BIF – Updated Offer Documents

This document replaces the Product Disclosure Statement dated 11 December 2024.
This document gives you important information about this investment to help you decide whether you want to
invest. There is other useful information about this offer on www.disclose-register.companiesoffice.govt.nz.
Booster Investment Management Limited has prepared this document in accordance with the Financial
Markets Conduct Act 2013. You can also seek advice from a financial advice provider to help you to make
an investment decision.
8 December 2025
Issuer: Booster Investment Management Limited
Booster
Innovation
Scheme
Product Disclosure Statement
Offer of units in the Booster Innovation Fund
of the Booster Innovation Scheme

Booster Innovation Fund2
1. Key information summary
What is this?
This is an offer of units in the Booster Innovation Fund
(Fund) of the Booster Innovation Scheme (Scheme).
Your money will be pooled with other investors’ money
and invested. Booster Investment Management Limited
(Booster, we, our or us) invests the money in assets, such
as unlisted shares in early-stage companies (directly or
indirectly), and takes fees.
The assets and fees are described in this document. By
investing in the Fund, you are relying on the investment
decisions of Booster and returns from the assets that the
Fund invests in. There is a risk that you may lose some or all
of the money you invest.
Who manages this Scheme?
We, Booster Investment Management Limited, are the
manager of the Scheme. The Fund is currently the only
investment option in the Scheme.
You’ll learn more about us in Section 9 – About Booster and
others involved in the Fund.
What are you investing in?
The Fund is a managed investment scheme established
to invest in a portfolio of early-stage companies founded
on intellectual property originated or developed in New
Zealand that are selected on the basis that they have the
potential to become commercially successful globally. The
Fund is listed on the NZX Main Board (with the code BIF).
Early-stage company investing is generally considered
the riskiest type of equity investing because many more
early-stage companies fail than mature companies. It can
take many years before a company becomes successful,
and most externally funded companies have years of
unprofitable activity before they reach the point of making
money. Early-stage company investing requires patience.
However, those companies that do succeed tend to greatly
reward their investors through high returns. Because the
Fund holds investments in a number of companies as part
of a portfolio, it is to be expected that some companies will
gain in value while others will lose some or all of their value.
Despite the benefit of this portfolio approach, significant
investment losses can occur. If you are unsure whether this
investment is suitable for you or how much to invest, we
recommend you seek professional advice.
This is a continuous offer meaning the Fund will accept
applications from investors on an ongoing basis, though these
applications will generally only be processed by us monthly.
Money raised from investors will be used to acquire an
interest in additional early-stage companies or make follow-on
investments in existing companies that are seeking expansion
capital.
Investment Objective - the Fund aims to provide investors
with an exposure to a diversified portfolio of early-stage
companies founded on intellectual property originated or
developed in New Zealand.
Investment Strategy - the Fund will seek to invest in a
diversified portfolio of investments in conjunction with a
range of other specialist investors, across a range of different
business sectors and stages of development to optimise the
expected returns from early-stage investments.
As at the date of this document the Fund invests in a
specialised portfolio of over 35 companies, either directly
or through its interest in NZ Innovation Booster Limited
Partnership (NZIB). NZIB is a partnership between Booster
Financial Services Limited (our parent company), Victoria Link
Limited (Wellington UniVentures), Otago Innovation Limited
(OIL) and Auckland Uni Services (AUS) which are wholly
owned subsidiaries of Victoria University of Wellington,
University of Otago and the University of Auckland
respectively, responsible for the management of technology
commercialisation. The portfolio includes companies ranging
in their stage of development, industry sectors and innovation
types. It includes:
• companies developing healthcare solutions to improve
clinical outcomes, to prevent or treat disease or improve
health and wellbeing,
• companies developing software solutions to improve user
outcomes,
• companies developing technologies to advance
electrification, energy efficiency or decarbonisation,
• companies developing solutions to improve food security
and supply, and
• companies developing other advanced technology and
science solutions.
See Section 2 - What the Booster Innovation Fund invests in for
an overview of each of the companies currently invested in.
The Fund is not permitted to borrow, either directly or via its
underlying funds.
ProductUnits in the Booster Innovation Fund.
How you investYou can invest in the Fund by completing and submitting an application form to us through your
financial advice provider. You can also invest direct through our website.
Alternatively, you can purchase units on market at the quoted price through an NZX participant
(such as a broker) or by arrangement through us.
Unit PriceIf units are purchased directly from the Fund, the price for the units will be the Unit Price applicable
for the day on which your investment money is processed (generally the first business day of the
month). The Unit Price is the net asset value of the Fund (being the value of all assets less the value
of all liabilities) divided by the number of units on issue. There is no fixed price for the units and no
fixed or indicative range within which that price may be fixed.
If you buy or sell units on the NZX Main Board, the price you pay may be higher or lower than the
Fund’s published Unit Price.
Key terms of the offer

Booster Innovation Fund3
How you can get your money out
Units in the Fund are quoted on the NZX Main Board. This
means you may be able to sell your investments on the NZX
if there are interested buyers. The amount you get may be
less than the amount that you invested.
The Fund will also aim to make a limited amount of cash
available for withdrawals on a quarterly basis. However,
due to the limited cash available for withdrawals and
uncertain demand for withdrawals by other investors, you
should regard an investment in this Fund as not readily
redeemable when making your investment decision and the
Fund has no fixed date on which you may get your money
back. Refer to Section 3 – Terms of the Offer for further
details on withdrawals. It is recommended that you only
invest money that you do not expect to need access to for a
number of years. A withdrawal charge of up to 10% applies
to amounts that are redeemed. See the What fees will you
pay? section below for further details.
In the event of a sale of an investment by the Fund (or by an
underlying fund and where the proceeds of the sale have
been distributed to the Fund), we may, at our discretion,
make some or all of the proceeds available for withdrawal
from the Fund. While infrequent and unpredictable, this
may provide an opportunity for investors to redeem some
of their units at the Fund’s Unit Price which would not be
subject to the withdrawal charge.
All withdrawals are processed at the Unit Price applicable
on the day of withdrawal. The Unit Price is calculated as
described in the table above.
Key drivers of returns
The key drivers of returns on your investment in the Fund are:
Success of the investee business. An early-stage business
is a high-risk investment. Many early-stage businesses fail
to achieve their objectives or to reach profitability. Key
drivers of a successful early-stage business are typically:
• Success in proving the effectiveness of their
technology and product market fit;
• Success in establishing a strong customer base;
• Degree of protection of the intellectual property from
imitation; and
• A strong senior team.
In order to improve expected investment outcomes,
we utilise a partnership or co-investing model, where
investments are made, directly or indirectly, in conjunction
with other investors who have relevant experience and
expertise in investing in early-stage businesses.
Access to diversity of investment opportunities.
The spreading of investment risk through diversification is
a critical element of successful investing in a portfolio of
early-stage businesses. Capital contributions from new and
existing investors are required to provide the Fund with the
capital necessary to enable it to expand from its current
investment portfolio (see the sub-section ‘Holdings’ below
for a summary of current investments portfolio) and to
maintain a portfolio range between 40 to 50 investments.
We have extensive networks within New Zealand across
universities, the public and private sectors to enable
the Fund to have access to a good flow of investment
opportunities to achieve a broad range of investments
within its portfolio.
Performance-based fee only, with low fixed costs.
Investing in early-stage companies is traditionally expensive
and often associated with high fixed fees and costs, which
can quickly erode the value of a fund that is not consistently
delivering high investment returns. In this Fund, we only
charge a performance-based fee on returns above a
hurdle return. This aligns the interests of the manager
and the investor and means we may earn high fees for
high performance, but will earn no fees for investment
performance below 10% per annum. See Section 7 – What
are the Fees? For further details.
Portion of the capital of the Fund deployed. As a
continuous issuer, the Fund anticipates it will issue new
units on a monthly basis and may undertake specific capital
raising activities. The extent to which suitable investment
opportunities are found will impact the level of uninvested
cash, which will have an effect on the Fund’s return because
the cash is not committed to an investment. We monitor
the level of cash held by the Fund to ensure that, so far as
practicable, it is appropriate for the level of future expected
investment opportunities.
Further information about the key drivers of returns for the
Fund and the key strategies and plans we take in respect
of those drivers is provided in Section 2 – What the Booster
Innovation Fund invests in under the heading ‘Future
Performance of the Fund’.
How much you
can invest
The minimum initial investment in the Fund is $500. While you’re not required to make any further
investments, you can invest more by making additional investments (minimum $500).
For trading on the NZX, your broker will be able to advise on the minimum parcel size.
While the amount you invest is up to you, we may refuse to accept, or may reduce, your initial or
additional investment in the Fund to ensure the Fund does not hold excessive levels of cash.
Offer dates and
NZX Quotation
The Fund was first registered on 11 November 2021 and quoted on the NZX Main Board on 2 March
2022. As a continuous offer, there is no close date for this offer, though this Product Disclosure
Statement may be updated from time to time.
For further details on the terms of this offer, see Section 3 – Terms of the Offer.

Booster Innovation Fund4
Key risks of this investment
Investments in managed investment schemes are risky.
You should consider whether the degree of uncertainty
about the Fund’s future performance and returns is suitable
for you. The price of the Fund’s units should reflect the
potential returns and the particular risks of these units.
We consider that the most significant risk factors that could
affect the value of the Fund’s units are:
A business fails to successfully commercialise its
intellectual property. This is the risk that an early-stage
company in which the Fund has invested does not meet
expectations, resulting in a low investment return or total
loss of capital invested, which may reduce the return of the
Fund’s portfolio overall.
Higher volatility of returns than traditional equity
investments. Due to the high risk of early-stage businesses,
their value can fluctuate widely over short timeframes,
depending on the progress they make against their
business plans and market conditions, the confidence
of their shareholders in the likelihood of their success,
and the willingness of existing and potential investors to
contribute more capital to continue to support the business.
This means the value of investments may go up and down
faster and further in comparison to investing in many other
investment classes (including listed equities).
Liquidity and withdrawal risk. This is the risk that, due to
the Fund facilitating limited and infrequent withdrawals,
an investor is unable to sell their investment at a time that
suits them or that when seeking to sell through the NZX
they are unable to find a buyer, or that the NZX quoted
price of the units is lower than the Unit Price, or in certain
circumstances, trading of the Fund’s units on the NZX is
suspended. This may affect the timing or value obtained by
an investor wishing to sell their investment.
Concentration of investments. This is the risk that the
value of the Fund’s investment returns do not meet the
long run expectations of a well-diversified portfolio of
early-stage investments due to the investments being
concentrated in particular sectors, or concentrated in a
particular stage of business development, or by holding a
relatively small number of investments. Currently the Fund
has over 35 investments and as a result, the returns of the
Fund may be more volatile compared to a more diversified
portfolio. Concentration could also occur following a
significant upward revaluation of an investment due to its
success, resulting in a single company becoming a large
portion of the Fund value.
Booster Innovation Fund’s financial information
Selected historic financial information is presented for the period 1 April 2024 to 31 March 2025 from audited annual
financial statements.
1
These investments are presented at their fair value as at the relevant balance date.
Since 31 March 2025 the Fund has acquired additional investments which as at 27 November 2025 are valued at $2.327
million, of which $0.585 million is by way of additional units in NZIB. The Fund is expected to acquire additional follow-on
investments during December 2025 which it has assigned an expected value as at 27 November 2025 of $0.400 million. An
independent valuation has not been obtained in respect of these investments, as we (in conjunction with our investment
partners) consider we have sufficient information to assess their value. See Section 4. How the Booster Innovation Fund
works for more details of the valuation of investments.
For a summary of the Fund’s investment exposures as at 27 November 2025, see Section 2 – What the Booster Innovation
Fund invests in.
Statement of Financial Performance of the Fund
For the period 1 Apr 2024
to 31 Mar 2025
$'000
Investment loss(1,704)
Fees and expenses(35)
Net loss before tax (1,739)
Statement of Financial Position of the Fund
As at 31 Mar 2025
$’000
Cash264
Investments held at fair value
1
20,133
Performance fee payable-
Other Payables(34)
Net assets20,363

Booster Innovation Fund5
What fees will you pay?
The table below summarises the fees and expenses that you will be charged to invest in this Fund. Further information about
fees is set out in Section 7 – What are the fees?
A summary of the fees and expenses and the basis on which they are charged is:
2
Goods and Services tax (GST) is not included in any of the fees stated. GST will be added to any fees where applicable, including to the performance-based fee.
Fee Category
2
Fee Type and rateBased onPaid to
Performance
based fee
Where the Fund’s performance exceeds the hurdle rate
of return (of 10% per annum), we are paid an annual
performance-based fee (in units in the Fund) equal to 20%
of the excess return.
Excess return
above the hurdle
rate of return.
Booster
Capital raising
expenses
Direct expenses incurred in securing the commitment
of future capital to the Fund such as brokerage or
underwriting fees.
Actual expenses
incurred.
External parties
such as brokers.
Other fund
administration
expenses
Direct expenses of the Fund up to $30,000 + GST per year
may be charged to the Fund. These expenses include the
costs related to the supervisor, audit, Fund related legal
fees, NZX listing related fees and independent valuations.
Any direct expenses above $30,000 + GST per annum are
paid by Booster.
Actual expenses
incurred (capped
at $30,000 +GST
per annum).
External parties
such as the
supervisor, auditor,
valuers, NZX and
legal advisers.
Other fund
administration
expenses from
underlying funds
The Fund holds units in NZIB and may, in future, hold
interests in other underlying funds. NZIB and these other
underlying funds may also incur fund administration costs
such as audit, independent valuations, legal fees and
independent director fees (if any).
These are not subject to the $30,000 + GST per annum cap
referred to above.
Actual expenses
incurred.
External parties
such as the
trustee/supervisor,
auditor, valuers,
legal advisers
and independent
directors (if any).
Management feeNo management fees are chargedn /an /a
Withdrawal chargeFor withdrawals made directly from the Fund, a withdrawal
charge will be applied.
After the 5th anniversary of your acquisition of the units
being redeemed, the withdrawal charge is capped at 5% of
the amount redeemed.
Withdrawals before the fifth anniversary of your acquisition
of the units being redeemed incur a higher charge, starting
at 10% of the amount redeemed, and reducing by 1% for
each complete year since the units being redeemed were
acquired.
Note this charge does not apply where the Fund has made
funds available for withdrawal from the proceeds of the
sale of an investment, nor to sales of units on the NZX.
Value of amount
withdrawn from
the Fund
Retained by the
Fund to cover the
funding cost of the
cash available for
withdrawals.
NZX brokerage feeIf you buy or sell units in the Fund through an NZX
Participant (such as a broker), they may also charge you a
fee for their services.
Value of
transaction
(minimums may apply)
NZX Participant
We have not provided any prospective financial information in respect of this Fund, and as a result are unable to provide
any estimates in respect of the performance-based fees to be charged. It is estimated that total other fund administration
expenses (including from underlying funds) of $51,000 (plus GST) will be incurred for the current financial period.
Valuation uncertainty. This is the risk that the fair value of
each of the investments is inherently uncertain due to the
subjective nature of valuations, meaning our assessment of
the fair value of the investments (reflected by the Unit Price)
may be different to other assessments of the fair value of
the Fund’s investments and may impact an investor’s ability
to buy or sell units at their own assessment of the fair value.
Capital contributions are insufficient to achieve and
maintain diversification. This is the risk that the Fund does
not raise sufficient capital (whether through receiving new
investment or the sale of an existing investment) to allow it
to obtain and maintain a diverse portfolio of investments.
This summary does not cover all of the risks. You should also
read Section 6 – Risks to returns from the Booster Innovation
Fund.

Booster Innovation Fund6
How will your investment be taxed?
The Fund is a Listed Portfolio Investment Entity (PIE). The amount of tax that the Fund pays is calculated at the rate of 28%
on its taxable income, which includes interest, dividends, and deemed dividends for foreign investments, but excludes
capital gains it makes on the sale of its share interests. See Section 8 – Tax for more information.
Fees and expenses to 31 March 2025
As a dollar
value
As a percentage
of average net
asset value
3
Fees and expenses charged by the manager and its associated persons
4
$00%
Fees and expenses charged by other persons
Includes costs paid to the supervisor, auditor, Fund related legal fees, independent valuations (direct and
through underlying funds)
$59,0150.30%
Total$59,0150.30%
3
The percentage is calculated based off the dollar amount divided by the average net asset value of the Scheme’s Fund for the relevant period.
4
The performance-based fee is calculated and paid (in units) for the financial period ended 31 March each year.
If you acquire units on the NZX, you cannot automatically redeem them from the fund. To be able to redeem them you will
need to apply to Booster to transfer the holding of those units to the custodian Asset Custodian Nominees Limited (ACNL)
– contact Booster if you want to explore this. If this transfer is done and you then seek to redeem your units from the fund,
in the absence of satisfactory proof of the date you acquired the units on NZX we will take the acquisition date for the
purposes of calculating the withdrawal charge as the date the units transferred to ACNL.

