<SEC-DOCUMENT>0001193125-19-229532.txt : 20190826
<SEC-HEADER>0001193125-19-229532.hdr.sgml : 20190826
<ACCEPTANCE-DATETIME>20190826172535
ACCESSION NUMBER:		0001193125-19-229532
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20190826
DATE AS OF CHANGE:		20190826
EFFECTIVENESS DATE:		20190826

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Elastic N.V.
		CENTRAL INDEX KEY:			0001707753
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-233467
		FILM NUMBER:		191053766

	BUSINESS ADDRESS:	
		STREET 1:		KEIZERSGRACHT 281
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1016 ED
		BUSINESS PHONE:		(650) 458-2620

	MAIL ADDRESS:	
		STREET 1:		800 WEST EL CAMINO REAL SUITE 350
		CITY:			MOUNTAIN VIEW
		STATE:			CA
		ZIP:			94040

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Elastic B.V.
		DATE OF NAME CHANGE:	20180612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Elasticsearch Global BV
		DATE OF NAME CHANGE:	20170605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ELasticsearch Global BV
		DATE OF NAME CHANGE:	20170526
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>d792316ds8.htm
<DESCRIPTION>REGISTRATION STATEMENT ON FORM S-8
<TEXT>
<HTML><HEAD>
<TITLE>Registration Statement on Form S-8</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on August&nbsp;26, 2019 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration
<FONT STYLE="white-space:nowrap">No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> </B></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">S-8</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>Under </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>The
Securities Act of 1933 </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>ELASTIC N.V. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of Registrant as specified in its charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="50%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>The Netherlands</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>Not Applicable</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2012 Stock Option Plan </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Elastic N.V. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800 West
El Camino Real, Suite 350 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mountain View, California 94040 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">458-2620</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices, including zip code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Shay Banon </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chief
Executive Officer and Chairman </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Elastic N.V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800 West El Camino Real, Suite 350 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mountain View, California 94040 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">458-2620</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number, including area code, of agent for service) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><I>Copies to: </I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Steven E. Bochner, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Steven V. Bernard, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Andrew D. Hoffman, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wilson Sonsini Goodrich&nbsp;&amp; Rosati</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Professional Corporation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>650 Page Mill Road</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Palo
Alto, CA 94304</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">493-9300</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>W.H. Baird Garrett, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Elastic N.V.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>800 West El
Camino Real, Suite 350</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mountain View, California 94040</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(650) <FONT STYLE="white-space:nowrap">458-2620</FONT></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Reinier Kleinpool</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>De Brauw Blackstone Westbroek N.V. Claude Debussylaan 80</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1082 MD Amsterdam</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The
Netherlands</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>+31 20 577 1771</B></P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
<FONT STYLE="white-space:nowrap">non-accelerated</FONT> filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting
company,&#148; and &#147;emerging growth company&#148; in <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="57%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Non-accelerated filer</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Emerging growth company</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9746;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;&#9746; </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CALCULATION OF REGISTRATION FEE </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Title of Each Class<BR>of Securities to<BR>be Registered</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount<BR>to be<BR>Registered (1)</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Proposed<BR>Maximum<BR>Offering<BR>Price<BR>Per Share</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Proposed<BR>Maximum<BR>Aggregate<BR>Offering<BR>Price</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>Registration<BR>Fee</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Ordinary shares, par value </B><B>&#128;</B><B>0.01 per
share</B>:</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#151;2012 Stock Option Plan</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">3,683,754(2)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$81.33(3)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$299,599,712.82</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000">$36,311.49</TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="9" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Pursuant to Rule 416(a) of the Securities Act of 1933, as amended, this Registration Statement covers any
additional ordinary shares of the Registrant (&#147;Ordinary Shares&#148;) that become issuable under the Registrant&#146;s 2012 Stock Option Plan (the &#147;2012 Plan&#148;) by reason of any stock dividend, stock split, recapitalization or other
similar transaction effected without the Registrant&#146;s receipt of consideration which results in an increase in the number of the outstanding ordinary shares. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Reflects an automatic increase to the number of Ordinary Shares reserved for issuance pursuant to future awards
under the 2012 Plan, which annual increase is provided for in the 2012 Plan. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Estimated in accordance with Rule 457(h) solely for the purpose of calculating the registration fee on the
basis of $81.33 per share, which is the average of the high and low prices of the Ordinary Shares, as reported on the New York Stock Exchange on August&nbsp;23, 2019. </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXPLANATORY NOTE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (the &#147;Registration Statement&#148;) registers additional
ordinary shares of Elastic N.V. (the &#147;Registrant&#148;) under the Elastic N.V. 2012 Stock Option Plan (the &#147;2012 Plan&#148;) for which registration statement (No. <FONT STYLE="white-space:nowrap">333-227782)</FONT> on Form <FONT
STYLE="white-space:nowrap">S-8</FONT> was filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on October&nbsp;10, 2018 (the &#147;Initial <FONT STYLE="white-space:nowrap">S-8&#148;).</FONT> Pursuant to General Instruction
E to Form <FONT STYLE="white-space:nowrap">S-8,</FONT> the contents of the Initial <FONT STYLE="white-space:nowrap">S-8</FONT> are incorporated by reference into this Registration Statement, except that the provisions contained in Parts I and II of
such earlier registration statement are modified as set forth in this Registration Statement. The number of the Registrant&#146;s ordinary shares available for grant and issuance under the 2012 Plan is subject to an annual increase on the first day
of each fiscal year starting on May&nbsp;1, 2019, by an amount equal to the lesser of (i) 9,000,000 ordinary shares, (ii)&nbsp;five percent (5%) of the outstanding shares on the last day of the immediately preceding fiscal year or (iii)&nbsp;such
