307,488 ordinary shares issued to David Banfield

Further to the NZX announcement made to the market on 16 December 2019, Comvita Limited (CVT) has issued 307,488 ordinary shares from treasury stock to its CEO - David Banfield today in accordance with the terms of a Subscription and Loan Agreement entered into with David Banfield upon commencement of his employment with the Company. The subscription price for the shares is satisfied partly through the provision of a $450,000 interest free loan, with the remainder (approximately $199,998.88) satisfied by payment in cash from David. The acquisition of shares by David Banfield is at market value, calculated as the volume weighted average of prices at which CVT shares have traded over the prior 10 trading days. Chairman Brett Hewlett says "The purchase of shares by David is a clear demonstration of this commitment to his new role as CEO and his vested interest in the Company's growth and success". Please see the disclosure required in accordance with section 80(1)(b) of the Companies Act 1993 below in relation to the financial assistance provided: Class and Number of Shares which Financial Assistance Relates to: 212,876 ordinary shares in CVT Consideration in respect of which Financial Assistance is provided: NZD $450,000 Person Receiving Financial Assistance: David Banfield Nature and Amount of Financial Assistance: Interest Free loan in the amount of NZD $450,000 Ends For further information: Brett Hewlett, Comvita Chairman, 021 740 160 Background information About Comvita (www.comvita.co.nz) Comvita (NZX:CVT) is a global natural health company committed to the development of innovative products, backed by ongoing investment in scientific research. End CA:00349931 For:CVT Type:SECISSUE Time:2020-03-13 16:42:44