#039;000 #039;000 Revenue 195,912 171,104 Gross Profit 95,943 63,761 Gross Margin 49.0% 37.3% Operating Expenses 96,398 73,548 Operating Expenses excl China 72,034 71,423 Underlying EBITDA* 19,086 0 Net Loss after tax (9,701) (27,717) Net Debt 15,520 88,936 Operati

Slide 10: Underlying Result Reconciliation

UNDERLYING RESULT RECONCILIATION H1 H1 H2 H2 FY20 FY20 NPAT EBITDA NPAT EBITDA NPAT EBITDA $’000 $’000 $’000 $’000 $’000 $’000 Per financial statements (12,970) (8,829) 3,269 13,008 (9,701) 4,179 Add back non-operating items: Comvita China - release of inventory fair value 2,674 3,567 102 319 2,77

Slide 11: Cashflow, Inventory & Net Debt

C A S H F L O W, INVENTORY & NET DEBT 11

Slide 12: Cashflow

CASHFLOW Cash flow movements 30 June 2020 30 June 2019 Movement • Significant improvement in operating cash inflow Operating cash inflow 39,297 21,086 18,211 Investing activities (9,693) (17,704) 8,011 • Investing cashflow is lower than prior period from focused capital expenditure Financing activit

Slide 13: Inventory & Net Debt

INVENTORY & NET DEBT Key Balance Sheet Ratios as at 30 June 2020 30 June 2019 • Inventory reduced by $20M vs 30 June 2019 #039;000 #039;000 Total assets 286,423 313,043 • Finished goods reduction across all major markets Total inventory 112,679 132,192 • Net debt decrease of $73M vs 30 June 2019 due to su

Slide 14: Honey Harvest FY20, New Business Model FY21

HONEY HARVEST FY20 NEW BUSINESS MODEL FY21 14

Slide 15: Honey Harvest FY20

HONEY HARVEST FY20 Very strong harvest • Record crop c 700 tonnes • Record quality of yield • +150% increase in >UMF 10+ • Site performance improvements • Breeder queens improving hive yield • Reduction in sites with high fixed cost load • Benefit to FY20 result $2.2m (GP) • Further $4M benefit flow

Slide 16: New Harvest Model FY21

NEW HARVEST MODEL FY21 New harvest model FY21 reduces risk • All sites carefully selected on three criteria • Yield • Quality of yield • Servicing cost per hive/site New model impact on performance • Equivalent harvest yield to FY20 delivers > 40-50% improvement in margin contribution c680-720 tonne

Slide 17: The Science of Optimising Harvest Yields

THE SCIENCE OF OPTIMISING HARVEST YIELDS Improved cultivars support performance Cultivar improvement programme since 2006 • Infield trials since 2011 • 18 trial sites across the country • Increased flower abundance and extended flowering time • Increased nectar quantity and quality • ~ 80% increase

Slide 18: The Science of Optimising Harvest Yields

THE SCIENCE OF OPTIMISING HARVEST YIELDS Time is of the essence • Detailed evaluation proves the benefit of optimised timing of hives placement • Maximise target crop and avoid dilution • Comvita drone capability to optimise timing • Positive impact on crop value 20/11 08/12 18/12 18 23/10

Slide 19: Market Segment Performance

MARKET SEGMENT PERFORMANCE 19

Slide 20: Revenue for the Year Ending June 2020

REVENUE FOR THE YEAR ENDING 30 JUNE 2020 Greater CHINA* $79.0m +66% +23% +3% (2019 : $76.5m) NORTH AMERICA REST OF ASIA $22.1m +11% CHINA* $20.5m (2019 : $13.4m) EMEA*** $57.6m $6.9m (2019 51.9M) +11% (2019 : $16.7m) (2019 : $6.2m) -24% AUSTRALIA / NZ (ANZ) & CBEC** $52.8m (2019 : $69.6m) Other sale

Slide 21: Net Contribution for the Year Ending June 2020

NET CONTRIBUTION FOR THE YEAR ENDING 30 JUNE Greater CHINA* $11.2m +196% +41% +88% (2019 : $7.9m) NORTH AMERICA CHINA* REST OF ASIA $4.4m -10% $9.2m EMEA*** $4.2m (2019 : $1.5m) $511k (2019 6M) +60% (2019 : $2.2m) (2019 : $463k) -30% AUSTRALIA / NZ (ANZ) & CBEC** $16.3m (2019 : $23.1m) Other contrib

