Half-Year Result 2023-24

There's always room for improvement
Livestock Improvement
Corporation Limited (LIC)
Interim Financial
Statements
For the six months ended 30 November 2023

2 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

Contents
Key results and position
Our results for the period 4
Our position 5
Our cash flows for the period 6
Changes in our position for the period 7
More details
Accounting policies 8
Business analysis 9
Equity 11
Other information 12

Key results and position
STATEMENT OF RESULTS FOR THE PERIOD
For the six months ended 30 November 2023
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
NoteUnauditedUnauditedAudited
Revenue1171,949 177,199 276,506
Purchased materials(20,931)(24,219)(46,585)
People costs(68,619)(67,138)(118,995)
Depreciation and amortisation(11,358)(11,181)(23,116)
Other expenses(31,020)(28,028)(56,855)
Net finance costs37 (508)157
Bull team revaluation- - 4,524
Fair value change in Nil Paid Share receivable284 233 363
Profit/(loss) before tax expense40,342 46,358 35,999
Tax expense(11,361)(13,054)(8,647)
Profit/(loss) for the period28,981 33,304 27,352
Hedge revaluations(152)(446)113
Foreign currency translation movements(27)- (85)
Investment revaluations29,573 1,532 1,711
Land and buildings revaluations- - 1,580
9,394 1,086 3,319
Comprehensive income for the year 38,375 34,390 30,671
Profit per Ordinary Share (excl. treasury stock) $0.20 $0.23 $0.19
Supplementary non-GAAP note to the results for the period:
Profit/(loss) for the period28,981 33,304 27,352
Plus: Bull team revaluation- - (4,524)
Tax effect on Bull team revaluation- -1,267
Less: Fair value change in Nil Paid Share receivable(284)(233)(363)
Underlying earnings28,697 33,071 23,732
Underlying earnings per Ordinary Share (excl. treasury stock) $0.20 $0.23 $0.17
4 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

Key results and position
STATEMENT OF POSITION
As at 30 November 2023
Corrigan Sowman
Date: 24 January 2024
Sophie Haslam
Date: 24 January 2024
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
NoteUnauditedUnauditedAudited
Cash638,281 45,287 54,596
Debtors86,673 87,051 37,628
Other assets25,932 30,554 35,892
Nil Paid Shares receivable1,887 4,221 4,327
Bull team97,640 93,116 97,640
Land, buildings and equipment - owned & leased3117,865 107,662113,547
Software, goodwill and other intangible assets342,265 37,75938,661
Total assets410,543 405,650 382,291

Creditors627,246 35,904 23,505
Borrowings- - -
Deferred tax28,898 25,350 27,732
Other liabilities41,85343,183 33,560
Total liabilities97,997104,437 84,797
Net assets312,546 301,213 297,494
Share capital276,737 76,737 76,737
Retained earnings190,318 176,694 170,742
Other reserves245,491 47,782 50,015
Total equity312,546 301,213 297,494
Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023 5

Key results and position
STATEMENT OF CASHFLOWS FOR THE PERIOD
For the six months ended 30 November 2023
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
NoteUnauditedUnauditedAudited
Customer receipts122,701 131,313 276,609
Supplier payments(118,112)(114,903)(236,542)
Tax payments(1,656)(2,318)(3,983)
Other operating cash flows436 197 707
Net operating cash flows53,369 14,289 36,791
Software development(7,647)(3,992)(9,611)
Net sales/(purchases) of land, buildings and equipment(8,049)(5,596)(10,966)
Other investment cash flows19,022 - (4)
Net investment cash flows3,326 (9,588)(20,581)
Payment of principal portion of lease liabilities(2,384)(1,879)(4,319)
Nil Paid Share payments163 311 334
Dividends paid(20,762)(21,881)(21,881)
Net financing cash flows(22,983)(23,449)(25,866)
Movement in cash for the period(16,288)(18,748)(9,656)
Cash at beginning of the year54,596 64,135 64,135
Currency movement on cash holdings(27)(100)117
Cash at end of the period38,281 45,287 54,596
6 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

