Update on proposed strategic investment in Afimilk

Private Bag 3016
Hamilton 3240
New Zealand

0800 651 156
www.lic.co.nz
LIC is the trading name of Livestock Improvement Corporation Limited
Market Announcement

2 April 2020

UPDATE ON PROPOSED STRATEGIC INVESTMENT IN AFIMILK

Following Livestock Improvement Corporation’s (NZX:LIC) last announcement on 23 March
2020, volatility in exchange rates has continued. As at 8.00am NZ time on 2 April 2020, the value of
the New Zealand dollar against the US dollar has increased to a rate of 0.5916 thereby reducing the
increase in the purchase price by NZD5.0m from NZD123.3m to NZD118.3. This compares to the
purchase price of NZD108.7m recorded in the Notice of Meeting. Rates are likely to continue to change
up to and beyond 7 April 2020 being the date of the Special Meeting. If the proposed transaction is
approved by shareholders a hedging contract will immediately be put in place to provide certainty as
to the purchase price. LIC will not be providing any further updates on fluctuations in the exchange
rate.

Ends

For investor relations questions, please contact:
Gillian Brennan
Company Secretary
Gillian.Brennan@lic.co.nz
+64 7 856 0700

For media enquiries, please contact:
Jo Jalfon
Communications Manager
Jo.Jalfon@lic.co.nz
+64 27 297 1904

About LIC

LIC is a farmer-owned co-operative that provides a range of services and solutions to improve the
productivity and prosperity of farmers. This includes dairy genetics, information technology, herd
testing, DNA parentage verification and farm advisory services through FarmWise. Subsidiary
business LIC Automation also provides integrated automation systems and unique milk testing
sensors that present real-time data while a cow is being milked. With origins dating back to 1909, LIC
has a long history of world-leading innovations for the dairy industry. Today the New Zealand-based
co-operative employs more than 700 permanent staff, swelling to 2000 during the peak dairy mating
season. LIC also has offices in the United Kingdom, Ireland and Australia. All LIC profit is returned to
its farmer owners/shareholders in dividends or re-invested for new solutions and research and
development. www.lic.co.nz