Booster Innovation Fund7
Table of contents
Section 1Key information summaryPage 2
Section 2What the Booster Innovation Fund invests in Page 9
Section 3Terms of the offerPage 44
Section 4How the Booster Innovation Fund works Page 46
Section 5Booster Innovation Fund’s financial information Page 50
Section 6Risks to returns from Booster Innovation Fund Page 51
Section 7What are the fees? Page 54
Section 8TaxPage 57
Section 9About Booster and others involved in FundPage 58
Section 10How to complainPage 59
Section 11Where you can find more informationPage 59
Section 12How to applyPage 59

Booster Innovation Fund8
New Zealand has a reputation for ingenuity and resourcefulness. This practical problem-solving mentality of the past has
been replaced by modern day innovators and researchers building impact businesses which seek to solve global problems.
To have the opportunity to thrive, these Kiwi businesses need investment. When they are successful, investors benefit and
so do we as a nation.
New Zealand universities are an important source of science and innovation and we have partnered with this sector to
connect investors and innovative companies.
In 2018, we established our first investment partnership with Wellington UniVentures Ltd, a wholly owned subsidiary of
Victoria University of Wellington to ensure we have the opportunity to invest in their spin out businesses, earlier in their
journey. This partnership expanded in 2021 to include Otago Innovation Ltd, a wholly owned subsidiary of University of
Otago and most recently, Auckland UniServices Ltd, a wholly owned subsidiary of the University of Auckland, joined the
partnership. These important collaborations provide our investors with unique access to investment opportunities.
Companies the Booster Innovation Fund has invested in are developing many important solutions to a variety of problems
including human health and animal welfare, clean energy, energy efficiency, food security and many other global
challenges. With the fund, we have made a strong commitment to support more of these young businesses to become
sustainable, and to build more valuable partnerships with research organisations to support a pipeline of innovation.
Importantly we have also committed to providing all Kiwis the opportunity to invest in the future of these young
companies, which are traditionally only available to wholesale investors. By investing into these businesses together, we
can help keep jobs and the financial benefits of innovation in New Zealand for longer and recycle Kiwi money back into
great Kiwi businesses.
Diana Papadopoulos
CEO, Booster Financial Services Limited
At Booster, we’re passionate about
supporting Kiwi innovation, and
creating investment opportunities
for every New Zealander.
— Di Papadopoulos

Booster Innovation Fund9
2. What the Booster Innovation Fund invests in
Key Features of the Fund
The Fund provides investors with an opportunity to invest
in a specialised portfolio of early-stage companies founded
on intellectual property originated or developed in New
Zealand that are selected on the basis that they have the
potential to become commercially successful globally.
The Fund aims to support the development of viable
companies based on intellectual property that create high
value jobs, exports and international opportunities for
New Zealand. The Fund seeks to make it possible for these
companies to continue to grow from New Zealand.
Research, summarised below, has shown that a portfolio
of early-stage companies potentially delivers significantly
higher returns than broader listed equity markets. The
Fund’s investment strategy is to seek to hold a diversified
portfolio of early-stage businesses to maximise the potential
for achieving such a return.
The Fund intends to invest in all stages of company
development from formation through to being an
established business (which are collectively referred to as
‘early-stage’ in this document):
Company formation (or sometimes referred to as ‘seed’).
This is the pre-revenue company establishment stage once
the intellectual property is ready for commercialisation.
It involves the employment of initial staff, formation of
the Board, confirmation of the business model including
product development, market validation and initiating
the company intellectual property strategy. Typically, the
company secures initial investment in the order of $1 million
and this takes the company through the first 18 months of
its existence.
Early stage (or sometimes referred to as ‘start-up’).
This stage frequently involves more than one investment
which provides funding for product development, pilot
production, team expansion and the first sales. Capital
funding typically provides the business with sufficient cash
for up to 2 years.
Expansion (or sometimes referred to as Series A, B etc.)
At this stage the company has proven its technology and is
seeking to expand its market share and scale its business
operations and capability.
As a company progresses through these stages, its risk is
normally reduced, particularly the technology and market
risks, the time to profitability reduces, and valuations
typically increase to reflect this.
The Fund’s investments all have a common element –
intellectual property originated or developed in New
Zealand and are seeking to solve global problems and build
great businesses which gives the Fund the potential to
positively impact the world we live in. We (together with
our co-investment partners) have strong networks and
experience in both the public and private sector. We have
established an initial portfolio of investments in a range
of sectors and industries and underpinned by a range of
technology and science capabilities.
5 The FTSE Venture Capital Index seeks to replicate a benchmark which is constructed based on observed valuations of venture-backed firms at discrete
points in time, such as during funding rounds, acquisitions, and exits. The data is extended in a model which then provides more frequent estimates
of value based on observable market indicators, and has a return history dating back more than 25 years. The NZ experience may differ from the US
experience, although US investors are participants in the New Zealand venture capital market.
6 The Wall Street Journal 19 September 2012 – The Venture Capital Secret: 3 Out of 4 Start-Ups Fail, quoting a research paper by Shikhar Ghosh, a senior
lecturer at Harvard Business School.
7 New Zealand Venture Investment Fund report – NZ early stage company investment valuations December 2018.
Investing in Early Stage Businesses
Investment Returns
Guidance on the return potential from early-stage private
company investment can be taken at a high level by
performance analysis of the (US) FTSE Venture Capital Index
(previously known as the Refinitiv Venture Capital Index, and
before that the Thomson Reuters Venture Capital Index)
5
.
While this established index is well diversified and focused
on venture capital (which in the US can range from start-up
companies through to listing or sale to a larger company),
it does provide some insight into the enhanced risks and
potential rewards of investing in this sector.
Since its inception in 1995, the Venture Capital Index has risen
well ahead of the equivalent listed market (using the S&P 500
as a proxy), with the excess returns averaging 10% p.a. On a
medium term (rolling 5 year) basis, the only notable period of
the venture capital index materially underperforming the listed
market was following the bursting of the ‘technology bubble’,
where index returns were behind the S&P 500 for five-year
periods ending between 2004 and 2007 and again in 2022 due
to inflationary pressure and geopolitical disruptions. There
has been some less material lag in returns for five-year periods
since 2023, with excess returns averaging 0% (albeit absolute
returns were still positive).
Investment Risks
Early-stage equity investing comes with higher risk on an
individual company basis:
• Volatility. The data referred to above also showed that
volatility of returns (the amount of annual variation of
returns) was on average approximately three times higher
than for the listed equity market.
• Failure Rate. As an illustration of high failure rates in
early-stage businesses, the United States National Venture
Capital Association has estimated that 25%-30% of
venture-backed businesses fail, while Harvard Business
School research in 2012
6
estimated that 75% either fail or
only partially return the capital committed by investors.
Both are consistent with typical rules of thumb in venture
capital investment, where two to three investments out
of ten make some capital return and one or two out of ten
investments would be expected to produce substantial
returns, driving overall results.
Data from New Zealand Venture Investment Fund
7
is
somewhat consistent and indicates that 28% of start-up
investments fail after an average of 4 years. Therefore,
there is a risk that you may not be able to recover your
original investment in part or in whole and/or you may not
receive the returns you expect due to the inherent risk of
early-stage equity investment.
Diversification or investing in a diversified fund, is therefore
key to ensuring the specific investment risk is adequately
mitigated. We utilise our extensive professional networks
to access investment opportunities to help build a diverse
portfolio of investments.

Booster Innovation Fund10
Statement of Investment Policy and
Objectives and Investment Strategy
The Statement of Investment Policy and Objectives (SIPO) of
the Fund and its investment strategy are summarised below.
Investment Objective
The Fund aims to provide investors with an exposure to a
diversified specialised portfolio of early-stage companies
founded on intellectual property originated or developed in
New Zealand.
Investment Strategy
The Fund will seek to invest in a diversified portfolio of
investments in conjunction with a range of other specialist
investors, across a range of different business sectors and
stages of development to optimise the expected returns
from early-stage investments.
The key elements of the Fund’s strategy are:
• Partnering;
• Diversification; and
• Co-investing.
• Partnering. The Fund will seek to partner with entities
that have expertise in developing and commercialising
intellectual property. For example, we have close
relationships with the wholly owned subsidiary
companies responsible for research commercialisation
for Victoria University of Wellington, University of
Otago and the University of Auckland (through NZIB)
and are developing other similar relationships. We
(together with our investment partners) have extensive
experience and networks in the public and private
research sectors in New Zealand, which gives the Fund
greater visibility and access to investment opportunities
as they arise.
• Diversification. The Fund will seek to diversify its
portfolio by investing in many businesses, and intend
for those investments to be spread across a range
of business sectors and technologies and across the
different stages of a company’s development. As we
extend our professional networks with different entities
that have specialised areas of focus or expertise, such
as biotechnology, software or plant research, this
provides increased diversification opportunities.
• Co-investing. The Fund will seek to invest alongside
other investors or companies with relevant expertise
in the field of each new venture to provide the Fund
access to additional investment opportunities and
expertise. Co-investing has the benefit of reducing risk
(as a greater number of investments can be made with
lower capital committed to any individual business)
and reducing acquisition costs (as due diligence is
performed by those with relevant expertise and shared
across the partners).
Investment opportunities are identified either directly by
us or via our investment partners and co-investors. We
proactively engage our network to identify opportunities at
regular pipeline meetings with co-investors, attendance at
innovation and investment events and discussions with tech
transfer and commercialisation offices at New Zealand’s
Universities and Public Research Organisations.
The investments are assessed against a range of investment
criteria that consider the quality of the New Zealand
innovation, the quality of the company leadership, market
access, the commitment obtained from a specialist third
party investor and the capital required to build a sustainable
business.
The Fund will balance allocations of capital between seed/
early-stage investment rounds and subsequent expansion
investment rounds to construct its portfolio. Seed/early-
stage investment rounds into any one company will on
average be at a lower amount than placements in expansion
rounds, which could be over two times higher. The Fund will
have further information about a company’s progress since
the Fund’s seed/early-stage investment and will be able
to review the company’s ability to deliver on its business
plan. This will inform the Fund’s subsequent investment
decision to support companies that are demonstrating good
progress against milestones. The Fund will typically allocate
a larger portion of its total funds to expansion investment
rounds compared to seed/ early-stage investment rounds to
help mitigate overall investment risk.
Return Objective
The Fund aims to deliver a significant total rate of return
(net of fees but before tax) that outperforms the NZX 50
Index over rolling 15-year periods.
Investments
While the Fund’s main investments are intended to be in
New Zealand equity securities (including instruments that
provide an equity-like exposure), its permitted investments
also include cash, cash equivalents or loans, and to invest
overseas where the business is commercialising intellectual
property originated or developed in New Zealand. The Fund
can obtain these investment exposures either by investing
directly in these investments, or indirectly by investing
in NZIB and other underlying funds such as managed
investment schemes and limited partnerships.
The Fund’s benchmark asset allocation and ranges are as
follows:
Sector
8
BenchmarkRange
Cash and cash
equivalents
9
2%0% - 100%
Equities
9
98%0% - 100%
Fixed Interest0%0% - 25%
8 The Fund can invest in these sectors either by investing directly in these investments, or indirectly by investing in NZIB and other underlying funds such as managed
investment schemes and limited partnerships.
9 The Fund may hold a large proportion of cash for a period of time following receipt of application monies as it seeks to acquire interests in businesses that meet
the investment criteria of the Fund, or following the sale of an investment. Equities includes securities that provide an equity-like exposure such as convertible notes,
limited partnership interests and Simple Agreement for Future Equity (SAFE) notes.
As at 27 November 2025, the Fund holds 51.0% of its
investment through NZIB and it is through that investment
that the Fund obtains exposures to NZIB’s portfolio of early-
stage companies to meet the Fund’s benchmark investment
objective and strategy. For a summary of the Fund’s
investment exposures through NZIB as at 27 November 2025,
see Section 2 – What the Booster Innovation Fund invests in.
Borrowing
The Fund is not permitted to borrow, either directly or via
its underlying funds, though this does not preclude the
investee entities themselves from borrowing in the ordinary
course of their business.

Booster Innovation Fund11
Changes to the SIPO and Investment Strategy
The SIPO and investment strategy for the Fund are reviewed on at least an annual basis by us or where a significant event
has occurred that would necessitate a review, such as a change in legislation.
Any changes are formally approved by the Investment Committee and Booster’s Board.
We may change the SIPO and the investment strategy from time to time without notifying you. We will consult with the
Supervisor of the Scheme, Public Trust, and give them written notice of any changes before they take effect. Investors will
be advised of any material changes in the Scheme’s annual report.
The most current version of the SIPO can be found on our website www.booster.co.nz
Investment Structure
The Fund invests in a range of early-stage businesses either directly or via underlying funds.
The current investment structure of the Fund is outlined below:
Other underlying fund structures may be established as new relationships are formed for the origination of investments
or to support investment partnering arrangements that the Fund may develop. Any investments that have gone into
liquidation have been excluded, but those not in liquidation but not currently active (four as at the date of this document)
are included.
Direct holdings
Investments held via Matū Fund
Advemto Ltd
Allegro Energy Pty Ltd
Amaroq Therapeutics Pty Ltd
BioOra Ltd
InsituGen Ltd
Calocurb Ltd
MACSO Technologies Ltd
Wellumio Ltd
Alimetry Ltd
XFrame Ltd
Codify Asset Solutions Ltd
Bontia Bio Ltd
Komodo Holdings Ltd
Jaipuna Ltd
Kai's Education Ltd
Mars BioImaging Ltd
Ferronova Pty Ltd
Cadmus Animal Health Ltd
Marama Labs Ltd
Indus Ltd
My Better Breathing Ltd
Opo Bio Ltd
Chitogel Ltd
B.Spkl Ltd
Liquium Ltd
Hot Lime Labs Ltd
Inhibit Coatings Ltd
Captivate Technology Ltd
Tasmanlon Ltd
Solros Therapeutics Ltd
Avasa Ltd
BioLumic Inc
Investments held via NZIB
Booster Innovation Fund (BIF)
NZ Innovation Booster LP (NZIB)
Orbis Diagnostics Ltd
The Sustainable Care Company Ltd
OrbViz Holdings Ltd
Nutrition from Water Inc
Scentian Bio Ltd
Woolchemy NZ Ltd
Sensor Holdings Ltd
Wych Ltd
TamoRx Ltd
ZeroJet Ltd
Tectonus Ltd
Zincovery Process Technologies Ltd

Booster Innovation Fund12
Holdings
A summary of the Fund’s holdings as at 27 November 2025 is as follows:
CompanyBusiness SectorBusiness Sub-Sector
Business
Development
Stage
Advemto Limited
10
Materials and technologiesScientific InstrumentationEarly stage
Alimetry Limited
10,11
Life sciences and medical technologies
Screening and diagnostics
– human health
Expansion
Allegro Energy Pty Limited
10
Energy and clean technologiesEnergy storageExpansion
Amaroq Therapeutics Pty Limited
10
Life sciences and medical technologiesLife sciences – human healthSeed
Avasa LimitedLife sciences and medical technologiesMedical devicesEarly stage
BioLumic IncMaterials and technologiesAgriculture technologiesExpansion
BioOra LimitedLife sciences and medical technologiesLife sciences – human healthExpansion
Bontia Bio Limited
10
Life sciences and medical technologiesSynthetic BiologySeed
B.Spkl LimitedEnergy and clean technologiesGreen hydrogen technologiesSeed
Cadmus Animal Health LimitedLife sciences and medical technologiesAnimal HealthSeed
Calocurb LimitedLife sciences and medical technologiesHealth supplementsExpansion
Captivate Technology LimitedEnergy and clean technologiesCarbon captureSeed
Chitogel Limited
10
Life sciences and medical technologiesBiotechnology – human healthExpansion
Codify Asset Solutions (CAS)
Limited
10,11
Information technology servicesBuilding industry softwareEarly stage
Ferronova Pty Limited
10
Life sciences and medical technologies
Screening and diagnostics
– human health
Expansion
Hot Lime Labs LimitedEnergy and clean technologiesCarbon delivery for horicultureEarly stage
Indus Limited
12
Information technology servicesFinancial technologiesSeed
Inhibit Coatings Limited
10
Materials and technologiesMaterial coatingsSeed
InsituGen Limited
10
Life sciences and medical technologies
Screening and diagnostics
– animal and human health
Seed
Jaipuna Limited
(trading as Amy.app)
Information technology servicesEducation technologiesEarly stage
Kai's Education LimitedInformation technology servicesEducation technologiesEarly stage
Komodo Holdings LimitedInformation technology servicesEducation TechnologyEarly stage
Liquium Limited
10
Energy and clean technologiesCatalysts for ammonia productionSeed
MACSO Technologies LimitedInformation technology servicesAnimal healthEarly stage
Marama Labs Limited
10
Information technology servicesSoftware and measurement hardwareEarly stage
Mars Bioimaging LimitedLife sciences and medical technologiesMedical diagnosticsExpansion
My Better Breathing Limited
(trading as Good Air)
Life sciences and medical technologiesMedical devicesSeed
Nutrition from Water Inc.
(previously WholeFish Limited)
Materials and technologiesFood nutritionEarly stage
Opo Bio LimitedMaterials and technologiesCellular agricultureSeed

Booster Innovation Fund13
10 Investments are held indirectly via an interest in NZIB.
11 Investments are held indirectly via NZIB which has an interest in the specific investees through an agreement with the Matū Karihi fund.
12 A portion of the Investments are currently held via convertible notes or securities convertible to equity.
Orbis Diagnostics LimitedLife sciences and medical technologies
Screening and diagnostics
– human health
Early stage
OrbViz LimitedInformation technology servicesAnalytics and business intelligenceSeed
Scentian Bio LimitedInformation technology servicesSmart sensorsEarly stage
Sensor Holdings Limited
(trading as StretchSense)
Information technology servicesAugmented and virtual realityExpansion
Solros Therapeutics Limited
10
Life sciences and medical technologiesLife sciences – human healthSeed
The Sustainable Care Company
Limited (trading as Cleanery)
Energy and clean technologiesConsumer productsExpansion
TamoRx LimitedLife sciences and medical technologiesLife sciences – human healthSeed
TasmanIon Limited
10
Energy and clean technologiesEnergy storageSeed
Tectonus LimitedMaterials and technologiesConstruction materialsExpansion
Wave Propulsion LimitedEnergy and clean technologiesElectric systemsExpansion
Wellumio Limited
10, 12
Life sciences and medical technologiesMRI scannersSeed
Woolchemy LimitedMaterials and technologiesNatural materialsEarly stage
Wych Holdings LimitedInformation technology servicesFinancial technologiesSeed
XFrame Pty Limited
10
Materials and technologiesConstruction materialsExpansion
Zincovery LimitedEnergy and clean technologiesMaterials recyclingEarly stage
61% Expansion
20% Early
stage
Portfolio value by business stagePortfolio value by sector
10% Information
services
technology
30% Materials &
technologies
33% Life sciences
& medical
technologies
16% Seed
24% Energy & clean
technologies
3% Cash
3% Cash
Portfolio value by individual holding
This chart shows the relative size of each investment in which the Fund held an interest in as at 27 November 2025
(as a proportion of NAV). Commercial confidentiality obligations restrict the identification of each investment.
0%25%100%50%75%
As at 27 November 2025, the Fund has not committed to any investment in a company it is not already invested in.