In thousands of New Zealand dollarsNoteShare capitalRetained earningsOther reserves Total equity
Balance at 1 June 202376,737 170,742 50,015 297,494
Profit/(loss) for the period- 28,981 - 28,981
Dividends paid- (23,323)- (23,323)
Hedge revaluations- - (152)(152)
Foreign currency translation movements- - (27)(27)
Investment revaluations2- - 9,573 9,573
Reclassification of investment revaluations
on divestment
2- 13,918 (13,918)-
Balance at 30 November 2023 (Unaudited)76,737 190,318 45,491 312,546
Balance at 1 June 202276,737 169,624 46,696 293,057
Profit/(loss) for the period- 33,304 - 33,304
Dividends paid- (26,234)- (26,234)
Hedge revaluations- - (446)(446)
Investment revaluations- - 1,532 1,532
Balance at 30 November 2022 (Unaudited)76,737 176,694 47,782 301,213
Restated balance at 1 June 202276,737 169,624 46,696 293,057
Profit/(loss) for the year- 27,352 - 27,352
Dividends paid- (26,234)- (26,234)
Hedge revaluations- - 113 113
Foreign currrency translation movements-- (85)(85)
Investment revaluations- - 1,711 1,711
Land and buildings revaluations- - 1,580 1,580
Balance at 31 May 2023 (Audited)76,737 170,742 50,015 297,494
Key results and position
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
For the six months ended 30 November 2023
Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023 7

These financial statements set out the performance, position
and cash flows of Livestock Improvement Corporation Limited
("LIC" or the "Company") and its subsidiaries (the "Group") for
the six months ended 30 November 2023.
LIC is domiciled in New Zealand, registered under the
Companies Act 1993 and the Co-operative Companies Act
1996, and listed on the Main Board of the New Zealand Stock
Exchange Limited ("NZX"). LIC is an FMC Reporting Entity for the
purposes of the Financial Reporting Act 2013 and the Financial
Markets Conduct Act 2013.
These financial statements should be read in conjunction with
the annual report for the year ended 31 May 2023.
Basis of Preparation
i. Statement of compliance
These financial statements comply with NZ GAAP as
appropriate for Tier 1, for-profit entities, NZIFRS and IFRS.
ii. Basis of measurement
The financial statements have been prepared on a GST
exclusive basis, with the exception of trade receivables and
trade payables, which are reported inclusive of GST.

The majority of the Group's business does not follow a
clearly identifiable operating cycle, therefore the balance
sheet is presented in order of liquidity as it is more relevant
to the users of the financial statements.
iii. Functional and presentation currency
The functional currency of the Company and the
presentation currency of the financial statements is New
Zealand Dollars ("NZD"), with amounts rounded to the
nearest thousand.
iv. Use of estimates and judgements
The key estimations and judgements made in preparing
these financial statements are the valuation of the Bull
team and the impairment testing of software and other
intangible assets.
v. New or amended standards adopted in current year and
standards issued but not yet effective
Accounting policies have been applied consistently with
prior periods.
vi. Climate risk
Climate change and how farmer shareholders, regulators
and others respond may have significant impacts on the
Group’s future revenue and the recognised amounts of
assets and liabilities. While the effects of climate change
are a continuing source of uncertainty, climate-related
risks have been assessed as not having a material
impact on these financial statements. Reviews of
accounting estimates, judgements and impairment testing
assumptions have considered potential future impacts of
climate change.
Accounting policies
Accounting entity
8 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

