#188

Overview Clare Capital Tech Insights 188 - Sony vs Microsoft - 20201106; Sony and Microsoft Enterprise Values; Sony and Microsoft are the two largest gaming console manufacturers in the world and were about equal in value when Sony released its PlayStation One in 1994. Since then however ; Microsoft has grown to be worth more than 12x Sony due to its focus on high margin scalable software products as opposed to Sony’s focus on retail hardware products. The twodecade; long debate of PlayStation vs Xbox is still disputed whilst Microsoft’s outperformance of Sony is not.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Enterprise value US$ billions; Microsoft; Sony; 3/12/94:; PlayStation; One; released.; Microsoft; worth 1.1x; Sony.; 2000: change in EV; throughout year; Microsoft: (65%); Sony: (72%); 15/11/01: first; Xbox launch.; November 2013: Xbox one; (3rd gen.) and PlayStation 4; released. Microsoft worth; 8.6x Sony.; November; 2020: Xbox; Series X and; PlayStation 5; released.; Microsoft worth; 13.4x Sony.; 21/09/20:; Microsoft buy; game developer; ZeniMax for; US$7.5 billion.; 09/07/20: Sony; invest US$250; million in Epic; Games; (developer of; Fortnite).; -; 50; 100; 150; 200; 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; Revenue US$ billions; Microsoft Sony; CLARE CAPITAL TECH INSIGHTS; Sony and Microsoft EBITDA Sony and Microsoft FY2020 profit margin by business segment; Sony revenue by geography Microsoft revenue by geography; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 10; 20; 30; 40; 50; 60; 70; 1994 1998 2002 2006 2010 2014 2018; EBITDA margin; EBITDA US$ million; Microsoft Sony; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; Japan United States Europe Other Areas Asia-Pacific China; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; United States Other Countries; -; 0.1; 0.2; 0.3; 0.4; CLARE CAPITAL TECH INSIGHTS

#187

Overview Clare Capital Tech Insights 187 - E-commerce - 20201030; Selected E-commerce transactions; This Tech Insights report looks at the E-commerce sector which has seen accelerated growth due to the COVID-19 pandemic. New Zealand's online retail market is projected to grow; from NZ $4.8 billion (2019) to NZ $8.1 billion by 2024 (CAGR 11%) with the pandemic adding ~NZ $1.0 billion to pre-pandemic projections (Adore Beauty IPO prospectus). Growth in the; E-commerce sector has brought additional success to some of the largest online retailers in the world including Amazon and Alibaba alongside specialist players such as HelloFresh.; Many have experienced exceptional growth with a corresponding rise in their share price.; Warehouse acquired Noel; Leeming for NZ $65m in 2012.; Warehouse acquired Torpedo7; for NZ $15m in 2014.; Petsmart acquired Pet360; for US $160m in 2014.; Boohoo acquired PrettyLittleThing; for US $400m in 2020.; Amazon acquired SOUQ.com; for US $586m in 2017.; Petsmart acquired Chewy; for US $3 400m in 2017.; Alibaba (and others) sold Zulily; for US $2 495m in 2015 to QVC.; Alibaba acquired; Shoprunner for US $75m; Walmart acquired Jet.com; for US $3 300m in 2016.; Amazon acquired Zappos for; US $1 112m in 2009.; Bricks and mortar Click and collect/online store E-commerce; Wallgreens acquired drugstore.com; for US $403m in 2011.; Food Healthcare Fashion Pets General retailers; HelloFresh acquired; Chefs plate in 2018.; Drugstore.com acquired Skinstore; for US $39m in 2010.; Online only platform launched; by the Warehouse in late 2019.; Acquirer Target EV / Revenue; Walmart Jet.com 3.3 x; Amazon Zappos 1.5 x; Walgreens drugstore.com 0.9 x; drugstore.com SkinStore 0.9 x; Warehouse Noel Leeming 0.1 x; NZ based online; only retailer.; AUS based online fashion; and sports retailer.; AUS based online; only cosmetics; retailer.; NZ based meal; kit delivery; service providers.; CLARE CAPITAL TECH INSIGHTS; Company Market cap Revenue EBITDA Gross EV/revenue EV/revenue EV/EBITDA Share price Share price Share price Inventory NZ / AUS; USD m USD m USD m margin forward 7-Jan-20 23-Mar-20 current turnover equivalents; Groupon 557 1 878 (9) 49% 0.2 x 0.3 x NM $47.0 $12.4 $19.4 -; VIP Shop 14 466 13 000 942 22% 1.0 x 0.8 x 14.1 x $15.0 $15.0 $21.4 14.1 x; MySale Group 126 108 (16) 9% 1.2 x - NM $0.1 $0.0 $0.1 6.0 x; The RealReal 1 103 311 (116) 64% 3.1 x 2.6 x NM $18.1 $5.5 $12.6 6.7 x; Farfetch 9 553 1 334 (320) 45% 7.1 x 5.3 x NM $11.2 $7.4 $28.1 7.6 x; Revolve Group 1 257 591 52 51% 1.9 x 1.7 x 21.8 x $19.4 $7.3 $18.1 3.3 x; Adore Beauty 378 81 3 31% 5.1 x - 112.8 x - - $4.0 -; ASOS 5 683 4 362 245 47% 1.3 x 1.1 x 22.7 x $44.8 $12.6 $57.1 3.2 x; boohoo.com 4 392 1 987 176 54% 2.0 x 1.7 x 22.5 x $4.0 $1.9 $3.5 5.2 x; Zalando 23 506 7 952 297 41% 2.9 x 2.3 x 76.9 x $50.7 $31.7 $93.4 4.4 x; Stitch Fix 3 590 1 712 (29) 44% 2.0 x 1.7 x NM $23.6 $13.4 $34.4 7.9 x; Global Fashion Gp 1 751 1 520 (84) 41% 1.0 x 0.9 x NM $2.1 $1.3 3.9 x; SRP Groupe 152 694 (13) 34% 0.2 x 0.2 x NM $1.6 $0.6 $1.3 6.6 x; Blue Apron 75 427 (25) 38% 0.3 x 0.2 x NM $6.0 $12.3 $4.3 9.6 x; HelloFresh 9 288 2 952 236 65% 3.0 x 2.1 x 37.6 x $21.8 $27.2 $53.5 18.3 x; Ocado 21 748 2 420 74 34% 8.9 x 6.6 x 289.7 x $17.4 $14.5 $29.5 27.2 x; Naked Wines 442 252 (1) 38% 1.5 x 1.0 x NM $2.9 $2.9 $6.0 1.3 x; Amazon 1 523 392 347 945 43 708 40% 4.5 x 3.6 x 35.5 x $1 906.9 $1 902.8 $3 036.2 9.8 x; Alibaba 824 380 77 649 20 963 45% 10.4 x 7.6 x 38.5 x $217.6 $176.3 $304.7 -; Kogan 1 532 344 32 25% 4.2 x 3.0 x 45.2 x $5.3 $2.4 $14.5 3.9 x; JD.com 127 212 92 406 2 072 8% 1.3 x 1.0 x 57.1 x $38.3 $38.6 $81.5 12.0 x; Chewy 25 363 5 906 (195) 24% 4.3 x 3.4 x NM $29.2 $32.1 $61.6 12.1 x; Zooplus 1 150 1 870 17 26% 0.6 x 0.5 x 66.4 x $89.1 $128.9 $160.8 9.5 x; Overtstock.com 2 399 2 237 30 22% 0.9 x 0.8 x 66.4 x $8.1 $4.6 $56.1 -; Wayfair 23 660 11 474 (360) 26% 2.1 x 1.7 x NM $95.7 $30.4 $248.0 -; Casper Sleep 266 478 (83) 49% 0.5 x 0.4 x NM - $3.5 $6.6 6.5 x; Oponeo 106 259 9 19% 0.4 x - 10.4 x $5.9 $4.5 $7.6 6.0 x; Delticom 51 652 (15) 23% 0.2 x - NM $5.1 $2.8 $4.1 5.5 x; Average (excl. outliers) 39% 3.7 x 3.2 x 33.4 x - - - 7.1 x; Median 39% 1.6 x 1.6 x 37.6 x - - - 6.0 x; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Adore Beauty IPO prospectus. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; CLARE CAPITAL TECH INSIGHTS