number of ordinary shares determined by the Board. On May&nbsp;1, 2019, the number of the Registrant&#146;s ordinary shares available for grant and issuance under the 2012 Plan increased by 3,683,754<B> </B>shares. This Registration Statement
registers such additional ordinary shares of the Registrant, which were available for grant and issuance under the 2012 Plan as of May&nbsp;1, 2019. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN THE PROSPECTUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information specified in Item 1 and Item 2 of Part&nbsp;I of
<FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> is omitted from this Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> (the &#147;Registration Statement&#148;) in accordance with the provisions of Rule&nbsp;428 under
the Securities Act of 1933, as amended (the &#147;Securities Act&#148;) and the introductory note to Part&nbsp;I of Form <FONT STYLE="white-space:nowrap">S-8.</FONT> The documents containing the information specified in Part&nbsp;I of Form <FONT
STYLE="white-space:nowrap">S-8</FONT> will be delivered to the participants in the equity benefit plans covered by this Registration Statement as specified by Rule&nbsp;428(b)(1) under the Securities Act. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION
REQUIRED IN REGISTRATION STATEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;3. Incorporation of Documents by Reference. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Elastic N.V. (the &#147;Registrant&#148;) hereby incorporates by reference into this Registration Statement the following documents previously
filed with the Securities and Exchange Commission (the &#147;Commission&#148;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(1) The Registrant&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1707753/000156459019024066/estc-10k_20190430.htm">Form
 <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended April&nbsp;30, 2019, filed with the Commission on June&nbsp;28, 2019; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(2) All other reports filed pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the
Registrant&#146;s Annual Report referred to in (a)&nbsp;above (other than the portions of these documents not deemed to be filed); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(3) The description of the Registrant&#146;s Ordinary Shares contained in the Company&#146;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1707753/000119312518280946/d628881d8a12b.htm">Form
 <FONT STYLE="white-space:nowrap">8-A</FONT></A> (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38675)</FONT> filed with the Commission on September&nbsp;24, 2018, pursuant to Section&nbsp;12(b) of the Securities Exchange Act of 1934, as
amended (the &#147;Exchange Act&#148;), including any amendment or report filed for the purpose of updating such description. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">All documents filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d)
of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all securities
then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; <I>provided</I>, <I>however</I>, that documents or information deemed to have been
furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement. Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is deemed to be incorporated by reference herein
modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;4. Description of Securities </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5. Interests of
Named Experts and Counsel. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;6. Indemnification of Directors and Officers. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Registrant&#146;s executive officers who are not also a director have entered into indemnification agreements with the Registrant. The
agreements provide, to the fullest extent permitted by the Registrant&#146;s articles of association and the law of The Netherlands, that the Registrant will indemnify the executive officers who are not also a director against any and all
liabilities, claims, judgments, fines, penalties, interest and expenses, including attorneys&#146; fees, incurred in connection with any expected, threatened, pending or completed action, investigation or other proceeding, whether civil, criminal or
administrative, involving an executive officer by reason of his position as officer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The articles of association provide that the
Registrant will indemnify current and former directors against: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the reasonable costs of conducting a defence against claims resulting from an act or omission in performing
their duties or in performing other duties the company has asked them to fulfil; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any compensation or financial penalties they owe as a result of an act or omission as referred to under
(i)&nbsp;above; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">any amounts they owe under settlements they have reasonably entered into in connection with an act or omission
as referred to under (i)&nbsp;above; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the reasonable costs of other proceedings in which they are involved as a current or former director, except
for proceedings in which they are primarily asserting their own claims; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">tax damage due to reimbursements in accordance with the above, to the extent this relates to the indemnified
person&#146;s current or former position with the Registrant and/or a group company and in each case to the extent permitted by applicable law. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No indemnification shall be given to an indemnified person insofar as: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">it has been established in a final and <FONT STYLE="white-space:nowrap">non-appealable</FONT> decision of the
competent court or, in the event of arbitration, of an arbitrator, that the act or omission of the indemnified person can be described as deliberate (<I>opzettelijk</I>), wilfully reckless (<I>bewust roekeloos</I>) or seriously culpable. In that
case, the indemnified person must immediately repay the sums reimbursed by the company, unless Dutch law provides otherwise or this would, in the given circumstances, be unacceptable according to standards of reasonableness and fairness; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the costs or the capital losses of the indemnified person are covered by an insurance policy and the insurer
has paid out these costs or capital losses; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the indemnified person failed to notify the company as soon as possible of the costs or the capital losses or
of the circumstances that could lead to the costs or capital losses. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">These indemnification provisions and the
indemnification agreements entered into between the Registrant and its officers and directors may be sufficiently broad to permit indemnification of the Registrant&#146;s officers and directors for liabilities (including reimbursement of expenses
incurred) arising under the Securities Act of 1933. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7. Exemption from Registration Claimed. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits. </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit</B><br><B>Number</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.1<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1707753/000156459018030849/estc-ex31_330.htm">Articles of Association of Elastic N.V. (English translation). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;4.2<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1707753/000119312518280418/d588632dex102.htm">2012 Stock Option Plan and related form agreements. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d792316dex51.htm">Opinion of De Brauw Blackstone Westbroek N.V. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d792316dex231.htm">Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d792316dex51.htm">Consent of De Brauw Blackstone Westbroek N.V. (included in Exhibit&nbsp;5.1). </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>24.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="#sig">Power of Attorney (contained on signature page hereto). </A></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference to Exhibit 3.1 filed with the Registrant&#146;s Quarterly Report on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38678),</FONT> filed with the Commission on December&nbsp;12, 2018. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incorporated by reference to Exhibit 10.2 filed with the Registrant&#146;s Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-1</FONT> (File <FONT STYLE="white-space:nowrap">No.&nbsp;333-227191),</FONT> filed with the Commission on September&nbsp;24, 2018. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item.&nbsp;9 Undertakings. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The undersigned Registrant hereby undertakes: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective Registration Statement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">To include any material information with respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in the Registration Statement. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Provided,
