PLP Climate Statements – 2025

A fund of Booster Investment Scheme 2
Private Land and
Property Fund
Climate Statements 2025
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.

Booster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20252
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 under the Financial Markets Conduct Act 2013. These climate
statements are split into four sections as outlined in the next page.
These climate statements constitute the second 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 have mandatory climate
reporting, 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 2: Anticipated financial impacts of climate-related risks and opportunities
2.
Adoption provision 6: Comparative information for metrics
3. Adoption provision 7: An analysis of the main trends for metrics
4. Adoption provision 8: Scope 3 GHG emissions assurance
The Directors present the climate statements for the Funds for the year ended 31 March 2025. 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 24 July 2025
Funds included within this
document
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 2025 and the
date these climate statements have been finalised),
these climate statements also provide relevant
disclosure for the Wholesale Portfolio.
John Selby
Director (Chairman)
Paul Foley
Executive Director
Introduction

Booster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20253
The following disclosure objectives relating to the Aotearoa New Zealand
Climate Standard 1 (NZ CS 1) are covered within this climate-related disclosure:
Table of Contents
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.
PAGE 4
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.
PAGE 7
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.
PAGE 14
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.
This section includes estimates of GHG
financed emissions for the Fund.
PAGE 15

1.0 GovernanceBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20254
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. Executive
Management has delegated key responsibilities related
to investment management to the Booster Investment
Committee (Investment Committee), and for the Fund the
Private Land and Property Committee (PLP Investment
Committee) has investment management responsibilities.
The Board, including Executive Management, receives at
least quarterly reporting to enable its oversight of investment
management, including with respect to the Fund. The Board,
including Executive Management, receives reporting on
climate-related risks and opportunities including metrics
and targets at least annually, where considered material.
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 quarterly,
or more frequently if required, and is responsible
for the oversight and monitoring of key aspects
of investment management at Booster. Most
relevantly with respect to the Fund, this includes:
• Approving certain Booster wide investment-related
policies including the Approach to Responsible
Investing Policy (RI Policy), available at
www.booster.co.nz/responsible-investing-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 the Fund (and taking decisions as needed) for
other funds managed by Booster that invest in the Fund.
Private Land and Property Investment
Committee
The PLP Investment Committee meets quarterly to formally
monitor and discuss the Fund. This includes considering
climate-related factors at least annually. PLP Investment
Committee’s responsibilities include (most relevantly):
• 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 Statements
of Investment Polic and Objectives (SIPO).
• Consider and approve (in consultation with
key stakeholders, and subject to Board
approval) any changes to the SIPO.
• Reviewing the overall performance and management of
the fund, including consideration of Environmental, Social
and Governance (ESG) related matters where relevant.
The Portfolio Management Team is primarily responsible
for the preparation of material for the relevant committees.
Other Booster staff prepare material as required.
Portfolio Management Team
The Portfolio Management Team has responsibility for the
day-to-day management of investment matters related
to the Fund. This includes the preparation of information
for the PLP Investment Committee including relating to
climate-related matters. Oversight is performed by the PLP
Investment Committee. Executive management maintain
general oversight of the Portfolio Management Team.
This section discusses how Booster oversees, assesses and manages climate-
related risks and opportunities in relation to the Funds / the assets of the Funds.
1.0 Governance

1.0 GovernanceBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20255
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.
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 investments including those relating
to the ESG matters, 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. Board members
also develop experience through their executive
roles, including for some on investment committees,
or their governance roles at other organisations.
The Executive Management is responsible for
investment committee appointments, which are
subject to consultation with the Board, which
includes consideration of relevant skillsets. When
considering appointments, the relevant skillsets of
the candidate(s) are considered. The PLP Investment
Committee and the Portfolio Management Team
support the Executive Management and 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;
• 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
Portfolio Management
Team
Private Land and
Property Committee
(PLP Investment Committee)
Booster Investment
Mangement Limited
(BIML) Board
Executive Management
Audit Risk and
Compliance Committee
Risk & Compliance
Booster Investment
Committee (BIC)

