#168

Overview Clare Capital Tech Insights 168 - Working Capital Analysis - 20200612; This Tech Insights report looks at certain components of working capital for New Zealand businesses. It is interesting to compare these items for different industries with special focus on; New Zealand's Tech industry. Data is retrieved from each company's most recent balance sheet.; Working capital analysis; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; % of revenue; Receivables / revenue Payables / revenue Inventory / revenue Unearned revenue / revenue Net / revenue; Definitions; Receivables: money owed to a company by its customers.; Payables: money owed by a business to its suppliers.; Inventory: goods available for sale and raw materials used to produce goods.; Unearned revenue: money received for a service or product that has yet to be provided or delivered.; Net = receivables + inventory - payables - unearned revenue; CLARE CAPITAL TECH INSIGHTS; 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.; Positive and negative working capital analysis; Air NZ; SKY TV; Argosy Property Limited; Plexure; Paysauce; EROAD; Vector; Pushpay; Restaurant Brands; a2 Milk; NZME; Briscoes; Napier Port; Xero; Gentrack; EBOS; Synlait; Z Energy; The Warehouse; Hallenstein Glasson; BLIS; Fonterra Co-op; Micheal Hill; F&P Healthcare; Vista; Serko; ikeGPS; Millennium & Copthorne; Rakon; Comvita; -; 0.1; 0.2; 0.3; 0.4; 10% 20% 30% 40% 50% 60% 70% 80%; (Payables + unearned revenue) / revenue; (Receivables + inventory) / revenue; Key; Net positive NZ tech companies; Other NZ companies; Net negative; CLARE CAPITAL TECH INSIGHTS

#167

Overview Clare Capital Tech Insights 167 - V Shaped Recovery - 20200605; Change in share price vs index; This Tech Insights report looks at the change in share price (%) of several technology companies listed on the NZX and ASX since the start of February. Subsequent to market lows in late; March we have seen a rapid recovery in the share price of many companies. The technology sector has been no different with companies such as Xero Afterpay and Pushpay reaching alltime; highs.; -1; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Afterpay; -0.4; -0.3; -0.2; -0.1; -; 0.1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Xero; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; NZX50 Pushpay; -0.9; -0.75; -0.6; -0.45; -0.3; -0.15; -; 0.15; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Bigtincan Holdings; CLARE CAPITAL TECH INSIGHTS; Change in share price vs index; 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.; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Altium; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Elmo Software; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Tyro Payments; -0.75; -0.6; -0.45; -0.3; -0.15; -; 0.15; 0.3; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Wisetech Global; CLARE CAPITAL TECH INSIGHTS

#166

Overview Clare Capital Tech Insights 166 - Shares Outstanding - 20200529; This Tech Insights report looks at the number of shares outstanding for international and New Zealand technology companies over time. The three general ways that impact the number; of shares outstanding are by issuing new shares buying back existing shares or issuing new shares to employees.; Shares outstanding - NZ technology Cash proceeds since 2015 / Current; market cap; - 20% 40% 60% 80% 100%; Xero; Gentr; ack; Push; pay; Vista; Serko; ikeGP; S; Plexu; re; 100; 120; 140; 160; 180; 200; 220; 240; 260; 280; 300; 2015 2016 2017 2018 2019 2020; Shares outstanding index; NZ$5.4m McDonalds; investment; NZ$45m Booking.com investment; NZ$65m equity raise; Note: Cash proceeds; estimated as monthly change; in shares outstanding x; historic share price.; Plexure; Xero; Vista; Serko; Gentrack; ikeGPS; Pushpay; CLARE CAPITAL TECH INSIGHTS; 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.; Shares outstanding - Visa and Mastercard Shares outstanding - FAANG stocks; 60; 70; 80; 90; 100; 110; 120; 130; 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Shares outstanding index; Visa Mastercard; 60; 70; 80; 90; 100; 110; 120; 130; 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Shares outstanding index; Facebook Amazon Apple Netflix Google; Indexed at 31 May 2012; =- Facebook IPO.; Since 2009 Visa and Mastercard have used; share buybacks to return more than US$80; billion to investors. The share buybacks; have reduced the number of shares; outstanding in each company by more; than 20%.; CLARE CAPITAL TECH INSIGHTS

#165

Overview Clare Capital Tech Insights 165 - Revenue Cohorts - 20200522; WIX revenue cohorts (USD); This Tech Insights report looks at the revenue cohort breakdown for Wix Xero and Pushpay. A revenue cohort consists of all the users that have joined the platform in a particular year; and gives a good representation of the portion of revenue provided by those customers over time. The revenue generated by individual cohorts each year is based on the combined; effect of the change in the Average Revenue Per User (ARPU) and churn.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Revenue (millions); A cloud based platform to design; and build websites; US $10 billion market capitalisation; US $739 million ARR; 3.2 million users; 100; 120; 140; 160; 180; 200; Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4; 2017 2018 2019; WIX Average Revenue Per User (ARPU); Increased ARPU ARR Churn ARR; Cohort ARR; -2015; Cohort ARR; -2016; 2019; 2018; 2017; 2016; 2015; 2014; 2013; 2012; 2011; 2010; Cohorts; CLARE CAPITAL TECH INSIGHTS; Disclaimer; The information provided in this report has been sourced and calculated from annual reports for each respective company 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Revenue (millions); Xero revenue cohorts - estimated (NZD) Pushpay revenue cohorts - estimated (USD); Revenue retention assumed to be constant across; each cohort for Pushpay as per annual reports.; 20; 22; 24; 26; 28; 30; 32; 34; 2010 2012 2014 2016 2018 2020; ARPU; ARPU; 2019; 2018; 2017; 2016; 2015; 2014; 2013; 2012; 2011; 2010; Cohorts; -; 20; 40; 60; 80; 100; 120; 140; 2014 2015 2016 2017 2018 2019 2020; Revenue (millions); Cohorts; USD; 2020; 2019; 2018; 2017; 2016; 2015; 250; 450; 650; 850; 1050; 1250; 1450; 2014 2016 2018 2020; ARPU; Church Community; Builder acquisition; Assumes constant Average Revenue Per User (ARPU) and churn across each cohort for Xero.; Cohort revenue is estimated based on revenue and number of users reported as of 31 March of each year.; CLARE CAPITAL TECH INSIGHTS

