An anonymous director reports

BLACKBERRY ANNOUNCES NORMAL COURSE ISSUER BID SHARE BUY BACK PROGRAM

BlackBerry Ltd. has received acceptance from the Toronto Stock Exchange for a normal course issuer bid (NCIB). The share buyback program allows for the repurchase of up to 27,855,153 of the company's common shares, representing approximately 4.7 per cent of the outstanding public float as of the close of business on May 5, 2025.

Under the NCIB, BlackBerry can purchase its common shares through the TSX, other Canadian stock exchanges, the New York Stock Exchange, and/or alternative trading systems in Canada and the United States. Subject to regulatory approval, purchases of its common shares may also be made by BlackBerry by way of private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities. Any BlackBerry common shares purchased through the NCIB will be cancelled.

As of the close of business on May 5, 2025, BlackBerry had 597,096,623 common shares outstanding and the public float was 596,180,623 common shares. The average daily trading volume on the TSX for the six months ending on April 30, 2025, was 2,884,777 common shares. Daily purchases through the TSX will be limited to 721,194 common shares, other than block purchases. In the past 12 months, BlackBerry has not repurchased any of its outstanding securities.

The NCIB will commence on May 12, 2025, and will terminate on the earliest of: (a) May 11, 2026; (b) such date as BlackBerry may determine; and (c) the date on which the maximum number of common shares that may be purchased under this NCIB has been reached by BlackBerry.

The purchase price of any common shares purchased by BlackBerry under the NCIB will be the market price at the time of acquisition. The purchase price of any common shares purchased by BlackBerry under issuer bid exemption orders issued by securities regulatory authorities will be determined through negotiations with arm's-length third parties, and is expected to be at a discount to or around the market price.

BlackBerry delivered on its commitment to strengthen its balance sheet in fiscal 2025 and expects to generate further positive operating cash flow during fiscal 2026. BlackBerry believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and its future prospects. In such circumstances, the purchase by BlackBerry of its common shares may represent an appropriate use of available funds, since a portion of BlackBerry's excess cash can be invested for an attractive, risk-adjusted return on capital through the NCIB. Common shares purchased under the NCIB will also help to offset the dilutive effect of common shares issued under BlackBerry's equity incentive plan.

Having an NCIB in place at this time will provide BlackBerry with the flexibility to purchase its common shares for cancellation where this aligns with its investment and capital allocation strategies. BlackBerry does not expect that any decision to allocate cash to purchase its common shares will affect its long-term strategy. The actual number of common shares that will be purchased under the NCIB and the timing of any such purchases will be determined by BlackBerry, subject to the limits imposed by the TSX, the NYSE, and applicable securities laws in Canada and the U.S. There cannot be any assurances as to how many common shares, if any, will ultimately be purchased by BlackBerry under the NCIB.

About BlackBerry Ltd.

BlackBerry provides enterprises and governments the intelligent software and services that power the world. Based in Waterloo, Ont., the company's high performance foundational software enables major automakers and industrial giants alike to unlock transformative applications, drive new revenue streams and launch innovative business models, all without sacrificing safety, security and reliability. With a deep heritage in secure communications, BlackBerry delivers operational resiliency with a comprehensive, highly secure and extensively certified portfolio for mobile fortification, mission-critical communications and critical events management.

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