PLP Climate Statements

Private Land and
Property Fund
Booster Investment Management Limited is the issuer and manager of the Booster Investment Scheme 2 and its sole fund
the Private Land and Property Fund
Climate Statements 2024
A fund of Booster Investment Scheme 2

Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 20242
Introduction
Opening remarks
Booster Investment Management Limited (Booster, we) as manager of the Booster Investment Scheme 2 is responsible for
preparing and lodging climate statements for the Fund. These climate statements constitute the first disclosures prepared
by Booster for the Fund under the new Aotearoa New Zealand Climate Standards. Reflecting on the experience of preparing
these climate statements, and in evolving business processes to better support climate considerations, Booster realises that
we are on a journey, as we believe is much of the broader industry. Availability of data including for estimated greenhouse gas
emissions (GHG emissions) for directly held property and investee entities is incomplete, and with New Zealand being among
the first countries to require climate reporting (in a comparable way to) the New Zealand requirements under the Financial
Markets Conduct Act 2013 (FMC Act), we have found that the climate-data industry is not yet at a preferred level of maturity
and continues to evolve. These climate statements should be read with these challenges and limitations in mind.
In recognition of such constraints, challenges and ongoing work, Booster has elected to use the following adoption provisions
contained in NZ CS 2 Adoption of Aotearoa New Zealand Climate Standards which exempt Booster from disclosing:
1.
Adoption provision 1: Current financial impacts of physical and transition impacts identified
2.
Adoption provision 2: Anticipated financial impacts of climate-related risks and opportunities
3.
Adoption provision 3:
The transition plan aspects of its strategy, instead describing current progress
4. Adoption provision 6: Comparative information for metrics
5. Adoption provision 7: An analysis of the main trends for metrics
The Directors present the climate statements for the Funds for the year ended 31 March 2024. These climate statements
comply with Aotearoa New Zealand Climate Standards (NZ CS) issued by the External Reporting Board (XRB).
Signed for and on behalf of the Board on 30 July 2024.
This document includes the climate statements for
the following fund within the Booster Investment
Scheme 2: the Private Land and Property Fund
(Fund).
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), a fund established
under the Booster Investment Series Trust Deed. The
Wholesale Portfolio invests directly in the underlying
property investments. As the Fund is the only
investor in the Wholesale Portfolio, and the Fund
was invested in nothing but units in the Wholesale
Portfolio and a small amount of cash (as at both 31
March 2024 and the date these climate statements
have been finalised), these climate statements
also provide relevant disclosure for the Wholesale
Portfolio.
Funds included within this document
John Selby
Director (Chairman)
Allan Yeo
Managing Director

Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 20243
The following disclosure objectives relating to the Aotearoa New Zealand
Climate Standard 1 (NZ CS 1) are covered within this climate-related disclosure:
Page 4Page 7Page 15Page 16
Table of Contents
3.0 Risk Management
Enable Investors to understand how
an entity’s climate-related risks are
identified, assessed, and managed and
how those processes are integrated
into existing risk management
processes.
1.0 Governance
Enable existing and potential
investors in the Funds (Investors) to
understand both the role an entity’s
governance body plays in overseeing
climate-related risks and climate-
related opportunities, and the role
management plays in assessing and
managing those climate-related risks
and opportunities.
2.0 Strategy
Enable Investors to understand how
climate change is currently impacting
an entity and how it may do so in the
future. This includes the scenario
analysis an entity has undertaken, the
climate-related risks and opportunities
an entity has identified, the anticipated
impacts and financial impacts of these,
and how an entity will position itself
as the global and domestic economy
transitions towards a low-emissions,
climate-resilient future.
4.0 Metrics and Targets
Enable Investors to understand how
an entity measures and manages its
climate-related risks and opportunities.
Metrics and targets also provide a basis
upon which Investors can compare
entities within a sector or industry.

Governance4Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
This section discusses how Booster oversees, assesses and manages climate-
related risks and opportunities in relation to the Fund / the assets of the Fund.
1.0 Governance
1.1 Who does what at Booster?
There are a number of roles and responsibilities within
Booster that are relevant to the oversight and management of
climate-related risks and opportunities in relation to the Fund.
The Board
The Board of Booster (the ‘Board’), which meets at least
quarterly, has ultimate responsibility for and oversight
of investment management. This includes oversight of
how climate-related risks and opportunities (and other
risks and opportunities) are considered as part of the
management of the assets of the Funds. The Board has
delegated key responsibilities related to investment
management to the Booster Investment Committee
(Investment Committee) and receives at least quarterly
reporting from the Investment Committee to enable
its oversight of investment management. From 2024,
reporting from the Investment Committee includes a
report on climate-related risks and opportunities including
metrics and targets (where relevant) at least annually.
See also the Risk Management section which discusses
how the Booster Group Risk Management Framework
links in with climate-related risks and opportunities.
Booster Investment Committee
The Investment Committee usually meets bi-monthly,
or more frequently if required, and is responsible for the
management and monitoring of investment management
for the funds Booster offers, including the Private Land and
Property Fund, supporting Board oversight, including relating
to climate-related risks and opportunities. This includes:
• Approving investment recommendations including
strategic portfolio settings, changes to investment
philosophy and strategic portfolio structures, with
material changes subject to approval by the Board.
• Approving investment-related policies including the
Approach to Responsible Investing Policy (RI Policy),
which outlines Booster’s approach to considering
Environmental (including Climate-related) risks,
Social and Governance risks in portfolios, with
material changes subject to approval by the Board.
• Monitoring ongoing compliance with Statements
of Investment Policy and Objectives (SIPOs) via
assurance reports from sub-committees.
• Approving recommendations from the
Responsible Investment Committee.
The Investment Committee utilises sub-committees to
support this work, including the Private Land and Property
Investment Committee (see below), which is responsible
for monitoring climate-related risks and opportunities in
respect of the Fund’s underlying investments which are
housed in the Wholesale Portfolio. The Booster Investment
Committee retains oversight of the Private Land and Property
Investment Committee by way of quarterly reporting.
The Portfolio Management Team is primarily responsible
for the preparation of material for the relevant committees.
Other Booster staff prepare material as required.
Private Land and Property Investment Committee
The Private Land and Property Investment Committee
(PLP Investment Committee) meets quarterly to
formally monitor and discuss the Fund and the Wholesale
Portfolio’s activities, risks and compliance. This includes
considering climate-related factors at least annually.
PLP Investment Committee’s responsibilities include:
• Approving investment recommendations and monitoring
investment selection criteria and the application of this
criteria in the investment recommendation process.
• Monitoring ongoing compliance with the
Private Land and Property Fund’s SIPO.
• Reviewing the overall performance and management
of the fund (including consideration of Environmental,
Social and Governance related matters where relevant).
• Regular reporting to the Booster Investment
Committee (and Board as requested).

