Comvita 2021 Annual Shareholders’ Meeting

ANNUAL SHAREHOLDERS’ MEETING
20 OCTOBER 2021
PRESENTEDBY:
BRETT HEWLETT, CHAIR
DAVID BANFIELD, CEO

Mihi Whakatau

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 statementsf
or the year ended 30 June2021;
•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 performanceindicators and we believe
it assists investors in assessing the performance of the core operations of our business.
•May contain projections or forward-l
ooking 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.
W
hile 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.
Important Notice

Voting Card
Question box
Voting & asking questions

•Notice of Meeting
•Quorum
•Proxies
•Annual Financial Statements
Formalities

Agenda
TO DAY ’ S
7
01.
Mihi Whakatau
02.
Welcome and Apologies
Brett Hewlett
03.
Formalities
04.
Chair Address
Brett Hewlett
05.
CEO Address
David Banfield
06.
Resolutions
07.
General Business
Q&A
08.
Karakia
Whakamutunga
and Close

8
Chair Address
4

Bob Major
INDEPENDENT DIRECTOR
David Banfield
MANAGING DIRECTOR
Yawen Wu
DIRECTOR
Zhu Guangping
DIRECTOR
Bridget Coates
INDEPENDENT DIRECTOR
Luke Bunt
INDEPENDENT DIRECTOR
CHAIR OF AUDIT AND
RISK COMMITTEE
Brett Hewlett
INDEPENDENT DIRECTOR
CHAIR OF THE BOARD
Sarah Kennedy
INDEPENDENT DIRECTOR
CHAIR OF SAFETY
AND PERFORMANCE
COMMITTEE
INTRODUCTIONS
Board of Directors
David Cheng
DIRECTOR
(RETIRED 13 SEPTEMBER 2021)
Paul Reid
INDEPENDENT DIRECTOR
(RETIRED 1 OCTOBER 2021)

10
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.
Founding Principles
OUR

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.”

Company Goals
12
OUR ENDURING LONG- TERM
1.Carbon positive: A positive contributor to reducing the impact of global warming
2.EBITDA > 20% of Sales: Fair and sustainable operating profits
3.TSR > NZX50 50
th
centile: Deliver long-term shareholder value
4.ROCE > 500bp above WACC: Competitive rates of return for invested capital
5.Consumer NPS > +7: Adoring and loyal consumers of our brand
6.Employee NPS > +7: Best employer, best talent
HOW WE MEASURE SUCCESS

Our global whānau
+YRS
COMVITA AVERAGE
SERVICE GLOBALLY
FEMALE
FULL TIME EQUIVALENT
ROLES IN OUR GLOBAL
WHĀNAU
OF THE COMVITA
BOARD ARE WOMEN

Health and Safety
Health & Safety
RELENTLESS FOCUS ON SAFETY PRIORITIES

Partnerships &
Social Impact

Environment
Carbon
OUR GOAL
POSITIVE BY 2030
10M
MĀNUKA TREES
PLANTED
CO
2
e
9146 TONNES OF CO
2
e
REMOVED DUE TO
M
ĀNUKA FORESTS
27%
OF PAENGAROA SITE
POWER FROM
RENEWABLE SOLAR
ENERGY

Financial
FY21 KEY RESULTS
•Co
nstantcurrency revenue shows a
$2.9m or 1.5% improvement YOY
•Underlying revenue** growth 5.4%
•Significant improvement in GP%, up
7
30bps.
•GP improvement has enabled a 56%
i
ncrease in our marketing investment.
Now 12.6% of revenue
•EBITDA* +511% to 13.3% of sales
30 June
2021
30 June
2020

18
No. 1
552
Seven
34%
$24.2M
+56%
$25.5M$4.6M35.3%
Digital share of
total revenue
FY21
Investment in
Comvita brand
EBITDA result
FY21 +511%
Comvita TSR
FY21*
Net debt FY21
Seven subsidiaries
in countries around
the world
Team members in
the Comvita
whānau
Global brand leader
in MānukaHoney
and Propolis
FY21 Comvita at a glance
*TSR calculated as closing price of 30 June 2020 relative to 30 June 2021 with no dividend payment

INTRODUCTIONS
Leadership Team
Saada
McNAMEE
INTERIM CHIEF CUSTOMER
OFFICER
CHIEF OPERATIONS
OFFICER

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.
FY21 in Summary

21
CEO Address
5

22

Covid 19
23
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
•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
- David
Banfield
1. Our Cause
2. Our Three Po
int Plan – progress and update
3. Our Harmony Plan
4. FY21 Financial Results
•Company
•Products
•Markets
5. Trading Update Q1
CEO Address

Arotahi
26
OUR FOCUS
LONG TERM
PROFITABLE GROWTH
RIGHT
PRODUCTS
CONSUMER
VERTICAL
INTEGRATION
IMPROVED
QUALITY
RIGHT
MARKET
SUBSIDIARIES
INVESTMENT IN
BRAND,
IP & SCIENCE
ROUTE TO
MARKET

Unique
27
LEVERAGING OUR
BUSINESS MODEL

Plan
28
OUR THREE POINT
PROGRESS AND UPDATE
●Winning in Australia and New Zealand
●Focus on fundamentals
●Relentless simplification
●Positive cashflow paying down debt
●Inventory management
●Underperforming assets
●Customer focus
●World class digital experience and tech
●New proven harvest model
●Agile focussed team
●$15M transformation plan
●Reconnection with our cause
●Delivery of Aligned 5-year plan 6
0.15.20
●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
S
TABILISE THE
ORGANISATION
TRANSFORMED
ORGANISATION
BUILD LONG
TERM RESILIENCE
AND GROWTH

