our website www.booster.co.nz/plpf.
We may change the SIPO from time to time without
notifying you. We will consult with the Supervisor and
give them written notice of any changes before they take
Understanding the risk indicator
Managed funds in New Zealand must have a standard risk
indicator. The risk indicator is designed to help investors
understand the uncertainties both for loss and growth that
may affect their investment. You can compare funds using
the risk indicator.
4. What are the risks of investing?
The risk indicator for the Fund covered in this Product
Disclosure Statement can be found on page 2.
The risk indicator is rated from 1 (low) to 7 (high). The rating
reflects how much the value of the Fund’s assets goes up
and down (volatility). A higher risk generally means higher
potential returns over time, but more ups and downs along
the way.
Potentially lower returns
Potentially higher returns
Higher risk
Lower risk
effect. Any material changes will be advised in the Booster
Investment Scheme 2 annual report.
Further information about the assets in the Fund can be
found in the fund updates at www.booster.co.nz.
Details of the property held by the Wholesale Portfolio can
be found in the ‘Other Material Information’ document on
our website www.booster.co.nz/plpf.
To help you clarify your own attitude to risk, you can seek
financial advice or work out your risk profile at
www.booster.co.nz/booster-investments/investment-
documents.
Note that even the lowest category does not mean a risk-
free investment, and there are other risks (described under
the heading “Other specific risks”) that are not captured by
this rating.
This risk indicator is not a guarantee of a Fund’s future
performance. The risk indicator is based on the returns
data for the five years to 31 December 2020. While risk
indicators are usually relatively stable, they do shift from
time to time.
You can see the most recent risk indicator in the latest
fund update for the Fund. Fund updates are published
each quarter on www.booster.co.nz.
We believe that the period of returns used to calculate
the risk ratings may not be representative of the average

