BIF Climate Statements

Booster
Innovation
Scheme
Climate Statements 2024
Booster Investment Management Limited is the issuer and manager of the
Booster Innovation Scheme and its sole fund the Booster Innovation Fund.

Booster Innovation Scheme – Climate Statements 20242
Introduction
Opening remarks
Booster Investment Management Limited (Booster, we) as manager of the Booster Innovation Scheme is responsible for
preparing and lodging climate statements for the Fund. These climate statements constitute the first disclosures prepared
by Booster for the Fund under the new Aotearoa New Zealand Climate Standards. Reflecting on the experience of preparing
these climate statements, and in evolving business processes to better support climate considerations, Booster realises that
we are on a journey, as we believe is much of the broader industry. Availability of data including for estimated greenhouse gas
emissions (GHG emissions) for investee entities is incomplete, and with New Zealand being among the first countries to require
climate reporting (in a comparable way to) the New Zealand requirements under the Financial Markets Conduct Act 2013 (FMC
Act), we have found that the climate-data industry is not yet at a preferred level of maturity and continues to evolve. These
climate statements should be read with these challenges and limitations in mind.
In recognition of such constraints, challenges and ongoing work, Booster has elected to use the following adoption provisions
contained in NZ CS 2 Adoption of Aotearoa New Zealand Climate Standards which exempt Booster from disclosing:
1.
Adoption provision 1: Current financial impacts of physical and transition impacts identified
2.
Adoption provision 2: Anticipated financial impacts of climate-related risks and opportunities
3.
Adoption provision 3:
The transition plan aspects of its strategy, instead describing current progress
4. Adoption provision 6: Comparative information for metrics
5. Adoption provision 7: An analysis of the main trends for metrics
The Directors present the climate statements for the Funds for the year ended 31 March 2024. These climate statements
comply with Aotearoa New Zealand Climate Standards (NZ CS) issued by the External Reporting Board (XRB).
Signed for and on behalf of the Board on 31 July 2024.
This document includes the climate statements for
the following fund within the Booster Innovation
Scheme:
• Booster Innovation Fund (Fund)
Funds included within this document
John Selby
Director (Chairman)
Allan Yeo
Managing Director

Booster Innovation Scheme – Climate Statements 20243
The following disclosure objectives relating to the Aotearoa New Zealand
Climate Standard 1 (NZ CS 1) are covered within this climate-related disclosure:
Page 4Page 7Page 13Page 14
Table of Contents
3.0 Risk Management
Enable Investors to understand how
an entity’s climate-related risks are
identified, assessed, and managed and
how those processes are integrated
into existing risk management
processes.
1.0 Governance
Enable existing and potential
investors in the Funds (Investors) to
understand both the role an entity’s
governance body plays in overseeing
climate-related risks and climate-
related opportunities, and the role
management plays in assessing and
managing those climate-related risks
and opportunities.
2.0 Strategy
Enable Investors to understand how
climate change is currently impacting
an entity and how it may do so in the
future. This includes the scenario
analysis an entity has undertaken, the
climate-related risks and opportunities
an entity has identified, the anticipated
impacts and financial impacts of these,
and how an entity will position itself
as the global and domestic economy
transitions towards a low-emissions,
climate-resilient future.
4.0 Metrics and Targets
Enable Investors to understand how
an entity measures and manages its
climate-related risks and opportunities.
Metrics also provide a basis upon which
Investors can compare entities within a
sector or industry.

Governance4Booster Innovation Scheme – Climate Statements 2024
This section discusses how Booster oversees, assesses and manages climate-
related risks and opportunities in relation to the Fund / the assets of the Fund.
1.0 Governance
1.1 Who does what at Booster?
There are a number of roles and responsibilities within Booster
that are relevant to the oversight and management of climate-
related risks and opportunities in relation to the Funds.
The Board
The Board of Booster (the ‘Board’), which meets at least
quarterly, has ultimate responsibility for and oversight
of investment management. This includes oversight of
how climate-related risks and opportunities (and other
risks and opportunities) are considered as part of the
management of the assets of the Funds. The Board has
delegated key responsibilities related to investment
management to the Booster Investment Committee
(Investment Committee) and receives at least quarterly
reporting from the Investment Committee to enable
its oversight of investment management. From 2024,
reporting from the Investment Committee includes a
report on climate-related risks and opportunities including
metrics and targets (where relevant) at least annually.
See also the Risk Management section which discusses
how the Booster Group Risk Management Framework
links in with climate-related risks and opportunities.
Booster Investment Committee
The Investment Committee usually meets bi-monthly,
or more frequently if required, and is responsible for the
management and monitoring of investment management for
the funds Booster offers, including the Booster Innovation
Fund, supporting Board oversight, including relating to
climate-related risks and opportunities. This includes:
• Approving investment recommendations including
strategic portfolio settings, changes to investment
philosophy and strategic portfolio structures, with
material changes subject to approval by the Board.
• Approving investment-related policies including the
Approach to Responsible Investing Policy (RI Policy),
which outlines Booster’s approach to considering
Environmental (including Climate-related) risks,
Social and Governance risks in portfolios, with
material changes subject to approval by the Board.
• Monitoring ongoing compliance with Statements
of Investment Policy and Objectives (SIPOs) via
assurance reports from sub-committees.
• Approving recommendations from the Booster Innovation
Fund Investment Committee (and other sub committees).
The Investment Committee utilises sub-committees to
support this work, including the Booster Innovation Fund
Investment Committee, which is responsible for monitoring
climate-related risks and opportunities in respect of the
Fund’s unlisted investments. The Booster Investment
Committee retains oversight of the Booster Innovation Fund
Investment Committee by way of quarterly reporting.
The Portfolio Management Team is primarily responsible
for the preparation of material for the relevant committees.
Other Booster staff prepare material as required.
Booster Innovation Fund Investment Committee
The Booster Innovation Fund Investment Committee (BIF
Investment Committee) meets as required, generally monthly,
to formally monitor and discuss the Fund’s activities, risks
and compliance. This includes considering climate-related
risks and opportunities, which is conducted at least annually.
BIF Investment Committee’s responsibilities include:
• Approval of advisors charter and appointment of
advisors. Annual review of advisors’ performance
and compliance with the advisors charter.
• Approval of new or follow-on investments and approve
lead partners that the Fund can follow into investments.
• Review the overall performance, management
and compliance of the Fund, including
consideration of environmental, social and
governance related matters as relevant.
• Consider changes to the strategy of the Fund
including mix by sector and stage and recommend
significant changes to the Investment Committee.
• Consider any changes to the SIPO and recommend
these to the Investment Committee.
• Report to the Investment Committee (and Board
as requested), including minutes, portfolio
monitoring and material matters as required.

