Retail Share Purchase Plan Update

As announced to the market last Friday, 6 October 2023, Black Pearl Group Limited (NZX:BPG) is conducting a capital raise comprising of wholesale investor placements (Placement) and a retail share purchase plan (SPP) to raise approximately NZ$4 million. BPG is currently working through the Placement component of its capital raise and will update the market early next week. The SPP is scheduled to open on Thursday, 19 October 2023, and will be open to all retail investors. Please see attached a corporate action notice detailing the key terms of the SPP. Applicants will be able to apply for NZ$5,000 of shares at an issue price of NZ$0.51 per share, with the ability to over or under subscribe. Shares issued under the SPP will rank equally and be of the same class as the shares quoted on the NZX Main Board. Oversubscription applications will be subject to scaling provisions and will be wholly subject to the availability of shares under the oversubscription facility and overall demand. Applications from existing BPG shareholders as at the record date of Wednesday, 18 October will have priority over applications from non-shareholders. An SPP offer document with further details and terms will be released to the market next week. For and on behalf of the board, Karen Cargill Chief Financial Officer End CA:00419739 For:BPG Type:OFFER Time:2023-10-10 15:26:33