Private Land and Property Fund8
of a climatic or environmental event can range from
a small reduction in harvest volumes to an extreme
event destroying the full crop for the year, through to
a catastrophic event that permanently impairs the value
of the land or reduces the productive area of the land.
The climatic risks are mitigated as far as practical
by adoption of standard industry practices such
as securing sources of irrigation water, installation
of frost management, and proactive management of
the plants in response to weather forecast information.
The key mitigation benefit to investors is the
geographical diversification by owning land across
multiple locations across multiple regions which
reduces the impact of any one event.
• Property related risks. This is the risk that property
specific factors (other than the climatic/environmental
risks described above) may have a material impact
on both the valuation of the Wholesale Portfolio’s
investments and the income from those investments
for distribution to investors. These factors may include
the quality of the property, their geographical location,
changes to current and expected future income from
the property, uncertainty of outcome of development
projects, unforeseen capital or repairs and maintenance
expenditure, inadequate insurance or the occurrence
of uninsurable events (for example, standard industry
practice is to not insure the loss of bearer plants due
to the cost of insurance being prohibitively expensive),
reliance on key persons in managing the investments
(particularly where land is used for crop production),
disease, or drop in demand for the crop, quality and
financial standing of tenants or contracted service
providers, and material changes to the supply and
demand in land and property markets. While each
of these individual risks has a low risk of occurrence,
they may have a significant impact on the income
from an individual property or its value. We manage
these risks through active management of the land
and properties held by the Wholesale Portfolio, and
importantly by increasing the level of diversification
of the investments held by the Wholesale Portfolio.
• Liquidity and withdrawal risk. This risk applies in
relation to withdrawing units through Booster. Unlisted
property investments by nature have relatively long
sale timeframes. As a result, there is a risk that the
Wholesale Portfolio may be unable to sell a property
at the desired time to fully meet an investor’s
withdrawal request or that property may need to
be sold at a lower value than its assessed market
value in order to meet withdrawal requests. Booster
manages this risk by ensuring the Fund and Wholesale
Portfolio are managed to provide various sources
of limited liquidity for withdrawals, such as holding
a proportion of the Wholesale Portfolio’s assets in
cash to meet the expected liquidity requirements of
investors, access to an undrawn portion of a borrowing
facility in the Wholesale Portfolio (though this facility
is primarily available to implement the gearing
strategy, not to provide liquidity to investors), and by
applying a withdrawal fee that moderates demand
for withdrawals. In addition, the Wholesale Portfolio
may hold separable property titles in an area that the
Manager believes could be readily sold to meet liquidity
requirements if necessary without compromising the
investment objectives of the Wholesale Portfolio.
• Gearing and interest rate risk. This is the risk that
while borrowing by the Wholesale Portfolio may
enhance the potential for increases in returns,
investment cycle for the Fund and therefore the risk
indicator shown may be different if calculated over longer
term investment periods.
General investment risks
Some of the things that may cause the Fund’s value to
move up and down, which affect the risk indicator, are:
• Market risk. This is the risk that the Fund experiences
losses due to factors that may adversely impact the
overall performance of financial markets and the
properties of the Wholesale Portfolio in which the Fund
invests, which in turn affects the amount or frequency
of distributions. These factors include, but are not
limited to, economic and regulatory conditions, political
events, environmental and technological issues.
• Concentration risk. This is the risk that the value of
the Fund’s investments falls more than the market as
a whole due to the Wholesale Portfolio’s investments
being concentrated in the property sector, or a
particular part of that sector (e.g. the wine sector),
and having exposure to a relatively small number
of property investments and counterparties which
reduces the level of diversification. Booster intends the
Wholesale Portfolio to acquire, over time, investments
across other industries and with more counterparties
which will broaden the level of diversification if, and
when, that is done. Current holdings can be found in
the ‘Other Material Information’ document at
www.booster.co.nz/plpf.
• Distribution risk. This is the risk that the Wholesale
Portfolio does not pay distributions to the Fund and
therefore the Fund is not able to pay a distribution
to its investors.
• Manager risk. This is the risk that the Fund
underperforms because of the way we manage
the Fund’s or the Wholesale Portfolio’s investments.
• Revaluation timing risk. This risk applies to the value
of units reflected in the Fund’s unit price issued by
Booster. This is the risk that the value of the property
may increase or decrease markedly following periodic
valuation updates due to a lack of continuous
assessment of value by an active/listed market. This
may mean the price of your units does not always
fully reflect an independent market assessment of the
value of the property on any given day and so, if you
withdraw your investment, you may receive more or
less than if the property had been independently valued
just prior to that withdrawal. To partly mitigate this risk,
Booster will review the valuation of property on at least
a quarterly basis, and, as far as practicable, the timing
of the independent review of property values will be
spread across the financial year.
Other specific risks
There are other factors, not already reflected in the risk
indicator that may significantly impact returns for investors.
• Climatic/environmental risk. This is the risk that
the annual return from the property or the value
of the property is adversely affected by climatic or
environmental events, such as drought, frost, hail,
excessive rainfall/humidity, storms or earthquakes.
Extreme weather events that have a material impact
on crop yields are anticipated to occur every few years,
whilst events such as earthquakes that materially
impact the land are expected to be rare. The magnitude

