February 23, 2021 Advisory Sam Doctorac [email protected] Orchid @CryptoSamDoctor​ Privacy on the Blockchain

Orchid is a blockchain-based Virtual Private shown on slide 18, compared with ability of the Orchid network community Network (VPN) delivery platform initially incumbent competitors (slide 11). to enlist the right VPN providers, the developed by a seasoned team (slide 4) (and impact of OXT token price volatility on Key Takeaways was a decentralized network upon its We assess that the potential for broad bandwidth costs, and low realized launch). This is an especially timely service adoption exists: with the industry adding revenue per user with the pay-as-you-go against the backdrop of Covid-19 and about 11mm subscribers per month by 2025, approach (slide 36). • Orchid is a blockchain-based increased working from home. The VPN we project Orchid could reach up to 1.5mm • Conversely, privacy is a major issue that VPN provider with the OXT market is expected to exceed $70 billion by subscribers (or a Bull case of 4mm) by makes the Orchid service very timely. ERC-20 network token 2026 (slide 8), and Orchid could benefit by December 2025 (slide 32), leading to With Orchid being one of the first aggregating excess bandwidth capacity into monthly revenue of $6.5-11mm to the mainstream Blockchain applications, • Multiple back-end providers a seamless, familiar experience, even for providers on the network. media coverage and word-of-mouth who stake tokens for share of crypto newcomers. (References in this publicity could drive adoption. New traffic / revenue report to “Orchid” are to the Orchid Staked tokens could grow with user service offerings from the community in network.) adoption and revenue, leading to the applications such as storage and • Simple, traditional front-end potential for VPN provider annualized gross computation could help expand the user experience with a pay-as- Users purchase pay-as-you-go bandwidth profit per 100,000 staked tokens of between market. Finally, a robust model for the you-go model credits, in fiat or Orchid’s native OXT tokens, $9,000 (Bear case) to $58,000 (Bull case), Orchid network community and online or through iOS, Android, MacOS, with $42,000 representing our year-five Base providers to increase network users, or a • We assess adoption could Linux or Windows platforms. These fiat in- case (slide 33). We view this as the “customer acquisition model,” could reach 1.5mm to 4mm users app payments are a unique lowering of the mechanism for value accrual to the drive upside to our adoption estimates. (Bull case) and could achieve barriers to adoption typically seen by crypto providers on the network. We identify key up to $11mm in monthly projects. Credits are held as OXT tokens until value drivers (slide 34) behind a gross profit In summary: revenue for VPN providers on spent on bandwidth. Traffic and revenue are per staked token metric, but do not attempt routed to back-end VPN providers to value a staked token. • Orchid is an early mainstream crypto the network by 2025 proportionate to their share of staked application that has identified a need for • The Orchid network tokens (slide 15). We explore the token This report is intended for use by providers a pay-as-you-go VPN service that could community and providers may economics of the network on slide 25. on the network. drive meaningful adoption. • With vendor revenue driven by share of need to develop a robust The ecosystem is beginning to mature: Risks to our thesis: staked tokens, we see a robust value customer acquisition model to Orchid has relationships with several VPN accrual mechanism for the staked token achieve widespread adoption providers (slide 16) and has been integrated • We view the ability of the Orchid economy. with several exchanges and wallet providers network community and of providers on • However, we view the need for the (slide 17). As the first crypto-based VPN the network to increase network users as Orchid network community and provider, the network through its not fully developed yet, and as a key risk providers to develop a customer community of users and providers has to the downside. Additional downside acquisition model as a risk factor to gained significant social media traction, as risks to our adoption model are the consider.

