PLP Annual Report 2025

Booster Investment Scheme 2 (PLPF) Annual Report 20251
This Annual Report 2025 has been prepared for
the period 1 April 2024 to 31 March 2025.
Booster
Investment
Scheme 2
Annual Report 2025
Private Land & Property Fund

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20252
Contents
Section 1 Details of Scheme ..................................................................................3
Section 2 Information on contributions and Scheme participants .........................4
Section 3 Changes relating to the Scheme ...........................................................5
Section 4 Other information for particular types of managed funds ....................6
Section 5 Changes to persons involved in the Scheme ........................................6
Section 6 How to find further information ............................................................7
Section 7 Contact details and complaints ............................................................ 8

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20253
Name of the scheme:Booster Investment Scheme 2 (Scheme)
Type of scheme:Other Managed Fund (i.e. a managed fund which is not a KiwiSaver scheme,
workplace savings scheme or superannuation scheme).
Manager:Booster Investment Management Limited (BIML or Manager)
Supervisor:Public Trust
Product Disclosure
Statement:
The date and status of the latest Product Disclosure Statement for the Scheme is:
• Booster Investment Scheme 2 – Private Land and Property Fund, dated
1 July 2024 (subsequently updated by way of a Supplementary Document
dated 6 May 2025) – open for applications.
Fund Updates:The latest fund update for the Scheme’s Fund for the quarter ended
31 March 2025 was made publicly available on 30 April 2025.
Financial Statements
and Auditor’s Report:
The latest financial statements for the Scheme and its auditor’s report, covering
the financial year 1 April 2024 to 31 March 2025 have been lodged on the scheme
register and are available at www.disclose-register.companiesoffice.govt.nz
or at www.booster.co.nz.
1. Details of Scheme

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20254
2. Information on contributions and scheme participants
Units on issue
At the start and at the end of the year the Scheme had one fund on offer being the Private Land and Property
Fund (the Fund). The number of units on issue in the Fund at the start and at the end of the year were:
Fund
Units on issue at
1 April 2024
1
Units on issue at
31 March 2025
Private Land and Property Fund 96,289,175166,496,505
Substantial product holders
The Fund is listed on the NZX Main Board under NZX code PLP. Any unitholder that holds more than 5% of
the units in the Fund is considered to be a substantial product holder.
A list of the substantial product holders and their respective unit holding in the Fund, as at the end of the
year is as follows:
Substantial product holderUnit holding
Percentage
of holding
Booster KiwiSaver Scheme
(through PT (Booster KiwiSaver) Nominees Limited)
89,626,25353.83%
Asset Custodian Nominees Limited (ACNL)
2
47,595,734 28.59%
Booster SuperScheme
(through PT (Booster Superannuation) Nominees Limited)
17,785,425 10.68%
Booster Investment Scheme
(through PT (Booster Investments) Nominees Limited)
10,055,3076.04%
1
Opening units on issue as at 1 April 2024, are the closing units on issue as at 31 March 2024.
2
ACNL holds units as a Custodian for underlying investors.

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20255
3. Changes relating to the Scheme
Governing document
No changes were made to the Scheme’s Trust Deed during the year. A copy of the Scheme’s Trust Deed is
available at www.booster.co.nz.
Terms of the offer
No material changes were made to the terms of the offer of the Scheme’s Fund during the year.
The Scheme’s Product Disclosure Statement was updated during the year to reflect a change in the
estimated Annual Fund Charge caused by one-off property operating costs.
A copy of the Scheme’s current Product Disclosure Statement is available at www.booster.co.nz.
Statement of Investment Policy and Objectives (SIPO)
There were no changes made to the Scheme’s Statement of Investment Policy and Objectives during the
year.
A copy of the Scheme’s most recent SIPO is available at www.booster.co.nz.
Related party transactions
The Fund fully invests into a separate wholesale portfolio also managed by BIML – the Private Land and
Property Portfolio (Wholesale Portfolio). The Wholesale Portfolio is a fund established under the Booster
Investment Series Trust Deed under a separate scheme also managed by BIML.
The Fund is invested in 100% of the units of the Wholesale Portfolio, and the Wholesale Portfolio owns the
property investments that the investors in the Fund are indirectly exposed to. The Wholesale Portfolio enters
into related party transactions in relation to some of its investments on occasion.
During the year this included:
• The acquisition of a kiwifruit and avocado orchard for $14.1m. As part of this transaction a property
management agreement for the orchard and a lease for a small portion of the property was entered
into with a related party.
• The acquisition of $0.75m
^
additional new ordinary shares issued by a related party that owns an
existing hop garden investment.
There were no other material changes to the nature or scale of any related party transactions during
the year and all related party transactions that provided for a related party benefit were on arms’ length
terms. Related parties of the Scheme may (and do) acquire, hold or dispose of units of the Fund and such
transactions have continued during the year.
Further information on the Fund can be found in the Scheme’s Product Disclosure Statement and Other
Material Information document available at www.booster.co.nz.
^
In April 2025, the Wholesale Portfolio acquired $0.75m of additional new ordinary shares.

