PLP – Quarterly Client Update – 30 September 2025

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2025
Booster Investment Scheme 2
Investment outlook
Returns to the Private Land & Property Fund (Fund, PLPF) have been 2.4% on an annualised basis
over the three-year period to 30 September 2025, and 7.7% p.a. since inception.
The Fund aims to generate an average long-term return of 6.5% p.a. after fees but before tax over
a rolling 7yr period. This Fund objective is based on returns from income and development gains
as properties reach full productive capability. Other returns to the Fund can arise from property
revaluations.
Overall, the rural property market has shown improvement over the last 12 months with improving
sales volumes off the back of improved commodity prices and falling interest rates. There is
generally an increasingly positive outlook moving into Spring and Summer, particularly for Kiwifruit
and Dairy Farms where both pricing and demand is strong for the underlying commodity. Viticulture
market activity has been fairly subdued reflecting the current oversupply of grapes and an uncertain
outlook for long-term global demand for wine.
Cash returns
PLPF distribution to investors for the quarter to
September 30st 2025 was 0.67 cents per unit and
is fully imputed, which is equivalent to a pre-tax
payment of 0.70% based on the PLPF unit price
as at the notice date of 4 September 2025. We
estimate that the Fund is generating annual cash
based pre-tax earnings of approximately 3.85%
from current lease income and grape supply
contracts, also based off the unit price at 4
September 2025.

Valuation update
The valuations of several properties were updated
in August.
The valuation of the Awatere Valley vineyards in
Marlborough and the Sileni winery and vineyards
in the Hawke’s Bay were reduced as a reflection
of our updated view on the viticulture market.
Before this update, the Awatere Valley vineyards
and the Hawke’s Bay properties had represented
~11% and ~4% of the total value of the assets of the
Fund, respectively. The value of the Awatere Valley
vineyards was reduced by $4.8 million while the
value of the Hawke’s Bay properties was reduced
by $1.5 million. Whilst the Awatere vineyards still
remain above their original acquisition cost, the
valuation decrease reflects a reversal of previous
independently assessed valuation gains.
The value of the viticulture assets in the Nelson
region was not reduced as recent independent
valuations suggest that those properties’ current
valuations are supported by alternative use.
An independent valuation report was obtained
for the land and improvements held by Waimea
West Hops Limited (WWHL). Before this update,
the investment in WWHL represented ~4% of
the total value of the assets of the Fund. After
considering this independent valuation and other
key valuation inputs, we adopted a $2.3 million
reduction in the value of the investment in WWHL.
The valuation decrease reflects continued market
price weakness, as well as some impact from the
tariffs for hops being exported to the United States.
Despite the market-driven value reduction, we are
pleased that recent initiatives to change WWHL’s
sales and marketing arrangements have resulted in
higher than industry average 2025 season prices.
WWHL’s 2025 crop sell through period has also
been greatly reduced relative to recent years.
An independent valuation was also obtained for
the three dairy farms in Southland. Before this
update, these properties represented ~16% of the
total value of the assets of the Fund. In considering
this valuation, we adopted an increase in value
of $2.7 million for the properties. The valuation
was obtained to support a scheduled market rent
review, with the annual rent payable by the lessee
increasing by ~11% following the review. The farms
continue to be well managed and maintained by
the lessee, with strong operating performance
supporting the valuation outcome.
Fund Size
(net asset value)
$210.3 million
Inception Date 13/06/2017
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Key Facts
Private Land and Property Portfolio
(Wholesale Portfolio)
Fund Size
(net asset value)
$211.3 million
Inception Date 07/01/2019
ManagerBooster Investment Management Ltd
SupervisorPublic Trust
Fund TypePortfolio Investment Entity (PIE)
Private Land and Property Fund (Fund)
The Fund obtains its property exposure by investing into the Wholesale Portfolio
alongside some cash held within the Fund.
Last 3 months-1.6%-1.8%
Last 6 months-0.3%-0.8%
Last 12 months-1.2%-2.2%
Last 2 years (p.a)-1.4%-1.9%
Last 3 years (p.a)2.4%2.1%
Last 5 years (p.a)6.8%6.3%
Last 7 years (p.a)
*
7.1%6.4%
Since inception 13/06/2017 (p.a)
*
7.7%7. 0 %
Fund Performance as at 30 September 2025
Before Tax
After Tax
at 28% PIR
All figures are after fees. Please see the Product Disclosure Statement for
further details on fees.
*Returns prior to the inception of PLPF in January 2019 are based on the
underlying wholesale PLPP return.
The Fund has a minimum suggested investment timeframe of four years,
and its performance aims are measured over a 7-year horizon. The return
information below includes returns due to property market movements which
vary over time, so the range of returns may be different over a longer period.
However the Fund aims to achieve a long-run return of 6.5% pa (before tax,
after fees) from a combination of rental and crop income, and capital gain
from improvements in property productive capacity. Past performance is not
an indicator of future performance.