BitOoda has been retained by Orchid to produce this report. Please see slide 37 for important disclosures. 2 Sam Doctor BitOoda Advisory Risks Value Accrual Token Economics Orchid NetworkThe VPN Industry Orchid Introduction CONTENTS © © 2021 BitOoda Holdings Inc. Holdings BitOoda 3 Sam Doctor BitOoda Advisory Introduction Orchid © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 4 Sam Doctor BitOoda Advisory experience Orchid’s traffic Dan Executive Gustav technology fiat Removal Brian Dr Co Team regulations Jay The The privacy by anyone Patrick services, Orchid A Blockchain Network Privacy Orchid Protocol . Founders their Steven Freeman, purchases protocol Montgomery, OXT : Fox usage is Dietzen, Simmonson in can geography seasoned where of : a a ERC Team Waterhouse, . Layer that development trustless customer buy . Independent, launched CTO - However, 20 or Dir users looks and 2 : OXT token Head, . , team programmable . , Advisor sell context With Operations acquisition like incrementally transfers in CEO crucially bandwidth : Engg brings powers December and what its back : . : Key decentralized deployment, they : - together in end costs for use the Virtual the using 2019 pay are broad VPN cases ecosystem can case inventory Built Was Author Built Executive 20+ already for a the and Private providers as enable broad include years adoption, design, of metered an the Cydia Orchid well is of more Ethereum now used development analytics GNU at of Network , and experience as anyone which getting multi Sun early digital having advanced available receive service to the Bash has . Microsystems - is stage core hop to division crypto around protocol currency been core shell already with become traffic set team on architecture, developer users) tech to and Android, assessed and that probabilistic © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © censorship the and built that venture and (OXT) creator an and blockchain in allowed iPhone architected Orchid delivers VPN the corresponding . pay iOS, Users by and executive 2000s of provider and jailbreaking providers nanopayments MacOS, Orchid’s them the back Open a can aspects blockage decentralized & first products - end to co browse relationships experience Source Linux - interactive create outside founded revenue on provider take movement of a and for privately content pay using ethos, place upon IBM counsel Windows marketplace Pantera - based . with as Users online that Ethereum - behind you network BigFix’s Orchid to and a optimize on - history drive own go to Capital banking . access their basis the offers be security OXT for launch smart Internet of compliant scenes the bandwidth content share software (in in successful users contracts their configuration user a fiat . freedom ; robust of users unprecedented terms) without . experience accounts for with staked and exits . ecosystem, Wells have On based U other being . the OXT S and (either . a Fargo securities seamless network, on internet tokens limited digital from their with . 5 Sam Doctor BitOoda Advisory Industry VPN © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 6 Sam Doctor BitOoda Advisory Understanding VPNs security A When existing traffic to you from computer Regardless the A user can site forward The connection connection computer network Therefore, Source: CNET.com Source: VPN virtual anonymously - internet to be most to to another - your is is site extremely indirectly network and the or beneficial transferred securely private will popular . . VPNs when of will public computer The response as privacy your network then if . appear contact VPN infrastructure you connect network Wi you beneficial because types location, gain behave - to over Fi will browse . is were from hotspots to It the connected access of the then protects to a be (VPN) it connected as secure VPNs the you present for a anywhere guarantees the website network alone if forward . website individuals will it to is internet are your is connection to a be at cannot local on technology remote- a systems, the the you – through given privacy VPN, that back an such while network request using VPN's choose appropriate support network, permission all through access as to by even on of an the a the that location . allowing a public for your it resources encrypted VPN, internet VPNs . when VPN a allows allowing you level secure to online . . Wi © © your This and and you The use the 2021 - of Fi – a . BitOoda Holdings Inc. Holdings BitOoda and traffic both can A available capacity VPN subscription usage, Traditional In Traditional security shopping information server online always smartphone pages Anyone Who attempting virtual addition, revenues route needs incentivizing providers, you to activity and to boost online who growth VPN details with the increase traffic access VPN VPNs to your a Orchid will revenue such accesses VPN? your are . most such monitor traditional should Communications . and providers device offering Anyone vs . benefit better across security provider They capacity as offers . as efficient capital Virtual use Orchid the your is passwords, aligned are also who providers from VPNs multi a fixed, often additional internet by investment VPN VPNs investment activity utilization encrypted, providers would offers wants encrypting . - VPN . for hop set that reducing . providers bandwidth from would a This across to not usernames usage happen privacy . pay . . protect This As so in be has and a as . not capacity marginal a a different computer, able makes A in hacker you result, between the anonymizing beyond know VPN their limits the and to go advantage network. sense and service privacy see investment underlying which or model return and tablet bank the what website private driving ration when your VPN web and and will on or or of is 7 Sam Doctor BitOoda Advisory Types VPNs of activity connection running identity require computer Protocol protocol network a and employees and particularly network reach as link access provide infrastructure A provide if What internal application, to However, Layer A Protocol Source: CNET.com Source: it VPN file VPN supply were remote- back use is internal servers, (SSL) . corporate usually . to a . ; the Layer Security or It A gateway on the to these remote like network remote an or This across . the connect secure will access important VPN Layer the the to device mobile SSL rather internet Point printers network relies 2 secure like will same then gateway VPN device - (IPS) VPN client access . access 2 users on access - networks, to the require to VPN to Tunneling Some device on the create local network than or - can for for and a Point the that authenticate the resources, either VPN? on Secure public to will organizations with base work also uses network. internet intranets, to connects connection a VPNs allows an the the a company's Tunneling tunneling . a Protocol network typically Internet be - hotspot Sockets related This secure where target public entire user's single IPsec used such it also its as to to to is . provider a VPN situations they specific VPNs site gateway clouds use another network Site the internet centers What to - secure site - VPNs career public to gateway is are - as site . are VPNs a computers, into location in . use device However, the site link have multiprotocol internet, one © © servers VPN 2021 often the - main in IPsec to that from location the - . to now internal BitOoda Holdings Inc. Holdings BitOoda site The . technology transport cloud, connect and new it connect in Rather defined VPN? the transformed is majority to separate label in network. also cloud hybrid typically a most than network for the typical over switching between uses of site - service access cases, entire using data with site - the the to to in a - - devices experience avoid wireless offers What mobile A It applications network bandwidth coverage memory the a traditional require switching user optimized Mobile coverage memory user’s is traditional battery also is slower experience users . devices a applications less or communication . footprint, Using useful mobile VPNs They gaps, networks VPN to issues resources processing is when on a processing able speeds VPN ensure high . a generally their with Therefore, internetwork when VPN? or mobile are to and applied when can level limited last to or wireless and secure power a users because run affect . and designed moving longer power seamless of have It VPN data devices they can faster to battery security . are networks access a the roaming, software . helps loss wireless provide of smaller than out enable facing while that, user VPN and and life, are for to to of a . 8 Sam Doctor BitOoda Advisory Figure: Figure: Economy aZoomIn Growing Adoption VPN USD millions VPN Market by Geography, 2015 by Geography, VPN Market - 2026 © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • becomes the new normal at almost 13%, according to Global Insights Global to according almost at 13%, normal new becomes the work remote as worldwide accelerating adoption is Enterprise adoption VPN of drivers key are avoidance restriction / regulatory anonymity, and Security, month by 2025 month by subscribers11mm perprojections over These growth suggest of a largest the America is North but growth market, in Asia faster is Source: Global Market Insights Market Global Source: 9 Sam Doctor BitOoda Advisory USD billions Figure: Figure: CAGR at21% Growing VPN Consumer $12 $16 $20 Consumer $0 $4 $8 2015 VPN Market, Market, VPN $2.2 2016 2015- $2.6 2026 2017 $3.1 2018 $3.7 2019 • • • $4.5 • • © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 2026 and 2019 between CAGR 21% robust a be to projected is growth Consumer robust was growth Category market the of portion VPN consumer on the focused is network Orchid NordVPN high a privacy applications made that are tracing contact and access news / Information 2020 $6.3 revealed VPN traffic surged 165% across Europe since March 2020 March since Europe across 165% surged traffic VPN revealed 2021 - profile issue in 2020 in issue profile $7.6 2022 $9.0 before 2023 Covid $10.6 andthe new remote economy 2024 $12.4 Source: Global Market Insights Market Global Source: 2025 $14.4 2026 $16.9 10 Sam Doctor BitOoda Advisory Figure: Figure: >10mmmonthly growth users 1.1Bn than More

