Silicon Valley Bank – update

15 March 2023

Silicon Valley Bank - update

Comvita’s (NZX : CVT) skincare joint venture in the US, Caravan Honey, banks with the Silicon Valley
Bank (SVB). At the time of the bank’s collapse on Friday 10 March 2023, the Joint venture company
had around US $2.5M in its bank account. Following our NZX release on Monday 13th March we can
confirm that Caravan Honey has now secured their funds from SVB and these have been transferred
into their new account with Bank of America.

Ends.

For further information contact:
Kelly Bennett, One Plus One Communications
Mobile: +64 21 380 035
Email: kelly.bennett@oneplusonegroup.co.nz

Background information
Comvita (NZX:CVT) was founded in 1974, with a purpose to heal and protect the world through the
natural power of the hive.  With a team of 550+ people globally, united with more than 1.6 billion bees,
we are the global market leader in Mānuka honey and bee consumer goods. Seeking to understand,
but never to alter, we test and verify all our bee-product ingredients are of the highest quality in our
own government-recognised and accredited laboratory.  We are growing industry scientific knowledge
on bee welfare, Mānuka trees and the many benefits of Mānuka honey and propolis.  We have pledged
to be carbon neutral by 2025 and carbon positive by 2030, and we are planting 1-2million native trees
every year. Comvita has operations in Australia, China, North America, South East Asia, and Europe –
and of course, Aotearoa New Zealand, where our bees are thriving.