Ann: LVH September Quarterly Report and Appendix 4C, page-12

Thanks for asking. I think the threes UPD, FBR, SAS they are offering "sexy", unique Tech in their own space. But honestly, I'm not sure, FBR, SAS, whether their potentials can be realized anytime soon. I was tracking SAS at its low 7 and out of my way when it's up to 25+ before pulling back after the CR. Maybe it's in the low 10s, I may consider again but at this price I won't take my chance. Similar, I was tracking FBR at its low of 8 and very attempted to take a position but in the end I was not. I stopped following FBR once it announced to have MOQ with Catepillar. I still remembered after the announcement the SP went up to 14-15 and don't look back since then. Again, I wouldn't risk to buy at this price.

Personally, I like the story of UPD, they are kind of backed up by well-known institutions. And I think, its Tech has potential and can be a game-changer in the moving houses. They are working hard on it and the Tech proves to be working. Its market share is improved quarter by quarter. Recently, they just raised 50M for taking over other 2 Techs to complement with its current platform Updater. The only issue for me at the moment is its high MC and I will be watching it closely. FYI, they raised 50M through institutional investors not sophisticated investors, so they knew what they pay for. And they paid 1.25 per CDI, which valued the MC higher then the current MC of 670M today. I guess that they must have the reason to pay with such a high valuation.