ANNUAL SHAREHOLDERS’ MEETING 20 OCTOBER 2021

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PRESENTED BY: BRETT HEWLETT, CHAIR DAVID BANFIELD, CEO

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Mihi Whakatau

Important Notice

This presentation is given on behalf of Comvita Limited. Information in this presentation:

Should be read in conjunction with, and is subject to, Comvita’s Annual Reports, Interim Reports and market releases on NZX;
Is from audited financial statements for the year ended 30 June 2021;
Includes non-GAAP financial measures such as EBITDA, constant currency revenue, and underlying revenue. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of, Comvita’s audited financial statements. We monitor these non-GAAP measures as key performance indicators and we believe it assists investors in assessing the performance of the core operations of our business.
May contain projections or forward-looking statements about Comvita. Such forward-looking statements are based on current expectations and involve risks and uncertainties. Comvita’s actual results or performance may differ materially from these statements;
Includes statements relating to past performance, which should not be regarded as a reliable indicator of future performance;
Is for general information purposes only, and does not constitute investment advice;
Is current at the date of this presentation, unless otherwise stated.

While all reasonable care has been taken in compiling this presentation, Comvita accepts no responsibility for any errors or omissions. All currency amounts are in NZ dollars unless otherwise stated.

Voting & asking questions

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Voting Card Question box
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Formalities

Notice of Meeting
Quorum
Proxies
Annual Financial Statements

T O D AY ’ S

Agenda

01. 02. 03. Mihi Whakatau Welcome and Apologies Formalities Brett Hewlett

04. Chair Address Brett Hewlett

05. 06. CEO Address Resolutions David Banfield

07. 08. General Business Karakia Whakamutunga Q&A and Close

4

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I N T R O D U C T I O N S Board of Directors

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Brett Hewlett

INDEPENDENT DIRECTOR CHAIR OF THE BOARD

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Bridget Coates INDEPENDENT DIRECTOR

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Luke Bunt

INDEPENDENT DIRECTOR CHAIR OF AUDIT AND RISK COMMITTEE

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Yawen Wu

DIRECTOR

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Sarah Kennedy

INDEPENDENT DIRECTOR CHAIR OF SAFETY AND PERFORMANCE COMMITTEE

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David Banfield

MANAGING DIRECTOR

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Bob Major

INDEPENDENT DIRECTOR

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David Cheng

DIRECTOR

(RETIRED 13 SEPTEMBER 2021)

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Zhu Guangping

DIRECTOR

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Paul Reid

INDEPENDENT DIRECTOR (RETIRED 1 OCTOBER 2021)

O U R

Founding Principles

Comvita were pioneers in the honey and bee products industry since being founded in 1974/5.

Our story began with an unlikely partnership; Alan Bougen and Claude Stratford –generations apart, worldly and progressive in their thinking. They were united by a belief that food is the best medicine and that nature has the answers. With deep principles that were ahead of their time; a belief in community and caring for one another; a deep respect for nature and the environment; always seeking and sharing knowledge.

Our Vision

“Our vision is to deliver world-leading standards for our team, our consumers, our shareholders and our planet, contributing to a world where bees and people can thrive in harmony.”

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O U R E N D U R I N G L O N G - T E R M

Company Goals

H O W W E M E A S U R E S U C C E S S

Carbon positive: A positive contributor to reducing the impact of global warming
EBITDA > 20% of Sales: Fair and sustainable operating profits
TSR > NZX50 50[th] centile: Deliver long-term shareholder value
ROCE > 500bp above WACC: Competitive rates of return for invested capital
Consumer NPS > +7: Adoring and loyal consumers of our brand
Employee NPS > +7: Best employer, best talent

ānau Our global wh

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+ YRS

COMVITA AVERAGE SERVICE GLOBALLY

FEMALE

FULL TIME EQUIVALENT ROLES IN OUR GLOBAL WH Ā NAU

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OF THE COMVITA BOARD ARE WOMEN

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Health and Safety
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Health & Safety R E L E N T L E S S F O C U S O N S A F E T Y P R I O R I T I E S

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Partnerships & Social Impact