#186

Overview Clare Capital Tech Insights 186 - Ant Group - 20201016; Alibaba revenue and EBITDA Alibaba revenue segments; This Tech Insights report looks at Ant Group a Chinese fintech company. Ant Group is poised to go public in what could be the largest IPO of all time; in terms of funds raised. The; company was originally established as ‘Alipay’ an escrow provider for Alibaba purchases. Ant Group has expanded with The Economist describing its current offering as “a combination; of Apple Pay for offline pay PayPal for online pay Venmo for transfers Mastercard for credit cards JPMorgan Chase for consumer financing and iShares for investing with an insurance; brokerage thrown in for good measure all in one mobile app”. It is interesting to compare the growth of Ant Group and Alibaba and how they compare to other major Chinese; companies and global fintech providers. Note: Alibaba has a 33% equity stake in Ant Group.; Ant Group revenue and EBITDA Ant Group revenue segments; -5; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22; US$ billions; Total Revenue EBITDA; -; 50; 100; 150; 200; Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23; US$ billions; Total Revenue EBITDA; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Dec-17 Dec-18 Dec-19; US$ billions; Innovation initiatives and; others; Insurance tech; Investment tech; Credit tech; Digital payment and; merchant services; -; 10; 20; 30; 40; 50; 60; 70; 80; Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20; US$ billions; Innovation initiatives and; others; Digital media and; entertainment; Cloud computing; Core commerce; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS; Ant Group metrics as at June 2020 - (Alipay is the name of Ant Group's app); Ant Group comparators; Alibaba E-commerce platform 831 814 74% 78 30% 10x 21.0; Tencent Investment holding company in FinTech and other industries 684 697 70% 59 22% 12x 21.8; Kweichow Moutai Produces and sells wine and liquor products 321 318 55% 13 10% 25x 8.6; I&C Bank of China Industrial and commercial banking services 250 NA (18%) 35 (8%) NA NA; Meituan Dianping Investment holding company that provides E-commerce 202 194 197% 14 17% 14x 0.6; Ping An Insurance Provides financial products and services for multiple industries 212 415 (10%) 164 5% 3x 32.5; China Construction Bank Banking and related financial services 182 NA (10%) 27 3% NA NA; Agricultural Bank of China Products and services for corporate and retail banking 163 NA (14%) 19 (3%) NA NA; China Life Insurance Life health business and accident insurance 172 181 (0%) 100 13% 2x 10.7; China Merchants Bank Wholesale and retail finance 147 NA 14% 15 10% NA NA; Visa Payments technology company 426 436 13% 23 3% 19x 15.5; Mastercard Payments technology company 340 341 22% 16 3% 21x 9.6; PayPal Technology platform and digital payments company 240 237 98% 19 18% 12x 3.7; Fidelity Financial technology for merchant banking and capital markets 89 108 9% 12 45% 9x 4.3; Square Payment and point-of-sale solutions 83 83 196% 6 49% 14x (0.0); Fiserv Financial services technology 68 90 (5%) 14 141% 6x 4.5; Adyen Gateway risk mgmt processing acquiring and settlement services 58 55 171% 3 45% 16x 0.3; Global Payments Payment technology and software solutions 53 61 7% 7 88% 9x 2.5; Shift4 Payments Payment processing and technology 2 3 NA 1 NA 3x 0.0; Ant Group* Various fintech services 150-300 137-287 NA 21 35% 6-14x 6.7; *IPO expected for late 2020 - valuations are estimates.; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Company Overview; Market Cap; (US$b); LTM share; price; change; LTM; revenue; (US$b); LTM; revenue; growth; LTM; EBITDA; (US$b); EV (US$b); EV /; LTM; revenue; Global fintech companies 10 largest Chinese companies; 1 000+ million; Alipay app; Annual active; users; 2 000+; Partner financial; institutions; US$17.7 trillion; Digital payments; in china; US$615 billion; Investment tech; Assets under managment; 80+ million; Alipay app; Monthly active merchants; 729 million; Alipay app; Digital finance; annual active users; CLARE CAPITAL TECH INSIGHTS

#185

Overview Clare Capital Tech Insights 185 - SaaS Landscape - 20201009; Company EV (USD m) Revenue (USD m) LTM share price 40% rule1 Rev growth Rev / FTE2 (USD) EV / revenue Share price; Salesforce $238 947 $19 380 81% 42% 32% $395 510 12 x; Zoom $138 643 $1 347 576% 209% 190% $350 021 103 x; Shopify $129 730 $2 080 249% 59% 60% $269 787 62 x Zoom 576%; ServiceNow $96 408 $3 955 94% 44% 31% $301 225 24 x Shopify 249%; Square $83 033 $5 885 201% 49% 49% $1 173 641 14 x DocuSign 237%; Workday $52 918 $3 995 30% 22% 23% $302 816 13 x Slack 26%; Atlassian $48 205 $1 614 57% 36% 33% $288 245 30 x Xero 75%; twilio $44 175 $1 392 176% 39% 58% $386 239 32 x Dropbox 7%; Veeva $42 923 $1 283 97% 60% 32% $334 171 33 x Average Return 195%; DocuSign $41 787 $1 164 237% 29% 41% $214 691 36 x; Splunk $34 682 $2 343 78% (6%) 15% $357 912 15 x; datadog $33 071 $481 204% 83% 81% $228 393 69 x; CrowdStrike $30 487 $654 128% 71% 86% $234 172 47 x Shopify 249%; Okta $29 714 $704 100% 19% 45% $220 794 42 x Alteryx 39%; RingCentral $25 888 $1 032 65% 31% 32% $241 280 25 x Avalara 108%; Coupa $21 102 $458 103% 34% 44% $242 268 46 x Coupa 103%; Paycom $21 023 $792 70% 54% 21% $218 887 27 x Appian 61%; Zscaler $19 731 $431 215% 24% 42% $188 409 46 x MongoDB 94%; Slack $17 016 $768 26% 17% 51% $280 856 22 x Average Return 109%; Wix $15 694 $853 138% 12% 26% $201 042 18 x; MongoDB $15 317 $502 94% 14% 45% $212 802 31 x; Tyler $15 282 $1 112 47% 30% 11% $210 143 14 x; HubSpot $14 289 $762 100% 25% 29% $163 953 19 x Bottomline 13%; Zendesk $12 949 $924 51% 20% 31% $225 595 14 x Cloudera 34%; Dynatrace $12 409 $579 126% 15% 27% $238 173 21 x New Relic 5%; Avalara $12 303 $434 108% 24% 34% $172 460 28 x Dropbox 7%; Xero $11 656 $427 75% 36% 30% $126 860 23 x CarGurus (24%); Elastic $10 233 $467 43% 26% 53% $230 395 22 x Square 201%; Alteryx $10 075 $465 39% 55% 50% $165 696 22 x Average Return 39%; Paylocity $9 794 $561 87% 36% 20% $177 864 17 x; This Tech Insights report looks at a selection of the world's largest 60 SaaS companies and some key metrics. The largest SaaS companies have performed incredibly well over the Last; Twelve Months (LTM) with Zoom Shopify ServiceNow and Square more than doubling their share price. We also create a number of small portfolios based on various metrics and; highlight their share price performance over the LTM.; Work from; home portfolio; Annual; LTM return; 2019 top; performers; Annual; LTM return; 2019 bottom; performers; Annual; LTM return; CLARE CAPITAL TECH INSIGHTS; Company EV (USD m) Revenue (USD m) LTM share price 40% rule1 Rev growth Rev / FTE2 (USD) EV / revenue Share price; Change $9 601 $891 24% - - $119 739 11 x; Aspen $9 146 $590 9% 42% (1%) $287 193 15 x; Five9 $9 121 $371 154% 31% 28% $314 306 25 x Zoom 576%; Guidewire $8 955 $742 10% 6% 3% $285 047 12 x datadog 204%; Anaplan $8 513 $398 28% 4% 36% $175 690 21 x CrowdStrike 128%; SolarWinds $8 438 $981 18% 34% 12% $274 160 9 x Veeva 97%; Dropbox $8 401 $1 797 7% 28% 18% $160 037 5 x Shopify 249%; RealPage $6 566 $1 072 (4%) 32% 15% $238 707 6 x Alteryx 39%; Manhattan $6 391 $605 20% 22% 3% $273 237 11 x Paycom 70%; Proofpoint $6 167 $979 (14%) 21% 22% $176 896 6 x J2 (23%); Smartsheet $6 073 $327 35% 17% 49% $353 277 19 x Square 201%; AppFolio $5 694 $289 72% 38% 31% $191 669 20 x Qualys 29%; BlackLine $5 390 $321 107% 23% 26% $242 922 17 x ServiceNow 94%; Appian $5 188 $280 61% 2% 16% $204 895 19 x Aspen 9%; Medallia $4 443 $441 17% (4%) 24% $281 022 10 x Salesforce 81%; J2 $4 357 $1 413 (23%) 49% 12% $246 973 3 x Average Return 135%; Jamf $4 190 $234 - 11% - $245 117 18 x; LivePerson $3 832 $324 52% 2% 21% $238 379 12 x; Cornerstone $3 599 $629 (32%) 23% 13% $247 070 6 x; New Relic $3 551 $621 5% 13% 21% $186 184 6 x; Qualys $3 530 $342 29% 48% 14% $299 322 10 x Shopify 249%; SVMK $3 339 $343 26% 8% 24% $231 779 10 x Square 201%; Cloudera $3 172 $835 34% 11% 29% $652 373 4 x Wix 138%; Mimecast $3 056 $443 22% 33% 23% $165 747 7 x twilio 176%; Box $2 986 $737 8% 8% 12% $86 966 4 x Average Return 191%; SPS Commerce $2 813 $293 79% 32% 11% $363 608 10 x; CarGurus $2 457 $561 (24%) 17% 7% $242 223 4 x; Pluralsight $2 257 $359 16% (8%) 31% $221 385 6 x; Bottomline $2 012 $442 13% 13% 5% $318 148 5 x; PagerDuty $1 990 $189 11% 5% 33% $101 294 11 x; Average - - 76% 30% 31% $262 994 - 2. FTE = full time equivalent; Disclaimer; Annual; LTM return; 1. 40% rule = EBITDA margin +; ddddddddd revenue growth; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and LinkedIn. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Companies; above 40% rule; Annual; LTM return; Revenue driven; by transaction; volume; CLARE CAPITAL TECH INSIGHTS