Governance5Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Note – Booster’s parent company Booster Financial Services Limited (BFSL) and Booster have entered into a services agreement
whereby BFSL provides services and support for Booster, including employing all Booster Group staff. For simplicity this has not been
included in the above diagram.
Portfolio Management Team
The Portfolio Management Team, headed by the Chief
Investment Officer, has responsibility for the day-to-day
management of investment matters related to the Funds.
This includes integrating ESG matters such as climate-
related considerations into decision making as outlined
in Booster’s Approach to Responsible Investment Policy
or as discussed in this document. Oversight is performed
by the Booster Investment Committee utilising the
Responsible Investment Committee and specialist
committees for unlisted investment funds where these
form part of fund strategy. Executive management (which
includes two members of the Board) maintain general
oversight of the Portfolio Management Team and the
Chief Investment Officer reports to this Executive Office.
Risk & Compliance
Audit Risk and
Compliance Committee
Executive/Senior
Management
Portfolio Management
Team
Private Land and
Property Committee
Booster Investment
Mangement Limited
(BIML) Board
Booster Investment
Committee (BIC)

Governance6Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
1.2 Skills and competencies
To ensure that the Board has the appropriate skills and
competencies to function as an effective board, it has
adopted a fitness analysis matrix which is considered annually.
Funds management, which includes consideration of risks
and opportunities including in the ESG space relating to
investment management, is noted as one of the key skillsets.
To support the continued development of knowledge, the
Board participates in ‘deep dive’ sessions focusing on a
range of topics, with climate related disclosures having
been covered during 2024 (post balance date). Board
members also develop experience through their executive
roles, including for some on investment committees,
or their governance roles at other organisations.
Appointments to the Investment Committee are subject to
consultation with the Board, which includes consideration
of relevant skillsets. To ensure appropriate skills and
competencies are available to oversee, manage and monitor
climate risks and opportunities in relation to investment
management, the PLP Investment Committee and the
Portfolio Management Team support the Investment
Committee, which in turn supports the Board, by:
• Monitoring developments in sectors relevant to climate-
related risks and opportunities which are directly
applicable to the investments within the Wholesale
Portfolio. This includes reviewing sustainability
reports produced by industry bodies or members,
consideration of impacts from changes in relevant
legislation and engagement with other relevant parties
on relevant industry changes and or/developments;
• Encouraging the Portfolio Management Team
to undergo regular training / research to
support the performance of their roles;
• Three members of the PLP Investment Committee
are members of the Booster Investment
Committee, while three members are also
members of the Portfolio Management Team;
• Commissioning of external expert reports, in-
depth valuation reports, and engaging directly with
management of relevant companies (e.g. tenants
/ operators of properties owned by the Wholesale
Portfolio) which may include assessments of or
information regarding climate-related risks and
opportunities when required for unlisted investments
1.3 Integrating climate into investment strategy
The Investment Committee has delegated the responsibility
for overseeing the implementation of the investment
management strategy for the Fund and the Wholesale
Portfolio to the PLP Investment Committee. Investment
management is multifaceted, with risk management being
a component. As part of this, climate-related factors are
monitored by the PLP Investment Committee at least annually.
In addition to this, the Investment Committee
has developed, and the Board has approved, key
approaches to investment strategy in relation to
climate matters. Key approaches of note include:
• Booster takes a holistic view of risks and
opportunities that are relevant to portfolios and
their investments. Climate-related risks and
opportunities are an important consideration but
are considered proportionately alongside other risks
and opportunities depending on their materiality.
• Relevant risks (which may include climate-related
risks) are considered as part of due diligence for new
investments. Risks (including climate-related risks)
are managed through both geographic and property
end use diversity and use of leases to help manage
income volatility. We may also consider alternate uses
for a property in due diligence, where applicable.
• Consistent with the Fund’s long-term approach, we
take an active interest in being a good steward of land,
without compromising the Fund’s investment objective.
1.4 Metrics and targets
As part of considering and approving the key approaches
to investment strategy in relation to climate matters, the
Investment Committee and the Board consider the type
of targets (if any) that should be adopted to support the
implementation of the investment strategy in relation to
climate matters. The setting of specific targets is delegated
to the Investment Committee, which may draw on
considerations from the individual committees for Booster’s
specialised unlisted investment funds where relevant.
Taking into account the structure of the Fund and the
Wholesale Portfolio and the nature of the underlying
investments, no climate-related targets have been
adopted for the Fund or the Wholesale Portfolio.
The PLP Investment Committee will monitor climate-related
metrics relevant to the Fund (including Greenhouse Gas
(GHG) emissions) at least annually. These matters will be
reported to the Investment Committee at least annually and
the Investment Committee in turn will report to the Board
on these matters at least annually as outlined above.
Booster’s approach to overall staff remuneration takes
into account a range of factors, including contribution
to overall business objectives, customer and adviser
servicing, productivity, and contribution to the delivery
of solutions and portfolios for clients. Contribution to
responsible investing and ESG elements of strategy
(including climate-related matters) are part of the
overall consideration where relevant to the role.

Strategy7Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
2.0 Strategy
2.1 Current climate-related
impacts on the Funds
1

Climate-related impacts on the Funds can arise from
two types of risks – physical risk and transitional
risk which are explained further down.
The Fund is diversified in its property holdings across a
range of property end uses (e.g. utilised for different crop
types) and regions in New Zealand. This diversification
helps mitigate the risk of any single event or investment
impacting the Fund, including specific disproportionate
climate-related risks. A number of the underlying
investments are leased which helps to manage income
volatility, and alternate uses for an investment is often
considered in due diligence, where applicable.
As discussed below, physical and transition risks may
impact the underlying investments of the Fund. An
important way in which any such impact may then impact
the Fund is via impacts on the value of or return on those
underlying investments (which would then impact on
the returns of the Fund). However, the possibility and
materiality of such an impact varies across different
investments. See 2.4 Anticipated impacts of climate-related
risks and opportunities for details of impacts that may
be affecting the underlying investments of the Fund.
Physical risk impacts on the Funds
Physical risks are risks related to the physical impacts of
climate change. Physical risks emanating from climate
change can be event-driven such as increased severity of
extreme weather events. They can also relate to longer-
term shifts in precipitation and temperature, increased
variability in weather patterns, and sea level rise.
There have been prominent occurrences of severe weather
events over the last couple of years, particularly Cyclone
Gabrielle which has directly impacted several properties
held by the Fund (via the wholesale Portfolio), including
its Hawkes Bay vineyards and citrus orchard in Gisborne.
Whilst these weather events directly impacted yields of
those crops which are harvested early in the period there
have been lingering effects with some plantings taking
time to fully recover and other remedial work required.
We note that the majority of properties are leased which
reduces the direct impact on the Fund from these weather
events. Frost events have also impacted the Marlborough
vineyards where the Fund is exposed to crop risk.
Transitional risk impacts on the Funds
Transitional risks are risks related to the transition to
a low-emissions, climate-resilient global and domestic
economy, such as policy, legal, technology, market and
reputation changes associated with the mitigation and
adaptation requirements relating to climate change.
Whilst there has been uncertainty around the changes
in regulations related to emissions for agriculture
and other primary industries, we have not identified
any material current impacts on the Fund from
transition risk during the reporting period.
2.2 Scenario analysis
To better understand the climate-related risks and
opportunities that might arise for the Funds over the
short (1-3 years ending 2025), medium (5-10 years ending
2030) and long-term (30 plus years ending 2050+),
a scenario analysis exercise has been undertaken.
Three different climate scenarios, each representing
an alternative potential future, were considered.
1
Booster has elected to apply adoption provision 1 of NZ CS 2. This exempts it from disclosing in its first reporting period the
current financial impacts of the physical and transition impacts identified.
Climate scenarios - summary
• Orderly: represents collective action towards
a low carbon global economy resulting in
an average global temperature increase of
approximately 1.5 degrees Celsius above pre-
industrial (1850-1900) levels by 2100;
• Too little too late: represents a misaligned and
delayed transition to a low carbon global economy,
resulting in an average global temperature
increase of greater than 2 degrees Celsius above
pre-industrial (1850-1900) levels by 2100;
• Hothouse: represents minimal action towards
a low carbon global transition, resulting in
an average global temperature increase of
greater than 3 degrees Celsius above pre-
industrial (1850-1900) levels by 2100.
See the table below for more details regarding each
scenario.