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20256
4. Other information for particular types of managed funds
Unit prices
3
Fund
Unit price ($)
at 1 April 2024
4
Unit Price ($) at
31 March 2025
Private Land Property Fund1.34161.3102
3 The unit prices shown above are the prices that would have applied to contributions or withdrawals made in the Fund on the specified
date directly with the Manager. The unit prices shown above don’t include PIE tax, contribution fees or termination fees. All other fees
are included. Alternatively, investors can buy or sell units in the Fund on market at the quoted price through an NZX Participant.
The quoted price on the NZX Main Board may differ from the unit price provided by the Fund directly.
4
Opening unit price as at 1 April 2024, is the closing price as at 31 March 2024.
5
Since 31 March 2025 there have been a couple of changes to Key Personnel. On 9 May 2025, Nadine Brown was appointed as the
Chief Customer Officer of the Manager, taking over the position recently vacated by Diana Papadopoulos following her appointment
as Chief Executive Officer. On 11 April 2025 Nic Craven stepped down as Chief Investment Officer of the Manager.
5. Changes to persons involved in the Scheme
The Manager
BIML is the manager, administration manager and investment manager of the Scheme. This did not change
during the year.
Directors of the Manager
During the year the Manager had the following Board changes:
• Dianne Day was appointed as a Director of the Manager on 1 July 2024.
• Richard Kirkland stepped down as a Director the Manager on 2 July 2024.
• Diana Papadopoulos was appointed as an alternate Director of the Manager on 17 March 2025.
Changes in Key Personnel of the Manager
5
Diana Papadopoulos was appointed Chief Executive Officer of the Manager effective 17 March 2025. Diana
was the Chief Customer Officer of the Manager at the time of this appointment.

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20257
6. How to find further information
Information relating to the Scheme is available on the offer register and scheme register at
www.disclose-register.companiesoffice.govt.nz by searching ‘Booster Investment Scheme 2’:
• The offer register includes the Product Disclosure Statement, fund update, Other Material Information
and material contracts for the Scheme.
• The scheme register includes the Trust Deed, the SIPO, the financial statements and the annual reports
for the Scheme.
A copy of the Scheme’s most recent Climate Statement can be found on the Climate Register at
www.crd-app.companiesoffice.govt.nz by searching ‘Booster Investment Scheme 2’.
To request this annual report and other information about the Scheme and your investment (free of charge):
write to Booster Investment Management Limited,
PO Box 11872, Manners Street, Wellington 6142
email investments@booster.co.nz
call 0800 336 338 from 8.00am to 8.00pm (Monday to Friday)
visit www.booster.co.nz
The Supervisor
Public Trust is the Supervisor of the Scheme and this did not change during the year.
During the year, the Supervisor had the following Board changes:
6
• Kirsty Mary Campbell completed her term as a
Board Member on 15 July 2024.
• Graham Naylor completed his term as a Boad
Member on 15 July 2024.
• Harley Edward Aish was appointed as a Board
Member on 15 July 2024.
• Karen Rosemary Price was appointed as
Deputy Chair of the Board on 15 July 2024 and
was subsequently appointed Acting Chair of
the Board on 1 April 2025.
• Anita Maria Kileen was appointed as a Board
Member on 19 July 2024.
• Matthew Sky Harker was appointed as a Board
Member on 19 July 2024.
• John Duncan ceased as a Board Member on 25
February 2025.
• Ian Fitz Gerald stepped down as Chair of the
Board on 31 March 2025.
Other Persons Involved
The Unit Registrar for units listed on NZX (Link Market Services Limited, now known as MUFG Pension &
Market Services (NZ) Limited). The Custodian PT (Booster Investments) Nominees Limited and the Auditor
(Ernst & Young) did not change during the year.
6
Will Peet was appointed as a Board Member on 1 June 2025.

www.booster.co.nzBooster Investment Scheme 2 (PLPF) Annual Report 20258
7. Contact details and complaints
Manager
Chief Operating Officer
Booster Investment Management Limited
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street
Wellington 6142
Phone: 0800 336 338
Email: investments@booster.co.nz
Supervisor
General Manager, Corporate Trustee Services
Public Trust
Level 2, Public Trust Building,
22-28 Willeston Street,
Private Bag 5902
Wellington 6140
Phone: 0800 371 471
Email: CTS.Enquiry@PublicTrust.co.nz
*Effective 30 April 2025, the Manager has changed its dispute resolution scheme provider to FSCL from Financial Dispute Resolution
Services.
Booster Investment Management Limited (BIML) is the issuer of the Booster Investment Scheme 2. None of BIML, Public Trust, or any
director, board member or nominee of any of those entities, or any other person guarantees the Scheme’s performance, returns or
repayment of capital. A copy of the Scheme’s Product Disclosure Statement is available at www.booster.co.nz
If you have any queries on your listed securities holdings, you can contact the Securities Registrar on the
contact details below:
Securities Registrar
MUFG Pension & Market Services (NZ) Limited
(re-branded from Link Market Services Limited during the year)
Level 30, PwC Tower,
15 Customs Street West
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Email: enquiries.nz@cm.mpms.mufg.com
If you have any queries or complaints about the Scheme, you can contact the Manager (in the first instance),
or the Supervisor, at the contact details below:
If your complaint can’t be resolved by the Manager, the Supervisor or the Securities Registrar, you can refer
to the following approved dispute resolution scheme run by Financial Services Complaints Limited (FSCL)
*
.
FSCL will not charge you a fee to investigate or resolve your complaint.
You can contact FSCL at:
Level 4, 101 Lambton Quay
PO Box 5967
Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: www.fscl.org.nz

Booster Investment Scheme 2 (PLPF) Annual Report 20259
We’re here to help.
To find out more about Booster Investment
Scheme 2, talk to your financial adviser, visit
our website or call us on 0800 336 338.
booster.co.nz
Booster Investment Management Limited
PO Box 11872, Manners Street
Wellington 6142, New Zealand

---

Booster Investment Scheme 2
Private Land
and Property
Fund
Financial Statements 2025

Statement of Comprehensive Income1
Statement of Changes in Net Assets
Attributable to Unitholders
1
Statement of Financial Position2
Statement of Cash Flows3
Notes to the Financial Statements4
Independent Auditor’s Report
15
Contents