#184

Overview Clare Capital Tech Insights 184 - Holding period for private equity companies - 20201002; Current investments; This Tech Insights report looks at selected New Zealand private equity firms and the estimated holding time for their investments. The first page looks at current investments and how; long they have been owned by the private equity firms to date  while the second page looks at prior investments and their estimated holding period.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Skin Institute; Seequent 2; Avanti Finance; RedShield; New Zealand Frost Farms; The Collective; Mix; Netlogix; MMC; Solarzero; Umbrellar; BeGroup; TR Group; Mondiale; Caci; Qestral Corporation; Beca; Exact Radiology; Perpetual Guardian; AS Colour; PF Olsen; Bayleys; Tracplus; Revolution Fibres; Mobi2Go; Cortex; Mint innovation; ParkHelp; Timely; Unleashed; Vend; AuthorIT; Modlar; Adminis; Shift72; YikeBike; Zeosoft; Ponoko; Flossie; agilityCIS; Laybuy; The Rees Hotel; Smartfoods; Tom & Luke; Molemap; Rockit; Lifestream; Magic Memories; Waikato Milking Systems; Natural Pet Food Group; Southern Cross Horticulture; Intermede; Mrs Higgins; Magritek; Rainbows End; PartnersLife; Greenfield; Auckland Packaging (APC); Polynesian Spa; Number of years; Average holding period by investor Auckland Packaging and Polynesian Spa; have been part of Rangatira's portfolio; for 21 and 48 years respectively.; CLARE CAPITAL TECH INSIGHTS; Prior investments; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and company websites. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; BJ Ball; BrewGroup; Phil & Teds; Seequent 1; CS Company; Home Ideas; NZ Crane Hire; Rishworth Aviation; Marvel Packers; Innovair; Bluestar; Ryman Healthcare; Max; Scales Corporation; Energyworks; Tasman Building Products; Moore Australasia; Eftpos; Express Logistics; Triton Hearing; TSG; Go Bus; Nobilo; PCDirect; Hiway Group; George H Investments; Rodd & Gunn; New Zealand King Salmon; Cavalier Woolscourers; Airwork; Robinhood; Fishpond; NZ Pharmaceuticals; Stratex; eCargo; Ecentric; Education Plus NZ; Kiwi Semiconductor; Trademe; Pacific Fibre; Maven; Minimonos; Givealittle; eBUS; GreenButton; Power by Proxi; Kahne Animal Health; Inspire Group; migco; Partstrader; Aroa; WhereScape; Inro; KonnectNet; Orion; Yikebike; Pukeko pictures; Omni; Moa; SLISystems; Contact Resources; Hellers; Number of years; Average holding period by investor; CLARE CAPITAL TECH INSIGHTS pencarrow private equity direct capital movac pioneer capital rangatira investments

#183

Overview Clare Capital Tech Insights 183 - Robinhood - 20200925; Top 10 positions held by Robinhood traders; This Tech Insights report looks at Robinhood a US trading platform that recently raised US$660 million on an US$11.2 billion pre-money valuation. Robinhood provides users with the; ability to trade stocks Exchange Traded Funds (ETFs) options and cryptocurrency while charging zero commissions. Focusing on millennials Robinhood currently has over 13 million; accounts. The Covid-19 pandemic has resulted in increased levels of activity on the platform with the second page highlighting some interesting movements in the positions of; Robinhood users.; -; 100000; 200000; 300000; 400000; 500000; 600000; 700000; 800000; 900000; 1000000; Jan - 20 Feb - 20 Mar - 20 Apr - 20 May - 20 Jun - 20 Jul - 20 Aug - 20; Number of positions; Covid-19 declared a; pandemic on 12 March; 2020 by the WHO; Robinhood is a platform that gives people the ability to; invest in stocks ETFs options and crypto. The company; charges no commission and operates entirely online.; Currently the platform has over 13 million users.; Note: This graph shows the number of positions held by users on; the robinhood platform - not the number of shares.; CLARE CAPITAL TECH INSIGHTS; Number of positions on Robinhood vs share price; Disclaimer; The information provided in this report has been sourced and calculated from robintrack and S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; -; 30000; 60000; 90000; 120000; 150000; 180000; 210000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 50; 100; 150; 200; 250; 300; 350; 400; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 5; 10; 15; 20; 25; -; 50000; 100000; 150000; 200000; 250000; 300000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 10; 20; 30; 40; 50; 60; -; 50000; 100000; 150000; 200000; 250000; 300000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; Files for bankruptcy; on 22nd May; S&P Oil and Gas 3x leveraged fund; Crude oil futures; price falls below $0; Beats earnings; expectations; Covid-19 declared a; pandemic and travel; bans in force; 1.9; 14.3; 16.1; 1.2; CLARE CAPITAL TECH INSIGHTS

