#148

Overview Clare Capital Tech Insights 148 - Dual listing - 20191129; Share price performance relative to the NZX50 for the 12 months following ASX dual listing; Several NZX technology companies maintain a dual listing on the ASX and NZX. Below we outline share price performance relative to the NZX50 index for the 12 months post an ASX; dual listing. Three of the five companies went on to outperform the index in the 12 months after achieving an ASX listing. Both Serko and Pushpay achieved an approximate 20%; outperformance 12 months on from the date of their dual listing. Xero outperformed the index following their ASX listing and separately following their delisting from the NZX. We note; EROAD is currently considering an ASX listing and may look to replicate this level of performance.; 0; 1.5; 3; 4.5; 6; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; 1.4; 0 1 2 3 4 5 6 7 8 9 10 11 12; Share price performance relative to NZX50 index; Months on from ASX dual listing; Listing on ASX; Delisting from; NZX; 3; 4.5; 6; CLARE CAPITAL TECH INSIGHTS; EV/Revenue multiples and share prices over the six months pre and six months post dual listing or NZX delisting; 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 share price and EV/Revenue multiple; Xero share price and EV/Revenue multiple Serko share price and EV/Revenue multiple; Xero share price and EV/Revenue multiple; -; 10; 20; 30; 40; 50; -; 4x; 8x; 12x; 16x; 20x; Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18; Share price NZ$; EV/Revenue; Share price Pre (NZX & ASX) Post (ASX); NZX delisting; 44594; -; 4; 8; 12; 16; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44873; -; 1; 2; 3; 4; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44737; -; 1; 2; 3; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44846; CLARE CAPITAL TECH INSIGHTS; NZ Company Asset Correlation; Plexure Bitcoin 95%; Vista Angry Birds 89%; Xero Kuwait Real Estate Co. 96%; Serko Wheat 92%; Rakon Steel 91%; PaySauce Coal 90%; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 1; 2; 3; 4; 5; 6; 7; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; Plexure share price (NZD) v Bitcoin (USD) Vista share price (NZD) v Angry Birds (Rovio Entertainment share price EUR); This Christmas edition of our Tech Insights report looks at unlikely correlations for New; Zealand technology companies against a range of assets in 2019. Inspired by a recent tweet; by Bloomberg Executive Editor Tracy Alloway (@tracyalloway) showing the high correlation; between avocado prices and Bitcoin we tested over half a million different correlations to see; what random relationships we could find. All charts shown are for the 2019 year using weekly; data points.; To state the obvious this is done for amusement only. All these examples are good; reminders that correlation does not imply causation. We would not recommend using Bitcoin; futures to predict Plexure's share price (but if you do please let us know how you get on).; 2019 Clare Capital Highlights; It has been a busy year at Clare Capital. Highlights include:; ▪ Advising Snapper on its sale to Allectus; ▪ Advising NZX on the sale of its FundSource business unit; ▪ Advising Ranqx on its capital raise; ▪ Advising Proactive Rehab on its acquisition of Fit For Work; ▪ Welcoming Eliot Brown to the team; With the upcoming New Zealand summer break our last office day; for the year is Friday 20 December 2019 and we reopen on Monday; 13 January 2020. We are contactable throughout if needed; urgently. Tech Insights reports will resume from February 2020.