Governance5Booster Innovation Scheme – Climate Statements 2024
Note – Booster’s parent company Booster Financial Services Limited (BFSL) and Booster have entered into a services agreement
whereby BFSL provides services and support for Booster, including employing all Booster Group staff. For simplicity this has not been
included in the above diagram.
Portfolio Management Team
The Portfolio Management Team, headed by the Chief
Investment Officer, has responsibility for the day-to-
day management of investment matters related to
the wider Booster Funds and the specialist unlisted
investment funds (including the Booster Innovation
Fund). Oversight is performed by the BIF Investment
Committee, with regular reporting to the Investment
Committee. Executive management (which includes
two members of the Board) maintain general oversight
of the Portfolio Management Team and the Chief
Investment Officer reports to this Executive Office.
Risk & Compliance
Audit Risk and
Compliance Committee
Executive/Senior
Management
Portfolio Management
Team
Booster Innovation Fund
Investment Committee
Booster Investment
Mangement Limited
(BIML) Board
Booster Investment
Committee (BIC)

Governance6Booster Innovation Scheme – Climate Statements 2024
1.2 Skills and competencies
To ensure that the Board has the appropriate skills and
competencies to function as an effective board, it has
adopted a fitness analysis matrix which is considered annually.
Funds management, which includes consideration of risks
and opportunities including in the ESG space relating to
investment management, is noted as one of the key skillsets.
To support the continued development of knowledge, the
Board participates in ‘deep dive’ sessions focusing on a
range of topics, with climate related disclosures having
been covered during 2024 (post balance date). Board
members also develop experience through their executive
roles, including for some on investment committees,
or their governance roles at other organisations.
Appointments to the Investment Committee are subject to
consultation with the Board, which includes consideration
of relevant skillsets. To ensure appropriate skills and
competencies are available to oversee, manage and
monitor climate risks and opportunities in relation to
investment management, the Portfolio Management Team
and the BIF Investment Committee support the Investment
Committee, which in turn supports the Board, by:
• Engaging with co-investors and investee
companies on investee industry practices
which may include consideration of relevant
climate related risks and opportunities;
• Encouraging the Portfolio Management Team
to undergo regular training / research to
support the performance of their roles;
• Shared membership - as at the date of lodgement
of these climate statements, one member of the
BIF Investment Committee is also a member of
the Investment Committee and two members are
members of the Portfolio Management Team;
• Reviewing detailed due diligence reports
completed by co-investors, engaging directly
with company management which may include
assessments of or information regarding climate-
related risks and opportunities when required.
1.3 Integrating climate into investment strategy
The Investment Committee has delegated responsibility
for overseeing the implementation of the investment
management strategy for the Fund to the BIF Investment
Committee. Significant changes to the strategy of
the Fund are approved by the Investment Committee.
Investment management is multifaceted, with risk
management being a component. The BIF Investment
Committee considers Environmental, Social and
Governance related matters where relevant to the
strategy. As a key Environmental matter, climate-related
risks and opportunities are part of ESG considerations.
In addition to this, the Investment Committee
has developed, and the Board has approved, key
approaches to investment strategy in relation to
climate matters. Key approaches of note include:
• Investment decisions take into account the range
of risk factors and particular climate related risks
are considered where relevant in the context
of this wider analysis - noting the significant
other execution and product development risks
associated with early stage investments.
• The nature and assessed level of key climate-related risks
are reported to the BIF Investment Committee and any
key concentrations are considered at a portfolio level.
• Opportunities to invest in companies developing
climate solutions are a notable feature of the Fund’s
investment universe. Decisions to invest in companies
that are developing climate solutions will consider
various factors (rather than only specific climate-related
factors). Allocations to these types of investments
may fluctuate significantly in size over time.
1.4 Metrics and targets
As part of considering and approving the key approaches
to investment strategy in relation to climate matters, the
Investment Committee and the Board consider the type of
targets that should be adopted to support the implementation
of the investment strategy in relation to climate matters.
The setting of specific targets is delegated to the Booster
Investment Committee, which draws on considerations
from BIF Investment Committee. Taking into account the
structure of the portfolio and the nature of the underlying
investments, no targets have been adopted for the Fund.
The BIF Investment Committee is expected to monitor
climate-related metrics at least annually. These will
be reported to the Investment Committee and the
Board periodically depending on materiality.
Booster’s approach to overall staff remuneration takes
into account a range of factors, including contribution
to overall business objectives, customer and adviser
servicing, productivity, and contribution to the delivery
of solutions and portfolios for clients. Contribution to
responsible investing and ESG elements of strategy
(including climate-related matters) are part of the
overall consideration where relevant to the role.

Strategy7Booster Innovation Scheme – Climate Statements 2024
2.0 Strategy
2.1 Current climate-related
impacts on the Funds
1

Climate-related impacts on the Fund can arise from
two types of risks – physical risk and transitional
risk which are explained further down.
The Fund is diversified across a range of individual
investments, sectors and company stages (within the overall
early-stage company segment). This diversification helps
mitigate the risk of any single event or investment impacting
portfolios, including specific disproportionate climate-
related risks. Given the nature of the Fund’s underlying
investments, it is unworkable to isolate and quantify the
current climate-related physical and transition impacts
as there are various factors that drive return outcomes.
As discussed below, physical and transition risks may impact
the underlying investments of the Fund. An important way
in which any such impact may then impact the Fund is
via impacts on the value of or return on those underlying
investments (which would then impact on the returns of the
Fund). However, the possibility and materiality of such an
impact varies including across different sectors and individual
investments. See 2.4 Anticipated impacts of climate-related
risks and opportunities for details of impacts that may
be affecting the underlying investments of the Fund.
Physical risk impacts on the Funds
Physical risks are risks related to the physical impacts of
climate change. Physical risks emanating from climate
change can be event-driven such as increased severity of
extreme weather events. They can also relate to longer-
term shifts in precipitation and temperature, increased
variability in weather patterns, and sea level rise.
Whilst there have been a number of occurrences of
weather events such as cyclones and floods in New
Zealand and globally over the reporting period the
investee companies within the Fund have not been
materially impacted by these physical risks.
Transitional risk impacts on the Funds
Transitional risks are risks related to the transition to
a low-emissions, climate-resilient global and domestic
economy, such as policy, legal, technology, market and
reputation changes associated with the mitigation and
adaptation requirements relating to climate change.
Some of the underlying investments across the Funds may
have been impacted by transitional risks throughout the year
to varying degrees. However, we note there are a number of
investments within the Fund that are positioned to benefit
from the transition to a low carbon economy and investment
in them can be classed as a climate-related opportunity.
2.2 Scenario analysis
To better understand the climate-related risks and
opportunities that might arise for the Funds over the
short (1-3 years ending 2025), medium (5-10 years ending
2030) and long-term (30 plus years ending 2050+),
a scenario analysis exercise has been undertaken.
Three different climate scenarios, each representing
an alternative potential future, were considered.
1
Booster has elected to apply adoption provision 1 of NZ CS 2. This exempts it from disclosing in its first reporting period the
current financial impacts of the physical and transition impacts identified.
Climate scenarios - summary
• Orderly: represents collective action towards
a low carbon global economy resulting in
an average global temperature increase of
approximately 1.5 degrees Celsius above pre-
industrial (1850-1900) levels by 2100;
• Too little too late: represents a misaligned and
delayed transition to a low carbon global economy,
resulting in an average global temperature
increase of greater than 2 degrees Celsius above
pre-industrial (1850-1900) levels by 2100;
• Hothouse: represents minimal action towards
a low carbon global transition, resulting in
an average global temperature increase of
greater than 3 degrees Celsius above pre-
industrial (1850-1900) levels by 2100.
See the table below for more details regarding each
scenario.