Private Land and Property Fund9
You will be charged fees for investing in the Fund. Fees are deducted from your investment and will reduce your returns.
If Booster invests in other funds, those funds may charge fees. The fees you pay will be charged in two ways:
• regular charges (for example, annual fund charges). Small differences in these fees can have a big impact on your
investment over the long term;
• one-off fees (for example, the withdrawal fee).
5. What are the fees?
adverse market conditions such as rising interest rates,
economic downturns/reduction in property values,
availability of credit/refinance of existing loans on
similar terms and conditions may lead to a reduction
in the net income of the Wholesale Portfolio, and
these circumstances may also give rise to a breach
of borrowing covenants, or affect the Wholesale
Portfolio’s ability to meet principal and/or interest
payments, or may lead to a forced sale of property in
the event the loan must be repaid. Booster takes this
into account by aiming to limit the amount of borrowing
so that total net borrowing costs do not exceed total
net returns, by fixing the rate of interest for a defined
period of time, and seeking relationships with multiple
lenders when it is considered relevant to ensure there is
reasonable access to funding on an ongoing basis.
• Trading risk. For those wishing to buy or sell units
directly on the NZX, there is a risk that you may be
unable to find a buyer or seller, or that the quoted price
for your units is higher or lower than the unit price.
This is particularly the case when the Fund is generally
open for the issue and redemption of units on a monthly
basis via the Manager, meaning there may be a reduced
number of buyers or sellers on the NZX. In addition,
there is a risk that, in certain circumstances, trading of
the Fund’s units may be suspended, or the Fund’s units
removed from quotation on the NZX. Suspension or
removal may occur where the Manager has failed to
fully comply with the NZX rules, which the Manager
considers to be unlikely given the governance and
compliance framework in place to ensure its NZX
obligations are met.
Annual fund charges
Fee typeAmount (%)
Management fee
Other management and administration charges:
In fund costs (estimate)
Property operating expenses (estimate)
1.00%
0.10%
0.09%
Total annual fund charge (estimate) 1.19%
The total annual fund charges are all fees and costs charged by any person in respect of the Fund other than one-off fees
relating to individual actions (such as the withdrawal fee). These include:
• A management fee. This fee, payable to Booster, covers the costs of managing and administering the Fund, which
include administration, accounting and custodian fees, and ongoing marketing expenses. It is calculated daily as a
percentage of the net asset value of the Fund and paid monthly. This fee also covers the management fees of any fund
in which the Fund may invest other than performance-based fees, of which there are currently none.
• Other management and administration charges.
In Fund Costs. These charges are capped at 0.10% per year (but may be less in the future) and include the Supervisor’s
fee and an estimate for other costs, disbursements, charges or expenses incurred directly or indirectly by Booster and
the Supervisor (such as audit fees and legal fees). They are calculated daily as a percentage of the net asset value of the
Fund and paid monthly. These charges are not payable to Booster.
Property Operating Expenses. These are the direct costs of ownership and operating the individual properties of the
Wholesale Portfolio. This includes (but is not limited to) valuations and other property related costs and associated
professional fees. The property operating expenses are estimated as a percentage of net assets of the Fund.
Note that the objective of an average annual long-term return from the Fund of 6.5% p.a. over rolling 7 year periods is
after all fees, charges, and costs (including interest and borrowing costs).
Example of how fees apply to an investor
Alex invests $10,000 in the Private Land and Property Fund. Alex is not charged an establishment fee or a contribution fee. This
means that the starting value of Alex’s investment is $10,000.
Alex is charged management fees of $100 and incurs administration and property operating expenses of about $19, which
work out to a total of about $119 (1.19% of $10,000). These fees might be more or less if Alex’s account balance has increased or
decreased over the year.
Estimated total expenses for the first year
Individual action fees: $0 (other than any financial adviser fees or NZX Participant fees that may be payable by Alex)
Fund charges: $119
See the latest fund update for an example of the actual returns and fees investors were charged over the past year.

Private Land and Property Fund10
Total amount withdrawn in the last rolling 12 monthsFee payable (for each tier)
$50,000 or less
Between $50,000 and $100,000
Between $100,000 and $200,000
Between $200,000 and $300,000
Between $300,000 and $500,000
$500,000 or more
Nil
1% of the amount above $50,000
2% of the amount above $100,000
3% of the amount above $200,000
4% of the amount above $300,000
5% of the amount above $500,000
If you sell your units on the NZX Main Board you will not
be charged a withdrawal fee (though a service fee may
be charged by your broker).
There are currently no establishment, contribution,
or termination fees (other than the withdrawal fee)
charged by Booster.
Goods and services tax (GST) is not included in any of the
fees stated. GST will be added to any fees where applicable
(which for the management fee and withdrawal fee, based
on our understanding of the rules, results in a further 1.5%
added, meaning a fee of $100 (excluding GST) would be
$101.50 (including GST).
The fees can be changed
Any new fees or changes to existing fees is subject to the
Trust Deed. We will consult and agree any fee change
with the Supervisor and provide one month’s notice of any
increase in the management fee to all investors in the Fund.
Booster must publish a fund update for the Fund showing
the fees actually charged during the most recent year.
Fund updates, including past updates, are available at
www.booster.co.nz.
Other costs and expenses
The Fund may also incur interest and borrowing costs
related to gearing undertaken by the Wholesale Portfolio.
These are the interest costs and any fees associated with
the implementation or amendment of borrowing facilities.
Gearing is an effective and common method of increasing
the returns earned on property investment, subject to
the risks described in Section 4 – What are the risks of
investing?
The interest and borrowing costs are estimated to be 3.33%
of the net assets of the Fund assuming a gearing ratio of
40% is reached.
These expenses are not considered to be Fund charges (as
outlined above), but are disclosed here to provide investors
an understanding of the nature and amount of the expenses
that the Fund (or Wholesale Portfolio) incurs.
Individual action fees
Contribution fee
Booster does not charge an entry fee.
Your financial adviser, with your agreement, may charge you other fees for the services they provide to you. These fees
may include an entry fee on each investment amount. If an entry fee is charged, it will be deducted from each investment
amount before your money is invested in the Fund and paid to your financial adviser.
If you buy units in the Fund through an NZX Participant (such as a broker), they may also charge you a fee.
Withdrawal fee
Booster may charge a withdrawal fee on part or all of your investment withdrawn from the Fund. The fee charged is
based on the sum of all amounts you have withdrawn from the Fund in the previous rolling 12 months. If you hold multiple
accounts, in the same legal entity or with the same legal ownership, the withdrawal fee applicable will be based on the
TOTAL amount of withdrawals by the same legal entity/beneficial owner.
This fee is deducted from the withdrawal amount and paid to the Fund.
The Booster Managed Funds that invest in the Fund will not be charged a withdrawal fee.