In thousands of New Zealand dollars
SIX MONTHS ENDED 30 NOV 2023
(Unaudited)
NZ market
genetics
Herd
testing
Farm
software
DiagnosticsOtherEliminationsTotal
External revenue99,406 15,287 27,085 14,811 15,360 - 171,949
Inter-segment revenue- - - - 1,525 (1,525)-
Total revenue99,406 15,287 27,085 14,811 16,885 (1,525)171,949
Depreciation & amortisation(945)(2,858)(591)(1,753)(5,211)- (11,358)
Segment gross profit before tax64,985 7,080 20,896 6,424 10,077 - 109,462
Bull team revaluation-
Unallocated amounts(69,120)
Profit/(loss) before tax expense40,342
SIX MONTHS ENDED 30 NOV 2022
(Unaudited)
NZ market
genetics
Herd
testing
Farm
software
DiagnosticsOtherEliminationsTotal
External revenue102,947 15,738 26,191 12,983 19,340 - 177,199
Inter-segment revenue- - - - 1,723 (1,723)-
Total revenue102,947 15,738 26,191 12,983 21,063 (1,723)177,199
Depreciation & amortisation(706)(2,726)(708)(1,734)(5,307)- (11,181)
Segment gross profit before tax68,527 6,706 19,530 5,591 11,960 - 112,314
Bull team revaluation-
Unallocated amounts(65,956)
Profit/(loss) before tax expense46,358
Notes to the Financial Statements
1. Business analysis
The Group operates in four key operating segments as set out below, and across four key geographies. Figures in the following tables
reflect information regularly reported to the Chief Executive on those key operating segments:
−NZ market genetics: provides bovine genetic breeding material and related services, predominately to dairy farmers.
−Herd testing: milk sample analysis for dairy farmers.
−Farm software: data recording, tags and farm management information services.
−Diagnostics: provides DNA and animal health testing services.
NZ Market Genetics revenue is primarily recognised at a point in time, upon delivery of product to the customer. All other revenue lines
are primarily recognised over time, as the service to the customer is provided.
Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023 9

Notes to the Financial Statements
1. Business analysis (cont.)
In thousands of New Zealand dollars
YEAR ENDED 31 MAY 2023 (Audited)
NZ market
genetics
Herd
testing
Farm
software
DiagnosticsOtherEliminationsTotal
External revenue113,467 39,472 53,249 29,067 41,251 - 276,506
Inter-segment revenue- - - - 5,706 (5,706)-
Total revenue113,467 39,472 53,249 29,067 46,957 (5,706)276,506
Depreciation & amortisation(1,540)(5,835)(1,293)(3,528)(10,920)- (23,116)
Segment gross profit before tax72,815 20,633 40,043 13,208 16,578 - 163,277
Bull team revaluation4,524
Unallocated amounts(131,802)
Profit/(loss) before tax expense35,999
The Other segment includes international operations, research & development and support services. Unallocated amounts include
personnel costs, other expenses and net finance costs and are unallocated because the effort and cost involved to accurately
allocate these amounts to individual business segments would outweigh the benefit.
LIC's business, particularly the Parent's artificial breeding business, is highly seasonal. November results, since they incorporate the
majority of the artificial breeding revenues but not a similar proportion of total costs, are not indicative of the second half result nor,
therefore, the full year result.
10 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

Notes to the Financial Statements
2. Equity
All Ordinary Shares have voting rights and the right to receive dividends based on the profits of the Company.
At reporting date there were 142,344,836 Ordinary Shares on issue, excluding 5,337,584 shares held as treasury stock (2022: 142,344,836
Ordinary Shares, excluding 5,337,584 shares held as treasury stock).
*During the period, LIC sold its shareholding in National Milk Records Plc for £9.019 million (NZD $18.963 million).Associated accumulated
revaluations have been reclassified from Other reserves to Retained earnings on divestment.
Other reserves and equity
In thousands of New Zealand dollars
Hedge
revaluation reserve
Investment
revaluation reserve
Land & building
revaluation reserve
Foreign currency
translation reserve
Other
Reserves
Balance at 1 June 2023171 6,569 43,360 (85)50,015
Profit/(loss) for the period- - - - -
Dividends paid- - - - -
Revaluations*(152)9,573 - (27)9,394
Reclassification of investment revaluations
on divestment*
- (13,918)- - (13,918)
Balance at 30 November 2023 (Unaudited)19 2,224 43,360 (112)45,491
Balance at 1 June 202258 4,858 41,780 - 46,696
Profit/(loss) for the period- - - - -
Dividends paid- - - - -
Revaluations(446)1,532 - - 1,086
Balance at 30 November 2022 (Unaudited)(388)6,390 41,780 - 47,782
Balance at 1 June 202258 4,858 41,780 - 46,696
Profit/(loss) for the year- - - - -
Dividends paid- - - - -
Revaluations113 1,711 1,580 (85)3,319
Balance at 31 May 2023 (Audited)171 6,569 43,360 (85)50,015
Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023 11