Booster Innovation Fund14
The net asset value of the Fund at 27 November 2025 was $23.4 million.
Each investment is founded on intellectual property and inventions from one of New Zealand’s leading research institutions
and New Zealand private sector.
Information on each of the investments held by the Fund as of 27 November 2025 are provided below. Further information
is available on the website of each of the companies, which you can reach by following the links below, or from our website
at: www.booster.co.nz

Booster Innovation Fund15
Life Sciences and Medical Technologies Company Summaries
The Fund has holdings in the following companies developing technologies discovered in New Zealand to improve
healthcare and patient outcomes.
Alimetry Limited
Fund shareholding0–5%
Company establishment2019
Sub-Sector
Screening and diagnostics –
human health
Company stageExpansion
Key people
Greg O'Grady,
Armen Gharibans
Directors
Erik Engelson, Armen
Gharibans, Vignesh Kumar,
Gregory O'Grady, Mark Stuart,
Alistair McCreadie
Websitealimetry.com
Technology originUniversity of Auckland
Alimetry has developed a US FDA approved
wearable, non-invasive medical device and
software platform for the rapid and detailed
diagnosis of a range of gastrointestinal (GI)
disorders. Their objective measurement
approach improves the traditional “symptoms
approach” diagnostics, reducing uncertainties,
time, and cost, to both patients and clinicians.
Developed at the University of Auckland’s
Bioengineering Institute, Alimetry is built on
more than a decade of fundamental research
in both clinical and academic settings,
led by Professor Greg O’Grady as CEO.
The company is working closely with Key
Opinion Leaders (KOLs) within the GI field to
establish their presence within the market.
Amaroq Therapeutics Pty Limited
Fund shareholding0–5%
Company establishment2021
Sub-SectorLife sciences – human health
Company stageSeed
Key peoplePartha Das
Directors
David Christensen,
Phil Kearney
Websiteamaroqtx.com
Technology originUniversity of Otago
Amaroq Therapeutics, a biotech spun
out of University of Otago, is advancing
its programs to develop next-generation
RNA therapy to target cancer.
The Amaroq Therapeutics team, are exploring the
use of lncRNA molecules as therapeutic targets
and diagnostic markers in the treatment of cancer.
They are working on therapies to treat common
cancers such as breast, colorectal and liver cancer.
The study of long non-coding RNAs (lncRNAs),
often referred to as “dark matter” of the
genome, are molecules naturally present
in cells. They have become a focus of
research globally as they can act as key cell
regulators despite not coding for proteins.

Booster Innovation Fund16
Avasa Limited
Fund shareholding0–5%
Company establishment2018
Sub-SectorMedical devices
Company stageEarly stage
Key people
Nandoun Abeysekera,
A/Prof Jon Mathy
Directors
Nandoun Abeysekera,
Saum Vahdat, Byron van Vugt
Websiteavasa.io
Technology originUniversity of Auckland
Avasa was established in 2018 to commercialise a
novel implantable medical device, initially backed
by the University of Auckland, that aids in complex
microvascular artery and vein reconstruction.
This process of artery and vein reconstruction has
historically been done by surgeon’s hand sewing,
leaving an opportunity for Avasa’s innovation to
disrupt the current ‘normal’. Avasa advise that
early testing of it’s unique product has shown
the benefits by improving safety and reversibility
of the procedure, whilst making the process
faster and easier for surgeons to complete.
BioOra Limited
Fund shareholding0–5%
Company establishment2021
Sub-SectorLife sciences – human health
Company stageExpansion
Key people
John Robson, Karen Johnson,
Alex Galbon, Kirsty Cullen
Directors
Laurence Cooper,
Peter Crabtree,
Cyrus Mirsaidi, John Robson,
Saum Vahdat
Websitebioora.com
Technology origin
Malaghan Institute of
Medical Research (MIMR)
BioOra aims to make personalised cell therapies
known as Chimeric Antigen Receptor (CAR T)
therapies accessible to all. CAR T-cell therapy
is a treatment that has the potential to cure
certain cancers by modifying a patient’s own
immune cells (T-cells) to fight cancer cells.
However, treatment is costly and not
yet available in New Zealand.
BioOra was founded in collaboration with
Malaghan Institute of Medical Research to break
down these barriers by commercialising an
automated manufacturing process that seeks to
significantly reduce patient costs and improve
accessibility to this transformative treatment.

Booster Innovation Fund17
Cadmus Animal Health Limited
Fund shareholding5–10%
Company establishment2021
Sub-SectorAnimal health
Company stageSeed
Key peopleDuncan Mackintosh, Rana Ali
Directors
Elliott Dunn,
Duncan Mackintosh,
Anne-laure Puaux
Websitecadmusah.com
Technology originPrivate sector
Cadmus Animal Health was established to
develop and commercialise an immunotherapy
for the treatment of chronic periodontal
disease, directed towards the bacterium
Porphyromonas in companion animals.
Administration of Cadmus’ product is
expected to reduce existing disease burden
and bring protection from the progression
of chronic periodontitis and a reduced
requirement for further dental treatment.
Bontia Bio Limited
Fund shareholding10–15%
Company establishment2024
Sub-SectorSynthetic Biology
Company stageSeed
Key people
Emily Parker,
Matthew Nicholson,
Kelly Styles, Taylor Hibbard
Directors
Emily Parker,
Matthew Nicholson,
Anthony Simpson,
Sandhya Sriram
Websitebontiabio.com
Technology origin
Victoria University of
Wellington
Bontia Bio is a biotechnology company
that is utilising its proprietary synthetic
biology technologies to create scalable
production systems for commercially
valuable compounds from nature.
Founded on research out of Victoria
University of Wellington, these products
have potential application in active
pharmaceutical ingredients (APIs) for human
and animal health applications, and as pesticide
compounds for use in crop protection.

Booster Innovation Fund18
Calocurb Holdings Limited
Fund shareholding0–5%
Company establishment2017
Sub-SectorNatural supplements
Company stageExpansion
Key peopleSarah Kennedy
Directors
Brigette De Lambert,
James Draper, Lei Wang,
Sarah Kennedy
Websitecalocurb.co.nz
Technology originPlant and Food Research
Calocurb was established in 2017 to commercialise
a bioactive ingredient, sourced from New Zealand
hops, which has been developed in collaboration
with Plant and Food Research of New Zealand. The
products Calocurb have developed are targeting
appetite management to assist people with chronic
and debilitating obesity, a growing health epidemic
internationally. Calocurb believe the active
ingredient is the only natural, non-prescriptive
alternative to highly expensive prescription drugs
designed to assist this cohort of individuals.
Calocurb state their products are scientifically
researched, 100% plant-based and provide
individuals with an affordable alternative
to support their health needs.
Chitogel Limited
Fund shareholding0–5%
Company establishment2014
Sub-Sector
Biotechnology – human
health
Company stageExpansion
Key people
Edward Lamb,
Stephen Meyer
Directors
Simon Robinson,
Kevin Schimelfenig,
Peter Wormald
Websitechitogel.com
Technology originUniversity of Otago
Chitogel is a medical device company with
an advanced manufacturing facility based
in Lower Hutt. They sell medical kits in
multiple international markets that optimise
the wound healing environment and improve
patient outcomes following sinus surgery.
Originating from University of Otago
research, Chitogel’s developments are backed
by over 10 years of research and clinical
evidence, including 17 published studies
and scientific papers and the observation of
successful outcomes of sinus surgeries.

Booster Innovation Fund19
InsituGen Limited
Fund shareholding5–10%
Company establishment2020
Sub-Sector
Screening and diagnostics –
animal and human health
Company stageSeed
Key people
Alison Heather,
Matthew Bull
Directors
Thomas Bechter,
Oliver Gehrig, Gary Pace,
Andrea McKenzie
Websiteinsitugen.com
Technology originUniversity of Otago
InsituGen has developed a range of
bioassays for the detection of specific
hormones in biological samples.
They have a range of products including
veterinary tests for measuring hormone
activity in companion animals to determine the
appropriate time to neuter, detection of doping
in the equine industry (they have partnered
with Berlinger Special AG, a global supplier
of doping control equipment to extend their
market reach), and a system for environmental
monitoring to detect hormone contamination.
Ferronova Pty Limited
Fund shareholding0–5%
Company establishment2016
Sub-Sector
Screening and diagnostics –
human health
Company stageExpansion
Key peopleStewart Bartlett
Directors
Stewart Bartlett,
Dr John Parker,
Declan Cassells,
Stephanie Morris
Websiteferronova.com.au
Technology origin
Victoria University of
Wellington, University
of South Australia and
University of Sydney
Ferronova is a cancer diagnostics company,
developing surgical oncology tracer systems
for improving the staging of complex cancers.
More than 40% of people will be diagnosed with
cancer during their lifetime. Successful cancer
treatment relies on accurate staging of how far,
and where cancer has spread from a primary
tumour. Ferronova state that studies in gastric and
oesophageal cancer show up to 56% of patients
with early-stage disease have micro-metastasis
in lymph nodes that are currently undetected.
Ferronova’s injectable magnetic and fluorescent
tracers are designed to less invasively, more
quickly, and more accurately map the pathways
of the spread of cancer to lymph nodes.

Booster Innovation Fund20
MARS Bioimaging Limited
Fund shareholding0–5%
Company establishment2007
Sub-SectorMedical diagnostics
Company stageExpansion
Key people
Dr Ojas Mahapatra,
Mark Figgitt, Anthony Butler,
Bob Senzig
Directors
Philip Butler, Colin Dawson,
Christopher Stoelhorst,
Paul Muckleston, Ashish Diwan
Websitemarsbioimaging.com
Technology origin
University of Canterbury,
CERN
MARS Bioimaging (MBI) was founded to
commercialise cutting-edge bioimaging
technology in spectral molecular imaging.
This combines features of X-ray, CT, MRI &
PET in 3D, high resolution, quality, colour
images for point-of-care diagnosis.
This system is based on the next generation
of x-ray detectors which were originally
developed in collaboration with CERN,
University of Canterbury, University of Otago,
and other partners. They have recently
partnered with Hospital for Special Surgery
(HSS) in the US to advance musculoskeletal
imaging and diagnostics in clinical settings.
Marama Labs Limited
Fund shareholding5–10%
Company establishment2019
Sub-Sector
Software and measurement
hardware
Company stageEarly stage
Key people
Dr Brendan Darby,
Dr Matthias Meyer,
Prof Eric Le Ru
Directors
Dr Brendan Darby,
David Bowles,
Prof Eric Le Ru,
Mark Bregman
Website
maramalabs.com
cloudspec.co.nz
Technology origin
Victoria University
of Wellington
Marama Labs develops scientific hardware
and data analytics solutions to help customers
improve the quality of their products.
At the core of Marama Labs’ platform is it’s UV-Vis
spectroscopy, the CloudSpec, that accurately
analyses light spectra in cloudy liquids.
Marama Labs is primarily targeting the
life sciences sector with their technology
biopharma where it is critical to understand
the underlying chemistry of a cloudy
liquid to quantify biomolecules.

Booster Innovation Fund21
My Better Breathing Limited
Fund shareholding0–5%
Company establishment2021
Sub-SectorMedical device
Company stageSeed
Key peopleKerri McMaster, David White
DirectorsCarl Jones, Kerri McMaster
Websitegoodairnosebuds.com
Technology origin
Auckland University
of Technology
My Better Breathing Limited, is a patented
mechanical breathing technology, known as
Goodair Nosebuds. The nose buds provide a non-
invasive, non-drug, effective nasal congestion
solution, which allows natural function and
improved nasal patency. The nose buds apply
frequencies and airflow control to individual sides
of the nose to correctly sense nasal airflow and
deliver nasal breathing neurotherapies offering
individuals an alternative to nasal decongestants
or antihistamines. The technology was developed
by Professor David White, from the BioDesign
Lab at Auckland University of Technology (AUT).
Orbis Diagnostics Limited
Fund shareholding0–5%
Company establishment2016
Sub-Sector
Screening and diagnostics –
human health
Company stageEarly stage
Key people
Miriam Cather Simpson,
David Williams
Directors
Allan Goldberg, Brent Oglive,
Sarah Park, Miriam Cather
Simpson
Websiteorbisdiagnostics.com
Technology originUniversity of Auckland
Orbis is addressing global healthcare challenges
by making personalised diagnostic testing
simple and accessible in multiple settings.
Orbis is developing, a ‘lab on a disk’ testing
platform that uses proprietary microfluidic
technology to miniaturise and automate accurate
lab testing for use at the point of care. Orbis
recognised how the unique features of the
system could help people determine their relative
level of immunity. With their first application
in Covid-19 testing, Orbis have now adapted
to a broader system for the platform, enabling
Orbis to take on infectious diseases and various
types of assays. The company is working with
pharmacy chains and partners to bring its tests
to market in New Zealand and overseas.

Booster Innovation Fund22
TamoRx Limited
Fund shareholding0–5%
Company establishment2021
Sub-SectorLife sciences – human health
Company stageSeed
Key people
Dr Joanna Mathy,
Professor Rod Dunbar
Directors
Elliott Dunn,
Kimberlee Jordan,
Duncan Mackintosh
WebsiteN/A
Technology originUniversity of Auckland
TamoRx’s founding inventors, from University of
Auckland, School of Biological Sciences, aim to
develop an immunotherapy medicine to help a
patient’s immune systems destroy cancer cells.
They have identified a novel biological mechanism
within cells that restricts the immune system from
fighting cancer. The research team is developing
a new therapy that aims to free patient’s immune
systems from this restriction, increasing immune
attacks on cancer cells within tumours.
Solros Therapeutics Limited
Fund shareholding5–10%
Company establishment2024
Sub-SectorLife sciences – human health
Company stageSeed
Directors
David Christensen,
Elliot Dunn, Melissa McBurnie
WebsiteN/A
Technology originUniversity of Otago
Solros Tx Limited is seeking to commercialise
brain health focused therapies that take advantage
of novel mechanisms of action. They believe
that neurology and brain health are of interest
to global pharmaceutical companies. Founded
on research from Otago University, the team
aim to advance more effective treatments for
patients suffering from neurological conditions.
SolrosTx

Booster Innovation Fund23
Wellumio Limited
Fund shareholding
5–10%
(indicative holding as some
investment held as convertible notes)
Company establishment2019
Sub-SectorMRI Scanners
Company stageSeed
Key people
Dr Shieak Tzeng,
Dr Sergei Obruchkov
Directors
Siavosh Moussavi,
Dr Yu-chieh Tzeng,
Dr Sergei Obruchkov,
Mitali Purohit
Websitewellumio.com
Technology origin
Otago University & Victoria
University of Wellington
Wellumio was established to commercialise a
unique, world-first, portable magnetic resonance
imaging (MRI) device that will bring brain scans
to where the stroke happens. The company was
established in September 2019 and the team
are aiming to revolutionize the stroke treatment
model to offer diagnosis in the critical ‘golden
hour’ (first hour following the stroke). The solution
aims to offer cost effective treatment that is
accessible everywhere, with technology based
on Intellectual Property developed at Otago
University and Victoria University of Wellington.

Booster Innovation Fund24
Information Technology Services Company Summaries
The Fund has holdings in the following companies developing software solutions to maximise the use of data to improve
customer outcomes and value.
Codify Asset Solutions Limited
Fund shareholding0–5%
Company establishment2018
Sub-SectorBuilding industry software
Company stageEarly stage
Key peopleJohannes Dimyadi
Directors
Robert Amor, Craig Brown,
Kenneth Erskine
Websitecas.net.nz
Technology originUniversity of Auckland
Codify Asset Solutions (CAS) has developed a
software platform that automates compliance,
management, and auditing in a transparent
manner based on open standards.
Developed out of research at the University of
Auckland’s School of Computer Science, CAS
is initially focusing on the AECO (Architecture,
Engineering, Construction, Operations) industries,
supporting the ISO-standard BIM (Building Information
Modelling) and other open standards. The core of
CAS software solutions, ACABIM, is a computational
engine that can perform complex calculations and
navigate through regulations and standards in a
verifiable manner. It can be used to automatically
check various aspects of a building design model
against regulatory requirements for compliance.
This can reduce costs and improve productivity in
the industry. ACABIM has been incorporated into
several software solutions by CAS to assist with land
development, planning through to construction,
facilities operations, and asset management.
Indus Limited
Fund shareholding
0–5%
(indicative holding as investment held
as securities convertible to equity)
Company establishment2024
Sub-SectorFinancial technology
Company stageSeed
Key peopleJai Goradia
Directors
Jai Goradia, Chandra Gowda,
Andrew Arthur
Websiteindus.nz
Technology originPrivate sector
Indus is developing an investment platform to
facilitate investment into stocks and mutual funds
in India, the fastest growing major economy
in the world (as defined by the International
Monetary Fund, 2025). They are overcoming
historical barriers to investment to offer a
pathway for people residing outside of India
to invest in these securities within minutes.
A participant in the 2025 CreativeHQ Fintech
Accelerator Program, Indus’s goal is to become
a world leading platform for investment into the
Indian share market for investors around the world.

