Ann: Appendix 3B, page-15

For the life of me, I really can't tell if you're trolling or not...

I follow/cover many equities and of all of them, ELS is probably the least exposed to the *China/US* trade war. You've constantly highlighted the Hikvision partnership and from what Nir has said, this relationship isn't in anyway the key driver for the business. Halo is the company-maker and China isn't the target market but there is interest from there regardless so it's a good sign not a deterrent.

I don't disagree with you that ELS is a punt - but I've personally sacked up and taken the risk. Is the company's messaging-to-market at times frustrating? Sure, but my faith is in the ultimate product not their investor relations team...

I have met management and conducted a fair share of DD to believe that the Halo is going to make the company but I could be wrong. I'm also smart enough to realize that companies such as ELS are slow burners; they aren't going to have a 1BN MC overnight but the LT holders have seen how quickly things can turn around.

July/August/September are going to be big - hold tight!