Amendment to Promissory Note

Blackpearl | Level 1 60 Cuba Street
Wellington 6011 | New Zealand
hello@blackpearlgroup.com | +64 480 39390



13 April 2023
Amendment to Promissory Note
Blackpearl Group would like to announce to the market that the promissory note entered
with AZ Crown (a related party of Blackpearl Group through Blackpearl Group’s director, Tim
Crown) in November 2022 has been amended.

Under the note BPG owes NZ$2.4 million to AZ Crown which is half due for repayment by 23
December 2023 and with the balance due for repayment by 23 January 2025. To secure its
repayment obligation to AZ Crown, BPG granted a security interest over all present and
future personal property of Blackpearl Group in favour of AZ Crown.

To demonstrate its support of BPG, AZ Crown has today:

• Discharged its security interest meaning that the note is now an unsecured
obligation of BPG.

• Extended the two due dates for repayment of the note by 12 months each.

• Entered a conditional agreement with BPG to provide AZ Crown the ability to
convert all or part of the amount owing under the note at any time on or before
23 January 2026 to ordinary shares in BPG at a conversion price of NZ$1.02 per
share. This agreement is conditional on shareholder approval which is intended
to be sought at this year’s annual shareholders meeting.


For and on behalf of the board,
Karen Cargill
Chief Financial Officer
For further information, please contact:
hello@blackpearlgroup.com | +64 480 39390