1.0 GovernanceBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20256
1.3 Integrating climate into
investment strategy
The PLP Investment Committee is responsible for overseeing
the implementation of the investment management strategy
for the Fund and the Wholesale Portfolio. 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 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
type of targets (if any) that should be adopted to support
the implementation of the investment strategy in relation
to climate matters were considered. 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.
The PLP Investment Committee monitors climate-related
metrics relevant to the Fund (including Greenhouse Gas
(GHG) emissions) at least annually. These matters will
be reported to the Board, where considered material.
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.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20257
2.1 Current climate-related
impacts on the Fund
Climate-related impacts on the Fund 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.
Many of the underlying properties 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.
Scientists cannot answer directly whether a particular
event was caused by climate change, as extremes do occur
naturally, and any specific weather and climate event is the
result of a complex mix of human and natural factors.
There have been occurrences of climate related events that
could potentially be (in part or full) physical risk events which
have impacted the underlying property investments within
the Fund. We have identified a small number of such events
with both positive (e.g. more favourable growing conditions
resulting in enhanced crop yields) and negative (e.g. frosts
and hail) impacts, which we estimate have impacted the net
assets of the Fund by an immaterial amount (a 0.1% reduction
after tax and before fees) over the reporting period.
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 impacts on the Fund
from transition risk during the reporting period.
For more information on climatic and property-
related risks, please also refer to the ‘Other Specific
Risks’ section of the Fund’s Product Disclosure
Statements, available at booster.co.nz.
2.2 Scenario analysis
To better understand the climate-related risks and
opportunities that might arise for the Fund over the short
(1-3 years ), medium (5-10 years ) and long-term (30 plus
years), a scenario analysis exercise has been undertaken.
Three different climate scenarios, each representing
an alternative potential future, were considered.
2.0 Strategy
Climate scenarios - summary
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.
Orderly
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.
Too little too late
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.
Hothouse

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20258
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
below) 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).
We have reviewed the scenarios, and whilst there are now
more up to date information sources for some inputs that
were used to inform the Scenario Narratives, we consider
that the scenarios are still sufficient for our purposes.
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 were involved in the development of the Scenario Narratives 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
In the prior year, Booster considered if the scenarios were 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).
The scenarios have been reviewed and have not changed fr the current reporting period. Below are some of the reasons why
Booster considered that the scenarios presented are appropriate.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 20259
Scenarios in detail
The three scenarios consider short, medium and long term time horizons (defined in the Risk and Opportunities section below) 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.
• Society puts pressure on entities to decarbonise.
• Progressive policy (such as emissions reduction requirements,
carbon taxes, etc.) are implemented globally.
• There is an increase in research and development, resulting in a
rapid uptake of existing low-emissions and emission abatement
technologies across all sectors.
• Emissions reduce steadily in a manner that is consistent with
achieving a net zero goal by 2050.
• Global average temperatures increase to 1.4°C (min 1, max 1.8)
above pre-industrial (1850-1900) levels.
• 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.
• The rate of physical risk remains relatively low in this scenario.
• Overall, the global economy benefits from the stable transition
to a low carbon economy
• This scenario represents a misaligned and delayed transition
to a low carbon economy with only some countries actioning
the transition to net zero by 2050. Others delay, introducing
accelerated efforts to address climate change by mid-century.
• Societal pressure to decarbonise is 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.
• Emissions reduce gradually and are still significantly higher than
zero by 2050.
• Global average temperatures reach 2.7°C (min 2.1, max 3.5)
above pre-industrial (1850-1900) levels by 2100.
• 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 rate of physical risk climbs steadily out to the long term.
• Overall, changes come too late to prevent wide ranging acute
and chronic physical climate impacts resulting in significant
financial impacts to the global economy.
• 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.
• There is limited social pressure to drive decarbonisation.
Higher rates of economic inequality, increased political
instability and geopolitical tensions are observed.
• Climate policy settings are reversed, revoked or rolled back.
Carbon prices and investment in adaptation is minimal.
• There is an overall lack of technological change to support
emissions reduction and fossil fuels continue to be the
dominant source of primary energy through to 2050.
• Emissions reduce very gradually and fall well short of net zero.
• The global average temperature reaches 4.4°C (min 3.3,
max 5.7) above pre-industrial (1850-1900) levels by 2100.
• Environmental outcomes are more severe, coastal areas
worldwide face increased risk of storm surges, flooding and
sea level rise. Regions that are prone to water stress see
increased frequency and intensity of both droughts and floods.
• Transition risk is limited but there is a significant
materialisation of acute and chronic physical risks.
• The global economy is likely to see surmounting costs
from increasingly pervasive chronic physical impacts with
risk increasing exponentially out to the long term.
• Financial impacts are felt across all economies,
impacting individuals, businesses, and governments.
Source: Information in the table above is summarised from the Scenario Narratives report.
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. The analysis paper has been reviewed after the balance date of this reporting period
and presented to the Investment Committee for consideration without material modification.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202510
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.
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 (see the actual sector and
regional exposures for each fund in section 4.4). 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.
Time horizons and investment management decision making
This timeframe aligns with Booster’s processes regarding
stress-testing, tactical investment decision-making, and
portfolio positioning reflecting ESG assessments. As part
of Booster’s stewardship activities, we also engage with
certain investee companies with the goal of driving better
environmental, social and governance (ESG) outcomes.
These engagements are typically carried out over a short-
term time horizon.
Short term: 1 to 3 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 (SIPO, RI Policy) is generally reviewed within
the short-term horizon, but substantive change is infrequent
and so it more relevantly referenced in this timeframe.
Medium term: 5 to 10 years
This timeframe is most aligned with Booster’s Strategic
Asset Allocation approach which seeks to determine long-
term strategic portfolio settings and considers long-term
risk and return expectations for investment markets.
Long term: over 30 years
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.
Opportunities for the Funds
Source: Scenario Narratives report.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202511
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)
Industrial• Disruptions to supply chains
• Disruptions to business operations
• Damage to infrastructure, land or buildings
• Stakeholder preferences (including customer, investor, and employee)
• Regulatory/ policy impacts
• Increased carbon price
• Litigation risk
• Adoption/ implementation
• Stranded assets
(warehouses)
Climate-related Risks by Sector
Source: Scenario Narratives report.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202512
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
How physical and transition risks could impact property and land investments generally
Asset TypeImpact 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.

