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GreenState AG

Newsletter, December 2022.

1. Technical Progress

Christmas was just around the corner at GreenState AG and we received the most precious gift yet. We were able to successfully complete all technical developments and our modular and vertical farm in Neuhausen is officially up and running.
Moreover, our SCADA system works and we can manage the farm through remote control installed on the computer in the modules. All sensors work perfectly and immediately. For example, when doors are opened, the sensor immediately shows red light on the screen and gives us the signal that the doors are open.
The first week of January is reserved for the installation of the static IP address from Swisscom. After that, we will be able to connect the farm to the mobile application, which will be one of the biggest milestones we have achieved so far. For the first time, a modular and vertical farm will be able to be managed through a single mobile application.

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2. February, 2023, dr. Growing portfolio and achievements

Our Chief Growing Officer, Mr. Nicolai Höppner, gives his best and works after hours and even on weekends to achieve maximum results during these testing phases. Thanks to him and our carefully developed technology, we were able to bring about very good preliminary results.
At this stage, we have decided to launch various store products in the Swiss market at the beginning of Fei: Basil, Microgreens and Mung Beans.
A) 60% of the production area is used for basil production. Initial tests have shown that we can produce 240 kg of basil per month. The basil is sold to retailers in packages of 20g and 100g.
B) 10% of the production area is used for the production of micro vegetables. After the current test phase, we expect a monthly production of 300 kg of micro vegetables. The micro-vegetables will be packed in 25g and 100g packages, which are intended specifically for retail and business customers, such as restaurants in the region.
C) Mungbohnen werden etwa 30 % unserer Produktionsfläche einnehmen und unsere Testphase hat uns gezeigt, dass wir etwa 800 kg pro Monat produzieren können. Die Mungbohnen werden in 250g- und 500g-Packungen verpackt und hauptsächlich an asiatische Restaurants verkauft werden.

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3. Product placement and partnerships

We are very pleased to officially announce that our test products will be sold in two Spar stores in Schaffhausen and that we will be able to offer our products in other stores afterwards.
We are in the process of developing a marketing model where we partner with stores to promote our products through social media and print marketing. In this innovative way, we can market our product and help stores attract more customers at a shared cost.
Another major Swiss wholesaler has confirmed that GreenState products are being distributed in a test phase in three shopping centers in St. Gallen, Baden and Bern, but as we have not yet signed a distribution contract, we do not want to mention the name of the company.
The first phase of Kosher certification will take place in the third and fourth week of January 2023. This inspection has already been signed, paid and confirmed by the Orthodox Union in NYC.

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4. Open positions

For the next year (2023), we plan to grow in every sense of the word. We are ready to expand our indoor production, module production, technical component production, software development and discovery cases. At the moment we have several open positions:
1. Full-Stack Developer (Software)
2. Front-End developer (software)
3. Flutter Developer (mobile app)
4. Management Assistant (Administration)
5. All-rounder in production (indoor farming)
6. 2x packaging employee (production)

5. First Green Bond coupon payment

On Dec. 20, 2022, we made the first fixed-rate annual green bond coupon payment to a limited number of investors who participated in the 2021 private green bond offering.
This is a major milestone for us as we have been able to demonstrate our business model and financial liquidity to early stage investors.

6. Share price increase as of 01.02.2023

With each milestone achieved, our company gains value. By completing all technical tasks and finalizing digital solutions, our company will achieve additional economic value and in this context the price per share will be CHF 12.50 per share after 01.02.2023.
The company will continue to develop new technological solutions and steadily increase value, which will drive our share price even further in the coming year.

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7. Merry Christmas and Happy New Year

Thank you very much for your support. This year has been a great one for GreenState AG and all our stakeholders, and it is all the result of our joint efforts.
We would like to take this opportunity to send you our best wishes for Christmas and New Year's Eve.
We hope that all of our goals will come to fruition next year and we will be able to make a difference in this world and contribute to our community.
Finally, we would like to ask you for one favor. This newsletter will reach around 4,000 people, let's all try to do at least one good thing for this world and join our forces to improve this world and become a better place for new generations.

Merry Christmas and Happy New Year!

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