Investment Holdings
The Private Land and Property Fund (Fund) is part of the Booster Investment Scheme 2 which is issued and managed by Booster Investment Management Limited.
The Fund’s Product Disclosure Statement is available at www.booster.co.nz, by contacting your financial adviser or by calling Booster on 0800 336 338.
Disclaimer: This document is for informational purposes only. The information is derived from sources believed to be accurate as at the date of issue and may change.
The content is of a general nature and does not take into account your financial situation or goals and is not financial advice. Booster Investment Management Limited
and its related companies do not accept any liability for any loss or damage arising directly or indirectly out of the use of, or reliance on, the information provided in this
document. The Fund’s performance, returns, or repayment of capital, are not guaranteed.
Wholesale Portfolio
Total Assets (millions)
Property Assets (location / region)
Awatere Valley, Marlborough
Vineyard properties
$21.29.6
Hope, Nelson Region
Vineyard properties
$19.08.7
Hawke’s Bay
Winery building
$2.61.2
Hawke’s Bay
Vineyard property
$4.72.1
Mahana, Nelson region
Winery building & Vineyard property
$3.31.5
Kerikeri, Northland
Kiwifruit orchard property
$20.99.5
Waimea, Nelson region
Waimea West Hops Ltd
$6.73.0
Bay of Plenty & the Far North
Avocado orchards
$15.57. 1
Southland
Dairy farmland
$37.717.1
Rolleston
Logistics warehouse
$65.129.6
Bay of Plenty
Kiwifruit and Avocado orchards via
Woodland Road Orchard Limited Partnership
$18.38.3
Total property assets$215.0
Other Assets
Cash / Income$1.7
Accrued income$3.2
Total Assets$219.9
Total Liabilities (millions)
Borrowings with BNZ$9.8
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$9.8
Net asset value $210.3
Gearing Ratio4.5
The investment objective and strategy of the Wholesale Portfolio allows it to borrow
to invest in more land and properties or to develop land and properties it already
holds. Bank of New Zealand (BNZ) has provided a loan facility of up to 50% of
the value of the secured properties for use by the Wholesale Portfolio to effect its
gearing strategy which results in BNZ holding a security interest over most of the
assets held by the Wholesale Portfolio. For further information on the Wholesale
Portfolio, please refer to the Fund’s PDS and Other Material Information document.
The gearing ratio shows the level of borrowing the Wholesale Portfolio has
undertaken as a percentage of total assets.
$%
Viticulture market update
The New Zealand viticulture market is facing
current over supply of grapes and an uncertain
outlook for long-term global demand for wine.
This has been reflected in wine companies taking
measures to reduce both the supply and price paid
for grapes from growers. We have reflected lower
expected future income for vineyard owners in our
valuation of the properties in Marlborough and
Hawke’s Bay as noted above.
Viticulture market activity has been subdued,
particularly outside of Marlborough. In addition to
general market factors, sales activity in Hawke’s
Bay is being further impacted by central and local
government restrictions on land use changes and
water allocation issues. In Marlborough, there
appears to be an increasingly large gap between
those vineyards which are of lower quality and
in undesirable varieties compared to high quality
Sauvignon Blanc vineyards given that international
demand for this varietal remains relatively strong.
Dairy farm market update
The New Zealand dairy farm market continues to
perform strongly with high milk prices and falling
interest rates driving improvements in the sector and
increased farm income. This has been reflected in
increased transaction volumes over the last twelve
months along with transaction prices increasing
after a sustained period of relatively flat prices.
Fonterra’s milk payout for the 2024/25 season was
the highest in Fonterra’s history at $10.16 per kgMS.
The forecast Fonterra milk payout for the 2025/26
season is also strong at $9.00-11.00 per kgMS.
There has been an increase in consent application
for dairy farm conversions in Canterbury and
Southland. This is driving renewed interest in dairy
support land as existing operators look to secure
wintering and young stock grazing ahead of further
land use changes. The price of milking cows has
increased significantly as a result of the increased
milk payout.