#147

Overview Clare Capital Tech Insights 147 - Bill.com - 20191122; 30-Sep-18 30-Sep-19 Difference; Subscription and transaction fees (US$m) 73 114 57%; Interest on funds held for customers (US$m) 17 27 56%; Total revenue 90 141 57%; EBITDA (US$m) (1.2) (6.3) (414%); Gross margin 72% 74% 2%; EBITDA margin (5%) (18%) (12%); 40% rule 66% 39% (27%); CAC per addition (US$) 1 541 2 240 45%; Payback period 19.4 21.0 8%; Customers 67 511 81 374 21%; ARPU - recurring revenue (US$) 90 117 30%; ARPU - total revenue (US$) 111 144 30%; Revenue per employee (US$) 200 000+; Note: payback period uses "ARPU - total revenue".; Employee numbers estimated from Linkedin.; Bill.com offers cloud-based accounts payable and accounts receivable solutions for businesses accounting firms and banks. The company’s platform helps businesses to automate bill; approvals and payments protect against fraud simplify check approval and signing tasks maintain a comprehensive audit trail and reduce bookkeeping tasks by automatically syncing; with accounting software. Bill.com has strategic partnerships with American Express and Mastercard. The company has filed to list on the NYSE in the coming months with the aim of; raising US$100m.; Annualised revenue and gross margin Annualised three month data; 0.62; 0.64; 0.66; 0.68; 0.7; 0.72; 0.74; 0.76; -; 20; 40; 60; 80; 100; 120; 140; 160; Sep-17 Mar-18 Sep-18 Mar-19 Sep-19; Gross margin; Annualised revenue (US$m); Subscription and transaction fees Interest on funds held for customers; Product overview Integrations; Capture: drop invoices in and Bill.com; auto-enters the data for your review; Approve: set up workflows and rules for; faster easier approvals from any device; Pay: send bill payments to domestic or; international vendors in just a few clicks; Reconcile: sync with your accounting; system for fast reconciliation and less data; entry; CLARE CAPITAL TECH INSIGHTS; We look at Bill.com funding rounds and evaluate investor returns compared to subsequent funding rounds or at possible IPO prices.; Funding round Series A Series B Series C Series D Series E Series F Series G Series H; Date 31/03/2006 31/07/2009 16/07/2010 8/12/2011 8/11/2013 4/12/2014 21/07/2017 2/04/2019; Funding amount US$m 2.11 15.79 8.50 15.50 38.00 30.00 82.50 88.12; Aggregate funding US$m 2.11 17.90 26.40 41.90 79.90 109.90 192.40 280.51; Implied share price $0.39 $0.73 $0.92 $1.25 $2.01 $3.05 $4.88 $8.31; Date Stage Series A Series B Series C Series D Series E Series F Series G Series H; 31/03/2006 Series A; 31/07/2009 Series B 1.87x; 16/07/2010 Series C 2.36x 1.26x; 8/12/2011 Series D 3.20x 1.71x 1.35x; 8/11/2013 Series E 5.15x 2.75x 2.17x 1.60x; 4/12/2014 Series F 7.81x 4.17x 3.29x 2.43x 1.51x; 21/07/2017 Series G 12.52x 6.69x 5.28x 3.90x 2.42x 1.60x; 2/04/2019 Series H 21.30x 11.37x 8.98x 6.64x 4.13x 2.72x 1.70x; 12/12/2019* IPO @ US$10 25.64x 13.69x 10.82x 8.00x 4.97x 3.27x 2.04x 1.20x; 12/12/2019* IPO @ US$12 30.76x 16.43x 12.98x 9.60x 5.97x 3.93x 2.45x 1.44x; Date Stage Series A Series B Series C Series D Series E Series F Series G Series H; 31/03/2006 Series A; 31/07/2009 Series B 21%; 16/07/2010 Series C 22% 28%; 8/12/2011 Series D 23% 26% 24%; 8/11/2013 Series E 24% 27% 26% 28%; 4/12/2014 Series F 27% 31% 31% 35% 48%; 21/07/2017 Series G 25% 27% 27% 27% 27% 20%; 2/04/2019 Series H 26% 29% 29% 30% 30% 26% 37%; 12/12/2019* IPO @ US$10 27% 29% 29% 30% 30% 27% 35% 31%; 12/12/2019* IPO @ US$12 28% 31% 31% 33% 34% 31% 46% 70%; *Assumed IPO date; Disclaimer; Return on investment at different funding rounds; IRR on investment at different funding rounds; 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.; Bill.com funding rounds; 9.60x =; ....................Time: years; (1+IRR) =; ^ IPO share price $; Series D share price $; ............8.02; 1.33 =; 12; 1.25; ^; IPO share price: $12; Series D share price: $1.25; CLARE CAPITAL TECH INSIGHTS