Strategy8Booster Innovation Scheme – Climate Statements 2024
Process undertaken – scenario construction
Booster has utilised the collation of climate scenario
narratives (Scenario Narratives) developed for Financial
Services Council of New Zealand (FSC) and Boutique
Investment Group (BIG) members in a process (see
Figure 1 in appendix) supported by Ernst & Young (EY).
The Scenario Narratives were collated in a report titled
‘Climate Scenario Narratives for the Financial Services
Sector’ dated June 2023 (Scenario Narratives Report).
The Scenario Narratives were developed
following a process which included:
1. Stakeholder engagement: Workshops were held
including industry members to introduce topics
and discuss options. Working groups were used to
gain consensus on key decisions via vote. A steering
committee was formed to determine the direction of
the project and track project timelines, delivery outputs
and stakeholder satisfaction. External stakeholders
(FMA, XRB, NZBA, Insurance Council of New Zealand
etc) were engaged throughout the project.
2. Determination of scope: This included determining key
climate related risk categories and time-horizons.
3. Identification of driving forces: An analysis of key social,
technological, environmental, economic and policy
driving forces was undertaken. The most appropriate
scenarios that aligned with these drivers were identified.
4. Selection of scenarios & pathways: The scenarios were
presented to the working group and key climate-related
risks, impacts and opportunities were identified.
5. Drafting narratives & quality control including
incorporating feedback from stakeholders.
6. Use of credible sources: underlying assumptions used
to create the various scenarios based on credible
information produced by reputable sources such
as the New Zealand Climate Change Commission
(NZCCC), the Intergovernmental Panel on Climate
Change (IPCC), the Network for Greening the
Financial System (NGFS) and the National Institute
of Water and Atmospheric Research (NIWA).
Data sources for the Scenario Narratives
External stakeholders that have been involved include:
Orderly 1.5 ̊C Too Little Too Late >2 ̊CHothouse >3 ̊C
• NGFS, 2023
• NIWA, 2023
• IPCC 2021, 2022
• NZCCC, 2021
• NGFS, 2023
• NIWA, 2023
• IPCC, 2021
• Nazarenko, 2022
• IPCC 2021
• NIWA, 2023
• MfE, 2017, 2018
• NASA, 2023
Orderly 1.5 ̊C Too Little Too Late >2 ̊CHothouse >3 ̊C
• Broadly representative of an
approximately 1.5°C increase
therefore meeting the NZ CS
scenario requirement
• Broadly aligns with the stated goal
of the Paris Agreement to pursue
efforts to limit temperature increase
to no more than 1.5°C above pre-
industrial levels.
• Is a commonly used scenario that will
help with comparability with other
funds managers in New Zealand.
• Meets the NZ CS requirement for a
third climate-related scenario.
• Balanced between the orderly and
hothouse scenarios, representing
imperfect efforts (misaligned and
delayed) to cut GHG emissions.
• Is potentially a commonly used
scenario that will help with
comparability with other funds
managers in New Zealand.
• Meets the NZ CS requirement
for a >3°C aligned scenario.
• Most likely to eventuate if
society does not make concerted
efforts to cut GHG emissions.
• Is a commonly used scenario that will
help with comparability with other
funds managers in New Zealand.
• Industry participants
• Financial Markets Authority
• Reserve Bank of New Zealand
• External Reporting Board
• Ministry for Environment
• New Zealand Bankers’ Association
• Insurance Council of New Zealand
• Responsible Investment Association of Australasia
• Corporate Trustees Association
• Investor Group on Climate Change
• United Nations Principles for Responsible Investment
• Centre for Sustainable Finance
Booster has considered if the scenarios are appropriate to support our understanding of climate-related risks and opportunities
that might arise for the Funds and how that relates to Booster’s investment management approach. This process included the
matter being reported to the Investment Committee and Board (aspects of which occurred after balance date). Below are some
of the reasons why Booster considers the scenarios presented are appropriate.