Booster Innovation Fund25
Jaipuna Limited (trading as Amy.app)
Fund shareholding0–5%
Company establishment2014
Sub-SectorEducation technologies
Company stageEarly stage
Key peopleRaphael Nolden
DirectorsRaphael Nolden
Websiteamy.app
Technology originPrivate sector
The team at Jaipuna have developed a private
tutoring software platform, Amy, for maths
which is underpinned by artificial intelligence.
This aims to make learning maths easy for
everyone. Amy supports learning by giving
students feedback and automatically filling
their knowledge gaps as they learn.
The company’s mission is to democratise
education and make learning maths and
other subjects easier for everyone around the
world. They also work with other education
providers and companies and embed Amy
into their systems to reach more students.
Kai's Education Limited
Fund shareholding0–5%
Company establishment2018
Sub-SectorEducation technologies
Company stageEarly stage
Key peopleRonel Schodt, Bruce Jackson
Directors
Rudiger Bublitz,
Robert Drummond,
Ronel Schodt, Bruce Jackson
Websitekaiseducation.com
Technology originPrivate sector
Kai’s Education specialise in the development and
sale of next generation, inclusive, and accessible
education technology tools that empower and
aid teachers in creating engaging and informative
lessons aligned with critical curriculum.
They have two products for different age
ranges that use robots and coding, along
with virtual and augmented reality worlds,
to teach kids subjects such as science,
technology, engineering, and mathematics
Kai’s Education tools are being used in
classrooms around the world, including in New
Zealand, Australia, United States and Europe.

Booster Innovation Fund26
Komodo Holdings Limited
Fund shareholding0–5%
Company establishment2018
Sub-SectorEducation Technology
Company stageEarly stage
Key peopleChris Bacon, Jack Wood
DirectorsChris Bacon, Jack Wood
Websitekomodowellbeing.com
Technology originPrivate sector
Komodo have developed a data-
driven wellbeing platform, empowering
students and enabling schools to make
positive and effective interventions.
With a mission of positively impacting the lives
of all students, Komodo’s platform provides a
voice for students, allowing teachers to become
more aware of their mental wellbeing. It can
help to reduce bullying, highlight the need for
additional academic support and overall, help
schools become a safer and happier place for all.
Komodo have already generated sales across
multiple countries and their product is having a
real-life impact on students across the globe.
MACSO Technologies Limited
Fund shareholding5–10%
Company establishment2021
Sub-SectorAnimal health
Company stageEarly stage
Key peopleSaba Samiei, Hwan Goh
Directors
Behrooz Abdi,
Samar Alrayyes,
John Robson, Saum Vahdat
Websitemacso.ai
Technology originPrivate sector
MACSO was established in 2021 to develop a cloud
based artificial intelligence platform that uses
sensors and edge artificial intelligence to remotely
monitor customers’ operating environments, with
an initial application in the animal health sector.
MACSO’s first solution is designed to provide early
detection of respiratory illnesses on commercial
swine farms. It is anticipated to detect disease
outbreaks days before traditional means of human-
based detection, with the aim of enabling farmers
to take action that can prevent catastrophic loss.

Booster Innovation Fund27
OrbViz Holdings Limited
Fund shareholding0–5%
Company establishment2021
Sub-Sector
Analytics and business
intelligence
Company stageSeed
Key peopleVanessa O’Brien
Directors
Kurt Janssen, Mads Moller,
Vanessa O’Brien, David Oliver
Websiteorbviz.com
Technology originPrivate sector
OrbViz is a SaaS platform that seeks to
transform static reports and spreadsheets into
interactive reports that stakeholders can easily
access, explore, understand, and respond to.
By combining business intelligence and multimedia
storytelling, Orbviz’s solutions let users dive
from macro to micro level, accessing meaningful
and personalised insights with a single click.
Customers include corporates and local councils
in New Zealand and Australia who use OrbViz
to communicate consumer-centric data and
track engagement analytics to improve their
stakeholder interaction and outcomes.
Scentian Bio Limited
Fund shareholding0–5%
Company establishment2020
Sub-SectorSmart Sensors
Company stageEarly stage
Key people
Jonathan Good,
Andrew Kralicek
Directors
Peter Cook, Jonathan Good,
Dean Tilyard, Marcel Van Den
Assum
Websitescentianbio.com
Technology originPlant and Food Research
Scentian Bio is a spin-out from Plant and Food
Research that was established in 2020. The
company is commercialising a unique sensing
system that can define a digital reference for a
taste and smell. It is based on a replication of
insect sensing receptors and can provide insight
into many settings including early detection of
contaminants in food, early diagnosis of disease,
or the company’s immediate priority – the quality
assessment and control of food ingredients.

Booster Innovation Fund28
Wych Holdings Limited
Fund shareholding0–5%
Company establishment2025
Sub-SectorFinancial technologies
Company stageSeed
Key peopleDermot Butterfield
DirectorsDermot Butterfield
Websitewych.io
Technology originPrivate sector
Wych has been established to support the
rapid transition to open banking protocols
and enable secure, real-time sharing of
financial data between banks and third-
party providers through standardized APIs,
unlocking a wide array of innovative services.
This will allow customers to securely share
their financial data from their bank with other
trusted apps or companies or to Pay by Bank.
Wych’s early traction with major banks, notably
its partnership with Kiwibank positions it well
to be a key enabler of the open data economy
initially in Australasia and further abroad.
Sensor Holdings Limited (trading as StretchSense)
Fund shareholding0–5%
Company establishment2019
Sub-SectorAugmented and virtual reality
Company stageExpansion
Key people
Christopher Chapman,
Todd Gisby
Directors
Paul Atkinson,
Christopher Chapman,
Benjamin O’Brien,
Michael Riley
Websitestretchsense.com
Technology originUniversity of Auckland
StretchSense produces motion capture gloves
that combine stretchable sensors and machine
learning to provide accurate finger tracking for
a range of applications including VR training
simulations, and digital animations.
The soft stretchable sensors used in the
company’s products were originally developed
at University of Auckland. Stretch sensors are
used for measuring the subtle movements of
the human body as they are highly accurate and
do not suffer from occlusion, drift or magnetic
interference — factors that limit the effectiveness
of other types of motion capture sensors.

Booster Innovation Fund29
Materials and Technologies Company Summaries
The Fund has holdings in the following companies developing novel materials, technologies and systems that have uses in
multiple industries.
Advemto Limited
Fund shareholding5–10%
Company establishment2022
Sub-SectorScientific instrumentation
Company stageEarly stage
Key peopleProfessor Justin Hodgkiss
Directors
Justin Hodgkiss,
Robert Shaddock, Michael
Brown, Johnathan Sharpe,
Caroline Williams
Websiteadvemto.com
Technology origin
Victoria University
of Wellington
Advemto is developing ultrafast spectroscopy
tools. Spectroscopy is used in virtually all fields
of science and technology to investigate and
explore the nature and properties of matter.
Ultrafast spectroscopy uses extremely short
lights pulses to measure fast dynamics.
Their spectrometers reduce the time it
takes to collect data from many hours or
days down to just minutes, while allowing
measurement dynamics in proteins, as well as
solar cells, LEDs, and photonics materials.
The company is currently selling to
academic groups and has established
distribution with an international distributor
to expand their reach internationally.
Advemto is developing its next product to
serve the large life science markets.
BioLumic Inc
Fund shareholding0–5%
Company establishment2012
Sub-SectorAgriculture technologies
Company stageExpansion
Key people
Steve Sibulkin,
Jason Wargent
Directors
Adrian Percy,
Johanna Wolfson,
John Bedrook, Dean Tilyard,
Mark Houghton Brown
Websitebiolumic.com
Technology originMassey University
BioLumic uses UV light signals to unlock
the natural genetic potential of seeds
and seedlings—without requiring use of
chemicals or genetic modification.
BioLumic’s technology, originating from Massey
University, triggers biological mechanisms
that have demonstrated increases in plant
yield, vigour, and disease resistance. With
global food demand increasing significantly,
this is expected to be an important
advancement in food production methods.
In soybean seeds, the company has shown it can
use light signals to help produce traits and yield
benefits that stack onto other treatments. In
medical cannabis crops, the company’s products
have been shown to increase yield by over
40%. The team have also initiated a programme
funded by the Bill and Melinda Gates Foundation
to enhance the crop performance of rice

Booster Innovation Fund30
Nutrition from Water Inc (previously WholeFish Limited)
Fund shareholding0–5%
Company establishment2020
Sub-SectorFood nutrition
Company stageEarly stage
Key people
Alexander Worker,
Federico Duarte
DirectorsAlexander Worker
Websitenutritionfromwater.com
Technology originCawthron Research Institute
Nutrition from Water (NXW), operates in the
food nutrition part of the deep technology
and engineering sector. It specialises in
development of marine whey, a protein source
produced from water and microalgae. NXW
was formed in 2020, and is classified as a seed
stage business, and has a key technology
partnership with Cawthron Research Institute.
The team’s mission is to produce complete
nutrition with a low emission profile without
compromising functionality, taste and quality.
Inhibit Coatings Limited
Fund shareholding5–10%
Company establishment2016
Sub-SectorAntimicrobial applications
Company stageSeed
Key people
Eldon Tate,
Emma Wrigglesworth
Directors
Nina Le Lievre, Peter Lee,
Eldon Tate
Websiteinhibitcoatings.com
Technology origin
Victoria University
of Wellington
Microbial contamination is a deadly issue.
Inhibit Coatings is on mission to save lives
by preventing the spread of dangerous
pathogens in hygienic environments.
Inhibit Coatings produces highly effective
antimicrobial surface coatings. These coatings
work to inhibit the growth of microbial
contamination and outbreaks in facilities with
high hygiene and sanitisation requirements such
as food and beverage, healthcare, and transport.
Inhibit Coatings is also working to develop next
generation antimicrobial medical devices to limit
infection rates and improve patient outcomes.

Booster Innovation Fund31
Tectonus Limited
Fund shareholding0–5%
Company establishment2016
Sub-SectorConstruction materials
Company stageExpansion
Key people
Carl Beck,
Pierre Quenneville,
Pouyan Zarnani,
Ashkan Hashemi
Directors
Anthony Leighs,
Pierre Quenneville,
Andrew Reding,
Paul Muckleston
Websitetectonus.com
Technology originUniversity of Auckland
Tectonus was founded to commercialise the resilient
slip friction joint, a unique and sustainable seismic
technology that aims to increase protection of
multi-storey buildings during earthquakes.
Their original patented technology, developed
at University of Auckland, aims to absorb the
impact of an earthquake and then automatically
reset itself before aftershocks so buildings
can be reoccupied faster, business operations
can continue, and damages are minimised.
Subsequent innovation has led them to develop
application-specific solutions that can lower
the cost of compliance with seismic buildings
codes at the same time as providing owner and
occupier with a safer, more resilient building.
With a focus on important buildings such
as hospitals, Tectonus has projects across
New Zealand, the US, and Canada.
Opo Bio Limited
Fund shareholding5–10%
Company establishment2022
Sub-SectorCellular agriculture
Company stageSeed
Key people
Laura Domigan,
Olivia Ogilvie,
Directors
Maria Alvarez Benavides,
Kevin Darling,
Laura Domigan,
Shivali Gulab, Olivia Ogilvie
Websiteopobio.com
Technology originUniversity of Auckland
Opo Bio produces living and non-living
ingredients for the production of the fast
growing biomanufacturing industry
The company has identified a gap in the market
- the need for high quality, fully characterised,
commercial grade cells to support the rapid
growth and affordability of biomanufactured
ingredients, including meat and collagen.
Opo Bio is positioning themselves to become
a critical link in the supply chain for the
emerging biomanufacturing industry by building
a multi-species and multi-cell type bank of
products for research and commercial use.

Booster Innovation Fund32
XFrame Limited
Fund shareholding5–10%
Company establishment2020
Sub-SectorConstruction materials
Company stageExpansion
Key people
Gerard Finch,
Carsten Dethlefsen,
Simon Mckean
Directors
Carsten Dethlefsen,
Gerard Finch, Derrick Lobban,
Matthew Walsh
Websitexframegroup.com
Technology origin
Victoria University
of Wellington
XFrame™ is a circular economy technology,
providing modular construction framing and
commercial fit-out solutions. XFrame™ was
developed to enable buildings to be designed
for change. This means the frames as well as the
linings (and claddings) that connect to the frame
using easily reversible fixing methods can easily
be changed or moved, minimising the mess and
waste normally created when change is required.
XFrame™ takes advantage of a series of
proprietary in-house automation workflows to
rapidly design and deploy the XFrame™ products.
Using this infrastructure, XFrame™ provides
builders, architect and clients with detailed
project-specific assembly instructions
and documentation to make adoption of
the XFrame™ system hassle-free.
Woolchemy NZ Limited
Fund shareholding0–5%
Company establishment2008
Sub-SectorNatural materials
Company stageEarly stage
Key people
Derelee Potroz-Smith,
Alana Cheape
Directors
Richard Cutfield,
Derelee Potroz-Smith
Websitewoolchemy.com
Technology originPrivate sector
Woolchemy is a material technology company,
and was formed to transform an abundant base
material, wool, into something more valuable, using
sustainable, environmental and ethical processes.
Woolchemy develops high performance hygiene
materials using natural fibres for products like nappies
that are healthier for both people and the planet.
Consumer, shareholder, and legislative pressures
are prompting sanitary hygiene product
manufacturers to actively look for ways to
solve the plastic, waste and pollution problems
associated with their current products.
Woolchemy’s initial two products, neweZorb
and newFlex are protected by patents
and are biodegradable and compostable,
renewable and sustainable, washable or
disposable, and contains no chemicals as
tested under the OEKO TEX 100 Standard.

Booster Innovation Fund33
Energy and Clean Technologies Company Summaries
The Fund has holdings in the following companies developing novel materials and technologies to improve the production,
use or storage of energy and other clean technologies.
Allegro Energy Pty Limited
Fund shareholding0–5%
Company establishment2021
Sub-SectorEnergy storage
Company stageExpansion
Key people
Thomas Nann,
Fraser Hughson, Rohan Borah
Directors
Thomas Nann,
Fraser Hughson, Rohan Borah
Websiteallegro.energy
Technology origin
Victoria University
of Wellington
Allegro Energy has developed a water-based
electrolyte, originally developed at Victoria
University of Wellington, that it believes can
match or outperform other electrical energy
storage from batteries to supercapacitors. Their
water-based electrolyte enables energy storage
that is non-flammable, less expensive and much
safer than competing technology, opening up
the ability to address needs at a global scale.
They have partnered with Origin Energy
to advance their long duration storage
solutions which they believe will play an
important role in the energy mix.
B.spkl Limited
Fund shareholding0–5%
Company establishment2022
Sub-SectorGreen hydrogen
Company stageSeed
Key peopleChristina Houlihan
Directors
Maria Alvarez Benavides,
Christina Houlihan,
Robert Shaddock,
Johnathan Sharpe
Websitebspkl.co
Technology originGNS Science
Bspkl is a spin-out from GNS Science that
was established in 2022. The company is
commercialising a unique manufacturing
method and technology to produce ultra-
low iridium catalyst coated membranes, a
key component of hydrogen electrolysers.
Hydrogen electrolysers are essential for the
generation of green hydrogen, a climate friendly
alternative to regular hydrogen which has many
uses such as powering vehicles, generating
electricity, and heating homes and business.
The switch to green hydrogen has historically
been unviable due to high costs and limited raw
materials. Bspkl’s solution has the potential to
resolve these issues and have a real world impact
on the global shift to a climate friendly economy.

Booster Innovation Fund34
Hot Lime Labs Limited
Fund shareholding0–5%
Company establishment2014
Sub-Sector
Carbon delivery for
horticulture
Company stageEarly stage
Key peopleVlatko Materic, Tijs Robinson
Directors
Garry Bluett, Mervyn Jones,
Vlatko Materic,
David Williams
Websitehotlimelabs.com
Technology originCallaghan Innovation
Hot Lime Labs are developing CO2 delivery
solutions for high tech, hydroponic greenhouses
that produce food crops. Growers currently
add CO2 gas to feed plants, increasing yields
by up to 25%, however current CO2 demand
outstrips supply and costs are rising worldwide.
Hot Lime Labs’ technology uses patented
limestone pellets combined with novel
engineering to produce sustainable CO2. This
allows growers to reduce their carbon footprint
while being more cost-effective, providing a
green alternative to the traditional fossil-based
sources of CO2, natural gas and liquid CO2.
Captivate Technology Limited
Fund shareholding0–5%
Company establishment2022
Sub-SectorCarbon capture
Company stageSeed
Key peopleProfessor Shane Telfer
Directors
Shane Telfer, Jason Patrick,
Callum Streeter
Websitecaptivatetechnology.com
Technology origin
Massey University
of Auckland
Captivate Technology was established in 2022
to commercialise a unique carbon capture
technology developed at Massey University. The
team at Captivate have developed a porous solid
material that acts as a sponge for carbon dioxide,
referred to as a metal organic framework (MOF).
Their novel MOF has potential to significantly
reduce greenhouse gas emissions through the
sequestration of CO2 across a range of industries.

Booster Innovation Fund35
Liquium Limited
Fund shareholding10–15%
Company establishment2022
Sub-Sector
Catalyst for ammonia
production
Company stageSeed
Key peopleFranck Natali, Paul Geraghty
Directors
Pierre Malou, Franck Natali,
Greg Sitters, John Worth
Websiteliquium.nz
Technology origin
Victoria University
of Wellington
Ammonia production is one of the largest chemical
industrial processes. The current 100-year-old
Haber-Bosch process to produce ammonia has
a large carbon footprint requiring extremely
high temperatures and high pressures and harsh
feedstock for production. Due to the harsh reaction
conditions and feedstock sources, Liquium estimates
that each tonne of ammonia produced results on
average three tons of carbon dioxide emission.
Liquium is on a mission to scale and develop its
novel catalyst to enable production of ammonia
in a more efficient, lower cost and decentralized
manner that will facilitate the deployment of the
hydrogen economy alongside renewable energy.
The Sustainable Care Company Limited (trading as Cleanery)
Fund shareholding0–5%
Company establishment2017
Sub-SectorConsumer products
Company stageExpansion
Key people
Mark Sorensen, Ellie Brade,
David Hassell
Directors
Rohan MacMahon,
Nicola O’Rourke,
Mark Sorensen
Websitecleanery.co.nz
The Sustainable Care Company Limited, trading
as Cleanery, operates in the clean technology
sector, selling a range of cleaning and personal care
products that aim to have a reduced environmental
impact compared to existing solutions. It was
established in 2017 and has developed cleaning
solutions that allows them to sell products in
powdered form. The ability to sell in powdered form
with the consumer adding their own water allows
for a reduction in the use of single use plastics.

