BIF Annual Report 2024

www.booster.co.nzBooster Innovation Scheme Annual Report 20241
This Annual Report 2024 has been prepared for
the year to 31 March 2024.
Booster
Innovation
Scheme
Annual Report 2024
Booster Innovation Fund

www.booster.co.nzBooster Innovation Scheme Annual Report 20242
Contents
Section 1 Details of the 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 ............................7
Section 6 Fees ........................................................................................................8
Section 7 Scheme property.................................................................................... 9
Section 8 Changes to persons involved in the Scheme ........................................ 12
Section 9 How to find further information ............................................................12
Section 10 Contact details and complaints ............................................................ 13

www.booster.co.nzBooster Innovation Scheme Annual Report 20243
1. Details of the Scheme
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 2024, which covers the period 1 April
2023 to 31 March 2024 (the ‘Year’).
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 21 December 2023
(and which was subsequently updated by way of a Supplementary Document
dated 26 June 2024) – 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 2024 were lodged on the scheme register and
are available at www.disclose-register.companiesoffice.govt.nz or at www.
booster.co.nz.

www.booster.co.nzBooster Innovation Scheme Annual Report 20244
3. Information on composition of the Scheme
Units on issue
The number of units on issue in the Fund at the start and at the end of the accounting period was:
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 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:
2
ACNL holds units as a Custodian for underlying investors.
Fund
Units on issue at
1 April 2023
1
Units on issue at
31 March 2024
Booster Innovation Fund10,120,588 12,630,107
1
The opening units as at 1 April 2023 are the closing units as at 31 March 2023.
Substantial product holderUnit holding
Percentage
of holding
Asset Custodian Nominees Limited
2
4,144,97932.82%
Including ACNL as custodian for relevant interests of the
Managing Director of the Manager, Allan Yeo
3,012,08523.85%
Of which the following units (being relevant interests of
Allan Yeo) are held for Booster Financial Services Limited
2,849,98122.56%
Booster KiwiSaver Scheme
(through PT (Booster KiwiSaver) Nominees Limited)
6,154,30548.73%
Booster SuperScheme
(through PT (Booster Superannuation) Nominees Limited)
1,193,3209.45%

www.booster.co.nzBooster Innovation Scheme Annual Report 20245
4. Changes relating to the Scheme
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
There were no material changes to the nature or scale of any related party transactions during the Year and
all related party transactions that provided for a related party benefit were on arms’ length terms.
The types of related party transactions that featured during the Year also featured in prior years, and
included:
Related parties acquiring units in the Scheme
Related parties of the Scheme and other funds managed by the Manager may (and do) acquire, hold or
dispose of units of the Fund and 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 Booster Financial Services Limited (‘BFSL’ the parent company of the Manager),
Victoria Link Limited (Wellington UniVentures) and Otago Innovation Limited. Due in part to Booster
Financial Services Limited being a shareholder of the general partner of NZIB, we consider NZIB to be a
related party. The Scheme acquired further units in NZIB during the Year.
Capital Commitment
BFSL committed to invest new capital into NZIB of up to $2 million per year for at least 5 years when NZIB
was formed in 2018, subject to the underlying investments meeting NZIB’s investment criteria. These
commitments can be partly or wholly met by the Fund where it is determined to be in the best interests of
the Fund and its investors.
Purchase of interests in companies from Wellington UniVentures via NZIB
As both Wellington UniVentures and BFSL are shareholders of the general partner of NZIB, we consider
Wellington UniVentures to be a related party. As with previous years, during the Year the Fund acquired
NZIB partnership units either from Wellington UniVentures, or to support purchase by NZIB of an interest in
a business Wellington UniVentures held outside of NZIB.
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.

www.booster.co.nzBooster Innovation Scheme Annual Report 20246
Terms of the offer
The following material changes were made to the terms of the offer of the Scheme’s fund during the Year:
From 21 December 2023
A change to the withdrawal charge was implemented. Prior to the change, for withdrawals made directly
from the Fund, a withdrawal charge of 10% of the amount withdrawn was to be applied. The change that was
implemented noted that after the fifth anniversary of a unitholder’s acquisition of the units being redeemed,
the withdrawal charge is capped at 5% of the amount redeemed. Withdrawals before the fifth anniversary of
the acquisition of the units being redeemed incur a higher charge, starting at 10% of the amount redeemed,
and reducing 1% for each complete year since the units being redeemed were acquired. See the Product
Disclosure Statement for further details.
The following changes were made to the Scheme’s Product Disclosure Statement:
From 21 December 2023
• The Manager changed the withdrawal charge of the Fund as noted above.
From 26 June 2024
• A Supplementary Document was prepared to update information within the Product Disclosure
Statement relating to the Booster Innovation Fund Sub-Committee.
Refer to the Product Disclosure Statement and Supplementary Document for further information on the
changes above.
A copy of the Scheme’s current Product Disclosure Statement and the Supplementary Document is available
at www.booster.co.nz.
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.