Notes to the Financial Statements
3. Acquisitions and disposals
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
UnauditedUnauditedAudited
(i) Land, buildings and equipment
Acquisitions *8,345 6,318 12,093
Disposals(78)(237)(1,087)
(ii) Software and other intangible assets
Acquisitions7,656 4,0649,646
Disposals/Impairment- - -
*Excludes the impact of NZ IFRS 16: Leases, which increased Land, buildings and equipment by $3.608 million in 2023 (November 2022:
$1.968 million, May 2023: $7.714 million).
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
UnauditedUnauditedAudited
Remuneration of key Management and Directors2,745 1,788 4,197
Sale of goods and services to key Management and Directors329404 597
Purchases of goods and services from key Management and Directors3 75 166
The Group has had the following short term transactions with key Management and Directors during the period, noting sale of goods
and services were on normal trade terms:
4. Transactions with Related Parties, Directors and Management
SIX MONTHS ENDEDYEAR ENDED
In thousands of New Zealand dollars
30 Nov 2023 30 Nov 202231 May 2023
UnauditedUnauditedAudited
Profit for the period28,98133,30427,352
Adjusted for non-cash items:
Depreciation and amortisation on all assets 11,358 11,181 23,116
Bull team revaluation - - (4,524)
Deferred tax expense 1,166 (912)804
Working capital movements and other non-cash items (38,136)(29,284)(9,957)
Net operating cash flows3,369 14,289 36,791
5. Reconciliation of the Profit/(loss) for the period to Net operating cash flows
12 Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023

Notes to the Financial Statements
6. Audit
In accordance with the Financial Reporting Act 2013 these interim financial statements are not required to be audited and therefore, in
line with previous years, have not been audited.
In relation to the 2023 financial year LIC declared a dividend of 16.38 cents per Ordinary Share, or $23.323 million (2022: 18.43 cents per
Ordinary Share, or $26.234 million). The fully imputed dividend was paid on 18 August 2023.
7. Dividend
On 24 January 2024, LIC declared a special dividend of 13.00 cents per Ordinary Share, or $18.505 million, as a result of the sale of the
organisation's investment in National Milk Records Plc (refer to note 2). The fully imputed dividend will be paid on 23 February 2024.
8. Subsequent Events
Livestock Improvement Corporation Interim Financial Statements for the six months ended 30 November 2023 13

605 Ruakura Road
Newstead 3286
Hamilton
New Zealand
07 856 0700 | lic.co.nz

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Results announcement
24 January 2024

Results for announcement to the market
Name of issuer Livestock Improvement Corporation Limited
Reporting Period 6 months to 30 November 2023
Previous Reporting Period 6 months to 30 November 2022
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$171,949 -2.96%
Total Revenue $171,949 -2.96%
Net profit/(loss) from
continuing operations
$28,981 -12.98%
Total net profit/(loss) $28,981 -12.98%
Special Dividend
Amount per Quoted Equity
Security
$0.13000000 per share
Imputed amount per Quoted
Equity Security
$0.05055556 per share
Record Date 9 February 2024
Dividend Payment Date 23 February 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.92 $1.91
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
These results reflect the highly seasonal nature of our business activity and are
not indicative of the second half, nor the full year result. For commentary on
the results, please refer to the market statement.

The Net Tangible Assets per Quoted Equity Security excludes LIC ordinary
shares held as treasury stock and unquoted LIC Nil Paid shares which have
the same voting and dividend rights as LIC’s quoted ordinary shares.