Strategy9Booster Innovation Scheme – Climate Statements 2024
Scenarios in detail
The three scenarios consider short, medium and long term time horizons and account for how relevant social, technological, environmental, economic and policy related driving forces would
drive plausible future impacts. In addition to considering the outcomes of the drivers, the drivers themselves have also been something Booster has found helpful when consdiering how future
climate related risks and opportunities could evolve.
Orderly: Approximately 1.5 ̊C Too Little Too Late: >2 ̊CHothouse: >3 ̊C
The Orderly scenario represents coordinated and timely global
action to prevent the worst predicted impacts of climate change.
Emissions reduce steadily in a manner that is consistent with
achieving a net zero goal by 2050. As a result, global average
temperatures increase to 1.4°C (min 1, max 1.8) above pre-industrial
(1850-1900) levels. This will help to minimise the increase in severity
of extreme weather events.
A key driving force is that society puts pressure on entities to
decarbonise. There is a concerted change in behaviour including
preference changes towards low emissions products or services,
climate activism, and negative media attention oriented towards
entities with a lack of appropriate action towards climate change
and/ or greenwashing allegations.
This is accompanied by progressive policy globally, such as the
implementation of emissions reduction requirements, mandatory
climate-related reporting, emissions trading schemes, stringent
carbon prices, carbon taxes (including border adjustments) and an
increase in legislation that bans emissions-intensive activities.
An increase in research and development will occur resulting in
a rapid uptake of existing low-emissions and emission abatement
technologies across all sectors. There is increased electrification
of transportation and a high proportion of renewable electricity
generation.
Overall, the global economy benefits from the stable transition to a
low carbon economy. All countries face internal challenges brought
by transformational change to their economies, including job losses
and skill shortages. However, these issues are managed effectively
with the help of a stable climate, economy, and international
relations.
The rate of physical risk remains relatively low in this scenario.
Transition risks initially increase in the short and medium term before
reducing as society shifts to a low carbon economy. Short term
transition risk is more pronounced for entities that are more exposed
to emission intensive sectors and slow to transition.
This scenario represents a misaligned and delayed transition to a low
carbon economy. Some countries action the transition to net zero
by 2050. Others delay, introducing accelerated efforts to address
climate change by mid-century. Emissions reduce gradually and are
still significantly higher than zero by 2050. As a result, global average
temperatures reach 2.7°C (min 2.1, max 3.5) above pre-industrial
(1850-1900) levels by 2100.
Globally, precipitation fluctuations will lead to increased incidence
of drought and floods. The Artic, North America, Europe, and Asia
experience warming of twice the global average by 2050. New
Zealand experiences an increased frequency of extreme weather
events in the long term, including a significant increase in the
number of hot days, a 10% decrease in precipitation, and increased
drought. Coastal areas worldwide are projected to face increased
risk from storm surges, flooding, and sea level rise.
Societal pressure to decarbonise is more varied across regions
and inequities will increase for the world’s more marginalised
nations. There is an increase in geopolitical tensions with increased
challenges in agriculture, food security and water availability.
Most developed countries implement climate policy early while
other parts of the world align climate policy only from mid-century.
There is a more moderate level of carbon pricing.
There is delayed development of low emissions and emissions
abatement technology. Progress on electrification and renewables
will be slower than the Orderly scenario.
Changes come too late to prevent wide ranging acute and chronic
physical climate impacts. The global economy is likely to suffer
significant financial impacts. There is a lower standard of living for
many across the globe. Extreme weather events and gradual weather
changes such as temperature and precipitation levels are likely to
pressure revenue and increase costs for some sectors.
The rate of physical risk climbs steadily out to the long term.
Transition risk increases rapidly in the short term, plateau in the
medium term, and increase again in the long term due to increased
global action and the emergence of new technologies facilitating
decarbonisation.
The Hothouse scenario represents minimal action towards a low
carbon global transition with little shift in social and political traction
towards a low emissions future. Emissions reduce very gradually
and fall well short of net zero. As a result, the global average
temperature reaches 4.4°C (min 3.3, max 5.7) above pre-industrial
(1850-1900) levels by 2100. Transition risk is limited but there is a
significant materialisation of acute and chronic physical risks. The
rate of physical risk increases exponentially out to the long term.
Environmental outcomes are more severe, coastal areas worldwide
will face increased risk from storm surges, flooding, and sea
level rise. Regions at high latitudes will have the most significant
temperature increases, with warming forecast to be three times the
global average by 2050. Regions that are already prone to water
stress, see increased frequency and intensity of both droughts
and floods. Coastal areas worldwide will face increased risk from
storm surges, flooding and sea level rise. There will be variability
increases across New Zealand, with some regions seeing a 40%
increase in precipitation, and others an increase in drought intensity.
There is limited behaviour change or social pressure to drive
decarbonisation globally. The focus on global growth by any means
necessary drives higher rates of economic inequality, increasing
political instability and geopolitical tensions around the world.
Early adopters of progressive climate policy reverse,
revoke or otherwise roll back climate policies. Others
pause further development and implementation of climate
policies currently under development. Global carbon
prices and investment in adaptation is minimal.
There is an overall lack of technological change to support emissions
reduction. By 2050, fossil fuels continue to be the dominant source of
primary energy, even after accounting for current technology trends.
The global economy is likely to see surmounting costs from
increasingly pervasive chronic physical impacts. Risk increases
exponentially out to the long term. Acute physical risk
events will result in widespread displacement and reduced
productivity. Financial impacts are felt across all economies,
impacting on individuals, businesses, and governments.
Source: Scenario Narratives report.

Strategy10Booster Innovation Scheme – Climate Statements 2024
2.3 Risks and Opportunities
Climate-related risks and opportunities (both physical and transitional) for the Fund have been identified over the short,
medium, and long term. These are outlined below, along with how we define short, medium and long term and how those
periods align with the Booster’s investment management activities, and how the risks and opportunities will be considered in
investment management decisions.
Short term: 1 to 3 years
We engage with the underlying investments in the Fund
prior to and following investment. Given the early-stage
of these investments, this can be effective to build
good practices early in a company’s lifecycle. Over this
time horizon, Booster seeks to continue to add further
investments to the Fund which are in early stages of
developing intellectual property, some of which may be
focusing on climate solutions. Booster will also begin to
make decisions on which investee companies to continue
to support into the medium and longer term. This will
allow the Fund to continue to build a diverse portfolio
of investments across a number of sectors and stages of
growth.
Medium term: 5 to 10 years
A number of the activities outlined in the short and long-
term time horizons are also relevant for this timeframe, for
example, initial and follow-on investment decisions. Some
early-stage investments are expected to begin achieving
notable growth and development over the medium term
and Booster will make decisions around which investees it
continues to support. Investee companies that are aiming to
provide climate solutions, may be starting to have success
and make a greater impact on the wider world. In addition,
Booster’s key investment management documentation
(for example, Statement of Investment Performance and
Objectives) is generally reviewed within the short-term
horizon, but substantive change is infrequent and so it more
relevantly referenced in this timeframe.
Long term: over 30 years
Many of the elements noted in the medium term time
horizon may be relevant in the longer term as well, for
example the impact on the wider world from successful
companies targeting climate solutions.
Process undertaken – analysis of scenarios
The Scenario Narratives include not only scenarios and assumptions, but also an impact assessment on different
sectors and asset classes. Booster has utilised the scenarios to consider the resilience of its investment philosophy and
strategy. This process included an analysis paper and has included reporting to the Investment Committee and Board
(aspects of which occurred after the balance date). The scenario analysis was undertaken as a stand-alone activity.
Time horizons and investment management decision making

Strategy11Booster Innovation Scheme – Climate Statements 2024
Climate-related risks and opportunities identified
It is worth considering climate matters by sector to inform
on climate-related risks and opportunities for the Fund. The
Fund’s underlying investments are diversified across various
sectors. Each of these sectors (and individual investments) will
be subject to opportunities (some of which may be climate-
related) which will become more apparent over time as a
particular scenario eventuates. Details on investments held at
a point in time within the Fund and their weight can be found
in the Product Disclosure Statement available at booster.
co.nz or the full list of holdings available in offer register at
disclose-register.companiesoffice.govt.nz.
Opportunities
Unlike many other funds, the Fund has the opportunity to,
and does, invest in early-stage companies which are pursuing
climate-related opportunities which support the transition to
a low carbon economy. We
• define investee companies pursuing climate opportunities
as follows: An investee company that is substantially
focused on developing or somehow pursuing a Climate
Solution.
• define a Climate Solution as: A product or service that
meets a need in society, contributes to the reduction of
greenhouse gas emissions and has significantly lower
emissions than business-as-usual options.
The climate solutions being developed by such companies
can support a number of different industries in transitioning
to lower emissions. As outlined section 4.3 – Metrics there
are a number of companies within the Fund’s portfolio which
are pursuing such climate solutions and the Fund may have
opportunity to further invest in these companies to support
continued development and growth. The Fund may also
have opportunities to invest in new companies which are
developing climate solutions. As with all investment decisions
potential follow on or new investments in companies
developing climate solutions will be considered on their full
range of merits.
Climate-related Risks by Sector
For early-stage companies, a key way that significant risks
may impact on such companies are around the viability of
raising finance, which is generally linked to the viability of
the product or service that companies are pursuing and the
financing requirements to pursue it.
Physical Risks
Given the Fund invests in early-stage companies, these
companies are generally subject to a number of significant
risks with large potential impacts. Climate-related physical
risks are usually not as significant relative to the other
business risks. Generally, such early-stage companies are
developing new intellectual property or are only producing
products at a relatively small scale and the greatest physical
risk is potentially often a disruption to operations. Disruption
to operations may slow development or place additional
financial strain on the company which could impact
survivability.
• For a majority of companies, this disruption is in the form
of access to research and development facilities as well
as production facilities depending on which stage of
development companies are in.
• Within the medical technology sectors any interruption
to clinical studies from climate related events presents a
physical risk.
• There are companies within the portfolio which have a
level of exposure to primary industries so there is a risk
from any disruptions or reductions in supply of the inputs
to production.
• Physical risks can also impact on insurance premiums
which can have an impact on early-stage companies.
Transition Risks
Taking a simple view of transition risk, as with physical risk,
most early-stage Intellectual Property (IP) focused companies
are likely to have significant other risks they are seeking to
manage. Transition risk is on a relative basis often not likely
to be more significant. When considered from the Fund’s
perspective the impact of portfolio diversification means
transition risk is likely to not be significant relative to other
risks.
However early-stage companies are largely focused on
developing / growing / proving / commercialising unique IP
and as such anything which may hinder that process is likely
to pose a notable risk and it is potentially difficult to predict
or assign impact from a particular risk source. Another lens to
consider this through is that where there is a climate-related
opportunity that an early-stage company is pursing there may
also be a significant transition risk present. With that lens in
mind, potential transition risks for the Fund include:
• Changes to the regulatory environment which impact the
viability of certain IP (or require further development to
meet new regulations), for example transition away from
certain materials or energy sources;
• Climate solution IP is not adopted/implemented into
the relevant industries which may be a result of a slow
transition by an industry or region, or an alternative
solution may be developed which is more widely
adopted, for example as a result of a faster industry
transition;
• Changes to preference of stakeholders which includes
both customers and investors who may pivot to
alternative options which are more sustainable or cost
effective.

