Determination of Directors' Independence

DETERMINATION OF DIRECTORS’ INDEPENDENCE In accordance with Rule 2.6.1 of the NZX Listing Rules, the Board of LIC has determined that all directors of the Board of LIC are independent directors. The LIC Board consists of: Corrigan Sowman (chair); Timothy Gibson; Duncan Coull; Benjamin Dickie; Antony Coltman; Sophie Haslem; Michael O’Connor; and Victoria Trayner