Re: Call with Reporty

Dear Ehu=,

I hope you are well. Following a call that my tea= and I had with Amir =his week, I would like to raise a couple of
issues with you.=/span>

The first concerns the advice Amir requested in terms =f raising Reporty's next capital round. He explained that Re=orty is in the process of establishing a number of local subsidiaries around the world to facilitate expansion into various t=rritories. Whilst I would probably not have advised this approach an= we had some reservations, e.g. creation of dual marketing budgets and pot=ntial dilution of the Reporty brand,

Given Reporty has decided to go down this road, I explained that I would st=ongly advise the company to raise capital through these subsidiaries, rath=r than diluting holdings in the parent company (Reporty HS) itself, for ex=mple getting Carlo Slim' s company on board in the Latin American subsidiary.

The second issue we discussed was the location of the local subsidiary for =urope. I understand Amir is currently considering Cyprus.

Cyprus is raising eyebrows so I would propose Luxembourg

An expansion on this scale is a difficult ta=k but Amir is very efficient.

Let me know if you want to discuss this pre-=oard

1

EFTA_R1_01879689
EFTA02644098

Best

Nicole

Nicole

</=pan>

=AO please note

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I agree. the israeli trick of usin= cyprus to avoid taxes is silly antiquated and dangerous