Notice of Annual Meeting

LIC is the trading name of Livestock Improvement Corporation Limited


Private Bag 3016
Hamilton 3240
New Zealand
www.lic.co.nz






31 July 2025

[Name]
[Address details]
[Address details]
[Address details]



Dear [name],

On behalf of the LIC Board, we are pleased to invite you to
attend LIC’s 2025 Annual Meeting on Wednesday 17th
September at our headquarters, Tempero Centre, 605
Ruakura Road, Newstead, Hamilton.

Registration will be open from 5pm, with the meeting
commencing at 6pm.

We do appreciate this is a busy time of year for many of you,
however, as an NZX-listed company we are required to hold our
Annual Meeting no later than six months after the close of the
financial year.
We look forward to presenting our financial results for the 2024/25 year and sharing what these
results mean for LIC’s key focus areas for the year ahead.
David Chin, the Chief Executive, will present information regarding LIC's planned investments over
the next five years and the co-operative’s approach to delivering value to our farmer owners.
The full list of business to be covered is set out in the Notice of Meeting booklet enclosed, along with
your voting information and papers. We have several resolutions this year, so please take the time
to review the information and cast an informed vote. Advance electronic voting closes at 5pm on
15th September. For those attending the Annual Meeting in person or online, votes can also be cast
during the meeting.
Throughout the Annual Meeting you will have the opportunity to ask questions. If you are joining us
online, you will be able to ask your questions using the chat function and we’ll answer these in the
Q&A section at the end of the meeting.
We hope to see you there.
Kind regards,



Corrigan Sowman
LIC Board Chair

---

17
th
September 2025 (6.00pm)

To be held at:
LIC Newstead, Hamilton, and online at
www.lic.co.nz/annualmeeting
Notice of 2025
Annual Meeting

Compliance with NZX listing rules
NZ RegCo has reviewed the form of this
Notice of Meeting but neither it nor NZX
take responsibility for its contents.
Defined terms
Unless otherwise indicated, capitalised
terms used in this document have the
specific meanings given to them in the
Glossary on 46 of this document.
Enquiries
If you have any questions about the number
of shares you hold in LIC, or how to vote or
complete the Voting Form, please contact
the Election Helpline on 09 375 5998.
Introduction4
Notice of Meeting5
Items5
Explanatory Notes8
How to Cast a Vote42
Disclosures of financial
assistance as required under
the Companies Act 1993
34
Format of the Meeting42
Glossary46
Directory48
ContentsInvitation
On behalf of the LIC Board, we are pleased
to invite you to attend LIC’s 2025 Annual
Meeting on Wednesday 17
th
September at
our headquarters in Newstead, Hamilton.
Registration will be open from 5.00pm, with
the meeting commencing at 6.00pm.
32

54
Notice of Meeting

1
Available on LIC’s website (www.lic.co.nz/shareholders/
annual-reports) or on request, phone (07) 856 0700.
Notice is given that the 2025 Annual Meeting
of the Shareholders of Livestock Improvement
Corporation Limited will be held at LIC,
605 Ruakura Road, Newstead, Hamilton,
commencing at 6.00pm on Wednesday
17
th
September 2025, with registration
commencing at 5.00pm. The meeting will be
a hybrid meeting, meaning that Shareholders
will also have the option of participating
online at www.lic.co.nz/annualmeeting.
Business as Usual Matters
Item 1: Presentation of annual financial
statements and associated reports
To receive and consider the Company’s
Financial Statements for the year ending 31
May 2025 and the associated Directors’ and
auditor’s reports, all as set out in the Annual
Report.
1
There is no resolution associated with Item 1.
Item 2: Resolution to approve LIC Directors’
Remuneration
To receive and consider the LIC Honoraria
Committee’s recommendation as to
Directors’ remuneration, and if thought fit, to
resolve by way of ordinary resolution to:
“Approve the total remuneration of all nine
Directors to be a maximum of $812,000 per
annum.”
Introduction
The business to be conducted at this Annual
Meeting consists of the usual business
conducted at each annual meeting
(or “Business as Usual” matters).
The “Business as Usual” matters comprise the
following matters:
(a) Presentation of annual financial
statements and associated reports
(b) Approval of LIC Directors’ Remuneration
(c) Approval of LIC Shareholder Reference
Group Remuneration
(d) Reappointment of KPMG as external auditor
(e) Ratify the appointment of a new Appointed
Director, Hamish Rumbold, for a term of
two years.
(f) Ratify the appointment of a new Appointed
Director, Blair O’Keeffe, for a term of three
years
(g) Election of one Elected Director for the
North Island Region
The above matters are presented in the Notice
of Meeting, with further details provided in the
following Explanatory Notes.
The Board called for nominations in relation
to South Island directors. The only person put
forward was Corrigan Sowman who is deemed
to be elected pursuant to clause 1.2 of Schedule
3 in the Constitution.
4

76
Item 3: Resolution to approve LIC
Shareholder Reference Group Remuneration
To receive and consider the LIC Honoraria
Committee’s recommendation as to
Shareholder Reference Group’s remuneration,
and if thought fit, to resolve by way of ordinary
resolution to:
“Approve the total remuneration of all
Shareholder Reference Group members being
increased to $232,500 and the daily allowance
being increased to $500 per day.”
Item 4: Resolution to re-appoint KPMG as
external auditor
To consider, and if thought fit, to resolve by
way of ordinary resolution to:
“Re-appoint the chartered accountancy
partnership KPMG as the auditor until the
conclusion of the Company’s next Annual
Meeting, and that the Directors be authorised
to fix its remuneration.”
Item 5: Resolution to ratify the appointment
of Hamish Rumbold to the Board of Directors
To consider, and if thought fit, to resolve by
way of ordinary resolution:
“Ratify the appointment of Hamish Rumbold
as an Appointed Director to the Board of
Directors for a term of two years from the
conclusion of this Annual Meeting.”
Item 6: Resolution to ratify the appointment
of Blair O’Keeffe to the Board of Directors
To consider, and if thought fit, to resolve by
way of ordinary resolution:
“Ratify the appointment of Blair O’Keeffe as an
Appointed Director to the Board of Directors
for a term of three years from the conclusion of
this Annual Meeting.”
Item 7: Election of one Elected Director for the
North Island Region
To consider, and if thought fit:
“Elect ONE (1) candidate representing the North
Island, as an Elected Director to the Board of
Directors for a term of three years from the
conclusion of this Annual Meeting.”
Note that only Shareholders in the North Island are eligible
to vote on this matter. This matter is determined using First
Past the Post, as described at (c) of the Procedural Notes.
Item 8: General business.
Expected Closure: 7.30pm - light refreshments
will be served.
Procedural notes
(a) Explanatory Notes relating to the resolutions
above are set out in the following pages.
(b) Resolutions in Items 2 to 6 need to be passed
by ordinary resolutions, i.e. by a simple
majority of the votes of those Shareholders
entitled to vote and voting on the relevant
resolution. If these resolutions do not pass
by the requisite threshold the
recommendations to which they relate will
not be effective.
(c) LIC uses the First Past the Post system
for Board, Shareholder Reference Group
and Honoraria Committee elections.
This means that the candidate receiving
the highest number of votes on Item 7 will
be successfully appointed.
(d) In accordance with the Constitution, no
person may exercise, or control the exercise
of, more than 1% of the maximum number
of votes that may be exercised at a
meeting of LIC.

98
(e) For each resolution, the votes counted
include valid postal votes, electronic votes
and the votes of proxies and representatives.
(f) All resolutions will be determined on the basis
of a poll in accordance with NZX Listing Rule
6.1.1.
Explanatory Notes
Items 2 and 3: Resolutions approving LIC
Directors’ Remuneration and LIC Shareholder
Reference Group Remuneration

