Ann: Annual General Meeting Notice of Meeting and Proxy, page-193

Dealing in facts as I try to do you reacted even though I said I had not come to any firm opinions so I have been led off in another direction to deal with your concerns.

When Brainchip first commenced trading via the reverse takeover the company had 562,870,199 shares on issue and now it has 1,629,737,144

At the time the following applied:

1. Peter van der Made held 126,805,508 shares which was 19.88% of the shares on issue according to the 2015 Annual Report

2. Anil Mankar held 74,635,000 shares which was 11.70% of the shares on issue according to the 2015 Annual Report

Today according to the 2020 Annual Report the following applies:

1. Peter van der Made held 176,305,508 which according to the Annual report was 10.818% of the shares on issue

2. Anil Mankar held 119,205,377 million which according to the Annual report was 7.314% of the shares on issue.

I have posted before that in my opinion in a growing company the only contribution I as a shareholder ever makes is to be found in the dilution of my share holding to fund future growth.

According to the documents surrounding the reverse takeover the 562,870,199 shares were accorded a value of 20 cents each making Brainchip's market capital at that time about 113 million dollars. In round numbers the Brainchip market capital is now about 1 billion dollars so not a bad increase at very close to 10 times what it was in 2015.

So if we look at dilution in this way then I suggest what have Peter van der Made and Anil Mankar contributed to this ten fold growth is as follows:

1. Peter van der Made - his mind and dilution of his 2015 stake in the company to the tune of approximately $90 million dollars.

2. Anil Mankar - his mind and dilution of his 2015 stake in the company to the tune of approximately $44 million dollars.

So I ask myself what is it that I have contributed to the 10 fold growth of the company in comparison and even though I hold a significant number of shares it pales into insignificance against the above.

I also ask myself does my presence as a shareholder have any implications whatsoever for the success of Brainchip and the answer is a resounding no.

Then I ask myself what if Peter van der Made and Anil Mankar had never been born? I don't think I need to answer this question.

Has this concluded my research not at all but I do think it is reasonable to consider the above.

My opinion only DYOR
FF.

AKIDA Ballista