however</I>, that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in this Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For the purpose of determining any liability under the Securities Act, each such post-effective amendment shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">It will remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to
Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Mountain View, California, on
August&nbsp;26, 2019. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ELASTIC N.V.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Shay Banon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Shay Banon</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Executive Officer and Chairman</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Shay Banon, Janesh Moorjani
and W.H. Baird Garrett, and each of them, as his true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent with full power of substitution, for him in any and all capacities, to sign
any and all amendments to this Registration Statement (including post-effective amendments), and to file the same, with all exhibits thereto and other documents in connection therewith, with the Commission, granting unto said <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> proxy and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully
for all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact,</FONT></FONT> proxy and agent, or his substitute, may
lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement
on <FONT STYLE="white-space:nowrap">Form&nbsp;S-8</FONT> has been signed by the following persons in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="38%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="44%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Signature</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Shay Banon</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Shay Banon</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Executive Officer and Chairman</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Janesh Moorjani</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Janesh Moorjani</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial and Accounting Officer)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jonathan Chadwick</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jonathan Chadwick</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Peter Fenton</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Peter Fenton</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Caryn Marooney</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Caryn Marooney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Chetan Puttagunta</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Chetan Puttagunta</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Steven Schuurman</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Steven Schuurman</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Michelangelo Volpi</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Michelangelo Volpi</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Director</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP ALIGN="center">August&nbsp;26, 2019</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AUTHORIZED REPRESENTATIVE IN THE UNITED STATES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the undersigned as the duly
authorized representative in the United States of the Registrant in Mountain View, California, on August&nbsp;26, 2019. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ELASTICSEARCH, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Janesh Moorjani</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Janesh Moorjani</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">President, Secretary and Treasurer</TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d792316dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 5.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To Elastic N.V. (the &#147;<B>Issuer</B>&#148;)</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Keizersgracht 281</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1016 ED Amsterdam</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">


<IMG SRC="g792316g63d10.jpg" ALT="LOGO">
</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date 26&nbsp;August 2019</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Gaby Smeenk</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Our
ref.&nbsp;&nbsp;&nbsp;&nbsp;M32620145/4/74707531</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Advocaat</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Sir/Madam, </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registration with the US Securities and Exchange Commission of ordinary shares in the capital of the Issuer </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>INTRODUCTION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">I act as Dutch legal adviser (<I>advocaat</I>) to the Issuer in connection with the Registration. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Certain terms used in this opinion are defined in <B>Annex 1</B> (<I>Definitions</I>). </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DUTCH LAW </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">This opinion is limited to Dutch law in effect on the date of this opinion. It (including all terms used in it) is to be construed in
accordance with Dutch law. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SCOPE OF INQUIRY </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">I have examined, and relied upon the accuracy of the factual statements in, the following documents: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A copy of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Registration Statement; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the 2012 Stock Option Plan. </P></TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g792316g83a89.jpg" ALT="LOGO">
 </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A copy of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Issuer&#146;s deed of incorporation, as provided to me by the Chamber of Commerce (<I>Kamer van
Koophandel</I>); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Board Rules; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Trade Register Extract. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A copy of each Corporate Resolution. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">A copy of: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Deed of Conversion; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Deed of Amendment. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In addition, I have also examined such documents, and performed such other investigations, as I considered necessary for the purpose of this
opinion. My examination has been limited to the text of the documents. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ASSUMPTIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">I have made the following assumptions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each copy document conforms to the original and each original is genuine and complete. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each signature is the genuine signature of the individual concerned. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Registration Statement has been or will have been filed with the SEC in the form referred to in this
opinion. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Board Rules remain in force without modification. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Corporate Resolution: </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">has been duly adopted (including, in the case of a shareholders&#146; resolution, by all persons entitled to
vote on that resolution) and remains in force without modification; and </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">complies with the requirements of reasonableness and fairness (<I>redelijkheid en billijkheid</I>).