Booster Innovation Fund36
TasmanIon Limited
Fund shareholding5–10%
Company establishment2021
Sub-SectorEnergy storage
Company stageSeed
Key peopleShalini Divya
Directors
James Johnston,
Anthony Clyde
Websitetasmanion.com
Technology origin
Victoria University
of Wellington
TasmanIon is developing aluminium ion
batteries for use in grid storage and portable
applications. The materials being used are
potentially more sustainable as they will not rely
on diminishing supplies of cobalt and lithium.
The advantage of using aluminium ion batteries
against other available options (lithium Ion) is
the cheaper and more available raw material.
Wave Propulsion Limited
Fund shareholding0–5%
Company establishment2015
Sub-SectorElectric systems
Company stageExpansion
Key peopleJames Morton
Directors
Chris Baird, Mark Stuart,
Derek Slatter
Website
zerojet.com
tectrax.co.nz
Technology originPrivate sector
Wave Propulsion Limited is the merged
entity of ZeroJet and Tectrax.
ZeroJet was established to develop electric
propulsion systems to eliminate the need for
combustion engines on small watercraft. ZeroJet
estimate a significant reduction in environmental
impact can be achieved with their systems.
Tectrax develops and sells electric amphibious
boating systems. These systems enable
safer and easier deployment of boats
from land into water and back again.
The merger consolidates two leading New Zealand
innovators in electric marine technology, bringing
together complementary expertise while allowing
both brands to grow in their respective sectors.

Booster Innovation Fund37
Zincovery Process Technologies Limited
Fund shareholding0–5%
Company launched2021
Sub-SectorMaterials recycling
Company stageEarly stage
Key people
Jonathan Ring,
Aaron Marshall,
Leatham Landon-Lane
Directors
Sean Molloy, Jonathan Ring,
Joanna Wickham,
Francesco Rubio
Websitezincovery.com
Technology originUniversity of Canterbury
Launched out of University of Canterbury in 2021,
Zincovery was established to commercialise
zinc recycling technologies. Zinc dust left
over from the steel industry is hazardous, and
current practice is to use large volumes of
coal to extract the zinc so it can be reused.
Zincovery has developed an alternative approach
using small amounts of hydrogen and a unique
acid leaching process with avoids 95% of
the emissions compared to the incumbent
process as well as being 45% cheaper.

Booster Innovation Fund38
Acquisition of Investments since
31 March 2025
Since 31 March 2025 the Fund has acquired additional
investments which as at 27 November 2025 are valued at
$2.327 million, of which $0.585 million is additional units in
NZIB. The Fund is expected to acquire additional follow-on
investments during December 2025 which it has assigned
an expected value as of 27 November 2025 of $0.400 million.
Units in NZ Innovation Booster Limited Partnership
(NZIB)
A follow-on investment in Bontia Bio Limited was made
on 25 July 2025 by purchasing additional units in NZIB.
This related to a transfer in of shares from Wellington
UniVentures.
A follow-on investment in Wellumio Limited was made on
31 July 2025 by purchasing additional units in NZIB. This
related to a further capital raise by the company.
These additional investments in units in NZIB are valued at
$161,000 as at 27 November 2025. There is also $424,000 in
cash for investments expected to complete in December 2025.
Tectonus Limited
Follow on investments in Tectonus Limited were purchased
on 11 June 2025 and 3 July 2025 following milestone
delivery and tranched investment allocations for the
company. These investments are valued at $218,000 at
27 November 2025.
Avasa Limited
A follow-on investment in Avasa Limited was purchased
following a capital raise by the company. This follow-on
investment is valued at $250,000 at 27 November 2025.
Indus Limited
The interest in Indus Limited was purchased on 28 July
2025 following a capital raise by the company. This
investment is valued at $140,000 at 27 November 2025.
MARS Bioimaging Limited
A follow-on investment in Mars Bioimaging Limited was
purchased on 30 July 2025 following milestone delivery
and tranched investment allocations for the company. This
investment is valued at $135,000 at 27 November 2025.
Cadmus Animal Health Limited
The interest in Cadmus Animal Health Limited was
purchased on 6 August 2025 following a capital raise
by the company. This investment is valued at $250,000
at 27 November 2025.
Wych Holdings Limited
The interest in Wych Holdings Limited was purchased on
18 August 2025 following a capital raise by the company.
This investment is valued at $150,000 at 27 November 2025.
Komodo Holdings Limited
A follow-on investment in Komodo Holdings Limited was
purchased on 24 October 2025 following a capital raise
by the company. This follow-on investment is valued at
$100,000 at 27 November 2025.
BioOra Limited
A follow-on investment in BioOra Limited was purchased
on 30 October 2025 following a capital raise by the
company. This follow-on investment is valued at $500,000
at 27 November 2025.
An independent valuation has not been obtained in
respect of these investments as we (in conjunction with
our investment partners) consider we have sufficient
information and expertise to assess their value when
applying our valuation approach outlined in Section 4 –
How the Booster Innovation Fund works.
NZIB Investment Partners
A key element of the Fund’s strategy is to establish strong
partnerships with entities that have expertise in developing
and commercialising intellectual property.
We have formalised a partnering relationship with the
following entities:
Wellington UniVentures, a wholly owned subsidary
of Victoria University of Wellington
• Victoria University of Wellington supports the
commercialisation of intellectual property through a
dedicated company – Victoria Link Limited (trading as
Wellington UniVentures) which has been operating for
nearly 30 years.
• Wellington UniVentures support the commercialisation
of university owned intellectual property arising from
research, provides financial support and specialist
expertise to develop and de-risk university originated
innovations and works with the innovators to
commercialise developments. Wellington UniVentures
has a pipeline of innovations and potential new start-ups.
• In July 2018, NZ Innovation Booster Limited Partnership
(NZIB) was established between Wellington
UniVentures and Booster Financial Services Limited.
The partnership was established to introduce privately
sourced funding and allow Wellington UniVentures to
recycle its capital into further developing the emerging
pipeline of intellectual property innovations at Victoria
University of Wellington.
• The NZIB board (which has representatives from
Wellington UniVentures, Booster Financial Services
Ltd, Otago Innovation Limited, and Auckland
UniServices Limited) is responsible for assessing and
monitoring investment opportunities on behalf of the
limited partners.
• The Fund, through its interest in NZIB, has an interest
in several businesses originating from Victoria
University of Wellington.
Otago Innovation Limited, a wholly owned
subsidary of University of Otago
• Similarly to Victoria University of Wellington, University
of Otago supports the commercialisation of technology
through Otago Innovation Limited (OIL). OIL has a
similar pipeline of potential investments to Wellington
UniVentures.
• OIL subsequently joined NZIB as a partner in April
2020 for the same purpose in respect of University of
Otago intellectual property.
• The Fund, through its interest in NZIB, also has
an interest in several businesses originating from
University of Otago.

Booster Innovation Fund39
Auckland UniServices Limited, a wholly owned
subsidiary of the University of Auckland
• Similarly to Victoria University of Wellington and
University of Otago, University of Auckland supports
the commercialisation of technology through Auckland
UniServices (AUS). AUS has a robust pipeline of
potential investments coming through their pipeline.
They also operate their own investment fund, the
University of Auckland Inventors Fund.
• AUS subsequently joined as a partner in December 2025
to grow their connections to potential co-investors.
• The Fund also has an interest in several business
originating from the University of Auckland.
The NZIB partnership is a unique and very valuable
relationship to the Fund. It provides the Fund with a
source of regular investment opportunities, each of which
are known by and have received active support from the
relevant university commercialisation companies who have
expertise relevant to the business.
None of Wellington UniVentures, OIL or AUS receive any
consideration directly or indirectly related to the partnering
arrangements with us, nor hold units directly in the Fund.
However see the Related Party Benefit section further down.
We also have strong collaborative relationships and informal
networks with several other organisations and investors that
specialise in incubating, supporting and investing in early-
stage businesses.
Management of the Fund
As manager, we are responsible for managing the day-to-
day activities required for the Fund. These duties include:
• managing the investments of the Fund in accordance
with the SIPO;
• through its investment partners, co-investor network
and broader professional network, identifying
investment opportunities for the Fund;
• assessing the credentials and experience of investment
partners and co-investors;
• assessing investment performance and valuations of
existing investments in conjunction with investment
partners;
• assessing investment opportunities against the Fund’s
investment criteria in conjunction with investment
partners;
• investor communications;
• administration of the unitholder register; and
• compliance with relevant legislation and regulations.
We have entered into a support agreement with our
parent company Booster Financial Services Limited
(BFSL) whereby BFSL provides services and support to us,
including in relation to managing scheme property. See
section 10 of the PDS (about Booster and others involved in
the Scheme) and the Other Material Information document
available on the offer register at www.disclose-register.
companiesoffice.govt.nz.
We have established a professional and highly experienced
team to manage this Fund:
• The manager’s Board of Directors takes overall
responsibility for the Fund.
• The Booster Innovation Fund Investment Committee
(Investment Committee) is responsible for the Fund’s
investment strategy, including establishing and
monitoring relationships with investment partners,
portfolio allocation, investment decisions and ongoing
monitoring for direct investments.
• The Advisors provide oversight and support to
the management team and advise the Investment
Committee on investment opportunities, investment
partners, investment strategy and valuations.
• Key management personnel in relation to the Fund are
involved in the critical day-to day management of the
Fund. They are supported by the rest of the leadership
team – see the Other Material Information document
available on the offer register at www.disclose-
register.companiesoffice.govt.nz for further details.
Where required, the team can provide direct support
and assistance to the businesses.

Booster Innovation Fund40
Melanie Templeton, Wellington
Bachelor of Business Information – Marketing and Communications
Mel is an independent director, and has a strong background in governance, risk and assurance and
regulatory compliance as well as significant experience in financial services, specifically around fintech
and retail banking.
Dianne Day, Sydney
BA, MBA (Hons), FINSIA, Fellow of the Australian Institute of Company Directors
Dianne is an independent director and is an accredited professional trustee with significant experience
in the investment management industry. Dianne spent a number of years in senior commercial roles in
New Zealand and Australia and the past 10 years as a professional independent trustee for a number of
regulated pension schemes in the UK. Dianne’s commercial and fiduciary experience combine to offer
a unique blend of business expertise and customer insight to her board appointments.
The manager’s Board of Directors
John Selby, Mt Maunganui
BC, CA (NZ Institute of Chartered Accountants), Member of NZ Institute of Directors
John is the Chair and an independent director. He brings a wealth of experience from his 37-year
career with PricewaterhouseCoopers, of which 25 years was as a partner in advisory and assurance.
John has experience across a range of industries, including financial services and currently holds a
number of governance roles. This includes the NZ Innovation GP Ltd, the general partner of NZIB.
Diana Papadopoulos, Wellington
BCA (Hons)
Diana is a director on our board of directors and Chief Executive Office of Booster Financial Services
Limited. Diana was previously the Chief Customer Officer. Diana has 20 years of commercial
experience across multiple functional areas.
Paul Foley, Wellington
BCA/LLB, Chartered Fellow, NZ Institute of Directors
Paul is a director and the Executive Chair of the board of directors of our parent company, Booster
Financial Services Limited. Paul is a consultant with MinterEllisonRuddWatts. He has over 30 years’
experience working with companies in the financial services, manufacturing and energy fields and is a
past director of NZX and ASX listed companies.

Booster Innovation Fund41
Daniela (Dana) McKenzie, Auckland (Independent)
MA, BSc
Dana is an experienced entrepreneur, advisor and recognised member of the innovation and
entrepreneurship ecosystem. For over 20 years Dana’s career has taken her from her native Romania
to America, Switzerland, France and New Zealand. Her specialty is working at the intersection of
technology and science. Experienced in taking innovations to the world, in different markets, helps
Dana have a pragmatic assessing and guiding approach to the start-ups that attempt the same with
limited financial resources. In New Zealand since 2014, Dana has made several investments in early-
stage companies and is an experienced director having served on their Boards. Dana holds an MSc
in Computer Science from University of Colorado in Boulder and an MBA from IMD in Lausanne,
Switzerland and is currently Chief Strategy Officer of Ternary Kinetics Limited.
The Advisors
The Booster Innovation Fund Investment Committee
Nicolas Williams, Wellington (Head of Direct Investments)
LLB, BCom, MBA, MINstD
Nicolas has over 20 years of investment and commercial experience spanning corporate strategy,
operations and capital markets. Nicolas has held senior roles at Macquarie, NZ Treasury and Z Energy,
as well as a number of governance and advisory roles. Acting at times as both advisor and principal,
Nicolas has completed corporate transactions with an aggregate capital value of over NZ$8 billion
across a wide range of industries and geographies.
David Beattie, Wellington
BMS
David is a Principal with the Booster Group. He has over 35 years’ experience in investment
management and portfolio research, including 16 years at a major Australasian bank where he was
responsible for the management of $1.5 billion of managed funds.
Melissa Yiannoutsos, Wellington (Booster Innovation Fund Manager)
BCA
Melissa has over 20 years’ experience in the investment and science commercialisation sectors. She
completed her commerce degree at Victoria University of Wellington and Entrepreneur Programme at
Massachusetts Institute of Technology. She has had executive and director roles in technology start-up
companies leading strategic growth, capital raising and negotiating key partnerships.
Deborah (Deb) Shepard, Auckland (appointed 15 September 2025)
Deb is a highly experienced director, investor, and academic with deep expertise in entrepreneurship,
organisational culture, and business growth. She is currently Director and Co-owner of Biocell
Corporation, a Chair and Investor at Soul Capital, Director of NZTE and a Senior Lecturer at the
University of Auckland, where she specialises in entrepreneurship. Dr. Shepherd serves on multiple
advisory boards across sectors including technology, manufacturing, and primary industries, and has
facilitated the Owner Manager Programme at The Icehouse since 2001, supporting the development
of New Zealand’s SME leaders. Her academic credentials include a PhD in Organisational Psychology
from the University of Auckland and an MA (Hons) in Psychology. Dr. Shepherd’s blend of hands-
on governance, investment experience, and academic insight adds significant value to the Booster
Innovation Fund’s investment committee, particularly in evaluating founder teams, organisational
dynamics, and growth strategies.
Craig Squire, Auckland (appointed 20 November 2025)
Craig graduated from Victoria University of Wellington with an Arts and Law degree before starting a
career as a finance lawyer. He subsequently completed a Masters in Innovation and Commercialisation
at the University of Auckland in 2016. He spent a decade in the UK working in both law and investment
banking before returning to NZ and since his return has been deeply engaged in the early-stage
investment market as an investor, advisor, and entrepreneur. He has first-hand start-up experience
having held leadership roles in several technology start-ups, and is currently the CEO and co-founder
of OleQuat, a biotech company looking to commercialise technology originating from the University of
Auckland. He also brings experience working with the former Crown Research Institutes and Kiwinet,
specialising in market discovery and validating complex technologies.

Booster Innovation Fund42
Purpose of the Offer
The purpose of this offer is to enable the Fund to purchase
additional early-stage investments and increase the
diversification of its portfolio in line with the investment
strategy of the Fund. Money invested from direct investors
in the Fund will be combined with moneys invested by other
Booster managed investment schemes that have a portion
of their investment allocation invested in the Fund. The
application money received by the Fund will initially be held
as cash until suitable investments are found. Please note that:
• It is not known how much money will be raised under
this offer or of its timing. The size of the Fund following
the issue of units under this offer will determine how
many investments the Fund can purchase.
• The scale and number and timing of investment
opportunities made by the Fund from the money raised
cannot reasonably be predicted due to the availability
of suitable investment opportunities.
• As this is a long-term investment, the likely rate of
return from the Fund and the timing of when any
return may be earned over the short term is inherently
uncertain and cannot be predicted nor any reasonable
assumption be used.
There is no minimum amount required to be raised under
this offer and there is no underwriting in respect of this
offer. As this offer of units in a managed investment scheme
will remain open on an ongoing basis, the pace at which the
Fund can pursue its investment strategy will be determined
by the amount and timing of new money it receives. New
units in the Fund will generally only be issued to investors
once a month, on the first business day of each month.
To provide the Fund with a committed supply of future
capital, we may seek to secure the commitment of a
significant capital contribution to the Fund. Any units
issued under such a commitment will be at the prevailing
Unit Price (the net asset value per unit). The costs of such a
commitment (such as brokerage or underwriting fees) may
be charged to the Fund where we are satisfied the costs are
fair and reasonable to all investors, and that securing such a
capital commitment is in the best interests of all investors.
See Section 7 – What are the Fees? for further details.
Future Performance of the Fund
The financial performance of the Fund is related to the
performance of the investment assets it holds directly or
indirectly. The performance of the Fund is most impacted
by the following:
Success of the investee businesses in
commercialising their intellectual property
An early-stage business is a high-risk investment. Many
early-stage businesses fail to achieve their objectives and
often take longer to achieve profitability than expected or
don't achieve it at all, resulting in a low investment return or
a total loss of capital invested.
Key drivers of a successful early-stage business include:
• Success in proving the effectiveness of the technology
and product market fit
This Fund targets investing in businesses that have
developed a new technology or a new application of an
existing technology (its intellectual property). In many
cases, the effectiveness of this technology may not
have been fully proven and may be subject to further
testing or trialling before it is approved (particularly in
the case of biotechnology) or successfully implemented
in a product that has a commercial market.
The development or testing process may be expensive
and/ or time consuming and may require significant
ongoing funding prior to the business being able to
proceed to commercialisation of the technology.
The technical uncertainty that a business faces
significantly affects the value of that business. As the
business successfully achieves technical milestones,
its value may increase significantly, and vice versa, its
failure to achieve technical milestones may result in the
value falling significantly.
• Success in establishing a strong customer base
Even where the technology has been technically
proven, the company still needs to successfully
commercialise that technology. This means the
technology must be able to be delivered to markets in a
cost-effective way that attracts a strong customer base
and allows the business to make a cash profit.
Commercialisation strategies include, but are not
limited to:
See Section 9 - About Booster and others involved in the Fund for more information about us.
Key Management Team Personnel
Melissa Yiannoutsos, Wellington
See Melissa's details above.
Diana Papadopoulos, Wellington
See Diana's details above.
Nicolas Williams, Wellington
See Nic's details above.
Paul Foley, Wellington
See Paul's details above.
Simon O'Grady, Wellington
Simon is the Chief Investment Officer (CIO), leading Booster’s investment strategy, drawing
on nearly a decade as CIO at Kiwi Wealth / Kiwi Invest and time as an independent consultant.
Simon brings deep expertise across KiwiSaver, wealth management and private investments.