#182

Overview Clare Capital Tech Insights 182 - Australia's major tech companies - 20200918; This Tech Insights report looks at the Australian technology sector. We show how much larger Atlassian a software development and collaboration tool provider is than the next current; 15 largest Australian Information Technology companies based on Capital IQ. The report also tracks the EV growth of the same companies along with providing financial information.; Enterprise Value for Australian Information Technology companies over the last five years; Combined EV for the current 15 largest Australian Information Technology companies (not including Atlassian); -; 10; 20; 30; 40; 50; 60; 70; Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20; Enterprise value AU$b; Atlassian Next 15 largest technology companies in Australia combined; -; 10; 20; 30; 40; 50; 60; 70; Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20; Enterprise value AU$b; WiseTech; Computershare Afterpay; Link; Technology One Nextdc; IRESS; CLARE CAPITAL TECH INSIGHTS; Name Description Market cap EV Last Current Next Last Current Last Current Next EBITDA 40% rule; Afterpay Buy Now Pay Later 20 990 20 845 450 906 1 396 107% 101% 10 89 218 2% 109%; Computershare Stock registration and transfer services 6 545 8 883 3 290 3 050 3 137 (1%) (7%) 798 797 867 24% 23%; WiseTech Logistics industry software 8 624 8 445 429 501 613 23% 17% 101 171 230 24% 47%; NEXTDC Data center outsourcing 5 265 5 247 201 248 306 18% 24% 98 129 168 49% 67%; Appen Machine learning and artificial intelligence 3 831 3 769 536 680 843 47% 27% 84 129 175 16% 63%; Link Record keeping technology 2 026 3 029 1 230 1 267 1 345 (12%) 3% 152 290 337 12% 0%; Technology One Enterprise resource planning 2 459 2 405 285 303 331 13% 6% 79 100 117 28% 40%; Megaport Cloud interconnectivity 2 373 2 227 58 86 123 66% 48% (33) (11) 11 (58%) 8%; IRESS Financial services software 1 853 1 965 509 551 607 10% 8% 115 128 137 23% 32%; Codan Communications and mining technology 1 931 1 869 348 359 390 29% 3% 102 128 143 29% 58%; Tyro Fintech provider of payments technology 1 757 1 650 203 241 300 10% 19% (18) (4) 8 (9%) 1%; Dicker Wholesale distribution of computer products 1 325 1 402 1 759 na na 18% na 73 na na 4% 22%; Nearmap Online aerial photomapping 1 133 1 112 97 112 136 25% 15% (33) 16 24 (34%) (9%); Objective Enterprise content management 1 146 1 108 70 97 110 13% 38% 16 23 29 23% 36%; Hansen Customer care and billing system software 790 925 301 308 318 30% 2% 42 91 94 14% 44%; Total 62 048 64 880 9 766 10% 1 584 16% 26%; Atlassian Project tracking & content creation 57 160 55 650 2 167 2 628 3 219 35% 22% 68 669 839 3% 39%; na: data not provided; Disclaimer; EV multiple and gross profit margin for the 16 largest Information Technology companies in Australia; 16 largest Information Technology companies in Australia (AU$m); The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Revenue (financial year) Revenue growth EBITDA (financial year) Margin (last FY); Atlassian; Afterpay (gross profit margin); Computershare; WiseTech NEXTDC; Appen; Link; Technology One; Megaport; IRESS; Codan; Tyro; Dicker; Hansen; Nearmap; Objective; Afterpay (net transaction margin); -; 0.2; 0.4; 0.6; 0.8; 1; - 5x 10x 15x 20x 25x 30x 35x 40x 45x 50x; LTM gross profit margin; EV / LTM revenue; CLARE CAPITAL TECH INSIGHTS

#181

Overview Clare Capital Tech Insights 181 - Mediaworks Discovery - 20200911; Announced investments by Discovery since 2015 vs Discovery share price; This Tech Insights report looks at Mediaworks' soon to be owners Discovery a company with a track record of large media investments. Discovery is well known for its "Discovery; Channel" which features a range of documentary television programming focused primarily on popular science technology and history.; Acquisition - US$508m; Business and entertainment; channel operated in Turkey by; CNBC Europe; Series B - US$12m; Cloud graphics company; Acquisition - US$60m ; Broadcast network in Chile; Series B - US$19m; Venture - US$100m; American cybersecurity; company; Series B - US$18m Digital; entertainment studio; Venture various cycling; networks; Series B - US$12m Sports; prediction platform; Here Be Dragons Series A -; US$10m VR studio; Acquisition - US$15.5b American; mass media company; Venture - US$40m ; Digital media provider; Acquisition - US$70m; Series C - US$41m TV subscription; provider; Series A - US$2.4m Supply chain; management for media; Acquisition - US$41m ; Further 50% stake; Acquisition - US$35m; Series C - US$47.2m ; Subscription sports broadcaster; Venture - US$50m JV with; Axel Springer; Acquisition of 24-hour pay-; TV channel; Acquisition of Freeto-; air TV business; -; 5; 10; 15; 20; 25; 30; 35; 40; 0.1; 1.1; 2.1; 3.1; 4.1; 5.1; 6.1; 7.1; 8.1; Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20; Share price US$; Growth - US$9m Digital; media in Hispanic market; Acquisition -; Eurosport France; Partial stake; CLARE CAPITAL TECH INSIGHTS; Debt/EV and EV/LTM revenue multiple for TV content providers; Comparable companies (US$ millions); Name Country Market Cap EV 5 year 1 year FY2019 FY2020 FY2021 FY2020 FY2021 FY2019 FY2020 FY2021; Disney USA 238 081 297 038 26% (3%) 69 570 65 542 72 522 (6%) 11% 16 113 9 044 11 934; Netflix USA 212 583 223 138 394% 67% 20 156 24 850 29 199 23% 17% 2 708 4 759 6 203; ViacomCBS USA 1 8 168 38 714 (33%) (33%) 27 812 25 853 27 771 (7%) 7% 4 837 4 988 5 275; Fox USA 1 7 018 21 215 na (17%) 11 389 12 303 11 993 8% (3%) 2 681 2 779 2 306; WWE USA 3 220 3 473 109% (42%) 9 60 9 85 1 141 3% 16% 1 67 2 85 3 18; ITV UK 3 309 4 348 (78%) (47%) 4 381 3 649 4 037 (17%) 11% 9 38 6 55 7 60; Nine AUS 2 095 2 680 12% (12%) 1 378 1 510 1 588 10% 5% 3 24 2 09 3 08; SKY TV NZ 175 2 43 (97%) (86%) 5 34 4 83 4 59 (10%) (5%) 1 43 84 92; Seven AUS 134 5 94 (83%) (71%) 9 99 8 41 8 56 (16%) 2% 1 47 ( 18) 1 07; Discovery USA 1 4 665 30 413 (15%) (20%) 11 144 10 383 11 149 (7%) 7% 4 630 3 982 4 100; Disclaimer Note: Some FY data is forecast; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Discovery financial performance; Share price Revenue Revenue growth EBITDA; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; -; 1; 2; 3; 4; 5; 6; 7; 8; 08 09 10 11 12 13 14 15 16 17 18 19; EBITDA margin; Revenue US$b; U.S. International; U.S. EBITDA margin International EBITDA margin; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 2x; 4x; 6x; 8x; 10x; Net debt / EV; EV / LTM revenue; Purchase Scripps; Networks; CLARE CAPITAL TECH INSIGHTS

#180

Overview Clare Capital Tech Insights 180 - Preference shares - 20200904; Cap table through time for a company with different preference shares; This Tech Insight compares how preference shares impact pay outs for different exits. Preference shares are uncommon in New Zealand but are used widely throughout North America ; where investors seek more protections for their investments.; Liquidation preference: investors can get their money back first ahead of other kinds of shareholders.; Participating preferred: investors get their liquidation preference ahead of other common equity holders and then participate on a pro-rata basis.; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; Valuation $m; Founder Series A Series B Series C; Founder - common; equity (year 0); Series A - 2x participating; preferred (year 1); Series C- liqudation preference; (year 3); Exit (year 10); {; Post-money valuation; Economic returns if; there was an exit at the; capital raising valuation; to the various investor; classes; Series B - 1x participating; preferred (year 2); 10; valuation; $15m pre; $20m post; $30m pre; $40m post; $60m post; $50m pre; $100m; exit; Pre-money valuation; Ownership per the cap table; CLARE CAPITAL TECH INSIGHTS; Returns assuming a 10% preferred return; This graph assumes each of the Series A B and C investors also have a 10% preferred return on their investment. A preferred return is a minimum annual rate of return on an investment.; Minimum payout to new investors assuming preference shares and a 10% preferred return; Split of a $100m payout following different investment rounds with a 10% preferred return; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10; Minimum exit to clear the preferred; returns $m; Year; Series C Series B Series A; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10; Payout to investors $m; Year; Series C Series B Series A Founder; Exit must be greater than the top of the; curve for the founder to receive any payout; Founder receives $32m; Founder receives $20m; CLARE CAPITAL TECH INSIGHTS