User Base 1,000,000,000 1,100,000,000 1,200,000,000 VPN User Base Growth Base User VPN 600,000,000 700,000,000 800,000,000 900,000,000

1/1/2021 3/1/2021 5/1/2021 7/1/2021 9/1/2021 11/1/2021 1/1/2022 3/1/2022 5/1/2022 7/1/2022 9/1/2022 User Base User 11/1/2022 © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 1/1/2023 Size Industry 3/1/2023 5/1/2023

7/1/2023 axis) (right Adds Net • • 9/1/2023 annual growth projections growth annual Insight Global unsmoothed reflects growth user Monthly study market Insight’s VPN Global by driven estimates, reflects growth User 11/1/2023 1/1/2024 3/1/2024 5/1/2024 7/1/2024 9/1/2024 BitOoda’s 11/1/2024 1/1/2025 3/1/2025 Source: Bitooda, Orchid, Insights Global Orchid, Bitooda, Source: aggregate global subscriber subscriber global aggregate 5/1/2025 7/1/2025 9/1/2025 11/1/2025

6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 11,000,000 12,000,000 Monthly Net Adds Net Monthly 11 Sam Doctor BitOoda Advisory Based on multi on Based Figure: KeyProviders VPN Competitive Landscape Encrypt.me Windscribe Hotspot Shield Private Internet Access StrongVPN PureVPN Norton Secure VPN CyberGhost VPN TunnelBear IPVanish ProtonVPN NordVPN Surfshark ExpressVPN Competitive landscape: best rated VPN VPN best providers rated landscape: Competitive - month or multi or month - year prepayments IP Addresses IP 300,000 50,000 59,500 40,000 30,000 5,000 Servers 3,200 3,252 2,000 1,800 1,300 1,050 1500+ 7100+ 1700+ 5200+ 3000+ • • • • 650+ © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © limits bandwidth and caps data monthly with come subscriptions these of Many A month A - multi a with research, through our discovered price available lowest the reflect below prices The months 60 to up even or 36 12, for customers prepaid in lock to price Most VPN providers offer significant discounts to a pay a significant discounts to offer providers VPN Most - to - month subscription can cost up to 3x the “best price” “best the 3x to up cost can month subscription Locations / Countries 200/29 Server Server 46/26 180 160 90 /80 37 23 60 54 63 62 month prepayment British Virgin Islands British Virgin Islands Jurisdiction US /US Canada Hong Kong Hong Romania Panama US US Source: Bitooda, cnet.com, security.org cnet.com, Bitooda, Source: - as - Month Price / Best you - go monthly go monthly $3.33 $2.75 $5.83 $9.99 $9.00 $2.99 $2.69 $1.65 $3.33 $3.71 $8.00 $5.20 $2.49 $7.00 12 Sam Doctor BitOoda Advisory The Orchid Network © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 13 Sam Doctor BitOoda Advisory bandwidth marketplacebandwidth decentralizedA Orchid: © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • • • • WireGuard using subscriptions existing match and mix can customers Orchid privacy robust more for hops multiple with connectionsEnables multiple providers, to bandwidth Virtual Private Networks for market (2026) Focused $70+Bn on future the in applications other build may community developer The a delivers Orchid Pay - lesser for customer Enables growth - as - you - & OpenVPN protocols with the Orchid protocol Orchid the with protocols OpenVPN & go suits light usage and encourages first encourages and usage go light suits permissionless decentralized marketplace for bandwidth for marketplace decentralized known VPN providers VPN known - time users time Source: Orchid Source: 14 Sam Doctor BitOoda Advisory OXT powers the network Orchid The Token Network © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • on usage rather than a fixed monthly monthly usage on than afixed fee rather based service, VPN for pay to it use and OXT buy service the to Subscribers stake their to proportional VPN providers can stake the token and receive network traffic Pre The utilityTherelative vendor residesbyVPN token stake revenuedriven in - mined ERC mined - 20 token billion 1 OXT token supply of fixed with a 20 Source: Orchid Source: 15 Sam Doctor BitOoda Advisory White providers label with VPN Scalable • • • • • © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © MacOS and a just a and MacOS store, App iOS Play, Google including network, the to contributions Community is very active with a regular cadence open cadence of aregular Community with active very is momentum acquisition customer required to help drive be will providers VPN Resources of vendor’s stake customers Share of acquired proportional across is network the to each cheap is bandwidth Customer acquisition largest the expense are vendors costs VPN for bandwidth excess monetize can vendors VPN - launched, well launched, - received Windowsreceived desktop client - source source Source: Orchid Source: – 16 Sam Doctor BitOoda Advisory Largely2 Tier OrchidProviders © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • the space the enter wishes to who anyone for barriers these lowers network Orchid VPNs in entry to barriers bigthe are Customer scale acquisition and providers participating VPN to customers network Orchid network helps address customer their acquisition directing by capacity spare andsubscribers fewer with vendors 2 Tier be to tend providers VPN Orchid – smaller companies companies smaller Source: Orchid Source: 17 Sam Doctor BitOoda Advisory Eases experience user ecosystemExpanding © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © Source: Orchid Source: 18 Sam Doctor BitOoda Advisory Drives adoptionDrives presence media social Growing © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • writing leader industry while Twitter