#146

Overview Clare Capital Tech Insights 146 - Value traded - 20191115; The following graphs compare the market capitalisation of listed software companies in NZ$m (left axis) with the daily % of shares traded on selected exchanges (right axis). The average; % of shares traded per trading day since 2015 is also included.; Microsoft market cap and daily % traded on the Nasdaq Pushpay market cap and daily % traded on the NZX and ASX; Xero market cap and daily % traded on the NZX and ASX Vista market cap and daily % traded on the NZX and ASX; -; 0.005; 0.01; 0.015; 0.02; -; 400000; 800000; 1200000; 1600000; 2000000; 2015 2016 2017 2018 2019; Market cap NASDAQ; -; 0.005; 0.01; 0.015; 0.02; -; 2000; 4000; 6000; 8000; 10000; 12000; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 1000; 1200; 1400; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 1000; 1200; 2015 2016 2017 2018 2019; Market cap NZX ASX; 2.0% +; 2.0% +; 2.0% +; 2.0% +; Average daily trade; NZX ASX; 0.129% 0.166%; Average daily trade; NZX ASX; 0.155% 0.003%; Average daily trade; NZX ASX; 0.104% 0.054%; Average daily trade; NASDAQ; 0.00377; CLARE CAPITAL TECH INSIGHTS; Market cap in NZ$m (left axis) and daily % of shares traded on select exchanges (right axis).; 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 market cap and daily % traded on the NZX IkeGPS market cap and daily % traded on the NZX and ASX; Serko market cap and daily % traded on the NZX and ASX Gentrack market cap and daily % traded on the NZX; -; 0.005; 0.01; 0.015; 0.02; -; 20; 40; 60; 80; 100; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 100; 200; 300; 400; 500; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 2015 2016 2017 2018 2019; Market cap NZX ASX; =; 5% +; -; 0.005; 0.01; 0.015; 0.02; -; 30; 60; 90; 120; 150; 2015 2016 2017 2018 2019; Market cap NZX; 2.0% + 2.0% +; 2.0% + 2.0% +; Average daily trade; NZX ASX; 0.119% 0.051%; Average daily trade; NZX ASX; 0.054% 0.001%; Average daily trade; NZX ASX; 0.055% 0.031%; Average daily trade; NZX; 0.00067; CLARE CAPITAL TECH INSIGHTS

#145

Overview Clare Capital Tech Insights 145 - Largest 50 SaaS companies - 20191108; The graph below shows the 50 largest listed Software as a Service (SaaS) companies in the world as at November 2019 by market capitalisation. We look at how they each compare to; the 40% rule (annual revenue growth + EBITDA margin). We use forward looking numbers; the forecast EBITDA margin for 2020 and the revenue compound annual growth rate (CAGR); between 2018 and 2021. The size of each company's bubble relates to their Enterprise Value / 2020 forecast revenue. What stands out is that revenue CAGR is valued greater than; profitability.; 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; Smartsheet; New Relic; Medallia; Sophos; Cornerstone OnDemand; Five9; AppFolio; Descartes; LogMeIn; TOTVS; LiveRamp; BlackLine; Box; Mimecast; SVMK; -0.3; -0.2; -0.1; 0; 0.1; 0.2; 0.3; 0.4; 0.5; 10% 20% 30% 40% 50% 60% 70% 80% 90%; EBITDA margin 2020; Revenue CAGR 2018-2021; 10x 20x 30x; EV/ forecast revenue 2020; Forward looking 40% rule for 50 largest listed SaaS companies; Revenue CAGR + EBITDA margin; is less than 40%; Revenue CAGR + EBITDA margin; is more than 40%; CLARE CAPITAL TECH INSIGHTS; Index share price change during 2019 for 50 largest SaaS 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.; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; Index share price; Top 10; median; All companies; median; Bottom 10; median; Median change from 01/01/19 to 06/11/19; ssss; Companies Share price Revenue EV/revenue; Top 10 72% 24% 47%; All 31% 18% 11%; Bottom 10 (7%) 18% (14%); Note: does not include Zoom Datadog Slack or; Medallia due to their listing during 2019; CLARE CAPITAL TECH INSIGHTS

