What Peter van der Made had to say, page-22

I have extracted what I think are all the statements from BRN regarding a contract with a large surveillance manufacturer:

A. BrainChip Holdings Ltd September 2018Quarter Update

A first commercial agreement with a large surveillance manufacturer is expected by year end 2018.

B. BrainChip Studio 2018.3 Improves FacialClassification Accuracy San Francisco – 19 December 2018:

BrainChip Holdings Ltd. (“BrainChip” or the “Company”) (ASX: BRN), the leading neuromorphic computing company, today announced the BrainChip Studio 2018.3 update for its award-winning BrainChip Studio AI-powered video analysis software. The latest update boasts a powerful new mode that improves the software’s face classification accuracy by 10-30 percent. To date, BrainChip Studio utilized spiking neural networks to enable facial classification on partial faces. This partial-face mode is useful in situations where the probe image or the extracted faces may be obscured due to hats, masks, scarves or camera angle. BrainChip Studio 2018.3 uses a full-face mode to perform facial classifications. In situations where the entire face is visible in the probe image or in the extracted faces, this new mode provides a significant increase in facial classification accuracy. Depending on the dataset used, testing indicates this mode provides a 10-30 percent improvement in accuracy, without impacting throughput. According to MarketsandMarkets, the facial recognition market is expected to be over $7 billion by 2022. BrainChip Studio’s unique facial classification technology works in environments where traditional biometric-based face recognition systems fail, including low-light, low-resolution, and visually-noisy environments. BrainChip Studio is primarily used by law enforcement, intelligence, and counterterrorism agencies that use existing CCTV infrastructure. “We are always looking for ways to continually improve our products by listening to our customer requests,” said Bob Beachler, BrainChip’s Senior Vice President of Marketing and Business Development. “Not surprisingly, improving accuracy is typically at the top of list for video analytic software. With BrainChip Studio 2018.3 we were able to provide a dramatic increase in accuracy.”

C. BrainChip Holding Ltd Year-End Update 2018

Business Update – BC Studio Engagements

OEM Commercial Agreement VMS – Contract in process

D. BrainChip Holdings Ltd December 2018Quarter Update

• Video Management System (VMS) engagements are continuing. § The Company previously announced an expected agreement with a major VMS provider by the end of 2018. This agreement is in progress and while not yet executed, the supplier is currently marketing BrainChip Studio in conjunction with their VMS for video analytics in surveillance systems in North America.

E. BrainChip Product Development and BusinessUpdate Akida Product Development is Company’s Primary Focus

• Company Restructuring o Reduction in planned spending of US$1.3mm to US$1.5mm annually o Sales and marketing of BrainChip Studio shifted exclusively to select original equipment manufacturers (OEMs) o Elimination of sales and marketing headcount for end-user sales

F. Update for the March 2019 Quarter

Various Video Management System (VMS) engagements are continuing. VMS partners represent a unique point of leverage in the sales process for surveillance systems and provides BrainChip Studio and Accelerator potential large scale OEM opportunities without the burden of individual sales engagements.