O U R G O A L

Carbon

P O S I T I V E B Y 2 0 3 0

Environment

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10 M

M Ā NUKA TREES

PLANTED

27 %

OF PAENGAROA SITE POWER FROM RENEWABLE SOLAR ENERGY

CO e 2 9146 TONNES OF CO 2e REMOVED DUE TO M Ā NUKA FORESTS

F Y 2 1 K E Y R E S U LT S

Financial

Financial F Y 2 1 K E Y R E S U LT S
30	June	30	June
	2021		2020

Constant currency revenue shows a $2.9m or 1.5% improvement YOY
Underlying revenue** growth 5.4%
Significant improvement in GP%, up 730bps.
GP improvement has enabled a 56% increase in our marketing investment. Now 12.6% of revenue
EBITDA* +511% to 13.3% of sales

FY21 Comvita at a glance

No. 1

Global brand leader in Mānuka Honey and Propolis

$24.2M

+56% Investment in Comvita brand

552 Team members in the Comvita whānau

$25.5M EBITDA result FY21 +511%

Seven

Seven subsidiaries in countries around the world

$4.6M

Net debt FY21

34%

Digital share of total revenue FY21

35.3% Comvita TSR FY21*

*TSR calculated as closing price of 30 June 2020 relative to 30 June 2021 with no dividend payment

I N T R O D U C T I O N S Leadership Team

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Saada

McNAMEE

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INTERIM CHIEF CUSTOMER OFFICER

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CHIEF OPERATIONS OFFICER

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FY21 in Summary

As forecast at our ASM in October 2020, this was a year where the rubber needed to hit the road. We returned to profitability, reduced our debt and extended our leadership in key markets around the world.

Our new operating model is working, focused on being closer to customer and consumer around the world and we are confident in our ability to deliver industry leading results.

There is still significant opportunity for us to get better and extend our leadership further and we will explore all opportunities to deliver the true potential at Comvita.

5

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The global Comvita whānau

Our primary focus remains on the health and wellness of our team around the globe
The team are all safe and well, though some family members have been affected

Covid 19

I am concerned about the impact of lockdown on mental health and have increased support on offer and communication to the group
The team response has been amazing in all markets
Many markets still being impacted by ongoing disruption due to Covid
We are proud to be part of the solution for consumers around the world
The longer-term trend of consumers turning to nature and natural products for solutions to their health and wellness needs has continued
New company policy that only vaccinated people will be able to travel internationally for work related activity and company meetings

“Better to act your way to a new way of thinking, than think your ” way to a new way of acting

CEO Address

Our Cause
Our Three Point Plan – progress and update
Our Harmony Plan

CEO Address - David Banfield

FY21 Financial Results
Company
Products
Markets
Trading Update Q1

Arotahi

O U R F O C U S

L O N G T E R M P R O F I TA B L E G R O W T H

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VERTICAL
INTEGRATION
IMPROVED
QUALITY
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RIGHT
PRODUCTS
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RIGHT
MARKET
SUBSIDIARIES
CONSUMER
INVESTMENT IN ROUTE TO
BRAND, MARKET
IP & SCIENCE
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L E V E R A G I N G O U R

Unique

B U S I N E S S M O D E L

O U R T H R E E P O I N T

Plan

P R O G R E S S A N D U P D AT E

STABILISE THE ORGANISATION	●Winning in Australia and New Zealand	●Winning in Australia and New Zealand
	●	Focus on fundamentals
	●	Relentless simplification
	●	Positive cashflow paying down debt
	●	Inventory management
	●	Underperforming assets
TRANSFORMED	●	Customer focus
ORGANISATION	●	World class digital experience and tech
	●	New proven harvest model
	●	Agile focussed team
	●	$15M transformation plan
	●	Reconnection with our cause
BUILD LONG	●	Delivery of Aligned 5-year plan 60.15.20
TERM RESILIENCE AND GROWTH	●	US and China the engine for sustainable top and bottom-line growth
	●	Simplified and Focussed organisation
	●	Reducing breakeven point per month from $16.2m to $13.5m
	●	Reduced debt <1 EBITDA relative to inventory value

O U R T H R E E P O I N T P L A N

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Stabilise

What we have achieved

Results at the top end of guidance Proven new harvest model Completed JV review Generating cash and paying down debt

Key milestones

Half-year earnings reflecting true business seasonality Full-year earnings at $25.5M