Page 1
Statement of Comprehensive Income
For the year ended 31 March 2025
Note
20252024
$'000$'000
Net loss on financial instruments at fair value through profit or loss4
(3,899)(5,632)
Interest revenue4
26 49
Distribution revenue4
3,863 2,714
Other revenue4
2,149 1,523
Total Revenue
2,139 (1,346)
Operating expenses12b
140 98
Management fees12b
1,961 1,370
Supervisor fees12c
61 43
Total Expenses
2,162 1,511
Loss for the year before tax
(23)(2,857)
Income tax expense13
1,665 297
Loss for the year after tax for the period attributable to unitholders
(1,688)(3,154)
Other comprehensive income
- -
Total comprehensive income for the period attributable to unitholders
(1,688)(3,154)
Statement of Changes in Net Assets Attributable to Unitholders
For the year ended 31 March 2025
Unitholder
Capital
$'000
Net assets attributable to unitholders at 31 March 2023
136,385
Proceeds from units issued
10,695
Redemption of units
(12,250)
Distributions14
(2,714)
Net increase from transactions in units
(4,269)
Loss for the period
(3,154)
Other comprehensive income
-
Net assets attributable to unitholders at 31 March 2024
128,962
Proceeds from units issued
103,895
Redemption of units
(9,158)
Distributions14
(3,863)
Net decrease from transactions in units
90,874
Loss for the period
(1,688)
Other comprehensive income
-
Net assets attributable to unitholders at 31 March 2025
218,148
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 2
Statement of Financial Position
As at 31 March 2025
Note
20252024
Assets
$'000$'000
Cash and cash equivalents7
1,494
1,125
Income tax receivable
1,849
2,013
Distribution income receivable
-
-
Other receivables12d
202
119
Financial assets at fair value through profit or loss8
214,811
125,830
Total Assets
218,356
129,087
Liabilities
Unsettled purchases of financial instruments at fair value through profit or loss
-
-
Other payables12b,c
208
125
Total Liabilities
208
125
Net assets attributable to unitholders
218,148 128,962
John Selby
Director and Chair of the Board
For and on behalf of Booster Investment Management Limited who authorised the issue of
these financial statements on 27 June 2025.
Melanie Templeton
Director
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 3
Statement of Cash Flows
For the year ended 31 March 2025
Note
20252024
Cash was provided from/(applied to):
$'000$'000
Purchase of financial assets
(98,565)(3,050)
Sale of financial assets
5,685
5,090
Interest received
27
48
Dividends and distributions received
3,863
2,714
Other income received
2,065
1,525
Supervisor fees paid12c
(59)(43)
Management fees paid12b
(1,884)(1,370)
Operating expenses paid12b
(135)(98)
Taxation paid
(1,502)(1,056)
Net cash inflows/(outflows) from operating activities7
(90,505)
3,760
Cash was provided from/(applied to):
Proceeds from units issued
103,895
10,695
Payments for redemption of units
(9,158)(12,250)
Distributions made14
(3,863)(2,714)
Net cash inflows/(outflows) from financing activities
90,874 (4,269)
Net increase/(decrease) in cash held
369 (509)
Cash and cash equivalents at the beginning of the period
1,125
1,634
Cash and cash equivalents at the end of year7
1,494 1,125
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 4
b) Basis of measurement
The financial statements have been prepared on an accruals basis and are based on historical costs modified by the revaluation of
selected assets and liabilities for which the fair value basis of accounting has been applied.
The Statement of Financial Position is presented on a liquidity basis. Assets and liabilities are presented in decreasing order of liquidity
and are not classified between current or non-current.
The Scheme is not registered for GST and the financial statements are stated inclusive of GST where applicable.
c) Functional and presentation currency
The functional currency of the Fund is New Zealand dollars (NZD).
The financial statements are presented in NZD and rounded to the nearest thousand ($'000) unless otherwise stated.
d) Uses of estimates and judgements
The preparation of financial statements necessarily requires estimation and judgements. The resulting accounting estimates, by
definition, may not equal the related actual results. The most significant judgement made in the preparation of these financial
statements relates to the reliance on the underlying Fund Manager's valuation of Level 2 financial assets at fair value through profit or
loss which is detailed in note 8.
1. Reporting entity
Thes e financial statements are for the Boost er Investment Scheme 2's only Fund , Privat e Land and Property Fund (the Fund ) for the
ye ar ende d 31 Mar ch 2025 (reporting date).
The Boost er Investment Scheme 2 is established and domic iled in New Zeal and an d is an FMC Reporting Entit y under the Financial
Markets Conduct Act 2013. The Scheme is a managed investment scheme. The Scheme is compr ised of one investment fund at the
reporti ng dat e, being the Privat e Land and Property Fund (t he Fund ). The Fund' s aim is to prov ide investors wit h an opportunity to
inve st primar ily in a specialised portfol io of unlist ed, agricultural and horticultural land an d othe r property investments in New Zealand
vi a it s investment in the Privat e Land and Property Portfolio. Since 18 September 2019, the Fund' s units are quote d on the New
Zealand St ock Exchange (NZX ) Main Boa rd operat ed by NZ X Limit ed (unde r code "PLP").
The Scheme was initially establ ished under a Tr ust Deed dated 7 January 2019, subsequently amended and consolidated on 18
September 2019.
The Manager of the Scheme is Booster Investment Management Limit ed, and the Supervisor is Publ ic Trust.
These financial statements have been prepared for the only Fund within the Scheme and not the Scheme as a whole in accordance
with the Financial Markets Conduct (Financial Statements for Schemes Consisting Only of Separate Funds) Exemption Notice 2022.
The financial statements were adopted and authorised for issue by the Board of Directors of the Manager on 27 June 2025.
2. Sum mary of material accounting policies
e) Accounting Policies
Significant accounting policies that summarise the recognition and measurement used and are relevant to the understanding of these
financial statements are provided throughout the accompanying notes.
The accounting policies adopted have been consistently applied throughout the period presented in these financial statements.
f) Investment entity
The Fund meets the definition of an investment entity. The Manager determined that the Fund meets the definition of an investment
entity by considering the number of unitholders in the Fund. The Fund's business purpose which is to generate a return to unitholders
from capital appreciation and that substantially all of the funds financial assets are measured and evaluated on a fair value basis.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
a) Basis of preparation
The financial statements of the Fund have been prepared in accordance with the Trust Deed governing the Scheme, section 7 of the
Financial Markets Conduct Act 2013 and Generally Accepted Accounting Practice in New Zealand (NZ GAAP). For the purpose of
complying with NZ GAAP, the Fund is a for-profit entity. The financial statements comply with New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) issued by the New Zealand Accounting Standards Board and International Financial
Reporting Standards (IFRS) issued by the International Accounting Standards Board, and other applicable financial reporting
standards as appropriate for for-profit oriented entities. The financial statements of the Fund have been prepared in accordance with
Tier 1 for profit reporting requirements outlined in the External Reporting Board's Accounting Standards Framework (XRB-A1) and they
have been prepared on the assumption that the Fund operates on a going concern basis.