#179

Overview Clare Capital Tech Insights 179 - SaaS EBIT margins - 20200828; Profile of all 1 000+ observations Xero (ASX:XRO) EBIT margin Pushpay (NZSE:PPH) EBIT margin; Class (ASX:CL1) EBIT margin Wisetech (ASX:WTC) EBIT margin; This Tech Insights report looks at the EBIT margins of 200+ publicly-listed SaaS companies over the last five financial years to highlight SaaS profitability. The companies with the highest; profitability generate 25-35% EBIT margins with some hitting the 40-50% range.; We have used EBIT (rather than EBITDA) as SaaS companies can and do capitalise their development costs (e.g. engineer/developer salaries). Using EBIT as the measure of profitaibilty; includes amortisation of these capitalised development costs.; -0.35; -0.3; -0.25; -0.2; -0.15; -0.1; -0.05; -; 0.05; 0.1; Annual EBIT margins; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; LFY-4 LFY-3 LFY-2 LFY-1 LFY; Upper quartile; Lower quartile; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; LFY-4 LFY-3 LFY-2 LFY-1 LFY; -1.6; -1.4; -1.2; -1; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; LFY-4 LFY-3 LFY-2 LFY-1 LFY; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; LFY-4 LFY-3 LFY-2 LFY-1 LFY; Median; Average; The story of SaaS.; Grow fast and then; shift to profitability.; The story of SaaS.; Grow fast and then; shift to profitability.; Or just have really good margins all the time. Or just have good margins all the time.; CLARE CAPITAL TECH INSIGHTS; Distribution of EBIT margins for 200+ publicly-listed SaaS companies over the last five financial years; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -3; -2.5; -2; -1.5; -1; -0.5; -; 0.5; 1; 20; 39; 58; 77; 96; 115; 134; 153; 172; 191; 210; 229; 248; 267; 286; 305; 324; 343; 362; 381; 400; 419; 438; 457; 476; 495; 514; 533; 552; 571; 590; 609; 628; 647; 666; 685; 704; 723; 742; 761; 780; 799; 818; 837; 856; 875; 894; 913; 932; 951; 970; 989; 1008; Annual EBIT margins; Number of observations (200+ publicly-listed SaaS companies over the last five financial years); Highlights; 1. 61% of observations have a negative EBIT margin.; 2. 63% of companies in the last financial year had a; negative EBIT margin.; 3. The highest EBIT margin across all obersations is 50%.; 4. 55% of companies have never had a positive EBIT; margin (across the last five financial years).; 5. 6% of observations have an EBIT margin above 25%.; 6. Only 8 companies have an EBIT margin above 25% for; the last financial year.; -; 0.05; 0.1; 0.15; 0.2; 0.25; Annual EBIT margins; Profile of all positive EBIT observations only; Upper quartile; Lower quartile; Median; Average; CLARE CAPITAL TECH INSIGHTS

#178

Overview Clare Capital Tech Insights 178 - Cohort Retention Analysis - 20200821; Revenue by monthly cohort over 18 months - EXAMPLE COMPANY; 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18; Jan-19 1 000 100 58 100% 98% 94% 93% 93% 93% 88% 83% 78% 78% 78% 78% 74% 72% 69% 66% 63% 60% 58%; Feb-19 994 100 63 100% 96% 92% 91% 87% 85% 81% 80% 80% 76% 73% 70% 70% 67% 66% 67% 66% 63%; Mar-19 1 018 99 89 100% 96% 94% 94% 92% 88% 87% 88% 87% 87% 88% 87% 88% 87% 89% 90% 90%; Apr-19 986 95 83 100% 101% 102% 100% 101% 101% 100% 98% 97% 96% 94% 92% 89% 87% 89% 87%; May-19 1 019 95 86 100% 99% 97% 99% 100% 102% 100% 99% 98% 96% 98% 96% 96% 94% 91%; Jun-19 985 96 93 100% 100% 99% 97% 98% 99% 98% 98% 98% 97% 97% 98% 97% 97%; Jul-19 1 007 100 99 100% 98% 100% 99% 98% 101% 99% 97% 96% 95% 96% 98% 99%; Aug-19 1 018 98 113 100% 103% 104% 105% 108% 108% 108% 109% 109% 109% 112% 115%; Sep-19 995 95 100 100% 103% 102% 101% 100% 101% 100% 100% 100% 101% 105%; Oct-19 1 009 103 125 100% 101% 104% 107% 111% 112% 113% 117% 119% 121%; Nov-19 1 020 96 120 100% 105% 108% 109% 114% 119% 121% 121% 125%; Dec-19 991 105 131 100% 104% 109% 111% 114% 117% 122% 125%; Jan-20 992 99 116 100% 103% 106% 111% 115% 116% 117%; Feb-20 1 009 99 114 100% 102% 105% 107% 111% 115%; Mar-20 1 010 102 114 100% 105% 107% 110% 112%; Apr-20 987 105 122 100% 106% 109% 116%; May-20 993 98 111 100% 108% 113%; Jun-20 980 103 109 100% 106%; Jul-20 1 008 103 103 100%; This Tech Insights report looks at Monthly Recurring Revenue (MRR) retention. It compares how the MRR from new customers for a given month changes over time. MRR retention is an; important SaaS metric as it shows whether a company is able to increase MRR from a cohort of customers. The MRR retention rate for a cohort can be increased through expansions; (higher average revenue per customer) and decreased through customer churn or MRR contractions (lower average revenue per customer).; Percentage of MRR from a cohort of new customers that is retained in each additional period; Month; # of new; customers; MRR from; new; customers; ($000s); Ending MRR; from cohort; ($000s); The 1 000 new; customers from; January 2019 paid; $100k MRR after; 18 months they are; paying $58k; The 992 customers that joined in January; 2020 are paying 17% more than they were; when they first joined; 12 month MRR; retention rate; CLARE CAPITAL TECH INSIGHTS; MRR through time for the cohorts on page one - EXAMPLE COMPANY; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 500; 1000; 1500; 2000; 2500; - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30; MRR ($000s); Months since cohort joined; Early cohorts exhibit high churn; and contraction; MRR from later cohorts; increases due to expansion; Forecast; Not including new cohorts; CLARE CAPITAL TECH INSIGHTS

#177

Overview Clare Capital Tech Insights 177 - Women in NZ leadership - 20200814; This Tech Insights report looks at leadership teams of NZX-listed companies. Of the 876 different professional individuals (CEOs Chairs and Directors) named on the Company; Overview pages of the NZX approximately 20% are women. About the same number of men share the ten most common names in the same positions. Interestingly there are; more men named John than female CEOs and Chairs combined. The same is true for men named Mark David Peter Paul and Michael.; 455 Director; 168 Director; 118 CEO; 5 CEO; 114 Chair; 16; Chair; 0; 100; 200; 300; 400; 500; 600; 700; Men Women; 38 John; 29 Mark; 24 David; 23 Peter; 22 Paul; 15 Michael; 12 Richard; 12 Simon; 11 11 James; Graeme; Name; 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Director; CEO; Chair; Men Women; CLARE CAPITAL TECH INSIGHTS; Some women in leadership teams and on Boards of Directors in New Zealand business; CEO / Chair Title Company name(s) Primary industry; Pip Dunphy Chair Abano Healthcare Group Healthcare; Dame Therese Walsh Chair Air New Zealand Airline; Dame Rosanne Meo Chair Briscoe Group Retail; Elizabeth Coutts Chair x3 Ebos Group Oceania Helathcare Skellerup Healthcare Industrials; Barbara Chapman Chair x2 NZME Genesis Publishing Utilities; Fiona Oliver Chair (acting) Gentrack Group Application Software; Rachael Newfield CEO Green Cross Health Healthcare; Mary Devine Managing Director Hallenstein Glasson Holdings Retail; Prue Flacks Chair Mercury NZ Utilities; Emma Jane Hill Chair Michael Hill International Retail; Naomi James CEO The New Zealand Refining Company Oil and Gas; Jolie Hodson CEO Spark New Zealand Telecommunication Services; Justine Smyth Chair Spark New Zealand Telecommunication Services; Susan Paterson Chair Steel & Tube Holdings Steel; Victoria Potarina CEO TruScreen Healthcare; Dame Alison Paterson Chair Vector Utilities; Joan Withers Chair Warehouse Group Retail; Abby Foote Chair Z Energy Utilities; A few examples of NZX-listed companies with all-male Boards of Directors; Strong female representation Company name Number of board members; AFC Group Holdings 5; Augusta Capital 4; Burger Fuel Group 5; Blackwell Global Holdings 6; Evolve Education Group 6; Geo Limited 3; ikeGPS Group 7; NZ Windfarms 4; Turners Automotive Group 7; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Spark New Zealand was the first NZX-listed; business to have women as the CEO and Chair.; Justine Smyth is the Chair of Spark and since 1 July; 2019 Jolie Hodson has been Spark's CEO.; CLARE CAPITAL TECH INSIGHTS

