BIF Annual Report 2023

This Annual Report 2023 has been
prepared for the year to 31 March 2023.
Innovation Scheme
Annual Report 2023
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 ........................................ 11
Section 9 How to find further information ............................................................ 11
Section 10 Contact details and complaints ............................................................ 12

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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 28 March 2023 – 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 2023 (Year) 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.
This Annual Report has been prepared for the year ended 31 March 2023, which covers the period 1 April
2022 to 31 March 2023.

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3. Information on composition of the Scheme
Units on issue
Fund
Units on issue at
1 April
1
2022
Units on issue at
31 March 2023
Booster Innovation Fund 6,097,36510,120,588
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 is considered a substantial product holder.
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 Limited (ACNL)
2
3,241,50632.03%
Including ACNL on behalf of
Booster Financial Services Limited
2,522,96824.93%
PT (Booster KiwiSaver) Nominees Limited on behalf of
Booster KiwiSaver Scheme (a scheme managed by Booster)
4,912,98448.54%
PT (Booster Superannuation) Nominees Limited on behalf of
Booster Super Scheme (a scheme managed by Booster)
1,099,13310.86%
1
The opening units as at 1 April 2022 are the closing units as at 31 March 2022.
2
ACNL holds units on behalf of (i.e. as custodian for) underlying investors.

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4. Changes relating to the Scheme
Statement of Investment Policy and Objectives (SIPO)
Changes made to the SIPO during the Year included:
From 28 March 2023
Non-material changes including updates to current/existing Asset Classes with the addition of explanatory
notes.
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 Year.
A copy of the Scheme’s Trust Deed is available at www.booster.co.nz.
Related party transactions
Various Booster Funds invest in the Scheme
Units in the Scheme’s Fund are held by Booster Financial Services Limited (‘BFSL’ the parent company of
the Manager) as well as a number of managed investment schemes that are also managed by BIML. Such
transactions have continued during the year.
NZ Innovation Booster Limited Partnership
The Scheme’s Fund owns units in the NZ Innovation Booster Limited Partnership (NZIB). NZIB is a
partnership between BFSL, Victoria Link Limited (Wellington UniVentures) and Otago Innovation Limited.
Due to BFSL 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’s establishment), we
consider NZIB to be a related party. The Scheme acquired further units in NZIB during the Year.
Purchase of interests in companies from Wellington Univentures via NZIB
As both Wellington UniVentures and BFSL are shareholders of the general partner and are limited partners
of NZIB, and because the Manager shares a common director with Wellington UniVentures, we consider
Wellington UniVentures to be a related party. During 2022 and 2023 the Fund acquired NZIB partnership
units where the overall transaction resulted in Wellington UniVentures reducing its interest in specific
underlying businesses through a sale of some of its NZIB units and receiving cash in consideration. During
the year ended 31 March 2023, such transactions were entered into totaling no more than $1.5m.
There were no other changes to the nature or scale of any related party transactions during the Year 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
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 Year.
Valuation and pricing methodologies
No changes were made to the Scheme’s Fund valuation and pricing methodologies during the Year 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
2023. 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 2023 $’000
Investment income1,236
Fees and expenses(233)
Net income before tax1,003
Statement of Financial Position of the FundAs at 31 March 2023 $’000
Cash178
Investments held at fair value 14,143
Performance fee payable(201)
Other payables(34)
Net Assets14,086
Statement of Changes in net assets
attributable to unitholders
For the year ended
31 March 2023 $’000
Net assets at the beginning of the period7,620
Proceeds for units issued 5,473
Withdrawals(10)
Net profit after tax1,003
Net Assets attributable to unitholders14,086
Statement of Cash Flows
For the year ended
31 March 2023 $’000
Opening cash position124
Net cash (outflows) from operating activities (5,409)
Net cash inflows from financing activities5,463
Cash at end of Year178