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">At the time of each grant of a Stock Option or Stock Award and each issue of a Registration Share:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the 2012 Stock Option Plan remained and remains in full force and effect without modification (other than any
change of the maximum aggregate number of Ordinary Shares that may be issued under the 2012 Stock Option Plan); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the aggregate number of (A)&nbsp;Ordinary Shares that have been issued or delivered, and (B)&nbsp;Ordinary
Shares that will be issued or delivered, each time under the 2012 Stock Option Plan, has not or will not exceed the maximum number permitted under the 2012 Stock Option Plan; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the number of Ordinary Shares available for issue under the Issue Authorisation was sufficient to allow for the
grant or issue. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Stock Option and each Stock Award has been or will be validly granted, accepted and (in case of a Stock
Option) exercised in accordance with the 2012 Stock Option Plan; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Stock Option is and will be valid, binding and enforceable against each party; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The grant of each Stock Option and each Stock Award has been or will have been validly authorised.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer&#146;s authorised capital at the time of each grant of a Stock Option or a Stock Award and each
issue of a Registration Share was or will be sufficient to allow for the grant or issue. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Registration Share will have been: </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>3</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">issued in accordance with the 2012 Option Plan and in the form and manner prescribed by the Issuer&#146;s
articles of association at the time of issue; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">validly accepted by the holder of the relevant Stock Option or Stock Award. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each Registration Share will have been paid in cash or, if the Issuer&#146;s board so approves in accordance
with the Issuer&#146;s articles of association at the time of issue, at the expense of the reserves of the Issuer; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The nominal amount of each Registration Share and any agreed share premium will have been validly paid.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>OPINION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Based on the documents and investigations referred to and assumptions made in paragraphs 3 and 4 and subject to any matters not disclosed to me
(including force (<I>bedreiging</I>), fraud (<I>bedrog</I>), undue influence (<I>misbruik van omstandigheden</I>) or a mistake (<I>dwaling</I>), in connection with any issue of a Registration Share) I am of the following opinion: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">When issued, the Registration Shares will have been validly issued and will be fully paid and nonassessable<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP>. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RELIANCE </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">This opinion is an exhibit to the Registration Statement and may be relied upon for the purpose of the
Registration and not for any other purpose. It may not be supplied, and its contents or existence may not be disclosed, to any person other than as an Exhibit to (and therefore together with) the Registration Statement. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each person accepting this opinion agrees, in so accepting, that only De Brauw will have any liability in
connection with this opinion, that the agreement in this paragraph 6(b) and all liability and other matters relating to this opinion will be governed exclusively by Dutch law and that the Dutch courts will have exclusive jurisdiction to settle any
dispute relating to this opinion. </P></TD></TR></TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">In this opinion, &#147;nonassessable&#148; &#150; which term has no equivalent in Dutch &#150; means, in
relation to a share, that the issuer of the share has no right to require the holder of the share to pay to the issuer any amount (in addition to the amount required for the share to be fully paid) solely as a result of his shareholdership.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Issuer may: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">file this opinion as an exhibit to the Registration Statement; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">refer to De Brauw giving this opinion in the Exhibit Index in the Registration Statement.
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The previous sentence is no admittance from me (or De Brauw) that I am (or De Brauw is) in the category of persons whose
consent for the filing and reference as set out in that sentence is required under article 7 of the Securities Act or any rules or regulations of the SEC promulgated under it. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yours faithfully, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">De Brauw Blackstone Westbroek N.V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Gaby Smeenk </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Gaby Smeenk </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Annex 1 &#150; Definitions </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In this opinion: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>2012 Stock Option
Plan</B>&#148; means the Elasticsearch Global B.V. 2012 Stock Option Plan, effective as of 26&nbsp;September 2012, as amended and restated by the Elastic N.V. Amended and Restated 2012 Stock Option Plan, adopted by the Issuer on 28&nbsp;September
2018, effective as of 4&nbsp;October 2018. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Board Rules</B>&#148; means the rules governing the Issuer&#146;s board of directors adopted
by the Issuer on 18&nbsp;September 2018, effective as of 4&nbsp;October 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Board Resolution</B>&#148; means each of: <B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 26&nbsp;September 2012 to adopt the 2012 Stock Option
Plan; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the meeting of the Issuer&#146;s board dated 17&nbsp;February 2014, including a resolution to
increase the maximum amount of options to be granted under the 2012 Stock Option Plan from 4,596,590 to 8,246,590 (the &#147;<B>First Increase of Option Pool</B>&#148;); <B> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 20&nbsp;May 2014 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 8,246,590 to 8,685,602 (the &#147;<B>Second Increase of Option Pool</B>&#148;); <B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 17&nbsp;December 2015 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 8,685,602 to 13,246,590 (the &#147;<B>Third Increase of Option Pool</B>&#148;); <B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 11&nbsp;June 2016 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 13,246,590 to 13,685,602 (the &#147;<B>Fourth Increase of Option Pool</B>&#148;);<B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 4&nbsp;April 2017 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 13,685,602 to 20,185,602 (the &#147;<B>Fifth Increase of Option Pool</B>&#148;); <B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 15&nbsp;November 2017 to increase the maximum amount of
options to be granted under the 2012 Option Plan from 20,185,602 to 23,185,602 (the &#147;<B>Sixth Increase of Option Pool</B>&#148;); </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 27&nbsp;March 2018 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 23,185,602 to 27,685,602 (the &#147;<B>Seventh Increase of Option Pool</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 13&nbsp;July 2018 to increase the maximum amount of
options to be granted under the 2012 Stock Option Plan from 27,685,602 to 30,185,602 (the &#147;<B>Eighth Increase of Option Pool</B>&#148;); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the meeting of the Issuer&#146;s board held on 28&nbsp;September 2018, including the resolutions