Page 5
3. Standards, amendments, and interpretations to existing standards
4. Revenue
5. Unitholders' funds
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
NZ IFRS 18 Presentation and Disclosure in Financial Statements will replace NZ IAS 1 Presentation of Financial Statements. The
effective date for NZ IFRS 18 is for annual periods beginning on or after 1 January 2027. The Fund and Scheme have not early
adopted NZ IFRS 18.
NZ IFRS 18 sets out the requirements for the presentation and disclosure of information in the financial statements and will not change
the net profit reported, only the disclosure of information. The impact on the disclosures for the Funds and Scheme is yet to be
determined.
In the current year the Scheme has adopted amendments issued for Financial Reporting Standard No. 44 New Zealand Additional
Disclosures (FRS 44) for disclosure of fees for audit firms’ services. These amendments improve the transparency and consistency of
disclosures provided about fees paid to the Scheme’s auditor.
Several amendments and interpretations apply for the first time in 2025, but do not have an impact on the financial statements of the
Fund and Scheme.
Revenue is recognised to the extent that it is probable that economic benefits will flow to the Fund and the revenue can be readily
measured.
Interest revenue is recognised using the effective interest rate method, and includes interest earned on cash equivalents.
Dividend and distribution revenue is recognised when the right to receive the payment is established.
Net realised and unrealised gains or losses on financial instruments at fair value through profit or loss are calculated as the
difference between the fair value at sale or redemption, or at reporting date, and the fair value recorded at the date of the last
valuation. This difference includes both realised and unrealised gains and losses but does not include interest or dividend revenue.
Other revenue includes rebates received by the Fund due to its holding in the Private Land and Property Portfolio, the rebate is
calculated daily on the value of the holdings and recognised monthly on receipt. Other revenue also includes withdrawal fees paid by
members who have sold units with a value greater than the annual withdrawal threshold, as noted in the Product Disclosure Statement
(PDS).
Units issued by the Fund provides the unitholders with the right to require redemption for cash at the value proportionate to the
unitholders' share in the Fund's net asset value. The units qualify as 'puttable instruments' and are classified as equity.

Page 6
6. Investment in the Private Land and Property Portfolio
20252024
Assets
$'000$'000
Cash and cash equivalents
2,771
450
Trade receivables
1
125
Prepaid Expenses
1,279
609
Biological assets
3,025
1,635
Investment property
164,236
100,851
Financial assets at fair value through profit or loss
22,891
10,840
Property, plant and equipment
16,224
16,410
Total Assets
210,427
130,920
Liabilities
Trade payables
377
884
Borrowings
3,750
15,750
Income in advance
83
109
Total Liabilities
4,210
16,743
Net assets attributable to unitholders of PLPP
206,217
114,177
20252024
$'000$'000
Cash at Bank - Total1,494
1,125
Reconciliation of profit or loss to net cash from operating activities
20252024
$'000$'000
Profit
(1,688) (3,154)
Net unrealised gains on financial instruments held at fair value through profit or loss3,899
5,632
Net purchases of financial assets(92,880)
2,040
Change in receivables81 (759)
Change in payables83
1
Net cash outflows from operating activities(90,505)
3,760
The Private Land and Property Fund provides investors with an opportunity to invest primarily in a specialised portfolio of unlisted,
agricultural and horticultural land and other property investments in New Zealand (including land, buildings, bearer plants, and plant
and equipment, which are together referred to as ‘Property’).
This is achieved through investing in the Private Land and Property Portfolio (PLPP) of the Booster Investment Scheme. The Private
Land and Property Fund owns 100% of the units in PLPP. The following schedule outlines the underlying assets in the Private Land
and Property Portfolio the Fund is invested in at 31 March.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
The financial statements for the Private Land and Property Portfolio (PLPP) are prepared under International Financial Reporting
Standards, which differs to the approach applied for unit pricing purposes. The main difference is in the valuation of certain assets.
For unit pricing purposes these assets are valued at fair value, however due to the nature of these assets in the Financial Statement
they are classified as Property, Plant and Equipment and valued at cost. There may also be occasions where the financial statements
are adjusted for information that becomes available post balance date relating to the year end valuation in accordance with accounting
standards. Unit pricing is adjusted on the date the new information is received.
For more information on the underlying assets of PLPP please refer to the ‘Other material information’ document, which can be found
on the disclose register for BIS 2 https://disclose-register.companiesoffice.govt.nz/.
7. Cash and cash equivalents
Cash at bank represents cash with New Zealand banks registered with the Reserve Bank of New Zealand, with the result that they are
subject to insignificant risk of changes in value.
Cash and cash equivalents are classified as financial assets measured at amortised cost in accordance with NZ IFRS 9 Financial
Instruments .
Cash flows from operating activities represent the principal revenue-producing and investment activities of the entity and other
activities that are not financing activities.
Cash flows from financing activities represent changes in the amount and composition of the contributed equity of the Fund.