#164

Overview Clare Capital Tech Insights 164 - Largest Companies by Market Capitalisation - 20200515; Largest public New Zealand based companies by market capitalisation; This report looks at a selection of the largest companies in Australasia by market cap from 2000 to 2020. The first page looks at companies with headquarters in New Zealand and the; second page looks at companies with headquarters in Australia.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 2000 2005 2010 2015 2020; Market cap NZD billions; Carter Holt; Harvey; The Warehouse; Group; Vector; Fletcher; Building; Fisher &; Paykel; Xero; Meridian; Energy; Auckland; Aiport; Spark; Fonterra; Contact; Energy; The a2 Milk; Company; Spark (formerly Telecom); and Chorus separated in; December 2011.; Spark; CLARE CAPITAL TECH INSIGHTS; Largest public Australia based companies by market capitalisation; 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.; -; 50; 100; 150; 200; 250; 300; 350; 2000 2005 2010 2015 2020; Market cap NZD billions; Telstra; National; Australia; Bank; ANZ; Westpac; Commonwealth; Bank Australia; CSL; BHP; group; CLARE CAPITAL TECH INSIGHTS

#163

Overview Clare Capital Tech Insights 163 - Private Investment in Public Equity - 20200508; Private Investment in Public Equity and selected placements; This week's Tech Insight looks at a number of recent Private Investment in Public Equity (PIPE) transactions. PIPE allows public companies to raise capital through a secondary offering ; often in a shorter space of time and with fewer regulatory hurdles compared to a traditional share offering. A PIPE can be structured in numerous ways including convertible preference; securities common shares warrants or other equity or debt securities. Two recent large transactions include Silver Lake’s investments into Twitter and Expedia.; Broadcom; ArborGen; Motorola Solutions; CommScope; Agiliti; AMC Entertainment; Wayfair; Verint Systems; Cornerstone OnDemand; 8x8; 1Life Healthcare; Afterpay; EVO Payments; Redfin; WiseTech Global; NextDC GetSwift; MoneyGram; ELMO software; Appen; Inseego; Dragontail Systems; Pivotal Systems; EROAD; Smartpay; Buddy Technologies; Plexure; Netlinkz; Oct-15 Apr-16 Nov-16 Jun-17 Dec-17 Jul-18 Jan-19 Aug-19 Feb-20 Sep-20; Equity; Debt Size of bubble represents; investment size (USD millions); 1 000 500 100; Silver Lake Investments; -; 30; 60; 90; 120; Potential payoff for investment (preference shares + warrants); into EXPE; 20% IRR; 15% IRR; 10% IRR; -; 0.5; 1; 1.5; 2; (100%) - 100% 200% 300%; Change in share price; Silver Lake's potential return after 1 year (times); Investment has potential for equity upside but also debt protection; on the downside.; Twitter; Expedia; Airbnb*; CLARE CAPITAL TECH INSIGHTS; PIPEs and selected placements; Company Investor(s); Investment; (USD million); Transaction; date; Transaction date; share price; Broadcom Silver Lake 5 000 May-18 231.30 USD Convertible debt issued; Expedia Silver Lake Apollo Global Mgt 1 176 May-20 64.08 USD Preference shares 9.5% interest rate conversion price of $72 per share; Twitter Silver Lake 1 000 Mar-20 26.78 USD Convertible senior notes 0.38% interest rate conversion price of $41.50 per share; Motorola Solutions Silver Lake 1 000 Sep-19 173.57 USD Convertible senior notes 1.75% interest rate conversion price of $203.50 per share; CommScope Carlyle Group 1 000 Nov-18 19.56 USD Preference shares 5.5% interest rate conversion price of $27.50; Airbnb* Silver Lake TPG Sixth Street 1 000 Apr-20 - USD Equity + debt (non-convertible); Airbnb* Silver Lake Owl Rock + others 1 000 Apr-20 - USD Senior debt interest rate of 7.5% above risk free rate; NCR Corporation Blackstone 820 Dec-15 26.47 USD Preference shares 5.50% interest rate conversion price of $30 per share; Agiliti Thomas H. Lee Partners 750 Jan-19 10.11 USD Common shares issued at a price of $8.50; AMC Entertainment Silver Lake 600 Sep-18 19.80 USD Convertible senior notes 2.95% interest rate conversion price of $20.50 per share; Wayfair CBEP Investments + others 535 Apr-20 71.50 USD Convertible senior notes 2.50% interest rate conversion price of $72.50 per share; Verint Systems Apax Partners 400 Apr-20 42.74 USD Preference shares 5.2% interest rate conversion price of $53.50; Cornerstone OnDemand Silver Lake 294 Dec-18 53.72 USD Convertible notes 5.75% interest rate conversion price of $42 per share; Afterpay Coatue Management 200 Nov-19 31.60 AUD Common shares issued at a price of $28.50; EVO Payments Madison Dearborn 152 Apr-20 14.45 USD Preference shares 6.0% interest rate conversion price of $15.80 per share; WiseTech Global Capital Research + others 101 May-18 14.38 AUD Common shares issued at a price of $13.30; Redfin Durable Capital 110 Apr-20 13.50 USD Common shares issued at $15.61 + convertible pref shares with conversion price of $19.51; GetSwift LDA Capital 67 - 0.42 AUD Common shares to be issued in the event Put option is exercised; MoneyGram Ripple Labs 50 Nov-19 3.07 USD Common shares and warrants issued at a price of $4.10; Inseego MIC Capital + others 25 Mar-20 5.88 USD Preference shares 9.0% interest rate; Dragontail Systems Alceon Liquid + others 19 Mar-20 0.09 AUD Preference shares issued at a price of $0.13; ArborGen Knott Partners Libra Advisors 17 Jun-17 0.23 NZD Common shares issued at a price of $0.2178; Smartpay Anacacia Capital + others 8 Jul-18 0.20 NZD Convertible senior notes 8.0% interest rate conversion price of $0.25 per share; 8x8 Institutional 250 Feb-19 20.06 USD Convertible senior notes 0.50% interest rate conversion price of $25.68 per share; NextDC Institutional 50 Sep-16 4.06 AUD Common shares issued at a price of $4.06; ELMO software Institutional 45 Apr-18 5.31 AUD Common shares issued at a price of $5.40; Appen Institutional 25 Nov-17 7.14 AUD Common shares issued at a price of $5.80; EROAD Institutional 11 Jun-18 3.60 NZD Common shares issued at a price of $3.04; Plexure McDonald's 5 Apr-19 0.42 NZD Common shares issued at a price of $0.3905; Disclaimer; Transaction details; 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.; *Airbnb is not publicly listed but has been included as a data point; CLARE CAPITAL TECH INSIGHTS