to: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">adopt the amended and restated 2012 Stock Option Plan; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">increase the maximum amount of options to be granted under the 2012 Stock Option Plan from 30,185,602 to
39,685,602 (the &#147;<B>Ninth Increase of Option Pool</B>&#148;); and<B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B></B>(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s board dated 1&nbsp;August 2019 to increase the maximum amount of the
options to be granted under the 2012 Stock Option Plan from 39,685,602 to 43,369,356 (the &#147;<B>Tenth Increase of Option Pool</B>&#148;)<B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Corporate Resolution</B>&#148; means each Board Resolution and each Shareholder Resolution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>De Brauw</B>&#148; means De Brauw Blackstone Westbroek N.V. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Deed of Amendment</B>&#148; means the deed of amendment (<I>akte van statutenwijziging</I>) of the articles of association of the Issuer dated
10&nbsp;October 2018 providing for the increase of the Company&#146;s authorised capital to EUR&nbsp;3,300,000 divided into 165,000,000 Ordinary Shares and 165,000,000 preference shares with a nominal value of EUR 0.01 each. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Deed of Conversion</B>&#148; means the deed of conversion and amendment of the articles of association of the Issuer (<I>akte van omzetting en
statutenwijziging Elastic B.V. (na omzetting en statutenwijziging genaamd Elastic N.V.)</I>) dated 10&nbsp;October 2018 providing for the conversion of the Issuer into a limited liability company and amendment of the articles of association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Dutch law</B>&#148; means the law directly applicable in the Netherlands. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>7</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Issue Authorisation</B>&#148; is defined in the definition of &#147;Shareholder Resolution&#148;.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Issuer</B>&#148; means Elastic N.V., a public company with limited liability with seat in Amsterdam, the Netherlands, Trade Register number
54655870. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Ordinary Share</B>&#148; means an ordinary share (<I>gewone aandeel</I>), nominal value of EUR&nbsp;0.01, in the capital of the
Issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Registration</B>&#148; means the registration of the Registration Shares with the SEC under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Registration</B> <B>Shares</B>&#148; means up to 3,683,754 Ordinary Shares to be issued by the Issuer pursuant to the 2012 Stock Option Plan, upon
exercise of Stock Options or in the form of Stock Awards. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Registration</B> <B>Statement</B>&#148; means the registration statement on form S-8
dated 26&nbsp;August 2019 in relation to the Registration (excluding any documents incorporated by reference in it and any exhibits to it). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>SEC</B>&#148; means the U.S. Securities and Exchange Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Securities</B> <B>Act</B>&#148; means the U.S. Securities Act of 1933, as amended. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>Shareholder</B> <B>Resolution</B>&#148; means each of: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s general meeting dated 26&nbsp;September 2012 to approve the
resolution of the Issuer&#146;s board to adopt the 2012 Stock Option Plan; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on 7&nbsp;March
2014, including a resolution to approve the First Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">a written resolution of the Issuer&#146;s general meeting dated 21&nbsp;May 2014, including the resolution of
the meeting of holders of convertible preference shares to approve the Second Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on 5&nbsp;January
2016, including a resolution to approve the Third Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on 27&nbsp;June
2016, including a resolution to approve the Fourth Increase of Option Pool; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>8</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on 24&nbsp;April
2017, including a resolution to approve the Fifth Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on
28&nbsp;November 2017, including a resolution to approve the Sixth Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of the holders of convertible preference shares held on 2&nbsp;April
2018, including a resolution to approve the Seventh Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of holders of convertible preference shares dated 19&nbsp;July 2018,
including a resolution to approve the Eight Increase of Option Pool; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the meeting of the Issuer&#146;s general meeting of shareholders held on 28&nbsp;September 2018,
including the resolutions to: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">approve the amended and restated 2012 Stock Option Plan; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">effective as of the Deed of Conversion, authorise the Issuer&#146;s board for a period of five years to:
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">issue up to and/or grant rights to Ordinary Shares up to the number of Ordinary Shares included in the
Company&#146;s authorised share capital from time to time, for a period of five years; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">restrict and/or exclude pre-emptive rights in respect of issuances of Ordinary Shares or grant of rights to
subscribe for Ordinary Shares </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">(the &#147;<B>Issue</B> <B>Authorisation</B>&#148;); and </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the minutes of the extraordinary meeting of holders of convertible preference shares held on 28&nbsp;September
2018, including a resolution to approve the Ninth Increase of Option Pool. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Stock Award</B>&#148; means any issue of
Registration Shares pursuant to the 2012 Stock Option Plan other than as a result of the exercise of any Stock Option. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Stock
Option</B>&#148; means an option or a stock appreciation right pursuant to the 2012 Stock Option Plan, each representing the right to acquire a Registration Share.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>9</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="right">


<IMG SRC="g792316g72z22.jpg" ALT="LOGO">
 </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;<B>the Netherlands</B>&#148; means the part of the Kingdom of the Netherlands located in Europe. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Trade Register Extract</B>&#148; means a Trade Register extract relating to the Issuer provided by the Chamber of Commerce and dated
26&nbsp;August 2019.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10</B>&nbsp;/&nbsp;10
</P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>d792316dex231.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-23.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 23.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Elastic N.V. of our report dated June&nbsp;28, 2019 relating
to the financial statements, which appears in Elastic N.V.&#146;s Annual Report on Form 10-K for the year ended April&nbsp;30, 2019. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/
PricewaterhouseCoopers LLP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">San Jose, California </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;26, 2019 </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g792316g63d10.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g792316g63d10.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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MC)[#)[4 </8Q>(O#VDRZ1-#/:0I+%-]KTX->ND; B3;NB^9S(NXC8>)B1T)
M!-H[^(K6STZTA6Z5+^:0M+):A3;;;EW=F!7Y3)&Q SP"!CK@@#4U7Q1LO</J
M32")C<JVG@"T;SD&+8^6/._=F5A_K,E$]<$ J:MK?BNW73_[,DU:XC7>^^;3
M3&]P/,X#JL+X^4$8/D$Y!!.?E (+VZ\6Z4D\5A)J)C;4+QI)GMF+*=ZF%5V6
MTI:,J6.0O48WK@*0#H[&?Q++KJ7-Q<7*VIOE@-H+91#Y)M0YD#%!)_K21DL!