Honoraria Committee

Clause 24.2 of LIC’s Constitution (Corporate
governance | LIC) sets out the requirement
for LIC to maintain an independent Honoraria
Committee. The Honoraria Committee is tasked
with considering and recommending to LIC
Shareholders any changes to the form, and
amount of remuneration paid to LIC’s Directors
and Shareholder Reference Group members.
Clause 24.2 also sets out the process by which
Shareholders can be elected to the Honoraria
Committee.
In this Notice of Meeting, you will find two
resolutions relating to LIC’s Honoraria
Committee and the work that they do on
behalf of their fellow LIC Shareholders. Items
2 and 3 respectively are the Committee’s
recommendations to increase the current level
of Directors’ and Shareholder Reference Group
members’ remuneration. Director remuneration
must be approved by an ordinary resolution of
Shareholders (as set out in Listing Rule 2.11.1).
The Honoraria Committee is made up of
between two and four Shareholders and is
currently chaired by Ian Brown of Tokoroa.
Each member of the Committee holds office
for a period of two years and can stand for
re-election at the end of their term. The current
Honoraria Committee members are:
»Ian Brown (Chair):
retiring at the conclusion of this meeting
»Gordon Glentworth
»Shirley Trumper
»Ellen Bartlett
Each member brings to the Honoraria
Committee their depth of knowledge
and experience in governance within the
agricultural sector, and most have experience
on other bodies that consider Board
remuneration. Further information on the
current members can be found here Honoraria
Committee | LIC.
It is important to note that the Honoraria
Committee undertakes its role and activities
independently of LIC, the LIC Board and the
Shareholder Reference Group. Neither the
Board or the Shareholder Reference Group set,
or recommend, the level of the fees that they
receive. Furthermore, under Rule 6.3.1 of the
NZX Listing Rules, LIC Directors and any person
associated with that Director, are disqualified
from voting on Item 2.
The Honoraria Committee met twice this
year to consider the remuneration paid
to LIC Directors and members of the
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1110
Shareholder Reference Group. In reaching
their recommendations to Shareholders, the
Honoraria Committee has considered, reviewed,
and analysed the comprehensive data and
information provided by Strategic Pay and the
Institute of Directors. The Honoraria Committee
also considered the published remuneration
data, practices, and policies from several
organisations in New Zealand within both the
agricultural sector and other sectors.
The Honoraria Committee also met with LIC’s
Chief Executive, the Chair of the LIC Board, an
Elected Director, and the Deputy Chair of the
Shareholder Reference Group to understand
the nature of the issues before the Board
and the Shareholder Reference Group. These
issues included the workload on Directors and
Shareholder Reference Group members, plus
other relevant matters. This, together with their
wider industry experience, has informed their
recommendations to LIC Shareholders.
Director Honoraria
It is the Honoraria Committee’s view that it is
imperative that LIC maintains a high calibre of
Directors on its Board. Elected Directors bring
a strong understanding of the co-operative,
the New Zealand dairy industry, as well as the
challenges ahead of the industry. Appointed
Directors bring to the Board a balance of
skills and experience relating to international
markets, mergers and acquisitions, health and
safety, technology, finance, risk, and they often
have exposure to other complex businesses.
The aim of the Honoraria Committee is to
ensure that Directors’ remuneration is relevant
and includes some recognition of potential
opportunities foregone to them, while being
sufficient to attract and retain good governors.
Directors’ remuneration needs to continue
to reflect the substantial workload and
ever-increasing obligations on New Zealand
Directors. The Honoraria Committee is acutely
aware that as a company listed on the NZX,
the level of compliance and scrutiny on LIC is
higher than for a non-listed company and there
is no evidence that the Directors’ workload will
decrease in the foreseeable future.
Director Honoraria - recommendations
The Honoraria Committee recommend the
following increases to Directors’ remuneration,
to take effect from the conclusion of the 2025
Annual Meeting:

* Maximum pool available for additional duties and
specialist skills, including roles as Committee Chairs.
It is the Honoraria Committee’s considered view
that the honoraria currently paid to LIC Directors
is not sufficient to maintain relative remuneration
parity with similar organisations. Therefore,
it has the potential to put pressure on LIC’s
ability to attract and retain good governors. In
addition, the Honoraria Committee considers
that the current level of remuneration does
not fully recognise the time and commitment
required to be a Director of LIC.
PositionCurrentRecommended$ Increase
Chair$145,000$150,000$5,000
Director$71,000$74,000$3,000
Discretionary
pool*
$70,000$70,000$0
Total$783,000$812,000$29,000
1110

1312
If Item 2 does not pass, the Directors will continue
to be remunerated at the level previously
approved at LIC’s 2024 Annual Meeting.
Shareholder Reference Group Honoraria
The Honoraria Committee considers the
Shareholder Reference Group (SRG) to be an
important contributor to LIC. Therefore, the
Honoraria Committee understands the level
of remuneration paid to its members needs
to be sufficient to attract Shareholders of the
appropriate calibre, especially to work on behalf
of their fellow Shareholders in fulfilling the SRG’s
role.
The SRG’s current remuneration was approved
by Shareholders at the 2024 Annual Meeting,
acknowledging the continuing increase in the
workload of the SRG.
The Honoraria Committee is aware that there are
very few organisations with a body similar to LIC’s
Shareholder Reference Group that it can use for
direct comparison when it comes to considering
Chair & Director Fees
ChairDirectorPool
20232024
Recommended
2025
20222021
$120,000
$140,000
$160,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
the SRG’s honoraria. The Honoraria Committee
draws on its knowledge and experience of the
effort required for individuals to contribute
both behind and beyond the farm gate when
exercising judgement in this area.
The level of remuneration needs to ensure a fair
recognition of the members’ increased focus
away from their own farm operations. Due to
the time spent off farm on LIC activities, their
personal commitment to the co-operative,
and other off-farm opportunities foregone the
Honoraria Committee is recommending an
increase in the Group’s remuneration as set out
below.
Shareholder Reference Group
Honoraria - recommendations
The Honoraria Committee recommends the
following increases to the remuneration paid
to members of the SRG. These increases would
take effect from the conclusion of the 2025
Annual Meeting.
PositionCurrentRecommended$ Increase
SRG Chair$42,000$44,500$2,500
SRG Deputy
Chair
$21,000$23,000$2,000
SRG
Member
$15,000$16,500$1,500
Total$213,000$232,500$19,500
Daily
Allowance *
$400$500$100
* Daily Allowance paid for time spent on extraordinary duties

1514
If Item 3 does not pass, the Shareholder
Reference Group will continue to be remunerated
at the level previously approved at LIC’s 2024
Annual Meeting.
Item 4: Resolution to re-appoint KPMG as
external auditor
To consider, and if thought fit, to resolve by
way of ordinary resolution to re-appoint the
chartered accountancy partnership KPMG
as the auditor until the conclusion of the
Company’s next Annual Meeting, and that the
Directors be authorised to fix its remuneration.
The Board recommends to Shareholders that
KPMG be re-appointed as the external auditor
for the current year.
Shareholder Reference Group Fee
ChairMember
Daily AllowanceDeputy Chair
20232024
Recommended
2025
20222021
$30,000$400
$40,000$500
$35,000
$45,000
$50,000$600
$25,000
$20,000$200
$15,000
$10,000$100
$5,000
$0$0
15

1716
Item 6: Resolution to ratify the appointment
of Blair O’Keeffe to the Board of Directors

Blair O’Keeffe
Blair brings significant
international and local
senior executive and
governance experience
across multiple sectors,
including energy, retail,
automotive, health, transport,
infrastructure, property and regulatory.
Blair’s commercial experience will play a vital
role in supporting LIC’s strategic objectives by
bringing skillsets which will help LIC develop. His
global perspectives and extensive market and
customer experience will be key to delivering to
the changing needs of LIC’s farmer owners.
Blair is currently the Chair of NZX listed Napier
Port, Chair of the Hawke’s Bay Regional Recovery
Agency, Deputy Chair of Unison Networks, Non
Executive Director of Clarus and Chair of Hawke’s
Bay Rescue Helicopter Trust. He is the former
Chair of the Crown Entity Maritime NZ, and
former Non Executive Director of previously NZX
listed Z Energy.
Blair was appointed to the Board 7
th
July 2025.
The Board requests Shareholders ratify Blair’s
appointment for a term until the third annual
meeting from the date of this Annual Meeting
(approximately three years) and consider him to
be an Independent Director for the purpose of
NZX Listing Rule 2.6.1. The Board has assessed
Blair’s independence against the non-exhaustive
factors outlined at table 2.4 of the NZX Corporate
Governance Code when forming their conclusion.
Item 5: Resolution to ratify the appointment of
Hamish Rumbold to the Board of Directors

Hamish Rumbold
Hamish brings strong
leadership and
governance expertise
to the LIC Board and
the Audit, Finance and
Risk Committee as an
appointed director.
Hamish’s experience will play a vital role in
supporting the co-operative’s strategic objectives.
Hamish’s deep expertise in data and IT solutions,
particularly in improving customer experiences,
aligns strongly with LIC’s commitment to delivering
reliable and
high-performing digital services for LIC’s farmer
owners.
Hamish is a graduate of the Australian Institute of
Directors and is currently a Non Executive Director
for House of Travel Holdings, a
Non-Executive Director and Chair of Perigee
HoldCo Limited, a majority private equity owned
FX remittance business trading as OrbitRemit,
and a retained advisor to Constantinople Pty, and
Evolution Healthcare.
Hamish was appointed to the Board
28
th
January 2025.
The Board requests Shareholders ratify Hamish’s
appointment for a term until the second annual
meeting from the date of this Annual Meeting
(approximately two years to ensure LIC maintains
its Rotation Schedule) and consider him to be
an Independent Director for the purpose of NZX
Listing Rule 2.6.1. The Board has assessed Hamish’s
independence against the non-exhaustive
factors outlined at table 2.4 of the NZX Corporate
Governance Code when forming their conclusion.
16

1918
Item 7: Election of one Elected Director for
the North Island Region
The Board does not currently have sufficient
information to form a view on whether the
candidates nominated for election to the
North Island Director seats would qualify as
“Independent Directors” for the purposes of
the NZX Listing Rules.
Only the successfully elected candidate’s
independence will be assessed as part of their
appointment and the Board will consider the
non-exhaustive factors in table 2.4 of the NZX
Corporate Governance Code in determining
their independence, once elected, as required
by NZX Listing Rule 2.6.1.
Director Candidates
North Island in
alphabetical order:
Kevin Argyle
I offer a rare combination of practical dairy
farming experience, commercial leadership, and
governance expertise across the
agri-innovation and co-operative sectors. I have
a business degree, am a Chartered Accountant
and completed an agricultural diploma. I farm
600 cows in Kairanga and have led large-scale
dairy R&D programmes across New Zealand and
Australia. I understand LIC’s on-farm impact and
the strategic oversight needed to ensure its
long-term success.
Governance Experience:
»Current Board Trustee – Dairy Women’s
Network (supporting sector capability and
inclusion)
»Director – Magritek (technology and
innovation)
»Former Councillor – Manawatū District
Council
»Chair of DairyBio Steering Committee
»Fonterra Governance Development
Programme
»Institute of Directors governance course
»Director Rahi Partnership Ltd 2019 - present
»Director Focal Dairies – 2007-2021