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
Stabilise
OUR THREE POINT PLAN

What we have achieved
Double digit growth in focus growth markets
Double digit growth in M
ānuka
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
Transform
OUR THREE POINT PLAN

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 tonnesof 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
Build long-term resilience
and growth
OUR THREE POINT PLAN

Our 2030 Harmony Plan :
1. Is built on our belief that this is our way of leaving the world in a better place
2. Is a living document
3. 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...
4. Is an ecosystem approach, which means it is not linear and initiatives are interrelated.
T
herefore, the model should iterate and evolve as we move forward, taking into account the
needs of the participants in the ecosystem
5. Will be reviewed regularly, e.g. annual, and can be adjusted – ac
t into a new way of thinking
6. Is aspirational, but some objectives can be realised sooner (and we should aim to go as fast as
w
e can)
THE COMVITA HARMONY PLAN

THRIVING IN
HARMONY
THE COMVITA HARMONY PLAN
We have set aspirational targets to deliver by 2030, and have
three key principles:
1.Treading lightly: forging a new leadership path in
sustainability and circularity (net positive by 2030)
2.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.
3.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 re-
investment in our people; and
•Committed to investing 1% of EBITDA in community
partnerships and initiatives in support of better social
outcomes

JOIN WITH US ON OUR MISSION TO CONNECT WITH
BEES AND NATURE TO HELP HEAL AND PROTECT THE
WORLD
#ONEHIVE
P 13

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
“

Headlines
36
FY 2021
•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 Mānukaproduct category
−Double digit top and bottom-line growth in digital channels
•Gross profit (GP) +730 bps to 53.9%
•Marketing Investment +$8.7mor +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 $10.9mto$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

Review
37
FY 2021

Inventory & net debt
38
•Inventory reduced by $11.7m vs. 30 June 2020
•Reduction in non-Mānukahoney 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 $10.9mvs. 30 June 2020
reflecting ongoing focus on working capital
management
As at
NZD 000’s
30 June
2021
Audited
30 June
2020
Audited
Variance $
Total assets286,609286,423186
Total inventory101,008112,679(11,671)
Trade receivables23,52317,7265,797
Working Capital122,883128,597(5,714)
Net Debt4,58315,520(10,937)
Total equity221,880211,74810,132
Net Debt to equity ratio2%7%-5%

FULL YEAR
Share of revenue by product category

•Greater China increased to
49% of group revenue
•Mainland China +31% in local
cu
rrency
•North America sales +23% in
lo
cal currency
•While US share increased to
1
3%, we lack scale in second
focus growth market and
need to accelerate faster
FULL YEAR
Share of revenue by market

Headlines
41
MARKET
•Our business model is uniquew
ith our global in market subsidiary team
−Closer to customer
−Closer to consumer
−Faster to act
−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.

Revenue
42
PERFORMANCE vs. PCP
(30 June 2021 vs 30 June 2020)
GREATER CHINA
$93.1M
2020 : $86.9m
+7%
NORTH AMERICA
$24.7M
2020 : $22.1m
+12%
REST OF ASIA
$25.3M
2020 : $20.5m
+23%
AUSTRALIA + NZ
$32.4M
2020 : $44.1m
-27%
EMEA
$5.1M
2020 : $6.9m
-26%
REPORTED CURRENCY
Figures are in NZD on a reported currency
basis based on audited results

Revenue
43
PERFORMANCE vs. PCP
(30 June 2021 vs 30 June 2020)
GREATER CHINA
$96.5M
2020 : $86.9m
+11%
NORTH AMERICA
$27.2M
2020 : $22.1m
+23%
REST OF ASIA
$26.7M
2020 : $20.5m
+30%
AUSTRALIA + NZ
$32.1M
2020 : $44.1m
-27%
EMEA
$5.2M
2020 : $6.9m
-25%
CONSTANT CURRENCY
Figures are in NZD on a constant currency
basis, using 2020 actual average FX rates

Segment
44
NET CONTRIBUTION
PERFORMANCE vs. PCP*
(30 June 2021 vs 30 June 2020)
GREATER CHINA
$19.9M
2020 : $18.2m
+9%
NORTH AMERICA
$4.7M
2020 : $4.4m
+7%
REST OF ASIA
$6.4M
2020 : $4.2m
+52%
AUSTRALIA + NZ
$10.2M
2020 : $13.9m
-27%
EMEA
$0.0M
2020 : LOSS $0.5m
+100%
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
. Figures are
in NZD on a reported currency basis based on audited results

Growth Markets
FOCUS
CHINA &
NORTH AMERICA
STRUCTURED LONG-TERM INVESTMENT TO GROW T.A.M AND MARKET SHARE
FOCUS
45

46
GREATER CHINA
ON A REPORTED CURRENCY BASIS
•Revenue growth 7%
•S
trong 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
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales93,07686,9456,1317%
Net Contribution19,90818,2031,7059%
Net Contribution %21%21%0%
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

47
ON A REPORTED CURRENCY BASIS
•China is the world’s biggest honey market at 8.3bn RMB
•R
evenue 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
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales73,15157,61015,54127%
Net Contribution*15,28212,6262,65621%
Net Contribution %21%22%-1%
MAINLAND CHINA
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

48
ON A LOCAL CURRENCY BASIS
•China is the world’s biggest honey market at 8.3bn RMB
•R
evenue 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
CNY 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales337,150258,33078,82031%
Net Contribution70,37756,51413,86325%
Net Contribution %21%22%-1%
MAINLAND CHINA
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.

