No. of Recommendations: 8

You and Bear are to be congratulated for bringing an issue before us relative to the number of customers of size that Pivotal has, and can look forward to in the future.

I believe that you (both) are mistaken in your premise. You have pointed out that Pivotal is a new IPO and that we do not have a record to extrapolate from. I agree on that point. SteppenWulf has disclosed that one of the largest banks in the world has deployed Pivotal on 10 of the >1000 customer facing applications they have. He also states the likelihood of them getting all the rest on Pivotal. I am sure that you agree that should they do this, going from 1% to 100% of their customer-facing apps would be a growth driver for Pivotal. As they are one of the world's largest banks, they may have many more customer-facing apps in the future.

He also states that there are many thousands of companies who need Pivotal who have not yet begun to deploy. I am sure that you agree that Boeing, Ford, and the other 38 disclosed "large" customers of Pivotal are representative of the type of customers that will be needed to drive the necessary revenue growth to support the current stock price. Why do you believe that more will not follow?

The disclosure of IRS and the Air Force as customers opens up a very large opportunity with the public sector.

I am happily with SW, Saul, and Tinker on this one. Talking my book here, PVTL has risen to 9% o my portfolio and will be added to.

Best regards,

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