#144

Overview Clare Capital Tech Insights 144 - Serko - 20191101; Serko offers travel management software to corporates with the majority of revenue coming from transaction fees on bookings. Booking.com one of the largest online travel platforms; in the world recently aquired a stake in the business at NZ$4.04 per share. This saw the share price increase from NZ$3.42 to NZ$4.54. This represents a 4.7x increase from the June 2014; IPO price of NZ$0.95 cents and an 18.1x increase from the April 2017 price of NZ$0.25 cents. Serko is forecast to more than double revenue by 2022 with forecast EBITDA of NZ$10m.; Share price 26/06/14- 30/09/19 Share price October 2019; EBITDA and Revenue ($m) EV/Revenue; -10; -; 10; 20; 30; 40; 50; 60; 2014 2015 2016 2017 2018 2019 2020 2021 2022; EBITDA Revenue; -; 1; 2; 3; 4; 5; Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Jun-2019; Forecast; -; 1; 2; 3; 4; 5; 1-Oct 8-Oct 15-Oct 22-Oct 29-Oct; IPO @ NZ0.95; Low @ NZ0.25; Announcement; of deal with; Booking.com; Trading halt; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Jun-2019; CLARE CAPITAL TECH INSIGHTS; Selected companies in the travel and human resource management (HRM) industries; EV / Revenue EV / EBITDA; Hostelworld Group Online hostel-booking platform 223 186 1.3 5.2 -1.0%; Adventure Online reservation platform in Japan 281 370 0.5 30.5 247.6%; Lastminute.com Search and compare transport and accommodation 697 569 1.0 5.4 14.7%; eDreams Online travel company in Europe 765 1 287 1.5 6.6 -0.5%; On the Beach Online retailer of short-haul beach holidays 1 172 1 175 4.0 15.5 42.2%; Despegar.com Provides flights and holiday packages 1 173 721 0.9 18.6 0.7%; Webjet Compare combine and book accomodation and transport 1 663 1 672 4.3 12.9 -52.9%; Trivago Hotel and accommodation search platform 1 857 1 661 1.1 12.4 -3.9%; Corporate Travel Mgmt. Manages travel services for the corporate market 2 089 2 008 4.2 12.8 16.8%; MakeMyTrip Air ticketing hotels and packages and bus ticketing 3 723 3 356 3.4 nm 5.0%; Trainline Independent rail and coach travel platform 4 017 5 019 12.3 72.0 20.3%; Trip Advisor Online travel company 8 738 7 502 3.0 10.3 4.4%; Sabre Provides tech solutions to the travel and tourism industry 9 674 14 306 2.3 9.6 7.4%; 2 Ctrip An agent for hotel transactions and selling air tickets 30 870 32 419 4.1 19.6 17.2%; Expedia Facilitates the booking of accommodation and transport 34 872 36 419 1.9 10.4 12.8%; Booking Holdings Connects travelers with accomodation and transport 134 121 138 004 5.8 15.0 9.0%; Median 2.6 12.8; KNT-CT Provides travel services in Japan 597 -452 nm nm 3.5%; Helloworld Travel Operates retail travel brands 607 449 1.2 5.6 3.2%; Flight Centre Retail service for leisure corporate and wholesale travel 4 665 4 560 1.4 10.3 0.9%; Median 1.3 8.0; Paylocity Human capital management software solutions 8 527 8 456 12.2 43.0 24.3%; Paycom Software Cloud-based human capital management service for SMEs 19 185 19 110 16.8 39.5 35.2%; Median 14.5 41.2; Serko Software solutions for expense management and online travel 431 416 17.8 169.1 28%; Disclaimer; Revenue; growth; Company Overview; Market cap; NZ$m; Enterprise value; NZ$m; Multiples; 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.; HRM Retail Online; CLARE CAPITAL TECH INSIGHTS

