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November 2022

1. Partnership with ImhofBio 2. New Project Manager Dr. Christoph Lustenberger 3. Audit and Valuation by PWC 4. Further Technological Development 5. Shareholder Mobile App Until 01.02.2023 6. Share Price

1. Partnership with ImhofBio

As already communicated, GreenState AG has already entered into a strategic partnership with ImhofBio to develop an indoor growing technology for herb production. At the moment we have completed the first objectives of the discovery phase, where we have defined which plants will be grown, as well as the growing conditions and how to maximize the yield. In two weeks we will enter the testing phase, where we will conduct several quality tests and optimize the growing conditions according to the needs of the plants. Hopefully, by the end of January next year, we will be able to standardize herb production and start delivering products to the market. Once the discovery phase is complete, GreenState AG will work with ImhofBio to design and develop additional modular and vertical growing solutions specifically for basil. The additional vertical farm for basil production is expected to be completed by Q3 2023.

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2. New Project Manager Dr. Christoph Lustenberger

We are pleased to announce that we have a new team member on board. His name is Dr. Christioph Lustenberger and he is a lecturer at the ZHAW for Factory Management and Automation. He also holds a PhD in Food Process Engineering from the ETH in 2004. Dr. Lustenberger is responsible for project management in the development of new technologies and manages the development phases between internal development teams and external partners.

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3. Audit and Valuation by PWC

Reaching almost 200 investors, the board of GreenState AG decided to audit the financial and accounting records with the aim of achieving the highest level of transparency. As GreenState AG plans to gain a foothold in the EU and global markets, we decided to hire one of the four major accounting firms (Big Four) that can cover the future needs of the company. In addition to auditing the company's financials, GreenState AG is in the process of finalizing the documentation for the company's valuation based on current performance, cash flow, intellectual property, know-how and software copying rights. Once the valuation by PWC is completed, the share price of GreenState AG will be determined based on the valuation and will most likely be used for an IPO.

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4. Further Technological Development

GreenState AG will continue the constant development of new technologies in terms of software and hardware, focusing on the development of infrastructure for IoT, Big Data and AI technology. At the same time, we will continue to seek new partners and develop solutions for various agricultural crops. In the coming year, GreenState AG will launch several digital products on the DACH market.

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5. Shareholder Mobile App Until 01.02.2023

Due to various technical problems with the delivery of shares and the acceptance of GreenState AG shares by customer banks, we decided to develop our own application, which allows investors to view their portfolio, set up a data room with all documents and view their status regarding the delivery of shares. In addition, the same application is used for communication between the company and investors, as well as for the exchange of newsletters and important information. The application is created by internal employees of GreenState AG in Flutter technology and hosted on dedicated servers of GreenState AG.

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6. Share Price

The current share price of GreenState AG is CHF 10.00 and can also be subscribed by private individuals. It is planned to finish the private placement of the shares after the completion of the evaluation and to start the capitalization with venture capital funds before the IPO. Once the external evaluation is available, the shares of the company will be sold based on the PWC evaluation.

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