BIF – Annual Report 2022

This Annual Report 2022 has been
prepared for the year to 31 March 2022.
Innovation Scheme
Annual Report 2022
Booster
Booster Innovation
Fund

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Contents
Section 1 Details of Scheme ..................................................................................3
Section 2 Description of the Scheme .....................................................................3
Section 3 Information on composition of the Scheme ...........................................4
Section 4 Changes relating to the Scheme ............................................................5
Section 5 Financial condition and performance of the Scheme ............................6
Section 6 Fees ........................................................................................................7
Section 7 Scheme property.................................................................................... 8
Section 8 Changes to persons involved in the Scheme ....................................... 10
Section 9 How to find further information ........................................................... 10
Section 10 Contact details and complaints ............................................................ 11

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1. Details of Scheme
Name of the scheme: Booster Innovation Scheme (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 Innovation Scheme – Booster Innovation Fund, dated 23 February 2022 – open for applications
Financial Statements and Auditor’s Report: The latest financial statements for the Scheme and its auditor
report, covering the financial year ended 31 March 2022 were lodged on the scheme register and are
available at www.disclose-register.companiesoffice.govt.nz or at www.booster.co.nz.
2. Description of the Scheme
Description of the Scheme: The Booster Innovation Fund (the ‘Fund’) was established to invest in a portfolio
of early-stage companies founded on intellectual property originated or developed in New Zealand that are
selected on the basis that they have the potential to become commercially successful globally. The Fund
was also listed on the NZX Main Board, code BIF, on 2 March 2022.
Date on which the Scheme started: The Scheme was established on 22 October 2020. The Scheme
was offered as a wholesale scheme with its first transaction being on 24 August 2021. The Scheme was
registered as a managed investment scheme on 10 November 2021 and became available to investors on
18 November 2021.
The annual financial statements have been prepared for the year ended 31 March 2022, as the Scheme
existed for the whole 12-month period.
This Annual Report has been prepared for the year ended 31 March 2022, which covers the period prior to
the first transaction (up to 24 August 2021), the period when the Scheme was offered only as a wholesale
scheme (24 August to 9 November 2021) and the period from which it was registered as a managed
investment scheme (10 November 2021).

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3. Information on composition of the Scheme
Units on issue
As noted above, the Scheme had no funds on offer at the start of the accounting period, and had one fund on
offer at the end of the accounting period. The number of units on issue in the Fund at the start and at the end
of the accounting period was:
Fund
Units on issue at
1 April
1
2021
Units on issue at
31 March 2022
Booster Innovation Fund 06,097,365
Substantial product holders
The Fund is listed on the NZX Main Board under NZX code BIF. Any unitholder that holds more than 5% of
the units in the Fund are considered as substantial product holders.
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
Asset Custodian Nominees Limited2,433,01539.90%
Booster KiwiSaver Scheme
(through PT (Booster KiwiSaver) Nominees Limited)
2,622,30043.01%
Booster SuperScheme
(through PT (Booster Superannuation) Nominees Limited)
676,13311.09%
1
The opening units as at 1 April are the closing units from the previous accounting period.

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4. Changes relating to the Scheme
As noted above, the Scheme’s first transaction was on 24 August 2021, which resulted in the Fund taking
an exposure in 11 investments via its interest in NZ Innovation Booster Limited Partnership. Over the
accounting period, the Fund purchased a number of additional investments resulting in it holding a portfolio
of 19 investments as at 31 March 2022.
Statement of Investment Policy and Objectives (SIPO)
No material changes were made to the SIPO of the Scheme’s Fund during the accounting period.
A copy of the Scheme’s most recent SIPO is available at www.booster.co.nz
Governing document
No changes were made to the Scheme’s Trust Deed during the accounting period.
A copy of the Scheme’s Trust Deed is available at www.booster.co.nz
Related party transactions
NZ Innovation Booster Limited Partnership
The Scheme’s Fund owns units in the NZ Innovation Booster Limited Partnership (NZIB). NZIB is a
partnership between Booster Financial Services Limited (the parent company of the Manager), Victoria Link
Limited and Otago Innovation Limited. Due to Booster Financial Services Limited being a shareholder of the
general partner and a limited partner of NZIB (and who had invested through NZIB in conjunction with a
number of Booster managed funds prior to the Fund establishment), we consider NZIB to be a related party.
All transactions between these related parties are performed on an arm’s length basis (and for which no
related party benefit is given).
Various Booster Funds invest in the Scheme
Units in the Scheme’s Fund are held by Booster Financial Services Limited as well as a number of managed
investment schemes that are also managed by BIML. All transactions have been performed on an arm’s
length basis of which a performance-based fee is payable in respect of these investors in the Fund, along
with all other investors in this Fund. Further information about the performance-based fee is available in the
Scheme’s Product Disclosure Statement available at www.booster.co.nz.
There were no other changes to the nature or scale of any related party transactions during the accounting
period and all related party transactions were on an arms’ length basis.
Further information on the Fund and Related Party Benefits can be found in the Scheme’s Product Disclosure
Statement and Other Material Information document available at www.booster.co.nz.
Terms of the offer
The Scheme’s Fund was opened to retail investors on 19 November 2021 and listed on the NZX Main Board
on 2 March 2022.
A copy of the Scheme’s current Product Disclosure Statement is available at www.booster.co.nz.
There were no material changes to the terms of the offer over the accounting period.
Valuation and pricing methodologies
No changes were made to the Scheme’s Fund valuation and pricing methodologies during the accounting
period that impact the net asset value of the Fund or the value of investor’s interests.