www.booster.co.nzBooster Innovation Scheme Annual Report 20247
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
2024 which provides a description of the Scheme’s financial condition. 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 as required to reflect the new
information is received.
Statement of Financial Performance of the Fund
For the year ended
31 March 2024 $’000
Investment income1,628
Fees and expenses(35)
Net income before tax1,593
Statement of Financial Performance of the Fund
As at 31 March 2024
$’000
Cash350
Investments held at fair value 19,139
Performance fee payable0
Other payables(34)
Net Assets19,455
Statement of Changes in net assets attributable to unitholders
For the year ended
31 March 2024 $’000
Net assets at the beginning of the period14,086
Proceeds for units issued3,835
Withdrawals(59)
Net profit after tax1,593
Net Assets attributable to unitholders19,455
Statement of Cash Flows
For the year ended
31 March 2024 $’000
Opening cash position178
Net cash (outflows) from operating activities(3,604)
Net cash inflows from financing activities3,776
Cash at end of accounting period 350

www.booster.co.nzBooster Innovation Scheme Annual Report 20248
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 year to
31 March 2024.
Any new fees or changes to existing fees are 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. Expenses may vary from year to year.
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 2024 $’000
Opening balance14,143
Acquisitions 3,385
Distributions-
Fair value adjustments1,622
Foreign exchange translation(11)
Investments at end of accounting period 19,139
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$00.00%
Fees and Expenses Charged by other persons
Capital raising expensesniln /a
Other fund administration expenses$34,2710.20%
Other fund administration expenses from underlying funds$24,6410.14%

www.booster.co.nzBooster Innovation Scheme Annual Report 20249
7. Scheme property
As at 31 March 2024, the Fund held the following investments:
5
CompanyBusiness Sector
Business
Sub-Sector
Business
Development
Stage
Shareholding
range
Investment
made in
year to
31/03/2024^
Advemto Limited
6
Materials and
technologies
Scientific
instrumentation
Early stage15 - 20%No
Alimetry Limited
6

Life sciences
and medical
technologies
Screening and
diagnostics –
human health
Expansion0 - 5%No
Allegro Energy Pty
Limited
6
Energy and clean
technologies
Energy storageEarly stage0 - 5%No
Amaroq
Therapeutics
Limited
6,^
Life sciences
and medical
technologies
Life sciences –
human health
Seed5 - 10%
Partial –
additional
4.8% acquired
Avasa Limited
8
Life sciences
and medical
technologies
Medical devicesSeed0 - 5%Yes, in full
BioLumic Inc
Materials and
technologies
Agriculture
technologies
Expansion 0 - 5%No
B.Spkl
Energy and clean
technologies
Green hydrogen
technologies
Seed0 - 5%Yes, in full
Calocurb Limited
Life sciences
and medical
technologies
Health
supplements
Early stage0 - 5%Yes, in full
Captivate
Technology Limited
Energy and clean
technologies
Carbon captureSeed0 - 5%No
Chitogel Limited
6
Life sciences
and medical
technologies
Biotechnology –
human health
Expansion 0 - 5%No
Ferronova Pty
Limited
6
Life sciences
and medical
technologies
Screening and
diagnostics –
human health
Expansion 0 - 5%No
Hot Lime Labs
Limited
Energy and clean
technologies
Carbon capture
- horticulture
Early stage0 - 5%No
Inhibit Coatings
Limited
6, 9, ^
Materials and
technologies
Material
coatings
Early stage 5 - 10%
Partial –
additional
1.7% acquired
InsituGen Limited
6, ^
Life sciences
and medical
technologies
Screening and
diagnostics
– animal and
human health
Expansion 10 - 15%
Partial –
additional
1.0% acquired
Komodo Holdings
Limited
Information
technology services
Education
technologies
Early stage0 - 5%No
Liquium Limited
6
Energy and clean
technologies
Ammonia
production
Seed5 - 10%No