Slide 22: North America

NORTH AMERICA Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 22,137 13,361 8,776 66% Net Contribution 4,392 1,484 2,908 196% Net Contribution % 20% 11% 9% Revenue +66% with good performance across major customers • Retail + 88% • Digital + 44% • New distribution achieved in 26

Slide 23: China (Like-for-Like)

CHINA (LIKE-FOR-LIKE) Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 57,632 51,947 5,685 11% Net Contribution 9,236 5,988 3,598 60% Net Contribution % 17% 12% 5% First full twelve-month period of China integration Positive impact of fully integrated business • Like-for-like re

Slide 24: Greater China (Like-for-Like Performance)

G R E AT E R C H I N A * ( L I K E - F O R - L I K E P E R F O R M A N C E ) Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 79,022 76,485 2,537 3% Net Contribution 11,154 7,915 3,239 41% Net Contribution % 14% 10% 4% • Total revenue plus 54% due to consolidation of China JV •

Slide 25: Rest of Asia

REST OF ASIA Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 20,533 16,722 3,811 23% Net Contribution 4,199 2,234 1,965 88% Net Contribution % 20% 13% 7% Revenue +23% • Strong double-digit revenue growth across all markets • Brand investment + 15% Contribution +89% due to opera

Slide 26: ANZ

ANZ Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 52,802 69,562 (16,760) -24% Net Contribution 16,265 23,151 (6,886) -30% Net Contribution % 31% 33% -2% Total revenue – ($16.8M) versus PCP* • H1 impact of MPI definition change and major customer one-off purchase in PCP was ex

Slide 27: Europe, Middle East and Africa (EMEA)

EUROPE, MIDDLE EAST AND AFRICA (EMEA) Variance Variance % NZD ($’000) June 2020 June 2019 Fav/(Unfav) Sales 6,916 6,211 705 11% Net Contribution (511) (463) (48) -10% Net Contribution % -7% -7% 0% • Revenue +11% vs PCP • Digital sales +33% • New customer strong growth +28% to 10% of total • Contribu

Slide 28: Non-Operating Impacts Review Completed

N O N - O P E R AT I N G I M PA C T S REVIEW COMPLETED 28

Slide 29: Putake

PUTAKE • Queen rearing and extraction business, JV since July 2016 • No strategic value to Comvita • No trade buyer despite prolonged attempts • Putake in process of winding up through selling assets • Write down of investment $3M in FY20 • Residual carrying value $0 29

Slide 30: Kaimanawa

KAIMANAWA • Joint venture beekeeping operation • Write down of investment $669K in FY20 • Residual carrying value $0 30

Slide 31: Medibee Apiaries Australia

MEDIBEE APIARIES AUSTRALIA • Joint venture with Capilano Australia founded in May 2016 • Australian bushfires wiped out FY20 crop • Limited Comvita strategic value - exploring options to exit • New business model executed to pay down bank facility • Impairment recognised against shareholder loan FY2

Slide 32: SeaDragon

SEADRAGON • Market leading supplier of Omega fish oils • 17% shareholder • Limited strategic value given Comvita renewed focus on Mānuka & Bee products • De-listed from NZX • Write down of carrying value FY20 $2.6M through reserves in equity • Fair value P&L impact $192K • Residual value $0 32

Slide 33: Apiter

APITER • Long term strategic partner for high quality bulk propolis and specialist product supply • Good growth achieved in FY20 13% • Pharma Export (SA) 125% growth PCP • South America Distribution partner for Comvita Mānuka • Write down of carrying value to reflect medium term performance • FY20 i

Slide 34: Fair Value Adjustment Comvita China

FAIR VALUE ADJUSTMENT COMVITA CHINA • Inventory value adjustment at 100% acquisition May 19 • Fair Value Adjustment recognised in COG’s $3.9M • One-off impact • Fully absorbed in FY20 34