China
49
GREATER
MARKET HIGHLIGHTS
•New leadership team in place and performing strongly
•Re
cord 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
•Retail sector has now recovered +28% vs PCP
•UMF Mānuka+38%
•New CBEC / Daigoumodel implemented to ensure
amplification of in market brand strength and supply
efficiency
•Asian health model supports local ANZ Daigouwith 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

China
50
GREATER
BRAND PARTNERSHIPSDRIVING
AFFINITY AND ENGAGEMENT

51
NORTH AMERICA
ON A REPORTED CURRENCY BASIS
•Revenue +12% versus PCP with strong growth across all channels.
•Re
venue 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.
NZD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales24,73522,1372,59812%
Net Contribution4,7334,3803538%
Net Contribution %19%20%(1%)
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.

52
NORTH AMERICA
ON A LOCAL CURRENCY BASIS
•Revenue +23% versus PCP with strong growth across all channels.
•R
evenue 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.
USD 000’SThis Year
June 2021
Last Year
June 2020
Vs.
Last Year
Vs.
Last Year %
Sales17,24714,0193,22823%
Net Contribution3,2372,74449318%
Net Contribution %19%20%(1%)
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.

America
53
NORTH
MARKET HIGHLIGHTS
•Comvita is the fastest growing Mān
ukahoney 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%.
•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 Mānukacategory.
*Excluding brands with annual sales under $50k NZD Data source: SPINS

Summary
54
•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
—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

Guidance
55
FY 2022 MARKET
PERFORMANCE
•FY22 EBITDA guidance range of $27.0m to $30.0m
•Co
ntinued 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)
•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

•Despite Covid disruptions, underlying revenue is in
line with our expectations +4.5%
•Forecasting double-digit growth in our focus growth
m
arkets and focus categories
•50% increase in brand investment
•Q1 EBITDA +10.6% improvement on PCP
•Material opportunities being explored to enhance our
g
lobal leadership and accelerate growth
•Full year guidance maintained
Q1 performance
FY 2022

57
Resolutions
6

Agenda
Brett Hewlett
Chair
Formalities
•Reports and Financial Statements
Or
dinary Resolutions
1.Appointment and Remuneration of Auditors
2.Director’s Elections:
•Re-
elect Mr. Luke Bunt
•Elect Ms. Ya
wenWu
•Elect Ms. Bridget Coates
•Elect Mr. David Banfield
Resolutions

Voting Card
Question box
Voting & asking questions

Agenda
Brett Hewlett
Chair
Appointment and Remuneration of Auditors
To consider, and if thought fit to pass, the following ordinary resolution:
“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 authorisethe
Board to fix KPMG’s remuneration.”
Resolution 1

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.”
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 ofwell-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.
Resolution 2

Director’s Election –YawenWu
To consider, and if thought fit to pass, the following ordinary resolution:
“That YawenWu (China Resources) be elected as a Director by
shareholders.”
Resolution 3

Director’s Election –YawenWu
MsWu 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.
MsWu also works as CEO of China Resources VerlinvestHealth Investment Co,
Ltd since 2019. MsWu previously leads international M&A transactions and post-
investment 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.
MsWu is currently a member of the board of directors and a member of a few
board sub-committees of companies including OatlyGroup AB (OTLY.US), Genesis
Care Pty Limited, and a number ofdomestic companies that CR group has
invested in mainland China. MsWu holds a Master of Science degree in
International Business from University of Nottingham in the United Kingdom.
Resolution 3

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.”
Resolution 4

Director’s Election –Bridget Coates
Bridget Coates is Chair of ToitūTahua: 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 YealandsWine 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 TegelGroup 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 alsoholds the
Chartered Financial Analyst qualification: she is a Chartered Member of New
Zealand Institute of Directors.
Resolution 4

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.”
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.
Resolution 5

7
General Business
Q&A
69

70
Karakia Whakamutunga
& Close
8

Karakia Whakamutunga
Kia hora temarino
Kia whakapapa pounamu temoana
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

THANKYOUCOMVITA.CO.NZ

---

COMVITA LIMITED – ANNUAL SHAREHOLDERS’ MEETING
WEDNESDAY, 20 OCTOBER 2021

OPENING MIHI WHAKATAU: DAVE WALTERS

CHAIR ADDRESS
BY BRETT HEWLETT

Kia ora, Tena koutou, tena koutou, tena koutou katoa.

Morena and welcome to Comvita’s Annual Shareholders’ Meeting.

My name is Brett Hewlett and I am the chair of the Comvita board.

Today we are very pleased to welcome you as online participants through our virtual meeting platform provided
by our share registrar Link Market Services.

During this virtual meeting, you can vote and ask questions online. I’ll provide you with further instructions as
we progress through the meeting. If you encounter any issues, please refer to the virtual annual meeting online
portal guide or you can phone the helpline on 0800 200 220.

I would encourage you to send through your questions as soon as you can. This will allow us to answer these
questions at the appropriate time of the meeting. To ask a question, you will need to click “ask a question” within
the online meeting platform, select the item of business, type in your question and click submit.

The Company Secretary has confirmed that the Notice of Meeting has been sent on time.

We have a quorum present, so I declare the Comvita Limited 2021 shareholder meeting open.

The financial statements for year ending 30 June 2021, and the Auditors report for the period are available under
the Investor Centre on our website. The Annual Report was made available on our website on the 15th of
September and hard copies are available either through Link Market Services, or by contacting our Customer
Experience Team on 0800 504 959.

We are very proud of our Annual Report. It is a comprehensive report with something for all stakeholders. For
you our shareholders, when reading this report, you will gain an appreciation of everything that Comvita is
engaged in across the broader Environment, Social and Governance spectrum.

Apologies have been received from Guangping Zhu, Yawen Wu and Alex Sun.

I would like to acknowledge the presence today of our auditors KPMG, our bank Westpac, Comvita’s co-founder
Alan Bougen and family members.