MV(S0!V5 !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
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MO?>Z[0#:MKKQ7.UO>2W-R@B^PA[>*TQ%-YCA9B=\8D&U3N_AV]QB@#NZ "@
MH * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H *
M"@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H X*W\5^)?[!_M^
M:QL)M-0L9$B9UE"AB"1G([5ES2M<NRO8V-;UO4H[S1K;14M7;40[!KD-M 50
MPZ>QJFWHD))=34T@ZSY4O]LBS$F[]W]EW8QCON[U2OU$[=#+U[5]7M]>T_2M
M)CM#)<Q22%KG=@;<?W?K4R;3LAI*UV3Z#K=Y>W&HV&HVT45]8,H<PL6C<,,@
MC/(^E--O1B:L<_!XM\1QZ!%XAN;/3Y-,+?.D3.LH7?MR,Y'6HYI6N597L=+X
MCUE]'T)KRVC66Y=DC@C;H[L0 *N3LKDI78S0];EU3PR=0DC1+J,2++&,X61"
M01^E$7=7!JS,_P#X2B]_X5O_ ,)%Y4/VOR/,V8.S.['KG]:GF?+<=M;%Q=<N
MD\2:982QQBVOK,RJX!W"1<$CKTP:?-K8+:%72_%4]]XSOM'>&-;6(,() #N=
MD*AQUQWH4KRL#5E<T/#VKW&LMJ4KI&MK!=M!;E0<L%X)/XTXNXFK&U5""@ H
M * "@ H * "@#RZSU[3(/A?-IOVN-[^9)HDMD;,A9G8 8'UK%22A8TL^:Y?\
M1VMK'/X1M-5NC:0I%(DLBR^65(C7^+MSQ3DMDQ+K8Z[0)M,;35MM+OQ>PV_R
ME_.\U@3SRWXU<;6T)=^IS'C!-/D\9:,FIW9M;7[/-F03&(@_+CY@:B5N97*C
M>V@O@QK:'6M=L]+N#>:8H21;ACO)D(.Y=_\ %THA9-I!+9'-6NEQV_A'1-:N
M+BYN-.6Y_P!+M7E)B5-Y 8*.F#@GZU-O=3*OK8ZGQ1<7=]XHT?3],MX[N2T!
MOGC:78I_A3)Y[DFKEJTD2M$,\/&^MM:UW2;^V2UFOD-[#$DF]?F^5L'CO@TH
MW3:8/:YC?VI8CX0?V6;J/^T/+^S_ &;=^\\SS.FWK4W7)8=O>N=!XM_XE.FZ
M'K#@YTR=/,Q_<9=K?TJY:),E:Z&!([Z!X9\.^(W7,BRS23>I\\,?Y[:GX4F5
MNVCMO"%@VF^%-/@<?O3'YDG^\WS'^=:15D0W=FW5""@ H * "@ H * "@"M%
MIUC#()(K*".0=&6( C\<4K(+CY[2VNMOVBWBFV_=\Q V/SHL 06MO:J5MX(X
M0QR1&@7/Y4[6 2>RM;HJ;BVBF*\ R(&Q^=*R ?#;PV\?EP0I$G7:B@#\A3V
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M0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4
M% !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
M 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 %
M !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
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M-M^89PK<9P#TH R6T3Q='XD=7N+F>Q\LQJZ',3)Y.W:P:X !WY.1"3T^;&<
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M\JY^;GT]: %?Q3X>CF>%]>TU)4D6)D:[C!5VSM4C/!.#@=\&@#6H * "@ H
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M(6Z]B.G?KQ0!U] !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
M4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 %
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MZ<4 6J "@ H * "@ H * "@#*\3:E/HWAC4M2ME0SVT#2('0LN0.X!!/T!H
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*0!ZU0 4 % '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g792316g72z22.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g792316g72z22.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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/_P#V:JZDEVF 4 % '__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g792316g83a89.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g792316g83a89.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M'=EG."0"._T/Q"E_?2PV6I7#^7+$LW]H<.K3HT?ECST9=L:@,-T>XJ<DYRP
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M ^@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@
MH * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * "@ H *
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MC<@JH;]X3O!)! .CB\,2VGAB^L[-+6/49KJ2]20 A7F\XR1ESC)Z(#P>!@9
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MHT0F25=S<H<\< @#- %73O NLZ;9P0PKI_WIE=/-V+''(T#$J(X54D&$C 5
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MXV;V(4G:#\M #SXXU.2>WA@\/ /)%&7%S</ 5D?S< *T6[;^Y8[B%.&4[<Y
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MN1LBL5/EDAFVG!'R]< %J[\8"U\1?V0;$EA,L/F>;CYGV%.,="&D)]/*/7L
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MB7=P%\I)0,AEDD'##EP06Z%O>@">SM_".MIJ$-E#HU^ER4EO4A6*42D_,C2
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MQ6LAE@06J!8G."648^4\#D>E %^&SM;<8@MHHAL$?R(!\HSA>.PW'CW/K0!