Slide 35: Building a Better Business: Transformation Plan

BUILDING A BETTER BUSINESS T R A N S F O R M AT I O N P L A N 35

Slide 36: Arotahi – Our Focus FY21

A R O TA H I – O U R F O C U S F Y 2 1 Right Products Subsidiaries Right Markets Vertical Integration IMPROVED QUALITY Consumer Transformation / Risk reduction $ investment in brand, IP and science Route to Market = Long term profitable growth 36

Slide 37: Three Point Plan

Three Point Plan • Stabilise performance • Transform the organisation • Build long term resilience and growth 3737

Slide 38: FY21 Stabilise Performance

FY21 Stabilise Performance 38

Slide 39: Stabilise Performance

STABILISE PERFORMANCE • Winning in New Zealand and Australia • NZ is our home market and we must win at home. • Build distribution and brand loyalty. NZ as a test market • Lift digital engagement, revenue and advocacy • Getting fundamentals right • Focus on Mānuka and Propolis products • Long term i

Slide 40: Transform the Organisation

Transform the Organisation 40

Slide 41: Transformed Organisation

TRANSFORMED ORGANISATION Consumer centric organisation Results • Focus on consumer understanding and brand loyalty • Penetration and frequency of use 178,000 new users • Lifetime loyalty Weibo followers +277% • Clear roles defined for in-market sales & marketing and ✓ support centre functions • Incr

Slide 42: Transformed Organisation

TRANSFORMED ORGANISATION 3 year $15m transformation plan on track Action • 500+ bps (5 ppts) improvement in gross margin 150 BPS in FY21 • Underlying fixed cost reduction of $5.0m $2M in FY21 • Generating long term operating leverage and enabling investment into China and North America growth market

Slide 43: Company Restructure Complete

COMPANY RESTRUCTURE COMPLETE • Clearer role of Markets and Paengaroa teams, and how they work together • Customer facing roles unaffected • Centralisation to NZ and China • Agile organisation, expected to act • New talent in China • Leadership structure revised for better focus, accountability and d

Slide 44: Leadership Structure Implemented

LEADERSHIP STRUCTURE IMPLEMENTED Chief Purpose & Chief Financial Transformation Officer, Officer, Nigel Holly Brown Regional CEO, GM North Greenwood Asia America Andy Chen Corey Blick - Greater China - USA - Japan - Canada - Korea Chief Customer Chief Business Officer, - SEA Development Saada McName

Slide 45: Long Term Resilience and Growth

Long Term Resilience and Growth Building resilience to weather unexpected events 45 45

Slide 46: Long Term Resilience and Growth

LONG TERM RESILIENCE AND GROWTH Aligned 5-year strategic plan to deliver long term equitable growth • Above average returns vs NZX 50 • New business model focusing on Brand investment and returns (BVP) • Virtuous reward cycles based on results to recognise team as we grow • Mānuka category 9.4% CAGR

Slide 47: Size of Prize – China

SIZE OF PRIZE – CHINA • Total addressable market US$1.2 bn • Imported honey 12.5% of total • Double digit CAGR forecasted • Mānuka / imported forecast to over index • Key attribute – trust and heritage Comvita in China • Comvita is the market leader in China • Significant brand equity • Experienced

Slide 48: Size of Prize – North America

SIZE OF PRIZE – NORTH AMERICA • Total addressable market US$340m • Current imported honey market circa 30% - US$102m • High single figure CAGR expected over the next five years • Strong adoption by millennials and rapidly expanding availability through online and mass retail Comvita in North America

Slide 49: Summary

SUMMARY • Strong second half performance demonstrates turnaround and transformation are on track • FY20 underlying EBITDA $19.1M • Focused growth markets showing double digit top and bottom line growth • Covid-19 has been a net positive as consumers chose high quality, natural health products • Stru

Slide 50: Building a Better Business FY21 Targets

Building a Better Business FY21 TARGETS • Targeting mid single digit revenue growth in FY21 (20% EBITDA benefit) • Targeting 150 BPS improvement in GP • Underlying fixed cost reduction of $4M before transformation costs of $1.5M • Material increase in marketing investment in North America and China

Slide 51: Thank You

THANK YO U 51

Slide 52: Questions and Answers

QUESTIONS AND ANSWERS 52

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