Executive Leadership & Management
experience:
»General Manager R&D – Meat & Livestock
Australia
18

212020
»Director Major Innovation – Dairy Australia
»CEO – DairyBio and DairyFeedBase
(transformational JV innovation R&D in
animal and forage genetics and farm system
programmes)
»Senior roles with Fonterra, AgResearch,
DairyNZ, and Massey Ventures Ltd

I bring strong capability in:
»Governance
»Strategic planning and implementation
»Innovation and commercialisation
»Data, technology and science leadership
»Farmer-centred service design
»Farm systems and industry knowledge
»Finance and commercial acumen

What I Will Bring to the LIC Board:
»Clear, forward-looking strategy to help LIC
navigate sector transformation
»Governance that balances innovation with
practical farmer value
»Independent thinking backed by technical
understanding
»Commitment to performance, transparency,
and Shareholder trust

Commitment to Partnership & Values:
»My approach is grounded in honesty,
integrity, and accountability to shareholders
»I understand the importance of Te Tiriti o
Waitangi in co-operative governance and
value the role of Māori agribusiness
Why I am Standing:

I am committed to the continued progress and
success of the NZ dairy industry, am passionate
and driven to create positive change and create
value for farmers. NZ dairy farmers are world
leaders, LIC needs to continue to evolve to
support NZ farmers in areas such as climate
change, environmental sustainability, animal
health and welfare, wearable technologies,
automation and seamless integrated data and
digital support tools.

LIC plays a vital role in supporting farmers.
I’m standing to:
»Support the Board in setting a clear,
future-fit vision and strategy
»Help deliver trusted, high-performance
services to shareholders
»Ensure LIC continues to deliver world leading
R&D, technology, data and farmer trust
I appreciate your support, my contact
027 431 9990.

2322
LIC Director Election 2025 - North
Island Candidate Profile & Rating

Kevin Argyle
Kevin’s career spans finance, operational
leadership, and research and development in
the primary sector. He highlights his continuing
interest in dairy research, genetics and
technological innovation as his motivation to
stand for the LIC role.
Kevin owns a dairy farm (185 ha, 570 cows) in
the Manawatu. His sector and regulatory
networks extend beyond New Zealand through
his roles in Dairy Australia and Meat &
Livestock Australia.
Kevin draws from over 20 years’ experience as
a senior executive in both the private and
public sectors. He has led major innovation
projects and the implementation of on-farm
research initiatives. Kevin was most recently
the General Manager of R&D at Meat and
Livestock Australia ($350m revenue), where he
led a team of 45 staff. As the Director of Major
Innovation and the CEO of two joint venture
entities at Dairy Australia, Kevin led 85 staff
and secured over $120m in new investments.
His earlier roles include CEO of Massey
Ventures Limited and CFO at Fonterra
Research Centre.
Kevin is currently a Trustee on the Dairy
Women’s Network Board and was formerly
a director of Magritek Ltd and a Manawatu
District Councillor.
If elected, LIC would be of larger commercial
scale than his previous roles. Kevin would focus
on applying his broad dairy research
experience and financial and operational
22
management skills to LIC’s commercial and
operational scale.
Kevin uses a blend of analytical and intuitive
thinking and can contextualise both the short
and long-term consequences of decisions.
He will likely be an active contributor and
enjoy collaborative meeting environments
where diverse perspectives are welcomed.
Kevin is a Chartered Accountant with
a Bachelor of Business Studies and a
Diploma in Agriculture. He is a member of
the NZ Institute of Primary Industries and
has completed the Fonterra Governance
Development Programme and the NZ
Institute of Director’s Governance
course.

2524
Nicola Shadbolt
ONZM
From our first dairy farm
purchase in 1989 to now
farming just over 1000 cows, genetic
improvement is one thing that I have never
delegated. I am a firm believer that we can
deliver to any range of on-farm and in-market
issues through genetics. We have built a
2300ha diverse pastoral farming business from
scratch, through multiple equity partnerships,
with a strong focus on profit and efficiency,
but not at the cost of the environment. The
business was one of the earliest winners of the
Horizons Balance Farm Environment Award in
2006.
For the last 6 years as Chair of PFR
governance decisions in the science of
breeding have included the evolution of
genomics and, potentially, gene editing for the
betterment of crops. I also had the privilege to
be on the recent Industry Working Group (IWG)
set up by DairyNZ to investigate progress of
that same science in NZ’s dairy cattle herd.
What I saw of LIC in that review inspired me
but also made me realise how important it
was for them to keep on target to deliver to
the potential it offers and to ensure we stay
competitive globally.
The IWG review reinforced for me the need
for scale to achieve genetic progress with our
mostly crossbred herd. LIC, as a co-operative,
is perfectly suited to deliver this through the
collective power of our combined genetics
and their recent development of enhanced
data analytics. Just as we have benefited from
the decisions made by previous generations
of farmers, we have the opportunity for a step
change in genetic progress with smart use of
data, both genotypic and phenotypic, and the
latest breeding tools. I believe my understanding
of both global dairying and breeding
technology, my governance experience and
passion for progress on farm, all put me in a
position to provide a strong and balanced
contribution to the LIC board.
Relevant Governance Experience:
»Farmers Mutual Group (FMG) 2023-
»Cooperative Business New Zealand 2021-
»Kiwifruit Breeding Centre Limited 2021-
»Climate Change Commissioner 2019-22
»Plant & Food Research Institute 2019-2025
»International Food & Agribusiness
Management Association 2011-
»Agri-Womens’ Development Trust 2011-13
»Fonterra Co-operative 2009-18
Qualifications:
»BSc (Ag), MAgrSc Lincoln University
»Company Directors Certificate, New Zealand
Institute of Directors, 1998
»Agribusiness Seminar Certificate, Harvard
University, Boston, USA, 2012
»Company Directors Certificate, Australian
Institute of Company Directors, 2014
»Certificate in Corporate Governance,
INSEAD, France, 2018

2726
LIC Director Election 2025 - North
Island Candidate Profile & Rating

Nicola Shadbolt ONZM
Nicola brings extensive commercial, regulatory
and public sector governance experience,
particularly within the food and agribusiness
sectors. Nicola highlights LIC’s focus on
science and research as her motivation to
stand for the LIC role.
Nicola co-owns and manages various farming
and forestry ventures. She is the Managing
Director of three private farming and forestry
equity partnerships. Nicola is a part-time
Professor of Farm & Agribusiness Management
at Massey University and was appointed an
Officer of the New Zealand Order of Merit in
2018 for services to agribusiness.
Nicola has scale co-operative agribusiness
governance experience. She completed
9 years as an elected director of Fonterra
Cooperative Group and served as Chair of the
Risk Committee for 2 years. She has since been
the Chair of Plant & Food Research Institute
overseeing research, development and
innovation projects, and building partnerships
with industry stakeholders. She is a Fellow of
NZ Institute of Primary Industry Management.
Nicola is currently an elected director of
Farmers Mutual Group (‘FMG’) ($576m revenue;
over 900 staff) and a director of Cooperative
Business NZ and Kiwifruit Breeding Centre
Limited. She has also been part of several
policy review groups and industry initiatives
and the NZ Climate Change Commission.
If elected, Nicola would focus on further
deepening her knowledge of livestock
breeding technology and genetics innovation
within the context of LIC.
Nicola uses both factual analyses and
contextual inferences to solve problems.
She is likely to enjoy open and participative
meeting environments where diverse views are
welcomed.
Nicola has a Master of Agricultural Science
(Hons) in Farm Management and a Diploma in
Business Studies (Accountancy). She also has
completed the Company Directors’ Certificates
from both New Zealand and Australian
Institute of Company Directors. She also has a
Certificate in Corporate Governance from
INSEAD.
26

292828
Pamela Storey
As a dedicated dairy
farmer in Te Hoe, North
Waikato, I am honoured to stand for election
as an LIC Director. My commitment to the
co-operative model is unwavering; I believe
that LIC’s strength lies in its farmer ownership,
collective vision, and focus on delivering value
back to Shareholders and the wider dairy
industry.
My family and I have milked a 450-strong
KiwiCross herd for many years, running
a commercial operation that leverages
technology and genomics to breed robust,
all-round milk producers. Our goal has
always been to maximise profitability while
maintaining sustainability and operational
excellence.
Throughout our dairying career, we have been
longstanding users of LIC’s products and
services, including having four bulls selected
for Premier Sires. This direct involvement has
given me a deep appreciation for the practical
value LIC delivers, not only to our business,
but to the competitive advantage of New
Zealand’s dairy sector as a whole.
I see LIC’s core strength in its ability to provide
reliable, innovative products and services that
drive all our businesses forward. As a Director,
I would advocate for ongoing investment in
technology, genetics, and science to ensure
LIC remains at the forefront of industry change
and continues to deliver tangible benefits
to Shareholders. I am passionate about
ensuring that LIC’s strategy is always aligned
with enhancing the New Zealand dairy model,
supporting sustainable growth, and reinforcing
our position as global leaders in co-operative
agribusiness.
My governance experience is wide and varied,
including holding the role of Chair of the
Waikato Regional Council since 2022, Chair
of Rabobank’s Upper North Island Client
Council, Wintec director, Dairy Women’s
Network trustee, Primary ITO director, active
participation in industry groups and a strong
track record in commercial farm management.
I bring financial and operational acumen, a
pragmatic understanding of farm systems, and
a collaborative approach to board leadership.
I am committed to robust governance,
transparent decision-making, and representing
the interests of all Shareholders with integrity
and respect.
If elected, I will focus on:
»Upholding and strengthening the
co-operative principles that underpin LIC.
»Championing innovation and operational
excellence for long-term industry success.
»Ensuring LIC’s products and services
continue to deliver value for every
Shareholder.
»Listening to and advocating for the needs of
our diverse Shareholder base.
»I would be privileged to serve as your
Director and work together to ensure a
strong, sustainable future for LIC and New
Zealand dairy.

