PLP – Quarterly Client Update

PLP – Quarterly Client Update – 30 September 2021

20 October 2021

Booster Investment Management Limited as Manager of the Fund (the Manager), has provided a copy of
the Quarterly Client Update for the quarter ended 30 September 2021.

For further information regarding the Private Land and Property Fund visit
www.booster.co.nz/booster-
investments/private-land-and-property-fund




For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300


About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of
the Booster Group which has been helping New Zealanders save since 1998. The group currently
administers superannuation and investment funds of over $4.5 billion on behalf of more than 130,000
New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in
units in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement, please visit
www.booster.co.nz

Booster Investment Scheme 2
Private Land and Property Fund

Update as at 30 September 2021

1
v
Overview & Performance
The Private Land and Property Fund
1
has a portfolio of
investments covering horticulture and viticulture located around
New Zealand. Income is earned from either leasing the land or
selling crops.
This year the Fund has produced positive returns for investors
with a combination of income and capital growth.
Income distributions are made quarterly, and the annualised cash
yield before tax is 2.5%. Including both income and capital growth
the total return for the year to September 2021 before tax and
after fees was 15.9% and since inception 10.6%.
The Gross Equivalent Return of 22.5% assumes a before tax and
fees return for an investor on a tax rate of 33%.
The Fund aims to generate an annual long-term return of 6.5%
p.a. (before tax and after fees) over rolling seven-year periods.
Demand for reliable and regular income from an investment
portfolio is strong. In today’s market, punctuated by volatility
and ultra-low interest rates, satisfying income and lifestyle needs
is challenging.
While investing in property is not without risk, an exposure to this
investment category is worthy of further consideration.
As at the end of September, the Private Land and Property
Portfolio (PLPP) has property related assets of over $98.4m,
which after debt has a net asset value of over $86.4m
Portfolio activity
Over the quarter, it was pleasing to see that three properties
received a revaluation uplift.
Property Increase in valuation
Barewood $1,593,000
Flemings $165,000
Upton Downs $1,308,000
Total $3,066,000

During the quarter the commercial loan facility of $6,540,000
was repaid to the ANZ. There are now no undrawn facilities.


1 PLPF invests through the Private Land and Property Portfolio (PLPP).
Portfolio risk assessment
Labour shortages and supply disruptions have been a challenge
for primary producers and exporters over the last year. So far, our
lessees have navigated these challenges well, but another
widespread COVID-19 outbreak, and extended border closures
are ever present risks.
Labour constraints are unlikely to ease in the short term as
borders are restricted. Fortunately, the grape and hop varieties
we produce are less labour intensive than some other varieties.
We regularly monitor the tenant’s financial situation across our
property holdings. The key tenants are:
Booster Wine Group (BWG).
BWG continues to produce
income sufficient to cover their obligations. Also, BWG has
shareholders who have demonstrated ongoing support of the
business.
Seeka – Kerikeri kiwifruit orchard – recent results show the
business’ resilience considering the Covid-19 challenges for
primary producers and exporters. We currently don’t see any
impact on Seeka’s ability to meet lease obligations.
Waimea West Hops (WWH) - Since acquisition during the
FY21 harvest in March, WWH continues to roll out its expansion
plans as expected. The Teapot Valley site was settled and the
development of what will eventually be 34 planted hectares has
begun with development of the first 7 hectares. Roughly half that
will be planted immediately and development of the balance
continues with the 34 planned hectares on the site more than
doubling current plantings. The new site will be focussed on three
higher value varietals including the new Nectaron hop. In parallel,
an equipment supplier has been chosen for the new processing
facility build which is planned to be operational for the 2023
harvest. The enlarged 2022 harvest will still be processed through
the existing plant.
Investment pipeline
Current investment opportunities are being assessed over
horticultural and agricultural land. Any further updates will be
provided separately to this report.

Booster Investment Scheme 2
Private Land and Property Fund

Update as at 30 September 2021


Disclaimer This document is for information purposes only. The information is derived from sources believed to be accurate as at the dat e 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 (Fund). None of Booster, Public Trust, or any director, board member or nominee of any of those entities, or any other person, guarantees the Fund’s performance, returns or
repayment of capital. The Fund’s Product Disclosure Statement is available at www.booster.co.nz or by contacting your financial adviser or by calling Booster on 0800 336 338.
2
v
Private Land and Property Portfolio (PLPP)


Private Land and Property Fund (PLPF)


*All figures are after fees. Please see the Product Disclosure Statement for further details. The Equivalent Return is the rate of return you would need to have achieved
from a similar non-PIE investment in order to obtain the same after tax return as PLPF, based on a PIR of 28% and an income tax rate of either 30%, 33% or 39%, and
assuming the return received was fully taxable.

2 Gross Asset Value comprises the net asset value of the investments held and the drawn portion of the ANZ loan facility.
3 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 th e PLPP to affect its gearing strategy which results in ANZ
holding a security interest over a portion of the assets held by the PLPP.
4 Returns prior to the PLPF inception date are based on the underlying wholesale PLPP return. Past performance is not an indicator of future performance.
Fund Size
(net asset value)
$86.4 million
Gross Asset Value
2
$98.4 million
Inception Date 13/06/2017
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
Gearing ratio 12.4%
PLPP Investment Holdings
3

$ %
Vineyard property in Awatere Valley,
Marlborough
$22.2m 22.5%
Kiwifruit Orchard property in Kerikeri,
Northland
$20.4m 20.8%
Vineyard Property in Hope, Nelson $15.9m 16.2%
Vineyard property in Hawke's Bay $8.0m 8.1%
Waimea West Hops, Brightwater, Nelson $7.6m 7.7%
Vineyard property in Mahana, Nelson $4.1m 4.2%
NZ Cash (BNZ Bank Trust Account) $20.2m 20.5%
Total $98.4m 100%
Fund Size
(net asset value)
$86.8 million
Inception Date 7/01/2019
Manager Booster Investment Management Limited
Supervisor Public Trust
Fund Type Portfolio Investment Entity (PIE)
PLPF Performance as at 30 September 2021
4


Before
Tax
After Tax at
28%
Equivalent
Return at 30%*
Equivalent
Return at 33%*
Equivalent
Return at 39%*
Last month 0.5% 0.5% 0.7% 0.7% 0.8%
Last 3 months 5.0% 4.8% 6.9% 7.2% 7.9%
Last 6 months 11.4% 11.1% 15.9% 16.6% 18.2%
Last 12 months 15.9% 15.1% 21.6% 22.5% 24.8%
Last 2 years (p.a.)
4
11.0% 10.0% 14.3% 14.9% 16.4%
Last 3 years (p.a.)
4
10.5% 9.4% 13.4% 14.0% 15.4%
Since Inception 13/06/2017 (p.a.)
4
10.6% 9.6% 13.7% 14.3% 15.7%