SPH Notice - Timothy Crown

1

Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Black Pearl Group Limited
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 12 March 2026
Date this disclosure made: 17 March 2026
Date last disclosure made: 6 September 2023
Substantial product holder(s) giving disclosure
Full name(s): Timothy Crown
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Black Pearl Group Limited
Summary for Timothy Crown
For this disclosure,—
(a) total number held in class: 7,945,503
(b) total in class: 96,951,417
(c) total percentage held in class: 8.195%
For last disclosure,—
(a) total number held in class: 7,324,941
(b) total in class: 44,970,165
(c) total percentage held in class: 16.288%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
On 19 October 2023, Ohana Farm, LLC was issued 166,281 ordinary shares via Black Pearl
Group Limited’s placement for consideration of $0.51 per share.
On 19 October 2023, Crown BP Holdings, LLC was issued 166,281 ordinary shares via
Black Pearl Group Limited’s placement for consideration of $0.51 per share.

2
On 4 December 2023, Timothy Crown was issued 144,000 ordinary shares upon conversion
of Restricted Shares allocated to Timothy Crown under the terms of his director
appointment letter.
On 2 December 2024, Timothy Crown was issued 144,000 ordinary shares upon the
conversion of Restricted Shares allocated to Timothy Crown under the terms of his director
appointment letter.
On 12 March 2026, Crown BP Holdings, LLC transferred 2,104,198 ordinary shares to
Timothy Crown via an off-market transfer for nil consideration.
Details after relevant event
Details for Timothy Crown
Nature of relevant interest(s): Power to control voting rights and power of disposition.
For that relevant interest,—
(a) number held in class: 5,000,000
(b) percentage held in class: 5.157%
(c) current registered holder(s): New Zealand Central Securities Depository
Limited as nominee for Crown BP Holdings, LLC
(d) registered holder(s) once transfers are registered: N/A
Details for Timothy Crown
Nature of relevant interest(s): Beneficial owner / control of voting rights
For that relevant interest,—
(a) number held in class: 553,305
(b) percentage held in class: 0.571%
(c) current registered holder(s): Ohana Farm, LLC
(d) registered holder(s) once transfers are registered: N/A
(d) registered holder(s) once transfers are registered: N/A
Details for Timothy Crown
Nature of relevant interest(s): Legal and beneficial owner
For that relevant interest,—
(a) number held in class: 2,392,198
(b) percentage held in class: 2.467%

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(c) current registered holder(s): New Zealand Central Securities Depository
Limited
(d) registered holder(s) once transfers are registered: N/A
Additional information
Address(es) of substantial product holder(s): 1305 W Auto Drive, Tempe, Arizona,
85284, USA
Contact details: C/o Timothy Crown, 001 (602) 396 5220, tim@azcrown.com
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: N/A
Nature of connection between substantial product holders: Timothy Crown has the
power to control the exercise of a right to vote attached to, and the power to control the
disposal of, the voting products of Crown BP Holdings, LLC. Crown BP Holdings, LLC is
owned by the Heidi J. Crown 2012 Irrevocable Trust. Timothy Crown is the settlor and
trustee of the Heidi J. Crown 2012 Irrevocable Trust. Timothy Crown has the power to
exercise or control the exercise of the rights attached to 20% or more of the voting
products of Ohana Farms, LLC as he is an indirect shareholder of Ohana Farm, LLC.
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Timothy Crown is also a director of Black Pearl Group Limited. This disclosure also
constitutes disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
Certification
I, Timothy Crown, certify that, to the best of my knowledge and belief, the information
contained in this disclosure is correct and that I am duly authorised to make this disclosure
by all persons for whom it is made.