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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 Year are:
3
The disclosed fees and expenses represent the amounts either disclosed or reflected in the financial statements of the Scheme’s Fund
over that period.
4
The percentage is calculated based off the dollar amount divided by the average net asset value of the Scheme’s Fund for the relevant
period.
5
Normally, the performance-based fee would be calculated and paid (in units) for the financial period ended 31 March each year.
Because BIF had been in operation for less than a full year at 31 March 2022 (since 24 August 2021) and although a performance fee of
$204,000 was contractually due to be paid as at 31 March 2022, Booster agreed to extend the measurement period for the calculation
of the performance-based fee from 24 August 2021 to 31 March 2023. The period of measurement was extended to reduce the
possibility that the returns achieved to 31 March 2022 were not representative of a full year’s return (though the manager had no
reason to believe this to be the case).
Any new fees or changes to existing 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
3
Dollar Amount
Percentage of
Scheme Property
4
Fees and Expenses Charged by the Manager
or associated persons
Performance-based management fee
5
$201,0001.41%
Fees and Expenses Charged by other persons
Capital raising expensesniln /a
Other fund administration expenses$34,3790.31%
Other fund administration expenses from underlying funds$22,4000.20%
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 2023 $’000
Opening balance7,521
Acquisitions 5,391
Distributions-
Fair value adjustments1,151
Foreign exchange translation(80)
Investments at end of Year14,143

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7. Scheme property
As at 31 March 2023, the Fund held the following investments:
6

CompanyBusiness Sector
Business
Sub-Sector
Business
Development
Stage
Shareholding
range
Investment
made in
year to
31/03/2023?
Advemto Limited
7
Materials and
technologies
Scientific
instrumentation
Early stage15 - 20%✓
Alimetry Limited
7

Life sciences
and medical
technologies
Screening and
diagnostics –
human health
Expansion0 - 5%0.2%
Δ

Allegro Energy Pty
Limited
7
Energy and clean
technologies
Energy storageSeed0 - 5%1.1%
Δ
Amaroq
Therapeutics
Limited
7
Life sciences
and medical
technologies
Life sciences –
human health
Seed5 - 10%✕
BioLumic Inc
Materials and
technologies
Agriculture
technologies
Expansion 0 - 5%✕
Captivate
Technology Limited
Energy and clean
technologies
Carbon captureSeed0 - 5%✓
Chitogel Limited
7
Life sciences
and medical
technologies
Biotechnology –
human health
Expansion 0 - 5%✕
Ferronova Pty
Limited
7
Life sciences
and medical
technologies
Screening and
diagnostics –
human health
Expansion 0 - 5%1.2%
Δ
Hot Lime Labs
Limited
Energy and clean
technologies
Carbon capture
- horticulture
Early stage0 - 5%✓
Inhibit Coatings
Limited
7, 8
Materials and
technologies
Material
coatings
Early stage 0 - 5%0.8%
Δ
InsituGen Limited
7
Life sciences
and medical
technologies
Screening and
diagnostics
– animal and
human health
Expansion 15 - 20%2.9%
Δ
Jaipuna Limited
(trading as Amy.
app)
Information
technology
services
Education
technologies
Early stage 0 - 5%✕
Δ
Partial investment made in year to 31/03/2023. Percentage is additional investment acquired.

