Mr. John Chen reports

BLACKBERRY PROVIDES PROJECT IMPERIUM UPDATE AND ANNOUNCES INTENTION TO SEPARATE BUSINESS UNITS

BlackBerry Ltd. is providing an update regarding the previously announced review of its portfolio of businesses that the board of directors commenced on May 1, 2023 (Project Imperium).

Strategic review of portfolio

The board, together with its advisers, Morgan Stanley and Perella Weinberg Partners, has been evaluating a comprehensive range of strategic alternatives to drive enhanced shareholder value, including a possible separation of businesses and a range of potential sale structures. Based on input from the current process and with the support of management, the board has determined that separating the Internet of Things and cybersecurity business units into two independently operated entities is the optimal strategic direction for BlackBerry.

The chief objective of the separation is to pursue a subsidiary initial public offering for the IoT business, the market leader for high-performance, safety-critical foundational software in automotive and other verticals, with a launch targeted in the first half of the next fiscal year. BlackBerry believes that a separately traded IoT subsidiary will enable shareholders to more clearly evaluate the performance and future potential of BlackBerry's principal businesses on a stand-alone basis, while allowing each business to pursue its own distinct strategy and capital allocation policy.

Project Imperium objectives will continue to be pursued as the company launches activities to separate its principal businesses.

"The board and management believe that separating our principal businesses will improve our ability to create value for all our stakeholders," said John Chen, executive chair and chief executive officer, BlackBerry. "Both the IoT and Cyber businesses have leading technology and talent and address large and growing market opportunities. This new proposed structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers."

About BlackBerry Ltd.

BlackBerry provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500 million end points including over 235 million vehicles. Based in Waterloo, Ont., the company leverages artificial intelligence and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of end point security, end point management, encryption and embedded systems.

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