Response to the SES Imagotag July 10 Press Release

On July 7, we published Part II of our report, and the Company provided their detailed response to Part II on July 10. We would like to share a few important observations regarding their response:

• The SES-imagotag press release appears to strongly deny our assertions. For example, the company, in the title to its press release, affirms that “SES-imagotag unequivocally rejects second part of Gotham City’s inaccurate and deliberately misleading publication”.

• However, the actual details in the press release contradict this strongly worded denial. For example, the details of the company’s response confirms that we were correct about nearly all of the accounting irregularities we identified.

• The company effectively acknowledges most of our core points or does not deny them.