I want to thank you all for joining us today. This is the first time that we have run a virtual ASM. While perhaps
not ideal, I am hoping that we can still provide the sort of engaging and informative session that many of us have
come to expect from a Comvita Annual Meeting. Hopefully by this time next year we will be able to meet again

in person, while still retaining some of the access that makes this virtual meeting a little more inclusive for the
growing number of our long-distance shareholders.

After my short address covering the performance highlights of our last fiscal year, I will hand you over to our
CEO, David Banfield who will take you for a deeper look inside Comvita’s operations, our strategies, how we are
engaging with our multi-stakeholder communities and lastly provide some insights into our future ambitions.

As we go through these two presentations, make a note of any questions you may have.

As mentioned earlier, you can submit your questions via the on-line meeting platform and these will be
communicated to us via our online moderator.

After the presentations we will cover formal resolutions, and finish with General Business where we will respond
to any questions raised during the day.

Let me start by introducing my fellow Directors. Luke Bunt is an Independent Director and also Chairs our Audit
and Risk Committee. Luke has been on the Board for 7 years. Sarah Kennedy is an Independent Director and
Chairs our Safety and Performance Committee. Sarah joined the board 6 years ago. Bob Major is an Independent
Director and joined us at the end of 2019. Guangping Zhu was also appointed to the Board at the end of 2019. Mr
Zhu was the founder of Comvita’s establishment in Mainland China more than 15 years ago and hence has played
a key role in ensuring Comvita’s brand success in this most exciting Focus growth market for Comvita. Mr Zhu
also represents the interests of our largest shareholder, Li Wang.

Recently, we had two Directors step down from the board; Independent Director, Paul Reid and China Resources
nominated Director, David Cheng. I want to take the opportunity to thank both Paul and David for their
commitment and service to the company.

At the beginning of this month, we appointed three new Directors to the board, all who will be standing for
election at this annual meeting. Bridget Coates an Independent Director, Yawen Wu nominated from China
Resources, and our very own David Banfield as Managing Director.

On the assumption that all of the nominated Directors are elected to the Board today, then we will have a Board
of eight, with the majority independent, two strategic shareholder representatives, and a Managing Director.

Your Board has determined that we will pursue a policy of continuous review and evolution of board composition
to best suit the current and future needs of the business. Changes will be timed to ensure continuity and
institutional knowledge and at the same time ensuring that we remain agile and adept at making balanced
decisions in an ever increasingly complex multi-stakeholder world.

While the Board’s primary accountability is to the Company and to our shareholders, we know that consumers
increasingly are making their purchase decisions based on a brand’s social and environmental stance, that
governments (local and international) can intervene if they feel the business community is not aligned with their
agenda, and of course we can see firsthand in this highly competitive employment environment, that highly
skilled and talented people are increasingly taking into consideration an organisation’s social, cultural and
environmental stance when making their employment decisions.

We recently carried out a refresh of the Board Charter to more accurately reflect our collective commitment to
delivering a high standard of governance in the areas of Environmental, Social and core Governance functions.
This is not just some form of woke comment, but a restatement and clarification of what Comvita does at its core
and why.

We are grounded in the founding principles and values of the organisation.

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 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.

At Comvita, Directors take responsibility to act as guardians of these founding principles and our vision in a
sustainable way for the benefit of all our stakeholders. We take seriously our environmental, social, and
governance responsibilities, and we act accordingly. In so doing, we will make balanced choices for investment;
balanced choices in how we spend our time and resources; and balanced choices in terms of how we think about
success.

We will know we are succeeding in our endeavours when we are achieving all six of our long-term goals in a
sustainable way:

We will be:
 a positive contributor to reducing the impact of global warming
 making fair and sustainable operating profits
 delivering long-term shareholder value
 providing competitive rates of return for invested capital.
 we will have adoring and loyal consumers of our Brand.
 we will be the best employer, attracting and retaining the best talent.

On that note, let me start our review of the year gone with a mention of our team. Perhaps it is a cliché to say
that our most valuable asset is our people, but that does not change the truth of the statement. He Tangata, he
tangata, he tangata.

Much has been achieved this past year and none of this would have been possible were it not for the herculian
effort, tenacity, commitment and incredible resilience in the face of adversity that has been shown by our very
own team of 552. On behalf of all shareholders, I would like to thank the staff of Comvita for their efforts.

Today Comvita employs 552 people spread across 8 countries representing 26 nationalities.

The proportion of staff in Customer facing roles is currently 60% up from 38% before our transformation started.
This is testament to our re-focus strategy and in-market consumer facing business model.

In our FY20 Annual Report, we set team goals which we are pleased to report have mostly been achieved. Our
target was to have 40% of female executives reporting to the CEO globally, and we reached 50%. We maintained
100% living wages for NZ based employees. We reached our target of 100% equal pay for equal work globally.
We were down by 20% on our target of 75% of NZ vocational development supporting women, Maori and Pasifika
and are hopeful our apprentice scheme will assist with us reaching that goal in FY22.

We have made good progress in restoring gender balance and diversity at both board and executive levels.

Health, Safety and wellbeing is a priority. We are very pleased to report positive gains in all areas of Health and
Safety reporting.

In particular, we saw total injuries fall by 24% and motor vehicle incidents fall by 54%. Very importantly we saw
the reporting of near miss incidents more than double (high reporting of near misses indicates a good health
and safety culture that is engrained in the business).

Despite the significant pressures the organisation has been under this year, it’s encouraging to see that we have
held a high level of staff engagement. However, the lasting impact of Covid remains of some concern. David will
talk more about this in his presentation.

