Response to the SES Imagotag June 26 Press Release

On June 22, we published Part I of our report, and the Company provided their detailed response to Part I on June 26. We would like to share a few important observations regarding their response:

• Since the publication of our first report, SES-imagotag has issued several press releases that initially appear to strongly deny our assertions. For example, the company “refutes in the strongest possible terms each of the allegations made against it in the report produced by Gotham City Research on Thursday, June 22, 2023”. However, the actual details in the press release contradict this strongly worded denial, as we discuss in this report.

• SES Imagotag defends against allegations we never made and attempts to discredit us on that basis. For example, we see this in the revenue reconciliation and double-counting points below.

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