#162

Overview Clare Capital Tech Insights 162 - Shorted shares - 20200501; 8x8 New Relic Fitbit; This Tech Insights report looks at businesses where there has been a change in the number of shorted shares. The higher the percentage of shorted shares the greater the sentiment; that a business is overvalued.; Shorting Tesla share price and % of shares sold short since IPO; When an investor borrows; shares and then; immediately sells them ; purchasing new shares at; the end of the borrowing; period to be returned. The; investor makes a profit if; the share price falls; between when they sold; the borrowed shares and; when they purchased; shares to be returned.; -; 5; 10; 15; 20; 25; 30; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 20; 40; 60; 80; 100; 120; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Share price US$; % of total shares sold short; Google's buyout of Fitbit at; 7.35; CLARE CAPITAL TECH INSIGHTS; Changes in shares sold short due to Covid-19; Disclaimer; Domino's Pizza Slack; 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.; Royal Carribean United Airlines Live Nation; Expedia; -; 20; 40; 60; 80; 100; 120; 140; 160; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 10; 20; 30; 40; 50; 60; 70; 80; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 20; 40; 60; 80; 100; 120; 140; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 5; 10; 15; 20; 25; 30; 35; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; CLARE CAPITAL TECH INSIGHTS

#161

Overview Clare Capital Tech Insights 161 - Recent Capital Raises - 20200424; This Tech Insights report looks at ASX/NZX-listed companies which raised capital recently. The first page demonstrates the amounts raised and the discounts at which shares were issued.; The second page looks at metrics around the capital raises.; Recent capital raises for NZX and ASX-listed companies; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; - 200 400 600 800 1 000 1 200 1 400; Discount at which shares were issued; Amount raised (NZD millions); CLARE CAPITAL TECH INSIGHTS; Southern Cross Media; Ooh!Media; Kathmandu; Webjet; G8 Education; Eos; Flight Centre; Oil Search; Vista Group International; NEXTDC; Auckland Airport; Invocare; Rhipe; Bapcor; Centuria Industrials REIT; Carbon Revolution; Shopping Centres Australia; Metcash; QBE; Cochlear; Ramsay; Volpara; Reece; IDP Education; Megaport; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and ASX/NZX 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.; - 0.2 0.4 80% 60% 40% 20% - 0.6 0.8 1.0 1.2 1.4; Volpara: 3.1; NEXTDC: 3.8; Auckland Airport: 1.6; Shares issued; Total shares post issue; Amount raised; Total revenue; CLARE CAPITAL TECH INSIGHTS

#160

Overview Clare Capital Tech Insights 160 - Exchange value traded - 20200417; Monthly trading levels by exchange; The value traded on stock exchanges around the world has surged due to fears over the impact of Covid-19 around the world. Both February and March 2020 have seen a large increase; in the value traded across exchanges although not quite to the levels seen during the financial crisis of 2008. Times of uncertainty can increase the value traded on stock exchanges as; investors evaluate their positions and risk exposure.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Nasd NYSE DB.. SSE. ASX. NZX; Monthly value traded of all; companies listed on the exchange; Market capitalisation of all; companies listed on the exchange; Monthly trading level =; CLARE CAPITAL TECH INSIGHTS; Jan 09 Jan 19 2004 2007 2010 2013 2016 2019; New York Stock Exchange USA New York City 9 363 22 464 11 504 29 114 17 796 13 700 17 318 12 248; Nasdaq USA New York City 2 101 10 662 8 603 13 766 12 659 9 585 11 071 15 910; Japan Exchange Group Japan Tokyo 2 148 5 628 - - - - 5 342 5 099; Shanghai Stock Exchange China Shanghai 1 557 4 194 320 4 182 4 602 3 785 7 194 7 790; London Stock Exchange UK London 1 758 4 160 1 678 4 279 1 261 - - -; Euronext EU 1 863 4 102 2 077 4 790 2 056 1 722 1 687 1 920; Hong Kong Stock Exchange Hong Kong Hong Kong 1 238 4 084 404 2 020 1 495 1 324 1 351 1 877; TMX Group Canada Toronto 998 2 176 707 1 765 1 423 1 333 1 181 1 445; Bombay Stock Exchange India Mumbai 613 1 993 123 359 264 80 107 89; Deutsche Borse Germany Frankfurt 937 1 867 1 227 3 572 1 659 1 383 1 248 1 507; Korea Exchange Korea Seoul 470 1 529 526 1 918 1 641 1 334 1 636 1 944; SIX Swiss Exchange Switzerland Zurich 762 1 527 600 1 465 879 704 844 977; Australian Securities Exchange Australia Sydney 588 1 351 556 1 433 1 187 822 825 881; Brasil Bolsa Balcao Brazil Sao Paulo 612 1 068 114 648 918 744 573 1 048; Taiwan Stock Exchange Taiwan Taipei 323 975 754 1 018 969 622 522 872; Johannesburg Stock Exchange South Africa Johnannesburg 432 958 120 352 375 318 406 350; New Zealand Exchange New Zealand Wellington 21 90 5 6 4 9 11 13; Total annual trading value (USD billions)*; Disclaimer; The information provided in this report has been solely sourced and calculated from World Federation of Exchanges. 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.; Name Country; Total value (USD billions) Annual value traded (USD billions); Market headquaters; Paris Oslo (+others); -; 15000; 30000; 45000; 60000; 75000; 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; *Excludes LSE and JPX due to incomplete dataset; CLARE CAPITAL TECH INSIGHTS