Strategy8Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Process undertaken – scenario construction
Booster has utilised the collation of climate scenario
narratives (Scenario Narratives) developed for Financial
Services Council of New Zealand (FSC) and Boutique
Investment Group (BIG) members in a process (see
Figure 1 in appendix) supported by Ernst & Young (EY).
The Scenario Narratives were collated in a report titled
‘Climate Scenario Narratives for the Financial Services
Sector’ dated June 2023 (Scenario Narratives Report).
The Scenario Narratives were developed
following a process which included:
1. Stakeholder engagement: Workshops were held
including industry members to introduce topics
and discuss options. Working groups were used to
gain consensus on key decisions via vote. A steering
committee was formed to determine the direction of
the project and track project timelines, delivery outputs
and stakeholder satisfaction. External stakeholders
(FMA, XRB, NZBA, Insurance Council of New Zealand
etc) were engaged throughout the project.
2. Determination of scope: This included determining key
climate related risk categories and time-horizons.
3. Identification of driving forces: An analysis of key social,
technological, environmental, economic and policy
driving forces was undertaken. The most appropriate
scenarios that aligned with these drivers were identified.
4. Selection of scenarios & pathways: The scenarios were
presented to the working group and key climate-related
risks, impacts and opportunities were identified.
5. Drafting narratives & quality control including
incorporating feedback from stakeholders.
6. Use of credible sources: underlying assumptions used
to create the various scenarios based on credible
information produced by reputable sources such
as the New Zealand Climate Change Commission
(NZCCC), the Intergovernmental Panel on Climate
Change (IPCC), the Network for Greening the
Financial System (NGFS) and the National Institute
of Water and Atmospheric Research (NIWA).
Data sources for the Scenario Narratives
External stakeholders that have been involved include:
Orderly 1.5 ̊C Too Little Too Late >2 ̊CHothouse >3 ̊C
• NGFS, 2023
• NIWA, 2023
• IPCC 2021, 2022
• NZCCC, 2021
• NGFS, 2023
• NIWA, 2023
• IPCC, 2021
• Nazarenko, 2022
• IPCC 2021
• NIWA, 2023
• MfE, 2017, 2018
• NASA, 2023
Orderly 1.5 ̊C Too Little Too Late >2 ̊CHothouse >3 ̊C
• Broadly representative of an
approximately 1.5°C increase
therefore meeting the NZ CS
scenario requirement
• Broadly aligns with the stated goal
of the Paris Agreement to pursue
efforts to limit temperature increase
to no more than 1.5°C above pre-
industrial levels.
• Is a commonly used scenario that will
help with comparability with other
funds managers in New Zealand.
• Meets the NZ CS requirement for a
third climate-related scenario.
• Balanced between the orderly and
hothouse scenarios, representing
imperfect efforts (misaligned and
delayed) to cut GHG emissions.
• Is potentially a commonly used
scenario that will help with
comparability with other funds
managers in New Zealand.
• Meets the NZ CS requirement
for a >3°C aligned scenario.
• Most likely to eventuate if
society does not make concerted
efforts to cut GHG emissions.
• Is a commonly used scenario that will
help with comparability with other
funds managers in New Zealand.
• Industry participants
• Financial Markets Authority
• Reserve Bank of New Zealand
• External Reporting Board
• Ministry for Environment
• New Zealand Bankers’ Association
• Insurance Council of New Zealand
• Responsible Investment Association of Australasia
• Corporate Trustees Association
• Investor Group on Climate Change
• United Nations Principles for Responsible Investment
• Centre for Sustainable Finance
Booster has considered if the scenarios are appropriate to support our understanding of climate-related risks and opportunities
that might arise for the Funds and how that relates to Booster’s investment management approach. This process included the
matter being reported to the Investment Committee and Board (aspects of which occurred after balance date). Below are some
of the reasons why Booster considers the scenarios presented are appropriate.