followers, noteworthy is It 50k that has over Orchid already Although adoption can helpeffects drive network still is it early, presence media social demonstrated accelerating has providers and users of community its through network Orchid NordVPN has about 84k followers followers this has about of as 84k Source: Orchid Source: 19 Sam Doctor BitOoda Advisory VPN adoption VPN Already receptiveto Target markets © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • the Orchid app is already compatible compatible Orchid app already the is most with local languages – markets Asianpenetrating to essential compatibilityLanguage is demand VPN consumer The service is oriented toward marketskey that have demonstrated Source: Orchid Source: and and 20 Sam Doctor BitOoda Advisory Amid rising Amid privacy concerns Orchid istimely © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • helping both highlight concerns concerns highlight both helping challengingthis year, during thought leader a been has team Orchid’s 2020 in issue relevant particularly a is Privacy and also offer solutions offer Source: Orchid Source: 21 Sam Doctor BitOoda Advisory Past months12 MilestonesCommunity Figure: Figure: Testflight iOS and Android on available App OXT lists Coinbase 2019 Dec Key milestones milestones Key network the join providers Top VPN Additional 2020 Jan Mandarin and Korean, Japanese, English, for Support 2020 Feb tech.” privacyof generation next “the it calls CNET 2020 Mar demand demand staking OXT builds Bloq 2020 Apr © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © OXT list Gemini and CoinList 2020 May • • • progress over the past 12 months progresspast the over 12 step, paving the way for a full GUI a full step, way pavingfor the Windows availability The a of command important client line anis open Orchid’s This would be a catalyst, catalyst, view would our This a be in support. oracle pricing OXT provides Chainlink OXT lists Kraken 2020 Jun - source community has maintained a steady cadence of of cadence steady a maintained community has source launch client MacOS purchases, app in with launch Store App iOS Jul 2020 - Open VPN Open and Orchid after protocol, VPN third WireGuard for Support 2020 Aug , lists OXT lists exchange, crypto Indonesian Indodax client line command Windows and Linux 2020 Dec , largest largest , Source: BitOoda, Orchid BitOoda, Source: 22 Sam Doctor BitOoda Advisory expansion Community service -led community initiatives OrchidFuturenetwork © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • storage, video processing and delivery and processing video storage, computing as power, such products adjacent including service), VPN functional fully the to addition (in services internet additional Orchid essentially platform that a is the community to buildcan use market needs and develop solutions develop and needs market identify to seek parties third of variety a see robust ecosystem will A Source: Orchid Source: 23 Sam Doctor BitOoda Advisory * OXT market cap excludes treasury tokens treasury excludes cap market OXT * Figure: Overview OXT’sGroup Peer Token AttentionBasic Name Orchid Protocol Siacoin OMG Network ProtocolOcean Chainlink Overview of OXT and peer group, as of 2/18/2021 as of group, peer OXT andof Overview Jan 1, 2020 = 100 = 2020 1, Jan OCEAN OMG Ticker LINK OXT BAT SIA Ethereum on transfer value for solution scaling Description advertising marketplace decentralized bandwidth a deliveringprotocol Network Programmable VirtualPrivate storage platform cloud peer to peer Decentralized non trustless, A ProofStakeData sharing of protocol off bringing oracle contract smart Decentralized token rewards for opt BAT with browser focused Privacy © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • - chain data on data chain OXT is yet early in the adoption adoption in the early yet is curve OXT Most along further these thanprojects OXT of are We look atLINK, BAT, OCEAN, OMG andSIA as thegroup peer for OXT - custodial, Layer custodial, - in to to in - chain - 2 USDt Live, including since 6/1/2019 on Live Status Live, early stage early Live, stage early Live, Ethereum Running on users active monthly 22mm integration mainnet mainnet , Orchid , CoinGecko BitOoda, Source: $13,088mm Market Cap $317mm* $613mm $901mm $485mm $934mm 24 Sam Doctor BitOoda Advisory Token Economics © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 25 Sam Doctor BitOoda Advisory share revenue= Staking share OXT Token economics Network Provider Orchid User VPN VPN “package” to prepay prepay to “package” provider on relative relative on provider Buys OXT or Buys or OXT fiat Selects VPN VPN Selects Stakes OXT Stakes stake size stake account © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • • • • User account balances are charged for services account User services chargedprovided for balances are stake of based on is share their revenue of network andthe traffic share Their VPN providers acquire and stake OXT tokens Revenue earned is not bonded and can be liquidated to pay expenses pay to liquidated be can and bonded not is earned Revenue It takes months3 to tokens bonded of share equals revenue of share Their according bandwidth revenue to delivered receive providers VPN count toward the revenue share revenue the toward count experience need not need not experience held in OXT smart in OXT in held proportionalto OXT Currently balance is is balance Currently probabilistic traffic probabilistic contract, but user but