3130
LIC Director Election 2025 - North
Island Candidate Profile & Rating

Pamela Storey
Pamela draws from a broad range of industries
including energy, education, and primary
sector. She notes her commitment to the co-
operative model as the motivation to stand for
the LIC role.
Pamela owns and operates Taniwha Estate Ltd,
a dairy farm with over 450 cows in North
Waikato.
Pamela is currently the Chair of the Waikato
Regional Council ($200m budget) through
which she has strengthened her governance
experience and stakeholder networks in the
regulatory setting.
She was a director of Primary ITO, a nationwide
tertiary education provider for the primary
sector ($40m turnover, 250+ staff). She also
served as the Chair of Rabobank’s Upper North
Island Client Council which focuses on
addressing industry capacity, agricultural
education and providing secondary students
with an introduction to career opportunities in
the primary industries.
Earlier in her career she focused on
engineering, energy and environmental
leadership roles in the US and New Zealand
including as a director of Access HomeHealth,
a not-for-profit providing home-based
healthcare services. She was the Executive
Chair of H.E.E.T. for four years, a social
enterprise delivering energy efficiency
measures (24 staff, $3m+ turnover).
30
If elected, Pamela would focus on leveraging
her background in engineering and strategic
skills to scale her governance experience to
LIC’s operational and commercial context.
Pamela is a logical decision-maker, and
balances focus between short- and long-term
thinking.
She is expected to enjoy meeting environments
where constructive challenge is welcomed to
test ideas and build towards consensus.
Pamela has a Master of Business
Administration and a Bachelor of Science in
Electrical Engineering. She has also completed
He Papa Tikanga – Certificate in Tikanga
Māori and the NZ Institute of Directors’
Essentials of Risk Course.

3332
Capability
Kevin
Argyle
Nicola
Shadbolt
Pamela
Storey
Governance
aptitude
454
Financial and
commercial
acumen
553
Agribusiness
sector and
systems
knowledge
454
Business
operations at
scale
454
Customer /
stakeholder
insight
444
Marketing /
brand / sales
332
Technology
and
Innovation
443
Total (/35)
283124
LIC Director Election 2025
- North Island Candidate
Profile & Rating
Propero’s independent ratings against
the Board’s strategic skills matrix
1
Limited
2
Developing
3
Competent
4
Strong
5
Expert
Rating Key
33

353434
Disclosure of
financial assistance
as required under
the Companies Act
1993
This document is provided to all shareholders
of the Company in accordance with the
requirements of sections 78(5) and 79 of the
Companies Act 1993 (“Companies Act”), in
respect of financial assistance to be provided
by LIC in relation to three schemes that are
available to eligible LIC Shareholders and/or
employees.
These are:
(a) LIC Employee Share Scheme;
(b) LIC Voluntary Investment Scheme; and
(c) LIC Dividend Reinvestment Plan.
The Board has approved the provision of
financial assistance, details relating to how
much financial assistance LIC intends to
provide and the relevant considerations by
the Board are set out below. The Directors who
voted in favour of this resolution have signed
certificates in accordance with sections 77(2)
and 78(3) of the Companies Act.
LIC Employee Share Scheme
LIC will provide financial assistance to those
employees who elect to participate in the LIC
Employee Share Scheme which from 1 April
2011 has been managed by Craigs Investment
Partners Ltd (Craigs) with Custodial Services
Ltd acting as custodian (Custodian).
LIC proposes to pay Craigs and the
Custodian’s fees and expenses (including
brokerage). The amount of the Craigs fee will
depend on how many employees participate
in the Employee Share Scheme and the level
of their contribution. An estimate of the net
amount of the financial assistance is $22,000.

The Board resolved on 17
th
July 2025 that:
i. LIC provide the Employee Share Scheme
Financial Assistance (Employee Scheme
Assistance) of $22,000 for the period of 12
months, commencing 10 working days after
a disclosure statement has been sent to
each shareholder with the next Notice of
Annual Meeting;
ii. the giving of the Employee Scheme
Assistance is in the best interests of LIC and
is of benefit to shareholders not receiving
the financial assistance; and
iii. the terms and conditions under which the
Employee Scheme Assistance is given
are fair and reasonable to LIC and to
the shareholders not receiving the financial
assistance.
The grounds for the Board’s conclusions in
respect of the Employee Scheme Assistance
are:

3736
(a) The Employee Share Scheme is a valuable
addition to the benefits available to the
employees of LIC and will assist in retaining
them as valuable staff.
(b) The Employee Share Scheme is a method
of aligning the interests of employees
with the interests of Shareholders and
is an effective means of motivating future
performance of the employees.
(c) Shareholders will not be diluted or otherwise
disadvantaged as no new Shares are being
issued under the Employee Share Scheme.
(d) The additional Shares will be purchased
through Craigs at the market price.
(e) The Employee Share Scheme will enhance
the liquidity in the market for the LIC
Shares, providing a more liquid market for
Shareholders wishing to trade in LIC Shares.
(f) The amount of financial assistance is
minimal in comparison to the benefits
arising out of the ESS for Shareholders and LIC.
(g) That the Directors who vote in favour of this
resolution sign certificates in accordance with
sections 77(2) and 78(3) of Companies Act 1993.
LIC Voluntary Investment Scheme
LIC will provide financial assistance to those
directors and senior managers who are eligible
and elect to participate in the Voluntary
Investment Scheme by agreeing to pay to The
New Zealand Guardian Trust Company Limited
(“Guardian Trust”) as the Approved Holding Entity
the annual services fee and other fees, brokerage
costs, and commission incurred for the purposes
of the Voluntary Investment Scheme. Craigs has
been appointed as the Broker to purchase the
Shares on the NZX market for the purposes of the
Voluntary Investment Scheme, and the money
paid by LIC to Guardian Trust as
Approved Holding Entity will include any fees,
brokerage, and commission costs of Craigs.
The exact amount of the net costs depends
upon the extent to which eligible directors and
senior managers participate in the Voluntary
Investment Scheme. However, an estimate of
the net amount of financial assistance in the
next 12 months is $7,000.
The Board resolved on 17
th
July 2025 that:
i. LIC provide the Voluntary Investment
Scheme Financial Assistance (VIS
Assistance) of $7,000 for the period of 12
months, commencing 10 working days after
a disclosure statement has been sent to
each shareholder with the next Notice of
Annual Meeting;
ii. the giving of the VIS Assistance is in the
best interests of LIC and is of benefit to
shareholders not receiving the financial
assistance; and
iii. the terms and conditions under which the
VIS Assistance is given are fair and
reasonable to LIC and to the shareholders
not receiving the financial assistance.

The grounds for the Board’s conclusions are:
(a) The VIS Assistance enables LIC to provide
eligible directors and senior managers a
means of acquiring additional Shares in
LIC through a fixed trading plan given the
risk they will often be information insiders
and without incurring transaction costs
which they would otherwise incur.