Strategy9Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Scenarios in detail
The three scenarios consider short, medium and long term time horizons and account for how relevant social, technological, environmental, economic and policy related driving forces would
drive plausible future impacts. In addition to considering the outcomes of the drivers, the drivers themselves have also been something Booster has found helpful when consdiering how future
climate related risks and opportunities could evolve.
Orderly: Approximately 1.5 ̊C Too Little Too Late: >2 ̊CHothouse: >3 ̊C
The Orderly scenario represents coordinated and timely global
action to prevent the worst predicted impacts of climate change.
Emissions reduce steadily in a manner that is consistent with
achieving a net zero goal by 2050. As a result, global average
temperatures increase to 1.4°C (min 1, max 1.8) above pre-industrial
(1850-1900) levels. This will help to minimise the increase in severity
of extreme weather events.
A key driving force is that society puts pressure on entities to
decarbonise. There is a concerted change in behaviour including
preference changes towards low emissions products or services,
climate activism, and negative media attention oriented towards
entities with a lack of appropriate action towards climate change
and/ or greenwashing allegations.
This is accompanied by progressive policy globally, such as the
implementation of emissions reduction requirements, mandatory
climate-related reporting, emissions trading schemes, stringent
carbon prices, carbon taxes (including border adjustments) and an
increase in legislation that bans emissions-intensive activities.
An increase in research and development will occur resulting in
a rapid uptake of existing low-emissions and emission abatement
technologies across all sectors. There is increased electrification
of transportation and a high proportion of renewable electricity
generation.
Overall, the global economy benefits from the stable transition to a
low carbon economy. All countries face internal challenges brought
by transformational change to their economies, including job losses
and skill shortages. However, these issues are managed effectively
with the help of a stable climate, economy, and international
relations.
The rate of physical risk remains relatively low in this scenario.
Transition risks initially increase in the short and medium term before
reducing as society shifts to a low carbon economy. Short term
transition risk is more pronounced for entities that are more exposed
to emission intensive sectors and slow to transition.
This scenario represents a misaligned and delayed transition to a low
carbon economy. Some countries action the transition to net zero
by 2050. Others delay, introducing accelerated efforts to address
climate change by mid-century. Emissions reduce gradually and are
still significantly higher than zero by 2050. As a result, global average
temperatures reach 2.7°C (min 2.1, max 3.5) above pre-industrial
(1850-1900) levels by 2100.
Globally, precipitation fluctuations will lead to increased incidence
of drought and floods. The Artic, North America, Europe, and Asia
experience warming of twice the global average by 2050. New
Zealand experiences an increased frequency of extreme weather
events in the long term, including a significant increase in the
number of hot days, a 10% decrease in precipitation, and increased
drought. Coastal areas worldwide are projected to face increased
risk from storm surges, flooding, and sea level rise.
Societal pressure to decarbonise is more varied across regions
and inequities will increase for the world’s more marginalised
nations. There is an increase in geopolitical tensions with increased
challenges in agriculture, food security and water availability.
Most developed countries implement climate policy early while
other parts of the world align climate policy only from mid-century.
There is a more moderate level of carbon pricing.
There is delayed development of low emissions and emissions
abatement technology. Progress on electrification and renewables
will be slower than the Orderly scenario.
Changes come too late to prevent wide ranging acute and chronic
physical climate impacts. The global economy is likely to suffer
significant financial impacts. There is a lower standard of living for
many across the globe. Extreme weather events and gradual weather
changes such as temperature and precipitation levels are likely to
pressure revenue and increase costs for some sectors.
The rate of physical risk climbs steadily out to the long term.
Transition risk increases rapidly in the short term, plateau in the
medium term, and increase again in the long term due to increased
global action and the emergence of new technologies facilitating
decarbonisation.
The Hothouse scenario represents minimal action towards a low
carbon global transition with little shift in social and political traction
towards a low emissions future. Emissions reduce very gradually
and fall well short of net zero. As a result, the global average
temperature reaches 4.4°C (min 3.3, max 5.7) above pre-industrial
(1850-1900) levels by 2100. Transition risk is limited but there is a
significant materialisation of acute and chronic physical risks. The
rate of physical risk increases exponentially out to the long term.
Environmental outcomes are more severe, coastal areas worldwide
will face increased risk from storm surges, flooding, and sea
level rise. Regions at high latitudes will have the most significant
temperature increases, with warming forecast to be three times the
global average by 2050. Regions that are already prone to water
stress, see increased frequency and intensity of both droughts
and floods. Coastal areas worldwide will face increased risk from
storm surges, flooding and sea level rise. There will be variability
increases across New Zealand, with some regions seeing a 40%
increase in precipitation, and others an increase in drought intensity.
There is limited behaviour change or social pressure to drive
decarbonisation globally. The focus on global growth by any means
necessary drives higher rates of economic inequality, increasing
political instability and geopolitical tensions around the world.
Early adopters of progressive climate policy reverse,
revoke or otherwise roll back climate policies. Others
pause further development and implementation of climate
policies currently under development. Global carbon
prices and investment in adaptation is minimal.
There is an overall lack of technological change to support emissions
reduction. By 2050, fossil fuels continue to be the dominant source of
primary energy, even after accounting for current technology trends.
The global economy is likely to see surmounting costs from
increasingly pervasive chronic physical impacts. Risk increases
exponentially out to the long term. Acute physical risk
events will result in widespread displacement and reduced
productivity. Financial impacts are felt across all economies,
impacting on individuals, businesses, and governments.
Source: Scenario Narratives report.

Strategy10Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
2.3 Risks and Opportunities
Climate-related risks and opportunities (both physical and transitional) for the Fund have been identified over the short,
medium, and long term. These are outlined below, along with how we define short, medium and long term and how those
periods align with the Booster’s investment management activities, and how the risks and opportunities will be considered in
investment management decisions.
Short term: 1 to 3 years
As part of Booster’s stewardship activities, we engage with
operating entities and lessees to promote better disclosure
and periodic monitoring of metrics (including certain
climate-related metrics where relevant) is undertaken.
There may be development opportunities on existing
properties to reduce emissions and improve sustainability
over the short term.
Medium term: 5 to 10 years
A number of the activities outlined in the short and long-
term time horizons are also relevant for this timeframe,
for example, operating entities and lessee engagements,
property development opportunities, changes to the use
of certain properties and strategic allocation decisions.
In addition, Booster’s key investment management
documentation (Statement of Investment Performance and
Objectives, Approach to Responsible Investment Policy)
is generally reviewed within the short-term horizon, but
substantive change is infrequent and so it more relevantly
referenced in this timeframe.
Long term: over 30 years
Over the long term, the composition of the portfolio
will be assessed with reference to the objectives of the
Fund. Consideration will also include alternate uses of
investments within the portfolio.
Climate-related risks and opportunities identified
It is worth considering climate matters by sector and region to inform on climate-related risks and opportunities for the Fund.
The Fund’s exposures are diversified across different property end uses (sectors) and regions. Each of these sectors may be
subject to opportunities which will become more apparent over time as a particular scenario eventuates. Details on investments
held within the fund and their weight can be found in the Other Material Information document available at booster.co.nz or
the full list of holdings available in offer register at disclose-register.companiesoffice.govt.nz.
Process undertaken – analysis of scenarios
The Scenario Narratives include not only scenarios and assumptions, but also an impact assessment on different
sectors and asset classes. Booster has utilised the scenarios to consider the resilience of its investment philosophy and
strategy. This process included an analysis paper and has included reporting to the Investment Committee and Board
(aspects of which occurred after the balance date). The scenario analysis was undertaken as a stand-alone activity.
Time horizons and investment management decision making

Strategy11Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
CategoryClimate driverOpportunity
Physical and transitionIntegrate climate-risks into investment decisionsOpportunity to increase alignment of investments with the
transition to a low carbon economy and to ensure investments are
resilient to the physical and transition effects of climate change.
Sector (end use of
property)
Physical RiskTransition RiskBoth
Viticulture• Impacts and crop quality and yields
• Damage to crop, land or buildings
• Disruption to grape processing operations at wineries
• Stakeholder preferences (including customer, investor, and employee).
• Regulatory/ policy impacts
• Increased carbon price
• Litigation risk
• Adoption/ implementation
• Stranded assets
(vineyards, wineries)
Horticulture• Impacts on crop quality and yields
• Damage to crop, land or buildings
• Stakeholder preferences (including customer, investor, and employee).
• Regulatory/ policy impacts
• Increased carbon price
• Litigation risk
• Adoption/ implementation
• Stranded assets
(orchards)
Dairy• Impacts on pasture quality and yields
• Damage to stock, land or buildings
• Stakeholder preferences (including customer, investor, and employee)
• Regulatory/ policy impacts
• Increased carbon price
• Litigation risk
• Adoption/ implementation
• Stranded assets
(farms, manufacturing
plants)
Opportunities for the Funds
Climate-related Risks by Sector
Source: Scenario Narratives report.
Source: Scenario Narratives report.