Page 7
8. Financial assets and liabilities at fair value through profit or loss
NZ IFRS 13 Fair Value Measurement 20252024
$'000$'000
Level 1- -
Level 2214,811 125,830
Level 3- -
Total financial assets214,811 125,830
9. Financial risk management
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
Subsequent to initial recognition, all financial instruments at fair value through profit or loss are measured at fair value with changes in
their fair value recognised in profit or loss within the Statement of Comprehensive Income, resulting in transaction costs being reflected
in the movement in fair value for the period.
Financial instruments are recognised initially at fair value. After initial recognition, financial instruments are measured at fair value or
amortised cost. Classifications of financial assets are determined on the basis of both (a) the Fund's business model for managing the
financial assets; and (b) the contractual cash flow characteristics of the financial asset.
Financial liabilities are measured at amortised cost unless they meet the criteria for classification at fair value through profit or loss.
Regular way purchases and sales of financial assets are accounted for as at trade date.
NZ IFRS 13 Fair Value Measurement, requires the Fund to measure and disclose fair values using the following fair value hierarchy:
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities;
Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or liability,
either directly (as prices) or indirectly (derived from prices);
Level 3: inputs for the asset or liability that are not based on observable market data.
The Fund's financial assets and liabilities at fair value through profit or loss are classified as follows:
Measurement of fair value of financial instruments classified as Level 2
Financial instruments classified as being Level 2 include holdings in managed investment funds.
Managed Investment Funds
The Fund's holdings in managed investment funds are valued at the redemption price quoted by the manager of those funds and,
where applicable, adjusted for information that becomes available post balance date relating to the year end valuation.
There were no transfers between Level 1 and Level 2 in 2025 or 2024, and there were no financial instruments classified as Level 3.
As at reporting date, the Scheme's only Fund is invested in an unlisted managed investment scheme and cash and cash equivalents.
Risks arising from holding financial instruments are managed through a process of on-going identification, measurement and
monitoring. The Fund may be exposed to credit risk, market price risk and liquidity and cash flow risk arising from the financial
instruments it holds.
The risks are measured using a method that reflects the expected impact on the results and net assets attributable to Unitholders of
the Fund from reasonably possible changes in the relevant risk variables.
Information about these risk exposures at the reporting date, measured on this basis, is disclosed below. Information about the total
fair value of financial instruments exposed to risk, as well as compliance with established investment mandate limits, is also monitored
by the Manager. These mandate limits reflect the investment strategy and market environment of the Fund, as well as the level of risk
that the Fund is willing to accept, with additional emphasis on selected industries. This information is prepared and reported to relevant
parties within the Manager on a regular basis (ranging from daily to monthly depending on the nature of the information) as deemed
appropriate.
In order to avoid excessive concentrations of risk, the Manager monitors the Fund's exposure to ensure concentrations of risk remain
within acceptable levels. The risk management policies employed by the Manager to manage these risks are discussed below.

Page 8
9. Financial risk management continued
20252024
Indirect credit exposure
$'000$'000
Investments in managed funds that are indirectly exposed to credit risk- -
Direct credit exposure
Cash at bank: AA-1,494 1,125
20252024
$'000$'000
Amount exposed to market risk
214,811 125,830
Market -10%
(21,481) (12,583)
Market +10%
21,48112,583
The Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default.
Management consider both historical analysis and forward looking information in determining any credit loss. Management consider
the probability of default to be close to zero as the instruments have a low risk of default. As a result, no loss allowance has been
recognised, as any such impairment would be wholly insignificant to the Fund.
Market price risk
Market price risk is the risk that the value of the Fund will fluctuate as a result of changes in market prices. This risk is managed by
ensuring that all activities are transacted in accordance with mandates, overall investment strategy and within approved limits.
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The Fund's only exposure to interest rate risk is on its cash and cash equivalents.
Cash and cash equivalents are current and the Fund does not consider there to exist any significant interest rate risk.
Price risk
The Fund is exposed to security price risk. This arises from investments held by the Fund for which prices in the future are uncertain.
The table below summarises the sensitivity of the Fund's net assets attributable to unitholders to security price movements as at 31
March. If the prices of the securities in which the Fund invests in at the period end had increased or decreased by 10% with all other
variables held constant, this would have had the following impact on the Statement of Comprehensive Income and Statement of
Changes in Net Assets Attributable to Unitholders:
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
Credit risk
Credit risk represents the risk that the counterparty will fail to discharge an obligation and cause the Fund to incur a financial loss.
With respect to credit risk arising from the financial assets of the Fund, the Fund's exposure to credit risk arises from default of the
counterparty, with the current exposure equal to the fair value of these instruments as disclosed in the Statement of Financial Position.
This does not represent the maximum risk exposure that could arise in the future as a result of changes in values, but best represents
the current maximum exposure at the reporting date.
The credit risk exposure has been prepared on the basis of the Fund's direct investments only and not on a look through basis for
investments held indirectly through managed investment funds. Where the Fund invests into managed investment funds ("underlying
funds") managed by the Manager, the investment strategies of these underlying funds aim to achieve an appropriate diversification of
investments to manage their credit risk. As at reporting date the Fund's investments in managed investment funds that were indirectly
exposed to credit risk are set out in the table to follow.
The Manager does not consider there to be significant credit risk in relation to accounts receivable or cash equivalents. Accounts
receivable is made up of unsettled sales of financial assets or income receivables, all of which have settled subsequent to the reporting
date.
The table below shows the maximum credit risk exposure and the credit quality by class of asset for debt instruments and cash at bank
using Standard and Poor’s rating categories.
The Fund holds no collateral or any other security over their financial assets subject to credit risk. The credit risk for cash and cash
equivalents are low as funds are held by a well-established NZ bank, with an AA- Standard & Poor credit rating.