3938
(b) The additional Shares will be acquired by
Craigs either through on-market
transactions or the issue of Shares by LIC
from Treasury Stock. Participating directors
and senior managers will pay the average
NZX market price paid by Craigs on market
for those Shares.
(c) Participating directors and senior
managers will pay a uniform price in
relation to a season.
(d) The Voluntary Investment Scheme will
enhance the liquidity in the market for the
Shares, providing a more liquid market
for both participating directors and senior
managers and non-participating
Shareholders wishing to trade in LIC Shares.
(e) The Voluntary Investment Scheme enables
LIC to offer eligible directors and senior
managers a mechanism to invest in Shares
without resulting in unnecessary new capital
being raised through the issue of new Shares.
(f) The amount of VIS Assistance is minimal in
comparison to the benefits arising out of
the VIS for participating directors and senior
managers, non-participating Shareholders
and LIC.
(g) That the Directors who vote in favour of this
resolution sign certificates in accordance
with sections 77(2) and 78(3) of the
Companies Act 1993.
LIC Dividend Reinvestment Plan
LIC will provide financial assistance to those
Shareholders who elect to participate in the
Dividend Reinvestment Plan by agreeing to
pay to Guardian Trust as the Approved Holding
Entity the services and administration fees and
brokerage and commission costs incurred for
the purposes of the Dividend Reinvestment
Plan. Craigs has been appointed as the Broker
to purchase the Shares on the NZX market for
the purposes of the Dividend Reinvestment
Plan, and the money paid by LIC to Guardian
Trust as Approved Holding Entity will include
the administration fee, brokerage, and
commission costs of Craigs. The amount of
the financial assistance will depend upon the
extent to which Shareholders participate in
the Dividend Reinvestment Plan. An estimate
of the amount of the financial assistance is
$15,000.
The Board resolved on 17
th
July 2025 that:
i. LIC provide the Dividend Reinvestment Plan
Financial Assistance (Dividend Plan
Financial Assistance) of $15,000 for the
period of 12 months, commencing 10
working days after a disclosure statement
has been sent to each shareholder with the
next Notice of Annual Meeting;
ii. the giving of the Dividend Plan Financial
Assistance is in the best interests of LIC and
is of benefit to shareholders not receiving
the financial assistance; and
iii. the terms and conditions under which
the Dividend Plan Financial Assistance is
given are fair and reasonable to LIC and
to the shareholders not receiving the
financial assistance.
3938

4140
The grounds for the Board’s conclusions are:
(a) The Dividend Plan Financial Assistance
enables LIC to provide Shareholders with
an efficient means of acquiring additional
Shares in LIC without incurring transaction
costs which they would otherwise incur.
(b) The Dividend Plan Financial Assistance is
available to all eligible Shareholders, giving
equal opportunity to participate in the
benefits of the Dividend Reinvestment Plan.
(c) The additional Shares will be acquired by
Craigs either through on-market
transactions or the issue of Shares by LIC
from Treasury Stock.
(d) Shareholders who do not participate will
not be diluted or otherwise disadvantaged
as no new Shares are being issued under
the Dividend Reinvestment Plan.
(e) Participating Shareholders will pay no
greater than the higher of:
(i) the volume-weighted average price of
Shares trading on the NZX Market
during the 20 Business Days prior to the
date that the Board determines to issue
Shares from treasury stock; and
(ii) the average price paid by Craigs on
behalf of participants for on-market
acquisitions.
(f) The Dividend Reinvestment Plan will
enhance the liquidity in the market for
the Shares, providing a more liquid market
for both participating and
non-participating Shareholders wishing to
trade in LIC Shares.
(g) The Dividend Reinvestment Plan enables
LIC to offer shareholders a mechanism to
reinvest dividends in Shares without
resulting in unnecessary new capital being
raised through the issue of new Shares.
(h) The amount of Dividend Plan Financial
Assistance is minimal in comparison
to the benefits arising out of the Dividend
Reinvestment Plan for Shareholders and
LIC; and
(i) That the Directors who vote in favour of this
resolution sign certificates in accordance
with sections 77(2) and 78(3) of Companies
Act 1993.

4342
The 2025 Annual Meeting will be held in a
hybrid format. Shareholders can attend in
person at LIC, 605 Ruakura Road, Newstead,
Hamilton, from 6:00pm on 17
th
September 2025,
or join and participate online from anywhere in
the country via the LIC website: www.lic.co.nz/
annualmeeting.

How to Cast a Vote
Shareholders can vote in one of the following
ways:
1) Electronic voting
2) Postal voting
3) Appoint a LIC Director or Shareholder
Reference Group member, or another
person, as your proxy
4) Voting at the Annual Meeting
Shareholders are encouraged to vote either
electronically (via LIC’s website), by post or
by appointing a proxy. Advanced electronic
voting closes at 5.00pm on Monday 15
th

September 2025 but Shareholders who attend
the annual meeting, either in person or online,
will be able to cast their vote at the meeting if
they have not already done so.
Each method of voting and the way to use the
Voting Form enclosed with this document are
explained in detail below.
Format of the
Meeting
Please choose only one voting option.
Detailed instructions on each method of
voting and how to vote are included within the
Voting Form.
Full details on how to return your Voting Form
to MUFG Pension & Market Services are
available at the end of this section.
Any Director or Shareholder Reference Group
member of LIC who is appointed as a proxy
and is given discretion as to how to vote will
vote in what he or she believes to be the
best interests of LIC. A proxy need not be a
Shareholder of LIC.
You may appoint the Chair of the Board to
be your proxy, but a proxy is not entitled to
exercise more than 1% of the maximum number
of votes that may be exercised at a meeting
of the Company. Accordingly, if the Chair is
named as proxy by you and by a number of
other Shareholders, then they may not be able
to cast your votes. Therefore, it is preferable to
nominate a proxy from your Region or Territory.
If you wish to appoint a proxy to vote in your
absence, the proxy appointment section of
the Voting Form must be completed, signed,
and received by MUFG Pension & Market
Services no later than 5.00pm on Monday
15
th
September 2025.
If you are using postal voting or appointing
a proxy, return your Voting Form to MUFG
Pension & Market Services in any of the
following ways:
»Mail to MUFG Pension & Market Services,
PO Box 91976, Auckland 1142

454444
»Deliver to MUFG Pension & Market
Services, Level 30, PwC Tower, 15
Customs Street West, Auckland 1010
»Scan and email to
meetings.nz@cm.mpms.mufg.com
(Please put the words “LIC Annual
Meeting” in the subject line for easy
identification).
If you are not attending and voting at the
Annual Meeting, your advance electronic
vote must be cast, or your Voting Form must
be received by MUFG Pension & Market
Services no later than 5.00pm on Monday 15
th

September 2025 to be valid.
The Board has appointed Andrew Ropata as
the Returning Officer. MUFG Pension & Market
Services is authorised to receive, record and
count all postal votes, electronic votes and
proxy votes on behalf of the Returning Officer.
If you have any questions regarding the
voting, please contact the Election Helpline
on 09 375 5998
Please Note:
a) Please choose only one voting option.
b) Multiple herd owners need to vote on each
Voting Paper received individually.
Voting Restrictions

There is a 1% voting cap which applies to all LIC
Shareholders pursuant to the Dairy Industry
Restructuring Act 2001 and LIC’s Constitution.
The 1% voting cap is calculated based on the
number of votes that may be exercised at this
meeting (and so excludes treasury stock and
other restricted securities).
Any Shareholder who holds more than 1% of
LIC’s Shares on issue will be limited in their
ability to vote the equivalent of 1% of the votes
cast on the resolution. Where a particular
Shareholder has multiple holdings across
different entities or debtor codes, restrictions
will apply to all affected voting securities on a
pro-rata basis.
Under NZX Listing Rule 6.3.1, the Directors and
their Associated Persons are disqualified from
voting on Item 2. This extends to a Director who
has been appointed with a discretionary proxy.
A Director is only entitled to exercise a proxy for
this item where the Shareholder has provided
that Director with an express instruction setting
out how to exercise that Shareholder’s vote. For
the avoidance of doubt, the Director shall not
be entitled to vote on motions raised during the
course of the Annual Meeting (i.e. resolutions
other than those contemplated by this notice of
meeting).
45

4746
Annual Meeting means the 2025 annual
meeting of Shareholders to be held in person
at LIC Newstead, 605 Ruakura Road, Hamilton
and online at www.lic.co.nz/annualmeeting
Appointed Directors means Directors
appointed by the Board of LIC pursuant to the
Constitution.
Board means the Directors numbering not less
than the required quorum acting together as a
Board of Directors.
Business Day has the meaning given to
‘Working Day’ in the Companies Act.
Companies Act means Companies Act 1993.
Company or LIC means Livestock
Improvement Corporation Limited.
Constitution means the Constitution of LIC.
Directors means the Directors for the time
being of the Company.
Elected Directors means directors elected by
Shareholders pursuant to the Constitution.
Listing Rules means the NZX Listing Rules,
dated 31 January 2025, which relate to the NZX
Main Board as amended from time to time,
and may be a reference to a particular Rule or
Rules as specified.
Glossary
NZ RegCo means NZX Regulation Limited.
NZX means NZX Limited.
Region means a geographical area
designated as a ‘Region’ pursuant to the
Constitution.
Rotation Schedule means the schedule
fixing the times for the election of Elected
and Appointed Directors and SRG Members
as referred to in the Constitution
Share means a share in the capital of the
Company that has been or may be issued
from time to time, which has the rights set out
in section 36(1) of the Companies Act.
Shareholder means a person whose name
is entered in the register of security holders
maintained by the Company as the holder for
the time being of one or more shares.
Shareholder Reference Group or SRG
means the Shareholder Reference
Group established under clause 21 of the
Constitution.
Territory means a geographical area
designated as a ‘Territory’ pursuant to the
Constitution.
Voting Form means the combined proxy
appointment and voting form to be used for
the purposes of the Annual Meeting.