Strategy12Booster Innovation Scheme – Climate Statements 2024
How we consider climate-related risks and
opportunities in investment management
The Booster Innovation Fund focuses on early-stage company
investments – a type of investment which is inherently
high risk. Maintaining broad portfolio diversity is key to
manage this on behalf of clients. Investment decisions take
into account a range of risk factors and particular climate-
related risks are considered where relevant in the context of
this wider analysis - noting the significant other execution
and product development risks associated with early-stage
investments. Climate-related risks may be considered, or
climate-related information included, in due diligence reports
where appropriate. Opportunities to invest in companies
developing climate solutions are a notable feature of
the Fund’s investment universe. These opportunities are
considered based on their particular commercial prospects
taking into account the risks and associated mitigations.
• Relevant climate-related risks may be considered as part
of due diligence for new investments (alongside a range
of other factors), proportionate to the investment’s wider
risks and merits. Risks are further managed through the
diverse holdings across different business stages and
product sectors.
• Climate-related opportunities in the form of opportunities
to invest in early-stage companies developing climate
solutions are considered in the usual investment due
diligence processes.
2.4 Anticipated impacts of climate-
related risks and opportunities
2
Physical and transition risks are discussed by sector above,
along with possible impacts from those risks. How these
risks are expected to then impact the underlying investments
in the Fund depends on the specific holdings of the Fund
at a point in time, and how (or if) a particular holding is
also impacted. Details of the underlying investments in the
Fund can be found in the Product Disclosure Statement
available at booster.co.nz. The possible impacts outlined
may not eventuate due to the uncertainty of climate-
related forecasting, Booster’s management of the Fund, and
mitigating actions taken by the Fund, investee entities or on
the Fund’s behalf by operating entities or lessees. In addition,
it is important to note the Fund is broadly diversified across
a number of sectors and technologies and stages of growth
which helps to reduce exposure to idiosyncratic physical
and transition impacts in addition to other risk factors.
2.5 Booster’s investment management
approach and the climate-transition
3

Booster’s investment management approach for the
Fund
Booster was founded over 25 years ago by a handful of
industry experts who felt there was a better way to help New
Zealanders look after their money. We’ve grown a lot since
then, but our mission is still the same. Whatever your financial
goals, we want to help you achieve them - whether it’s helping
you get started towards your savings goals, financial planning
and advice, or growing an investment portfolio.
The Booster Innovation Fund was set up to provide investors
with an opportunity to invest in a portfolio of early-stage
companies founded on intellectual property originated
or developed in New Zealand. The Fund looks to invest
in early-stage companies which have the potential to
become commercially successful on a global scale. The
Fund will seek to invest in these early-stage companies
alongside other investors with expertise in developing and
commercialising intellectual property. The Fund also looks
to co-invest with those investors who have experience in
the field of the new venture whilst also opening up new
investment opportunities to the Fund. Given the rate of
failure for early-stage investments the Fund looks to invest
in many early-stage businesses across a diverse range of
sectors and sub-stages of development to increase the
likelihood of investing in ventures that ultimately succeed.
Transition planning
As a future scenario unfolds, it is expected the Fund
will consider climate related risks and opportunities
(including in capital deployment decisions) to a degree
that is proportional to their contribution to outcomes in
conjunction with all other risks and opportunities. The
opportunity to invest in early-stage companies that are
pursuing climate solutions is expected to continue.
2
Booster has elected to apply adoption provision 2 of NZ CS 2. This exempts it from disclosing in its first reporting period the
anticipated financial impacts of climate-related risks and opportunities, and the time-horizons over which these could reasonably be
expected to occur.
3
Booster has elected to apply adoption provision 3 of NZ CS 2. This exempts it from disclosing the transition plan aspects of its
strategy, including how its business model and strategy might change to address its climate-related risks and opportunities; and the
extent to which transition plan aspects of its strategy are aligned with its internal capital deployment and funding decision-making
processes. Instead, in its first reporting period Booster provides a description of its progress towards developing the transition plan
aspects of its strategy.