MVBZ4\<D;:9:,DB&-U,"D,A"J5(QR"$08]$7T% $</A[1+>2UDAT>QC>S4K;L
MEL@,()R0A ^49)Z>M %E]/LI+H73V<#7 *D2F,%P5#!3GKP'8#TW'U- $2Z)
MI49RFF6BGRQ%Q H^0*5"].@4D8]"10!+<:=8W4D4EQ9P3/#D1M)&&*9P3C/3
M[H_(>E $,FB:3-=074NEV;W%NS/#*T"EXV8[F*G&023DD=30 ^\TC3=0@F@O
M=/M;F&<AI4FA5UD(Q@L".<8&,^E &9'X/TM->DU5D5]UN+=;8P0B)$ 48X0,
MPPO 9B!DX H T(]#TF&1Y(M+LXY))_M+LL"@M+S^\)QRW)^;KS0 :?H>D:2H
M73=*L[)06(%O L>"V-Q^4#KM7/KM'I0 [^R-,-Y/>'3K7[5<*%FF\E=\@&,!
MFQD@8'7TH DFT^RN+J.ZFLX)+B(;4E>,%E&0V 3R.5!^H'I0!"-$TE;^WOAI
M=F+RVC\J"<0+YD2<_*K8R!\QX'J?6@!!H6CC5'U,:59#4)!M>Z^SIYK#&,%\
M9/''7I0 G_"/Z+OF?^R+'?/&L4K?9TS(BXVJW'(&!@'I@4 /N-$TJ[M7MKG3
M+2:W=0K120*RL V[!!&"-W/UYH &T72GD:1M,M&=L;F,"DG  &3CL !] * ,
MR?P]>S2WELNJB/2+PR-+ MN/.RZD,!*6P%R<_<SGOCB@#,E\$ZA/#([ZQ;"\
MGWI/(MB0AC:.-"%3S/E;$*_,2W?C&, &M8>'&T_4K:[2[5EA-Z60Q8W"XG$W
M!SP5*@=#GVH K6'@];+4#=_;0Y,XFQY..DD[XSG_ *;X_P" ^_  V\\&)>:Q
M-K#:A,-1:96B?<_EQPA=AC\O?M;*M)\QY!D)Z#% %1_ /^@FWAU%8FVJ%80$
M8VVZPCHP(Y7=P01V((#4 1W/@&[N(8\ZZ_VF..("4K-G>C3'.Y9A)C;.RXW[
MOE!+-R" 65\$/;Z;Y%I?013K,DD;/;M)&H%JML5VF3<WRAB"6R,\[N<@%5/A
M]<-=>9<:V9H4M5MHHC"^U5S&3E3(4Y,7\*J?F.2W!H W-+\-_P!EW5S,ET&\
M_P \E1%C!DG>7/4YQYF/?&>^* ,.V^'TZV=W'>ZT;J>Z64/*T3MR\/E9&^1C
MC'.,XZ@8'  -C3_#4MAXC?4C>QO;*EPL4 @(=3-(DCEI-QW893@;1@'';D S
MCX+ODA"PZM:K)"/)MV;3PP6':ZX?YP7?$A^;(7CA1EL@$LG@@"'9;WX1U\SR
MV>'?@M)"XS\PSCR0#TSGMB@"M_P@5S)>7]S=:VTSW3+M!B<A%7S-H :0@?ZP
M_="KP,*.: -F/P]+;:3J=I:WPAFO-I281']T5ACC!P&!/^KSP01G@C&: *^G
M>%'LO#MMI<FH&9XKU;QIF5B6(F\TK\SLW7(R6)]<]P#,@^':P:3+9#4@7>V:
M 2_9\$$VD=ON^]V\O=U_BQVR0":?P3>[;H66M_9C<@!R(7#<3S2C#)(C#_7$
M<$9VCL2I (X?A\8;1+8:H#''%&J'[/SN2!(LGYN1^[4X^HSSD %RW\'R),US
M<W\<MS))%+(T=OL7<EQYQVKN) /W>I]<GI0!/J'AB6]UA[I;Y([60^8\1@W/
MY@C:,$/NX7#<KMR2.H!(H ?J?AG^T8M.3[9Y?V) F?+SOPT;>O'^K_7VH Q8
M? >IP7!O1K\4M\)TF62XM9)4^5)DP5:;C/G9PI505X49P "Q!X 2UFB,6HMY
M<3PLJM%DXC:V8 G/?[-C./X_;D =H7A:ZTC4PRS?\>NEQ644SH/+E=<@2; V
M[(4(#R,\XQ0!V% !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0
M4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0!YSJ.M64/B;4M/FU+4D
M\0JDLD-O#.XA%OY1*MMSY>.Y/W]W3C% &9)XNU33-8TBVDU1(;>\O/*3[0[-