Directory
Livestock Improvement Corporation Limited
605 Ruakura Road
Newstead, Hamilton
Private Bag 3016
Hamilton 3240

+64 7 856 0700
www.lic.co.nz


Election helpline
+64 9 375 5998

Legal advisers to LIC
Simpson Grierson
Level 27, Lumley Centre
88 Shortland Street
Auckland 1010
Private Bag 92518
Auckland 1141
+64 9 358 2222
www.simpsongrierson.com
Registrar
MUFG Pension & Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976
Auckland 1142
+64 9 375 5998
meetings.nz@cm.mpms.mufg.com

---

NAME
ADDRESS
ADDRESS
ADDRESS

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>


ANNUAL MEETING INFORMATION, VOTING INSTRUCTIONS, POSTAL VOTING AND PROXY VOTING PAPER



2025 Admission Card, Proxy or Postal Voting Form
The Livestock Improvement Corporation Limited Annual Meeting will be held on Wednesday 17 September 2025 at 6pm at LIC, 605 Ruakura Road, Newstead,
Hamilton and via the MUFG Pension & Market Services Virtual Annual Meeting platform at www.virtualmeeting.co.nz/lic25. If you will attend the Annual Meeting
online, you will require your CSN/Holder Number for verification purposes.
You can also appoint your proxy, or vote by postal vote on the resolutions on the reverse of this form online by going to
https://nz.investorcentre.mpms.mufg.com/voting/LICV or by scanning the QR code above with your smartphone.
For your postal vote or proxy to be effective it must be lodged with MUFG Pension & Market Services by no later than 5pm, Monday, 15 September 2025.
NOTES
Attending the Meeting
1. If you propose to attend the Annual Meeting in person, you must bring this form to the meeting to assist with your registration. All shareholders must register
with MUFG Pension & Market Services prior to entering the meeting room.


Postal Vote
2. If you propose not to attend the Annual Meeting in person or online, you may vote by postal vote. Your postal vote may be completed online, mailed, hand
delivered, or scanned and emailed in accordance with the instructions above. MUFG Pension & Market Services has been authorised by the Board to receive
and count postal votes. If you submit a postal vote without indicating on any
resolution how you wish to vote, you will be deemed to have abstained from
voting on that resolution. If you submit a postal
vote section and also appoint a proxy, your postal vote will take priority over your proxy appointment.

Proxy Appointment
3. All shareholders entitled to attend the meeting and vote at the meeting may appoint a proxy or, in the case of a corporate shareholder, a representative
to attend and vote instead on your behalf. This form may be completed online, mailed,
hand delivered, or scanned and emailed in accordance with the
instructions above.

A proxy can be any person of your choice and does not have to be a shareholder of LIC. If you wish you can appoint the Chair of the Meeting as your proxy.
The Chair will vote in accordance with your instructions, or,
failing your instruction, in accordance with the terms set out in note 4 of this Proxy Form.
4. If you tick the box “discretion” on any resolution, you are directing your proxy or representative to decide how to vote on that resolution on your behalf. If
you tick the “abstain” box on any resolution, you are directing your proxy or representative not to
vote on that resolution. If you do not tick any boxes or
your direction on how the proxy is to vote is unclear (in the Proxy’s sole
opinion) in respect of a resolution, then the direction is to abstain. However, the
Chair (along with all other directors and their “Associated Persons” (as defined in the NZX Listing Rules)) is unable to cast discretionary proxies in favour
of Item 2.

5. A proxy is not entitled to exercise more than 1% of the maximum number of votes that may be exercised at a meeting of the Company. Accordingly, if the Chair
is named as proxy by you and by a number of other shareholders, then they may not be able to cast your votes. Therefore, it is preferable to nominate a proxy
from your Region.
6. If you return this Proxy Form without appointing a proxy, the Chair of the meeting will vote in accordance with your express instructions.
7. This Proxy Form must be signed by you or your attorney, duly authorised in writing. In the case of a joint shareholding, this Proxy Form may be signed by any
of the joint shareholders (or their duly authorised attorney). In the case of a corporate
shareholder, this Proxy Form must be signed by a director or a duly
authorised officer acting under the express or implied
authority of the corporate shareholder, or an attorney duly authorised by the corporate shareholder.
8. If the Proxy Form is signed under a power of attorney, a certificate of non-revocation must be completed and a copy of the power of attorney provided to
MUFG Pension & Market Services, unless it has already been noted by LIC or MUFG Pension & Market Services.


Voting Restrictions
9. There is a 1% voting cap which applies to all LIC shareholders pursuant to the Dairy Industry Restructuring Act 2001 and LIC’s constitution. The 1% voting
cap is calculated based on the number of votes that may be exercised at this meeting (and so excludes treasury stock and other restricted securities).
10. Any shareholder who holds more than 1% of LIC’s Shares on issue will be limited in their ability to vote the equivalent of 1% of the votes cast on the
resolution. Where a particular shareholder has multiple holdings across different entities or debtor codes, restrictions will apply to all affected voting
securities on a pro-rata basis.
11. Under NZX Listing Rule 6.3.1, the Directors and their Associated Persons are disqualified from voting on Item 2. This extends to a Director who has been
appointed with a discretionary proxy. A Director is only entitled to exercise a proxy for this resolution where the shareholder has provided that Director
with an express instruction setting out how to exercise that shareholder’s vote. For the avoidance of doubt, the Director shall not be entitled to vote on
motions raised during the course of the meeting (i.e. resolutions other than those contemplated by the notice of meeting).
CSN/Holder Number:
Scan this QR code with your
smartphone and vote online

PTPT Code:

LIC encourages shareholders to cast their vote by 5pm, 15 September 2025.

LIC shareholders who attend the Annual Meeting on Wednesday 17 September 2025 at 6pm will also be able to vote
during the meeting, if they have not already cast their vote.

EMPLOYEE

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>

General
12. This Postal/Proxy Form and the power of attorney or other authority, if any, under which it is signed, or a copy of that power or authority certified by a
Solicitor, Justice of the Peace or Notary Public must be lodged with MUFG Pension & Market Services by no
later than 5pm, Monday, 15 September 2025,
(being 48 hours prior to the meeting) in accordance with the
instructions above.


You can vote in one of the following ways:
Option 1: Attend the Meeting
In person: LIC Headquarters, 605 Ruakura Road, Newstead, Hamilton

Online: www.virtualmeeting.co.nz/lic25
Option 2: Voting Online
To cast your vote electronically go to: https://nz.investorcentre.mpms.mufg.com/voting/LICV
Enter your CSN/Holder Number and password listed below. Follow the instructions to cast your vote. Advanced electronic voting
closes at 5pm, 15 September 2025.

CSN/Holder Number: <CSN> Password: <Password>
Option 3: Postal Vote or Appoint a Proxy
• Complete sections A, B & C on page 3
• Scan and email your completed voting paper to: meetings.nz@cm.mpms.mufg.com. Please list “LIC Annual Meeting” in the
subject line
• OR post to: MUFG Pension & Market Services, PO Box 91976, Auckland 1142
• To ensure your voting paper reaches the Returning Officer before the close of voting please post no later than Monday 15
September 2025

Shareholder Questions
Shareholders attending the Annual Meeting will have the opportunity to ask questions during the meeting. If you cannot attend the Annual
Meeting but would like to ask a question, you can submit a question online by going to https://nz.investorcentre.mpms.mufg.com/voting/LICV
and completing the online validation process or complete the question section below and return to MUFG Pension & Market Service in the
envelope enclosed. Questions will need to be submitted by 5pm on Monday, 15 September 2025. The Board will endeavour to address and
answer questions at the meeting.

Question:

Electronic Investor Communications
If you received the Notice of Meeting and Voting Form by mail and wish to receive your future investor communications by email please provide
your email address below:


Contact Details

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>

Contact Name:

Phone Number: Date:

Section A: Postal Vote or Appoint a Proxy

I wish to vote by postal vote (please tick the box)

I wish to appoint a proxy to vote on my behalf (please tick the box and fill in the details below):
Name of Proxy:



Email Address:




Section B: Ordinary Resolutions
FOR AGAINST ABSTAIN
PROXY’S
DISCRETION
Item 2. Resolution to approve LIC Directors’ Remuneration

Item 3. Resolution to approve LIC Shareholder Reference Group Remuneration

Item 4. Resolution to reappoint KPMG as external auditor


Section C: Signatures – this section must be completed

Shareholder/Director 1:

Shareholder/Director 2:

Shareholder/Director 3:

---

NAME
ADDRESS
ADDRESS
ADDRESS

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>


ANNUAL MEETING INFORMATION, VOTING INSTRUCTIONS, POSTAL VOTING AND PROXY VOTING PAPER



2025 Admission Card, Proxy or Postal Voting Form
The Livestock Improvement Corporation Limited Annual Meeting will be held on Wednesday 17 September 2025 at 6pm at LIC, 605 Ruakura Road, Newstead,
Hamilton and via the MUFG Pension & Market Services Virtual Annual Meeting platform at www.virtualmeeting.co.nz/lic25.
If you will attend the Annual Meeting
online, you will require your CSN/Holder Number for verification purposes.
You can also appoint your proxy, or vote by postal vote on the resolutions on the reverse of this form online by going to
https://nz.investorcentre.mpms.mufg.com/voting/LICV or by scanning the QR code above with your smartphone.

For your postal vote or proxy to be effective it must be lodged with MUFG Pension & Market Services by no later than 5pm, Monday, 15 September 2025.
NOTES
Attending the Meeting
1. If you propose to attend the Annual Meeting in person, you must bring this form to the meeting to assist with your registration. All shareholders must register
with MUFG Pension & Market Services prior to entering the meeting room.