contract, released to VPN VPN to released provide service service provide involve crypto involve User payment payment User Is selected to to selected Is providers on on providers stake unbond tokens, during which those tokens do not not do tokens those which during tokens, payment for service for payment lower ETH fees gas ETH lower charged on usage on charged “nanopayments” “nanopayments” transactions and and transactions Receives tokens tokens Receives OXT balance is balanceOXT This simulates simulates This from user as as user from with fewer fewer with 26 Sam Doctor BitOoda Advisory Dec 9 Dec Tokens as of released Token 497mm Supply: Figure: Figure: OXT TokenAllocations © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • month month potential available be 2019 will for beginning release, Dec 9, million per than policy, OXT Orchid Lab’s more no treasury 10 As per 2020 9, of as Dec million released been have these, 497 Of billion tokens supply 1 of has afixed OXT Seed SAFT Seed SAFT 2a SAFT SAFT 2b SAFT Team A Team B Team C Other Team D Total Treasury / Network IncentivesTreasury 1,000,000,000 172,500,000 122,500,000 471,221,268 44,940,046 33,790,106 93,520,000 17,296,268 40,500,000 3,732,312 Allocated 172,500,000 122,500,000 497,117,212 22,470,022 33,790,106 93,520,000 40,500,000 9,985,247 1,851,837 Issued 0 Source: Orchid.com Source: 502,882,788 471,221,268 22,470,024 7,311,021 1,880,475 Pending 0 0 0 0 0 27 Sam Doctor BitOoda Advisory USD million Figure: after 12/9 To andteam 2a SAFT OXT ~32mm released Released to Dec 9, 2020 Date Release Total 6, 2021 Post June Post December 6, 2020 9, 2021 June 6, 2021 June May 9, 2021 May 6, 2021 9, 2021 April 6, 2021 April 9, 2021 March 6, 2021 March 9, 2021 February 6, 2021 February 9, 2021 January 6, 2021 January OXT Token Release Schedule Release Token OXT 172,500,000 172,500,000 Seed SAFT @$0.03 22,470,022 44,940,046 3,745,004 3,745,004 3,745,004 3,745,004 3,745,004 3,745,004 SAFT 2a @$0.50 © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 33,790,106 33,790,106 SAFT 2bSAFT @$0.70 122,500,000 122,500,000 Tranche A Tranche • • • unlocks over time over unlocks of issuance token D Tranche Orchid team final to the The also tranches monthly equal subsequent 6 in received balance the with 2020, of tokens Dec 9, their on holders half SAFTreceived 2a holders 2b SAFTtoken 2a holders paid $0.50 perOXT, vs. $0.70 for SAFT 93,520,000 Tranche B Tranche 93,520,000 Orchid Team Orchid Tranche C Tranche 17,296,268 7,311,021 9,985,247 Tranche D Tranche 1,851,837 963,525 152,825 152,825 152,825 152,825 152,825 152,825 3,732,312 Other 40,500,000 40,500,000 Source: Orchid.com Source: 471,221,268 Treasury 28 Sam Doctor BitOoda Advisory Value Accrual © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 29 Sam Doctor BitOoda Advisory • • • • • • • • • • usage, revenueand stake by networkDriven token Value tostaked accrual Weassess this revenueOXT per the key is driver ofvalueaccrual for tokenseach100,000 stakedprovider. by prefer liquidity. While only staked tokensearn revenue, those earnings represent an opportunity costfor other token holders who Revenue / OXTfunctionisa of networkusage (subscribersandARPU) xnumber tokensof staked by providers. Eachprovider the identicalshould see revenue per OXTtoken staked overallthe as networkaverage. revenueafter The and Orchid environment. isan additional ETHgas transaction fee costfor the smart contracts, but savinga on customer acquisition costsin the VPN providers in the Orchid networkhave the bandwidthsame infrastructure costsastraditional VPN models.There follows:as key networkeconomics the the variables canoutline of we Thus, providersVPN areselectedproportional their stake to totaland revenue proportionally accrues providers.the to User accounts are charged as per usage. contracts.Ethereum smart The entire user basehas purchased bandwidth credits in a variety currencies.of The balances are held in OXTin • • • • for light usersmay who underutilize traditional monthly usage limits. althoughnon- thatnote the we We averagean assume monthly revenue $3 of (ARPU) user per or annual paid hasswitching no costsbetween vendors in the network,while many incumbents lockin customers withpre and services.smallA but growing number of new subscribers wouldswitch from other VPN vendors conversion a We rate assess 5 of 7 Some Based on theseBasedon assumptions, can oneestimate monthlyOrchid network revenue for providers. - 15% percent15% of Customerthe acquisition largest is cost for incumbentVPNproviders. - expenseproviderVPNincomeearned thedirectly by is proportionalstake. to 2 - 3 year 3 subscriptions. new VPN usersinstall exploreVPN will app otherwise or the Orchid. expiring pay - 10% of these “installs” is reasonable and in line with other common apps “installs”apps reasonable these of is and common other in with 10% line - as - © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © you - • go credit system unlimited implies rollover, which is ideal of the Orchid value accrual mechanism Orchid mechanism the accrual of value providers for We assess the VPN network revenuestaked per OXT is the driver key - 6, which6, consistent is with incumbents – Orchid - 30 Sam Doctor BitOoda Advisory Figure: Figure: growth industry user Projectedat 7 MonthlyOrchid Installs 10,000,000 12,000,000 2,000,000 4,000,000 6,000,000 8,000,000 Monthly installs of Orchid solutions, compared with broader market growth market broader with compared solutions, Orchid of installs Monthly 0