#176

Overview Clare Capital Tech Insights 176 - Aroa Biosurgery - 20200807; Revenue and EBITDA Share price; Aroa cap table Pre IPO (millions) Post IPO (millions) Aroa overview - 7 August 2020; Series A preference shares 81 - Market cap NZ$m; Series B preference shares 60 - Enterprise value NZ$m 482; Series C preference shares 61 - EV/Revenue; Warrants 4 - Amount raised at IPO NZ$m 32; Ordinary shares (unpaid) 4 - Gross margin 75%; Ordinary shares (fully paid) 50 260 Revenue from USA 96%; Ordinary shares issued under the Offer - 4 0 Revenue from the rest of world 4%; Total ordinary shares on issue at IPO - 300 Employees per Linkedin 90; Options - NZ$0.10 exercise prices 3 3 Headquarters Auckland; Options - NZ$0.11 exercise price 1 1; Options - AU$0.75 exercise price - 6 Notable shareholders: Movac NZ Growth Capital Partners Sparkbox Investments K1W1 ; Total fully diluted share capital 2 65 3 11 Phil McCaw Cure Kids Ventures; Aroa Biosurgery listed on the ASX on the 24th of July at an 85% premium to the IPO price. Aroa develops Endoform® a proprietary soft tissue regeneration technology platform that can; temporarily replace damaged tissue by acting as a scaffold in the wound or the soft tissue to grow new tissue. They primarily sell into the USA. It is interesting to compare the cap table; pre and post IPO noting the range of preference shares warrants and options.; 18x; 462; -10; -; 10; 20; 30; 40; 50; FY18 FY19 FY20 FY21 FY22 FY23; NZ$ millions; Revenue EBITDA; 0.8; 0.9; 1; 1.1; 1.2; 1.3; 1.4; 1.5; 1.6; 1.7; 1.8; 23-Jul 25-Jul 27-Jul 29-Jul 31-Jul 02-Aug 04-Aug 06-Aug; NZ$; IPO price; First day closing price; Forecast; CLARE CAPITAL TECH INSIGHTS; Total wound care market global and US 2015 to 2020; Selected companies in the wound care industry; Market Cap EV; NZ$m NZ$m EV/Rev EV/EBITDA FY2018 FY2019 FY2020; Zimmer Biomet USA Treats bones joints or supporting soft tissues disorders 4 1 314 52 535 5x 19x 8% 0% (13%); Smith & Nephew UK Medical devices joint replacement products 2 6 463 30 130 4x 19x 9% 4% (8%); Cochlear Australia Provides implantable hearing solutions 1 3 564 13 925 9x 32x 13% 0% (9%); Convatec UK Advanced wound dressings and skin care 7 852 9 647 4x 16x 10% (1%) 3%; Integra LifeSciences USA Surgical implants and medical instruments 6 092 8 237 4x 14x 31% 3% (11%); Guanhao Biotech China Regenerative medicine from animal tissue 1 760 1 781 21x NM (0%) (6%) NM; PolyNovo Australia Medical devices for treatment of burns and wounds 1 605 1 599 81x NM 89% 105% 71%; MiMedx USA Regenerative biologics utilizing human placental tissue 994 1 020 2x 20x 18% (17%) NM; Organogenesis USA Wound care and surgical and sports medicine 615 710 2x NM 3% 34% (2%); Amplitude Surgical France Knee and hip prostheses and implants for the foot and ankle 181 371 2x 9x 19% 1% (4%); Aroa Biosurgery NZ Complex wounds and soft tissue reconstruction 4 62 482 18x NM NM 118% 4%; NM: not material; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Multiples Revenue growth; Company Country Overview; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 2015 2016 2017 2018 2019 2020; US$ millions; United States Rest of world Source: Frost & Sullivan Market Report; CLARE CAPITAL TECH INSIGHTS

#175

Overview Clare Capital Tech Insights 175 - $1m to $100m ARR - 20200731; Years from $1m to $100m ARR; This week’s Tech Insights report looks at Annual Recurring Revenue (ARR) growth from $1 to $100 million (USD) for a selection of prominent SaaS businesses. The future value of; recurring SaaS revenue streams is a key driver for investors valuing such businesses. We also look at revenue multiples and growth over the Last Twelve Months (LTM) for various SaaS; companies. While Covid-19 has impacted all industries to varying degrees a large majority of the businesses illustrated are trading at all-time highs as people change the way they work ; interact and communicate with others.; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10 11 12; ARR (USD millions); Years; Note: Growth rate for Cornerstone OnDemand assumed to be 60% for first 5 years.; Note: Assuming it takes 24 months from founding to $1m ARR if no actual data available.; CLARE CAPITAL TECH INSIGHTS; Revenue multiple vs Last Twelve Month (LTM) revenue growth for listed SaaS businesses; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Bessemer Venture Partners. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Xero; Pushpay; Twilio (2019); Shopify (2019) Twilio; Shopify; ServiceNow; Dropbox; DocuSign; DocuSign (2019); Datadog; Splunk; Zscaler; HubSpot; Square; GoDaddy; Bill.com; Atlassian; Zoom; Zoom (2019); Cornerstone OnDemand; Slack; Salesforce; Smartsheet; Plexure; Workday; -; 10; 20; 30; 40; 50; 60; 70; 80; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110%; Enterprise value / LTM revenue; LTM revenue growth; Size of bubble represents LTM revenue (USD); 20 billion 5 billion 1 billion; Revenue based on Mar/April 2019 and 2020 figures.; CLARE CAPITAL TECH INSIGHTS

#174

Overview Clare Capital Tech Insights 174 - Smartshares - 20200724; Smartshares top five and bottom five performing ETFs over the last 12 months; Smartshares offer a range of Exchange Traded Funds (ETFs) on the NZX. The different ETFs are comprised of holdings from selected industries or geographies. Below we compare the; performances of the five best and five worst performing Smartshares ETFs over the last 12 months. On the second page we consider how the composition of two selected ETFs change; over time. Note Smartshares is owned by the NZX.; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020; Share price index (July 2019); Smartshares overview; ETFs: 35; Market Cap of listings: NZ$3.55 billion; July 2020 new listings:; - ASX 200; - NZX 50; =- NZ Govt. Bond; - Total World (NZ$ Hedged); Aus Top 20; Aus Dividend; NZ Dividend; Aus Property; Aus Financials; Healthcare Innovation; US Large Growth; Automation & Robotics; US Equities; NZX 10 Fund; CLARE CAPITAL TECH INSIGHTS; Breakdown of US Large Growth ETF - 15 largest holdings Change in Automotion and Robotics ETF top 50% composition; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Each graph shows how many companies (boxes) are required to make up 50% of the; ETF. In mid 2019 66 companies made up 50% of the ETF (top chart) while in mid 2020 ; 26 companies made up 50% of the ETF (bottom chart). Only 12 companies are in both; graphs.; 2019; 2020 -; 0.02; 0.04; 0.06; 0.08; 0.1; Microsoft; Apple; Amazon; Google; Facebook; Visa; Home Depot; Mastercard; McDonald's; Netflix; PayPal; Adobe; Boeing; Comcast; Disney; % of US Large Growth ETF made up by the 15 largest holdings; 2019 2020; 0.42; 0.43; 0.44; 0.45; 0.46; 0.47; 0.48; 0.49; 0.5; 2019; 2020; 15 largest holdings as a % of the total ETF; CLARE CAPITAL TECH INSIGHTS