Risk Management13Booster Innovation Scheme – Climate Statements 2024
3.1 How we identify, assess and manage
climate-risk for the Funds
Section 2.3 Strategy – Risks and Opportunities outlines how
climate-related risks are managed. Here we provide some
additional information to help readers further understand
those processes.
The process involves:
• BIF Investment Committee – the Portfolio Management
Team reports to this committee on climate-related risks
as considered relevant, and this committee monitors how
they are considered and managed in the Fund.
• Section 1.0 – Governance outlines further details on the
different roles within Booster relevant to the management
and oversight of climate risk.
The BIF Investment Committee is reported to and meets on
a regularly basis, generally monthly, to monitor and consider
key matters relevant to the management of risks for the Fund.
This may include a consideration of climate-related risks,
though it often does not specifically include such risks as
they are often not considered more material given the nature
of the investments of the Fund and the other risks they are
subject to. Reporting from co-investors, engagement with co-
investors and direct engagement with investee entities may
be taken into consideration as and when required. Climate-
related risks for underlying investments are monitored at
least annually, along with other risks, by the BIF Investment
Committee.
Short-term (1-3 years), medium-term (5-10 years) and long-
term (20-30+ years) time horizons are considered for aspects
of climate risk management – in particular for scenario
analysis (and see section 2.2 Strategy – Scenario Analysis for
more information).
Frequency of assessment
Climate-related risks are considered as required, at least
annually, by the BIF Investment Committee. Consideration
of any relevant climate-related risks or opportunities may
be included as part of investment recommendations where
considered relevant. Scenario analysis is expected to be
reviewed annually or less frequently.
Emissions profiles will be monitored at least annually by the
BIF Investment Committee.
Tools and methods used
The tools and methods we utilise to identify and assess
climate-risk include:
• Scenario analysis as outlined in section 2.2
• Reporting of metrics such as estimates of investee
company emissions and carbon intensity measures
• Information from ISS ESG and climate research from
external providers
• Engagement with co-investors and other investment
partners
• External due diligence reports for initial and follow-on
investment in underlying companies
• Information gathered from disclosures and via direct
engagement with underlying companies
Some of the above tools such as climate-related metrics could
be based on limited and highly uncertain data/information.
Because of this, our processes for identifying, assessing
and managing climate risk for the Fund does not fully cover
all aspects of the value-chain of the Fund, including for the
investments of the Fund. It is expected that the reliability
and availability of data will improve as climate risk reporting
becomes more mainstream.
3.2 How the above processes are integrated
with our overall risk management processes
Integration with broader investment management risk
processes
Booster takes a holistic view of risks that are relevant to the
Fund and its underlying investments. All investments involve
some type of risk and risk management techniques can vary
across investments. Climate-related risks are an important
consideration but are considered alongside other risks.
Section 2.3 Strategy - Risks and Opportunities outlines how
climate-risks are considered within overall risk management
processes.
Integration with our Risk Management Framework
Booster Group has an approved Risk Management
Framework in place with relevant risk registers to support
the identification, assessment and management of key risks
at Booster. This framework is broader than risk management
relating to the suite of Booster funds or investment
management, however there are a number of risks that are
identified and monitored in the investment management
space – most relevantly this includes Macro Environmental
Risk - including ESG & Climate Change Factors, which cover
climate risk from a fund management perspective. Another
relevant risk is Regulatory & Other External Reporting
Management Risk – this includes coverage of the regulatory
and disclosure aspects of climate risks.
The Risk and Assurance team at Booster monitors these risks
using relevant risk metrics and undertakes regular interactions
with relevant teams internally. Regular reporting to the
Board and/or ARCC highlights the assessed residual risk and
whether this is within risk tolerance or not, and trends in the
relevant underlying metrics.
3.0 Risk Management

Metrics and Targets14Booster Innovation Scheme – Climate Statements 2024
Fund-specific metrics related to greenhouse gas (GHG)
emissions, emissions intensities, and climate related
opportunities are provided in the table in section 4.4. This
is our first year reporting such metrics under the Climate
Related Disclosures regime and we have endeavoured to
present useful information. There have been a number
of learnings throughout the preparation process and
there remain a number of challenges including in the
data space – measurement of emissions is not exact and
is essentially a best estimate based on methodologies
and assumptions and with significant limitations –
please read the below information with this in mind and
with reference to Appendix A where information about
methodologies, assumptions and limitations can be found.
4.1 GHG emissions information – background
GHG emissions estimates generally cover six main gas
types and are usually reported as a carbon dioxide
equivalent. GHG emissions are reported across three
scopes, based on the type of activity and where in
the climate reporting entity’s value chain that activity
took place. NZ CS1 defines the scopes as follows:
• Scope 1: Direct GHG emissions from sources owned
or controlled by the entity.
• Scope 2: Indirect GHG emissions from consumption
of purchased electricity, heat, or steam.
• Scope 3: Other indirect GHG emissions not covered
in scope 2 that occur in the value chain of
the reporting entity, including upstream
and downstream GHG emissions. Scope
3 categories are purchased goods and
services, capital goods, fuel-related and
energy-related activities, upstream
transportation and distribution, waste
generated in operations, business
travel, employee commuting, upstream
leased assets, downstream transportation
and distribution, processing of sold
products, use of sold products, end-of-life
treatment of sold products, downstream
leased assets, franchises, and investments.
4.0 Metrics and Targets
Overview of GHG emissions by scope – from the GHG Protocol:

Metrics and Targets15Booster Innovation Scheme – Climate Statements 2024
GHG emissions for managed funds are conceptually
a little different to emissions for a corporate entity
such as Booster. The primary source of emissions for a
managed fund is usually financed emissions which are
scope 3 emissions. In this context, emissions for the
Funds can be categorised into two broad categories:
• Operational Emissions: Operational emissions relate
to a Fund’s Scope 1, Scope 2, and Scope 3 (excluding
financed emissions) emissions. As the Funds are
managed by Booster, these are broadly a Fund’s
‘share’ of Booster’s operational emissions. Booster has
determined that the operational emissions for each
Fund are immaterial and therefore, those emissions
have been omitted from the GHG emissions presented
in section 4.4 which all relate to financed emissions.
• Financed Emissions: This relates to the emissions
that are financed by the Fund via the investments it
holds. The Fund is allocated a ‘share’ of the emissions
of each of the entities it is invested in based on how
much of that entity it has financed. Emissions are
allocated based on the total overall value of the
underlying investments which includes both equity
and debt. Therefore emissions are financed by both
equity (e.g. shares) investments as well as debt (e.g.
bonds). Not all investments have emissions data
available so we cannot include these in our inventories.
Where able to, emissions data has been estimated
should the investment not report emissions data.
Financed emissions are all Scope 3 emissions for the
Fund, but can be further categorised into Scope 1 (of
Scope 3) (representing emissions sources directly
controlled by the investee entity), Scope 2 (of Scope
3) (representing emissions from the investee entity’s
purchased energy like electricity), and Scope 3
(of Scope 3) (which encompasses other indirect
emissions across the investee entity’s supply chain).
Other points to note about GHG emissions estimates
for the Funds
• Gross Emissions: These are the estimated financed
emissions of the Fund. All else equal, a larger fund will
have higher total gross emissions than a smaller fund,
so care should be taken when comparing funds with
different sizes. As required by NZ CS1, the estimates
are not intended to take into account any offsets.
• Emissions Intensity: This aims to address the issues of
comparability by normalising the Fund’s Gross Emissions
by the value of the investments that contributed to
those emissions. It is presented as tonnes of CO2
equivalent emissions per million New Zealand dollars
invested to better enable comparisons between funds
as well as track how a particular fund’s footprint has
changed over time. To enable as clear a comparison
as possible, we only include the value of investments
that we have emissions data for when making this
calculation so that the emissions intensity ratios are
not artificially lowered due to lack of available data.
• Estimate Quality Score: There are numerous ways that
a particular investment’s emissions could have been
derived, with varying degrees of associated confidence
in those estimates. The PCAF Standard gives a scoring
method for illustrating the degree of ‘quality’ associated
with the methods used in preparing our emissions.
These scores range from 1 (indicating the highest quality
estimate approach) to 5 (indicating the lowest quality
estimate approach). The scores associated with the
Fund’s emissions reflects the degree of uncertainty
of the emissions estimation approach used.
• Emissions Coverage: Not all investments are included in
our emissions inventories either due to a lack of required
information or because it has been determined that
there are no associated emissions with that investment.
The Investment Coverage shows the percentage of the
fund’s investments (by value) that have been included
in our emissions inventory. The appendix below outlines
the types of investments that are excluded from our
emissions inventories and the reason for their omission.
4.2 Climate related risks and opportunities
metrics
Metrics have not been provided for the level of exposure to
physical risks and transition risks – given the nature of the
investee companies in the Fund we’d expect the exposure
to physical and transition risks to be immaterial relative the
general risks present in early-stage investments. Refer to the
discussion below of transition risks and opportunities. Whilst
it is a consideration for the deployment of capital climate
related risks and opportunities are considered in proportion to
other risks and opportunities in the decision making process.
Climate Related Risks are generally categorised as
either physical risks or transition risks as outlined in
2.0 Strategy. We expect that all investments have
some exposure to these risks to varying degrees.
Physical & Transition risks: Whilst of the underlying
investments may be exposed to physical risks to varying
degrees, this is not expected to be material to the Fund
relative to other general risks present in early-stage
investments. Similarly transition risks are not expected to
be material for the Fund relative to other risks that apply to
early-stage companies. A possible exception for transition
risk is where pursuing a climate-related opportunity is
a significant part of an investee company’s focus – to
the extent that a transition risk is the risk of a climate-
related opportunity not coming to fruition because the
low-carbon transition does not play out as anticipated. If
that view is taken, the climate-related opportunity metric
noted below can also be an indication of transition risk.
Climate Related Opportunities: There are a number of
investee companies within the Fund which Booster has
assessed as having developed, or are developing or otherwise
pursuing, climate opportunities (climate solutions), including
but not limited to in the clean technology, food technology
and energy sectors. The extent to which the Fund is invested
in such companies is we feel a reasonable metric to give
an indication of the extent to which the Fund is exposed to
climate-related opportunities. We have therefore included a
metric of % of holdings (as of 31 March of the relevant year)
in investee companies pursuing climate opportunities. See
Appendix A for details of how we have arrived at this metric.