#143

Overview Clare Capital Tech Insights 143 - Peloton - 20191018; Peloton who went public on the 26th of September sell exercycles and subscriptions to an online streaming service that allows users to live-stream exercycle classes. The company has; experienced strong subscription growth over the last two years increasing from 120 000 to 510 000 subscribers with sub 1% monthly churn. The majority of Peloton's revenue however ; is driven from hardware sales. Peloton has total revenue of US$900M (80% from exercycle sales and 20% from subscriptions).; LTM revenue from exercycle sales vs subscriptions; LTM Costs (stacked bar) Peloton daily share price vs LTM revenue (line); Subscriber growth and churn; -; 0.002; 0.004; 0.006; 0.008; 0.01; -; 200000; 400000; 600000; Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; Subscribers Monthly churn; -; 50; 100; 150; 200; -; 200; 400; 600; 800; Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; Subscriptions US$ M; Exercycles US$ M; Exercycles Subscriptions; 20; 21; 22; 23; 24; 25; 26; 27; 28; 26-Sep 30-Sep 4-Oct 8-Oct 12-Oct 16-Oct 20-Oct; US$; -; 200; 400; 600; 800; 1000; 1200; Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; US$ M; Sales and; marketing; R&D costs; G&A costs; Subscription; costs; Exercycle; costs; Total; Revenue; IPO; CLARE CAPITAL TECH INSIGHTS; Selected companies in the health fitness and fitness technology industries; EV / Revenue EV / EBITDA; Planet Fitness Franchises and operates fitness centers. 5 082 6 042 8.8 21.9 28.7%; Premier Inc Operates as a healthcare improvement company. 2 090 1 983 1.3 3.6 33.7%; Basic Fit Operates fitness clubs in Europe. 1 717 3 100 5.5 10.4 23.2%; Tivity Health Provides fitness and health improvement programs. 754 1 867 1.6 8.1 87.0%; The gym group Operate health and fitness facilities in the UK. 477 854 4.4 14.1 22.6%; Gaia Inc Operates a digital yoga focused video subscription service. 116 117 2.2 nm 22.7%; Viva Leisure Operates health clubs in Australia. 83 78 3.4 15.5 374.1%; Town Sports International Owns and operates fitness clubs in the United States. 52 856 1.8 4.7 5.5%; Median 2.8 10.4; Garmin Manufactures high-end navigational smart watches. 16 626 15 627 4.3 16.4 7.7%; Fitbit Manufactures low/mid-end fitness watches. 997 533 0.4 nm -4.0%; GoPro Develops cameras drones and mountable accessories. 523 611 0.5 7.1 6.9%; Daktronics Manufactures electronic display systems. 324 301 0.5 12.8 -3.8%; Median 0.5 12.8; Shimano Manufactures bicycle components and rowing equipment. 13 344 11 074 3.3 13.5 6.2%; Giant Manufactures bicycles and related parts worldwide. 2 682 2 905 1.4 14.2 6.3%; Technogym Sells fitness equipment worldwide. 2 353 2 411 3.2 14.6 4.9%; Merida Manufactures bicycles and related components. 1 698 1 619 1.7 23.6 9.7%; Vista Outdoor Manufactures outdoor sports and recreation products. 366 1 181 0.6 7.9 -11.4%; Globeride Manufactures sports goods. 286 481 0.6 8.3 -0.9%; Nautilus Develops cardio and strength fitness products. 37 74 0.2 nm -14.6%; Median 1.4 13.9; Peloton Provides interactive fitness products 6 571 7 134 7.8 -37.8 110%; 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.; Revenue; growth; Market cap Multiples; US$m; Enterprise value; US$m; Company Overview; If the portion of Peloton's revenue from exercycle sales trades at 4x the portion of revenue from subcriptions trades at 23.5x; Equipment Tech Fitness and health; CLARE CAPITAL TECH INSIGHTS

