Comvita Limited — Major Shareholding Notification 2026

May 18, 2026

1

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013

To NZX Limited

and

To Comvita Limited (Comvita)

Date this disclosure made: 18 May 2026

Date on which substantial holding began: 18 May 2026

Substantial product holder(s) giving disclosure

Full name(s):

F&N Ventures Pte. Ltd. (F&N Ventures)

Fraser and Neave, Limited (F&N). F&N Ventures is a wholly-owned subsidiary of F&N. F&N is the holding company of the Fraser and Neave Group.

Thai Beverage Public Company Limited (ThaiBev). ThaiBev owns approximately 69.66% of the shares in F&N and is the ultimate holding company of F&N Ventures.

Summary of substantial holding

Class of quoted voting products: Ordinary shares in Comvita (ISIN: NZCVTE0001S7, NZX Code: CVT) (Shares)

Summary for F&N Ventures, F&N and ThaiBev

For this disclosure,—

(a) total number held in class: 25,954,823
(b) total in class: 129,839,035
(c) total percentage held in class: 19.990%

Details of relevant interests

Details for F&N Ventures

Nature of relevant interest(s): Legal and beneficial owner of Shares

For that relevant interest,—

(a) number held in class: 25,954,823
(b) percentage held in class: 19.990%
(c) current registered holder(s): F&N Ventures
(d) registered holder(s) once transfers are registered: Not applicable

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Details for F&N and ThaiBev

Nature of relevant interest(s): Power to control the exercise of a right to vote attached to, and the acquisition or disposal of, Shares by virtue of being a holding company of F&N Ventures

For that relevant interest,—

(a) number held in class: 25,954,823
(b) percentage held in class: 19.990%
(c) current registered holder(s): F&N Ventures
(d) registered holder(s) once transfers are registered: Not applicable

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure:

On 15 April 2026, F&N Ventures provided an underwriting and top-up commitment (the Commitment Letter) to Comvita in connection with its pro-rata renounceable rights offer to existing shareholders (the Entitlement Offer).

Pursuant to the Commitment Letter, F&N Ventures undertook to subscribe for all new Shares in Comvita offered by Comvita in the Entitlement Offer that are not subscribed for by its existing shareholders, provided that F&N Ventures' shareholding shall not exceed 19.99% of all of the Shares in Comvita on issue upon completion of the issuance of those Shares (the Underwriting Commitment). The subscription price under the Underwriting Commitment was equal to the price under the Entitlement Offer of NZ$0.65 per Share.

Under the terms of the Commitment Letter, if the shareholding of F&N Ventures is less than 19.99% of all Shares on completion of the Entitlement Offer, Comvita agreed to provide a top-up issuance of additional Shares as necessary to increase F&N Ventures' shareholding to 19.99% of the total Shares on issue upon completion of the issuance of those Shares, at an issue price of NZ$0.80 per share (the Top-up Placement).

Following completion of the Entitlement Offer and pursuant to the Underwriting Commitment and Top-Up Placement, 25,954,823 new Shares were issued to F&N Ventures on 18 May 2026 for an aggregate price of NZ$18,844,410.10.

Additional information

Address(es) of substantial product holder(s):

For F&N Ventures and F&N:

438 Alexandra Road #20-00

Alexandra Point

Singapore 119958

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For ThaiBev:

14 Sangsom Building
Vibhavadi Rangsit Road
Chomphon, Chatuchak
Bangkok 10900
Thailand

Contact details: James Cooney, +64 9 916 8800, james.cooney@bellgully.com

Nature of connection between substantial product holders:

As mentioned above:

• F&N Ventures is a wholly-owned subsidiary of F&N and
• F&N is approximately 69.66% owned by ThaiBev.

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Not applicable

Certification

I, Christopher Leong, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.