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5. Financial condition and performance of the Scheme
The below information is a summary of the financial information for the Scheme for the year ended 31 March
2022. The full financial statements are available at www.disclose-register.companiesoffice.govt.nz or at
www.booster.co.nz.
The financial statements for the Fund are prepared under International Financial Reporting Standards,
which differs to the approach applied for unit pricing purposes. There may 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.
Statement of Financial Performance of the Fund
For the year ended
31 March 2022 $’000
Investment income1,270
Fees and expenses(25)
Net income before tax1,245
Statement of Financial Position of the FundAs at 31 March 2022 $’000
Cash124
Investments held at fair value 7,521
Other payables(25)
Net Assets7,620
Statement of Changes in net assets
attributable to unitholders
For the year ended
31 March 2022 $’000
Net assets at the beginning of the period-
Proceeds for units issued 6,375
Net profit after tax1,245
Net Assets attributable to unitholders7,620
Statement of Cash Flows
For the year ended
31 March 2022 $’000
Opening cash position-
Net cash (outflows) from operating activities (2,511)
Net cash inflows from financing activities2,635
Cash at end of accounting period 124

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6. Fees
Fees and expenses charged by the Fund through the unit price, but not including investor specific action
fees, in respect of the Scheme for the accounting period are:
2
The disclosed fees and expenses represent the amounts either disclosed or reflected in the financial statements of the Scheme’s
Fund over that period. This includes fee accrual estimates which are not yet payable (e.g. the performance-based management fee
measurement period was extended through to 31 March 2023).
3
The percentage is calculated as the dollar amount divided by the closing value of the net assets of the Scheme’s Fund.
Any new fees or changes to exiting fees is subject to the Scheme Trust Deed. The Manager will consult and
agree any fee change with the Supervisor and provide 1 month’s notice of any increase in the fees or charges
to all investors in the Fund.
Fee Type and Rate
2
Dollar Amount
Percentage of
Scheme Property
3
Fees and Expenses Charged by the Manager
or associated persons
Performance-based management fee$204,0002.68%
Fees and Expenses Charged by other persons
Capital raising expensesniln /a
Other fund administration expenses$25,1500.33%
Other fund administration expenses from underlying funds$20,9630.28%
The below table shows the breakdown on investments held at fair value. Fair value adjustments refer to
unrealised gains/losses for holdings during the period assessed in accordance with valuation methodologies
for the Scheme.
Investments held at fair value
For the year ended
31 March 2022 $’000
Opening balance-
Acquisitions 6,251
Distributions568
Fair value adjustments736
Foreign exchange translation(34)
Investments at end of accounting period 7,521

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7. Scheme property
As at 31 March 2022, the Fund held the following investments:
CompanyBusiness SectorBusiness Sub-Sector
Business
Development
Stage
% Share
interest
Alimetry Limited
4

Life sciences and
medical technologies
Screening and diagnostics
– human health
Early stage1.1%
Allegro Energy Pty
Limited
4
Energy and clean
technologies
Energy storageSeed2.2%
Amaroq Therapeutics
Limited
4
Life sciences and
medical technologies
Life sciences –
human health
Seed 8.1%
Avalia Immunotherapies
Limited
4,6
Life sciences and
medical technologies
Life sciences –
human health
Seed 12.3%
BioLumic Inc
Materials and
technologies
Agriculture technologiesExpansion 1.0%
Codify Asset Solutions
(CAS) Limited
4
Information technology
services
Building industry softwareEarly stage 2.4%
Chitogel Limited
4
Life sciences and
medical technologies
Biotechnology –
human health
Expansion 1.6%
Ferronova Pty Limited
4
Life sciences and
medical technologies
Screening and diagnostics
– human health
Expansion 4.1%
Inhibit Coatings Limited
4
Materials and
technologies
Material coatingsEarly stage 2.4%
InsituGen Limited
4
Life sciences and
medical technologies
Screening and diagnostics
– animal and human health
Early stage 18.1%
Jaipuna Limited
(trading as Amy.app)
Information technology
services
Education technologiesEarly stage 1.4%
Ligar Limited
Partnership
4
Materials and
technologies
Biotechnology materialsExpansion 0.9%
Marama Labs Limited
4
Information technology
services
Software and
measurement hardware
Early stage10.2%