Page 9
9. Financial risk management continued
10. Capital Risk Management
11. Auditor's remuneration
20252024
$'000$'000
Audit of financial statements - Ernst & Young23 21
Other Assurance Services - Ernst & Young2 2
Total auditor’s remuneration25 23
Other assurance services relate to the audit of the Scheme's registry.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
The Fund contributes to an expense recovery account for fund expenses such as audit fees during the year. The audit fees are paid
from the expense recovery account. This account is not shown in the financial statements as it relates to Booster Investment Scheme
2 at the Scheme level rather than the individual fund level.
Liquidity risk
Liquidity risk is the risk that the Fund will experience difficulty in either realising assets or raising sufficient funds to satisfy commitments
associated with financial liabilities and investments. Cash flow risk is the risk that future cash flows derived from holding financial
instruments will fluctuate.
This risk applies in relation to withdrawing units through Booster. Unlisted Property investments by nature have relatively long sale
timeframes. As a result, there is a risk that PLPP, which the Fund invests in, may be unable to sell a Property at the desired time to
fully meet this Fund's withdrawal request or that Property may need to be sold at a lower value than its assessed market value in order
to meet withdrawal requests. The Manager manages this risk by ensuring the Fund and PLPP are managed to provide various sources
of limited liquidity for withdrawals (such as holding a proportion of PLPP’s assets in cash to meet the expected liquidity requirements of
investors, access to an undrawn portion of a borrowing facility in PLPP (though this facility is primarily available to implement the
gearing strategy, not to provide liquidity to investors), and by applying a withdrawal fee that moderates demand for withdrawals).
Also, in a number of instances, PLPP holds separable Property titles in an area that the Manager believes could be readily sold to
meet liquidity requirements if necessary without compromising the investment objectives of PLPP.
The Manager is confident that in the ordinary course of business any withdrawal of funds can be met through a corresponding
redemption of units with PLPP within a period not exceeding 10 days, based on the Manager's analysis of the unitholders, and its
assessment of the likely withdrawal demand.
Should full realisation of assets be required, it is reasonable to expect this may take greater than six months due to the nature of the
underlying assets in PLPP.
The Fund's capital is represented by redeemable units and is reflected in the net assets attributable to unitholders. In accordance with
the risk management policies outlined in Note 9, the Fund invests contributions received in appropriate investments whilst maintaining
sufficient liquidity to meet any withdrawal requests. Compliance with investment management mandate limits is monitored by the
Manager with oversight from the Supervisor.
The Fund's units are quoted on the NZX Main Board, thus units can be sold through NZX Participants (such as a broker) or financial
advisers.
The Fund has a minimum initial investment of $1,000. Thereafter the investor may invest in $500 increments. The Manager may vary
minimum amounts from time to time at its discretion.
There are no externally imposed mandate limits.

Page 10
12. Related parties
d) Managed Fund Rebates
As PLPP is a related party of BIML, BIML rebates its management fee of 1% where it relates to investments in the Fund. Rebates
received are included in the Statement of Comprehensive Income as "Other revenue". Total rebates with respect to the investment in
PLPP for the year are $2,086,000 (2024: $1,448,000), with $202,000 outstanding at the reporting date (2024: $119,000).
With the exception of cash and cash equivalents, the Scheme invests directly into Booster Investment Scheme's Private Land and
Property Portfolio. Refer to Note 6 for further details.
a) Responsible entities
Booster Investment Management Limited (BIML) is the Manager of the Scheme. BIML is a wholly owned subsidiary of Booster
Financial Services Limited.
Public Trust is the Supervisor for the Scheme. None of these related parties holds or held units in the Fund. Asset Custodian
Nominees Limited (ACNL) is wholly owned by Booster Financial Services Limited. ACNL holds units in the Fund on behalf of investors
in its capacity as a custodian company for the Booster Wrap Administration System.
c) Fees paid to the Supervisor
Under the terms of the Trust Deed, the Supervisor is entitled to receive Supervisor fees. The fees paid to the Supervisor by the Fund
during the reporting period are disclosed in the Statement of Comprehensive Income as "Supervisor fees".
Fees due to the Supervisor at the reporting date are $5,900 (2024: $3,500). Total fees charged for the year are shown in the
Statement of Comprehensive Income.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements
e) Investment in funds managed by related parties
b) Manager's management fees and other transactions
Under the terms of the Trust Deed, the Manager is entitled to receive management fees from the Funds within the Scheme. These
fees are disclosed in the Statement of Comprehensive Income as "Management fees".
The Manager and/or the Supervisor are entitled to deduct or be reimbursed out of the Funds within the Scheme for other costs,
disbursements, charges, or expenses incurred. The Fund incurred an expense recovery charge of $140,000 in the year (2024:
$98,000), with $14,000 outstanding at the reporting date (2024: $8,000). No additional deductions or reimbursements occurred in the
current year (2024: nil).
Fees due to the Manager at the reporting date are $190,000 (2024: $113,000). Total fees charged for the year are shown in the
Statement of Comprehensive Income.