Postal Vote
2. If you propose not to attend the Annual Meeting in person or online, you may vote by postal vote. Your postal vote may be completed online, mailed, hand
delivered, or scanned and emailed in accordance with the instructions above. MUFG Pension & Market Services has been authorised by the Board to receive
and count postal votes. If you submit a postal vote without indicating on any
resolution how you wish to vote, you will be deemed to have abstained from
voting on that resolution. If you submit a postal
vote section and also appoint a proxy, your postal vote will take priority over your proxy appointment.

Proxy Appointment
3. All shareholders entitled to attend the meeting and vote at the meeting may appoint a proxy or, in the case of a corporate shareholder, a representative
to attend and vote instead on your behalf. This form may be completed online, mailed,
hand delivered, or scanned and emailed in accordance with the
instructions above.

A proxy can be any person of your choice and does not have to be a shareholder of LIC. If you wish you can appoint the Chair of the Meeting as your proxy.
The Chair will vote in accordance with your instructions, or,
failing your instruction, in accordance with the terms set out in note 4 of this Proxy Form.
4. If y ou tick the box “discretion” on any resolution, you are directing your proxy or representative to decide how to vote on that resolution on your behalf. If
you tick the “abstain” box on any resolution, you are directing your proxy or representative not to
vote on that resolution. If you do not tick any boxes or
your direction on how the proxy is to vote is unclear (in the Proxy’s sole
opinion) in respect of a resolution, then the direction is to abstain. However, the
Chair (along with all other directors and their “Associated Persons” (as defined in the NZX Listing Rules)) is unable to cast discretionary proxies in favour
of Item 2. The Chair will not cast discretionary proxies on Item 7. If you select more than one candidate in Item 7 (Section C) you will be deemed to have
abstained from voting.

5. A proxy is not entitled to exercise more than 1% of the maximum number of votes that may be exercised at a meeting of the Company. Accordingly, if the Chair
is named as proxy by you and by a number of other shareholders, then they may not be able to cast your votes. Therefore, it is preferable to nominate a proxy
from your Region.
6. If you return this Proxy Form without appointing a proxy, the Chair of the meeting will vote in accordance with your express instructions.
7. This Proxy Form must be signed by you or your attorney, duly authorised in writing. In the case of a joint shareholding, this Proxy Form may be signed by any
of the joint shareholders (or their duly authorised attorney). In the case of a corporate
shareholder, this Proxy Form must be signed by a director or a duly
authorised officer acting under the express or implied
authority of the corporate shareholder, or an attorney duly authorised by the corporate shareholder.
8. If the Proxy Form is signed under a power of attorney, a certificate of non-revocation must be completed and a copy of the power of attorney provided to
MUFG Pension & Market Services, unless it has already been noted by LIC or MUFG Pension & Market Services.


Voting Restrictions
9. There is a 1% voting cap which applies to all LIC s hareholders pursuant to the Dairy Industry Restructuring Act 2001 and LIC’s constitution. The 1% voting
cap is calculated based on the number of votes that may be exercised at this meeting (and so excludes treasury stock and other restricted securities).
10. Any shareholder who holds more than 1% of LIC’s Shares on issue will be limited in their ability to vote the equivalent of 1% of the votes cast on the
resolution. Where a particular s hareholder has multiple holdings across different entities or debtor codes, restrictions will apply to all affected voting
securities on a pro-rata basis.
11. Under NZX Listing Rule 6.3.1, the Directors and their Associated Persons are disqualified from voting on Item 2. This extends to a Director who has been
appointed with a discretionary proxy. A Director is only entitled to exercise a proxy for this resolution where the shareholder has provided that Director
with an express instruction setting out how to exercise that shareholder’s vote. For the avoidance of doubt, the Director shall not be entitled to vote on
CSN/Holder Number:
Scan this QR code with your
smartphone and vote online

PTPT Code:

LIC encourages shareholders to cast their vote by 5pm, 15 September 2025.

LIC shareholders who attend the Annual Meeting on Wednesday 17 September 2025 at 6pm will also be able to vote
during the meeting, if they have not already cast their vote.

NORTH ISLAND

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>

motions raised during the course of the meeting (i.e. resolutions other than those contemplated by the notice of meeting).

General
12. This Postal/Proxy Form and the power of attorney or other authority, if any, under which it is signed, or a copy of that power or authority certified by a
Solicitor, Justice of the Peace or Notary Public must be lodged with MUFG Pension & Market Services by no
later than 5pm, Monday, 15 September 2025,
(being 48 hours prior to the meeting) in accordance with the
instructions above.


You can vote in one of the following ways:
Option 1: Attend the Meeting
In person: LIC Headquarters, 605 Ruakura Road, Newstead, Hamilton

Online: www.virtualmeeting.co.nz/lic25
Option 2: Voting Online
To cast your vote electronically go to: https://nz.investorcentre.mpms.mufg.com/voting/LICV
Enter your CSN/Holder Number and password listed below. Follow the instructions to cast your vote. Advanced electronic voting
closes at 5pm, 15 September 2025.

CSN/Holder Number: <CSN> Password: <Password>
Option 3: Postal Vote or Appoint a Proxy
• Complete sections A, B, C & D on page 3
• Scan and email your completed voting paper to: meetings.nz@cm.mpms.mufg.com. Please list “LIC Annual Meeting” in the
subject line
• OR post to: MUFG Pension & Market Services, PO Box 91976, Auckland 1142
• To ensure your voting paper reaches the Returning Officer before the close of voting please post no later than Monday 15
September 2025

Shareholder Questions
Shareholders attending the Annual Meeting will have the opportunity to ask questions during the meeting. If you cannot attend the Annual
Meeting but would like to ask a question, you can submit a question online by going to https://nz.investorcentre.mpms.mufg.com/voting/LICV
and completing the online validation process or complete the question section below and return to MUFG Pension & Market Service in the
envelope enclosed. Questions will need to be submitted by 5pm on Monday, 15 September 2025. The Board will endeavour to address and
answer questions at the meeting.

Question:

Electronic Investor Communications
If you received the Notice of Meeting and Voting Form by mail and wish to receive your future investor communications by email please provide
your email address below:


Contact Details

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>

Contact Name:

Phone Number: Date:

Section A: Postal Vote or Appoint a Proxy

I wish to vote by postal vote (please tick the box)

I wish to appoint a proxy to vote on my behalf (please tick the box and fill in the details below):
Name of Proxy:



Email Address:




Section B: Ordinary Resolutions
FOR AGAINST ABSTAIN
PROXY’S
DISCRETION
Item 2. Resolution to approve LIC Directors’ Remuneration

Item 3. Resolution to approve LIC Shareholder Reference Group Remuneration

Item 4. Resolution to reappoint KPMG as external auditor

Item 5. Resolution to ratify the appointment of Hamish Rumbold to the Board of
Directors

Item 6. Resolution to ratify the appointment of Blair O’Keeffe to the Board of
Directors


Section C: Item 7. Election of one Elected Director for the North Island Region
You may vote for a maximum of ONE (1) candidate. Candidate names are listed in random order.

Kevin Argyle

Nicola Shadbolt

Pamela Storey

Section D: Signatures – this section must be completed

Shareholder/Director 1:

Shareholder/Director 2:

Shareholder/Director 3:

---

NAME
ADDRESS
ADDRESS
ADDRESS

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>


ANNUAL MEETING INFORMATION, VOTING INSTRUCTIONS, POSTAL VOTING AND PROXY VOTING PAPER



2025 Admission Card, Proxy or Postal Voting Form
The Livestock Improvement Corporation Limited Annual Meeting will be held on Wednesday 17 September 2025 at 6pm at LIC, 605 Ruakura Road, Newstead,
Hamilton and via the MUFG Pension & Market Services Virtual Annual Meeting platform at www.virtualmeeting.co.nz/lic25. If you will attend the Annual Meeting
online, you will require your CSN/Holder Number for verification purposes.
You can also appoint your proxy, or vote by postal vote on the resolutions on the reverse of this form online by going to
https://nz.investorcentre.mpms.mufg.com/voting/LICV or by scanning the QR code above with your smartphone.
For your postal vote or proxy to be effective it must be lodged with MUFG Pension & Market Services by no later than 5pm, Monday, 15 September 2025.
NOTES
Attending the Meeting
1. If you propose to attend the Annual Meeting in person, you must bring this form to the meeting to assist with your registration. All shareholders must register
with MUFG Pension & Market Services prior to entering the meeting room.


Postal Vote
2. If you propose not to attend the Annual Meeting in person or online, you may vote by postal vote. Your postal vote may be completed online, mailed, hand
delivered, or scanned and emailed in accordance with the instructions above. MUFG Pension & Market Services has been authorised by the Board to receive
and count postal votes. If you submit a postal vote without indicating on any
resolution how you wish to vote, you will be deemed to have abstained from
voting on that resolution. If you submit a postal
vote section and also appoint a proxy, your postal vote will take priority over your proxy appointment.

Proxy Appointment
3. All shareholders entitled to attend the meeting and vote at the meeting may appoint a proxy or, in the case of a corporate shareholder, a representative
to attend and vote instead on your behalf. This form may be completed online, mailed,
hand delivered, or scanned and emailed in accordance with the
instructions above.

