PLP - Valuation Updates

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PLP – Valuation Updates
28 August 2025


In its role as Manager of the Private Land and Property Portfolio (the wholesale fund into which the PLP
invests), Booster Investment Management Limited (Booster) regularly considers the appropriateness of the
valuation of the properties within the portfolio and obtains independent valuations to support its
considerations.
Based on the most current information available, the Manager has updated the valuation of several
properties within the portfolio which has resulted in a net reduction of $5.8 million. This represents a 2.7%
decrease in the net asset value of PLP, decreasing the most recent net asset value (the unit price at which
units are issued by the manager) from $1.323 per unit to $1.288 per unit . These adjustments will be
reflected in the 27 August 2025 unit price, which will be issued on 29 August 2025.
Vineyard Properties
Reductions in the valuation of the vineyard properties in the Awatere Valley and Hawke’s Bay are a reflection
of the Manager’s view on the viticulture market. Before this update, the Awatere vineyards represented
~11% of the wholesale fund whilst the Hawke’s Bay properties represented ~4% of the wholesale fund. The
New Zealand viticulture market is facing current oversupply 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. The Manager has reflected lower expected future income for
vineyard owners in its valuation of the properties in Hawke’s Bay and Marlborough. The Manager has
therefore reduced the value of the Hawke’s Bay properties by $1.5 million and the Awatere vineyard
properties have been reduced by $4.8 million. The Manager has not reduced the value of PLP’s viticulture
assets in the Nelson region as recent independent valuations suggest that those properties’ current
valuations are supported by alternative use.
Shareholding in Waimea West Hops Limited
An independent valuation report has been obtained for the land and improvements held by Waimea West
Hops Limited (WWHL) , a company in which the wholesale fund holds 50.87%. The investment in WWHL
represents ~4% of the wholesale fund prior to this update. After considering this independent valuation and
other key valuation inputs, the Manager has adopted a $2.3 million reduction in the value of the wholesale
fund’s investment in WWHL. This reduction 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, the Manager is pleased to report that its 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.
Dairy Farmland in Southland
An independent valuation has been obtained for the three dairy farms in Southland owned by the wholesale
fund. These properties represent ~16% of the wholesale fund prior to this update. In considering this
valuation, the Manager has adopted an increase in value of $2.7 million for the properties. The increase
reflects positive developments in the New Zealand dairy market with high volumes of transactions over the
last 12 months and favourable market dynamics within the dairy sector with declining interest rates and high
milk prices. The farms continue to be well managed and maintained with strong performance supporting the
valuation outcome.

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Investors can continue to purchase units in PLP on the NZX or can subscribe for units in the fund as part of
the process described in the fund’s Product Disclosure Statement (PDS) that is available at
www.booster.co.nz
For further information regarding PLP visit www.booster.co.nz/booster-investments/private-land-and-
property-fund



For more information, please contact:
Gary Scott
Company Secretary
Booster Investment Management Limited
04 8944300


About Booster
Booster Investment Management Limited (Booster) is the manager and issuer of the Fund, and part of the
Booster Group which has been helping New Zealanders save since 1998. The group currently administers
superannuation and investment funds of over $7 billion on behalf of more than 200,000 New Zealanders.
PLP is a managed investment fund that invests in land and property-based investments by investing in units
in Booster’s Private Land and Property Portfolio. PLP only holds these units.
For more information, including a copy of the Product Disclosure Statement and the latest net asset value
per unit, please visit www.booster.co.nz