2.0 StrategyBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202513
2.4 Anticipated impacts of climate-
related risks and opportunities
1
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 2025 approximately 25% of the Fund is invested in
viticulture properties, spread across Marlborough, Nelson/
Tasman and Hawke’s Bay; 16% is invested in Dairy Farms in
Southland; 26% invested in horticulture properties across
Northland (kiwifruit and avocados), Gisborne (citrus), Bay
of Plenty (kiwifruit and avocados) and Nelson (hops); and
28% invested in industrial property in Christchurch. 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.
2.5 Booster’s investment management
approach and the climate-transition
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
2025 Booster Investment Series Climate Statements.
1
Booster has elected to apply adoption provision 2 of NZ CS
2. This exempts it from disclosing in its second 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.
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.

3.0 Risk ManagementBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202514
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 on a three to-five-year basis, or as required.
This is because the research inputs used in the scenario
analysis are updated at varying frequencies and there is a high
degree of uncertainty in predicted outcomes. It is therefore
prudent to wait for an accumulation of such information
before comprehensively reassessing scenarios.
The emissions profile of the Fund and its underlying
investments are 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
• 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 should 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 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

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202515
Fund-specific metrics related to GHG emissions and emissions
intensities are provided in the table in section 4.4. This is our second
year reporting such metrics under the Climate Related Disclosures
regime and we have endeavoured to present useful information
including comparative figures of the previous year. 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.
Overview of GHG emissions by scope – from the GHG Protocol:
4.0 Metrics and Targets

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202516
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
Fund 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. Scope 1 and 2 greenhouse gas
emissions do not pertain to MIS Manager disclosures,
such as Booster, because S461O of the Financial Markets
Conduct Act 2013 defines MIS Managers as climate
reporting entities in respect of the scheme they manage
(rather than for the Manager as a company), therefore
no disclosures are required. Booster has determined
that the Financed Emissions for the Fund are the
only relevant / material source of Scope 3 emissions.
Therefore, operational 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 emission
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 Fund
• 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.