Private Land and Property Fund11
The Fund is a Listed PIE. The amount of tax that the Fund
pays is calculated at the rate of 28% on its taxable income.
The Fund intends to pay a distribution on a quarterly basis,
which will include imputation credits to the extent it has
paid tax. If you are a New Zealand resident individual or
trustee investor (other than a unit trust) and your marginal
tax rate is less than 28%, you can choose to include the
fully imputed distribution in your tax return, and apply the
surplus tax credits against other income on which you are
required to pay tax.
About Booster
Booster Investment Management Limited (Booster)
is the manager of the Fund.
We are part of the Booster Group which has been
helping New Zealanders save since 1998. The group
currently administers superannuation and investment
funds of over $3.5 billion on behalf of more than
120,000 New Zealanders.
You can contact us at:
Booster Investment Management Limited
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street Wellington 6142
Phone: 0800 40 40 50
Email: clientservices@booster.co.nz
Who else is involved?
6. What taxes will you pay?
7. Who is involved?
NameRole
SupervisorPublic TrustSupervises us to make sure
we meet our responsibilities
and obligations.
CustodianPT (Booster
Investments)
Nominees
Limited
Appointed by the Supervisor
to hold the assets of the
Fund on behalf of the
investors. The Custodian
is a wholly-owned subsidiary
of the Supervisor.
Unit
Registrar
Link Market
Services Limited
Provides registry services.
That portion of a distribution that does not have imputation
credits attached (referred to as excluded income) is not
taxable to a New Zealand resident investor.
For further information about tax, or if you are investing
in the Fund as a joint investor, company, trust, or estate,
see the ‘Other Material Information’ document available
on our website www.booster.co.nz/plpf.
Any complaints about the Fund can be made to us
(in the first instance), or the Supervisor, at the contact
details below:
Manager
Booster Investment Management Limited
Attn Chief Operating Officer
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street
Wellington 6142
Phone: 04 894 4300
Email: clientservices@booster.co.nz
Supervisor
Public Trust
Attn General Manager, Corporate Trustee Services
Level 8, Public Trust Building,
22 Willeston St
Wellington 6011
Private Bag 5902 Wellington 6140
Phone: 0800 371 471
Email: CTS.Enquiry@PublicTrust.co.nz
If your complaint can’t be resolved, you can refer it to
one of the following approved dispute resolution schemes.
They won’t charge you a fee to investigate or resolve your
complaint.
Booster’s approved dispute resolution scheme
Financial Dispute Resolution
Level 4, 142 Lambton Quay
Freepost 231075
PO Box 2272
Wellington 6140
Phone: 0508 337 337
Email: enquiries@fdrs.org.nz
Web: www.fdrs.org.nz
Public Trust’s approved dispute resolution scheme
Financial Services Complaints Limited
Level 4, 101 Lambton Quay
PO Box 5967
Wellington 6145
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Web: www.fscl.org.nz
8. How to complain

Private Land and Property Fund12
More information about the Fund, including fund updates, financial statements, annual reports, the Trust Deed, SIPO, and
other material information is available on the Scheme register and offer register at
www.disclose-register.companiesoffice.govt.nz and copies can be requested from the Registrar of Financial Service
Providers.
You can also get this and other information about your investment, free of charge, from your financial adviser,
or by asking us:
Phone: 0800 40 40 50 from 8:00am to 5:00pm (Monday to Friday)
Write: Booster Investment Management Limited,
PO Box 11872, Manners Street, Wellington 6142
Email: clientservices@booster.co.nz
Visit: www.booster.co.nz
9. Where you can find more information
10. How to apply
To invest in the Fund, you can either:
1. apply directly to Booster at www.booster.co.nz/plpf; or
2. apply via a financial adviser; or
3. you can also buy units in the Fund through an NZX Participant (such as a broker).
See www.nzx.com/services/market-participants for a list of current NZX Participants.
If you apply directly to Booster or via a financial adviser, you will need to enter into a Client Custody Agreement for the
Booster Wrap Administration System. To apply direct or if you would like to get in touch with a financial adviser who uses
the System, call us on 0800 40 40 50.