#159

Overview Clare Capital Tech Insights 159 - Company Cash Balance - 20200409; Number of monthly operating expenses companies have in cash and cash equivalents on their balance sheets (9 April 2020); This Tech Insights report compares cash with operational expenses. A large amount of cash on balance sheet is often seen as inefficient use of capital. Alternative uses for cash include; investing it in the business expanding the business through acquisition or using it for a “share buyback”. In times of difficultly however cashflow can quickly become an issue for a; business’s viability and is one instance where a strong cash balance can be important.; -; 6; 12; 18; 24; 30; 36; # Months; Average; Average; Average; NZ listed AU listed US listed; Cash of NZ$42m (market; update April 3); Operating expenses have been calculated; using numbers form the last 12 months.; Firms may have a variable cost structure ; which would change the values illustrated; in this figure.; CLARE CAPITAL TECH INSIGHTS; Cash as a percentage of market capitalisation (9 April 2020); 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.; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; AU listed; US listed; NZ listed; *Cash of NZ $42m (market update April 3); **Cash excludes Fulfiller payables and Artist payables; NZ listed AU listed US listed; CLARE CAPITAL TECH INSIGHTS

#158

Overview Clare Capital Tech Insights 158 - Zoom - 20200403; Zoom and NASDAQ Composite share price indices compared to global coronavirus cases; The spread of Covid-19 and the subsequent restrictions on travel has forced individuals and organisations to communicate using technology. Zoom a major communications platform provider has; been a benefactor of this shift. In December 2019 the Zoom platform was hosting a maximum of 10 million people daily by March 2020 it was hosting 200 million daily. This has caused some; growing pains for Zoom especially around security which the company is working to address.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 1100; 1200; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; 2.2; 44583; 44585; 44587; 44589; 44591; 44593; 44595; 44597; 44599; 44601; 44603; 44605; 44607; 44609; 44611; 44613; 44615; 44617; 44619; 29-Feb; 44622; 44624; 44626; 44628; 44630; 44632; 44634; 44636; 44638; 44640; 44642; 44644; 44646; 44648; 44650; 44652; 44654; Cases (000s); Share price index; China US Iran Spain Italy Other; Zoom; NASDAQ composite; CLARE CAPITAL TECH INSIGHTS; Zoom 88% United States Provides a video-first communications platform 35 768 34 985 56 82%; BizConf 82% China Provides remote virtual conferencing services 1 165 1 127 15 47%; V-cube 82% Japan Develops and provides visual communication services 261 275 5 36%; RSUPPORT 81% South Korea Provides remote support solutions 217 201 9 na; Cincinnati Bell 40% United States Provides telecommunications and technology services 743 2 852 2 49%; RingCentral 33% United States SaaS that enables communication and connectivity 19 491 19 577 22 74%; Citrix 27% United States Workspace networking and professional services 17 293 17 703 6 86%; Sinch 26% Sweden Provides cloud communications services 2 270 2 365 5 28%; TeamViewer 18% Germany Develops and distributes remote connectivity solutions 8 398 8 987 21 87%; Beijing Transtrue 14% China Multimedia video solutions 388 361 3 24%; Slack 8% United States Business technology software platform 13 508 12 981 21 87%; Note: We have not included popular solutions like Google Meet Microsoft Teams and Skype as they are subsections of larger companies.; Disclaimer; Selected companies in the communications space; Company Overview; Market cap; US$m; Enterprise; value US$m; Increase in share; price 1 Jan-3 Apr; Country; 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.; EV/Revenue Gross margin; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; FY17 FY18 FY19 FY20 FY21 FY22 FY23; 0.4; 0.6; 0.8; 1; 1.2; 1.4; (50) FY18 FY19 FY20 FY21 FY22 FY23; -; 50; 100; 150; 200; 250; 300; 350; 400; FY17 FY18 FY19 FY20 FY21 FY22 FY23; Zoom Revenue US$m EBITDA US$m 40% rule; Forecast Forecast; 40% rule:; EBITDA margin +; revenue growth ; ideally greater than 40%; Forecast; Actual Actual; Actual; CLARE CAPITAL TECH INSIGHTS; O