Our value of Kaitiakitanga - meaning guardianship - has been integral to our thinking since Alan and Claude
founded Comvita 47 years ago.

We continue to invest in research and development, to develop more sustainable practices for reforestation
programmes and beekeeping. We share this knowledge through our partnerships with organisations such as For
the Love of Bees, Saving the Wild, The Himalayan Trust and others.

Trials over the past few years have enabled us to achieve organic status for our Hawkes Bay apiary operation, a
first for NZ beekeepers on this scale.

Recently we were delighted to discover a growing population of 22 Kiwi within our Makino Mānuka forest. This
has sparked an accelerated predator control programme and a protection project for Kiwi and Whio (an
endangered species of small blue duck) in the area.

Last year we shared with you our pride in seeing our wound care products applied to helping save the wildlife
caught in the Australian bushfires, and we have been able to continue that good work with helping harmed
Elephant and Rhino in Kenya and Orangutang in Borneo.

In our annual report, we announced the launch of our Harmony Plan which provides a framework for our
partnerships and social impact initiatives. Key outcomes we are targeting are:
 1% of EBITDA to global community partnerships
 A tree planted for every pot of Mānuka honey sold
 1M bees saved globally every year
 Carbon neutral and circular economy
David will explain more during his presentation.

Another 3.5 million trees were planted last year, bringing our total to 10 million and counting.

To support our strategy to become a net positive sequester of carbon by 2030, we have been working with
thinkstep-ANZ to develop a comprehensive Green House Gases inventory for all of our NZ based operations.
And at first cut, we are already net positive, but this excludes the majority of our upstream scope three
emissions. This has still to be validated and aligned with our forward planning on planting and ongoing efforts to
reduce our global operating footprint.

In FY21, we delivered:
 Reported NPAT of $9.5M up from a loss of ($9.7M) in the prior year. Notably we had no non-operating
adjustments to report.
 Reported EBITDA of $25.5M up from $4.2M last year. This turnaround was made especially significant because
at the same time we increased our marketing spend by more than $8.5m.
 We further reduced debt by $10.9M, based on strong net operating cash flows of $24.8M

Overall, we made very good progress last year. I feel very comfortable that the company is on a stable footing.
We have a solid balance sheet with minimal debt. We have strongly trending sales in our target growth markets
of China and the US, and the decline in ANZ from within the daigou channel appears to have bottomed out.
Earnings were at the top end of our guidance and continue to trend positively in spite of a significant rate of
investment in building our global brand. Perhaps most pleasingly for our shareholders, there was a 35% gain in
TSR and dividends have been restored.

Another important milestone was the building of a new leadership team. I would like to thank David Banfield and
his leadership team for the many personal sacrifices they have had to make in order to help steer the company
through and out of troubled waters. We have set a course towards a more prosperous and sustainable future.

Let me introduce you to the team:

 David Banfield, Chief Executive Officer, who you will hear more from next
 Nigel Greenwood, our Chief Financial Officer
 Andy Chen, Regional Chief Executive Officer for Asia
 Holly Brown, our Chief Purpose and Transformation Officer
 Saada McNamee, Interim Chief Customer Officer
 Tracy Brown, Chief Operations Officer and also our Moderator for today’s meeting
 Nicola O’Rourke, our newly appointed Chief Digital Officer
 Dr Jackie Evans, our Chief Science Officer
 Adrian Barr, Chief Business Development Officer; and
 Corey Blick, our General Manager for North America.

As discussed at our annual meeting last year, this was the year when the rubber needed to hit the road. We have
returned to profitability, reduced our debt and extended our leadership position in key markets around the
world.

We have proven our unique business model is adding value, focused on being closer to customer and consumers
around the world. None more so than in China where our in-market presence has allowed us to accelerate where
others, with an over reliance on the informal daigou channel, have been severely hindered in their progress.

There are still significant opportunities to further extend the business to realise the full potential for Comvita and
all stakeholders. I hope you will join us again next year to hear more.

I will now hand you over to David.

CHIEF EXECUTIVE OFFICER’S ADDRESS
BY DAVID BANFIELD

Tena koutou, tena koutou, tena koutau katoa
Nau mae, Haere mai

Good morning ladies and gentlemen, welcome to the Comvita team and fellow shareholders gathering online.
As Brett said, in a chapter of innovation and digitisation at Comvita, it’s perhaps apt that today we hold our first
virtual ASM.

I would like to start by thanking and acknowledging the incredible hard work and commitment of the global
Comvita team. The last 20 months have been pretty relentless (even without the impacts of Covid), with our
absolute focus to set Comvita up for long-term success. We have made, and continue to make, some pretty
tough calls to ensure that by the time we get to the end of this particular chapter in Comvita’s rich history (end
of FY25), that we have put in place the belief, the foundations and the processes to set Comvita up for the next
50 years. Later today, I will share our carbon and Harmony plan. These leading and progressive policies serve to
future proof Comvita and enable us to evidence our differentiated and unique business model to our consumers
around the world, and also highlight some fundamental differences in our model and standards to our exporter
competitors.

You can see on the screen, the front page of the FY21 Annual Report. I hope that you find this report as beneficial
and clear as our FY20 Annual Report (which incidentally won best traditional Annual Report in Asia Pacific at the
ARC awards) and later this month, goes to the World awards in New York. Your feedback on last year’s report
has encouraged us to go further in this report and also give even more disclosure on both strategic and
operational focus, including our long-term business model. As always, any feedback good or bad, is appreciated.

