SPH Notice - Florenz Limited, Dame Adrienne & Mark Stewart

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Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited (NZX) (announce@nzx.com)
and
To Comvita Limited (Comvita)
Date this disclosure made: 20 November 2025
Date last disclosure made: 18 August 2025
Date on which substantial holding ceased: 14 November 2025
Substantial product holder(s) giving disclosure
Full name(s): Florenz Limited (Florenz), Dame Adrienne Stewart and Mark Stewart
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares in Comvita (CVT Shares) (ISIN:
NZCVTE0001S7, NZX Code: CVT)
Summary for Florenz, Dame Adrienne Stewart and Mark Stewart
For last disclosure,—
(a) total number held in class: 12,961,472
(b) total in class: 70,492,156
(c) total percentage held in class: 18.387%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 0
(b) total in class: 70,561,746
(c) total percentage held in class: 0.000%
Details of transactions and events giving rise to ceasing of substantial holding
Details of the transactions or other events requiring disclosure: The conditional power to
control the exercise of voting rights attached to CVT Shares and conditional power to
control the disposal of CVT Shares pursuant to the Voting Agreements (attached to a
previous event disclosure dated 18 August 2025) was terminated as a consequence of the
Voting Agreements terminating.
Additional information
Address(es) of substantial product holder(s):
Florenz Limited, Dame Adrienne Stewart and Mark
Stewart
Unit 2, 21 Leslie Hills Drive,
Riccarton, Christchurch, 8011,
New Zealand

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Contact details:
Michael Pritchard, +64 9 921 6073, michael.pritchard@maynewetherell.com

Nature of connection between substantial product holders:
Dame Adrienne Stewart and Mark Stewart are trustees of the Ellen Trust and Masthead
Trust (Masthead Trusts). The Masthead Trusts together either control Masthead Limited
(the ultimate parent company of Florenz) or otherwise have a relevant interest in the
shares of Comvita in which Florenz has a relevant interest pursuant to an amended and
restated joint venture agreement dated 19 January 2021 (attached to a previous event
disclosure dated 18 August 2025) (Joint Venture Agreement). The Joint Venture
Agreement constitutes the Masthead Joint Venture and sets out the terms and conditions
that apply to the Masthead Joint Venture.
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:
(a) Li Wang; and
(b) China Resources Enterprises Limited.
Certification
I, Michael Pritchard, 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.