#157

Overview Clare Capital Tech Insights 157 - S&P/ASX All Technology Index - 20200327; S&P/ASX All Technology Index breakdown by market capitalisation (27 March 2020); This Tech Insights report looks at the new S&P/ASX All Technology Index (XTX) which forms Australia's first dedicated index for listed technology stocks. The index currently consists of; 46 companies including notable businesses such as Xero Afterpay and Wisetech. The index also includes six non-Australian businesses; Fineos (Ireland) Xero Volpara and Pushpay (NZ); and Life 360 and Livetiles (USA).; Re-balancing will take place every three months with no limit on the number of companies but a limit of 25% for a single company’s weighting on the index. In order to join the index ; companies must have a market cap of at least AUD$120 million have at least 30% of their shares as free float and have a minimum trading volume of AUD$120k per day. Tyro Nitro and; Limade which listed in December 2019 are likely to join the index at the next rebalancing (with their recent listings preventing them from joining at inception).; Xero | REA Group | Computershare | Wisetech Global | Altium | Afterpay | Carsales.com | NEXTDC | Technology One | Appen | Pro Medicus | Iress | Link Administration | Megaport | Domain | Pushpay | Codan |; Bravura Solutions | FINEOS | Hansen Technologies | Webjet | Data#3 | Kogan.com | EML Payments | Infomedia | Nearmap | Integrated Research | ELMO Software | Life360 | Audinate Group | Rhipe | Volpara |; Bigtincan | Redbubble | Class | Livetiles | ResApp | Alcidion Group | Catapult | Dubber | Over The Wire | NetLinkz | Citadel Group | Praemium | PainCheck | Atomos; 0.27; 4 Companies; 0.3; 2 Companies; 0.08; 12 Companies; 0.32; 12 Companies; 0.03; 16 Companies; CLARE CAPITAL TECH INSIGHTS; Illustrative performance of the top 10 companies that makeup the S&P/ASX All Technology Index (2010 - 2020); 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.; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Listed on ASX; 41244; (Listed on NZX; Listed Jan May 2007); 2011; Listed; 42036; Listed; Nov; 2015; Listed; May; 2016; Listed; 42917; 3.86; NEXTDC; Appen; Link; Altium; Carsales; WiseTech; Computer; share; Afterpay; Xero; REA; CLARE CAPITAL TECH INSIGHTS

#156

Overview Clare Capital Tech Insights 156 - NZX volatility - 20200320; The month of March has seen a collapse in share prices on the NZX with the share prices for 28 businesses falling by more than 40% between 21 February and 20 March. A fall in prices; has coincided with a surge in trading there was more value traded in the first 18 days of March than during the entirety of February.; Change in weighted share price for different NZX industries (21 Feb - 20 Mar) Change in share price for different NZ companies (21 Feb - 20 Mar); -60% -40% -20% -; Leisure & Tourism 3; Aged Care 6; Technology 11; Retail 9; Financial 5; Transport & Ports 10; Building Materials & Construction 3; Utilities 10; Property 10; Media & Telecommunications 6; Consumer 4; Agriculture & Fishing 12; Health 6; Change in weighted average share price; Industry # of companies; -80% -60% -40% -20% -; Serko; Kathmandu; Tourism Holdings; Air NZ; SKYCITY; Gentrack; Vista; Oceania; Evolve; SKY TV; Summerset; Ryman; Plexure; Heartland; Michael Hill; ANZ; Auckland Airport; Westpac; Restaurant Brands; Pushpay; NZX 50; Vector; Chorus; Fonterra; A2 Milk; Fisher & Paykel Healthcare; Change in share price; CLARE CAPITAL TECH INSIGHTS; 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.; The last time the share price was lower than 20 March 2020 (pre March 2020); 20 March 2020 share price lower than any; pre March share price:; Serko; Air NZ Tourism Holdings Smartpay Holdings; SKYCITY; Hallenstein Vista; Summerset; Ryman; Heartland Plexure; Auckland Airport; ANZ Arvida; Kiwi Property Group; Westpac Burger Fuel; Restaurant Brands; ikeGPS; Fletcher Building Comvita EROAD Mainfreight; Freightways; Briscoes; Rakon Limited; Contact; Allied Farmers; Infratil; Pushpay; NZX; Synlait; Metlifecare; Genesis; The Warehouse; Seeka Spark; -0.8; -0.7; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; Apr-2000 Mar-2002 Mar-2004 Mar-2006 Mar-2008 Mar-2010 Mar-2012 Mar-2014 Mar-2016 Mar-2018 Mar-2020; Change in share price (21 Feb - 20 Mar); Years since previous low; 20 18 16 14 12 10 8 6 4 2; AMP; ArborGen; Evolve; Gentrack; Geo; Kathmandu; Metro Performance; Michael Hill; Moa; Napier Port; NZME; Oceania; PGG Wrightson; SKY TV; Stride; TIL Logistics; Tower; TruScreen; Z Energy; -0.8; -0.7; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; Change in share price (21 Feb - 20 Mar); 0; CLARE CAPITAL TECH INSIGHTS

#155

Overview Clare Capital Tech Insights 155 - ikeGPS - 20200313; This Tech Insights report looks at ikeGPS. The company listed on the NZX in 2014. Since then ikeGPS has transformed from offering hardware that captures geodata (GPS coordinates ; photos specific objects and their dimensions) to offering a suite of hardware software and cloud solutions that allows large utilities to capture track and analyse information about their; physical networks (power poles and 5G network sites).; $-; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; -; $20m; $40m; $60m; $80m; $100m; Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Share price NZ$; Market Cap NZ$m; Market Cap; Share price; CEO and CTO now; based in the US.; Cloud service; offered.; Dual listing on the; ASX.; NZ$5m share; placement.; Contract win; with Bell; Canada.; Major US utility win.; Clare Capital; facilitates off; market block; trade for major; investor to go to; 19.9%.; Acquisition; of; PowerLine; Technology.; Increasing; transaction revenue; from IKE analyse; platform.; CLARE CAPITAL TECH INSIGHTS; Revenue breakdown - 12 month hardware and annualised software revenue Market Cap by estimated hardware and software value; Gross margins and share of software revenue Implied ARR software multiple assuming listed comparable hardware multiple; 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.; -5x; x; 5x; 10x; 15x; 20x; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; -; $20m; $40m; $60m; $80m; $100m; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Market Cap NZ$m; Hardware; Software; -; $1m; $2m; $3m; $4m; $5m; $6m; $7m; Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19; Revenue NZ$m; Hardware LTM revenue Software ARR; -; 0.2; 0.4; 0.6; 0.8; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Gross margin Typical software gross margin; Share of software revenue Trendline; CLARE CAPITAL TECH INSIGHTS