Strategy12Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Source: Scenario Narratives Report.
Climate-Related Risks by Region
New Zealand
PhysicalWildfires
Water stress and drought
Sea level rise
Flood
Increase in mean temperature
Physical risk impacting government
Migration driven by
physical climate perils
Political unrest driven by
physical climate perils
TransitionSlow transition
International markets shift away
from emissions intensive sectors
Transition risk impacting government
Poor climate policies and commitments
Large amount of policy intervention

Strategy13Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
How physical and transition risks could impact property and land investments generally
Impact to Asset Type
Property and Land • Increase in capital and operational expenditure likely to impact yearly
profitability, decreasing ability to pay distributions.
• Increased variability in crop yields reducing the returns from properties, increasing the credit
risk on lessees and property managers thereby reducing the ability to pay distributions.
• Increase in interest repayments coupled with increase in stranded assets can
increase debt risk and foreclosure as a result of overleveraging.
• Decrease in book value.
• Increased difficulty to sell assets.
• Increase in volatility in the property/land markets and revenue due to climate events, increasing costs
and higher risks of fluctuating factors such as interest rates and capital requirements for banks.
Source: Scenario Narratives Report.
How we consider climate-related risks and opportunities in investment management
• Relevant climate-related risks may be considered as part of due diligence for new investments (alongside a
range of other factors), proportionate to the investment’s wider risks and merits. Climate-related risks may be
considered, or climate-related information included in valuations and geotechnical reports where appropriate.
• Risks (including climate-related risks) are further managed through both geographic and property end use diversity.

Strategy14Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
2.4 Anticipated impacts of climate-
related risks and opportunities
2
Physical and transition risks are discussed by property end
use above, along with possible impacts from those risks.
How these risks are expected to then impact the underlying
investments in the Fund depends on the specific holdings of
the Fund at a point in time, and how (or if) a particular holding
is also impacted. Details of the underlying investments in
the Fund can be found in the Other Material Information
document available at booster.co.nz. The possible impacts
outlined may not eventuate due to the uncertainty of climate-
related forecasting, Booster’s management of the Fund,
and mitigating actions taken by the Fund, investee entities
or on the Fund’s behalf by operating entities or lessees.
In addition, it is important to reiterate the Fund is diversified
across a number of regions in New Zealand as well as a
number of end property uses (e.g. crop types). As at 31
March 2024 approximately 42% of the Fund is invested in
viticulture properties, spread across Marlborough, Nelson/
Tasman and Hawke’s Bay; 23% is invested in Dairy Farms
in Southland with 33% invested in horticulture properties
across Northland (kiwifruit and avocados), Gisborne
(citrus), Bay of Plenty (kiwifruit and avocados) and Nelson
(hops). This diversification across both property usage
and regions in New Zealand helps to reduce exposure to
idiosyncratic physical and transition impacts in addition
to other risk factors. Further to this the Fund has added
additional diversity post balance date with an investment
in a warehouse facility located in Christchurch which will
represent approximately 31% of the fund’s property assets.
2.5 Booster’s investment management
approach and the climate-transition
3
Booster’s investment management approach
Booster was founded over 25 years ago by a handful of
industry experts who felt there was a better way to help New
Zealanders look after their money. We’ve grown a lot since
then, but our mission is still the same. Whatever your financial
goals, we want to help you achieve them - whether it’s
helping you get started towards your savings goals, financial
planning and advice, or growing an investment portfolio.
The Private Land and Property Fund was set up to provide
investors with an opportunity to invest in a specialised
portfolio which consists primarily of directly held, agricultural
and horticultural land and other property investments
in New Zealand. Booster aims to invest in properties
which provide a combination of income distribution and
capital growth-based return for investors. Booster also
looks to take advantage of opportunities to add further
value for investors through pro-active management of the
properties. For information regarding Booster’s broader
investment management approach, see section 2.5 of the
2024 Booster Investment Series Climate Statements.
2
Booster has elected to apply adoption provision 2 of NZ CS 2. This exempts it from disclosing in its first reporting period the
anticipated financial impacts of climate-related risks and opportunities, and the time-horizons over which these could reasonably be
expected to occur.
3
Booster has elected to apply adoption provision 3 of NZ CS 2. This exempts it from disclosing the transition plan aspects of its
strategy, including how its business model and strategy might change to address its climate-related risks and opportunities; and the
extent to which transition plan aspects of its strategy are aligned with its internal capital deployment and funding decision-making
processes. Instead, in its first reporting period Booster provides a description of its progress towards developing the transition plan
aspects of its strategy.
Transition planning
Booster’s strategy for the investment management of the
Fund gives Booster a level of control over the investments
in the portfolio which allows transition planning to be
considered where considered appropriate to do so.
As a future scenario unfolds, it is expected the Fund
will consider climate-related risks and opportunities
(including in capital deployment decisions) to the degree
that is proportional to their contribution to outcomes
in conjunction with all other risks and opportunities.