Q4 performance in ANZ +17% and +33% vs Q3 Dividends resumed

Looking forward

Single-digit growth in ANZ Earnings in line with guidance Improvement in team NPS Double-digit EPS growth

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O U R T H R E E P O I N T P L A N

Transform

What we have achieved

Double digit growth in focus growth markets Double digit growth in M ā nuka Double digit growth in digital channels 730 basis point improvement in gross margin Inventory reduced by $11.7M Net debt reduced to $4.6M

Key milestones

Double-digit top and bottom-line growth in China and North America

Digital revenue +17% to 34% of total Group Breakeven in EMEA Net debt of $4.6M

Looking forward

Double-digit growth in China and North America Digital sales to at least 38% of total at accretive margins Underling net debt reduction (before reinvestment) Double-digit EPS growth

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O U R T H R E E P O I N T P L A N Build long-term resilience and growth

What we have achieved

Defined and shared our long term 60:15:20 model FY21 EBITDA ratio 13.3%

Carbon footprint measurement TRIFR-9%

Launched our 2030 Harmony plan

Key milestones

730 bps increase in GP

$8.7M (56%) increase in brand investment Flat structure driving performance

First carbon footprint report net +1,900 tonnes of CO2e TRIFR -9%

Looking forward

150 bps improvement in GP (second half weighted) B Corp certified

Incremental investment in science, with new patents filed to showcase our industry-leading capability and category understanding

THE COMVITA HARMONY PLAN

Our 2030 Harmony Plan :

Is built on our belief that this is our way of leaving the world in a better place
Is a living document
Is a way of providing clarity on how we can become a positive force for good – i.e. The plan addresses all our stakeholders and shares some of our major commitments, but not all…
Is an ecosystem approach, which means it is not linear and initiatives are interrelated. Therefore, the model should iterate and evolve as we move forward, taking into account the needs of the participants in the ecosystem
Will be reviewed regularly, e.g. annual, and can be adjusted – act into a new way of thinking
Is aspirational, but some objectives can be realised sooner (and we should aim to go as fast as we can)

THE COMVITA HARMONY PLAN

We have set aspirational targets to deliver by 2030, and have three key principles:

Treading lightly : forging a new leadership path in sustainability and circularity (net positive by 2030)
Embracing the science of nature : Comvita’s whakapapa (our lineage and identity from the beginning) is sharing the power of nature and the hive. We seek to do business in a way which honors ancient wisdom and our latest scientific learnings, whilst showing respect and care for our heritage and our place and restoring balance in nature.
Strengthening our global hive :
Caring for bees since 1974, and supporting native forest regeneration in New Zealand;
Aspiring to be best employer nationally and abroad, with safety and wellbeing at the centre and progressive reinvestment in our people; and
Committed to investing 1% of EBITDA in community partnerships and initiatives in support of better social outcomes

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T H R I V I N G I N
H A R M O N Y
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P 13

JOIN WITH US ON OUR MISSION TO CONNECT WITH BEES AND NATURE TO HELP HEAL AND PROTECT THE WORLD #ONEHIVE

“ Do the difficult things while they are easy and do the great things while they are small. A journey of a thousand miles must begin with a single step.” __ LAO TZU

Reported NPAT $9.5M vs. ($9.7m) in PCP
Reported EBITDA* $25.5m, + $21.3m vs. June 2020 or +511%
Double-digit top and bottom-line growth in focus growth markets, China, and USA
Double digit top and bottom-line growth in Mānuka product category
Double digit top and bottom-line growth in digital channels

F Y 2 0 2 1

Headlines

Gross profit (GP) +730 bps to 53.9%
Marketing Investment +$8.7m or +56%
Business transformation plan on track
New Leadership team in place
Strong GP growth
In 18 months since initiating this programme $12.1m of value added
30% SKU reduction simplifies business
Net debt reduced by $10.9m to $4.6m, inventory reduction $11.7m, operating cash inflow $24.8m
9% reduction in total recordable injury frequency rate (TRIFR)
Fully imputed dividend of 4cps declared

*EBTIDA earnings before interest, tax, depreciation and amortization is a non-GAAP measures. We monitor this as key performance indicators and believe they assist investors in assessing the performance of the core operations of our business.

