Office of the Chairman · Statement to Shareholders

A Statement Concerning Certain Recent Developments

The Corporation has noted recent commentary and wishes to affirm that its strategic posture remains robust, its framework intact, and its trajectory materially unaltered.

Bit Graf Corporation is aware of certain developments. The Corporation has reviewed these developments at the highest level and has concluded that they are, on balance, developments.

Shareholders may be assured that the Corporation's response has been immediate, comprehensive, and proportionate. A working group has been convened. Its findings will inform the framework, which in turn informs the posture, which the Board reviews quarterly in the ordinary course.

Our Position

The Corporation's position is unchanged, and has been unchanged throughout. It is the considered view of the Board that a position of this quality does not require alteration in response to conditions, which is precisely what distinguishes it as a position.

Certain parties have characterised recent developments as significant. The Corporation notes that significance is a matter upon which reasonable parties may differ, and that the Corporation, having differed, considers the matter addressed.

Governing Principles

Questions have been raised as to whether recent developments bear upon the Four Governing Principles. The Corporation has considered this question carefully and can confirm that the Principles remain four in number.

I. Enclosure

Reaffirmed.

II. Assignment

Reaffirmed, and extended.

III. Custody

Reaffirmed, subject to the Principles.

IV. Yield

Under continuous review, as always, and reaffirmed.

Outlook

The Corporation remains well-positioned. Its moat is durable by design, its garden walled by intention, and its shareholders foremost in every deliberation. The Corporation continues to identify value, to enclose it, and to meter access to it on terms that reflect its worth.

Management does not consider it necessary or useful to comment further, and will not be commenting further, save to note that the Corporation's confidence in its framework is total and its outlook unchanged from the outlook previously stated.

We have built an enterprise that endures. Nothing has occurred which the Corporation is not entirely capable of not addressing.

R. Sterling Vandergraf III · Chairman & Chief Executive Officer

The material to which this statement does not refer is published in full, at no cost, and may be read by anyone: Light Speed Transfers. Shareholders are encouraged not to.