#173

Overview Clare Capital Tech Insights 173 - Fisher & Paykel Healthcare - 20200717; A brief history of Fisher & Paykel Healthcare and its share price index; This Tech Insights report looks at the history of Fisher & Paykel Healthcare - the first NZX-listed company to be valued over NZ $20 billion. The company's share price has more than; doubled in the past 12 months demonstrating exceptional growth both before and during the Covid-19 Pandemic.; -; 2; 4; 6; 8; 10; 12; 2010 2012 2014 2016 2018 2020; Share price index (2010 =1.0); NZX 50 share price index Fisher & Paykel Healthcare share price index; 1934 1954 1974 1994; 2019-2020: The share price more; than doubles in 12 months.; 2020: Fisher & Paykel Healthcare becomes the; first NZ company to be valued over NZ $20b.; 2001: Fisher & Paykel Healthcare; and Fisher & Paykel Appliances; become two separately listed; companies as a result of the; healthcare sector driving more; than 50% of profits.; 2012: Haier a Chinese appliances; manufacturer acquires over 90% of; Fisher & Paykel Appliances and delists; the company from the ASX and NZX.; Fisher & Paykel Appliances remains a; major appliances manufacturer.; 1934: Fisher & Paykel is formed; to sell imported refrigerators.; 1938 - 1949: Deemed as; an essential company the; firm is granted some; protection against closure; during WW2 allowing it; to expand.; 1938: Fisher & Paykel is forced; to start manufacturing due to; import restrictions. The; company starts producing; washing machines.; 1979: Fisher &; Paykel goes public; with authorised; capital of $40m.; 17/07/2020:; Share price of NZ $35.95; 17/07/2019:; Share price of NZ $15.46; CLARE CAPITAL TECH INSIGHTS; Total Revenue and EBITDA year ending 31 March NZ $m Operating Revenue breakdown NZ $m; Selected companies in the Healthcare and Respiration System industries; Revenue EV EV; today Revenue EBITDA; US $b; Johnson & Johnson Research development and manufacture of healthcare products 80.5 5.0 14.8 26.3; Roche Holding AG Prescription pharmaceuticals and diagnostics business 65.8 4.8 12.6 22.5; Merck & Co. Provision of a range of healthcare solutions 43.8 3.3 11.7 15.6; Pfizer Manufacture and sale of healthcare products 48.1 4.6 11.7 20.2; GlaxoSmithKline Research development and manufacture of healthcare products 50.7 4.8 11.9 13.0; ResMed Medical devices and software solutions for respiratory disorders 2.9 10.4 32.7 56.5; Teleflex Incorporated Medical devices for procedures in critical care and surgical applications 2.6 7.6 27.3 32.7; Fisher & Paykel Healthcare Medical device products and systems 0.8 18.0 53.5 79.9; Lepu Medical Technology Medical devices and equipment 1.1 11.1 36.7 52.0; Ambu A/S Visualisation anesthesia patient monitoring & diagnostics 0.5 19.9 120.4 226.1; Disclaimer; 9.1; 4.2; 392.6; 289.2; 119; 231.6; 13.5; Overview; Market Cap; 6 months ago; US $b US $b; 224.2; 23.1; 17.8; 8.5; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and company websites. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; P/E ratio; Market Cap; today; 393.5; 309.1; 103.6; 201.6; 201.4; 11.2; 9; Company Name; 28.8; 17.7; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023; NZ $m; Total revenue EBITDA Expon. (Total revenue) Expon. (EBITDA); -; 200; 400; 600; 800; 1000; 1200; 1400; 2016 2017 2018 2019 2020; NZ $m; Hospital products; Homecare products; Primary industry:; Healthcare; Trend; Actuals Forecast; Primary industry:; Respiration Systems; Trend; CLARE CAPITAL TECH INSIGHTS

#172

Overview Clare Capital Tech Insights 172 - Stuff for a $1 - 20200710; Stuff financials (NZD millions); This Tech Insights report looks at Stuff a New Zealand media company. It was purchased from Nine Entertainment in May 2020 by Stuff CEO Sinead Boucher for $1. In 2015 Stuff had; revenues of NZD ~$400 million and EBITDA of NZD $63 million. Recently media revenues and profitability have taken a material hit worldwide. That said the sale of Stuff for $1 raised; eyebrows here in New Zealand. We take a look at how Stuff could only be worth $1 and how some similar transactions have played out internationally.; FY20 FY21 FY22 FY23 FY24; -50; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; FY15 FY16 FY17 FY18 FY19; Revenue Expenses EBITDA Forecast; How can a business with hundreds of millions in revenue be worth $1?; The answer is all about the cash flows of the business. It strongly appears that; Stuff is on a trajectory to constantly losing money without a clear path back to; profitability. Businesses in this situation aren’t worth much if anything.; The previous owner Nine Entertainment was faced with a material restructuring; task. This would likely have involved both a significant investment and; management focus. With challenges in their core Australian business these were; resources that are scarce in the current environment. Hence the sale for $1.; *Based on revenue CAGR: -9.0% and expense CAGR: -6.6% (calculated on previous four years).; Note: This is a simplistic analysis ignoring factors such as COVID-19 that may have accelerated existing trends.; Forecast; FY15 FY16 FY17 FY18 FY19 FY20* FY21* FY22* FY23* FY24*; Revenue 391.4 355.5 333.7 305.6 268.7 244.6 222.6 202.6 184.4 167.9; EBITDA 63.2 43.9 39.7 26.5 18.6 20.1 12.9 6.6 1.3 -3.3; CLARE CAPITAL TECH INSIGHTS; Companies sold for or and now worth millions or billions; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital; is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Chelsea was sold to Ken Bates for £1 in 1982 £1.5 million in debt.; The introduction of the EPL and greatly increased broadcasting rights in 1992 completely changed the; business model for football clubs and created a large revenue stream. In 2003 Ken Bates sold Chelsea to; Roman Abramovich for £140 million.; Chelsea is estimated by Forbes to be worth over £2.5 billion (2019).; Reader's Digest once the biggest selling magazine in the world was; sold for £1 to entrepreneur Mike Luckwell in 2014.; Mike Luckwell shifted the magazine's focus from print to digital ; significantly increasing its readership and restoring the viability of; the business.; Currently the publication has over 24 million readers of both its; printed and digital publications and can be found in over 70; different countries.; Newsweek was sold for $1 to Sidney Harman in 2010. Harman took; on liabilities of over USD $47 million.; The print edition was discontinued in 2012 with declining; advertising and subscriptions alongside increasing printing costs.; IBT Media purchased Newsweek in 2013 making significant; changes and turning the business to profitability in late 2014. Using; IBT's resources content output was increased while still retaining; quality journalism.; The print magazine resumed in 2014 but at a higher cost. Currently; Newsweek has an estimated circulation of 100 000.; Renault bought 90% of the Lotus Formula 1 team for £1 in 2015.; The team has since materially increased its revenue while retaining a similar cost base to; achieve breakeven and requiring minimal investment from the parent company.; The team is estimated by Forbes to be worth over £340 million (2019) and races under; the "Renault F1" team.; -50; 50; 150; 2015 2016 2017 2018; Revenue Operating expenses Net Income; All figures in GBP millions. | *estimated.; All figures in GBP millions.; -; 1000; 2000; 3000; 4000; 5000; 1992-1997* 1997-2001* 2001-2004* 2004-2007* 2007-2010 2010-2013 2013-2016 2016-2019; Premier League payments to football clubs (excluding Chelsea); Premier League payments to Chelsea; £440 million | ~9%; The businesses below have been turned around for two key reasons - being in the "right place at the right time" (Chelsea) or being fundamentally restructured.; CLARE CAPITAL TECH INSIGHTS