** Previous Corresponding Period

F Y 2 0 2 1

Review

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Inventory & net debt

As at	30 June	30 June
NZD 000’s	2021	2020	Variance $
	Audited	Audited
Total assets	286,609	286,423	186
Total inventory	101,008	112,679	(11,671)
Trade receivables	23,523	17,726	5,797
Working Capital	122,883	128,597	(5,714)
Net Debt	4,583	15,520	(10,937)
Total equity	221,880	211,748	10,132
Net Debt to equity ratio	2%	7%	-5%

Inventory reduced by $11.7m vs. 30 June 2020
Reduction in non-Mānuka honey inventory holding through bulk sales
Trade receivables up primarily in our China market where we have seen strong growth in revenue, particularly in June due to 6:18.
Net debt decrease of $10.9m vs. 30 June 2020 reflecting ongoing focus on working capital management

F U L L Y E A R

Share of revenue by product category

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F U L L Y E A R

Share of revenue by market

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Greater China increased to
49% of group revenue
Mainland China +31% in local currency
North America sales +23% in local currency
While US share increased to 13%, we lack scale in second focus growth market and need to accelerate faster
Our business model is unique with our global in market subsidiary team
Closer to customer
Closer to consumer
Faster to act

M A R K E T Headlines

Primacy of market
Team capability enhanced
Strong growth in focused growth markets
China: Revenue in LC +31% Net Contribution (NC) +25% Ratio 20.9% (LCY)
North America: Revenue +23% , NC growth +18% (LCY) Ratio 18.8%
Balanced distribution model markets evidence operating leverage potential: Revenue +11% , NC % 26.5%
Marketing Investment +56% ( 12.6%)
Refining and telling our unique story - Why Comvita.

P E R F O R M A N C E v s . P C P

Revenue

R E P O R T E D C U R R E N C Y

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(30 June 2021 vs 30 June 2020)

Figures are in NZD on a reported currency basis based on audited results

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GREATER CHINA NORTH AMERICA
$ 93.1 M $ 24.7 M
2020 : $86.9m 2020 : $22.1m
+7% +12%
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REST OF ASIA AUSTRALIA + NZ EMEA
$ 25.3 M $ 32.4 M $ 5.1 M
2020 : $20.5m 2020 : $44.1m 2020 : $6.9m
+23% -27% -26%
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P E R F O R M A N C E v s . P C P

Revenue

C O N S TA N T C U R R E N C Y

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(30 June 2021 vs 30 June 2020)

Figures are in NZD on a constant currency basis, using 2020 actual average FX rates

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GREATER CHINA NORTH AMERICA
$ 96.5 M $ 27.2 M
2020 : $86.9m 2020 : $22.1m
+11% +23%
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REST OF ASIA AUSTRALIA + NZ EMEA
$ 26.7 M $ 32.1 M $ 5.2 M
2020 : $20.5m 2020 : $44.1m 2020 : $6.9m
+30% -27% -25%
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N E T C O N T R I B U T I O N

Segment

**P E R F O R M A N C E v s . P C P ***

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(30 June 2021 vs 30 June 2020)
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GREATER CHINA NORTH AMERICA
$ 19.9 M $ 4.7 M
2020 : $18.2m 2020 : $4.4m
+9% +7%
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REST OF ASIA AUSTRALIA + NZ EMEA
$ 6.4 M $ 10.2 M $ 0.0 M
2020 : $4.2m 2020 : $13.9m 2020 : LOSS $0.5m
+52% -27% +100%
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F O C U S

Growth Markets

C H I N A & N O R T H A M E R I C A

FOCUS

STRUCTURED LONG-TERM INVESTMENT TO GROW T.A.M AND MARKET SHARE

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GREATER CHINA

ON A REPORTED CURRENCY BASIS

NZD 000’S	This Year	Last Year	Vs.	Vs.
	June 2021	June 2020	Last Year	Last Year %
Sales	93,076	86,945	6,131	7%
Net Contribution	19,908	18,203	1,705	9%
Net Contribution %	21%	21%		0%

• Revenue growth 7%

Strong performance in mainland China offset by challenging topline conditions in HK and CBEC
Strong net contribution growth delivered in mainland China (+25%) and Hong Kong(+23%) supporting Greater China Performance.
Net contribution +9% at 21% of sales