Before I talk about FY21 results and our FY22 plans, I wanted to share an update on Covid 19 and its impact on
our team and on our operations. The last 20 months since Covid 19 appeared have been unprecedented, both
in terms of how we needed to adapt to win, but also how we needed to connect with our global team during
periods where they were quite often isolated, and in different stages in various countries around the world. Our
primary focus throughout has been on the health and wellness of our team around the globe. We are pleased to
say the team are all safe and well, though some family members have been affected by the pandemic. I am
increasingly concerned about the impact of lockdowns on the mental health of the team. In order to build
connection and show that our team aren’t alone, we have significantly increased communication, added
confidential external support and also continue to send out monthly care packs comprising various Comvita
products that help build immunity, and equally, just to show we care.

I have to say that the team response in all markets has been and continues to be amazing. We are proud to be
part of the solution for consumers around the world and see a strengthening of the longer-term trend of
consumers turning to nature and natural products for their health and wellness needs. As a company, we have
strong beliefs that the best way for us to get back to some form of normality, is if the team are vaccinated and
we have introduced new policies and procedures to protect the whole organisation but have also sought to
provide objective information to enable the team to make their own personal decisions.

One of my personal core philosophies is “Better to act your way to a new way of thinking, than to think your way
to a new way of acting.”

This principle has been central to our turnaround of performance at Comvita and encourages the team to think
and act like the global leader that we are. By creating an environment where we are encouraged and expected

to try new things, we can iterate and reiterate at speed. Long gone are elongated discussions around theoretical
options and outcomes. We prefer to get to a considered hypothesis and then test and learn at speed in order to
get to an action driven, optimised position. There is a long way to go, but this philosophy will help us overcome
the ‘fear of failure’ and keep our focus on constant innovation and transformation to meet changing consumer
needs and keep Comvita as the global leader. It will also help us differentiate between exploration (looking at
global dynamics outside Comvita and apply them within) and exploitation / optimisation of existing capability
and core competence.

Over the course of the next 20 minutes, I will share our progress on our three-point plan to stabil ise performance,
transform the organisation and build long-term resilience and growth.

I will also share details of our 2030 Harmony Plan that explains the type of organisation we aim to be in a multi-
stakeholder world. I will also share our FY21 financial performance and a brief update on trading performance in
Q1, as shared on NZX last week.

During last year’s Annual Shareholder Meeting, you may have heard me use the word focus over 40 times in my
presentation. This focus remains as crucial to our long-term success today, as it did a year ago. At the centre of
our focus, are our discerning consumers around the world. By understanding who they are, what products they
consume and why, in which markets and through which channels, we are able to stay relevant to their changing
needs. By investing in science to enhance our relevance, knowledge and understanding and by investing in our
brand to share our amazing founding story and ongoing scientific development, we again truly differentiate
ourselves from exporters and in the process, open up the amazing benefits of Mānuka and products of the hive
to an even larger audience. Finally, we reinvest in our vertically integrated supply and supply chain to further
improve the quality of our products and services. This combination sets us up for profitable long-term growth.

At Comvita, we have a truly unique business model. Not only have we developed our own Mānuka cultivars in
our own Mānuka forests, with our own apiary team and our own extraction, quality and science facilities, we also
have a highly capable team on the ground in markets around the world. We believe that by being closer to
customer and consumer, and by empowering our in-market team to act, we become a better business and a
better partner. With our digital transformation project in full swing, we are learning more every day about our
consumer needs in terms of products and services and see the mid-term opportunity to be a truly digitally, data-
led business.

A year ago, we shared our three-point plan to stablise the business, transform the organization and build long-
term resilience and growth. We have attempted to put a simple traffic light system over our progress to date
and I will now share where we are on that journey.

In terms of stabilisation, we have achieved results at the top end of our guidance range. We have significantly
de-risked the business by proving that our new harvest model, that aims to produce zero contribution to group
profits in poor weather years and $2-3M of profit in good weather years, has proven successful in FY21. Whilst
we would not have wanted a poor weather year, we were able to show our ability to break-even despite harvest
yields being circa 50% below FY20. We have also completed our joint venture review and now have a clear and
openly shared view of our operating environment and companies over the next few years. In addition, we have
continued to generate cash and pay down debt.

Key milestones in FY21 were: our half year earnings reflecting the true seasonality of our business; our full year
earnings at an EBITDA of $25.5M. It should also be noted that whilst our ANZ performance was materially down
on FY20, we improved sales year on year by 17% in Q4 and also Q4 sales were 33% higher than Q3. Finally, we
were pleased to resume dividend payments to shareholders as a result of our good financial performance.

Looking forward, we aim to deliver single digit growth in ANZ; we aim to deliver FY22 earnings in line with our
guidance of $27-30M EBITDA; we aim to improve our team net promoter score as we look to deliver on our
promise to become the best employer; and we aim to deliver strong double-digit earnings per share growth.

Our transformation plan has enabled us to deliver double-digit growth in our focus growth markets of China and
North America; double-digit growth in Mānuka honey sales; double-digit growth in our digital channel sales (now
34% of total sales); a 730 basis point improvement in gross margin; nearly $12M reduction in inventory; and to
reduce net debt to $4.6M

Key milestones were double-digit top and bottom-line growth in China and North America; digital revenue up
17% to 24% of group; and finally, us proving our ability to break-even in our Europe, Middle East and Africa
segment. Looking forward, we aim to deliver double-digit growth again in China and North America. We aim to
grow digital sales to 38% of total sales at accretive gross margins. We will continue underlying net debt
reduction and are aiming for strong double-digit EPS growth.

We recently shared our long-term 60:15:20 business model. This sets out our plan to deliver a gross margin of
at least 60%, 15% brand investment and 20% EBITDA ratio by 2025. We recognise this is a significant
improvement vs the 13.3% EBITDA ratio that we delivered in FY21, but have confidence in our ability to achieve
this goal. In addition, we shared our first carbon footprint measurement and launched our 2030 Harmony Plan.
It’s also crucial that health and safety is at the centre of our thinking. We are pleased that our total recordable
injury frequency rate reduced by 9% during this period, though we still see further opportunities to improve this.