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We’re here to help.
To find out more about the Fund or
Booster Investment Scheme 2 talk
to your financial adviser, call us on
0800 40 40 50 or visit our website.
booster.co.nz
A disclosure statement is
available from your financial adviser,
on request and free of charge.
Booster Investment Management
Limited, PO Box 11872, Manners Street,
Wellington 6142, New Zealand

---

Private Land
and Property
Fund

of the Booster Investment Scheme 2


Statement of Investment Policy
and Objectives
Effective Date of SIPO 7 April 2021
Version No. 1.4
Next Review Date 1 June 2021
This version approved 7 April 2021

Private Land and Property Fund
1. Description of the Fund
The Private Land and Property Fund (Fund) is a managed investment product established under the Booster
Investment Scheme 2 (Scheme) which is a registered managed investment scheme under the Financial
Markets Conduct Act 2013 (Act). The Scheme is managed by Booster Investment Management Limited
(Manager).
The Fund provides investors with an opportunity to invest primarily in a specialised portfolio of directly held,
unlisted, agricultural and horticultural land and other property investments in New Zealand (including land,
buildings, bearer plants, and plant and equipment, which are together referred to as ‘Property’).
2. Investment and return objectives
a. Investment objective. The Fund aims to provide investors with a complementary and enhanced risk /
return outcome compared to traditional listed property investments.
b. Return objective. The Fund aims to generate an average annual long-term return of about 6.5% p.a.
(before tax, but after all fees, charges and costs) over rolling 7 year periods from a combination of income
and capital gain as properties reach full productive capability.
3. Investment philosophy
The Manager’s investment philosophy for the Fund is to invest in properties that will provide a combination of
income distribution and capital growth-based return for investors, and where the Manager can identify
opportunities for added value through the pro-active management of the properties. The Manager intends to
make long term property investments.
4. Investment strategy
a. Investment strategy. By holding units in the Private Land and Property Portfolio of the Booster Investment
Scheme (Wholesale Portfolio), the Fund aims to obtain investment exposure primarily in a specialised
portfolio of directly held, unlisted, agricultural and horticultural land and other property investments in
New Zealand, which may be supplemented with direct investments in industrial, commercial, and retail
properties.
The Wholesale Portfolio, in which the Fund invests, may borrow to invest in more Property or to develop
Property already held by the Wholesale Portfolio.
b. Permitted investments. The permitted investments of the Fund are:
i. Units in the Private Land and Property Portfolio of the Booster Investment Scheme (Wholesale
Portfolio).
ii. Cash and cash equivalents, which will be held to manage the redemption of units in the Fund, plus any
income received from the Fund’s investments which will be distributed to investors.
iii. Through its investment in the Wholesale Portfolio, the Fund may obtain exposure to any of the
following investments:
• Any New Zealand unlisted property, unlisted property security or managed fund which
provides exposure to New Zealand unlisted property investments.
• New Zealand listed property securities may be held from time to time depending on the
availability of suitable unlisted investments.

• Australian and overseas unlisted property either directly or through managed funds, up to
5% of the Fund.
A copy of the SIPO for the Wholesale Portfolio can be obtained by contacting Booster.
c. Strategic asset allocation. The strategic asset allocation for the Fund (including benchmark asset
allocations and allowable ranges) as at the date of this SIPO, are set out below:
Asset Class Minimum % Benchmark % Maximum %
Cash & Cash Equivalents 0 0 10
Unlisted Property 90 100 100

On a ‘look through’ basis, including the investment exposure obtained through its investment in the
Wholesale Portfolio, the strategic asset allocation (including benchmark asset allocations and allowable
ranges) as at the date of this SIPO are:
Asset Class Minimum % Benchmark % Maximum %
Cash & Cash Equivalents 0 0 35
1

