PLP – Quarterly Client Update – 31 December 2025

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 31 December 2025
Booster Investment Scheme 2
Investment outlook
Returns to the Private Land & Property Fund (Fund, PLPF) have been 2.1% on an annualised basis over
the three-year period to 31 December 2025, and 7.6% 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.
Cash returns
PLPF distribution to investors for the quarter to
December 31st 2025 was 1.10 cents per unit and
is fully imputed, which is equivalent to a pre-tax
payment of 1.13% based on the PLPF unit price as at
the notice date of 4 December 2025. We estimate
that the Fund is generating annual cash based pre-tax
earnings of approximately 3.96% from current lease
income and crop production, also based off the unit
price at 4 December 2025.
Valuation update
There were several independent valuations
completed during the December quarter.
In Marlborough, the Awatere Valley vineyards
increased in value by $1.1m to $22.3m, while the
Hawkes Bay Sileni winery and vineyards grew by
$0.9m to $8.2m. These independent valuations
were completed in October following manager-led
valuations in August.
Meanwhile at the Kerikeri kiwifruit orchard, an
independent report in October reduced its value
by $1.4m to $19.5m in October. However, as the
vines continue to mature, the orchard’s value has
since increased slightly to $19.8 million as at 31
December 2025.

Viticulture market – a look back
at 2025 and looking to V26
With New Zealand’s reputation based on being
a quality producer selling at higher price points,
the high-quality vintage set a great tone for
marketing and selling V25 wines. From the
volume perspective, the vintage over-delivered
(unfortunately). Vintage 2025 was NZ’s second
largest crop ever and, with markets uncertain,
the large crop added to supply side pressure
already affecting growers and wineries - simply put,
New Zealand produced more wine than it sold in
the past 12 months. The end result was grape prices
down on last year, and reduced demand for grapes
as wineries look forward to V26.
While the (V25) harvest itself was a success, the
picture since the last truck was tipped has changed
markedly for many New Zealand wine companies,
particularly trading with the United States. The
10% tariffs announced in May, while the juice was
still fermenting, then the lift to 15% in August, was
another blow to already sluggish sales. Business
with the US continues, and it remains New
Zealand’s single largest wine export market, but
the Chair of Marlborough Winegrowers expects
growth to remain flat for the time being.
The recent Wine Marlborough industry pulse-
check survey showed a clear understanding of
the importance of producing the quality grapes
required to make quality wine. Marlborough
Sauvignon Blanc grown to sensible cropping levels
remains a highly regarded wine across the world.
Fund Size
(net asset value)
$207.0 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)
$209.2 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 months1.4%1.2%
Last 6 months-0.2%-0.7%
Last 12 months-0.8%-1.8%
Last 2 years (p.a)-1.0%-1.6%
Last 3 years (p.a)2.1%1.7%
Last 5 years (p.a)6.9%6.4%
Last 7 years (p.a)
*
7. 0 %6.4%
Since inception 13/06/2017 (p.a)
*
7.6%6.9%
Fund Performance as at 31 December 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
$22.310.2
Hope, Nelson Region
Vineyard properties
$19.18.7
Hawke’s Bay
Winery building
$2.41.1
Hawke’s Bay
Vineyard property
$5.72.6
Mahana, Nelson region
Winery building & Vineyard property
$3.31.5
Kerikeri, Northland
Kiwifruit orchard property
$19.89.0
Waimea, Nelson region
Waimea West Hops Ltd
$6.73.0
Bay of Plenty & the Far North
Avocado orchards
$15.57. 1
Southland
Dairy farmland
$37.717.2
Rolleston
Logistics warehouse
$65.129.7
Bay of Plenty
Kiwifruit and Avocado orchards via
Woodland Road Orchard Limited Partnership
$18.38.4
Total property assets$215.9
Other Assets
Cash / Income$0.6
Accrued income$2.8
Total Assets$219.3
Total Liabilities (millions)
Borrowings with BNZ$12.3
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$12.3
Net asset value $207.0
Gearing Ratio5.6
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.
$%
Dairy farm market update
Despite lower prices in the last several Global Dairy
Trade auctions of 2025, the dairy sector is still
performing strongly. During December, Fonterra
revised its forecast midpoint milk price down twice,
originally from $10 per kgMS to $9.50 per kgMS
and then further to $9 per kgMS. This has been
driven by strong milk flows in New Zealand and
globally, particularly out of the US and Europe.
Global Dairy Trade auctions prices rose an average
of 6.3% in the first auction of 2026, snapping the
5-month negative decline.
Horticulture update
The horticulture industries that some PLP
properties are linked to remains two-paced.
Kiwifruit sales (which can have an impact on
Kiwifruit property prices), remain strong with
harvest 25/26 is likely to be the largest yet
according to Zespri forecasts. On the flipside
the Avocado market, (which can have an impact
on avocado property prices), remains weak as
delayed exports and a slow start to the season have
affected sentiment.
In some good news for the horticulture industry, the
recent NZ-India Free Trade Agreement promises
new opportunities for New Zealand exporters.
Notably for the above two horticultural industries,
tariffs on Kiwifruit exports have been removed on
up to 15,000 tonnes per year with volume over this
subject to a 50% reduction from the current tariff,
and Avocados are moving to tariff-free access over
a 10yr period.