PLP - Waimea Vineyards Valuation Update

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 the Waimea Vineyard properties which has resulted in a net reduction of $2.1m. This represents a 0.98% 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 $1.289 per unit to $1.277. These adjustments will be reflected in the 28 April 2026 unit price, which will be issued on 30 April 2026. An independent valuation report has been obtained for the vineyard properties on the Waimea plains. This investment represented approximately 9% of the wholesale fund prior to this update. In considering this valuation report, the manager has adopted a $2.1m decrease in the value of the vineyards. The decrease in value is primarily driven by the challenges which the wider viticulture market is facing with the imbalance of supply and demand. The Tasman region has a number of competing land uses which supports the underlying land value and this has remained consistent across the properties. However, as these properties are leased, the manager is unable to fully recognise the value added by the alternate uses of the land. As previously signalled, approximately 46 hectares of these properties are to be redeveloped into apple orchards which involves the surrender of the lease covering this portion of the land. Although this is yet to be finally agreed / documented, the land which is to be developed into apple orchards now has a higher value due to the alternative use of the land (and is reflected in the net reduction of $2.1million). 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 $8 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