Risk Management15Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
3.1 How we identify, assess and manage
climate-risk for the Fund
Section 2.3 Strategy – Risks and Opportunities outlines how
climate-related risks are managed in relation to the Fund.
Here we provide some additional information to help readers
further understand those processes.
The process involves:
• Portfolio Management Team – this team is responsible for
identifying, assessing, and managing ESG risk including
climate-related risk. The Portfolio Management Team has
access to various resources to inform the identification,
assessment and management of climate-related risks and
opportunities, including external expert reports and in-
depth valuation reports.
• PLP Investment Committee – the Portfolio Management
Team reports to this committee on certain climate-
related risks, and this committee monitors how they are
considered and managed in the Fund. The Committee is
reported to and meets quarterly.
• Section 1.0 – Governance outlines further details on the
different roles within Booster relevant to the management
and oversight of climate risk.
Short-term (1-3 years), medium-term (5-10 years) and long-
term (20-30+ years) time horizons are considered through
the scenario analysis process (and see section 2.2 Strategy –
Scenario Analysis for more information).
Frequency of assessment
Climate-related risks are considered as part of the ongoing
assessment of the Fund and is monitored at least annually by
the PLP Investment Committee. Scenario analysis is expected
to be reviewed annually as updated information on climate-
related risks and opportunities relevant to the underlying
investments are generally only reported on annually.
From 2024 the emissions profile of the Fund and its underlying
investments are expected to be monitored at least annually by
the PLP Investment Committee.
Tools and methods used
The tools and methods we utilise to identify and assess
climate-risk include:
• Scenario analysis as outlined in the section 2.2
• Reporting and estimates of Scope 1, 2 and 3 emissions of
underlying investments
• Carbon intensity measures
• Climate Research from external providers
• EY Research
• Stakeholder engagement
• Internal credit assessment process (usually carried out to
assess the creditworthiness of counterparties including
lessees)
• Valuation and geotechnical reports for underlying
investments
• Reporting from industry bodies and other credible
scientific research organisations
• Information gathered from disclosures and via direct
engagement with companies
• Reports from relevant industry bodies
Some of the above tools such as climate-related metrics could
be based on limited and highly uncertain data/information.
Because of this, our processes for identifying, assessing
and managing climate risk for the Fund does not fully cover
all aspects of the value-chain of the Fund, including for the
investments of the Fund. It is expected that the reliability
and availability of data will improve as climate risk reporting
becomes more mainstream.
3.2 How the above processes are integrated
with our overall risk management processes
Integration with broader investment management risk
processes
Booster takes a holistic view of risks that are relevant to the
Fund and its underlying investments. All investments involve
some type of risk. Climate-related risks are an important
consideration but are considered alongside other risks.
Section 2.3 Strategy - Risks and Opportunities outlines how
climate risks are considered within overall risk management
processes.
Integration with our Risk Management Framework
Booster Group has an approved Risk Management
Framework in place with relevant risk registers to support
the identification, assessment and management of key risks
at Booster. This framework is broader than risk management
relating to the suite of Booster funds or investment
management, however there are a number of risks that are
identified and monitored in the investment management
space – most relevantly this includes Macro Environmental
Risk - including ESG & Climate Change Factors, which cover
climate risk from a fund management perspective. Another
relevant risk is Regulatory & Other External Reporting
Management Risk – this includes coverage of the regulatory
and disclosure aspects of climate risks.
The Risk and Assurance team at Booster monitors these risks
using relevant risk metrics and undertakes regular interactions
with relevant teams internally. Regular reporting to the
Board and/or ARCC highlights the assessed residual risk and
whether this is within risk tolerance or not, and trends in the
relevant underlying metrics.
3.0 Risk Management

Metrics and Targets16Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Fund-specific metrics related to greenhouse gas (GHG)
emissions and emissions intensities are provided in the table
in section 4.4. This is our first year reporting such metrics
under the Climate Related Disclosures regime and we have
endeavoured to present useful information. There have
been a number of learnings throughout the preparation
process and there remain a number of challenges including
in the data space – measurement of emissions is not exact
and is essentially a best estimate based on methodologies
and assumptions and with significant limitations –
please read the below information with this in mind and
with reference to Appendix A where information about
methodologies, assumptions and limitations can be found.
4.1 GHG emissions information – background
GHG emissions estimates generally cover six main gas
types and are usually reported as a carbon dioxide
equivalent. GHG emissions are reported across three
scopes, based on the type of activity and where in
the climate reporting entity’s value chain that activity
took place. NZ CS1 defines the scopes as follows:
• Scope 1: Direct GHG emissions from sources owned
or controlled by the entity.
• Scope 2: Indirect GHG emissions from consumption
of purchased electricity, heat, or steam.
• Scope 3: Other indirect GHG emissions not covered
in scope 2 that occur in the value chain of
the reporting entity, including upstream
and downstream GHG emissions. Scope
3 categories are purchased goods and
services, capital goods, fuel-related and
energy-related activities, upstream
transportation and distribution, waste
generated in operations, business
travel, employee commuting, upstream
leased assets, downstream transportation
and distribution, processing of sold
products, use of sold products, end-of-life
treatment of sold products, downstream
leased assets, franchises, and investments.
4.0 Metrics and Targets
Overview of GHG emissions by scope – from the GHG Protocol:

Metrics and Targets17Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
GHG emissions for managed funds are conceptually
a little different to emissions for a corporate entity
such as Booster. The primary source of emissions for a
managed fund is usually financed emissions which are
scope 3 emissions. In this context, emissions for the
Funds can be categorised into two broad categories:
• Operational Emissions: Operational emissions relate
to a Fund’s Scope 1, Scope 2, and Scope 3 (excluding
financed emissions) emissions. As the Fund is managed
by Booster, these are broadly a Fund’s ‘share’ of Booster’s
operational emissions. Booster has determined that
the operational emissions for the Fund are immaterial
and therefore, those emissions have been omitted
from the GHG emissions presented in section 4.4
which all relate to financed emissions. In making this
determination we have considered whether emissions
from the land and property that the Fund is invested
in could be deemed to be operational emissions (for
example downstream leased assets as most of such
assets are leased), however noting that the investments
are held by the custodian of the Wholesale Portfolio
as property investments for that fund we decided that
emissions from such sources are better classified as
financed emissions. These emissions are therefore
included in our Financed Emissions inventory under the
appropriate scope for each underlying emissions source.
• Financed Emissions: This relates to the emissions that
are financed by the Fund via the investments it holds. The
Fund is allocated a ‘share’ of the emissions of each of the
entities it is invested in based on how much of that entity
it has financed. Emissions are allocated based on the
total overall value of the underlying investments which
includes both equity and debt. Therefore, emissions are
financed by both equity (e.g. shares) investments as well
as debt (e.g. bank loans). Most investments are wholly
owned by the Wholesale Portfolio and all of the emissions
we have estimated for these investments are included in
our Financed Emissions. However, for investments that
are partially owned a portion (proportional to the overall
investment ownership) of the investments’ emissions
are included in our Financed Emissions inventory. While
the Wholesale Portfolio had a bank loan which can be
considered to have financed a portion of the underlying
portfolio’s emissions, we have not reduced the Fund’s
emissions for this but are reporting the emissions
based on the gross assets in the Wholesale Portfolio to
which the Fund invests in. Where able to, we have used
reported emissions data from investee or operating
entities, and for other investments we have estimated
these emissions through the methodology outlined below.
Financed emissions are all Scope 3 emissions for the
funds but can be further categorised into Scope 1 (of
Scope 3) (representing emissions sources directly
controlled by the investee entity), Scope 2 (of Scope
3) (representing emissions from the investee entity’s
purchased energy like electricity), and Scope 3
(of Scope 3) (which encompasses other indirect
emissions across the investee entity’s supply chain).
Other points to note about GHG emissions estimates
for the Funds
• Gross Emissions: These are the estimated financed
emissions of the Fund. All else equal, a larger fund
will have higher total gross emissions than a smaller
fund, so care should be taken when comparing funds
with different sizes. As required by NZ CS1, the
estimates do not take into account any offsets.
• Emissions Intensity: This aims to address the issues of
comparability by normalising the Fund’s Gross Emissions
by the value of the investments that contributed to
those emissions. It is presented as tonnes of CO2
equivalent emissions per million New Zealand dollars
invested to better enable comparisons against other
funds as well as track how the Fund’s footprint has
changed over time. To enable as clear a comparison
as possible, we only include the value of investments
that we have emissions data for when making this
calculation so that the emissions intensity ratios are
not artificially lowered due to lack of available data.
• Estimate Quality Score: There are numerous ways
that a particular investment’s emissions could have
been derived, with varying degrees of associated
confidence in those estimates. The Partnership for
Carbon Accounting Financials Standard (PCAF) gives
a scoring method for illustrating the degree of ‘quality’
associated with the methods used in preparing our
emissions. These scores range from 1 (indicating the
highest quality estimate approach) to 5 (indicating the
lowest quality estimate approach). For this Fund, we
have used a mix of unverified reported emissions (with
a score of 2) and production-based estimates (with
a score of 3). The scores associated with each fund’s
emissions can be a useful indicator of what approaches
have been used to calculate the emissions inventories.
• Emissions Coverage: The Investment Coverage shows
the percentage of the Fund’s investments (by value)
that have been included in our emissions inventory.
The appendix below outlines if there are any types
of investments that are excluded from our emissions
inventories and the reason for their omission.