Metrics and Targets16Booster Innovation Scheme – Climate Statements 2024
The investee companies included in this definition are in our view pursuing exciting opportunities and
readers of our regular Fund communications may be familiar with some of their stories.
4.3 Targets
Taking into account the structure of the portfolio, the nature of the underlying investments, and
the need to consider investments on their full range of merits, the Board and the Investment
Committee, has determined that no targets have been adopted for the Fund.
4.4 Metrics for the Fund
The below tables show select metrics for the Fund.
Note:
• Only Financed emissions have been deemed to be material therefore scope
1, scope 2, and other scope 3 categories are not included.
• As all metrics are new metrics that have not been reported before, we have not
disclosed comparative information as per clause 41 of NZ CS3.
• All metrics are based on the holdings of the Fund as at 31 March 2024.
• Gross emissions are an estimate of GHG emissions for the Fund for the year to 31 March 2024.

Metrics and Targets17Booster Innovation Scheme – Climate Statements 2024
Unaudited
Primary data source: Data provided by
Reporting period (year ending 31 March)
Booster
Innovation Fund
2024
Financed Emissions
Gross Emissions (tCO
2
e)
Scope 1150
Scope 2262
Scope 34,786
Total Gross Emissions5,197
Emissions Intensity (tCO2e/$M)
Scope 17.8
Scope 213.6
Scope 3248.5
Overall Emissions Intensity269.9
Estimate Quality Scores (1–5)
Scope 15.0
Scope 25.0
Scope 35.0
Overall Estimate Quality Score5.0
Emissions Coverage97%
Climate Opportunities Exposure
Holdings in investee companies
pursuing climate opportunities
50%

Metrics and Targets18Booster Innovation Scheme – Climate Statements 2024
A.1 Greenhouse Gas Emissions – Financed Emissions Estimates - methodologies
(and assumptions)
We have prepared our GHG emissions estimates in accordance with the Greenhouse Gas Protocol’s Corporate and Scope 3
(Value Chain) Standards. We have used the Partnership for Carbon Accounting Financials (PCAF) standard as a starting point
for preparing our Greenhouse Gas (GHG) inventories. This standard aims to provide a comprehensive methodology for Asset
Managers like Booster to prepare their inventories in a consistent way. In taking this approach we have considered the Fair
Presentation Principles outlined in NZ CS3. More detail on these specific methodologies is provided below.
Apportioning emissions to the Funds
• Under the PCAF standard, financed emissions are generally calculated by attributing a reporting entity (e.g. a fund) its
‘share’ of the emissions from an investee entity (e.g. a company the fund is invested in) based on how much of the overall
investee entity it ‘owns’. This ownership portion is calculated by taking the investment value (equity and/or debt) as a
proportion of value (as outlined above) of the investee entity. Both equity and debt investments have emissions from the
issuing entity attributed them using this calculation and contribute to the relevant Fund’s overall financed emissions. See
the below table for more information on the allocation method used.
• As an example, a hypothetical company ACME Ltd reported total emissions of 250,000 tCO2e its financial year ended 31
March 2024, along with a market value of its equity of $600m, and debt levels of $400m. Its total EVIC was therefore $1b.
A fund holds $8m worth of ACME shares and $2m worth of ACME bonds as at 31 March 2024, for a combined investment
equivalent to 1% of ACME’s EVIC. It is therefore attributed 1% of ACME’s emissions, which is 2,500 tCO2e.
• For unlisted equities (such as the early-stage investments in the Fund) PCAF prescribes the use of historical or accounting
based values to apportion emissions. However, as a fund manager we have valuation / unit pricing policies, and for these
asset classes we use slightly different methods as outlined in the below table.
• We report all currency values in New Zealand dollars using the period end FX rate of $0.59844 USD/NZD.
• Our GHG emissions consolidation approach used is ‘operational control’, noting that the Fund is not deemed to have
operational control over any of its ultimate underlying investments.
The following table lists the most significant asset classes that the Fund is invested in, and the methodology approach taken to
estimating emissions for those asset classes.
Appendix A – Metrics - Methodologies, limitations, assumptions