Any dividends paid on LIC Nil Paid Shares and on any ordinary shares
required to be held to satisfy LIC’s share standard will be applied to repay
outstanding commitments on LIC Nil Paid Shares.

Authority for this announcement
Name of person

authorised
to make this announcement
Marise Winthrop
Contact person for this
announcement
Marise Winthrop
Contact phone number +64 27 488 4615
Contact email address Marise.Winthrop@lic.co.nz
Date of release through MAP

24 January 2024

Unaudited financial statements accompany this announcement.

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Media Release
24 January 2024

LIC produces a solid half-year financial result against challenging economic conditions


LIC financial results show New Zealand dairy farmers are still seeing value in cow efficiency

Image | Download
Summary of financials:
• Total Revenue from Continuing Operations: down 3.0% at $171.9 million.
• Net Profit After Tax (NPAT) from Continuing Operations: $29.0 million, down 13.0% from the
same period last year.
• Underlying Earnings forecast range at year-end: $17-22 million, being unchanged from the
market update in August 2023.
Livestock Improvement Corporation (NZX: LIC) has released a solid half-year result for the 2023-24
financial year, despite revenue pressures in a reduced milk price environment.
LIC has declared a 13 cent per share special dividend from the proceeds of the sale of shares in UK
company National Milk Records completed in late 2023.
The reporting showed a decreased revenue (down 3.0%) and profit (down 13.0%) compared to the
same period last year. Board Chair Corrigan Sowman says the co-operative’s strong cash position
provided a degree of resilience and that, relative to the current challenging economic conditions, he
is pleased with the result.

The decreased revenue was driven by the lower milk price environment, as well as credits provided
to farmers as a result of a recent semen quality issue.
“Farmers have had a challenging year as they’ve had to tighten their belts in response to a lower milk
price payout. The stakes are high, but they continue to show resilience.
“As a co-op, it’s our job to support farmers to navigate these challenges, in particular, providing them
with the right tools to breed the most sustainable and profitable herds, now and into the future.
“On behalf of the Board, we would like to acknowledge just how challenging this year has been, and
extend our appreciation to farmers for their ongoing support and commitment to their co-op.
“A special thanks also to those farmers who showed resilience and patience as we navigated our way
through the recent semen quality issue. We had not experienced an issue like that before, and our
investigation into the cause of this is ongoing. The costs of the credits to farmers have been
accounted for in this half year result.
“This year has really brought into focus the importance of cow efficiency. Ensuring that our national
dairy herd is made up of high producing, efficient cows is key to maintaining the success of the dairy
sector.
“Recently, Fonterra announced it is targeting a 30% intensity reduction in on-farm emissions by 2030.
We have an important role to play in supporting farmers to meet these targets and we are proud to
be part of the solution. Targeting a reduction in emissions intensity cements our ongoing focus on
cow efficiency – we don’t need more cows, we need better cows,” says Sowman.
Within the reporting period, demand remained steady for LIC’s animal health products, to keep cows
healthy, productive and protected.
“Farmers continue to see the value of investing in animal health products and premium genetics,
which indicates they are planning around the current and future needs of their herds. It is reflective
of farmers’ shared commitment to breed and milk the best cows,” says Sowman.
“Collectively, our co-op is committed to making continuous improvements for cow efficiency. Small
improvements made now add up to long term gain for more efficient and climate-friendly cows,”
says Sowman.
Other highlights from the reporting period include the advancement of LIC’s heat tolerance
programme, which aims to provide farmers with the ability to have high genetic merit dairy cows
with improved heat tolerance. The programme is currently in its next stage – investigating how slick-
coated animals fare in winter. The research will be critical to ensure that the co-op can provide
farmers with a solution that equips cows for the challenges of a changing climate.
LIC’s methane research programme is also progressing well, and the co-op hopes to produce a
methane breeding value and give dairy farmers the opportunity to access low methane elite genetics
by 2026. This has the potential to make a real difference to farmers by helping to ensure emissions
reductions don’t come at the cost of reducing milk production.
The co-operative confirms it is on track to deliver a year-end result in line with expectations and
guidance previously provided to the market.
Looking ahead, Sowman says LIC’s focus now turns to delivering a solid result at year-end, whilst
continuing to support and create value for its farmer shareholders.