#154

Overview Clare Capital Tech Insights 154 - NZ Technology Acquisitions 2018/2019 - 20200306; This Tech Insights report looks at selected acquisitions of New Zealand technology companies since 2018.; 2018 2019; CLARE CAPITAL TECH INSIGHTS; Seller Estimated # employees Seller Buyer Size Date Industry; Trade Me Trade Me Apax Partners $2.6bn May 19 Marketplace; Seequent Seequent Accel-KKR Sep 18 Software - mining; Paymark Paymark Ingenico Group $190m Jan 19 Payments; Tru-Test Tru-Test Datamars $150m Oct 18 Agriculture; Davanti Consulting Davanti Consulting Dentsu Isobar Jul 19 IT services; Grinding Gear Games Grinding Gear Games Tencent America $100m+ May 18 Gaming; Cin7 Cin7 Rubicon Technology Partners Sep 19 Inventory management; Provoke Solutions Provoke Solutions Bridgewest Group Mar 19 IT services; enterpriseIT enterpriseIT Servian Nov 19 IT services; SLI Systems SLI Systems ESW Capital $41m Jan 19 E-commerce; mkm health mkm health Alcidion Apr 18 Health; Simcro Simcro Datamars $100m+ Apr 18 Agriculture; Snapper Snapper Allectus Capital May 19 Ticketing; TALKINGTECH TALKINGTECH Illion Jun 18 Fintech; Biomatters Biomatters GraphPad Software Apr 19 Software; SwipedOn SwipedOn SmartSpace Software $11m Oct 18 Software; Promapp Promapp Nintex Jul 18 Software; Pro Workflow Pro Workflow Eli Global (Entrust) Sep 18 Software; Pivot Software Pivot Software Elmo Talent Management Feb 18 Software; Konnect Net Konnect Net Clanwilliam Group May 18 IT services; Nimbus Software Nimbus Software JDM Technology Group Feb 18 Software; PartPay PartPay Zip $73m Aug 19 Payments; NOW Consulting NOW Consulting Qrious Sep 19 IT services; The Last Pickle The Last Pickle DataStax Mar 20 IT services; IT Engine IT Engine TPT Group Sep 18 IT services; Solarix Networks Solarix Networks Plan B May 18 IT services; Node40 Node40 HashChain Technology Jan 18 Blockchain; Farmax Farmax AgResearch Jun 18 Agriculture; Pacsoft International Pacsoft International Jonas Software Oct 19 Software; Designertech Designertech Theta Feb 19 IT services; CloudinIT CloudinIT Deloitte Nov 18 IT services; API Talent API Talent Deloitte Mar 18 IT services; CostCon NZ CostCon NZ JDM Technology Group Feb 18 Software; Redbrick Technology Redbrick Technology Lancom Technology Nov 19 IT services; Smartpage (Oncall) Smartpage (Oncall) Alcidion Corporation $3m Feb 18 Health; SEO Elements SEO Elements Pure SEO Jun 18 Advertising; SoundSwitch SoundSwitch Denon DJ May 18 Music; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Crunchbase. 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.; - 100 200 300 400 500; CLARE CAPITAL TECH INSIGHTS

#153

Overview Clare Capital Tech Insights 153 - SaaS Quick Ratio - 20200228; 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0%; 4.0% 1.9 2.0 2.1 2.2 2.3 2.5 2.7 3.0 3.4 4.0 2.0%; 3.8% 2.0 2.0 2.1 2.3 2.4 2.6 2.8 3.1 3.6 4.3 1.8%; 3.6% 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.3 3.9 4.8 1.6%; 3.4% 2.0 2.1 2.2 2.4 2.5 2.8 3.1 3.5 4.2 5.3 1.4%; 3.2% 2.1 2.2 2.3 2.4 2.6 2.9 3.2 3.7 4.5 6.0 1.2%; 3.0% 2.1 2.2 2.3 2.5 2.7 3.0 3.4 4.0 5.0 7.0 1.0%; 2.8% 2.1 2.3 2.4 2.6 2.8 3.1 3.6 4.3 5.6 8.5 0.8%; 2.6% 2.2 2.3 2.5 2.7 2.9 3.3 3.9 4.8 6.5 11.0 0.6%; 2.4% 2.2 2.4 2.5 2.8 3.1 3.5 4.2 5.3 7.7 16.0 0.4%; 2.2% 2.3 2.4 2.6 2.9 3.2 3.7 4.5 6.0 9.6 31.0 0.2%; 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%; Churned MRR; Three ways of achieving the same growth SaaS Quick Ratio heat map - 6% monthly growth/100% annual growth; The SaaS Quick Ratio is effective for examining the efficiency of a company’s net Monthly Recurring Revenue (MRR) growth.; New MRR; 10 14; 8; -6; -2; 4; Churned MRR; MRR from customers lost; Contraction MRR; Reduced MRR from existing customers; Expansion MRR; Additional MRR from existing customers; New MRR; MRR from new; customers; MRR; (this month); MRR; (last month); Measures growth efficiency.; A low value suggests that new revenue is; working hard to replace lost revenue.; A high value suggests that revenue; growth is both high and stable.; Churned MRR + Contraction MRR; New MRR + Expansion MRR; SaaS Quick Ratio (QR); QR ≥ 4 efficient; growth; QR 2-4 inefficient; growth due to; churn; QR < 2 ; unsustainable; growth revenue; gain barely; outweighs churn; Expansion MRR; 10; 10; 2; -6; 16; Efficient growth ; SaaS Quick Ratio: 5; Inefficient growth ; SaaS Quick Ratio: 3; Unsustainable; growth ; SaaS Quick; Ratio: 1.5; 10 14; 4; 1; -1; 10 14; 4; 1; -0.5; -0.5; Contraction MRR; 4.2=; 5.5 + 2.4; 1.5 + 0.4; 2.1=; 8.5 + 2.8; 4.6 + 0.8; CLARE CAPITAL TECH INSIGHTS; EFFICIENT BUSINESS: average SaaS Quick Ratio of 4.90; UNSUSTAINABLE BUSINESS: average SaaS Quick Ratio of 1.68; Two businesses that both have 6% Monthly Recurring Revenue (MRR) growth - MRR of $100 000 to $814 725 over three years; Note: The change in MRR in both scenarios is generated using a random normal distribution with a standard deviation of 20% of the change in each variable. Data is therefore ; randomly generated and is not intended to reflect a particular organisation.; Monthly change in revenue MRR and cumulative lost MRR; Monthly change in revenue MRR and cumulative lost MRR; -100000; -50000; -; 50000; 100000; 150000; New MRR Expansion MRR Churned MRR Contraction MRR; -100000; -50000; -; 50000; 100000; 150000; New MRR Expansion MRR Churned MRR Contraction MRR -; 500000; 1000000; 1500000; $2 000 000 MRR Cumulative lost MRR; -; 500000; 1000000; 1500000; 2000000; MRR Cumulative lost MRR; MRR would be $1 137 000 higher if; not for churn and contraction; Year 1 Year 2 Year 3; Year 1 Year 2 Year 3; SaaS Quick Ratio: 1.71 SaaS Quick Ratio: 1.31; SaaS Quick Ratio: 6.08 SaaS Quick Ratio: 5.63; CLARE CAPITAL TECH INSIGHTS

