PLP – Quarterly Client Update – 30 September 2026

Private Land & Property Fund
Quarterly Client Update
Update as at and for the quarter ending 30 September 2026
Booster Investment Scheme 2
Investment Outlook
Returns to the Private Land & Property Fund (Fund, PLPF) to 30 September 2026 on an annualised
basis have been -0.7% over the three-year period, 3.8% over the five-year period, 5.8% over the
seven-year period and 6.9% 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 September 30th 2026 was 0.75 cents per unit with no
imputation credits attached.
Fund Overview
PLPF invest into and owns 100% of the units issued by the Private Land
and Property Portfolio (Wholesale Portfolio), a fund within the Booster
Wholesale Scheme. The Wholesale Portfolio invests in various land and
property assets.
The Fund provides investment exposure to a diverse range of
productive land assets across New Zealand, including kiwifruit
orchards, vineyards, dairy farms, avocados, hops, and a new apple
orchard development. In addition, the Fund has exposure to a large
industrial property in Rolleston.
Over the past year, there has been a mixed outcome for the different
crop types within the Wholesale Portfolio. The kiwifruit and dairy
sectors continued to experience positive momentum, with relatively
strong commodity prices. The viticulture and avocado sectors
continued to experience challenging trading conditions while the hops
sector has seen some stabilisation after a period of supply and demand
imbalance. The varied performance across crop types highlights the
importance of diversification. Different crop types experience their
own cycles and having a broad crop and geographical exposure helps
reduce risk across the Wholesale Portfolio.

During the September 2026 quarter, development continued on the Waimea apple orchard conversion
(as outlined further below) and the conversion of avocados to SunGold
TM
kiwifruit at the Woodland Road
orchard in Katikati. The focus on active land and property management and broad diversification within the
Wholesale Portfolio has contributed to its long-term performance and volatility profile.
Waimea Apple Orchard
Development Update
The September quarter has been a busy period in
relation to the redevelopment of approximately 46
hectares of vineyard land on the Waimea Plains to
a multi-variety apple orchard of approximately 40
canopy hectares. Key activities completed during
the quarter include:
• Removal of the vineyard including vines, posts
and wires;
• Land preparation work including irrigation
upgrades;
• Purchase of additional water shares in Waimea
Irrigators Limited to provide sufficient water
to the properties due to the additional
water requirements for apples compared to
vineyards; and
• Planting of apple trees which commenced in
early September and is due to be completed
in October.
Once planting has been completed, the orchard
structures will be installed which includes hail
protection.
We continue to actively review the asset base for
highest and best-use options. We are currently
assessing the viability of additional land-use
change and redevelopment in Nelson and we
expect to engage with Booster Wine Group LP
(BWG) regarding further existing leases once that
analysis is complete.
Valuation Update
There were several valuations completed during the
September quarter. Some of these were material
changes that have already been announced publicly.
An independent valuation report was received for
the Southland dairy farm properties resulting in a
$4.0 million increase in the value of the assets.
The increase in value reflects the continued positive
momentum in the dairy farm sector with another
strong forecast Fonterra milk price and low interest
rates contributing to high buyer confidence. Dairy
sector transaction activity remains robust with buyer
demand exceeding supply, contributing to upward
pressure on land values. Farm sale volumes and
transaction values are materially higher year-on-year.
An independent valuation report was received
for the three vineyard properties and winery in the
Hawke’s Bay resulting in a $3.9 million decrease in
the value of the assets. The decrease in value was
associated with the ongoing challenges in the wider
viticultural industry, particularly affecting Hawke’s
Bay, which has limited alternative land use due to
water restrictions in the region. The valuation report
took into consideration recent market transactions,
as well as the recent announcement of BWG’s
proposal to exit its Hawke’s Bay leases, including
the properties currently leased from the Wholesale
Portfolio.
An independent valuation report was received
for the four vineyard properties in Awatere Valley,
Marlborough resulting in a $7.8 million decrease in
the value of the properties. The decrease in value
was associated with continued weakness in the
Marlborough viticulture sector. Lower demand
for vineyard assets, reduced grape returns, tighter
financing conditions and ongoing uncertainty within
the wine industry have resulted in lower vineyard
values across the region.
An independent valuation report was received for
the land and improvements held by Waimea West
Hops Limited resulting in a $0.1 million decrease in
the value of land and improvements. However, after
taking into account balance sheet movements with
the company during the September quarter, the net
impact of the value of the investment in Waimea
West Hops Limited was negligible.