Net Contribution is a non-GAAP measure. We monitor this as a key performance indicator and believe it assists investors in assessing the performance of the core operations of our business. Reported figures using actual translation FX rates in each period. June 2020 net contribution has increased by $3,040k versus previous reporting due to a change in the allocation of cost of sales across segments

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MAINLAND CHINA

ON A REPORTED CURRENCY BASIS

NZD 000’S	This Year	Last Year	Vs.	Vs.
	June 2021	June 2020	Last Year	Last Year %
Sales	73,151	57,610	15,541	27%
Net Contribution*	15,282	12,626	2,656	21%
Net Contribution %	21%	22%		-1%

China is the world’s biggest honey market at 8.3bn RMB
Revenue growth of 27% in reported currency
Marketing investment increased by 134% to build long term brand loyalty and advocacy
Net contribution +21% and at 21% of sales

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MAINLAND CHINA

ON A LOCAL CURRENCY BASIS

CNY 000’S	This Year	Last Year	Vs.	Vs.
	June 2021	June 2020	Last Year	Last Year %
Sales	337,150	258,330	78,820	31%
Net Contribution	70,377	56,514	13,863	25%
Net Contribution %	21%	22%		-1%

China is the world’s biggest honey market at 8.3bn RMB
Revenue growth of 31% in LC
Marketing investment increased by 139% to build long term brand loyalty and advocacy
Net contribution +25% vs PCP, 1 bps decline due to marketing investment

New leadership team in place and performing strongly
Record results in key festivals 11:11 and 6:18
Number 6 and only International brand in healthy food category in Alibaba
Digital channel +41% to 57% of total

G R E AT E R China

M A R K E T H I G H L I G H T S

Retail sector has now recovered +28% vs PCP
UMF Mānuka +38%
New CBEC / Daigou model implemented to ensure amplification of in market brand strength and supply efficiency
Asian health model supports local ANZ Daigou with targeted brand collateral and value chain
Enhanced management and visibility of Inventories
Mainland China efficiencies support Hong Kong profit focus
Multiple brand partnership events driving affinity

G R E AT E R China

B R A N D PA R T N E R S H I P S D R I V I N G A F F I N I T Y A N D E N G A G E M E N T

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NORTH AMERICA
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ON A REPORTED CURRENCY BASIS

NZD 000’S	This Year	Last Year	Vs.	Vs.
	June 2021	June 2020	Last Year	Last Year %
Sales	24,735	22,137	2,598	12%
Net Contribution	4,733	4,380	353	8%
Net Contribution %	19%	20%		(1%)

Revenue +12% versus PCP with strong growth across all channels.
Revenue reported in NZD is negatively impacted by reported FX movements.
Revenue includes cross border sales to Middle East of $3.0M NZD ($1.2m PCP).
Marketing investment +62% versus PCP.

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NORTH AMERICA
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ON A LOCAL CURRENCY BASIS

USD 000’S	This Year	Last Year	Vs.	Vs.
	June 2021	June 2020	Last Year	Last Year %
Sales	17,247	14,019	3,228	23%
Net Contribution	3,237	2,744	493	18%
Net Contribution %	19%	20%		(1%)

Revenue +23% versus PCP with strong growth across all channels.
Revenue includes cross border sales to Middle East of $2.1M USD, $0.8m USD PCP.
Net contribution +18% to 19% reflecting increased investment in brand.
Marketing investment +80.8% versus PCP.
Digital Sales have grown by 37% versus PCP to 36% of total.

Comvita is the fastest growing Mānuka honey brand in the U.S.*
Increasing rates of sale per point of distribution with key retail customers for Mānuka
Strong growth in key product categories versus PCP, including UMF Honey +24% and Propolis +31%.

N O R T H

America

M A R K E T H I G H L I G H T S

Retail Distribution increased by an estimated +2000 stores, doubling our retail presence
Comvita.com metrics demonstrates successes in growing our brand within the online channel.
Number of users +31%
Number of transactions +33%
Email Marketing +29%
Social +117%
Earned media impressions of 1,265 Million, up from 722 Million in PCP.
Committed to save 5 million bees working with beekeepers across the U.S., which led to a feature in Forbes during World Bee Month.
Partnered with major health media publications to expand thought leadership within the Mānuka category.