Booster Innovation Fund43
• Licensing the technology or product;
• Manufacturing and selling through proprietary
or existing channels;
• Partnering to enter the market;
• Trade sale (sale of the business to a larger industry
player).
An outright buy-out is a common exit strategy for
investors who invest in early stage businesses.
• Degree of protection of the intellectual property from
imitation
Ground-breaking technology is significantly more
valuable where it is technically proven and protected,
has a strong commercialisation opportunity, and
cannot be easily imitated by competitors. The degree
of uniqueness of the technology, the company’s
intellectual property strategy and protection through
patents may significantly enhance the value of the
business and the returns to the Fund.
• Strong senior team
A successful early-stage business needs to have
passionate and motivated founders and a senior team
that share a clear vision and are committed to the
business strategy.
In order to improve expected investment outcomes, we
utilise a partnership or co-investing model with other
investors who have experience in the relevant market or
technology and in managing and supporting early-stage
businesses. A formal due diligence process is undertaken
with co-investment partners prior to each investment,
with support and monitoring implemented as considered
appropriate for the business, which may also include the
co-investment partner taking a position on the Board of the
investee business.
Access to a diversity of investment opportunities
The high-risk nature of investing in early-stage businesses
means that diversification is critical in spreading the
investment risk across a portfolio of investments. Capital
contributions from new and existing investors are required
to provide the Fund with the capital necessary to enable it
to build and maintain a broader portfolio of between 40 to
50 businesses. Having a range of sources of opportunities
to invest will provide greater potential to increase the
number of investments held by the Fund, as well as achieve
a wider range of fields within which they operate, and the
stage of maturity of a particular business.
We have extensive networks across the intellectual
property sector in New Zealand. We recognise that
different parties will provide access to different investment
opportunities, and the intention is to establish strong
links with a number of different parties to ensure the Fund
continues to expand its investment portfolio.
Performance-based fee only, with low fixed costs
A significant cost to many early-stage investment funds is
the entry fee, annual management fee and other related
charges that are charged by the investment manager of the
fund. Fixed fees, or fees charged on a percentage of the
value of the fund can have a significant negative impact on
the longer-term value of the fund, particularly when its units
are quoted on a recognised exchange, and/or where the
fund is not consistently delivering high investment returns.
In this Fund, we only charge a performance-based fee on
returns above a hurdle return. This aligns the interests of
the manager and the investor and means we may earn
high fees for high performance, but will earn no fees for
investment performance below 10% per annum. This fee
structure minimises the erosion of value of the portfolio
over time caused by high ongoing base fees.
See Section 7 – What are the Fees? for further details.
Proportion of the capital of the Fund deployed
Following the issue of new units on a monthly basis and
occasional specific capital raising activity, the Fund may hold
a high proportion of cash, along with its investments.
The extent to which suitable investment opportunities are
found will determine how quickly the cash is invested. If the
cash portion of the Fund is relatively high (and on which an
interest return will be earned), this will have an effect on
the Fund’s return because the cash is not committed to an
investment.
We have the right to restrict applications for units in the
Fund and may do so where it has excess liquidity, to reduce
the risk of dilution of investment returns.
Nature of the Returns
The return on your investment is determined by the change
in the value of the units you hold plus any distributions
you may receive. The unit value is driven primarily by
our assessment of any change in the fair value of the
investments (net of any accrued performance-based fees),
any income received from its investments (either interest or
dividends), and any proceeds from the sale of investments.
Change in Value
Changes in our assessment of the fair value of the
investments will be reflected in a change in the value of
your units in the Fund. As described above, the fair value
of investments is influenced by the degree of success
the business has in achieving its technical and business
objectives. To the extent a change in the fair value of the
investment may result in a performance-based fee payable,
the accrual for performance-based fees is also reflected in
the value of your units in the Fund.
Income from Investments
The Fund may receive interest from its cash holdings
and may receive a dividend from its investments (to
the extent the investments have achieved profitability),
or in the event of a full or partial sale of the Fund’s
investment interest, the Fund will receive proceeds
from this sale, which may be higher or lower than its
original investment. There may also be proceeds received
through liquidation of an investment, for example if an
investment is wound down but has outstanding asset
value over and above prior creditor’s outstanding claims.
Distributions and withdrawals
The Fund does not intend to make regular distributions to
its investors. As the Fund will aim to make a limited amount
of cash available for withdrawals directly from the Fund
on a quarterly basis, the returns on units in the Fund will
be limited to any gains you make if you utilise this limited
withdrawal facility or if you sell your units through the NZX.
However, in the event of a sale of an investment, we may
make some or all of the proceeds of the sale available for
withdrawal from the Fund. As the investments continue to
mature, we intend to make an increasing proportion of the
proceeds available for withdrawal. All investors will be given
the opportunity to participate in any such opportunity. Note,
the withdrawal charge will not apply in this situation.
Investment Realisation Strategy
As noted above, the Fund’s returns will be primarily driven
by the change in the value of its investments, with the bulk
of the expected cash returns being earned on the ultimate
sale of the individual investments.

Booster Innovation Fund44
3. Terms of the offer
Product
Units in the Booster Innovation Fund.
How you invest
Investing by applying directly to us or through your financial adviser
You can invest in the Fund by completing and submitting an application form to us through
your financial advice provider. You can also invest direct through our website.
The application form is available by contacting us, at www.booster.co.nz, or from your
financial advice provider.
Units are issued by the Fund at its Unit Price.
Buying units in the Fund on the NZX Main Board
Alternatively, you can purchase units on market at the quoted price through an NZX
participant (such as a broker) or by arrangement through us.
See www.nzx.com/services/market-participants for a list of current NZX Participants.
The quoted price on the NZX Main Board may differ from the Unit Price provided by the
Fund and may be traded at a discount or premium to the Unit Price, depending upon
the availability of buyers and sellers, their respective view of the underlying value of the
investments or their expected return from the Fund (refer also to the Liquidity, withdrawal
and trading risk outlined in Section 6 - Risks to returns from the Booster Innovation Fund.)
Other funds managed by us (Booster Managed Funds) also invest in the Fund and may
trade either directly or through the NZX Main Board. For more information on how potential
conflicts of interest are managed see the Other Material Information document available on
the offer register at www.disclose-register.companiesoffice.govt.nz.
When you can invest
Investing by applying directly to us or through your financial advice provider
While you can apply to invest in the Fund at any time, new units in the Fund will generally
only be issued to investors once a month, with applications processed on the first business
day of each month (usually finalised two business days after to allow for unit pricing to be
confirmed).
Applications received up to 10:00am on the first business day of the month will be
processed on the first business day of that month.
Any money received by us with an application to invest in the Fund from an investor will be
held in the Fund’s application account until the new units are issued. No interest or other
returns will be earned while the money is held in the Fund’s application account.
While the Fund will generally accept new investments from investors once a month, we
may refuse to accept, or may reduce, an investor’s investment application at our discretion.
This may include if the Fund is carrying excess liquidity and does not expect to have an
opportunity to invest application money in new investments within 6 months. No interest or
other return will be paid on any returned money.
Applications may be processed at other times of the month, for example, where additional
capital is required to settle an acquisition. All applications received up to that point will be
processed at the relevant Unit Price.
Buying units in the Fund on the NZX Main Board
You can buy or sell units in the Fund on the market at any time, provided there are interested
sellers and buyers.
We review the portfolio on an ongoing basis with respect
to its quality, diversification and ability to realise returns.
We expect to hold most investments for at least 5 years
and in some cases considerably longer. Once a company
has secured a strong market position and cash flow, then
commercialisation will be considered complete. At that
time we will consider the merits of continuing to hold
investments in the company. In doing so we will consider
the likely returns from holding versus realisation of the
investment.
We have identified the most common options for realisation
of the investments are:
• Sale of share interest to the company’s other
shareholders or to a third party;
• Trade sale of the company to an industry player;
• Purchase of the company by a new shareholder (e.g.
venture capital or private equity investor); or
• Quoting the company's shares on a recognised
exchange such as the NZX (referred to as an ‘Initial
Public Offering’ or IPO).
Since its commencement, the Fund has had positive
realisation from its investment in one business through its
interest in NZIB– EdPotential Limited, which was sold in
December 2021 to New Zealand based Education Perfect,
resulting in a 32% gain on the Fund’s original investment.
This exit occurred earlier than expected for the Fund,
though had been an investment of NZIB since 2018 and
Wellington UniVentures since 2015.

Booster Innovation Fund45
How much you can
invest
The minimum initial investment in the Fund is $500. While you are not required to make any
further investments, you can invest more by making additional investments (minimum $500).
For trading on the NZX, your broker will be able to advise on the minimum parcel size.
While the maximum amount you invest is up to you, we may refuse to accept, or may reduce,
an investor’s initial or additional investment in the Fund to ensure the Fund does not hold
excessive levels of cash and to protect the Fund’s PIE status.
We may waive or vary the minimum investment amounts at any time.
How to pay
If you are investing by applying directly to us or through your financial advice provider, you
can make investments by direct credit, direct debit or any other method acceptable to us.
Cash deposits will not be accepted.
How to withdraw or sell
Selling your units on the NZX Main Board
Units in the Fund are quoted on the NZX Main Board, so you can sell your investment
through an NZX Participant (such as a broker) or by arrangement through us, if there are
interested buyers (NZX trading volumes may be limited at times).
In order to trade quoted units through a NZX Participant, you will need to have a Common
Shareholder Number (CSN) and an Authorisation Code (FIN).
Periodically, we can request investors whose holdings are below the required minimum
value to increase their holdings otherwise we may require those units to be sold on the NZX.
Withdrawing your units directly with the Fund
You should regard an investment in this Fund as not readily redeemable when making your
investment decision. The Fund has no fixed date on which you may get your money out. The
Fund will aim to make a limited amount of cash available for withdrawals directly from the
Fund on a quarterly basis, at the Unit Price. The amount available for withdrawal is at our
discretion and will be significantly influenced by the availability of free cash within the Fund
relative to investment opportunities being pursued. If demand for withdrawals exceeds the
cash made available, we will determine a basis for the equitable scaling of available cash.
Any withdrawals from the Fund will incur a withdrawal charge. After the 5th anniversary
of your acquisition of the units being redeemed, the withdrawal charge is capped at 5% of
the amount redeemed. Withdrawals before the fifth anniversary of your acquisition of the
units being redeemed incur a higher charge, starting at 10% of the amount redeemed, and
reducing by 1% for each complete year since the units being redeemed were acquired.
Withdrawal requests should be submitted to us by 10:00am on the last business day of the
calendar quarter (and by 10:00am on the second Friday of December for the December
quarter). Withdrawals (that can be met from the cash set aside as noted above) will be
processed within 5 working days of the first business day of the next quarter. The minimum
withdrawal request is $500.
In the event of a sale of an investment by the Fund (or by an underlying fund where the
proceeds of the sale have been distributed to the Fund), we may, at our discretion, make
some or all of the proceeds available for withdrawal from the Fund. All investors will
be given the opportunity to participate in any such opportunity. While infrequent and
unpredictable, this may provide an opportunity for investors to redeem some of their units
at the relevant Unit Price of the Fund. The withdrawal charge will not apply in this situation.
Periodically, we can request investors whose holdings are below the minimum balance to
increase their holdings otherwise we may require those units to be sold to us or a nominee
at the Unit Price at the time. We may also require investors to reduce their holdings to
ensure the Fund can maintain its PIE status.
The Unit Price
If you are investing by applying directly to us or through your financial advice provider, the
price to be paid for the units in the Fund will be the Unit Price for the day on which your
application is processed (see above at ‘When you can invest’). The Unit Price is the net asset
value of the Fund (being the value of all assets less the value of all liabilities) divided by the
number of units on issue.
Distributions, and the
nature and frequency
of returns
The Fund will not make regular distributions to investors.
The Fund may, on occasion, make a distribution based on any taxable income it has received.
See 'Nature of the Returns' on page 43 for more information.
Trust deed/ Statement
of Investment Policy
and Objectives
Further details on the key terms of the Fund can be found in the trust deed and SIPO which
can be found in the scheme register at www.disclose-register.companiesoffice.govt.nz

Booster Innovation Fund46
How the Fund Works
The Fund has been established within the Booster
Innovation Scheme (Scheme), a managed investment
scheme that is registered under the Financial Markets
Conduct Act 2013. Investors buy units in the Fund.
The Scheme is governed by a trust deed, which is an
agreement between us and the Scheme’s supervisor (Public
Trust) describing how the Scheme works, as well as our and
Public Trust’s responsibilities.
When you invest your money in the Fund, you receive
‘units’. Units represent your share of the investments in
the Fund. The Unit Price multiplied by the number of units
you have in the Fund shows what your share is worth when
applying our valuation of the units. If the Fund’s investments
go up in value your units will be worth more and if they go
down in value your units will be worth less.
The return on your investment ultimately comes from the
price at which you are able to withdraw or sell your units
(as well as any distributions you may receive on your units).
As units in the Fund are quoted on the NZX Main Board
you can sell your investment through an NZX Participant
(such as a broker) or by arrangement through us, if there
are interested buyers – although the amount you get may
be less than the amount that you invested. As explained in
Section 3 – Terms of the Offer, above, there is also limited
ability to make withdrawals from the Fund. We may make
some or all of the proceeds of the sale of an investment
available for withdrawal, though the timing of this is
inherently unpredictable. Due to the restricted nature of the
ability to make a withdrawal, you should only invest money
that you do not need access to for a number of years.
Investment Valuation Approach
We are responsible for calculating the Unit Price (or
net asset value per unit) and for issuing and redeeming
units. It is our aim to ensure the valuation approach we
take is robust, consistent and fair to existing investors,
new investors purchasing units in the Fund, and those
withdrawing units from the Fund.
The valuation of private, unlisted, pre-profit companies is
challenging and involves significant use of judgement. We
consider a range of information that we believe is relevant
to the valuation of the investee companies, both related
to the specific business, as well as externally sourced data
such as industry benchmarks or comparable transactions
where available. Our approach to valuations has been
developed in consideration of the principles detailed in
the International Private Equity and Venture Capital (IPEV)
guidelines (see - www.privateequityvaluation.com/
Valuation-Guidelines), as well as Generally Accepted
Accounting Practice in New Zealand.
The investment valuation approach we apply (Investment
Valuation) in respect of the investments is summarised as
follows:
Direct Investments
• Where the Fund holds the investment directly (which
may include investments in conjunction with a lead
co-investor), the last price at which capital was raised
by the relevant business from other external investors is
used as a starting reference price. We, or the lead co-
investor, will also consider how recently the business
last raised capital and its relevance given changes
in the business, as well as any changes to its target
market or its progress towards the commercialisation
of its intellectual property since the last capital raise.
An assessment will be made of the extent to which the
business has (or hasn't) achieved its business plan since
the last capital raise, its remaining cash available, and
any capital raising activity in progress, on a quarterly
basis. Where there is uncertainty of outcomes relevant
to the value of the business, we apply probability
weightings to reflect the uncertainty and risk.
• Where we assess the value of an investment may
have materially changed since its purchase or last
formal valuation assessment, a more comprehensive
assessment of value is made including consideration
of other indicators of value such as industry valuation
benchmarks, similar investment company comparisons
or third-party pricing events where available.
• In between formal valuation assessments, any other
new information received in respect of an investment
that may be material to the Fund’s Unit Price is
considered by us when it is received and is reflected
in the Unit Price and/ or notified via the NZX market
announcement platform to ensure the Fund continues
to meet its continuous disclosure obligations.
• All valuations are performed by our in-house
investment team, reviewed by the Fund’s Advisors, and
considered and approved by the Fund’s Investment
Committee.
Indirect Investments
• Where the Fund holds the investment indirectly through
NZIB, the valuation assessments follows the same
approach as if the investment were held directly. On
a quarterly basis we provide valuation assessments to
the NZIB manager/ Board of the underlying investment.
Also, consistent with the approach outlined for direct
investments above, we will consider any other new
information received by us at any time in between
formal valuation assessments to determine if an
adjustment is required to the Unit Price and/or notified
via the NZX market announcement platform to ensure
the Fund continues to meet its continuous disclosure
obligations.
All other assets and liabilities of the Fund (including
provisions for performance-based fees and other expenses)
are updated each unit pricing day.
The Fund (including the valuation of its investments held
directly by the Fund) is subject to an independent audit on
an annual basis. We may seek independent valuations if
considered appropriate for one or more of the investments
in the Fund.
4. How the Booster Innovation Fund works

