Substantial product holder disclosures after restructure

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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 Being AI Limited (BAI)
Relevant event being disclosed: Change in nature of relevant interest
Date of relevant event: 12 October 2026
Date this disclosure made: 13 October 2026
Date last disclosure made: 2 October April 2026
Substantial product holder giving disclosure
Full name: Excalibur Capital Partners Limited (ECP)
Summary of substantial holding
Class of quoted voting products: Ordinary shares (BAI)
Summary for Excalibur Capital Partners Limited
For this disclosure,—
(a) total number held in class: 34,918,908
(b) total in class: 175,471,901
(c) total percentage held in class: 19.900%
For last disclosure,—
(a) total number held in class: 34,918,908
(b) total in class: 175,471,901
(c) total percentage held in class: 19.900%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
On 2 October 2026, ECP disclosed it had unconditionally agreed to purchase 16,243,952
fully paid ordinary shares and all entitlements attached to the shares, in BAI from Te
Turanga Ukaipo Charitable Trust (TTUCT) for $0.25 in total. By a variation agreed on
11 October 2026, ECP agreed with TTUCT to change the number of shares acquired to
25 million. No “relevant agreement” is required to be disclosed.
In addition, on 2 October 2026, ECP disclosed it has unconditionally agreed to purchase
9,058,290 fully paid ordinary shares and all entitlements attached to the shares, in BAI
from 2061 LP (2061) for $0.25 in total. By a variation agreed on 11 October 2026, ECP

100718285/3468-2978-7985.4 2
agreed with 2061 to change the number of shares acquired to 302,242 shares. No
“relevant agreement” is required to be disclosed.
Both transactions completed on 12 October 2026. As a consequence ECP now holds and
controls and is the registered holder and beneficial owner of 34,918,908 shares, and
associated voting rights, in BAI , being 19.900% of the shares on issue.
Details after relevant event
Details for Excalibur Capital Partners Limited
Nature of relevant interest: Registered holder and beneficial owner of financial products
For that relevant interest,—
(a) number held in class: 34,918,908
(b) percentage held in class: 19.900%
(c) current registered holder: Excalibur Capital Partners Limited
(d) registered holder once transfers are registered:N/A.
Additional information
Address of substantial product holder: 84 Coates Avenue, Orakei, Auckland, 1071, New
Zealand
Contact details: Sean Joyce – 021 865 704 – sean@corporate-consel.co.nz
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: TTUCT, 2061
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Sean Joyce has also been appointed a director, and elected chair, of BAI from 12 October
2026. This disclosure also constitutes disclosure for the purposes of the directors’ and
senior managers’ disclosure obligations.
Certification
I, Sean Joyce, 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.

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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Being AI Limited (BAI)
Date this disclosure made: 13 October 2026
Date last disclosure made: 6 October 2026
Date on which substantial holding ceased: 12 October 2026
Substantial product holder(s) giving disclosure
Full name(s): 2061 LP (2061), E K Trust Limited (EKT), Evan Christian and Katherine
Allsopp-Smith
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares (BAI)
Summary for 2061 LP (2061), E K Trust Limited, Evan Christian and Katherine Allsopp-
Smith
For last disclosure,—
(a) total number held in class: 109,470,356
(b) total in class: 175,471,901
(c) total percentage held in class: 62.386%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: 8,756,048
(b) total in class: 175,471,901
(c) total percentage held in class: 4.990%
Details of transactions and events giving rise to ceasing of substantial holding
On 2 October 2026, as varied on 11 October 2026, 2061 unconditionally agreed to sell
302,242 fully paid ordinary shares and all entitlements attached to the shares, in BAI to
Excalibur Capital Partners Limited for $0.25 in total. No “relevant agreement” is required to
be disclosed. 2061 also transferred -100,412,066 shares, and Evan Christrian transferred
83,333 shares, to third parties by gift.
These transactions completed on 12 October 2026. Accordingly, 2061 now holds 8,756,048
shares in BAI (4.990%)
Evan Christian and Katherine Allsopp-Smith have effective control of the voting rights in all
BAI shares held or controlled by 2061 or EKT. Evan Christian holds NIL shares in his own
right.

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Additional information
Address(es) of substantial product holder(s): 9 Rarere Road, Takapuna, Auckland, 0622,
New Zealand
Contact details: Evan Christian – +64 21 963463 – evanchristian@wilshire.co.nz
Nature of connection between substantial product holders: EKT is the general partner of
2061. 2061 and EKT are under the effective control of Evan Christian and Katherine
Allsopp-Smith.
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: Excalibur Capital Partners Limited.
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Katherine Allsopp-Smith was a director of Being AI Limited, ceasing in her position with
effect from 12 October2026. Evan Christian was her alternate director. These disclosures
also constitute disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
Certifications
I, Evan Russell Christian, 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.

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1
Disclosure of ceasing to have substantial holding
Section 279, Financial Markets Conduct Act 2013
To NZX Limited
and
To Being AI Limited (BAI)
Date this disclosure made: 13 October 2026
Date last disclosure made: 6 October 2026
Date on which substantial holding ceased: 12 October 2026
Substantial product holder(s) giving disclosure
Full name(s): Te Turanga Ukaipo Charitable Trust (TTUCT)
Summary of previous substantial holding
Class of quoted voting products: Ordinary shares (BAI)
Summary for Te Turanga Ukaipo Charitable Trust
For last disclosure,—
(a) total number held in class: 25,000,000
(b) total in class: 175,471,901
(c) total percentage held in class: 14.247%
For current holding after ceasing to have substantial holding,—
(a) total number held in class: NIL
(b) total in class: 175,471,901
(c) total percentage held in class: NIL%
Details of transactions and events giving rise to ceasing of substantial holding
On 2 October 2026, as varied on 11 October 2026, TTUCT unconditionally agreed to sell
25,000,000 fully paid ordinary shares and all entitlements attached to the shares, in BAI to
Excalibur Capital Partners Limited for $0.25 in total. No “relevant agreement” is required to
be disclosed.
This transaction completed on 12 October 2026. Accordingly, TTUCT holds no shares on
issue in BAI and has ceased to have a substantial holding in BAI.
Additional information
Address(es) of substantial product holder(s): 9 Rarere Road, Takapuna, Auckland, 0622,
New Zealand
Contact details: Evan Christian – +64 21 963463 – evanchristian@wilshire.co.nz

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Nature of connection between substantial product holders: N/A
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: Excalibur Capital Partners Limited.
Disclosure has effect for purposes of directors’ and senior managers’ disclosure
Katherine Allsopp-Smith was a director of Being AI Limited, ceasing in her position with
effect from 12 October 2026. Evan Christian was her alternate director. These disclosures
also constitute disclosure for the purposes of the directors’ and senior managers’ disclosure
obligations.
Certifications
I, Evan Russell Christian, 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.