1/1/2021 3/1/2021 5/1/2021 7/1/2021 -15% of 9/1/2021 11/1/2021 Base Case Base 1/1/2022 3/1/2022 5/1/2022 7/1/2022

9/1/2022 Case Bear 11/1/2022 Monthly Installs Monthly

© 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 1/1/2023 3/1/2023 • • • Bull Case Bull 5/1/2023 limited functionality is it There for pays untiluser app the a for selection before solutions multiple out check may users new Many Orchid explore otherwise assume7 that We 7/1/2023 9/1/2023 11/1/2023

1/1/2024 Growth User Industry Monthly - 3/1/2024 users VPN install will appthe of or new percent 15% 5/1/2024 7/1/2024

Source: BitOoda estimates, Global Market Insights Market Global estimates, BitOoda Source: 9/1/2024 11/1/2024 1/1/2025 3/1/2025 5/1/2025 7/1/2025

9/1/2025 11,057,247 1,650,049 714,631 1,041,094 11/1/2025 a making 31 Sam Doctor BitOoda Advisory 1 basis point = 1 0.01% point basis Figure: end2025 of 4 at Estimated marketImplied VPNof share Orchid implied market share if subscriber growth assumptions are are met assumptions growth subscriber if share market implied Orchid 10bp 15bp 20bp 25bp 30bp 35bp 40bp 0bp 5bp