Metrics and Targets18Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
4.2 Risks and Opportunities
A summary of the exposure to climate related risks and opportunities is presented below, generally we’d expect all of the Fund’s
investments in productive land and property assets to be exposed to climate related risks and opportunities to some degree.
Climate Related Risks are generally categorised as either physical risks or transition risks as outlined in 2.0 Strategy.
Physical risks: We consider all of the Fund’s underlying investments as at 31 March 2024, aside from any cash and cash
equivalents, are exposed to physical risks given the nature of the investments are land and property – primarily of a
horticultural or agricultural nature. We have made the determination that cash & cash equivalents do not have material climate-
related risks or opportunities. The level of risk will vary between sectors and regions with certain crop types or regions in New
Zealand more at risk than others. As at 31 March 2024 less than 2% of the Fund’s Gross Asset Value (GAV) was held in cash.
Transition risks and opportunities: Fund’s emissions inventories and intensity metrics can provide an indication
of their relative transition risk exposure, as the degree to which investments could be affected (either positively or
negatively) by a transition to a low carbon economy is likely proportional to their overall carbon footprint.
4.3 Targets
Taking into account the structure of the portfolio, the nature of the underlying investments,
and the need to consider investments on their full range of merits, the Board and Investment
Committee, has determined that no targets have been adopted for the Fund.
4.4 Metrics for the Fund
The below tables show select metrics for the Fund.
Note:
• Only Financed emissions have been deemed to be material in the context of the Fund,
therefore scope 1, scope 2, and other scope 3 categories are not included.
• As all metrics are new metrics that have not been reported before, we have not
disclosed comparative information as per clause 41 of NZ CS3.
• All metrics are based on the holdings of the Fund as at 31 March 2024.
• Gross emissions are an estimate of GHG emissions for the Fund for the year to 31 March 2024.

Metrics and Targets19Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Unaudited
Primary data source: Data provided by
Reporting period (year ending 31 March)
Private Land and
Property Fund
2024
Financed Emissions
Gross Emissions (tCO
2
e)
Scope 111,259
Scope 2278
Scope 37,739
Total Gross Emissions19,275
Emissions Intensity (tCO2e/$M)
Scope 179.9
Scope 22.0
Scope 354.9
Overall Emissions Intensity136.9
Estimate Quality Scores (1–5)
Scope 13.0
Scope 22.6
Scope 32.9
Overall Estimate Quality Score2.9
Emissions Coverage99%

Metrics and Targets20Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
A.1 Greenhouse Gas Emissions Inventories - Methodologies (and assumptions)
We have prepared our GHG emissions estimates in accordance with the Greenhouse Gas Protocol’s Corporate and Scope 3
(Value Chain) Standards. We have used the Partnership for Carbon Accounting Financials (PCAF) standard as a starting point
for preparing our Greenhouse Gas (GHG) inventories. This standard aims to provide a comprehensive methodology for Asset
Managers like Booster to prepare their inventories in a consistent way. However, whilst PCAF provides guidance for commercial
real estate, in our view, it is unlikely to fairly represent the emissions associated with the Fund’s underlying investments,
and PCAF does not contain any other property-related approach. Booster has therefore developed a methodology that we
have aimed to align with the broader principles of the PCAF standard. In taking this approach we have considered the Fair
Presentation Principles outlined in NZ CS3. More detail on this specific methodology is provided below.
Apportioning emissions to the Funds
• Under the PCAF standard, financed emissions are generally calculated by attributing a reporting entity (e.g. a fund) its
‘share’ of the emissions from an investee entity (e.g. a company the fund is invested in) based on how much of the overall
investee entity it ‘owns’. This ownership portion is calculated by taking the investment value (equity and/or debt) as a
proportion of the overall value of the investee entity (as outlined below). Both equity and debt investments have emissions
from the issuing entity attributed to them using this calculation and contribute to the relevant Fund’s overall financed
emissions. See the below table for more information on the allocation method used. Note however that the majority of the
assets are land and property fully owned by the Wholesale Property, so this attribution is less relevant that for other funds.
• For some asset classes (unlisted equities and commercial real estate), PCAF prescribes the use of historical or accounting
based values to apportion emissions. However, as a fund manager we have valuation / unit pricing policies, and for these
asset classes we use slightly different methods as outlined in the below table.
• We report all currency values in New Zealand dollars using the period end FX rate of $0.59844 USD/NZD.
• Holdings values are as of 31 March of the reporting period.
• Our GHG emissions consolidation approach used is ‘operational control’, noting that the Fund is not deemed to have
operational control over any of its ultimate underlying investments. All land and property assets are held by the Wholesale
Portfolio rather than the Fund, and most are leased out, with the relatively small number that are not subject to a lease
being subject to various contractual agreements that outsource various matters to do with the relevant asset including
management.
The following table lists the overall methodology approach taken to estimating emissions for its Direct investments in
productive land and property assets.
Appendix A – Methodologies, limitations, assumptions

