Proposal to capitalise further secured bonds

Blackwell Global Holdings Limited is currently indebted to its major shareholder Blackwell Global Group Limited (BGGL) to the sum of NZD$1,000,000 of secured bonds held by BGGL (Bonds). Subject to shareholder approval, the independent directors of BGI have agreed with BGGL that: 1. BGGL shall extend the maturity date of the Bonds to 31 December 2023, and will not call for repayment of the Bonds prior to that date except in a liquidation of BGI or through the capitalisation referred to below. 2. BGGL agrees to capitalise NZ$450,000 principal amount of Bonds at an issue price of NZ$0.0045 per new share (for an issue of 100,000,000 fully paid shares in BGI) (the Capitalisation) on 17 October 2022. A shareholders meeting will be called to consider the resolutions required to authorise these transactions. Assuming shareholder approval is forthcoming, BGI would then have NZ$550,000 principal amount of Bonds on issue with a maturity date of 31 December 2023. End CA:00395862 For:BGI Type:GENERAL Time:2022-07-25 14:38:20