ENDS
Notes to financial information:
• LIC’s half-year result incorporates the majority of revenues from core artificial breeding (AB) and herd testing
services, but not a similar proportion of total costs so are not indicative of the second half, nor the full-year,
result.
• A special dividend is declared at half-year in relation to LIC’s sale of shares in National Milk Records.
• These numbers should be read in conjunction with the financial details in the Interim Report and 2023 Annual
Report.
• Figures have not been audited, with the exception of 31 May 2023 comparatives.
• Underlying Earnings: this is NPAT excluding bull valuation and nil paid share valuation movements and is
considered useful to investors as it is the basis on which LIC has historically reported and determination of
dividends. Non-GAAP financial information does not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities.
• Bull team valuation: LIC’s elite bull team is its largest biological asset, valued at $97.6 million at half-year. This
valuation is based on an independent model that looks at future revenue streams and costs associated with the
current bulls owned, discounted back to current value.
• Market guidance is provided on the basis that no significant climate event or milk price change takes place.

About LIC: LIC is a farmer-owned co-operative and world leader in pasture based dairy genetics and
herd improvement. LIC exists to deliver superior genetics and technological innovation to help its
shareholders sustainably farm profitable animals. With origins dating back to 1909, LIC has a long
history of providing world-leading innovations for the dairy sector. The co-op continues to be one of
the primary sector’s biggest investors in research and development. Today, the New Zealand-based
co-op employs more than 700 permanent staff, swelling to 2000 during the spring peak dairy mating
season. LIC also has offices in the United Kingdom, Ireland and Australia. All LIC profit is returned to
its farmer owners/shareholders in dividends, or reinvested for new solutions, research and
development. www.lic.co.nz

__________________________________

IMAGE ASSETS
The hi-res image available for publication with this story is available below
Download asset here

Images available:
1 | LIC Board Chair Corrigan Sowman
2 | LIC Board Chair Corrigan Sowman on farm
3 | LIC financial results show New Zealand dairy farmers are still seeing value in cow efficiency


For all media enquiries, please contact:
LIC – Steph Slattery | M. 027 256 2057| Steph.Slattery@lic.co.nz

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Distribution Notice

24 January 2024


Section 1: Issuer information
Name of issuer Livestock Improvement Corporation Limited
Financial product name/description Special Dividend
NZX ticker code LIC
ISIN (If unknown, check on NZX
website)
NZLICE0001S1
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year Special X
DRP applies X
Record date 9 February 2024
Ex-Date (one business day before the
Record Date)
8 February 2024
Payment date (and allotment date for
DRP)
23 February 2024
Total monies associated with the
distribution
$18,504,829.00
Source of distribution (for example,
retained earnings)
Proceeds from divestment of National Milk Records plc
investment
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.18055556 per share
Total cash distribution $0.13000000 per share
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount N/A
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.05055556 per share
Resident Withholding Tax per
financial product
$0.00902778 per share

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
26 February 2024
Not known – dependent on
the time it takes to acquire
the shares on market.
Date strike price to be announced (if
not available at this time)
Not known at this stage. The price of the share will be
determined when all shares have been acquired. The
strike price under the DRP is the volume-weighted
average price per share paid on-market in acquiring
shares to fulfil demand under the DRP for the relevant
period. The period for acquisitions to fulfil demand under
the DRP is from the date noted above until the date that
is 20 Business Days before the next Record Date
(“Acquisition Period”).
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
Shares to be purchased on market
DRP strike price per financial product
The strike price under the DRP is the volume-weighted
average price per share paid on-market in acquiring
shares to fulfil demand under the DRP within the
Acquisition Period.
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
9 February 2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Marise Winthrop
Contact person for this
announcement
Marise Winthrop
Contact phone number +64 27 488 4615
Contact email address Marise.Winthrop@lic.co.nz
Date of release through MAP

24 January 2024