Metrics and Targets21Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
Asset TypeOur approachBasis for allocating emissions to our funds
Direct investments in
productive land & property
assets
We believe the PCAF standard does not adequately cover this type of investment. Using the PCAF
approach for Commercial Real Estate is, in our view, unlikely to fairly represent the emissions
associated with those investments, and PCAF does not contain any other property related
approach. Instead, we use a methodology that reflects a wider scope of emissions sources,
such as the emissions associated with fertiliser use as well as its production. We have estimated
the emissions from these investments using information we have been able to source. This
information is typically sourced from reputable external sources and, in some cases, combined
with other relevant available information to provide a more comprehensive emissions estimate.
Emissions estimates are based on emissions factors as determined for each land/
property end use sector. The sources of these have been outlined below. The emissions
factor is then applied to the total production for the most recently completed season.
Where the latest production data is unavailable (it is available for most of the properties),
estimates have been based on average production per planted hectare of land.
• Viticulture & Winery Properties: Emissions factors have been sourced from Sustainable
Winegrowing New Zealand via the Fund’s lessee/manager (general information
can be found in the National Green House Gas Emissions Report 2022).
• Avocado Orchards: Emissions factors have been sourced from a 2022
life cycle assessment undertaken for New Zealand Avocado.
• Kiwifruit Orchards: Emissions Factors have been sourced from a 2021 life
cycle assessment undertaken by Ministry of Primary Industries.
• Citrus Orchards: Emissions factors are sourced from a 2023 study conducted by the New
South Wales Department of Primary Industries, and have been applied to planted area
based on data limitations. A study specific to the New Zealand citrus industry could not be
found. While the emissions factor used is the best available information, it inherently has
greater uncertainty due to not reflecting New Zealand-specific industry considerations.
• Dairy Farms: Emissions are based on reports provided by lessee which use a number of scientific
studies to estimate emissions. These emissions factors have been adjusted to reflect the higher
Global Warming Potential (GWP) associated with methane under the latest IPCC sixth assessment
report (AR6). Additionally, we have included emissions from the processing and transportation
life-cycle stages based on a 2021 life cycle report prepared for the Ministry of Primary Industries.
• Hop Gardens: Emissions factors are sourced from a 2022 scientific study completed for the
California Polytechnic State University. A study specific to the New Zealand hop industry could
not be found. While the emissions factor used is the best available information, it inherently
has greater uncertainty due to not reflecting New Zealand-specific industry considerations.
For wholly owned investments: the value of the property (as
per our valuation / unit pricing policies) as at 31 March of the
reporting year. This covers the majority of the properties.
For partially owned investments that have an equity structure
(one asset) the value of the investment (as per our valuation / unit
pricing policies) as at 31 March of the reporting year as a proportion
of the Enterprise Value including Cash (EVIC) of the company.
The EVIC value is based on the equity value of the company as per
our valuation / unit pricing policies as at 31 March of the reporting
year, and the debt value provided by the company as at 31 March
of the reporting period or if not available as at that date, then
as at what we consider the most appropriate date available.
Asset types not coveredCertain asset classes and security types do not have clear emissions associated with them or we
lack sufficient data to calculate the associated emissions, so these asset classes are excluded
from our emissions inventories. This includes Cash and cash equivalents as well as shares that
are held in irrigator schemes (which are required to provide irrigation to certain properties).
Not applicable.

Metrics and Targets22Booster Investment Scheme 2: the Private Land and Property Fund – Climate Statements 2024
A.2 Limitations (and assumptions)
Carbon footprinting refers to accounting for each fund’s
‘share’ of emissions from the various underlying investments
that the fund holds. It is important to remember that the
measurement, reporting, and aggregating emissions for funds
is inherently uncertain and provides an estimate rather than
an actual figure. When considering the likely effects of these
limitations and uncertainties, Booster notes that it considers
that it will not prevent the climate statements including the
GHG emissions disclosures from being useful to Investors.
• Emissions reported by the underlying investments are
ultimately still estimates of their actual emissions and
there is the potential that these reported emissions differ
materially from the actual ‘real world’ emissions of the
investments. Developments in scientific understanding,
legislative requirements, and business practices may
mean that reported emissions may later be found to be
inaccurate.
• There are timing issues which mean that emissions
estimates for the underlying investments of the Fund may
be an estimate for a period of time that is not exactly
aligned with the reporting period of the Fund, which
ends on 31 March of the relevant year. We use data for
each underlying investment at the time we produce these
climate statements (generally the latest available data)
and do not make any adjustment for such timing issues.
Reasons for this include:
• The timing of the season will vary between crop
types based on harvest timings, for example grape
harvest is typically from February through to April
depending on variety whilst the avocado harvest is
typically between June and July.
• Emissions estimates are made available with a
significant lag and/or emissions factors are only
updated periodically. So, whilst the most recently
completed production information may be used,
estimated emissions information may not yet be
available for the year these climate statements
relate to in time for that data to be used or there
may not be updated emissions factor information.
• New Zealand Wine Growers usually releases
emissions reports in December for the
March/April harvest earlier that year.
• Avocado emissions factors are based on a
study undertaken in 2022 and data from the
2023 harvest which took place between June
– August
• Kiwifruit emissions are based on a 2021
lifecycle assessment completed by the
Ministry for Primary Industries and the 2024
harvest which was completed in March 2024.
• Citrus Emissions are based on a 2023
scientific study undertaken by several
entities including New South Wales
Department of Primary industries, University
of New England and Life Cycle Strategies
Pty. Ltd.
• Dairy emissions are based on the season
ended May 2023
• Hops emissions factors are based on a 2022
study completed for California Polytechnic
State University, production data is based on
the 2024 season.
• Inventories are prepared using a ‘point in time’ snapshot
of the Fund’s holdings, and there is the potential that
these differ throughout the reporting period as a result
of changes in investment mix or holdings. Funds are
allocated their ‘share’ of each investment’s yearly
emissions, regardless of whether the investment has been
held for an entire year or not. Likewise, an investment
sold prior to the reporting date would not contribute to
the Fund’s emissions for the year.
• Availability of relevant climate data will vary between
investments, and whilst emissions factors specific to New
Zealand or even a region within New Zealand have been
used where possible, in some instances data from other
countries has been incorporated. There may be material
differences between emissions from New Zealand and
emissions from other countries. The emissions factors
which have been used are the best available information
we have been able to source.
• The primary method for attributing emissions to the
Fund, and for calculating the emissions intensity for the
Fund, depends on the value of the underlying holdings
as at 31 March 2024. This means that changes in values
of holdings can result in differences in certain metrics
including emissions intensity from year to year. The
impact of this may differ depending on the underlying
investments of the Fund.
• Our inventory incorporates emissions factors from a
range of sources which may have used different Global
Warming Potential (GWP) values. Generally, we would
expect that these underlying emissions factors use
GWP values published by the Intergovernmental Panel
on Climate Change (IPCC) based on a 100-year time
horizon, from either the IPCC’s forth (AR4), fifth (AR5),
or sixth (AR6) Assessment Reports. In general, we have
used emissions intensity values as published without
adjustment for differences in underlying GWP values
used. However, for our investments in dairy farmland,
we have determined that it is prudent to update the GWP
value associated with methane emissions from the AR4
value to the AR6 value. This results in a 8.8% increase
in the carbon dioxide equivalent (CO₂e) emissions from
methane sources for our dairy farms.

We’re here to help.
To find out more about the
Private Land and Property Fund visit our
website, call us on 0800 336 338 or
talk to your financial advice provider.
Booster Investment Management
Limited, PO Box 11872, Manners Street,
Wellington 6142, New Zealand
booster.co.nz