#142

Overview Clare Capital Tech Insights 142 - SaaS Single Day Price Movement - 20191011; Pivotal Share Price Pivotal Revenue Multiple; Vista Group Share Price Vista Group Revenue Multiple; This Tech Insights illustrates four SaaS companies that have had large one day share price movements. Two of the four companies subsequently received buyout offers after a meaningful; decline in their quoted market value. Share price movements typically stemmed from earning announcements and adjusted guidance.; 5; 10; 15; 20; 25; 30; 35; Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 1x; 3x; 5x; 7x; 9x; 11x; 13x; 15x; Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 2; 3; 4; 5; 6; 7; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 3x; 4x; 5x; 6x; 7x; 8x; 9x; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; Buyout offer from; VMW at previous; IPO price.; 41% drop based on; revised guidance.; Revenue growth; reported at just; below 20%; Insider buying.; Vista was trending above their average multiple. It now; trades at 4.6x revenue below the medium term average; of 5.8x.; While the buyout is at the IPO price the; revenue multiple of 4.8x is below the; average 7.2x and listing multiple of 7.6x.; IPO at $15.; Pivotal is a multi-cloud platform to run; enterprise applications.; Vista provides analytics and management; sofware to the cinema industry.; CLARE CAPITAL TECH INSIGHTS; New Relic Share Price New Relic Revenue Multiple; Mindbody Share Price Mindbody Revenue 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.; 40; 60; 80; 100; 120; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 20; 25; 30; 35; 40; 45; 50; Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19; 4x; 5x; 6x; 7x; 8x; 9x; 10x; 11x; Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19; Earnings; announcement; with 30% revenue; growth but; increased losses.; Company presents at; conference and quarterly; financial results released.; Buyout from PE fund Vista Partners.; Acquistion offer at 7.3x revenue just; below average multiple of 7.6x.; Post the earnings announcement; decline New Relic is now trading at; 6.4x revenue vs an average of 11.9x.; New Relic; provides; tools for; software; developers.; Mindbody provides; management software; for the wellness industry.; CLARE CAPITAL TECH INSIGHTS

#141

Private Technology Company Employee Growth Clare Capital Tech Insights 141 - Staff Growth - 20191004; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; Private technology company employee growth based on open job positions and current team size; Expected growth in employees is potentially a good proxy for overall company and; revenue growth. We would expect companies growing staff by 15-30% to achieve revenue; growth at or above those levels.; The average expected growth in team size across this dataset is 10%. For companies; around the average depending on total number of staff this ranges from 3 new team; members to 35 new employees.; The open positions range from developers to business development roles and; management level jobs with many companies maintaining an overseas office and; recruiting for both business and technical roles.; CLARE CAPITAL TECH INSIGHTS; Private Technology Company Open Job Positions; Disclaimer; The information provided in this report has been solely sourced and calculated from company information. 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.; -; 5; 10; 15; 20; 25; 30; 35; 40 Total number of open job positions; The larger companies dominate the total number of open job positions.; While a number of growing companies are looking to meaningfully increase; their team size.; Combined these companies are looking to employee an additional 185; people.; Clare Capital typically observes tech companies generate and maintain; $100 000 to $200 000 of revenue per new employee. The open job positions; can reveal the level of revenue growth the companies are expecting.; CLARE CAPITAL TECH INSIGHTS