Metrics and Targets19Booster Innovation Scheme – Climate Statements 2024
Asset TypeOur approachBasis for allocating emissions to our funds
Direct investments in
unlisted companies
We have estimated emissions using broad samples of comparable companies based on their
business activities. We determine an industry average emissions intensity factor which we then
use to estimate our direct investee-entities’ emissions based on their total investment value. PCAF
suggests using emissions-intensity factors from a different source, however, given the limited
availability of relevant industry specific emissions factor data, we consider our methodology is
a more reasonable approach. We note PCAF allows for alternative estimation approaches.
The value of the investment (as per our valuation / unit pricing
policies) as at 31 March of the reporting year as a proportion of
the Enterprise Value including Cash (EVIC) of the company.
The EVIC value is based on the equity value of the company as per
our valuation / unit pricing policies as at 31 March of the reporting
year, and the debt value provided by the company as at 31 March
of the reporting period or if not available as at that date, then
as at what we consider the most appropriate date available.
Asset types not coveredCertain asset classes and security types do not have clear emissions associated with them or we
lack sufficient data to calculate the associated emissions, so these asset classes are excluded from
our emissions inventories. This includes Cash and cash equivalents and companies which have
been written down to nil value but have not entered liquidation (e.g. companies in hibernation).
Not applicable.
A.2 GHG emissions – limitations and uncertainties (and assumptions)
Carbon footprinting refers to accounting for each fund’s ‘share’ of emissions from the various underlying investments that the
fund holds. It is important to remember that the measurement, reporting, and aggregating emissions for funds is inherently
uncertain and provides an estimate rather than an actual figure. When considering the likely effects of these limitations and
uncertainties, Booster notes that it considers that it will not prevent the climate statements including the GHG emissions
disclosures from being useful to Investors.
• Inventories are prepared using a ‘point in time’ snapshot of the Fund’s holdings, and there is the potential that these differ
throughout the reporting period as a result of changes in investment mix or holdings. The Fund is allocated its ‘share’ of
each investment’s yearly emissions, regardless of whether the investment has been held for an entire year or not. Likewise,
an investment sold prior to the reporting date would not contribute to the Fund’s emissions for the year.
• The primary method for attributing emissions from investments to the Fund depends on the value of the underlying
holdings as at 31 March 2024. This means that changes in values of holdings can result in differences in emissions
inventories from year to year. The impact of this is potentially significant as valuations of individual investee companies can
change significantly.
• In attributing emissions from investments to the Fund, the valuation date (a point in time) of the Fund’s investment in
an entity (and of the entity it is invested in) differs from the period that emissions for that company is measured over
(generally a year). This highlights that attributing financed emissions is not an exact process and is inherently subject to
uncertainty.
• Emissions estimates for investee companies have been calculated using emissions intensity factors as outlined above –
which are an average of emissions intensity factors for other peer group companies in the relevant industry (the relevant
industry being determined by Booster). We have elected to use ISS as our primary third-party data provider to source this
peer group company emissions data. This data is for companies that are not invested in by the Fund, and these emissions
may be reported by those companies or estimated by ISS. We have then used those emissions estimates to calculate

Metrics and Targets20Booster Innovation Scheme – Climate Statements 2024
emissions intensity factors for the sample companies,
and then use that information to calculate an industry
average emissions intensity (after limiting the impact of
outliers on this calculation) which is then used to estimate
the emissions of our investee entity. They are therefore
subject to the limitations and uncertainties associated
with such emissions estimates, including:
• ISS collects most of the underlying entity data,
as well as providing their own estimations of a
company’s emissions when that company does not
report emissions or reported emissions that are
deemed to be low quality by ISS. We have evaluated
ISS’s methodologies against alternative providers
and concluded that ISS has a robust approach,
especially regarding their emissions estimates and
assessments. It is important to remember that there
are differences between the various providers as a
result of the inherently uncertain nature of carbon
footprinting and those differences may result in
material differences in emissions estimates.
• Based on our understanding, we consider ISS’s
methodologies and processes to be reasonable
and to generally provide a fair representation of
emissions of the underlying entities, whilst noting the
inherently uncertain nature of the space. Additionally,
the estimates ISS provides could be considered to
generally be more uncertain than if those entities
were to accurately estimate and report their own
emissions.
• While the emissions data we receive from ISS is
intended to be the gross emissions (excluding
offsets) of investee entities, there is the possibility
that some companies have reported net emissions
(including reductions from offsets). The Booster has
not purchased any offset credits to reduce any of
our financed emissions inventories. There is also the
possibility that Global Warming Potential rates differ
between investee entities.
• Due to data limitations, some of our investee entity
scope 2 emissions estimates included in our financed
emissions inventory may use the market-based
method instead of the location-based method.
• Our estimation approach is based on other entities’
emissions intensities and may incorporate different
underlying Global Warming Potential (GWP)
values. However, we expect that most entities
will have followed the Greenhouse Gas Protocol
requirement to use GWP values published by the
Intergovernmental Panel on Climate Change (IPCC)
based on a 100-year time horizon.
• The methodology adopted for estimating investee
company emissions is based on the average emissions
intensities of a sample of companies deemed by Booster
to be in the same sector. Due to data limitations, it
does not reflect differences between entities that are
developing climate solutions and other entities without
a climate focus. It also does not reflect differences in
specific business activities, geographic locations, specific
product types, or business scale or stage of development.
Furthermore, our samples are limited to the entities
included in ISS’s dataset which may result in materially
different emissions estimations than if we had access
to data for a broader range of entities. This creates
considerable uncertainty in the estimates.
• Our estimation approach takes a sample of entities that
operate in a similar industry to our investee entity. We
use the Statistical classification of economic activities in
the European Community (NACE) for this determination,
based on information provided to us by ISS. These
classifications are more granular than other classification
schemes such as Global Industry Classification System
(GICS) so allows our samples to be based on entities
most similar to our investee entity (although noting the
limitations described above).
A.3 Holdings in investee companies pursuing
climate opportunities metric – methodology,
limitations and uncertainties
• Booster has considered how best to provide a metric
related to climate-related opportunities. In producing this
metric, we have:
• defined investee companies pursuing climate
opportunities as follows: An investee company that
is substantially focused on developing or somehow
pursuing a Climate Solution.
• defined Climate Solution as: A product or service that
meets a need in society, contributes to the reduction of
greenhouse gas emissions and has significantly lower
emissions than business-as-usual options.
• In making the above determination, we have relied on
information produced by investee companies and our
own assessment.
• We have then reviewed the Fund’s holdings as at
31 March 2024, determined which of the investee
companies meet the above definition, and expressed
the value of holdings in those investee companies as a
percentage of the total Fund’s holdings.
• It is important to note that we expect that this metric will
be variable over time including because:
• It is heavily linked to the valuation of specific investee
companies which are individually subject to change
(including potentially being fully written off given
early-stage investing is subject to such a risk).
• In considering investment opportunities, Booster
does not focus specifically on climate-related
opportunities. The extent to which future investment
will be focused on such opportunities is therefore
unpredictable.
• We also note that just because an investee company is
pursuing a climate-related opportunity, that does not
mean that the specific opportunity they are pursuing will
have a climate-related impact. The Fund invests in early-
stage companies, a portion of which are likely to fail.

We’re here to help.
To find out more about the
Booster Innovation Scheme visit our
website, call us on 0800 336 338 or
talk to your financial advice provider.
Booster Investment Management
Limited, PO Box 11872, Manners Street,
Wellington 6142, New Zealand
booster.co.nz