*Excluding brands with annual sales under $50k NZD Data source: SPINS

• Focus strategy starting to deliver results – strong FY21 result

• Double-digit top and bottom-line growth:

‒ Focus growth markets ‒ Digital channels ‒ Mānuka • Simplified business — Product range Summary — Operating businesses — Roles and responsibilities

• Reducing inventory, generating cash, paying down debt

• Transformation of Comvita on track

• Putting in place foundations for long term profitable growth at Comvita

Good progress to deliver 60:15:20 business model

FY22 EBITDA guidance range of $27.0m to $30.0m

F Y 2 0 2 2 M A R K E T Guidance

Continued double digit top & bottom-line growth in Focus Growth Markets
Digital to at least 38% of revenue
Mid single digit revenue growth in ANZ market
Focus on further increase in GP% (H2)

P E R F O R M A N C E

Transformation program continues with $2.5m investment within guidance
Targeting further reduction in inventory from $100.0m to $90.0m
Capital expenditure investment of circa $18.0m

F Y 2 0 2 2

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Q1 performance

Despite Covid disruptions, underlying revenue is in line with our expectations +4.5%
Forecasting double-digit growth in our focus growth markets and focus categories
50% increase in brand investment
Q1 EBITDA +10.6% improvement on PCP
Material opportunities being explored to enhance our global leadership and accelerate growth
Full year guidance maintained

6

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Resolutions

Formalities

Reports and Financial Statements

Agenda Brett Hewlett Chair

Ordinary Resolutions

Appointment and Remuneration of Auditors
Director’s Elections:
Re-elect Mr. Luke Bunt
Elect Ms. Yawen Wu
Elect Ms. Bridget Coates
Elect Mr. David Banfield

Voting & asking questions

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Voting Card Question box
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Resolution 1

Appointment and Remuneration of Auditors

To consider, and if thought fit to pass, the following ordinary resolution:

Agenda Brett Hewlett Chair

“That the meeting record the re-appointment of KPMG as the auditors of the Company for the current financial year ending 30 June 2022 pursuant to section 207T of the Companies Act 1993, and authorise the Board to fix KPMG’s remuneration.”

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Resolution 2

Director’s Election – Luke Bunt

To consider, and if thought fit to pass, the following ordinary resolution:

“That Luke Bunt, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company.”

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Resolution 2

Director’s Election – Luke Bunt

A professional director and consultant, Luke has over 30 years’ experience in manufacturing, wholesaling and retailing in both durable goods and FMCG and has considerable experience in financial services and property.

He has held senior executive positions in a number of well-known New Zealand corporates, both public and private. This includes ten years with The Warehouse Group where he was Chief Financial Officer and Head of Property, and 10 years with the DB Group where he was Group General Manager Finance and Planning.

Luke is a member of the NZ Institute of Chartered Accountants. He joined the Comvita board in July 2014.

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Resolution 3

Director’s Election – Yawen Wu

To consider, and if thought fit to pass, the following ordinary resolution:

“That Yawen Wu (China Resources) be elected as a Director by shareholders.”

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Resolution 3

Director’s Election – Yawen Wu

Ms Wu joined China Resources in April 2012 as Business Director of Strategy Department of China Resources (Holdings) Limited, and she joined China Resources Enterprise (CRE) as head of Asset Management Division in July 2021. Ms Wu also works as CEO of China Resources Verlinvest Health Investment Co, Ltd since 2019. Ms Wu previously leads international M&A transactions and postinvestment management at CR group level, and she has over ten-years experience in investment, strategic planning and management with industries across consumer goods, healthcare and real estate.

Ms Wu is currently a member of the board of directors and a member of a few board sub-committees of companies including Oatly Group AB (OTLY.US), Genesis Care Pty Limited, and a number of domestic companies that CR group has invested in mainland China. Ms Wu holds a Master of Science degree in International Business from University of Nottingham in the United Kingdom.

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Resolution 4

Director’s Election – Bridget Coates

To consider, and if thought fit to pass, the following ordinary resolution:

“That Bridget Coates be elected as a Director by shareholders.”