Looking forward, we aim to deliver an additional 150 basis point improvement in margin. We aim to become B-
corp certified and we will increase our investment in science with a new patent filed to showcase our industry
leading capability and category understanding.

We are really proud to share our 2030 Harmony Plan with the Comvita whānau and our multiple stakeholders.
This plan is built on our belief that we can leave the world in a better place. It is a living document that will evolve
as our business evolves. It is a way of providing clarity on how we believe we can become a positive force for
good. It is an ecosystem approach which means it’s not linear, though initiatives can be inter-related. Our model
is expected to iterate as we evolve and move forward, taking into account the needs of stakeholders in our
ecosystem. It’s meant to be aspirational, but some objectives can be realised sooner than 2030 and we are
aiming to achieve them as fast as possible.

The Comvita Harmony Plan is based on three core principles:

 Treading lightly in forging a new leadership path in sustainability and circularity, with us being net positive
carbon by 2030.

 Secondly, by embracing the science of nature. Our Whakapapa is sharing the power of nature and the hive
with the world. We seek to do business in a way which honours ancient wisdom and harnesses latest scientific
learnings, whilst showing respect and care for our place as we restore balance in nature.

 Our third principle is strengthening our global hive. Comvita have been caring for bees since 1974 and are
supporting native forest regeneration in New Zealand. We aspire to be the best employer nationally and
abroad, with safety and wellbeing at the centre of reinvestment in our team. We believe that the best
interests of all stakeholders are served when the Comvita team are shareholders and think and act in the best
interests of all stakeholders. Our Harmony Plan sets out our commitment to achieve this.

Finally, we are committed to investing 1% of EBITDA in support of better social and environmental outcomes.

We invite all of you to join our mission to connect with bees and nature to help heal and protect the world as
part of our onehive movement #onehive.

Finally, it wouldn’t be an update from me without a Lao Tzu quote who said “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.”

We are pleased with the steps that we are making and are committed to deliver an incredible chapter in
Comvita’s rich history by the time we turn 50.

In FY21, we delivered:
 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
 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

Overall, we are really pleased with progress but it’s definitely so far so good with us delivering:
 $9.5M Reported NPAT VS.($9.7M) in PCP
 Reported EBITDA of $25.5M+ $21.3M Vs. June 2020 or +511%
 730 basis points in gross profit
 +$8.7M in marketing investment or 56%
 Transformation plan on track
 $4.6M net debt
 Inventory reduction of $11.7M
 Operating cash inflow of $24.8M
 9% Reduction of TRIFR
 4 cents per share fully imputed dividend declared

As we previously shared, good management of business fundamentals and particularly management of working
capital and cash is central to our long-term plan. In FY21 we reduced inventory by $11.7M and net debt by $10.9M,
reflecting our ongoing focus in this area.

UMF Mānuka honey share increased from 61 to 66% of our total business, with Mānuka revenue up 10% and as
importantly, our more premium 10+ Mānuka improved by 14% year on year.

Our ongoing focus on product level productivity continued, with us reducing our SKU count by 30% during the
year. This helps us focus on SKUs that our consumers demand and on SKUs that give us the highest profitability.
In addition, we get increased production and supply chain efficiencies in the process.

Our focus remains on delivering growth in our focus growth markets of China and North America. China is the
world’s biggest honey market and North America, the second biggest.

For Comvita, Mainland China revenue increased by 31% in local currency as we extended our market leadership.
In North America revenue increased 23% in local currency and we are the fastest growing Mānuka brand.
Greater China represents nearly 50% of our total sales and whilst North America’s share of our total revenue
increased to 13%, we recognise we need to grow faster in order to deliver portfolio balance and take advantage
of strong broader category fundamentals.

Comvita’s business model is truly unique and means that when executed effectively, we are closer to customer,
closer to consumer, faster to act and able to empower quality teams in-market in order to grow both market
share and total addressable market.

In the course of this year, we are pleased to have added more capability to our in-market teams, funded by
efficiencies we have generated elsewhere in the group. Through our collective efforts, we delivered strong top
and bottom-line growth in both China and North America, we increased our marketing investment by 56% to
12.6% of sales and we continued to refine and tell our unique “Why Comvita” story to consumers around the
world.

In order to give like for like performance, I will skip this page and focus on constant currency revenue
performance.

Our constant currency revenue increased by 11% to $96.5M in Greater China, by 23% to $27.2M in North America
and by 30% to $26.7M in Rest of Asia. In Australia and New Zealand, sales declined by 27% to $32.1M due to
disruption to the Asian Health market and tourism, and our strategy to leverage our in -market team in China of
around 200 people. In EMEA, our revenue was down by 25% to $5.2M as a result of Brexit challenges in H2,
meaning no product could be shipped to Europe.

Looking at our net contribution by segment, our Greater China net contribution increased by 9% to $19.9M. Our
North American contribution increased by 7% to $4.7M. Our rest of Asia contribution increased by 52% to $6.4M
with strong growth across all markets. Our ANZ net contribution decreased by 27% to $10.2M due to revenue
decline. Finally, we were delighted to prove that despite significant revenue headwinds, we were able to deliver
a break-even performance in EMEA, giving us further confidence about the long-term opportunity to have self-
funded, profitable growth in the future.

I now turn to our focus growth markets, where our strategic focus is to have long-term structured investment to
grow the total addressable market and our market share.

When looking at Greater China, you can see that our total sales increased by 7% to $93M and our net contribution
by 9% to $19.9M in the world’s biggest honey market.