Booster Innovation Fund47
The Benefits of Investing in the Fund
The Fund offers investors the following benefits:
Supporting NZ innovation. The Fund actively invests in
intellectual property originated or developed in New
Zealand – helping to keep the benefits of innovation in New
Zealand for longer;
Diversification.
• An appropriate exposure to this Fund (relative to your
total investment portfolio) can provide diversification
benefits when used as part of an existing investment
strategy due to the historically low to modest
correlation of returns of early-stage investments
to other traditional investment classes. Although
individual circumstances and personal risk attitudes
will differ, we recommend that an investment in this
Fund only represents a small proportion of your total
investment portfolio;
• The Fund takes a portfolio approach to investing in
early-stage businesses. By holding a diverse range of
a higher number of investments, the Fund is able to
balance the high risk of failure with the high rewards for
successful businesses;
Potential for high returns. Research has shown that a
diversified portfolio of early-stage companies such as those
held by this Fund potentially delivers significantly higher
returns than the broader listed equity markets. However,
investment in this specialised area does come with higher
expected volatility of returns and high rates of failure of
some of its underlying investments (see comments on the
FTSE Venture Capital Index on page 9 of this document);
Access to exciting start-ups. Investors, other than very high
net worth investors, usually find it difficult to access this
type of investment opportunity;
Unique fee structure. There is no base management fee and
a performance-based fee is only charged on performance
above a 10% return. This means the Fund must achieve a
10% return in each financial year before any management
fees are payable, after which we receive 20% of investment
return in excess of 10%. The fee structure has been
designed to ensure optimal alignment between our interests
and those of investors. (see Section 7 – What are the Fees?
for further details);
Tax benefits. The Fund is structured as a listed portfolio
investment entity (PIE) which means any capital gains made
on the sale of an investment are not subject to tax. Tax is
paid by the Fund at 28%. To the extent distributions are
paid, imputation credits may be available for New Zealand
resident individual or trustee investors (other than unit
trusts) on lower tax rates to apply surplus imputation credits
against other taxable income they may have. Tax rates may
change in future;
Experience. The Fund utilises a partnership or co-investing
model, where investments are made, directly or indirectly,
in conjunction with other investors who have experience
and expertise in developing and commercialising
intellectual property.
Quotation on NZX Main Board. The Fund is quoted on the
NZX Main Board, giving investors the opportunity to sell
their units should they need to, so long as there is a buyer
(NZX trading volumes may be limited at times).
Related Party Benefits
NZIB
As shown in the structure diagram in Section 2 – What the Booster Innovation Fund invests in? the Fund owns units in NZIB,
which is a partnership between Booster Financial Services Limited (BFSL), Victoria Link Limited (Wellington UniVentures),
Otago Innovation Limited (OIL), and Auckland UniServices (AUS). Due to BFSL being a shareholder of the general partner and
a limited partner of NZIB (and who had invested through NZIB in conjunction with a number of Booster Managed Funds prior
to the Fund’s establishment), we consider NZIB to be a related party. Also, as Wellington UniVentures, BFSL, OIL and AUS are
shareholders of the general partner and are limited partners of NZIB, we consider them all to be related parties.
NZIB holds shares in the underlying businesses as outlined in Section 2 – What the Booster Innovation Fund invests in?
See the ‘Other Material Information’ document available on our website www.booster.co.nz for more information on NZIB.
During the past two years the Fund acquired NZIB partnership units where the overall transaction resulted in Wellington
UniVentures reducing its interest in specific underlying businesses through a sale of some of its NZIB units and/or the sale of
shares in the underlying business(es) to NZIB. A brief description of these transactions:
DateTransactionRelated party benefit
Feb 2024
The Fund acquired NZIB partnership units giving
beneficial interest in Wellumio Ltd
Wellington UniVentures realised NZIB units and/
or Wellumio Ltd shares to NZIB and received cash
consideration totalling $0.404 million
July 2025
The Fund acquired NZIB partnership units giving
beneficial interest in Bontia Bio Ltd
Wellington UniVentures realised NZIB units and/
or Bontia Bio Ltd shares to NZIB and received cash
consideration totalling $0.1 million

Booster Innovation Fund48
The Fund may enter into future transactions which will
involve it acquiring NZIB units giving beneficial interests in
certain underlying businesses, which may result in a related
party benefit to Wellington UniVentures, OIL, or AUS by
way of them realising some of their NZIB units and receiving
cash consideration (which is a primary purpose for the
establishment of NZIB).
In all transactions undertaken by NZIB, the investee
businesses are valued in accordance with the Fund’s
investment valuation approach (as outlined on page 44),
including, for example, the valuations are often significantly
informed by the last price at which capital was raised by
the relevant business from other external investors. These
values are reviewed by the NZIB Board, the Fund’s Advisors
and approved by the Fund’s Investment Committee (noting
any potential conflicted interests). The transactions are
completed on arm’s length terms.
There are other transactions between the Fund and NZIB
on occasion (e.g. where a new investment is acquired via
an interest in NZIB). However, in these transactions the
Fund obtains a direct economic exposure to the underlying
investee businesses and the Fund’s interest is not pooled
with those of other limited partners of NZIB, Accordingly,
we consider that, in substance, these transactions do not
provide any related party benefits.
Under the PIE eligibility criteria rules, the Fund is restricted
to hold no more than 20% of the voting interest in each
investee business. As a result, there may be occasions
where it is simply due to historical shareholdings, that an
underlying investment entity hold more than a 20% interest
in an investee business on behalf of related entities. In this
situation, Booster Financial Services Limited or other funds
managed by Booster may retain an interest in an investee
business directly through the underlying investment fund.
We will actively manage any potential conflicts of interest
that arise in conjunction with the independent directors of
the Board, and the Supervisor.
There are no other specific transactions or proposed
transactions of the Fund that will result in a related party
benefit. Booster Financial Services Limited and the Booster
Managed Funds may make further investments in the Fund
in future.
Capital commitment
BFSL committed to invest new capital in to NZIB of up to
$2 million per year for a minimum of 5 years when NZIB
was formed in 2018, subject to the underlying investments
meeting NZIB’s investment criteria. Currently other
Booster Managed Funds have agreed to take on 50% of
that commitment. These commitments can be partly or
wholly met by the Fund or other Booster Managed Funds.
To the extent that this arrangement may be considered as
providing a related party benefit to BFSL we note that all
such investments made by the Fund are on arm’s length
terms. Controls are in place to ensure such investments
are made for the benefit of the Fund and are separately
decided on by the Investment Committee for the Fund. See
the ‘Other Material Information’ document available on our
website www.booster.co.nz for more information on how
such conflicts of interest are managed.
Directors, Senior Managers and other Booster
Managed Funds
Directors and Senior Managers of Booster and BFSL are
considered related parties of the Fund. These individuals
and their associated parties may (and some do) invest in
the Fund and in doing so receive the same benefits as any
other investor in the Fund. Similarly, other Booster Managed
Funds may (and do) invest into the Fund. Such investments
are on arm’s lengths terms and the same terms as any other
investor in the Fund.

Booster Innovation Fund49
Note this does not include holdings of key personnel of Booster (including directors and senior managers) which are
separately disclosed on the NZX on a regular basis.
The interests noted above held by the Booster Funds are to provide various diversified portfolios with an exposure to
early-stage investments. The interest held by Booster Financial Services Limited represents the capital introduced by the
parent company to support the establishment of NZIB and meet the capital commitments made to NZIB under the limited
partnership arrangement.
The Fund held an interest in NZIB at 27 November 2025 of $11.9million, representing 61.0% of the value of the assets of
NZIB.
Disclosure under NZX Listing Rules
As the Fund is quoted on the NZX Main Board, it is subject to the NZX Listing Rules. Under those listing rules, the Fund is
required to disclose material information to investors through the market announcement platform ‘promptly and without
delay’. Material information is information related to the Fund or the Manager that a reasonable person would expect, if it
were generally available to the market, to have a material effect on the price of the Fund. Material information may include
updates about specific investments held by the Fund, updates about the Fund or the Manager, and periodic reporting such
as the annual report, annual financial statements, or investor fund updates.
Units% of Fund
PT (Booster Investments) Nominees Limited on behalf of the Booster Investment Scheme
(a scheme managed by Booster)
693,0824.34%
PT (Booster KiwiSaver) Nominees Limited on behalf of the Booster KiwiSaver scheme
(a scheme managed by Booster)
8,862,45455.52%
PT (Booster Superannuation) Nominees Limited on behalf of Booster Super Scheme
(a scheme managed by Booster)
1,365,8758.56%
Asset Custodian Nominees Limited (units on behalf of (i.e. as custodian for)
underlying investors)
4,542,97028.46%
Including Asset Custodial Nominees Limited as custodian for relevant
interests of the Managing Director of the Manager, Allan Yeo
Of Which the following units (being relevant interests of Allan Yeo)
are held for Booster Financial Services Limited
3,136,875
3,117,203
19.65%
19.53%
Related Party Interests
Interests in the Fund held by parties related to the Booster Group at 27 November 2025 are as follows:

Booster Innovation Fund50
5. Booster Innovation Fund’s financial information
Selected Financial Information
This table provides selected financial information about the
Fund. A copy of the unaudited interim financial statements
is available on the offer register at
www.disclose-register.companiesoffice.govt.nz
Full financial statements are available on the offer register
at www.disclose-register.companiesoffice.govt.nz. If you
do not understand this sort of financial information, you can
seek professional advice.
Prospective Financial Information
We have not provided any prospective financial information
in respect of this Fund. Following careful consideration
and due enquiry, we have concluded that any prospective
financial information would be likely to deceive or mislead
potential investors with regard to particulars that are
material to the offer.
Due to the unknowns in respect of the Fund and the
investments held by the Fund, we believe it is not possible
to prepare reasonable assumptions on which to base the
prospective financial information. The reasons that form the
basis for our view are:
Statement of Financial Performance of the Fund
For the period 1 Apr 2024
to 31 Mar 2025
$'000
Investment loss(1,704)
Fees and expenses(35)
Net loss before tax (1,739)
Statement of Financial Position of the Fund
As at 31 Mar 2025
$’000
Cash264
Units in NZIB held at fair value11,029
Other investments held at fair value9,104
Other Payables(34)
Net assets20,363
We have not provided investment return information at this
stage as we consider the period of time from the Fund’s
establishment to be too short to make any meaningful
assessment of the Fund’s past performance.
Selected historic financial information is presented for the
period 1 April 2024 to 31 March 2025 based on audited
financial statements.
• It is not known how much money will be raised under
this offer or of its timing. The size of the Fund following
the issue of units under this offer will determine how
many investments the Fund can purchase.
• The scale and number and timing of investment
opportunities made by the Fund from the money raised
cannot reasonably be predicted due to the availability
of suitable investment opportunities.
• As this is a long-term investment, the likely rate of
return of the Fund and the timing of when any return
may be earned over the short term is inherently
uncertain and cannot be predicted nor any reasonable
assumption be used.

Booster Innovation Fund51
6. Risks to returns from the Booster Innovation Fund
Given the nature of the target investments of the Fund,
the risks to generating an appropriate rate of return are
significant. It is important that a prospective investor
understands the nature of the risks described below of
investing in this Fund and the steps we take to mitigate
these risks as far as possible.
A business fails to successfully
commercialise its intellectual property
Description. This is the risk that an early-stage business in
which the Fund has invested does not meet expectations
resulting in a low investment return or a total loss of capital
invested.
Why this is of significance. For each business that fails to
achieve its technical or business plans, the value of the
investment will likely fall, reducing the return of the Fund’s
portfolio overall. You may lose some or all of your money.
Assessment of likelihood, nature and the potential
magnitude of any impact. Early-stage businesses face a
higher level of failure risk than most other investment types,
including listed equities.
The key risks these businesses face may include:
• Technical uncertainty. The technology may not yet have
been proven and may require further development
or testing to become marketable. In the case of
completely new innovations there may be a number of
related developments required before the technology
can be deployed. These developments may not have
been identified at the time of investment;
• Market risk. The business may not be able to secure a
market to whom their product can or will be sold;
• Risk of loss of key people. Generally a new venture is
highly dependent on a small number of key people.
A loss of a key person is likely to have a significant
negative impact on the business;
• Intellectual property risk. The risk that the business’
intellectual property may not be easily protected or is
easily imitated eroding its future value. The patenting
process is slow and it is likely patents will not be
granted before early investments by the Fund;
• Funding risk. The risk that the business does not obtain
sufficient funding capital to allow it to reach its full
potential.
The rate of failure of early-stage businesses is high. Data
from New Zealand Venture Investment Fund (in their
paper – New Zealand Early Stage Company Investment
Valuations – December 2018) indicates that 28% of start-up
investments fail after an average of 4 years.
Mitigating Factors. We use a number of strategies to
manage the risk of investing in early-stage businesses.
These strategies are at both the overall Fund level and the
individual investment level:
Fund Level Strategies.
• Diversification. The Fund has an investment objective
to seek to invest in a large number of businesses
(indicatively between 40 to 50), which have diversity in
their underlying intellectual property and its source, the
business sector in which they operate, the key people
driving the business, and the stage of maturity of the
business at the point of investment.
• Partnerships and co-investment. The Fund will seek to
partner or co-invest with entities that have expertise
in supporting the commercialisation of intellectual
property such as universities, research institutes and
private sector early-stage funders. NZIB is a good
example of the kind of partnership arrangements the
Fund is looking to develop.
• Monitoring and revaluation. We will seek to maintain a
close relationship with each of the businesses, so that
they are monitored closely relative to their business
plans. The valuation of investments is reviewed on at
least a quarterly basis.
Investment Level Strategies.
• Technology plan. The business will be expected to have
a completed technology proof of concept, a technology
or product development plan and to seek adequate
funding to complete this in its investment programme.
• Marketing plan. We expect businesses to be familiar
with their target market and to include, either on the
team or Board, people familiar with that market.
• Alignment of interests. We would generally expect the
key personnel to have a financial stake in the business
so that all parties are aligned in their interests.
• Intellectual property (IP) plan. We require all businesses
to have a strong IP strategy and a good understanding
of their freedom to operate.
• Capital plan. We expect businesses to have a defined
capital plan to achieve profitability and sustainability.
Higher volatility of returns than traditional
equity investments
Description. Due to the high risk of early-stage businesses,
their value can fluctuate widely over short timeframes
depending on the progress they make against their
business plans and market conditions, the confidence
of their shareholders in the likelihood of their success,
and the willingness of existing and potential investors
to contribute more capital to continue to support the
business. Because the businesses the fund invests in often
have revenue opportunities in overseas markets, changes
in exchange rates may also impact the volatility of the
value of these companies and therefore of the fund.
Why this is of significance. The value of an investment in
the Fund may (and is likely to) go up and down faster and
more significantly than investing in many other investment
classes (including listed equities). This means an investor
may lose a significant portion of their original investment
in the short-term if a larger number than expected of the
businesses fail and/ or the returns from the successful
investments are insufficient to offset the losses. Each
investor must ensure their investment in this Fund
represents an appropriate portion of their overall portfolio,
and that they intend to invest for a longer timeframe (at
least 15 years). As each business develops, the level of
business risk diminishes and the risk of volatility reduces
as a result.

Booster Innovation Fund52
Assessment of likelihood, nature and the potential
magnitude of any impact. As noted above, the rate of
failure of early-stage businesses is high. Despite this
failure rate (and associated loss of invested capital), those
businesses that succeed have the potential to increase in
value substantially relative to the value of capital invested,
resulting in prospects of a positive risk-weighted investment
return.
Mitigating Factors. We seek to reduce this risk by planning
to invest in a large number of businesses, across a range of
stages of development and different business sectors which
increases the diversification of the Fund. The Fund’s focus
is on early-stage businesses based on intellectual property.
They will generally be technology based, be focused on
international markets and revenue growth from inception.
On a portfolio basis, we would expect their valuation to
improve as they reduce technology and market risks in the
early phases of their development. A few of these individual
investments are likely to grow very fast and substantially.
Liquidity and withdrawal risk
Description. This is the risk that, due to the Fund only
facilitating limited and infrequent withdrawals an investor
is unable to sell their investment at a time that suits them or
that when seeking to sell through the NZX they are unable
to find a buyer, or that the NZX quoted price of the units is
lower than the Unit Price, or that in certain circumstances,
trading of the Fund’s units on the NZX is suspended.
Why this is of significance. The investments of the Fund are
small private businesses and generally a lot less liquid than
investments traded on a recognised exchange, therefore
the Fund is not able to facilitate the regular withdrawals,
other than on occasion where an investment is sold and
we determine that some or all of the proceeds are to be
made available for withdrawal. The primary mechanism
for the sale of units, other than proceeds from occasional
investment sales, is to sell them on the NZX. The ability to
sell units on the NZX will be dependent on the availability of
buyers and that the Fund’s units have not been suspended
or removed from quotation on the NZX.
Assessment of likelihood, nature and the potential
magnitude of any impact. The availability of cash for
quarterly withdrawals is limited, and subject to the amount
of cash held by the Fund not committed to additional
investments. Also, the timing of when the Fund may sell one
of its investments is inherently unpredictable, and may not
align with when an investor wishes to make a withdrawal.
Under normal market conditions, it is anticipated there
will be buyers interested in buying units through the NZX,
though may be reduced numbers given they are also able
to purchase units directly from the Fund on a monthly basis.
Based on the experience of investments similar to this Fund,
the trading price on the NZX may be at a discount to the
Unit Price.
The likelihood of suspension or removal of the Fund from
the NZX is considered to be unlikely given the governance
and compliance framework in place to ensure its NZX
obligations are met.
Mitigating Factors. As described in Section 3 – Terms of
the Offer above, a limited amount of cash will be made
available on a quarterly basis for withdrawals, subject to a
withdrawal charge. Also, the listing of the Fund on the NZX
Main Board enales investors to sell their units if there are
interested buyers. On occasion, we may allow withdrawals
from the proceeds of the sale of an investment. No
withdrawal charge will be applied in this situation.
Concentration of investments
Description. This is the risk that the Fund’s investment
returns do not meet the long run expectations of a well-
diversified portfolio of early-stage investments due to
holding a relatively small number of investments, or the
investments being concentrated in particular sectors, or
concentrated in a particular stage of business development
which also reduces the level of diversification. This could
also occur following a significant upward revaluation of an
investment due to its success, resulting in a single company
becoming a large portion of the Fund value.
Why this is of significance. As noted above, early-stage
businesses face a high risk of failure, and a key objective of
the Fund is to invest in a large number of businesses across
different sectors and stages of development. Currently the
Fund has over 35 businesses and as a result, the returns of
the Fund may be more volatile compared to when the Fund
operates within what we see as the optimal range of 40 to
50 holdings.
Assessment of likelihood, nature and the potential
magnitude of any impact. This risk is higher in the earlier
period of portfolio development as the Fund will hold
a smaller number of investments. At this stage, the
likelihood of returns being heavily influenced by individual
investments is higher, resulting in a higher level of volatility
of returns in the short term. The magnitude of this risk is
expected to diminish as the Fund grows and diversifies
towards having holdings in the 40 to 50 range.
Mitigating Factors. We are actively pursuing additional
investments that will increase the level of diversification
over time and will monitor the investments in specific
sectors and stage of business development to improve its
diversification once the portfolio approaches maturity.
Valuation uncertainty
Description. This is the risk that the holding value may be
significant higher or lower than the fair value of each of the
investments due to the inherently subjective and uncertain
nature of valuations.
Why this is of significance. The valuation of private,
unlisted, pre profit businesses is challenging and
involves significant use of judgement. This may mean our
assessment of the fair value of an individual investment,
or the portfolio of investments, may be different to other
assessments of the fair value of the Fund’s investments. This
could result in a difference between the Unit Price and the
value of units trading on the NZX Main Board, and therefore
impact an investor’s ability to buy or sell units at their
assessment of the fair value. We do not intend to regularly
seek independent external valuations of the Fund’s investee
companies.
Assessment of likelihood, nature and the potential
magnitude of any impact. Any increase or decrease in the
value of an individual investment may be significant to the
value of the Fund and will have an impact on the value of
an investor’s investment in the Fund. By holding a smaller
number of investments in the Fund, the likelihood of this
occurring is higher than for more widely diversified funds,
but is expected to reduce over time as the number of
investments held increases.
Mitigating Factors. To manage this risk, we seek to apply
fair value valuation methodology in accordance with the
valuation approach described in Section 4 - How the Booster
Innovation Fund works. We formally review investment
values on at least a quarterly basis. We will base our
assessment on externally verified valuations where possible