#152

Overview Clare Capital Tech Insights 152 - Corporate Venture Capital Teams - 20200221; Ratio of Parent Company Revenue : Venture Capital Team Size Venture Capital Team Size; This Tech Insights report looks at venture capital arms of some of the biggest corporate firms in the world and the size of their teams. A total of 41 teams are analysed over a range of sectors including; technology healthcare and energy. Corporate venture capital arms invest at various stages with a strong focus on early stage start-ups and have invested tens of billions of dollars over the last three decades.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Revenue US $ Billion / Investment Professionals Ratio; Median; Average; The size of corporate venture capital teams does not heavily correlate with the revenue generated with team; sizes varying for both high and low revenue organisations. Many chase the next "big thing" others look to; expand their business and some look to identify and mitigate threats to their business. 100; 90; 80; 70; 60; 50; 40; 30; 20; 10; Total # Investment Professionals; CLARE CAPITAL TECH INSIGHTS; New Zealand Based Corporate Venture Capital Investments Corporate Venture Capital Teams with 60+ Investments; Founded; Team; Size; Investments Exits; Parent Market; Cap US $ B; Investments; / Exit Ratio; Value; US $ B; Intel Capital 1991 79 1 554 387 273 4.0 12.4; Google Ventures 2009 91 678 140 1 005 4.8 2.4; Salesforce Ventures 2009 17 407 78 162 5.2 0.9+; Qualcomm Ventures 2000 66 358 74 98 4.8 0.5+; Johnson & Johnson 1973 12 340 139 392 2.4 1.0+; Comcast Ventures 1999 16 301 67 197 4.5 0.7+; Softbank Capital 1995 16 277 94 87 2.9 1.7+; Samsung Ventures 1999 43 221 49 314 4.5 2.1+; Dell Tech Capital 2012 16 173 42 356 4.1 0.6+; GE Ventures 2013 77 169 28 109 6.0 0.5+; Mitsui & Co. GI 1996 12 141 45 313 3.1 1.0+; SR One 1985 7 138 39 90 3.5 0.8+; Deutsche Telekom Capital 2014 22 137 43 85 3.2 1.7+; Nokia Growth Partners 2005 27 135 38 219 3.6 1.2; NTT DoCoMo Ventures 2008 10 124 35 94 3.5 0.6+; Verizon Ventures 1990 15 121 28 246 4.3; Unilever Ventures 2003 9 120 31 151 3.9 0.7+; Cisco Investments 1993 42 114 29 195 3.9 1.0+; Microsoft M12 2016 28 109 11 1 358 9.9; Time Warner Investments 2003 16 94 51 277 1.8; Pfizer Venture Investments 2004 11 93 28 198 3.3 0.6+; Citi Ventures 2009 54 91 18 161 5.1 1.0+; DSM Venturing 2001 9 88 31 21 2.8; Swisscom Ventures 2007 11 86 26 30 3.3 0.1+; Bosch Venture Capital 2007 4 86 12 6 7.2; Chevron Tech Ventures 1999 7 73 17 205 4.3 0.2+; Telstra Ventures 2011 18 73 16 29 4.6 0.35+; Shell Ventures 1996 41 69 9 192 7.7; Dow Venture Capital 1994 11 68 32 36 2.1; American Express Ventures 2011 15 63 10 109 6.3; BMW i Ventures 2011 14 61 6 45 10.2 0.5+; Sony Innovation Fund 2016 33 61 0 82 NA 0.2+; Average 27 207 52 223 4.6; Median 16 121 32 161 4.1; Disclaimer; Series A/B; Seed; Series B; Series B/C; Series A-C; Series A; Series C; Series A/B; Series A/B; Series A; Series A/B; Series B; Series B/C; Series B; Series B/C; Series A; Series A-C; Series A/B; Series B/C; Series A/B; Series A; Series A/B; Series B/C; Series A/B; Series B; The information provided in this report has been sourced and calculated from Crunchbase Pitchbook and company websites where available. 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.; Seed/Angel; Series B; Series A/B; Series A; Series A; Key Stage; Series A-D; Series C; $4.0 Million Invested; 43313; At valuation of $24.4M; Current valuation $44.3M (+82%); Source: NBR Dec 2019; $7.7 Million Invested; 42005; At valuation of $55M; Current valuation $100M (+82%); Source: NBR Oct 2019; $4.0 Million Invested; 41883; At valuation of $40M; Current valuation $100M (+150%); Source: NBR Oct 2019; $4.0 Million Invested; 41883; At valuation of $40M; Series B raise of $57m; 43831; 5 investors including salesforce; $5.0 Million Invested; 41518; At valuation of $40M; Bought by Apple for $100M+ in 2017; $90 Million Invested; 43497; Series A; $38 Million Invested; 43160; Venture round; Homes - 22.5% ownership; Mycare - 9.8% ownership; Now - 36.5% ownership; Parkable - 10.6% ownership; Jupl - 14.0% ownership; Kan Technologies - 37.7% ownership; =+ Others; =+ Others; CLARE CAPITAL TECH INSIGHTS

