I N V E S T O R P R E S E N T A T I O N A U G U S T

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1 I N V E S T O R P R E S E N T A T I O N A U G U S T CHIEF EXECUTIVE OFFICER, SCOTT COULTER, CHIEF FINANCIAL OFFICER, MARK SADD,

2 Investor Presentation August I M P O R T A N T N O T I C E 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 statements for the 15 months ended 30 June 2016; May contain projections or forward-looking statements about Comvita. Such forwardlooking 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. While 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.

3 Investor Presentation August Comvita announces 15 month result, delivering on guidance

4 Investor Presentation August K E Y A C H I E V E M E N T S $231m $18.5m (15 Months) (15 Months) CAGR March of 32% Operating earnings of $17.1m in line with guidance Extended supply security via strategic alliances in both NZ and Australia Peer reviewed, published, clinical research studies on Olive Leaf Extract driving sales growth Strategic investment in SeaDragon S A L E S G R O W T H R E C O R D E A R N I N G S S U P P L Y S E C U R I T Y C L I N I C A L S T U D I E S E X T E N D E D I N G R E D I E N T P L A T F O R M

5 Investor Presentation August % OF TOTAL REVENUE $149m 25% OF TOTAL REVENUE $60m F U N C T I O N A L F O O D S H E A L T H C A R E 4% OF TOTAL REVENUE $8m $14m 6% OF TOTAL REVENUE M A R K E T S E G M E N T S P E R S O N A L C A R E M E D I C A L Figures are based on 15 months audited results to 30 June 2016.

6 Investor Presentation August USA $14m 6% of total sales UNITED KINGDOM $10m 4% of total sales ASIA $75m 33% of total sales AUSTRALIA $74m 32% of total sales S A L E S F O R T H E 1 5 M O N T H S T O 3 0 J U N E NEW ZEALAND $57m 25% of total sales Figures are based on 15 months audited results to 30 June 2016.

7 Investor Presentation August Financial results for the period ended 30 June 2016 $ Months 31 March 2016 $ Months 31 March 2015 $ Months Change Mar % Revenue 230, , ,702 32% EBITDA* 39,445 36,416 22,950 59% EBITDA % of operating revenue 17.1% 18.0% 15.0% 3% Net profit after tax 18,477 17,204 10,244 68% Earnings per share (cents per share) Dividends (cents per share)** Return on Capital Employed (ROCE) % % 14.3% 15.3% 12.0% 28% K E Y F I N A N C I A L H I G H L I G H T S *EBITDA: earnings before interest, tax, depreciation and amortisation. ** Includes final dividend of 2 cents to be paid September 2016

8 $5.3m $6.3m $71m $11.2m $85m $82m $96m $15.5m $14.7m $103m A U D I T E D 1 5 M O N T H S $17.0m $115m $23.0m A U D I T E D 1 5 M O N T H S U N A U D I T E D 1 2 M O N T H S $153m $36.4m $39.4m $231m Investor Presentation August G R O U P R E V E N U E U N A U D I T E D 1 2 M O N T H S $202m E B I T D A * F I N A N C I A L P E R F O R M A N C E * EBITDA earnings before interest, tax, depreciation and amortisation.

9 $ m i l l i o n s Investor Presentation August N E T D E B T A N D G E A R I N G % % % 60% 60 50% % % 29% 22% 18% % 30% 20% 10% N E T D E B T A N D G E A R I N G Inventory net debt gearing ratio (net debt) 0%

10 Investor Presentation August Key Balance Sheet Ratios as at 30 June 2016 $ March 2015 $ 000 Change % Total assets 243, ,722 22% Raw material inventory 64,509 27, % Net debt 84,020 26, % Net debt to equity ratio 63.7% 22.0% 190% Weighted average shares on issue 39,386 34,285 15% K E Y B A L A N C E S H E E T R A T I O S Net debt to EBITDA 2.1x 1.1x 91% Interest cover 6.8x 6.0x 13%

11 Investor Presentation August S T R A T E G I C A L I G N M E N T Part of 5 year strategic plan Customer demand for NZ source Innovation by way of extension of current ingredient platform Security of source I N V E S T M E N T Shares Options Convertible note Further rights offerings I M P A C T O N F I N A N C I A L S Option valuation Forecasts Share of profits/losses S E A D R A G O N

12 Investor Presentation August S T R A T E G I C A L I G N M E N T Continuation of Manuka honey story Efficacy of Manuka honey via R&D Growth opportunities from new innovative delivery mechanisms I N V E S T M E N T 1.1 million shares Market value at 30 June $6.1m I M P A C T O N F I N A N C I A L S Value appreciation/ depreciation of shares Liquid asset D E R M A S C I E N C E

13 Investor Presentation August S T R A T E G I C A L I G N M E N T Security of supply Increased value creation Longevity of earnings Greater proportion of high UMF honey I N V E S T M E N T Medibee Apiaries Pty Ltd (Capilano) Putake Group Holding Ltd Makino Station Ltd Kaimanawa Honey Ltd Partnership I M P A C T O N F I N A N C I A L S Protection of current and future earnings I N V E S T M E N T S

14 Investor Presentation August B O A R D O F D I R E C T O R S Neil Craig Non-executive Chairman Alan Bougen Non-executive Director & Deputy Chairman David Cullwick Independent Director Sarah Ottrey Independent Director Luke Bunt Independent Director Sarah Kennedy Independent Director Murray Denyer Independent Director

15 Investor Presentation August E X P E R I E N C E D L E A D E R S H I P Scott Coulter Chief Executive Officer Mark Sadd Chief Financial Officer Patrick Brus Chief Corporate Services Officer Colin Baskin Chief Supply Chain Officer Sharon Hollenstein Chief Innovation Officer Ben Shaw Chief Marketing Officer Simon Pothecary Chief Sales Officer

16 Investor Presentation August KIWI BEE KERIKERI 6,400 hives KIWI BEE WAIKATO 4,000 hives KAIMANAWA (50% owned Joint Venture) 4,000 hives KIWI BEE EAST COAST 3,500 hives C O M V I T A A P I A R I E S I N N E W Z E A L A N D PUTAKE (50% owned Joint Venture) 4,000 hives KIWI BEE WHANGANUI 5,300 hives KIWI BEE HAWKES BAY 5,800 hives KIWI BEE WAIRARAPA 3,500 hives * Hive numbers can fluctuate. These numbers are approximate.

17 Investor Presentation August C O M V I T A V A L U E M O D E L C R E A T E A D D C A P T U R E NQ PRIMARY PRODUCTION INGREDIENTS SCIENCE PRODUCTS CHANNELS TO MARKET Significant producer/partner in primary production of our ingredients Selected ingredient platform, optimise nature s intelligence Unlock science to our ingredient platform Natural health products that work Work closely with our consumers to enhance value

18 Investor Presentation August C O M V I T A S T R A T E G Y $ m b y F Y 2 1 E A R N I N G S F O C U S S E C U R I T Y O F S U P P L Y I N N O V A T I O N C O N S U M E R - F O C U S E D B U S I N E S S M O D E L A C Q U I S I T I O N S Concentrate on earnings growth Continued development of supply chain strategies and partnerships Optimise and diversify ingredient platforms and channel performance Increase market spend, grow directto-consumer channels and added value product lines Focus on earnings accretive acquisitions

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