Booster Innovation Fund53
(such as when the company successfully raises additional
equity funding) and will also consider how the business has
performed since that last capital raise, including making
an assessment of the impact of any new information about
how each business is performing as received. By investing
in a diverse range of businesses at different development
stages, we anticipate that a portion of the investments will
seek additional capital or will be subject to take over offers,
which provides opportunity to benchmark its valuations.
The Fund is also subject to an annual audit which includes
the assessment of the reasonableness of the valuation of its
investments, subject to the overall materiality of the Fund.
Capital contributions to the Fund are
insufficient to achieve and maintain
diversification
Description. This is the risk that the Fund does not raise
sufficient capital to allow it to build and maintain a diverse
portfolio of investments.
Why this is of significance. Due to the higher risk of failure
in early-stage businesses and the difficulty in identifying
future successful businesses, unless the Fund is well
diversified, its investment performance will be dominated
by the success or failure of a small number of investments.
Assessment of likelihood, nature and the potential
magnitude of any impact. To maintain a level of
diversification of at least 40 to 50 businesses , the Fund will
require additional capital to purchase more investments.
While a large portion of that capital is expected to be
provided by Booster Managed Funds and Booster’s parent
company (as noted below), the Fund is also seeking capital
contributions from external investors to allow it to expand
its investment portfolio. Capital from successful exits may
also be used to make new investments.
Mitigating Factors. Booster Financial Services Limited
(our parent company) made a financial commitment to
provide NZIB with new capital of up to $2 million per
year for a minimum of 5 years, and $2.4 million of that
commitment remains uninvested. This provides NZIB, one
of the Fund’s co-investment partners with some certainty
of sufficient resources to continue to invest in suitable
investment opportunities and in turn improving the overall
diversification of the Fund. The commitment can be partly
or wholly met by the Fund or other Booster Managed Funds.
Additionally, Booster Managed Funds have investment
capacity and appetite to invest further in the Fund as the
Fund grows.
Flow of investable opportunities risk
Description. This is the risk that the Fund does not have
sufficient, suitable investment opportunities relative to its
investable funds.
Why this is of significance. If the Fund does not have access
to enough investment opportunities, it may have uninvested
cash, feel pressure to invest in more marginal ventures,
or struggle to build to and maintain a desired level of
diversification, which in turn may impact the returns or the
volatility of returns.
Assessment of likelihood, nature and the potential
magnitude of any impact. While maintaining portfolio
diversification is an ongoing process, we consider the
investable opportunities currently exceed the Fund’s
capacity to invest.
Mitigating Factors. We have established close relationships
with Victoria University of Wellington, University of Otago
and Auckland University which provides direct access to a
flow of investment opportunities. We (together with our co-
investment partners) have strong networks in New Zealand
and are currently seeking to establish similar relationships
with other universities, as well as the public and private
sector.
Conflict of interest in valuation of
investments
Description. This is the risk that our judgement when
valuing investments is influenced by the impact such
valuations have on the performance-based fee we may
earn.
Why this is of significance. As manager, we are responsible
for valuing the investments of the Fund. The valuation of
investments is a key driver of the overall performance of the
Fund, and will determine whether, and how much, we may
earn as a performance-based fee.
Assessment of likelihood, nature and the potential
magnitude of any impact. The calculation of a
performance-based fee is directly impacted by
the valuation of investments. The Independent
Investment Committee Member and External Advisor/s
provide critical insight to guide valuations.
Mitigating Factors. As noted above, the investment
valuations are reviewed by the governing bodies of the
underlying funds, and by the Advisors of the Fund. In
addition, the Fund is subject to an independent annual
audit which includes a review of the valuation of the
Fund’s investments. Any performance-based fee would be
retrospectively adjusted should the audit process determine
that investment valuation changes were required.

Booster Innovation Fund54
Fee Category
13
Fee Type and RateBased onPaid to
Annual
management fee
No annual management fees are chargedN/AN/A
Performance-
based
management fee
We are paid an annual performance-based fee (in units in
the Fund) equal to 20% of the net pre-tax return made by the
Fund in excess of the hurdle rate of return.
Hurdle rate of return: the hurdle rate is 10% p.a. which
approximates the 30-year New Zealand equity market
return.
Amount of the performance fee: 20% of the net return above
the hurdle rate + GST is payable as a performance-based
fee.
Maximum limit of the fee: there is no limit to the value of the
fee payable.
High water mark: a high water mark is used to prevent us
from being rewarded for the same performance twice. It
is increased each time the Fund’s return is positive, but
remains unchanged if the investment return is negative
in the year. This means a performance-based fee is only
payable for returns in excess of the hurdle rate after any
prior year losses have been covered.
Frequency of calculation and payment: the fee is calculated
daily and accrued in the Unit Price. The fee is paid only in the
form of units in the Fund on an annual basis at the year-end
Unit Price (being the net asset value per unit) subject to any
relevant audit adjustments (e.g. the valuation of investments
is amended through the audit process). In addition, we are
restricted from withdrawing those units from the Fund, and
can only sell the units to other investors.
This fee also covers the costs of managing and administering
the Fund, which include administration, accounting and
ongoing marketing expenses.
Because the performance-based fee is calculated on
the excess return over 10%, you may pay performance-
based fees even if the fund does not match or beat the
New Zealand market equity return in a particular year.
(Conversely, you may not pay a performance-based fee even
if the fund significantly exceeds the New Zealand equity
market return in a particular year).
Excess return
above the
hurdle rate
(being 10% per
annum)
Booster
7. What are the fees?
You will be charged fees for investing in the Fund. Fees are deducted from your investment and will reduce your returns.
The Fund also incurs other costs and charges such as the supervisor and audit fees.
The fees and expenses you pay will be charged in the following ways:
• A performance-based fee;
• Capital raising expenses;
• Withdrawal charge;
• Other fees and expenses.
We do not receive a fixed or percentage-based annual management fee. This aligns the interest of the manager with
investors where fees are only earned on successful investment outcomes and avoids the negative impact of fixed fees
eroding the value and cash reserves of the Fund over time.
A summary of the fees and expenses and the basis on which they are charged is:
13
Goods and Services tax (GST) is not included in any of the fees stated. GST will be added to any fees where applicable, including to the performance-
based fee.

Booster Innovation Fund55
Capital raising
expenses
To the extent expenses are incurred for securing a
commitment of future capital to the Fund, such expenses
may be charged to the Fund. These expenses include
brokerage or underwriting costs, and may only be charged
where we are satisfied the costs are fair and reasonable
to all investors. For example, if the Fund were to secure a
substantial capital commitment from investors that enabled
the Fund to enhance its diversification and continue to
actively pursue new investment opportunities, this would
be of benefit to all investors in the Fund. These costs are
expensed by the Fund as the raised capital is deployed
through the purchase of investments.
Actual expenses
incurred
(these fees
cannot be
estimated at this
stage as it would
be based on
the scale of any
commitment)
External parties
such as brokers.
Other fund
administration
expenses
Direct expenses of the Fund up to $30,000 + GST per year
may be charged to the Fund. These expenses include the
costs related to the supervisor, audit, Fund related legal fees,
NZX listing related fees, and independent valuations (if any).
Any of these expenses above $30,000 + GST per annum are
paid by Booster.
Actual expenses
incurred
(capped at
$30,000 + GST
per annum).
External parties
such as the
Supervisor,
auditor, valuers,
NZX and legal
advisers.
Other fund
administration
expenses from
underlying funds
The Fund holds units in NZIB and may also hold interests
in other underlying funds. NZIB and these other underlying
funds may also incur fund administration costs such as audit,
independent valuations, legal fees and independent director
fees (if any).
These costs are not subject to the $30,000 + GST per
annum cap referred to above.
NZIB does not charge any management fees for its services.
Relevant share
of actual
expenses
incurred.
External
parties such
as the trustee/
supervisor,
auditor, valuers,
legal advisers
and independent
directors (if any).
Withdrawal
charge
For withdrawals made directly from the Fund, a withdrawal
charge will be applied.
After the 5th anniversary of your acquisition of the units
being redeemed, the withdrawal charge is capped at 5% of
the amount redeemed.
Withdrawals before the fifth anniversary of your acquisition
of the units being redeemed incur a higher charge, starting
at 10% of the amount redeemed, and reducing by 1% for
each complete year since the units being redeemed were
acquired.
Note this charge does not apply where the Fund has made
funds available for withdrawal from the proceeds of the sale
of an investment, nor to sales of units on the NZX.
If you sell your units on the NZX Main Board a withdrawal
charge will not apply (though a service fee may be charged
by your broker).
Value of amount
withdrawn from
the Fund
Retained by the
Fund to cover
the funding
cost of the cash
available for
withdrawals.
The fees and
expenses can be
changed
Any new fees or changes to existing fees is subject to the Trust Deed. We will consult and agree
any fee change with the Supervisor and provide one month’s notice of any increase in the fees or
charges to all investors in the Fund.

Booster Innovation Fund56
Investment acquisition costs
Costs directly incurred or shared with co-investment partners in the due diligence and acquisition of investments (if any),
are reflected in the purchase price of the relevant investment.
Fees and expenses to 31 March 2025
As a dollar
value
As a percentage
of net asset
value
14
Fees and expenses charged by the manager and its associated persons
15
$00.00%
Fees and expenses charged by other persons
Includes costs paid to the supervisor, auditor, Fund related legal fees, independent valuations (direct and
through underlying funds)
$59,0150.30%
Total$59,0150.30%
Other Fees and Expenses
Contribution feeWe do not charge a fee on contributions. Your financial
advice provider, with your agreement, may charge you
other fees for the services they provide to you. These fees
may include an entry fee on each investment amount or
an ongoing service fee. If an entry fee is charged, it will be
deducted from each investment amount before your money
is invested in the Fund and paid to your financial advice
provider.
As negotiated
with the
adviser based
on services
required – may
be a percentage
of contributions
or a fixed
amount.
Financial advice
provider
NZX brokerage
fee
If you buy or sell units in the Fund through an NZX Participant
(such as a broker), they may also charge you a fee.
Value of
transaction
(minimums may
apply)
NZX participant
14
The percentage is calculated based off the dollar amount divided by the average net asset value of the Scheme’s Fund for the relevant period.
15
The performance-based fee is calculated and paid (in units) for the financial period ended 31 March each year.

Booster Innovation Fund57
The Fund is a listed portfolio investment entity. The amount
of tax that the Fund pays is calculated at the rate of 28% on
its taxable income, though tax rates may change in future.
While the Fund does not intend to pay distributions, to the
extent it does, it would attach any imputation credits it has
available. If you are a New Zealand resident individual or
trustee investor (other than a unit trust) and your marginal
tax rate is less than 28%, you can choose to include the
fully imputed distribution in your tax return, and apply the
surplus tax credits against other income on which you are
required to pay tax (or carry forward to future tax years). An
investor that pays no tax may not be able to obtain a benefit
from the imputation credits from a listed PIE. If investors are
unsure about how they would be impacted, we recommend
seeking professional advice.
That portion of any distribution that does not have
imputation credits attached (referred to as excluded
income) is not taxable to a New Zealand resident investor.
If you are investing in the funds as a joint investor, company,
trust, or estate, see the ‘Other material information’
document available on our website www.booster.co.nz for
more information.
Taxable income for the Fund includes interest, dividends
received (if any) from its New Zealand share investments,
and a deemed dividend of 5% of the market value of any
overseas shares. Any capital gains made by the Fund
in respect of its share interests are excluded from the
calculation of taxable income.
8. Tax
The allowance is not provided in the financial statements in accordance with accounting standards.
Investment
return (before tax
and performance-
based fee)
16
Annual
Management
Fee
Performance
based fee
Other fund
admin expenses
(including GST)
17
Total annual
fund charges
After fees
and charges
investment
return (before tax)
18
-5%0%0%0.25%0.25%-5%
0%0%0%0.25%0.25%0%
+10%0%0%0.25%0.25%10%
+15%0%1.0%0.25%1.25%14%
+20%0%2.0%0.25%2.25%18%
16
The investment return is calculated after all annual charges other than performance-based fees.
17
Calculated as the estimated other fund administration expenses (capped at $30,000 (plus GST)) and other fund administration fees from underlying funds
of $21,300 (plus GST) divided by net asset value of $23.4 million.
18
The after fees and charges investment return is the net pre-tax return after all fees, charges and performance-based fees have been deducted.
Fee Illustration
As the fees and expenses charged are substantially related to investment performance, here are some examples of what the
charges would be under different return scenarios (assuming no capital raising expenses are incurred in the period):

Booster Innovation Fund58
About Booster
We are part of the Booster Group which has been helping New Zealanders save since 1998. The group currently administers
superannuation and investment funds of over $7 billion on behalf of more than 200,000 New Zealanders.
You can contact us at:
Write: Booster Investment Management Limited
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street
Wellington 6142
Who else is involved
9. About Booster and others involved in the Fund
NameRole
Service
Provider
Booster Financial
Services Limited
Provides resourcing, administration and management support to us and the
Scheme. Is our parent company.
Underlying
Fund /
Partnership
NZ Innovation Booster
Limited Partnership
An investment fund through which this Fund co-invests in intellectual
property originating from Victoria University of Wellington and University of
Otago, and University of Auckland.
The NZIB board is responsible for assessing and monitoring investment
opportunities on behalf of the limited partners of the Limited Partnership.
Supervisor
Public Trust Supervises us to make sure we meet our responsibilities and obligations.
Custodian
PT (Booster Investments)
Nominees Limited
Appointed by the Supervisor to hold the assets of the funds on behalf of the
investors. The Custodian is a wholly-owned subsidiary of the Supervisor.
Unit
Registrar
MUFG Pension & Market
Services (NZ) Limited
Provides registry services for units listed on NZX.
Phone: 0800 40 40 50
8.00am to 5.00pm (Monday to Friday)
Email: investments@booster.co.nz

Booster Innovation Fund59
More information about the Fund, including historic financial statements, annual reports, the Trust Deed, SIPO, and other
material information is available on the scheme register and offer register at www.disclose-register.companiesoffice.govt.nz
and copies can be requested from the Registrar of Financial Service Providers. Many of these documents, along with other
Funds related information, can be found at www.booster.co.nz.
You can also get this and other information about your investment, free of charge, at www.booster.co.nz, from your
financial advice provider, or by contacting us through one of the ways listed in Section 9 – About Booster and others
involved in the Fund.
As the Fund is quoted on the NZX, it is subject to the NZX Listing Rules. Under those listing rules, the Fund is required to
disclose certain information including fund updates, annual reports, and material information. You will be able to obtain this
information free of charge by searching under the Fund’s ticker code ‘BIF’ on www.nzx.com.
To invest in the Fund, you can either:
• Apply directly to us at www.booster.co.nz
• Apply via a financial advice provider
• You can also buy units in the Fund through an NZX Participant (such as a broker).
See www.nzx.com/services/market-participants for a list of current NZX Participants.
If you apply directly to us or via a financial advice provider, you will need to enter into a Client Custody Agreement for the
Booster Wrap Administration System. If you would like to get in touch with a financial advice provider who uses the system,
call us on 0800 336 338.
11. Where you can find more information
12. How to apply
10. How to complain
Any complaints about the Fund can be made to us (in the first instance), or the Supervisor, at the contact details below:
Booster
Booster Investment Management Limited
Attn. Chief Operating Officer
Level 19, Aon Centre, 1 Willis Street
PO Box 11872, Manners Street
Wellington 6142
Phone: 0800 336 338
Email: investments@booster.co.nz
Supervisor
Public Trust
Attn. General Manager, Corporate Trustee Services
Public Trust Building,
Level 2, 22-28 Willeston St
Private Bag 5902
Wellington 6140
Phone: 0800 371 471
Email: CTS.Enquiry@PublicTrust.co.nz
Approved dispute resolution scheme
Booster and Public Trust are both members of an
independent approved dispute resolution scheme run by
Financial Services Complaints Limited (FSCL). If we haven’t
been able to come to a suitable resolution to your complaint
with you, you can talk to FSCL who will assist you. FSCL
will not charge you a fee to investigate or resolve your
complaint.
You can contact FSCL at:
Level 4, 101 Lambton Quay
Wellington 6011
PO Box 5967
Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Web: www.fscl.org.nz

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