#140

Overview Clare Capital Tech Insights 140 - RedShield - 20190927; -; 20; 40; 60; 80; 100; 120; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025; ARR NZ$m (Annual Recurring Revenue); Valuation NZ$m; RedShield - Revenue and Funding Rounds; Pre-money valuation Investment Revenue; Historic Illustrative forecasts and funding to reach $100m ARR; Series A; $6m investment; $25m valuation; Series B; $14m investment; $50m valuation; $10m ARR; RedShield is a cyber-security SaaS business.; The company recently raised $14m on a $50m; pre-money valuation.; The NZ Herald article mentioned "the next; stage of our journey will be from $10m ARR to; $100m" and "Series C and D rounds are also on; the table".; Graphically the journey would resemble the; following funding and finanical performance.; Best in class SaaS companies typically achieve a; 1:1 ratio of capital raised to ARR.; Source: NZ Herald NBR; Series C; Series D; $100m ARR; CLARE CAPITAL TECH INSIGHTS; Illustrative forecast financials: $10m to $100m ARR Sector multiples; Financials 2019 2020 2021 2022 2023 2024 2025 Listed Market cap EV Revenue EV/Rev Ev/Fwd rev EV/EBITDA; NZ$m US$m US$m US$m x x x; ARR 10 15 22 32 46 68 100 Verisign 2 2 109 2 2 680 1 226 18.5 18.4 27.1; Revenue 9 12 18 27 39 57 84 Palo Alto 2 0 123 1 8 750 2 900 6.5 5.4 148.0; Gross profit 7 10 15 21 31 46 68 Checkpoint 1 6 163 1 4 548 1 956 7.4 7.3 15.9; Customer acquistion costs 6 9 14 20 30 44 64 Symantec 1 4 443 1 7 415 4 822 3.6 3.6 17.4; General and admin 2 3 5 7 10 14 21 Okta 1 1 954 1 1 835 487 24.3 21.0 NM; Research and development 2 2 3 5 7 10 15 ProofPoint 7 018 6 893 800 8.6 7.8 NM; Zscaler 6 275 5 910 303 19.5 14.7 NM; Investment 14 30 50 Venustech 4 297 4 134 388 11.0 9.3 57.0; Pre-money valuation 50 160 340 Qualys 2 903 2 644 300 8.8 8.2 28.8; Post-money valuation 64 190 390 Sophos 2 474 2 596 711 3.8 3.4 34.1; Mimecast 2 245 2 296 361 6.4 5.5 81.7; Cash balance 14 10 3 23 7 35 2 Carbon Black 1 944 1 813 230 7.9 7.4 NM; Sailpoint 1 766 1 716 270 6.4 6.1 135.3; Metrics ForeScout 1 671 1 608 324 5.0 4.3 NM; ARR growth 25% 47% 47% 47% 47% 47% 47% Digital Arts 943 883 54 16.1 14.4 27.6; Churn 2% 2% 2% 2% 2% 2% 2% Firstwave 42 36 6 6.1 NM NM; Cost to serve 80% 80% 80% 80% 80% 80% 80% Average 10.0 8.6 57.3; CAC months 15 15 15 15 15 15 15 Median 7.9 7.4 34.1; Used capital to ARR 1.4 0.9 0.6 1.4 1.0 1.4 0.9 M&A; Ownership Date Target Acquirer EV/Rev; Founders 63% 63% 63% 54% 54% 47% 47% Jul-13 Stonesoft McAfee 6.9; Series A 16% 16% 16% 14% 14% 12% 12% Sep-10 ArcSight HP 6.9; Series B 22% 22% 22% 19% 19% 16% 16% Jan-16 FireEye iSight 6.4; Series C - - - 14% 14% 12% 12% Jul-13 SourceFire Cisco 8.9; Series D - - - - - 13% 13% Aug-10 McAfee Intel 3.4; Total 100% 100% 100% 100% 100% 100% 100% Aug-19 Carbon Black VMW 9.0; Aug-19 Symantec Broadcom 4.6; Average 6.6; Disclaimer Median 6.9; 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.; CLARE CAPITAL TECH INSIGHTS

