Chairman’s Year-End Update - Seite 2

Cease Trade Order (CTO)

As announced on the 20 November 2023, the Company expected to have delays in the filings of its financial statements. A cease trade order (the "CTO") was issued by the Ontario and British Columbia Securities Commissions in respect of the Company's securities, and pursuant to Policy 3 of the Canadian Securities Exchange, the Company's shares have been suspended as of December 5, 2023. According to Policy 3 the company has 90 days to rectify the situation or else be delisted without further notice.

It is important for shareholders to know that the CTO and CSE suspension are due ONLY to the failure to file the annual accounts before November 28, 2023, filing deadline. The Company expects to file its financial statements and related management discussion and analysis before the end of January 2024.

Funding

As announced on the November 15, 2023, the Company announced an offering to raise up-to C$1.25m and to convert approximately C$700,000 in debt. This is a part of the Company's strategy to reduce, as far as is sensible, the debts within the Company. Due to the cease trade order, these transactions have been postponed until such time as the CTO has been revoked.

The Company might consider selling some of its investments to generate funds if it finds that appropriate and needed.

The Company has been faced with legal fees and additional management time in relation to the actions of certain shareholders and the making of unfounded allegations over the last few months. The Company and the directors are looking to see if there might be grounds for legal action against that certain shareholder for libel and misuse of the Company's data to recoup some of those costs.

Staminier (GreenBank holds 48.5% equity ownership in Staminier)

As announced on November 15, 2023, Staminier has informed the Company that is has agreed in principle to sell the Substantia Group Limited back to its previous owners. GreenBank is supportive of this decision for the following reasons:

• Staminier would hold liquid assets (GreenBank and Ubique shares) in lieu of operating assets (the Substantia Group).
• GreenBank believes there is upside potential in the liquid assets in the relatively short term.
• The Substantia Group has not performed in accordance with expectations.
• This will effectively again make Staminier a holding company only.
• The transaction could ease future discussions and implementation of the strategy involving the Future Fund.

Staminier awaits a response from the Future Fund to its previously announced request for the extension to the term of the Convertible Loan Agreement (CLA).