#151

Overview Clare Capital Tech Insights 151 - Buy Now Pay Later - 20200214; FY17A FY18A FY19A FY20F FY21F FY22F; Revenue 24 124 228 520 859 1 253; Revenue growth 1561% 418% 83% 128% 65% 46%; Gross margin 77% 75% 73% 74% 72% 71%; EBITDA (13) 8 (22) 61 135 232; EBITDA margin (54%) 6% (10%) 12% 16% 19%; 40% rule 1 507% 424% 74% 140% 81% 64%; Customers 0.8 2.0 4.6; Revenue/customer 30 62 49; Active merchants 6.0 16.0 32.3; Revenue/merchant 4 001 7 771 7 048; Merchant sales 0.6 2.3 5.5; Employees on Linkedin 547; Revenue per employee 416; Afterpay's share price (NZ$) and EV/revenue multiple since 29 June 2017 IPO; NZ$; %; NZ$ 000s; Afterpay founded in 2014 offers a "buy now pay later" (BNPL) service for shoppers. The company listed on the ASX in June 2017 with the share prices increasing 14.2x in the subsequent; two and a half years. Although the largest ASX listed BNPL company Afterpay is one of a handful of companies offering this service. New Zealand's Laybuy funded in part by Pioneer; Capital recently announced its intention to list on the ASX.; NZ$; Afterpay revenue growth Units; NZ$ millions; NZ$ millions; millions; 000s; NZ$ billions; %; %; %; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; 80x; 90x; 100x; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19; EV/revenue; Share price NZ$; Share price NZ$ EV/revenue; -; 200; 400; 600; 800; 1000; 1200; 1400; FY15A FY16A FY17A FY18A FY19A FY20F FY21F FY22F; Revenue NZ$ millions; Forecast; 364% Compound; annual revenue; growth; CLARE CAPITAL TECH INSIGHTS; 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.; Share price index LTM; Metrics for ASX listed "buy now pay later" providers; Sezzle; Openpay; Splitit na 130; 161; 404; 1837; 2238; 2251; Afterpay 10 467; Zip; Tyro; EML; 1.33; 0.87; 0.94; 0.27; 0.58; 0.92; Company; Forecast; revenue; growth; FY19-FY20; EV NZ$; millions; EV/revenue; -; 0.2; 0.4; 0.6; 0.8; 1; - 40% 80% 120% 160% 200% 240%; Gross margin; Revenue growth FY18-FY19; 8.5; Axis break; 100; 200; 300; 400; 500; Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20; Share price index; Afterpay EML Splitit Zip ASX 200 Index ASX 200 Information Technology Sector Index; EML Afterpay; Openpay; Sezzle*; Tyro; Zip; Note: Openpay Tyro and; Sezzle went public in the; last 6 months; 10x; 25x; 50x; 100x; *Forecast revenue growth due to December year end; Splitit*; CLARE CAPITAL TECH INSIGHTS

#150

Overview Clare Capital Tech Insights 150 - 2019 SaaS Share Price Performance - 20200210; This Tech Insights report looks at the average performance of SaaS companies around the world throughout 2019. The first graph outlines the performance of the top and bottom 20% of; companies (ranked by market capitalisation at the start of 2019) compared to the industry average performance. Two companies of interest - ikeGPS and Serko - are also plotted on the; axes below.; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019; Revenue Multiple; SaaS Revenue Multiple 2019; Clare Capital SaaS Index Revenue Multiple Clare Capital SaaS Index Revenue Multiple 2019 average; Top 20% Market Cap in Jan 2019 Serko; Bottom 20% Market Cap in Jan 2019 ikeGPS; CLARE CAPITAL TECH INSIGHTS; 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.; Selected NZX and ASX listed SaaS companies with 2019 share price increase broken down into revenue growth and multiple expansion.; -; 0.5; 1; 1.5; 2; 2.5; Smartpay; Holdings; Plexure Catapult Group Xero Serko Nearmap Volpara Health; Technologies; WiseTech; Global; Pushpay; Holdings; EROAD Elmo Software; Share Price Increase; Revenue Growth Multiple Expansion Each company's return is a combination of multiple expansion and revenue growth.; In the case of Volpara and Elmo the revenue growth more than compensates for the; negative impact of a multiple compression; CLARE CAPITAL TECH INSIGHTS

#149

Overview Clare Capital Tech Insights 149 - Spurious Correlations 2019 - 20191206; CLARE CAPITAL TECH INSIGHTS; -; 20; 40; 60; 80; 100; 120; -; 0.2; 0.4; 0.6; 0.8; 1; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 100; 200; 300; 400; 500; 600; 700; 800; -; 0.1; 0.2; 0.3; 0.4; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 20; 40; 60; 80; 100; 120; -; 20; 40; 60; 80; 100; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; -; 1; 2; 3; 4; 5; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; 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.; Disclaimer; Rakon share price (NZD) v Steel (Domestic Hot Rolled Coil USD per Short Ton) PaySauce share price (NZD) v Coal (Newcastle USD per Ton); Xero share price (AUD) v Kuwait Real Estate Company share price (KWF) Serko share price (NZD) v Wheat (Feed HUF per Metric Ton); CLARE CAPITAL TECH INSIGHTS