Again, for transparency reasons, we will focus on constant currency performance.

In Mainland China, our total revenue grew by 31% to 337M RMB and our net contribution by 25% to over 70M
RMB. We increased investment in our brand by 139% in order to build long-term loyalty an advocacy.

Our China market highlights are:
 New leadership team in place and performing strongly
 Record results in key festivals 11:11 and 6:18

 Number six and only international brand in healthy food category in Alibaba
 Digital channel +41% to 57% of total
 Retail sector +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 initiatives
 Enhanced management and visibility of inventories
 Mainland China efficiencies support Hong Kong profit focus
 Multiple brand partnership events driving affinity

We are proud to form long-term partnerships with other high-profile brands in the China market, further driving
affinity and engagement. As you can see, our afternoon tea, a highlight of Shanghai society, drove a high volume
of target market engagement, with over five million post views delivered.

Other high profile brand partnerships/associations are underway.

For the purpose of transparency, we will focus on constant currency performance.

Our revenue in North America grew by 23% to US$17M in FY21, with net contribution increasing by 18% to
US$3.2M, representing 19% of sales. Structured brand investment is again central to our plan and was increased
by 80% vs PCP. In order to diversify earnings, we invested strongly in the digital channel and grew sales by 37%
vs PCP and now represent 36% of total North American sales.

Our North America market highlights:
 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%.
 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.

In summary, our focus strategy is starting to deliver results with a strong FY21 result reported. We saw double-
digit top and bottom-line growth in our focus growth markets, our digital channel and the Mānuka category.

We further simplified the business – our product range, our operating businesses and roles and responsibilities.
We reduced inventory, we generated cash and we paid down debt. Our transformation at Comvita is on track
as we put in place foundations to deliver long-term profitable growth.

Finally, we have made good progress on delivering our 60:15:20 plan.

For FY22, our focus is to deliver:
 FY22 EBITDA guidance range of $27M to $30M

 Continued double digit top and 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)
 Transformation program continues with $2.5M investment within guidance
 Targeting further reduction in inventory from $100M to $90M
 Capital expenditure investment of circa $18M

Before I hand back to Brett, I wanted to share our Q1 performance and I’m pleased to say that despite Covid
disruptions in offline retail, underlying revenue is in line with our expectations. We have invested 50% more in
our brand and delivered an unaudited Q1 EBITDA of 10.6% above PCP.

We are also exploring material opportunities to enhance our global leadership and accelerate growth.

Our full year guidance is maintained.

CHAIR RESUMES

We are now going to conduct the formal business of the meeting where we will read the resolutions to be voted
on. You may ask questions on each matter being put to shareholders through the virtual meeting website.

Now, moving to the resolutions, I propose to call a poll on each of these resolutions.

As I mentioned, shareholders will be able to cast their vote using the electronic voting card received when online
registration is validated.

To vote, you will need to click “Get Voting Card” within the online meeting platform. You will be asked to enter
your Shareholder or Proxy Number to validate. Please then mark your voting card in the way you wish to vote by
clicking “FOR”, “AGAINST” or "ABSTAIN" on the voting card. Once you have made your selection, please click
“Submit Vote” on the bottom of the card to lodge you vote.

Please refer to the virtual meeting online portal guide or use the help line specified if you require assistance.

Voting will remain open until five minutes after the conclusion of the meeting. Results of the vote will be
announced via NZX.

Each resolution set out in the Notice of Meeting is to be considered as an ordinary resolution and, as such, must
be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution.

The outcome of proxy votes will be displayed for your information after voting on all the resolutions.

RESOLUTION 1
Appointment and Remuneration of Auditors
To consider, and if thought fit to pass, the following ordinary resolution:

“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.”

Are there any questions for the Board concerning the motion from shareholders?

Thank you – please now select either “FOR”, “AGAINST” or "ABSTAIN" for Resolution 1 on the voting card.

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.”

I now invite Luke to speak to his re-election.

Luke Bunt to present his re-election speech.

Biography – 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.

Chair resumes

Are there any questions for the Board concerning the motion from shareholders?

Thank you – please now select either “FOR”, “AGAINST” or "ABSTAIN" for Resolution 2 on the voting card.

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.”

I now invite Yawen to speak to her election.

Yawen Wu to present her election speech.

Biography – 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 post-investment 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.

Chair resumes

Are there any questions for the Board concerning the motion from shareholders?

Thank you – please now select either “FOR”, “AGAINST” or "ABSTAIN" for Resolution 3 on the voting card.

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.”

I now invite Bridget to talk to her election.

Bridget Coates to present her election speech.

Biography – 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.

Chair resumes

Are there any questions for the Board concerning the motion from shareholders?

Thank you – please now select either “FOR”, “AGAINST” or "ABSTAIN" for Resolution 4 on the voting card.

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.”

I now invite David to talk to his election.

David Banfield to present his election speech.

Biography – 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.

Chair resumes

Are there any questions for the Board concerning the motion from shareholders?

Thank you – please now select either “FOR”, “AGAINST” or "ABSTAIN" for Resolution 5 on the voting card.

We now move onto General Business.

I would now like to give shareholders the opportunity to ask questions - whether related to the presentations,
the Financial Statements or the management of the company.

You can continue to provide questions online, and we will also address questions already submitted online. If
we run short of time and are unable to answer your question online today, we will endeavor to respond to you
after the meeting.

Are there any questions received from shareholders?

CLOSING COMMENT:

This concludes our 2021 Annual Shareholders’ Meeting. To close proceedings today, Dave Walters will lead us in
a closing Karakia.

CLOSING KARAKIA WHAKAMUTUNGA: DAVE WALTERS

END.