The value of the investment in Woodland Road Orchard LP increased by $2.2 million during the September
quarter due to $2.0 million of additional funding for development being invested by the Wholesale Portfolio
along with the continued maturing of developments and balance sheet movements. While the value shown
in the table below of $24.6 million is an increase of $3.7 million on the value shown last quarter, $1.5 million
of accrued income has been re-classified from receivables to the Woodland Road Orchard LP asset itself.
Viticulture Industry Update
The viticulture sector continues to face challenging conditions.
Ongoing wine oversupply, softer global consumption trends and
pressure on export margins have contributed to subdued property
transaction activity and more cautious buyer behaviour. Property
demand remains focused on premium vineyards with secure supply
contracts, strong production performance and clear pathways to
premiumisation, while lower-quality or contract-exposed assets
continue to face pricing pressure. Industry participants remain
focused on rebalancing supply and demand, and some regions
continue to experience land-use conversion as growers reassess
long-term returns relative to alternative rural land uses.
On 7 July 2026, the Fund announced that it had been approached
by Booster Wines Limited, the General Partner of Booster Wine
Group Limited Partnership (BWG), about a proposed restructuring
of its Hawke’s Bay operations. This included BWG proposing to exit
its vineyards and winery operations in Hawke’s Bay, including the
vineyards and winery currently leased from the Wholesale Portfolio.
BWG’s proposal is still being progressed and we will update the
market when there is further information available. We are currently
evaluating a range of options in relation to the properties, including
partial or full sale, and no final decision has been made.
As noted above, independent valuations were received for the
Hawke’s Bay and Marlborough vineyard and winery assets during
the September quarter. The Nelson vineyard and winery assets were
independently valued in March and April 2026 with the asset values
supported by the underlying land values and alternative use of land.

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
$14.66.6%
Hope, Nelson Region
Vineyard properties
$17.57. 9 %
Hope, Nelson Region
Investment in Hope Orchard Limited
Partnership (owns Apple Orchards)
$5.02.3%
Hawke’s Bay
Winery building
$0.90.4%
Hawke’s Bay
Vineyard property
$3.41.5%
Mahana, Nelson region
Winery building & Vineyard property
$3.01.3%
Kerikeri, Northland
Kiwifruit orchard property
$20.89.4%
Waimea, Nelson region
Waimea West Hops Ltd
$6.52.9%
Bay of Plenty & the Far North
Avocado orchards
$12.75.8%
Southland
Dairy farmland
$41.718.9%
Rolleston
Logistics warehouse
$67.530.6%
Bay of Plenty
Investment in Woodland Road Orchard
Limited Partnership (owns Kiwifruit and
Avocado orchards)
$24.611.2%
Total property assets$218.2
Other Assets
Cash / Income$0.2
Receivables$2.4
Total Assets$220.8
Total Liabilities (millions)
Borrowings with BNZ$24.3
Other liabilities
(incl Property Operating Costs)
$0.0
Total liabilities$24.3
Net asset value $196.5
Gearing Ratio11.0%
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.
Fund Size
(net asset value)
$196.5 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)
$198.8 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-2.7%-2.6%
Last 6 months-1.2%-1.3%
Last 12 months0.5%0.2%
Last 2 years (p.a)-0.3%-1.0%
Last 3 years (p.a)-0.7%-1.2%
Last 5 years (p.a)3.8%3.4%
Last 7 years (p.a)
*
5.8%5.3%
Since inception 13/06/2017 (p.a)
*
6.9%6.2%
Fund Performance as at 30 September 2026
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.