MYS?N@4XBD/ ;CF,9;DGH "[9:MJQN]$:^UZZ>*>XM9FQ'&O^M%POE':@RFY$
MZ\\YSP" !-9\87\/CC6=+LM3D6.RM&:6%E0^0?*5PZCRN?EW$9D;D$%1QD B
M3QG>RO:+IVN7%Y-=6<TNF1RV<:B_V^=\\G39@+'W3//R<X4 2/Q\8K6QN8=>
MEO-.OI)K>QNIK95DN9 T&W<%10N,W"\JHP!G)P2 3_VOJJRQ27FOW0@:_MVP
ML<:[ UU+%Y?RIDH0$!SD\9R.: -+6]5URTUG49+&_9DC9H(;-HX_+W?9'F#9
MP&SN4=6QC\Z .<G\:-':0:O%XFOI],>VO!:W)C2,S;7MQO=1$0"I:49\LG:O
M"DDA@"SIGB#7-4TZ&YDU:9A']@PD80"5I-0DC8LP16.4C5< *""V5YX ,N#X
MB:J= 2YGUF,SKJ26TJPD;A*48F#<;;:!E>,*>G,HZD [KQ<]X]U':VNH7%F9
M5A420M@H3=0KG'0\$CGJ"1T- '*:EXF>UL;V]\2W-Q9V<5]-;LL-Y-"GVE8H
M?+4/#F18SB9A@$<C<,T :7B_61:> O#M[J.K2:5%--$)[DO/(2#!(1N,!B=L
MD*>-O/)':@#&_P"$UU*"_P!&T^VU:5G_ +)-Q*DFT^8OV>1DFPT9;EQ&>9<\
MX*GEJ +T^N:WIVOZ7#<ZU/+90R2)>7#(@D,;"S*814V$^9,%SMR$9L<\T 7/
MB'JPTVXG-SK$NFV*BTWS SE4W&YS\L+HYR50?*PZ#.0,4 4M.\0:O+;Z5J5K
M<>?I.CVZ-?2R7$BM<))R'V$,7Q%M<!F!!;!+$&@#4\/7VJQ>(]*L+RZFN+:Y
M@N[F&1WR2 Z HP[[2WRGT;';) ,K5=3UJQCFC^W7+V]S/JDL,HEPT)C6X'E\
M'.T81EZX(/3"T 3ZCXWT?7]1\/WFBZU,8)+LV\2H9XA<R[HRT>W '"D'+@K@
MD 9.5 )]+U=;C5-133]1NY8(=16"5999"8I0LOF1G>S9P0I^0A.5  ()(!GP
M:KJMG8);:G?W;6EKI5O<S7:3$226S.GF.2#D.JB0%A\Q494[C@ &+J?BRQD\
M.65X/$5QIFDR7-REM<FZO;KS<+'@94Q2YW%^)"P!!Z@K@ T[_791J6K6RZI=
MP:Q;VGGW\+7$QBM[3RX2SJJD+N +'*8?)..U $VFZ\TNJ>%+:VU-KB:^7=;*
M;JZ7?$DKEY=C[A)OB'W97W)CC)H HWWC#1++PY.\VNZJEI-J)A@G^T7 :WE$
M?S+(=S.P3@D*=C,PP ,D '7:K>I9W7B2:^U6].FKIUI<!E8K]F5GF#,HCV-C
MY0S8.\@$ _=  ,;3M5-QXA\+VSZK=,]W8KY$7VB8?:XMLF9NNT?)M;$FY^F"
M"I+ %?5IY-'L='NDU6[BM-0N)7@BGO+J5I924%O KB0,NY0Y)<E 2<J>, %O
MXDZPNFZ_IL)UN6PGE@8VMNGVC_29MXVJ/+D5 2<#,@9>>1C- #]<URQT[RY?
M$6J:C;:>]S=Q0-:SR(S3B8A%)0Y/R@[0?DZY_AH V_%LUVMK'%%=W5JTFGW&
MYHY KJV8@&RO&X9/(]>* .<U'7[FR75F\27EQ;V.GW20W<EO/)$&)AS&P,67
M179D)"#()P<J#D R+CQ+OU'PYNUR>TFNH+=K"U,]S-]LS<.!^\5HU^91'EID
M8X89&0V0#3U#6=6TJWE6XU"Y:T=-1NHKCS3NC",^Z,XY(7Y2IYX)'&T9 )M2
M^)/A+4=<T!K37KQ/M,@\J1//2$@2 %6C &]G(V#>-JC+9! # &KX8U[48+XR
MZZZ1VVM*+RP G:8H&=4"$;0$^66 8&1G>V>3@ [N@ H * "@ H * "@ H *
@"@ H * "@ H * "@ H * "@ H * "@ H * "@ H _]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