Page 11
12. Related parties continued
Other funds managed by BIML invest in the Fund, as follows as at 31 March:
20252024
$'000$'000
Booster KiwiSaver Scheme
Booster KiwiSaver High Growth Fund27,008 9,841
Booster KiwiSaver Balanced Fund21,690 12,457
Booster KiwiSaver Growth Fund20,102 8,832
Booster KiwiSaver Socially Responsible High Growth Fund16,985 -
Booster KiwiSaver Geared Growth Fund16,169 2,371
Booster KiwiSaver Socially Responsible Balanced Fund6,375 -
Booster KiwiSaver Moderate Fund5,224 3,622
Booster KiwiSaver Socially Responsible Geared Growth Fund 1,702 -
Booster KiwiSaver Socially Responsible Growth Fund 1,363 -
Booster KiwiSaver Socially Responsible Moderate Fund811 -
Booster SuperScheme
Booster SuperScheme Balanced Portfolio8,252 7,069
Booster SuperScheme Growth Portfolio7,298 3,950
Booster SuperScheme High Growth Portfolio3,462 866
Booster SuperScheme Conservative Portfolio1,452 1,969
Booster SuperScheme Socially Responsible High Growth Portfolio1,085 -
Booster SuperScheme Socially Responsible Balanced Portfolio987 -
Booster SuperScheme WPS High Growth Portfolio1
Booster SuperScheme Sterling Socially Responsible Balanced Portfolio765 -
Booster Investment Scheme
Balanced Fund3,592 2,664
Growth Fund1,931 1,157
Socially Responsible Balanced Fund1,669 -
High Growth Fund1,403 971
Moderate Fund924 758
Socially Responsible High Growth Fund 841 -
Focus Balanced Fund754 270
Shielded Growth Fund537 74
Focus High Growth Fund413 102
Socially Responsible Moderate Fund403 -
Focus Moderate Fund282 100
Focus Growth Fund277 81
Socially Responsible Growth Fund 126 -
Defensive Fund23 22
f) Investment by funds managed by related parties
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 12
13. Taxation
20252024
Tax expense comprises:
$'000$'000
Current tax expense/(benefit)1,665 297
Total tax expense1,665 297
20252024
Tax expense comprises:
$'000$'000
Profit before tax(23) (2,857)
Listed PIE profit before tax
(23) (2,857)
Less: Income not assessable for taxation(5,971) (3,916)
Taxable Income
5,948 1,059
Income tax using the statutory income tax rate 28%1,665 297
Income not assessable for taxation- -
Income tax expense as per Statement of Comprehensive Income1,665 297
20252024
Imputation credits
$'000$'000
Imputation credits brought forward- -
Imputation credits available resulting from the payment of the provision for tax1,502 1,056
Imputations utilised in the period(1,502) (1,056)
Imputation credits available 31 March - -
The prima facie income tax expense on profit before tax reconciles to the income tax expense in the Financial Statements as follows:
As a Listed PIE, the Fund is liable for tax at the prevailing company tax rate (28%) on taxable interest and dividends and gains and
losses from its investments after the deduction of management fees and other deductible expenses. The Fund pays tax to cover the
tax liability in full, for which it accumulates imputation credits. Annually a Listed PIE is required to attach imputation credits to the fullest
extent under the tax rules to its distribution.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting
period. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 13
14. Distributions
During the period, the Fund paid the following distributions:
20252024
$'000$'000
Quarter 1265 796
Quarter 21,113 683
Quarter 31,144 642
Quarter 41,341 593
Total distributions paid to unitholders in the period (net of imputation credits)3,863 2,714
15. Earnings per unit
20252024
$'000$'000
Profit after tax(1,688) (3,154)
Weighted average number of units120,045 97,846
Basic and diluted earnings per unit (cents per unit)(1.4)(3.2)
16. Net tangible assets per unit
20252024
$$
Net tangible assets per unit1.31 1.34
17. Contingent assets, liabilities, and commitments
There are no outstanding contingent assets or liabilities or commitments at the reporting date (2024: none).
Net tangible assets per unit is a non-GAAP measure. The net tangible assets per unit is calculated on a Fund basis by dividing the net
assets attributable to unitholders by the units on issue at the end of the period.
The basic earnings per units (EPU) is calculated by dividing profit after tax for the period attributable to unitholders by the weighted
average number of units on issue during the period at a Fund level.
The Fund's diluted EPU is the same as the basic EPU since the Fund has not issued any instrument with dilutive potential.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

Page 14
18. Other Matters
19. Events occurring after reporting date
No other significant events have occurred since the reporting date which would impact on the financial position of the Scheme or on
the financial performance and cash flows of the Scheme for the year ended on that date.
FMA Proceedings against the Manager of the Scheme
On Wednesday 12 June 2024, the Financial Markets Authority (FMA) filed civil proceedings against Booster Investment Management
Limited (BIML) and five of its Senior managers and executive directors (the BIML Individuals). The FMA’s Statement of Claim alleges
75 causes of action against BIML and the BIML Individuals relating to 18 investments made by BIML between 2017 and 2023, into a
limited partnership, the Booster Tahi Limited Partnership (Tahi), which invested into a series of New Zealand wine businesses, later
amalgamated into the Booster Wine Group. The causes of action against BIML allege breaches of the following provisions of the
FMCA:

osection 143(1):a failure to act in the best interests of the Booster Scheme participants by investing in the circumstances;

osection 143(2): a failure to carry out functions of a manager in accordance with the governing document, SIPO and other
issuer obligations;

osection 173: entering into a transaction giving related party benefits without obtaining the supervisor’s consent or certification
that the transaction falls under an exception specified in the FMCA; and

osection 144: a failure to exercise the requisite care diligence and skill when exercising BIML’s power to invest scheme
property.
The FMA is seeking declarations; pecuniary penalties (with a maximum penalty of $600,000 for BIML per charge); a court determined
inquiry into damages to determine any harm or loss any investors suffered as a result of any breach; and costs. Booster is defending
the FMA’s claims. Any legal costs that are incurred and any pecuniary damages that may be imposed are the expenses of BIML
directly and will not impact this Scheme. It is difficult to calculate exposure to BIML at this early stage. In terms of penalty if BIML is
found to have contravened the FMCA, the court will have regard to s 506 of the FMCA (which provides that a person is only liable to 1
pecuniary penalty order for the same conduct) and the totality principle (i.e. that the total penalty should reflect the overall seriousness
rather than merely the number of charges). The court case is expected to begin in February 2027.
The Scheme does not invest in Booster Tahi Limited Partnership but PLPP in which it invests does lease property and undertakes
commercial transactions with the Booster Wine Group. We do not anticipate any material impact on the fund.
Booster Investment Scheme 2 - Private Land and Property Fund
Financial Statements

A member firm of Ernst & Young Global Limited
Independent Auditor’s Report

To the Unitholders of the Private Land and Property Fund (the only
constituent fund of Booster Investment Scheme 2 (the “Scheme”))

