INVESTOR PRESENTATION HY18 AND OUTLOOK FY18

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1 INVESTOR PRESENTATION HY18 AND OUTLOOK FY18 FEBRUARY 2018 CHIEF EXECUTIVE OFFICER, SCOTT COULTER, CHIEF COMMERCIAL OFFICER, MARK SADD,

2 IMPORTANT NOTICE 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 unaudited interim reports for the six months year ended 31 December 2017; may contain projections or forward-looking 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. 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. 2

3

4 OVERVIEW 1. HY18 results 2. Update on markets and business opportunities 3. FY18 Outlook 4

5 HALF YEAR IN REVIEW Sales up 45% compared with the prior period Return to profitability in the first half year Grey channel sales up 45% on prior year albeit slower than anticipated at this stage of the year China JV off to a good start. Ahead of internal expectations on profitability Ministry for Primary Industries (MPI) released its new certification standard for Manuka honey and is seen as positive for both industry and Comvita Positive start to 2018 honey season but poor finish. Expectation for lower than average season. Final view expected April/May SALES $83.6m NET PROFIT AFTER TAX $3.7m CHINA JV EQUITY EARNINGS $1.5m NEW MPI DEFINITION FOR MANUKA HONEY Figures are based on 6 months unaudited results to 31 December

6 KEY FINANCIAL RESULTS NPAT of $3.7m on sales of $83.6m compared to $7.1m loss for the prior comparable period Interim dividend of 4.0 cents per share for the 2018 year consistent with our existing dividend policy of a 40-45% pay out ratio of after tax operating profits Earnings per share up 8% on 2015 as a result of a continued focus on earnings, productivity and Return on Capital Employed Financial results for the period ended Six months to 31 December 2017 Unaudited Six months to 31 December 2016 Unaudited Six months to 30 September 2015 Unaudited Revenue $83.6m $57.7m $91.1m EBITDA* $9.9m ($2.8m) $10.2m EBITDA % of revenue 12% (5%) 11% Net profit after tax - NPAT $3.7m ($7.1m) $3.0m NPAT attributed to non operating items ($0.3m) ($2.8m) - NPAT excluding non operating items $4.0m ($4.4m) $3.0m Earnings per share NPAT (NZ Cents) 8.31 (17.18) 7.69 Dividend per share (NZ Cents) *EBITDA: earnings before interest, tax, depreciation and amortisation.

7 SALES FOR THE 6 MONTHS TO 31 DECEMBER 2017 NORTH AMERICA $20m (2016 : $2m) EUROPE $5m (2016 : $4m) CHINA $4m * (2016 : $4m) $23m ** (2016 : $0m) REST OF ASIA $17m (2016 : $16m) AUSTRALIA $17m (2016 : $12m) NEW ZEALAND $15m (2016 : $12m) 7 Figures are based on 6 months unaudited results to 31 December Other sales of $7m (2016: $8m). (2016 comparative: 6 months unaudited results to 31 December 2016.) * $4m represents the sales from Comvita to the China JV. ** $23m represents in market sales of the China JV which are not included in Comvita group revenue, as equity accounted.

8 AUSTRALASIAN UMF SALES $ Grey channel sales continued to improve up 45% on prior year, albeit at a slower rate than anticipated This compares to our internal forecast for a partial recovery of the FY16 peak of just over 50% growth on the prior year Inventory in these key markets are at record lows resulting from caution around the implementation of the new Ministry for Primary Industries (MPI) definition of Manuka honey 8

9 NORTH AMERICA RESULTS Positive execution of strategy to diversify markets between East and West Market sales growth from $2m to $20m on comparative period Strategic investment in both working capital and consumer marketing to support market growth - Extensive digital and social marketing campaigns - USA Media Trip; Eight, targeted wellness and lifestyle journalists and social media influencers Strong sell-through from newly established relationship with Costco. Costco sales in Canada and Japan in the second half of the year expected to add to group profitability We are also looking to extend distribution into natural health channels in both North America and Canada 9 Doubled sales in e-commerce channels over last 12 months further strengthening our position in the US market

10 CHINA JOINT VENTURE RESULTS Sales meeting expectations and profit ahead of internal targets - Sales $23.4m - Share of earnings $1.5m Good expansion in e-commerce business Strategy to grow bee products and leveraging our brand strength in Manuka honey Key market to execute a closer to consumer strategy Focus on core Bee products Transition and integration Team build-up Introduction of new products Grow e- commerce coverage Launch new products Open new customers Geography expansion Increase brand investment Transform from honey relevance to holistic health products FY17-18 FY19-20 FY

11 PRODUCT SEGMENTS OF TOTAL REVENUE $2m $4m PERSONAL CARE ( 2016:$2m) MEDICAL ( 2016:$7m including royalties) $58m FUNCTIONAL FOODS ( 2016: $30m) $20m HEALTHCARE ( 2016:$19m) 11 Figures are based on 6 months unaudited results to 31 December 2017.