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202517
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 2025, 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 2025 less than 2% (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
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 of the relevant year.
• Gross emissions are an estimate of GHG emissions for
the Fund for the year to 31 March of the relevant year.
• The Fund’s Sector and Regional exposures are disclosed
to inform an estimation of the Fund’s exposure to the
risks and opportunities identified in section 2.3.
• As the Fund’s Sector and Regional exposures are
new metrics that have not been reported before, we
have not disclosed comparative information for these
particular metrics as per clause 41 of NZ CS3.
Analysis of key trends
• The Fund’s Financed Emissions have increased since
the last year primarily due to changes in production
of the underlying investments (increased dairy
production being the most material) as well as new
investments being added to the fund during the year.
• Overall fund emissions intensity has reduced mainly
due to the new warehouse investment made during the
year. As this investment does not use our productive
property emissions estimation approach and instead only
reflects emissions from energy usage as recommended
under the PCAF approach, its overall emissions footprint
is much smaller than other investments in the Fund.

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202518
Unaudited
Primary data source:
Primary data source:
Reporting period (years ending 31 March)
Private Land and
Property Fund
20252024
Financed Emissions
Gross Emissions (tCO
2
e)
Scope 112,05311,259
Scope 2497278
Scope 39,1527,739
Total Gross Emissions21,70219,275
Emissions Intensity (tCO2e/$M)
Scope 15679.9
Scope 22.32.0
Scope 342.854.9
Overall Emissions Intensity101.5136.9
Estimate Quality Scores (1–5)
Scope 13.03.0
Scope 22.92.6
Scope 32.92.9
Overall Estimate Quality Score3.02.9
Emissions Coverage95%99%
Reporting period (years ending 31 March)
Private Land and
Property Fund
2025
Sector Exposure(% of assets)
Viticulture25%
Horticulture26%
Dairy16%
Industrial28%
Cash & Other5%
Regional Exposure(% of assets)
New Zealand100%

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202519
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 Fund
• 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.
• 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.
Metrics - Methodologies, limitations, assumptions
Appendix A

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202520
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.

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202521
Direct investments in
commercial real estate
Our approach is based on the PCAF methodology for Commercial Real Estate which only allocated the
Scope 2 emissions associated with energy used at the property. We have estimated the energy usage
and associated emissions from these investments using information we have been able to source.
To date, the only property using this treatment is the Rolleston
industrial warehouse which has been estimated using;
• Typical energy usage of similarly configured warehouses based on a
2021 study published by the Swiss non-profit institute MDPI.
• Typical energy usage of office space based on the 2014 Building Energy End Use
Study published by the Building Research Association of New Zealand.
• The total warehouse and office floor area of the property from independent valuation reports.
• The latest available emissions factor of purchased grid energy published
by the Ministry of Business, Innovation & Employment.
The value of the property (as per our valuation / unit
pricing policies) as at 31 March of the reporting year.
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).
Asset TypeOur approachBasis for allocating emissions to our funds

4.0 Metrics and TargetsBooster Investment Scheme 2: Private Land and Property Fund – Climate Statements 202522
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 2024 harvest
which took place between June – August
○Kiwifruit emissions are based on a 2021 lifecycle
assessment completed by the Ministry for Primary
Industries and data from the 2025 harvest which was
completed in March 2025 or 2024 harvest where
2025 harvest data is not yet available.
○ 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. and data from the 2024 harvest which took
place between June and August.
○Dairy emissions are based on the season ended May
2024
○Hops emissions factors are based on a 2022
study completed for California Polytechnic State
University, production data is based on the 2025
season.
○Industrial warehouse emissions estimated using
the typical energy usage of similarly configured
warehouses based on a 2021 study published by
MDPI, and typical energy usage of office space
based on a 2014 BRANZ study. The emissions
associated with the estimated energy usage is then
calculated using the latest available grid energy
emission factor from MBIE.
• 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 of the relevant period. 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 an 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