Unlisted Property 65 100 100
Listed Property 0 0 25
1
A large cash allocation is only intended to occur temporarily as a result of transactional activity (e.g. a recent sale or a pending
acquisition)
d. Maximum holding. Once the Wholesale Portfolio, in which the Fund invests, reaches the expected breadth
of unlisted investments (defined as more than ten properties), any individual property security is to
comprise no more than 40% of the overall portfolio’s assets. However as initial investments are purchased
in the establishment phase of the Wholesale Portfolio, this limit may not initially be applicable.
5. Investment policies
a. Distributions. The Fund may receive distributions from its investment in the Wholesale Portfolio or interest
from its cash holdings. The Manager will aim to pay quarterly distributions to investors of any net cash
income received by the Fund.
b. Leverage. The Fund itself will not borrow. However, through its investment in the Wholesale Portfolio up
to 65% of its total asset value may be borrowed, with security limited to the relevant individual properties
of the Wholesale Portfolio. A benchmark of 40% and a soft limit of 50% will apply to provide a suitable
margin in case of any increase in gearing due to a fall in asset values.
c. Derivatives. The Fund itself may not use derivatives. However, through its investment in the Wholesale
Portfolio, derivatives may be used for risk management purposes, in relation to property investments or
interest rate risk on associated borrowing. Derivative instruments that may be used are limited to:
• Over the Counter (OTC) or Exchange Traded futures contracts.
• OTC or Exchange Traded options.
• OTC FRA’s, Swaps or other derivative instruments.
• An OTC counterparty must have a Standard and Poor’s rating of A or better.
All derivative positions must be backed by cash or relevant physical holdings. For the purpose of valuation
and compliance with these investment instructions, all derivative exposures must be calculated on a mark
to market basis.
d. Valuations. For unit pricing purposes, the units held in the Wholesale Portfolio will be valued at the
redemption price issued by the Manager of that fund.

For each direct property held by the Wholesale Portfolio, the valuation policy to be applied:
• Each direct property will be formally valued by the Manager at least annually, using the methodology
as agreed between the Manager and the Supervisor as the one most appropriate to each particular
property.
• At least every two years, an independent valuation will be obtained. This independent valuation will
be used to guide and place an upper limit on the Manager’s valuation. It should be noted that the
Manager’s valuation could be lower than the independent market valuation due to specific factors
the Manager considers not to have been fully accounted for by the independent valuer.
• The Manager will review the property value on a more frequent basis during the year to assess the
potential for a material change in value.
• As far as practicable, the formal valuation of the land and properties held by the Fund will be spread
across the financial year.
e. Liquidity management. The Manager will monitor the liquidity of the Fund (including availability of
liquidity from an underlying fund) and ensure sufficient liquidity to continue operations as a going concern
at all times. It is also the policy of the Manager to adopt a tiered withdrawal fee structure which, in
conjunction with limited redemption windows, manages short-term liquidity requirements. As part of its
liquidity management, the Fund reserves the right to refuse to accept or to reduce an investors application
where it, or the Wholesale Portfolio, is carrying excess liquidity and the Wholesale Portfolio does not have
an opportunity to invest subscription money in new investments in 60 days.
6. Investment performance monitoring
The Manager will undertake a regular review (at least quarterly) of the investment performance of the Fund
relative to the Fund’s objectives, which will be reviewed by the Manager and the Investment Committee on an
annual basis.
7. Investment strategy and SIPO review
The Manager will review the Fund’s investment strategy and this SIPO at least annually.
As the Fund is a long-term investment, it is not expected that the investment objectives and expectations in
the SIPO will necessarily change frequently or annually. Short term changes in Fund returns should not
generally lead to an adjustment in investment objectives or expectations.
The Fund’s investment strategy and SIPO may be reviewed at any time should the Manager deem it necessary,
for events such as where:
• New legislation affects investment requirements.
• Fundamental changes in the long term social, political or economic environment suggest a change in
investment principles and expectations.
• A significant change occurs to the underlying demographics of the Fund.
• New types of investment opportunities require consideration for inclusion in the Fund.
• The Fund’s competitive or market position has implications for investors’ assets and/or liquidity.
Any changes to the investment strategy or this SIPO will firstly be approved by the Manager’s Investment
Committee. Once approved, the Manager will consult with the Supervisor and give them written notice of any
changes before they take effect. The current version of the SIPO for the Fund is available on the scheme
register at www.disclose-register.companiesoffice.govt.nz. Any material changes to the SIPO will be advised
in the Booster Investment Scheme 2 annual report, also available on the scheme register.