Opinion

We have audited the financial statements of the Private Land and Property Fund (the “Fund”) on
pages 1 to 14, which comprise the statement of financial position of the Fund as at 31 March 2025,
and the statement of changes in net assets attributable to Unitholders, the statement of
comprehensive income and the statement of cash flows for the year then ended of the Fund, and the
notes to the financial statements including material accounting policy information.
In our opinion, the financial statements on pages 1 to 14 present fairly, in all material respects, the
financial position of the Fund as at 31 March 2025 and its financial performance and cash flows for
the year then ended in accordance with New Zealand equivalents to International Financial Reporting
Standards and International Financial Reporting Standards.
This report is made solely to the Fund’s Unitholders, as a body. Our audit has been undertaken so that
we might state to the Fund’s Unitholders those matters we are required to state to them in an
auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Fund and the Fund’s Unitholders, as a body, for our
audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report.
We are independent of the Fund in accordance with Professional and Ethical Standard 1 International
Code of Ethics for Assurance Practitioners (including International Independence Standards) (New
Zealand) issued by the New Zealand Auditing and Assurance Standards Board, and we have fulfilled
our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinions.
Ernst & Young provides other assurance services to the Fund. Partners and employees of our firm
may deal with the Fund on normal terms within the ordinary course of the business of the Fund. We
have no other relationship with, or interest in, the Fund.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audits of the financial statements of the current year. These matters were addressed in the
context of our audits of the financial statements as a whole, and in forming our opinion thereon, but

A member firm of Ernst & Young Global Limited


we do not provide a separate opinion on these matters. For each matter below, our description of how
our audits addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,
our audits included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinions on
the accompanying financial statements.
Fair Value of the Investment in Private Land and Property Portfolio
Why significant How our audit addressed the key audit matter
▪ The Fund’s investment in Booster Investment
Scheme’s Private Land and Property Portfolio
(the “Portfolio”) represents substantially all
the Fund’s assets as at 31 March 2025.
▪ As the Fund is an investment entity, while it
owns 100% of the Portfolio, this is not
consolidated. The investment in the Portfolio
is measured at fair value through profit or
loss.
▪ As detailed in the financial statements, the
most significant component of the unit pricing
of the Portfolio is the fair value of the
properties it holds. The valuation of these
assets is critical to the valuation of the Fund’s
interest in the Private Land and Property
Portfolio.
▪ The valuation of the properties includes key
estimates and assumptions which are
influenced by, among other matters,
prevailing market conditions. As a result,
significant assumptions used in the valuation
are inherently subjective. A small difference
in any one of the key assumptions, when
aggregated, could result in a significant
change to the valuation of the properties.
▪ The fair value of the properties is determined
by the Manager of the Portfolio. In assessing
the fair value of properties, the Manager
considers the most recent external valuation
of the relevant property.
▪ The Manager records the investment in the
Portfolio based on the unit pricing assessed
for the Portfolio, which includes property
valuations for both leased and non-leased
properties as well as other adjustments as
considered appropriate.
Our audit procedures in relation to the valuation of the
Fund’s investment in the Portfolio focussed on the
valuation of properties within that Portfolio. This
included:
▪ Holding discussions with management to
understand:
▪ The valuation methodology applied to the
properties; and
▪ Changes in lease arrangements of each
property, where relevant.
▪ Considering the most recent external valuations
received and assessing the significant input
assumptions used by the valuers.
▪ Assessing the competence, capabilities and
objectivity of the external valuers.
▪ Meeting with external valuers to discuss the
valuations completed during the year and any
changes in market prices during the period to 31
March 2025.
▪ Utilising our internal real estate valuation
specialists to assist in considering the more
significant or subjective matters relating to a
sample of external property valuations, including
assessing the appropriateness of the methodology
utilised.
In addition, in relation to the valuation of the Fund’s
investment in the Portfolio our audit procedures
included assessing the unit pricing used to value the
Fund’s investment in the Portfolio and the
appropriateness of adjustments made between the
total assessed property values and this amount.
We also assessed the disclosures in the financial
statements, including whether they appropriately
reflected the Fund’s exposure to financial instrument

A member firm of Ernst & Young Global Limited


▪ Disclosure regarding the Fund’s investment at
31 March 2025 are included in Notes 6 and 8
to the financial statements.
risk, with reference NZ IFRS 7 Financial instruments:
Disclosures.
Information other than the financial statements and auditor’s report
The Manager of the Fund is responsible for the other information. The other information comprises
the annual report, which includes the Climate Statement but does not include the financial statements
and our auditor’s report thereon. We obtained the annual report other than the Climate Statement
prior to the date of this auditor’s report. The Climate Statement is expected to be made available to us
after the date of this report.
Our opinion on the financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with
the financial statements or our knowledge obtained during the audit, or otherwise appears to be
materially misstated.
If, based upon the work we have performed on the other information that we obtained prior to the
date of this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard. When we
read the Climate Statement, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Manager’s responsibilities for the financial statements
The Manager is responsible, on behalf of the Fund, for the preparation and fair presentation of the
financial statements in accordance with New Zealand equivalents to International Financial Reporting
Standards and International Financial Reporting Standards, and for such internal control as the
Manager determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Manager is responsible for assessing on behalf of the Fund,
the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Manager either intends to
liquidate the Fund or cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audits of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with International Standards on Auditing (New Zealand) will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and

A member firm of Ernst & Young Global Limited


are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of Unitholders taken on the basis of these financial statements.
A further description of the auditor’s responsibilities for the audits of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards/assurance-
standards/auditors-responsibilities/audit-report-2/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Sam Nicolle.




Chartered Accountants
Wellington
30 June 2025

Booster Investment Scheme 2:
Private Land and Property Fund
Level 19, Aon Centre
1 Willis Street
Wellington 6011