#171

Overview Clare Capital Tech Insights 171 - Nikola Tesla - 20200703; Tesla revenue and cars sold Nikola market cap and value traded since going public on June 4; Tesla and Nikola revenue growth; Nikola Tesla was an inventor electrical engineer mechanical engineer and futurist who is best known for his contributions to the design of the modern alternating current electricity; supply system. His legacy has been carried on by American Electric Vehicle (EV) companies Nikola and Tesla. Nikola is an American hybrid truck design and manufacturing company that; is yet to sell a car. Tesla is the largest car manufacturer in the world by market cap.; -; 1; 2; 3; 4; 5; 6; -; 5; 10; 15; 20; 25; 30; 35; 04-Jun 11-Jun 18-Jun 25-Jun 02-Jul; Daily value of shares traded US$; billions; Market cap US$ billions; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; -; 20; 40; 60; 80; 100; 120; 140; Cars sold (000s); Revenue US$ billions; Revenue Annual car sales Forecast annual car sales; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7; Revenue US$ billions; Tesla Nikola (forecast); Forecast; Nikola's FY20 revenue is forecast as $0 ; growing to US$1.4 billion in FY23 and; US$7.7 billion in FY26. Tesla Year 1 is; FY10; US$1 billion of Nikola shares are; traded each day; CLARE CAPITAL TECH INSIGHTS; New electric and hybrid car sales by country and as a % of total global motor vehicle production; Share of US$2.2 trillion global automobile industry; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence the International Organization of Motor Vehicle Manufacturers and; the Global EV Outlook 2020. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions; you should seek appropriate personalised financial advice.; -; 0.005; 0.01; 0.015; 0.02; 0.025; -; 0.5; 1; 1.5; 2; 2011 2012 2013 2014 2015 2016 2017 2018 2019; % of total motor vehicle; production; EV and hybrid car sales (millions); China USA Europe Others Scandinavia UK Japan & Korea % of total motor vehicle production; -; 50; 100; 150; 200; 250; 300; 350; Value US$ billions; Market Capitalisation Net Debt; Total enterprise value; Tesla; sales; Note: where net; debt is negative the; market cap is; reduced by excess; cash held.; CLARE CAPITAL TECH INSIGHTS

#170

Overview Clare Capital Tech Insights 170 - Change in Revenue Forecasts vs Share Price Movements - 20200626; 50 largest SaaS companies; Example: Afterpay; Share price: 50% since Covid (Y-axis); FY21 forecast revenue: 9% since Covid (X-axis); Pre-Covid revenue growth forecast: 47% (bubble size for F21 to FY22); This report compares share price performance since the Covid pandemic relative to changes in revenue forecasts. Many global SaaS companies have seen a rise in their share price despite a fall in forecast; revenue. Companies with higher pre-Covid revenue growth forecasts (larger bubbles in charts) have outperformed companies with lower pre-Covid growth forecasts. The first page looks at the 50 largest; SaaS companies in the world per Tech Insights report #145 (Afterpay replacing Sophos). The second page looks at the 50 largest New Zealand NZX-listed companies. Note: Paycom AppFolio and LogMeln; use FY20 to FY21 growth forecasts.; Afterpay has seen a material share price increase despite a fall in; forecast revenue.; salesforce.com; ServiceNow; Workday; Atlassian Square; Veeva; Zoom; Splunk; Citrix; Akamai; RingCentral; SS&C; Twilio; Okta; Paycom; Slack; DocuSign; GoDaddy; Tyler; Datadog; Guidewire; Coupa; Dropbox; Aspen; Zendesk; PTC; MongoDB; Xero; HubSpot; Proofpoint; Nemetschek; Elastic; Nutanix; Zscaler; Manhattan Associates; New Relic Smartsheet; Medallia; Afterpay; Cornerstone OnDemand; Five9; AppFolio; Descartes; LogMeIn; TOTVS; LiveRamp; BlackLine; Box; Mimecast; SVMK; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; (25%) (20%) (15%) (10%) (5%) - 5% 10% 15% 20% 25%; Change in share price (Feb vs Jun); Change in FY21 revenue forecast (Feb vs Jun); Bubble size: Pre-covid forecast revenue; growth from FY21 to FY22; 0.5; 0.3; 0.1; 0.77; 1.5; 1.05; CLARE CAPITAL TECH INSIGHTS; 50 largest New Zealand NZX listed companies; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Pushpay; F&P Healthcare; a2 Milk; Synlait; EBOS; Scales Corp.; Meridian; AFT; Delegat Group; Metlifecare; Vector; Investore Property; Ryman; Oceania; Mercury; Heartland; NZX; Spark; Contact; Restaurant Brands; Property For Industry; Skellerup; Arvida; Precinct Properties; Freightways; The Warehouse; Port of Tauranga; Vital Healthcare; Sanford; Summerset; Trustpower; Mainfreight; Argosy; Napier Port; Goodman Property; Fletchers; Briscoes; Kiwi Property; Kathmandu; Tilt; Auckland Int. Airport (56%); Infratil (27%); SKYCITY (28%); Air NZ (48%); Z Energy (45%); Stride (32%); Vista (28%); Serko (61%); -0.7; -0.5; -0.3; -0.1; 0.1; 0.3; (25%) (20%) (15%) (10%) (5%) - 5% 10% 15% 20% 25%; Change in share price (Feb vs Jun); Change in FY21 revenue forecast (Feb vs Jun); Off axis as less than; negative 20% change in; forecast revenue (change in; FY21 revenue forecast); Bubble size: Pre-covid forecast revenue; growth from FY21 to FY22; 0.5; 0.3; 0.1; 1.08; Negative; 0.2; CLARE CAPITAL TECH INSIGHTS

#169

Overview Clare Capital Tech Insights 169 - Leverage - 20200619; Debt / enterprise value for selected NZX-listed companies; This Tech Insights report looks at leverage (debt as a percentage of enterprise value) for selected NZX-listed companies pre Covid-19 (figures shown are from the latest balance sheet and; share price information available as of the 31st of January 2020).; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Leverage; Net debt / enterprise value Gross debt / enterprise value; Enterprise value = market capitalisation + net debt; (Gross debt - cash); Net debt / enterprise value; 4(Tech companies); Plexure; Hallenstein Glasson; a2 Milk; Pushpay; Gentrack; TruScreen; Serko; Air New Zealand; F&P Healthcare; Kathmandu; Fletcher Building; NZX; The Warehouse; Meridian Energy; Steel & Tube; EROAD; Ryman; Metlifecare; Contact Energy; Auckland Airport; SKYCITY; Spark New Zealand; Smartpay; Summerset; Genesis Energy; Tourism Holdings; SKY TV; Vector; Z Energy; Fonterra; Chorus; Burger Fuel; Seeka; CLARE CAPITAL TECH INSIGHTS; Net debt as a percentage of enterprise value for selected NZX-listed companies; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Plexure; Hallenstein; Glasson; Pushpay; Gentrack; TruScreen; Serko Kathmandu; NZX; The Warehouse; Steel & Tube; EROAD; Metlifecare; Smartpay; Tourism Holdings; SKY TV; Burger Fuel; Seeka; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; - $500 $1 000 $1 500 $2 000; Net debt / enterprise value; a2 Milk; Air New Zealand F&P Healthcare; Fletcher Building; Ryman Meridian Energy; Contact Energy; Auckland Airport; SKYCITY; Spark New; Zealand; Summerset; Genesis Energy; Z Energy Vector; Fonterra; Chorus; $$22 000000 $7 000 $12 000 $17 000; Tech companies; Non-tech companies; Enterprise value NZ$milions; CLARE CAPITAL TECH INSIGHTS