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Komodo Holdings
Limited
Information
technology services
Education
technologies
Early stage0 - 5%✓
Ligar Limited
Partnership
7
Materials and
technologies
Biotechnology
materials
Expansion 0 - 5%✕
Liquium Limited
7
Energy and clean
technologies
Ammonia
production
Seed5 - 10%✓
MACSO
Technologies
Limited
9
Information
technology services
Animal healthSeed0 - 5%✓
Marama Labs
Limited
7
Information
technology
services
Software and
measurement
hardware
Early stage10 - 15%✕
Mekonos Inc
7
Life sciences
and medical
technologies
Life sciences –
human health
Expansion 0 - 5%✕
Montoux Limited
Information
technology services
Life and health
insurances
Expansion0 - 5%1.4%
Δ
Opo Bio Limited
Materials and
technologies
Cellular
agriculture
Seed5 - 10%✓
Opum Technologies
Limited
Life sciences
and medical
technologies
Screening and
diagnostics
Early stage0 - 5%✓
Orbis Diagnostics
Limited
Life sciences
and medical
technologies
Screening and
diagnostics -
human health
Early stage0 - 5%✓
PowerON Limited
Materials and
technologies
Soft roboticsEarly stage 5 - 10%✕
Sensor Holdings
Limited (trading as
StretchSense)
10
Information
technology
services
Augmented and
virtual reality
Expansion 0 - 5%0.3%
Δ
TamoRx Limited
Life sciences
and medical
technologies
Life sciences –
human health
Seed0 - 5%✓
TasmanIon Limited
7
Energy and clean
technologies
Energy storage Seed10 - 15%3.8%
Δ
Woolchemy NZ
Limited
Materials and
technology
Natural
materials
Early Stage0 - 5%✓
Δ
Partial investment made in year to 31/03/2023. Percentage is additional investment acquired.

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The following charts provide an analysis of the composition of the investment portfolio as at 31 March 2023.
62% Expansion
24% Early Stage
Fund value by business stageFund value by sector
21% Information
services
technology
27% Materials &
technologies
31% Life sciences
& medical
technologies
13% Seed
20% Energy & clean
technologies
1% Cash
1% Cash
Fund value by individual holding
This chart shows the relative size of each of the 29 investments in which the Fund held an interest in as at
31 March 2023 (as a proportion of NAV). Commercial confidentiality obligations restrict the identification of
each investment.
0%25%
100%50%
75%
Δ
Partial investment made in year to 31/03/2023. Percentage is additional investment acquired.
6
Investments with a $nil value are not included.
7
Investments are held indirectly via an interest in NZ Innovation Booster LP.
8
A portion of the investment is held via a convertible note, percentage indicates estimated equity position on conversion.
9
Investment is held via a security convertible to equity, percentage indicates equity position on conversion.
10
Investment via a convertible loan note was converted into preference shares in September 2022.
Xframe Pty Limited
7
Materials and
technologies
Construction
materials
Early stage 5 - 10%1.3%
Δ
ZeroJet Limited
Energy and clean
technologies
Electric systemsExpansion0 - 5%✓

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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 Year.
Changes to Directors of the Manager
30 September 2022
Bruce Edgar stepped down from the Board of the Manager.
Richard Kirkland was appointed to the Board of the Manager.
Changes in Senior Management of the Manager
As at the date of preparation of this Annual Report, the Senior Managers of the Manager are as follows:
• Alison Payne, Chief Operating Officer
• Andrew Hughes, Chief Risk Officer
11
• Diana Papadopulos, Chief Customer Officer
11
11
Confirmed as Senior Manager post 31 March 2023 following a review of the organisational structure of the Manager and its parent
Booster FSL. At this time Allan Wilson, David Beattie and Gary Scott were considered as no longer Senior Managers but remain
employed by BFSL.
The Supervisor
Public Trust is the Supervisor of the Scheme and this did not change during the Year. There have been
changes to the board members of the Supervisor in the year ended 31 March 2023.
31 October 2022
Vicki Sykes ended her term as a director.
Ian Fitzgerald extended his term as Chair of the Board.
Meleane Burgess extended her term as a director.
Kevin Murphy extended his term as a director.
Other Persons Involved
The Custodian (PT (Booster Investments) Nominees Limited), Listed Securities Registrar (Link Market
Services) and the Auditor (Ernst and Young) did not change during the Year.
• Mihaela Chitu, Head of Technology Solutions
11
• Natasha Keddie, Head of Finance and Administration
11
• Nicholas Craven, Chief Investment Office
11

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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 Street
Wellington 6142
Phone: 0800 336 338
Email: clientservices@booster.co.nz
Supervisor
General Manager, Corporate Trustee Services
Public Trust
Level 2, Public Trust Building,
22-28 Willeston Street,
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