1/1/2021 3/1/2021 5/1/2021

7/1/2021 by the-36bp 9/1/2021 11/1/2021 1/1/2022 3/1/2022 5/1/2022 7/1/2022

9/1/2022 Case Base

© 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 11/1/2022

1/1/2023 Market Share • • • • 3/1/2023 early though caution conversion we currently is around 10%, that rate is it actual the made, untilis payment curtailed functionality that is Given rate conversion zero (5% subscribers paid to installs convert eventually of assume 7% we case, base the In that a 0.35% market might share achievable bull market in the scenario that be a 0.35% reasonable is andthe share case market base in 0.13% a believe We points basis 36 and 4 between of share market scenarios a imply model Our

5/1/2023 Case Bear 7/1/2023 9/1/2023

11/1/2023 - 10% in bear and bull scenarios), scenarios), and initial bull in bear an- near from 10% 1/1/2024 Case Bull 3/1/2024 5/1/2024 7/1/2024 9/1/2024 11/1/2024 1/1/2025 3/1/2025 Source: BitOoda estimates BitOoda Source: 5/1/2025 7/1/2025 9/1/2025 35.5bp 12.9bp 11/1/2025 4.5bp 32 Sam Doctor BitOoda Advisory Average Revenue per Revenue User Average Figure: network revenue $1.3 Providers For 5 Year Revenue Model $10,000,000 $12,000,000 $2,000,000 $4,000,000 $6,000,000 $8,000,000 1,000,000 1,500,000 2,000,000 500,000 Monthly Network Revenue is a function of Monthly Installs and Conversion Rate to Paid Users, as well as as as well Users, Paid to Rate Conversion and Installs Monthly of function a is Revenue Network Monthly $0 – 0 11mm in monthly

Jan-21 RevenueNetwork Monthly Jul-21 Jan-22 Monthly Jul-22 Jan-23

Jul-23 Installs Jan-24 Jul-24 Jan-25 Base Case Base

Jul-25 $11,317,491 $6,518,540 $1,352,070 1,650,049 1,041,094 714,631 © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © • • • • Bear Case month $3 ranges from user per assume revenue we Further, average The model is sensitive to both the install rate and the conversion rate 0.5 between of base subscriber paid translates a into growth install monthly the assumptions, model our on Based $6.5mm, with a high endof $11.3mm month; million case base is per $1.3 projection of providers for Combining lowest the assumption revenue case bear leads set to a 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 0 0 Bull Case Jan-21 Jul-21 Cumulative Installs Cumulative Jan-22 Source: BitOoda Estimates, Global Market Insights Market Global Estimates, BitOoda Source:

Jul-22 Users Paid Jan-23 Jul-23 Jan-24 Jul-24 - Jan-25 users million 4 Jul-25 10,359,592 21,264,459 41,068,468 1,488,512 - 4,106,847 517,980 6 per per 6 33 Sam Doctor BitOoda Advisory earnings per staked for token VPN network Provider Figure: stabilizing per Drives increased staking, providers Grossprofit growth 100,000,000 150,000,000 200,000,000 $10,000.00 $20,000.00 $30,000.00 $40,000.00 $50,000.00 $60,000.00 $70,000.00 50,000,000 Revenue growth could drive increased token staking and stabilizing gross profit profit gross stabilizing and staking token increased drive could growth Revenue $0.00 0 Jan-21 proportionately tostaked tokens annualized Token from derives value Revenue to the provider provider the Revenue to Jul-21 100k staked100k OXT networkshared is - staked t staked Monthly Gross Profit per 100k Staked 100k per Tokens, Gross Profit Monthly USD in Annualized, gross profit per Jan-22 for for oken Base Case Base Jul-22 Jan-23 © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © Staked Tokens Staked • • • • Jul-23 Bear Case economically viable economically viable stake their would provider each as increase staking of rate The growthcompetitive shoulda beprove to process, holdings user fortotalleaving supply, room of ~25% at stakeestimate peaks the We month, stakedthe number tokensof expected becan follow suitto per increasednetwork sees revenueadoptionthe growsAs and Hence,monthly stakedgross tokens 100k profitshould per stabilize Jan-24 Jul-24 – to increase their revenue share revenue their increase to Bull Case Jan-25 Jul-25 – to the extent the to Source: BitOoda estimates BitOoda Source: $42,037.45 $57,513.05 $9,236.76 160,804,068 196,333,715 147,822,647 34 Sam Doctor BitOoda Advisory Staked Tokens Annualized Gross Profit / 100k Staked Tokens / 100k Staked Gross Profit Annualized Revenue Paid Users in Month 60 VPN Provider Gross Profit Gross Provider VPN Average Monthly Revenue per User Monthly per Average Revenue Figure: Figure: For Staked Tokens ValuationA Framework Summary Scenario Adoption Scenario Summary, Dec 2025 Dec Summary, Scenario Adoption © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © potential per 100k • • • • • • We summarize the three cases below: Annual earnings staked tokens staked token staked the OXT value to attempt ourselves we do not However, token staked valuing OXT approach the our for framework view a as We not staked are that users liquidity or providers VPN premium by tokens for held the earning potential staked aof token, perhaps with some We assess that the fundamental value OXT token anof is related to 2025 the of token by end per to up of $0.58 profit could providers VPN on Based annualizedearn these criteria, gross withinnetwork the share grow maintain or to competitive effort a in growth subscriber assume We thatproviders the stakes grow theirOXT along with providers participating VPN of The revenue andgross profit estimates to referthe entire network 160,804,068 $42,037.45 $6,518,540 $5,633,161 Base Case Base 1,488,512 $5.00 147,822,647 potential of staked OXT of potential $1,352,070 $1,137,835 Bear Case Token derives value $9,236.76 from the earnings 517,980 $3.00 Source: BitOoda estimates BitOoda Source: 196,333,715 $11,317,491 $9,409,793 $57,513.05 4,106,847 Bull Case Bull $6.00 35 Sam Doctor BitOoda Advisory Risks © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © 36 Sam Doctor BitOoda Advisory • • • • • • • • • thesis adoption our Risks to many mix, developed available competition network unsustainable although in emerge high organic A have revenue, VPN This Customer This Pay The Delivered Sufficient relative order robust - as could with volatility providers no could of fluctuations - you growth incentive as whom for with we or account to but download drive acquisition numbers - customer by a go or the may believe prove low the providers since the vs of are model degrade later is disappointing ecosystem the - the not not cost Downside Risks to balance account the average in revenue especially demand migrate allocate lifetime of speeds sufficient acquisition OXT could costs only remain, entry the with and VPN lasting balance token ecosystem to attract - volume for the to value increasing point could funds would revenue is monthly providers experience limiting incumbent challenging proportional providers Orchid longer could model of for to fail a invite a of lower customer participants revenue first user to adoption available per network cause than may future may supply keep healthy could VPN - - time usage should user expected to not unacceptably need providers per acquisition up stake, community VPN prove bandwidth capacity who customer growth with user join and Orchid to users, earn they high © 2021 BitOoda Holdings Inc. Holdings BitOoda 2021 © the the be be if – • • • scale public beta public scale large a past slightly only is Orchid promising, are signs Although early outlined have ranges we the outside of fall to results actual cause could what examine We could surprise, both to the downside and the upside the and downside the both to surprise, could and uncertain highly all are rates conversion and growth share market user, per revenue average providers, for acquisition costs Customer • • • • • • • the would Any data We incentivizes Subscriber modeled develop VPN best Average upside entry Current Revenue have There robust environment share assess revenue community subscription storage, stayed surprised providers may and be than to monthly a additive the could privacy that be growth 12- robust investment expected opportunity on subscriber for a computation, 36 the to community exceed initiatives the VPNs and rates usage month to the customer should concerns Orchid Upside Risks our sidelines upside Orchid – by base our patterns estimates industry commitments attracts protocol drive incumbent in of video projections on acquisition these are potential because network scalable word could growth new processing could creating areas - providers of providers prove VPN of - needed capacity if mouth find model community could that the Orchid’s customers applications a stronger and gain high prove publicity that to supportive as growth delivery traction get cost market well drives could more than who the as as - of in . 37 Sam Doctor BitOoda Advisory Disclosures This Conflicts firm’s information, purposes, Global, not specific more client The invitation representative to distributed intended that “AC” Sam Analyst accurately compensation been recommendations on clients This Purpose the do been research Doctor, report all on commissioned compensated about to business of view Certification Inc the Orchid of all so of to BitOoda for reflect and influenced . . into Interest interested the the cover contains or the constitute for has For is at any or recommendation please may subject jurisdictions views . network not research informational info@bitooda client his been of of and additional securities to in be personal this research BitOoda the by parties produce expressed is of any relationships commissioned an made contact report, intended this analyst considerations views, This offer, way where . . report who views, and While . available is io disclosures this and research based . hereby . denoted solicitation, in opinions, only wish for may it a report, . educational which this BitOda is by upon providers unlawful BitOoda certifies to for not by Orchid of is report by learn have such and and any not has the the the be an or Commodities, BitOoda BitOoda Any General companies shall warranties . services transactions execution business trading publication and circumstances appropriate accuracy, not only information introducing BitOoda’s through communication, tailored duty will made of, regulatory, relied Information, in Information The supplement the and any remain it and it Information information to or upon should have strategies, does Disclosures Information, to amend, is http Holdings, is similar adequacy, BitOoda as sales (collectively, provided address (express Technologies, or fees to the . unchanged regarding any as for broker is and : not or © © //www not . such LLC or be any investment, Information 2021 being responsibility the and correct, act using the requirements capacity, document, (“Information”) has when implied is makes be and and Inc other timeliness BitOoda Holdings Inc. 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