Mr. Mehdi Azodi reports

BELGRAVIA HARTFORD PROVIDES CORPORATE UPDATE ON BITCOIN TREASURY AND CONVERTIBLE DEBENTURE REPRICING

Belgravia Hartford Capital Inc. has provided a strategic update regarding its bitcoin treasury holdings and financing structure. This update includes a repricing of the company's $5-million (U.S.) convertible debenture and an overview of its current bitcoin treasury status, reflecting Belgravia's innovative approach to integrating the bitcoin standard into its financial modeling.

Convertible debenture repricing

Belgravia has reached an agreement with Round13 Digital Asset Fund to reprice its previously announced $5-million (U.S.) convertible debenture. The conversion price will be adjusted from 71 cents per share to 12.5 cents per share, subject to final approval by the Canadian Securities Exchange (CSE). This repricing aligns the conversion rate with current market conditions and is designed to encourage the debenture's conversion into equity.

Under the amended terms, if the Belgravia's common shares trade at or above 17 cents for 10 consecutive trading days, Belgravia may, within seven days of reaching the trigger price, announce that the acceleration provision has been triggered. Upon such an announcement, Round13 will have 30 days to convert its debenture into common shares at 12.5 cents per share. Any portion not converted within that 30-day window will revert to the original 71 cents conversion price for the remainder of the term.

The revised terms are designed to facilitate full or substantial conversion of the debenture into equity, significantly reducing outstanding debt, clearing balance-sheet overhang and better aligning long-term investor interests with Belgravia's growth strategy.

Bitcoin treasury overview

As of Oct. 31, 2025, Belgravia holds a total of 83.14 bitcoin (BTC) in its treasury, allocated as follows:

• 26.55742 BTC -- 100 per cent owned by Belgravia and unencumbered, acquired at an average price of $117,355.93 (U.S.) per BTC;
• 42.37753 BTC -- acquired using funds from the Round13 convertible debenture, at an average price of $117,986.77 (U.S.) per BTC;
• 14.21448 BTC -- acquired using Belgravia's corporate credit facilities, at an average price of $105,517.72 (U.S.) per BTC.

This diversified acquisition structure demonstrates Belgravia's disciplined approach to capital deployment and its commitment to establishing bitcoin as a core treasury reserve asset.

Bitcoin standard conversion framework

Under the company's bitcoin standard conversion framework, the amended debenture remains fully backed by bitcoin. In the event Round13 chooses not to convert the debenture into equity by maturity, the underlying 42.37753 BTC associated with the debenture will be returned to Round13. This structure mitigates downside bitcoin price risk for Belgravia while preserving balance-sheet integrity and treasury stability.

Mehdi Azodi, president and chief executive officer of Belgravia Hartford, commented:

"This repricing marks a prudent and shareholder-friendly step forward. It provides flexibility for conversion at a fair market level, removes balance sheet overhang, and reinforces our alignment with long-term shareholders and bitcoin-based financing principles. We believe this restructuring solidifies our position as one of the first Canadian public issuers to integrate bitcoin directly into its capital structure. It aligns our financing strategy with the bitcoin standard and reinforces Belgravia's vision of innovation, transparency and balance sheet strength."

Financing adjustment

The company also wishes to clarify the final figures of its recent equity financing. On July 16, 2025, Belgravia announced the completion of an equity financing that issued a total of 15,543,822 units at a price of 25 cents per unit, for gross proceeds of $3,885,955.50. These final numbers reflect a modest adjustment from the previously announced 16,091,822 units for $4,022,955.50, as confirmed upon closing.

About Belgravia Hartford Capital Inc.

Belgravia Hartford is an investment issuer, listed for trading on the Canadian Securities Exchange and OTCQB, focused on the tech and finance sectors of the bitcoin ecosystem. The company's focus, as set out in its 2018 Investment Policy, specifies cryptocurrencies, artificial intelligence, media and digital streaming opportunities. Belgravia invests in a portfolio of private and public companies located in jurisdictions governed by the rule of law. Belgravia and its investments are considered high risk holdings, and it may expose shareholders to significant volatility and losses.

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