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Resolution 4

Director’s Election – Bridget Coates

Bridget Coates is Chair of Toitū Tahua: Centre for Sustainable Finance, Chair of Fonterra’s Sustainability Advisory Panel to the Board and Chair of Koi Tu (a think tank, based at the University of Auckland). She is also Chairperson of the Real Estate Institute of New Zealand, Director of Yealands Wine Group, Director of Northern Rescue Helicopter Ltd. and Director and Trustee of Mindful Money, a charity with a focus on encouraging responsible investment.

She has been a Governor of the NZ Superannuation Fund and a Director of the Reserve Bank of New Zealand. Bridget has also been a Director of public companies, Sky City Limited and Fisher & Paykel Appliances Holdings Limited, and a Director of Tegel Group Holdings Ltd. She was formerly CEO of Carter Holt Harvey Plastic Products and Director of Research for CS First Boston NZ Ltd as well as being a Member of the University of Auckland Council. She holds degrees in arts, economics and finance from the University of Auckland and also holds the Chartered Financial Analyst qualification: she is a Chartered Member of New Zealand Institute of Directors.

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Resolution 5

Director’s Election – David Banfield

To consider, and if thought fit to pass, the following ordinary resolution:

“That David Banfield be elected as a Director by shareholders.”

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Resolution 5

Director’s Election – David Banfield

David joined Comvita in January 2020 as Chief Executive Officer. An entrepreneurial International Managing Director/CEO with significant experience leading both private and public sector business with revenues up to €300 Million.

First-hand experience in Acquisition, eCommerce, Direct to Consumer, Global Retail (Brand and Private label), B2B, B2C Manufacturing and Supply Chain across four continents. Results delivered through deep cultural understanding and motivation and development of multicultural International teams.

David has led a significant transformation at Comvita over the last 20 months with the turnaround in performance reflected in the strong FY21 audited results.

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8

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Karakia Whakamutunga

Kia hora te marino Kia whakapapa pounamu te moana Kia tere te kārohirohi i mua i tō huarahi Hāumi e, hui e, tāiki e!

May peace be widespread May the sea glisten like greenstone May the shimmer of summer light your pathway ahead United and connected as one

THANK YOU

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COMVITA.CO.NZ
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AI assistant

Comvita Limited — AGM Information 2021

66182_rns_2021-10-20_76b6193e-bda2-4319-b371-5613da0df489.pdf

Mihi Whakatau

Important Notice

Voting & asking questions

Formalities

T O D AY ’ S

Agenda

4

I N T R O D U C T I O N S Board of Directors

Brett Hewlett

Luke Bunt

Yawen Wu

Sarah Kennedy

David Banfield

Bob Major

David Cheng

Zhu Guangping

Paul Reid

Founding Principles

Our Vision

Company Goals

H O W W E M E A S U R E S U C C E S S

ānau Our global wh

+ YRS

Partnerships & Social Impact

O U R G O A L

Carbon

Financial

FY21 Comvita at a glance

I N T R O D U C T I O N S Leadership Team

Saada

FY21 in Summary

5

The global Comvita whānau

Covid 19

CEO Address

Arotahi

O U R F O C U S

L E V E R A G I N G O U R

Unique

O U R T H R E E P O I N T

Stabilise

What we have achieved

Key milestones

Looking forward

O U R T H R E E P O I N T P L A N

Transform

What we have achieved

Key milestones

Looking forward

O U R T H R E E P O I N T P L A N Build long-term resilience and growth

What we have achieved

Key milestones

Looking forward

THE COMVITA HARMONY PLAN

THE COMVITA HARMONY PLAN

F Y 2 0 2 1

Headlines

Review

Inventory & net debt

F U L L Y E A R

F U L L Y E A R

Share of revenue by market

M A R K E T Headlines

P E R F O R M A N C E v s . P C P

Revenue

P E R F O R M A N C E v s . P C P

Revenue

N E T C O N T R I B U T I O N

F O C U S

Growth Markets

C H I N A & N O R T H A M E R I C A

FOCUS

GREATER CHINA

ON A REPORTED CURRENCY BASIS

• Revenue growth 7%

MAINLAND CHINA

ON A REPORTED CURRENCY BASIS

Comvita Limited AGM Information 2021