PLP – No revenue impact from COVID-19 alert level change

PLP - No direct revenue impact following COVID-19 alert level change Booster Investment Management Limited as Manager of the Fund (the Manager) has assessed the impact that the change in the New Zealand alert level for COVID-19 may have on the revenue of the Fund. The change in alert level means that non-essential businesses must close to assist in preventing the spread of the virus, however the position is different for PLP. Whilst the largest portion of the cash earnings of PLPs' business is derived from fixed price leases on its land and property, a significant portion of its cash earnings (36%) is directly related to the sale of grapes from its Marlborough based vineyards. The Marlborough vineyards are currently in process of being harvested, with the last grapes expected to be harvested by mid April. The vineyard operator has advised the Manager that the grape and wine industry (along with other food and beverage producers) may continue to operate during COVID-19 level 3 and 4 alert levels as essential businesses. This confirmation was provided by the Ministry of Primary Industries. As a result of this, the harvesting effort will continue. The vineyard operator is following strict protocols to protect the teams involved. As long as the harvest can continue uninterrupted, the Manager does not expect any material adverse impact to the expected earnings of the Fund which are reflected in the net asset value of the units. Likewise, the Manager has no information that currently would lead it to believe there has been a reduction in the underlying value of the land into which PLP invests. For further information regarding the Private Land and Property Fund 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 $3 billion on behalf of more than 120,000 New Zealanders. For more information, including a copy of the Product Disclosure Statement, please visit www.booster.co.nz End CA:00350579 For:PLP Type:GENERAL Time:2020-03-24 17:19:07