12 COMVITA - THE LEADING BRAND Comvita s Net Brand Adoration 59%; 3x higher than our nearest competitor Appointment of new management team and Marketing Director for China is improving brand awareness Extensive promotions for key trading periods have driven growth, particularly in Manuka honey Manuka Honey Sachets launched for singles day enhancing leadership position Brand awareness in Hong Kong at highest ever level* Increased marketing resource in key markets of Hong Kong and North America 12 *Fiftyfive5 biannual Market Monitor survey

13 INNOVATION 70% of our new product innovations lever our core strength of Manuka honey. Product innovations to date include Manuka Honey sachets, Medihoney dressings, elixirs and milk chews. We are also continuing to launch products that meet a broader range of customer health needs with focus on a few strategic ingredient platforms. Medihoney Manuka Honey Adhesive Dressings launched and running to plan Manuka Honey sachets launched at singles day proved a significant success Macular Health (Eye Health) and non-bee product innovation has been very successful, and now represents close to 15% of total Hong Kong sales 13

14 BAL ANCE SHEET Net debt similar to last year and increased to fund inventory build and timing related to North America debtors Issue of $16.4m share capital on 3 July 2017 as consideration for 51% of China JV China debtors balance has decreased from year-end, but is still significant at $15m. No risk of collection but simply a transition of newly formed JV Key Balance Sheet Ratios as at 31 December 2017 Unaudited $ December 2016 Unaudited $ June 2017 Audited $ 000 Total assets 296, , ,692 Raw material inventory 72,237 71,639 59,895 Net debt 82,369 82,385 61,928 Net debt to equity ratio 44% 55% 38% Weighted average shares on issue 44,848 41,372 41,373 14

15 INVENTORY BUSINESS IMPROVEMENTS Strong inventory position consistent with prior HY - 31 December 2017, $98.6m - 31 December 2016, $97.2m Finished goods (FG) - Consistent at $25m whilst sales grew by 45% - Delivery in full and on time (DIFOT) remains stable at 96% Raw Materials - $72m of raw material stock - Honey inventory can increase in value over time - Inventory hold to satisfy full year expectations $ MILLIONS INVENTORY ON HAND AT 31 DECEMBER DEC 17 DEC 16 FINISHED GOODS WORK IN PROGRESS RAW MATERIALS 15

16 CASHFLOW Operating cash outflow of $17.4m (HY 2016: $10.2m) Inventory build to support earnings forecast Working capital funding to support China and North America growth Cash flow movements 31 December 2017 $ 000 Unaudited 31 December 2016 $ 000 Unaudited Movement $000 Operating cash outflow (17,409) (10,177) (7,232) Investing activities (4,175) (10,188) 6,013 Financing activities 21,838 21,926 (88) Cash and cash equivalents 4,931 4,

17 MANUKA HONEY 40,500 HIVES Geographical spread vital this year to mitigate unsettled weather events Full visibility of the crop available April/May Unfavourable finish to the 2018 season now expected to result in below average volume Volume anticipated to be down on expectation however quality expected to be above. Quality of honey expected to partly offset volume deficit Apiary business returning to profit in 2018 compared to significant loss in

18 MYRTLE RUST Consistent with our market guidance on 27 June 2017, we believe the overall risk to the New Zealand Manuka honey industry is low. So far, only one Manuka plant has been infected, out of 10,766 Manuka plants surveyed. This plant was in a protected environment, in a nursery. Source: Apiculture NZ, February 2018 In spite of warm summer period and extensive surveys completed by MPI, no infections found in the wild on Manuka 18

19 MANUKA HONEY DEFINITION There is now a legal definition for Manuka honey Manuka honey definition is a great leap forward for the industry Clear, legally enforceable standards for Mono and Multifloral Manuka honey Independent testing required for export certification Will have cost implications with the expected price gap between 5+ and 10+ honey to close Complications in both manufacturing and procurement will lead to some short term pain as consumers and customers adjust to a higher cost environment Implementation of standard temporarily affecting purchase behaviour as consumers and customers adapt Comvita well poised to adjust quickly to new standard Long term opportunities for growth exist for Comvita 19

20 STRATEGY & OUTLOOK

21 COMVITA STRATEGY ON TRACK $400M BY FY21 CONSUMER-FOCUSSED BUSINESS DIRECTLY CONNECTED TO THE SOURCE INNOVATION ACQUISITIONS EARNINGS FOCUS 21

22 LEADERSHIP TEAM Scott Coulter Chief Executive Officer Mark Sadd Chief Commercial Officer Julianne Keast Chief Financial Officer - Acting Kate Selway Chief People & Culture Officer - Acting TBC New Chief Digital Officer role Ben Shaw Chief Marketing Officer Simon Pothecary Chief Sales Officer Sharon Hollenstein Chief Innovation Officer Colin Baskin Chief Supply Chain Officer 22

23 BOARD OF DIRECTORS Neil Craig Non-Executive Chairman Sarah Ottrey Independent Director Luke Bunt Independent Director Sarah Kennedy Independent Director Murray Denyer Independent Director Paul Reid Independent Director Brett Hewlett Independent Director 23

24 OUTLOOK February 2018 Slow finish to the 2018 honey harvest, now expected to be a below-average volume Grey channel recovery up 45% on prior year however slightly below internal expectations North American market continuing to perform MPI regulations are causing some short-term uncertainty but will be very positive for Comvita s growth opportunities globally Board and management remain confident in our full year outlook of operating NPAT greater than $17.1m 24

25 THANK YOU

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