www.booster.co.nzBooster Innovation Scheme Annual Report 202410
MACSO
Technologies
Limited
8
Information
technology services
Animal healthSeed0 - 5%No
Marama Labs
Limited
6, 10
Information
technology
services
Software and
measurement
hardware
Early stage5 - 10%No
Mekonos Inc
6
Life sciences
and medical
technologies
Life sciences –
human health
Expansion 0 - 5%No
Montoux Limited
Information
technology services
Life and health
insurances
Expansion0 - 5%No
My Better
Breathing Limited
(trading as Good
Air)
Life sciences
and medical
technologies
Medical devicesExpansion0 - 5%Yes, in full
Opo Bio Limited
^
Materials and
technologies
Cellular
agriculture
Seed5 - 10%
Partial –
additional
1.2% acquired
Orbis Diagnostics
Limited
Life sciences
and medical
technologies
Screening and
diagnostics -
human health
Early stage0 - 5%No
Scentian Bio
Limited
Information
technology services
Smart sensorsEarly stage0 - 5%Yes, in full
Sensor Holdings
Limited (trading as
StretchSense)
^
Information
technology
services
Augmented and
virtual reality
Expansion 0 - 5%
Partial –
additional
0.2%
acquired
The Sustainable
Care Company
Limited (trading as
Cleanery)
Life sciences
and medical
technologies
Consumer
products
Expansion 0 - 5%Yes, in full
TasmanIon Limited
6
Energy and clean
technologies
Energy storage Seed10 - 15%No
Upstream Medical
Technologies
Limited
7
Life sciences
and medical
technologies
Screening and
diagnostics -
human health
Early stage0 - 5%Yes, in full
Wellumio Limited
6
Life sciences
and medical
technologies
MRI scannersSeed5 - 10%Yes, in full
Whole Fish
Limited (trading
as Nutrition from
Water)
Materials and
technology
Food nutritionSeed0 - 5%Yes, in full
Woolchemy NZ
Limited
^
Materials and
technology
Natural
materials
Early Stage0 - 5%
Partial –
additional
1.2% acquired
Xframe Pty
Limited
6
Materials and
technologies
Construction
materials
Expansion 5 - 10%No
ZeroJet Limited
^
Energy and clean
technologies
Electric systemsExpansion0 - 5%
Partial –
additional
2.5%
acquired

www.booster.co.nzBooster Innovation Scheme Annual Report 202411
The following charts provide an analysis of the composition of the investment portfolio as at 31 March 2024.
^
Follow on (additional) investment made in year to 31 March 2024. Percentage is additional investment acquired.
5
Investments with a $nil value are not included.
6
Investments are held indirectly via an interest in NZ Innovation Booster LP.
7
A portion of the investment is held via a convertible note, percentage indicates estimated equity position on conversion.
8
Investment is held via a security convertible to equity, percentage indicates estimated equity position on conversion.
9
Investment via a convertible loan note was converted into preference shares during the Year.
10
The company underwent a share consolidation during the reporting period.
52% Expansion
32% Early Stage
Portfolio value by business stagePortfolio value by sector
16% Information

services
technology
33% Materials &
technologies
24% Life sciences

& medical
technologies
13% Seed
24% Energy & clean
technologies
3% Cash
3% Cash
Fund value by individual holding
This chart shows the relative size of each of the 33 investments (excluding investments valued at nil) in
which the Fund held an interest in as at 31 March 2024 (as a proportion of NAV). Commercial confidentiality
obligations restrict the identification of each investment.
0%25%
100%50%
75%

www.booster.co.nzBooster Innovation Scheme Annual Report 202412
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.
Directors of the Manager
There were no changes to the directors of the Manager.
Key personnel of the Manager
Whilst not considered key personnel of the Manager, we note that Brendon Doyle started a sabbatical for
around six months from 21 February 2024 from his role at Booster, which included being a member of the
Booster Innovation Fund Sub-Committee. There were no other changes to key personnel of the Manager
who perform duties in connection with the Scheme.
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 members of the Supervisor.
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 accounting period.
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 336 338 from 8.00am to 8.00pm (Monday to Friday)
visit www.booster.co.nz

www.booster.co.nzBooster Innovation Scheme Annual Report 202413
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
Public Trust Building
Level 2, 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.

www.booster.co.nzBooster Innovation Scheme Annual Report 202414
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 336 338.
booster.co.nz
Booster Investment Management Limited
PO Box 11872, Manners Street
Wellington 6142, New Zealand