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Mekonos Inc
4
Life sciences and
medical technologies
Life sciences –
human health
Expansion 0.4%
Montoux Limited
Information technology
services
Life and health insurancesExpansion2.3%
PowerON Limited
Materials and
technologies
Soft roboticsEarly stage 5.6%
Sensor Holdings Limited
(trading as StretchSense)
5
Information technology
services
Augmented and
virtual reality
Expansion 1.2%
TasmanIon Limited
4
Energy and clean
technologies
Energy storage Seed9.5%
Xframe Pty Limited
4
Materials and
technologies
Construction materialsEarly stage 7.2%
4
Investments are held indirectly via an interest in NZIB.
5
Investments are held via convertible note, percentage indicates estimated equity position on conversion.
6
Part of this investment is in the form of a convertible note, with the option to convert to equity. The percentage share interest is the
effective interest that would result on conversion of the convertible note.
No investments were held at 1 April 2021. The following charts provide an analysis of the composition of the
investment portfolio as at 31 March 2022.
32% Expansion
57% Early Stage
Fund value by business stageFund value by sector
23% Information
services
technology
29% Materials &
technologies
41% Life sciences
& medical
technologies
10% Seed
5% Energy & clean
technologies
1% Cash
2% Cash
Fund value by individual holding
This chart shows the relative size of each of the 19 investments in which the Fund held an interest in as at
31 March 2022 (as a proportion of NAV). Commercial confidentiality obligations restrict the identification of
each investment.
0%25%
100%50%
75%

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9. How to find further information
Information relating to the Scheme is available on the scheme register and information relating to the Fund
is on the offer register at www.disclose-register.companiesoffice.govt.nz by searching ‘Booster Innovation
Scheme’ for the scheme register and ‘Booster Innovation Fund’ for the offer register:
• The offer register includes the product disclosure statement, 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.
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 40 40 50 from 8.00am to 5.00pm (Monday to Friday)
visit www.booster.co.nz
8. 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 accounting period.
There were no changes to the key personnel and there were no changes to the directors of the Manager.
The Supervisor
Public Trust is the Supervisor of the Scheme and this did not change during the accounting period.
There were no changes to the board of the Supervisor.
Listed Securities Registrar
Link Market Services was appointed as the unit registrar to provide registry services on 2 March 2022.
Other Persons Involved
The Custodian (PT (Booster Investments) Nominees Limited) and the Auditor (Ernst and Young) did not
change during the accounting period.

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10. Contact details and complaints
Manager
Chief Operating Officer
Booster Investment Management Limited
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners St
Wellington 6142
Phone: 0800 336 338
Email: clientservices@booster.co.nz
Supervisor
General Manager, Corporate Trustee Services
Public Trust
Level 8, Public Trust Building,
22-28 Willeston St,
Private Bag 5902
Wellington 6140
Phone: 0800 371 471
Email: CTS.Enquiry@PublicTrust.co.nz
Manager’s Approved Dispute
Resolution Scheme
Financial Dispute Resolution
Service
Level 4, 142 Lambton Quay
Freepost 231075
PO Box 2272
Wellington 6140
Phone: 0508 337 337
Email: enquiries@fdrs.org.nz
Website: www.fdrs.org.nz
Supervisor’s Approved Dispute
Resolution Scheme
Financial Services Complaints
Limited
Level 4, 101 Lambton Quay
PO Box 5967
Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: www.fscl.org.nz
Securities Registrar’s Approved
Dispute Resolution Scheme
Financial Services Complaints
Limited
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 Management Limited (BIML) is the issuer of the Booster Innovation Scheme. 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
Link Market Services
Level 30, PwC Tower,
15 Customs Street West
PO Box 91976
Auckland 1142
Phone: 09 375 5998
Email: enquiries@linkmarketservices.co.nz
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
it to one of the following approved dispute resolution schemes. They won’t charge you a fee to investigate
or resolve your complaint.

We’re here to help.
To find out more about Booster Innovation
Scheme, talk to your financial adviser, visit our
website or call us on 0800 40 40 50.
booster.co.nz
Booster Investment Management Limited
PO Box 11872, Manners Street
Wellington 6142, New Zealand