Advocaten

Notarissen

Belastingadviseurs

To Elastic B.V. (the “Issuer”)

Rijnsburgstraat 11

1059AT Amsterdam

Claude Debussylaan 80

P.O. Box 75084

1070 AB Amsterdam

T +31 20 577 1771

F +31 20 577 1775

INTRODUCTION

DUTCH LAW

SCOPE OF INQUIRY

A copy of the Registration Statement.

A copy of:

the Issuer’s deed of incorporation, as provided to me by the Chamber of Commerce (Kamer van Koophandel); and

the Trade Register Extract.

A copy of:

the Board Certificate;

each Convocation; and

each Board Resolution.

The form of the Underwriting Agreement.

The form of:

each Deed of Issue;

the Deed of Conversion, containing the Issuer’s articles of association; and

the Deed of Amendment, partially amending the Issuer’s articles of association contained in the Deed of Conversion.

ASSUMPTIONS

Each copy document conforms to the original and each original is genuine and complete.

Each signature is the genuine signature of the individual concerned.

The Registration Statement has been or will have been filed with the SEC in the form referred to in this opinion.

The Deed of Conversion and the Deed of Amendment will have been executed in the form referred to in this opinion.

Each Deed of Issue will have been executed in the form referred to in this opinion and will remain in full force and effect without modification.

The Issuer’s authorised share capital at the time of issue of any Registration Share will be sufficient to allow for the issue.

Each Corporate Resolution has been or will have been validly passed in the form referred to in this opinion and will remain in full force and effect without modification.

The Registration Shares will have been:

issued in the form and manner prescribed by the articles of association at the time of issue; and

otherwise offered, issued and accepted by their subscribers in accordance with all applicable laws (including, for the avoidance of doubt, Dutch law).

The nominal amount of the Registration Shares and any agreed share premium will have been validly paid in accordance with the Underwriting Agreement and the respective Deed of Issue.

OPINION

RELIANCE

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.

In this opinion, “nonassessable” – which term has no equivalent in Dutch – 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.

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.

The Issuer may:

file this opinion as an exhibit to the Registration Statement; and

refer to De Brauw giving this opinion under the heading “Legal Matters” in the prospectus included in the Registration Statement.

the draft minutes of the meeting of the Issuer’s board held on 18 September 2018, including the resolutions to:

propose to the Issuer’s general meeting to adopt each GM Resolution; and

propose to the Issuer’s meeting of holders of convertible preference shares to adopt each Pref Holder Resolution;

the draft minutes of a meeting of the Issuer’s board to be held on 4 October 2018, including the resolutions to:

enter into the Underwriting Agreement;

proceed with the Offer;

determine the number of Registration Shares to be issued to Cede & Co as nominee for the Depositary Trust Company;

grant the right to the Underwriters to subscribe for additional Registration Shares up to a maximum of 15% of the Registration Shares referred to under (iii);

determine the offer price per Registration Share;

set the underwriting discount and commission per Registration Share, and consequently set the price of each Registration Share issued under the Underwriting Agreement as set forth in the Underwriting Agreement; and

allow the Registration Shares to be paid up in US Dollar.

the notice of the Issuer’s board dated 20 September 2018 to the Issuer’s shareholders convening an extraordinary general meeting of the Issuer’s shareholders to be held on 28 September 2018 and including the agenda of such meeting (“GM Convocation”); and

the notice of the Issuer’s board dated 20 September 2018 to the Issuer’s holders of convertible preference shares convening a meeting of the Issuer’s holders of convertible preference shares to be held on 28 September 2018 and including the agenda of such meeting (“Pref Holder Convocation”).

a draft deed of issue dated 24 September 2018 providing for the issue of Registration Shares; and

a draft deed of issue dated 24 September 2018 providing for the issue of Registration Shares in addition to the Registration Shares issued pursuant to the deed of issue referred to in paragraph (a).

approval of the Offer;

conversion of the Issuer from a private company with limited liability to a public company with limited liability in accordance with the Deed of Conversion;

subsequent amendment of the Issuer’s articles of association in accordance with the Deed of Amendment; and

authorisation of the Issuer’s board for a period of five years, effective as of the execution of the Deed of Conversion, to:

issue up to and/or grant rights to ordinary shares up to the number of ordinary shares included in the Issuer’s authorised share capital from time to time; and

restrict and/or exclude pre-emptive rights in respect of issuances of ordinary shares or grants of rights to subscribe for ordinary shares.

approval of the GM Resolution to:

convert the Issuer from a private company with limited liability to a public company with limited liability; and

amend the Issuer’s articles of association; and

approval of the resolutions of the Issuer’s board to:

issue a number of Registration Shares as determined by the Issuer’s board; and

grant to the Underwriters the right to subscribe for an additional number of Registration Shares up to a maximum of 15% of the Registration Shares referred to under (i).

the resolutions of the Issuer’s extraordinary general meeting of shareholders to be held on 28 September 2018 to adopt each GM Voting Item (each a “GM Resolution”); and

the resolutions of the Issuer’s meeting of holders of convertible preference shares to be held on 28 September 2018 to adopt each Pref Holder Voting Item (each a “Pref Holder Resolution”).

The Issuer intends to seek the Registration with the SEC of the Registration Shares.

In connection with the Registration, on the date of this Board Certificate, De Brauw Blackstone Westbroek N.V. intends to issue a legal opinion in the form attached to this certificate (the “Legal Opinion”).

This Board Certificate is the “Board Certificate” as defined in the Legal Opinion.

The undersigned makes the certifications in this Board Certificate after due and careful consideration and after having made all necessary enquiries.

CONSTRUCTION

Terms defined in the Legal Opinion have the same meaning in this Board Certificate.

In this Board Certificate “including” means “including without limitation”.

CERTIFICATION:

Authenticity

Solvency

Issue

Corporate Resolutions

The undersigned is not aware of any fact or circumstance (including (i) any lack of capacity of any person, (ii) any conflict of interest, (iii) any force (bedreiging), fraud (bedrog), undue influence (misbruik van omstandigheden) or mistake (dwaling), and (iv) any amendment or supplement) which he understands or suspects has or may have the effect that any Corporate Resolution is not or ceases to be in force without modification at any time; and

The undersigned believes that each Corporate Resolution is reasonable and fair (including in relation to all the Issuer’s shareholders).

General

any claim (whether actual or threatened and including any claim, litigation, arbitration or administrative or regulatory proceedings) to the contrary of the certifications in this Board Certificate; or

any fact or circumstance which he understands or suspects has or might have any impact on the correctness of the Legal Opinion and which has not been disclosed to De Brauw in writing.

RELIANCE

IN EVIDENCE WHEREOF:

/s/ Shay-Shalom Banon