A proxy can be any person of your choice and does not have to be a shareholder of LIC. If you wish you can appoint the Chair of the Meeting as your proxy.
The Chair will vote in accordance with your instructions, or,
failing your instruction, in accordance with the terms set out in note 4 of this Proxy Form.
4. If you tick the box “discretion” on any resolution, you are directing your proxy or representative to decide how to vote on that resolution on your behalf. If
you tick the “abstain” box on any resolution, you are directing your proxy or representative not to
vote on that resolution. If you do not tick any boxes or
your direction on how the proxy is to vote is unclear (in the Proxy’s sole
opinion) in respect of a resolution, then the direction is to abstain. However, the
Chair (along with all other directors and their “Associated Persons” (as defined in the NZX Listing Rules)) is unable to cast discretionary proxies in favour
of Item2.

5. A proxy is not entitled to exercise more than 1% of the maximum number of votes that may be exercised at a meeting of the Company. Accordingly, if the Chair
is named as proxy by you and by a number of other shareholders, then they may not be able to cast your votes. Therefore, it is preferable to nominate a proxy
from your Region.
6. If you return this Proxy Form without appointing a proxy, the Chair of the meeting will vote in accordance with your express instructions.
7. This Proxy Form must be signed by you or your attorney, duly authorised in writing. In the case of a joint shareholding, this Proxy Form may be signed by any
of the joint shareholders (or their duly authorised attorney). In the case of a corporate
shareholder, this Proxy Form must be signed by a director or a duly
authorised officer acting under the express or implied
authority of the corporate shareholder, or an attorney duly authorised by the corporate shareholder.
8. If the Proxy Form is signed under a power of attorney, a certificate of non-revocation must be completed and a copy of the power of attorney provided to
MUFG Pension & Market Services, unless it has already been noted by LIC or MUFG Pension & Market Services.


Voting Restrictions
9. There is a 1% voting cap which applies to all LIC shareholders pursuant to the Dairy Industry Restructuring Act 2001 and LIC’s constitution. The 1% voting
cap is calculated based on the number of votes that may be exercised at this meeting (and so excludes treasury stock and other restricted securities).
10. Any shareholder who holds more than 1% of LIC’s Shares on issue will be limited in their ability to vote the equivalent of 1% of the votes cast on the
resolution. Where a particular shareholder has multiple holdings across different entities or debtor codes, restrictions will apply to all affected voting
securities on a pro-rata basis.
11. Under NZX Listing Rule 6.3.1, the Directors and their Associated Persons are disqualified from voting on Item 2. This extends to a Director who has been
appointed with a discretionary proxy. A Director is only entitled to exercise a proxy for this resolution where the shareholder has provided that Director
with an express instruction setting out how to exercise that shareholder’s vote. For the avoidance of doubt, the Director shall not be entitled to vote on
motions raised during the course of the meeting (i.e. resolutions other than those contemplated by the notice of meeting).
CSN/Holder Number:
Scan this QR code with your
smartphone and vote online

PTPT Code:

LIC encourages shareholders to cast their vote by 5pm, 15 September 2025.

LIC shareholders who attend the Annual Meeting on Wednesday 17 September 2025 at 6pm will also be able to vote
during the meeting, if they have not already cast their vote.

SOUTH ISLAND

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>


General
12. This Postal/Proxy Form and the power of attorney or other authority, if any, under which it is signed, or a copy of that power or authority certified by a
Solicitor, Justice of the Peace or Notary Public must be lodged with MUFG Pension & Market Services by no
later than 5pm, Monday, 15 September 2025,
(being 48 hours prior to the meeting) in accordance with the
instructions above.


You can vote in one of the following ways:
Option 1: Attend the Meeting
In person: LIC Headquarters, 605 Ruakura Road, Newstead, Hamilton

Online: www.virtualmeeting.co.nz/lic25
Option 2: Voting Online
To cast your vote electronically go to: https://nz.investorcentre.mpms.mufg.com/voting/LICV
Enter your CSN/Holder Number and password listed below. Follow the instructions to cast your vote. Advanced electronic voting
closes at 5pm, 15 September 2025.

CSN/Holder Number: <CSN> Password: <Password>
Option 3: Postal Vote or Appoint a Proxy
• Complete sections A, B & C on page 3
• Scan and email your completed voting paper to: meetings.nz@cm.mpms.mufg.com. Please list “LIC Annual Meeting” in the
subject line
• OR post to: MUFG Pension & Market Services, PO Box 91976, Auckland 1142
• To ensure your voting paper reaches the Returning Officer before the close of voting please post no later than Monday 15
September 2025

Shareholder Questions
Shareholders attending the Annual Meeting will have the opportunity to ask questions during the meeting. If you cannot attend the Annual
Meeting but would like to ask a question, you can submit a question online by going to https://nz.investorcentre.mpms.mufg.com/voting/LICV
and completing the online validation process or complete the question section below and return to MUFG Pension & Market Service in the
envelope enclosed. Questions will need to be submitted by 5pm on Monday, 15 September 2025. The Board will endeavour to address and
answer questions at the meeting.

Question:

Electronic Investor Communications
If you received the Notice of Meeting and Voting Form by mail and wish to receive your future investor communications by email please provide
your email address below:



Contact Details

PTPT CODE: <CSN/Holder Number Barcode>
Go online to https://nz.investorcentre.mpms.mufg.com/voting/LICV to appoint your proxy or complete the form.

<Voting Card Barcode>

Contact Name:

Phone Number: Date:

Section A: Postal Vote or Appoint a Proxy

I wish to vote by postal vote (please tick the box)

I wish to appoint a proxy to vote on my behalf (please tick the box and fill in the details below):
Name of Proxy:



Email Address:




Section B: Ordinary Resolutions
FOR AGAINST ABSTAIN
PROXY’S
DISCRETION
Item 2. Resolution to approve LIC Directors’ Remuneration

Item 3. Resolution to approve LIC Shareholder Reference Group Remuneration

Item 4. Resolution to reappoint KPMG as external auditor

Item 5. Resolution to ratify the appointment of Hamish Rumbold to the Board of
Directors

Item 6. Resolution to ratify the appointment of Blair O’Keeffe to the Board of
Directors


Section C: Signatures – this section must be completed

Shareholder/Director 1:

Shareholder/Director 2:

Shareholder/Director 3:

---

Virtual
Meeting
Guide
MUFG Corporate Markets
A division of MUFG Pension & Market Services

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Make sure your browser will work
by going to whatismybrowser.com
Supported browsers are:
• Chrome Version 44 and later
• Edge Version 92.0 and later
• Firefox Version 40.0.2 and later
• Safari MacOS 10.9 and later
Check your browser

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
You will need one of the
following to vote
If you’re an investor, you can find your
CSN/Holder Number on most investor
communications from us.
If you’re a proxy, your proxy number will be
sent to your email address one to two days
before the meeting.
Get ready to vote
A
Your CSN/
Holder Number
if you are an
investor
B
Your proxy
number if you
are an appointed
proxy
OR

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Open your browser and go to
www.virtualmeeting.co.nz
Choose the meeting you want to watch from
the list and click the View Meeting button.
Register using your full name, mobile number,
email address, and participant type.
Read and accept the terms and conditions
before clicking on the Register and Watch
Meeting button.
Register for the meeting

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
The webcast will start by itself
when the meeting begins
If the webcast doesn’t start, press the play
button and check the volume on your device
is turned up. The meeting slides will be cycled
through while the webcast plays.
At the bottom are buttons for Get a Voting
Card, Ask a Question and a list of documents
available for download.
Watch the meeting

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Register to vote by clicking on
the Get a Voting Card button
If you’re an investor, you will need to enter
your CSN/Holder Number.
If you’re an appointed proxy, you will need to
enter the proxy number in the Proxy Details
section, then click the Submit Details and
Vote button.
Get a voting card

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Once you have your voting card,
tell us how you want to vote
You may need to use the scroll bar on the right
side of the voting card to see all resolutions.
Choose either Full Vote or Partial Vote using
the tabs. Click on either the For, Against, or
Abstain voting buttons. For a Partial Vote,
enter a number of votes—the total number of
votes you have are shown.
Enter your vote

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Make sure you submit your vote
before the countdown timer
ends
Once you have finished voting, scroll down
to the bottom of the box and click on the
Submit Vote or Submit Partial Vote button.
You can close your voting card without
submitting your vote while voting is open.
Any votes you have already made are saved.
The voting card will be under the webcast
with a Not yet submitted message below.
You can edit your votes while voting is open
by clicking on Edit Card. This will re-open the
voting card with any previous votes made.
At the end of the meeting, a red bar with a
five-minute countdown timer will appear at
the top of the website advising the remaining
time to submit your voting cards. Once voting
has been closed, your vote can’t be changed.
Submit your vote

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Only investors, proxies and
corporate representatives can
ask questions
If you have not registered a voting card,
you will be asked to enter your CSN/Holder
Number or proxy number before you can ask
a question.
Click on the Ask a Question button either at
the top or bottom of the page.
Ask a question

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Select the category or resolution
for your question
Type your question in the Question box, and click
on the Submit Question button.
After submitting, click the View Questions button
to see your questions (only visible to you).
If your question has been answered and you want
to reply, submit another question.
Submit a question/reply

Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services
Title
Description
Body
Level 30, PwC Tower, 15 Customs Street West, Auckland 1010 | 0800 200 220 | meetings.nz@cm.mpms.mufg.com
MUFG Corporate Markets
A division of MUFG Pension & Market Services