#139

Overview Clare Capital Tech Insights 139 - SaaS(y) people - 23092019; Marking 20 years since the release of the original this week's Tech Insight's report is a re-write of a classic late '90's song. While many may not immediately recognise the song it is often; quoted an example being: "Don't be reckless with people's hearts don't put up with people who are reckless with yours "; Ode to all the SaaS(y) people; Ladies and Gentlemen of the class of ‘19; Wear Sunscreen; If I could offer you only one tip for the future ; Sunscreen would be it; The long term benefits of sunscreen have been proved by scientists; Whereas the rest of my advice has no basis more reliable than my own meandering; experience…; I will dispense this advice now…; Enjoy the power and beauty of your life; Oh nevermind; You will not understand the power and beauty of your youth until they have faded; But trust me in 20 years time you’ll look back at yourself; And recall in a way you can’t grasp now how much possibility lay before; you and how fast you could actually code; Sing; Don’t take too much money from investors ; and don’t put up with investors who meddle too much.; Floss; Don’t worry how much money Tom/Jane/Sally/Harry have raised and on what; valuation ; the race is long and in the end exits are half chance…; but are a lot more likely if you haven’t bloated your cap table at high valuations; Remember the 5-star reviews you receive; forget the zeroes; If you succeed in doing this you are a better person than I am; Keep your old business plans ; throw away your old projections ; they are made up anyway!; Scale efficiently; Pay attention to your org structure product features and architecture; It may all work now ; But will it work when you have 1 000 10 000 100 000 customers; Stretch; Don’t feel guilty that you have to pivot your company ; the most interesting companies didn’t know what they wanted to be at year 5; some of the most interesting 20 year old companies still don’t; Enjoy your mind ; Use it everyway you can ; It’s the greatest instrument you’ll ever own; but look after it don’t be afraid to ask for help; Life as an entrepreneur is tough seek support ; don’t let your cheese slide right off your cracker; Don’t present a forecast of ; 2m 8m 20m the world the universe ; Everyone does this ; No-one achieves it ; You will only end up looking silly; Really get to know your co-workers ; You never know when they will be gone; Be nice to your co-founders; they are the best link to the past and the most likely to tell you that you need to pull; your head in; Understand that customers come and go ; But work hard to reduce churn ; It can bring on the top of the s-curve far too quickly; 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.; Accept certain alienable truths; Focus on the metrics that matter growth margins churn and burn ; Do NOT get caught up in vanity metrics they only provide a false sense of security; Don’t expect anyone else to support you ; Maybe you have a cornerstone customer ; Maybe you have a friendly high-net-worth ; But you never know when either might run out; Don’t drink too much Coke ; Or by the time you’re 40 your liver will look 85; Add to that ; Stay away from high-end rum and low-end vodka; Both are nail polish remover in disguise; Be careful whose advice you buy ; but be patient with those that supply it ; Advice is a form of nostalgia ; dispensing it is a way of fishing the past from the disposal wiping it off; painting over the ugly parts and recycling it for more than it’s worth; But trust me on the sunscreen; 0; 20; 40; 60; 80; 100; 120; 140; 1 2 3 4 5 6; ARR $m; Year; CLARE CAPITAL TECH INSIGHTS

#138

Overview Clare Capital Tech Insights 138 - Japan - 13092019; Metric Japan New Zealand; Population (million) 126 5; Nominal USD GDP $5.2 trillion; Nominal GDP per capita; Driving side Left Left; Area km squared; Tallest peak Mt Cook (3 724m); Ethnic groups; Nobel Laureate winners 27 3; Medals at the 2016 Olympics 41 18; Largest company Toyota Fonterra; $41 000 $41 500; Japan is well known as the home of major car manufacturers (Toyota Honda Mitsubishi) and major electrical manufacturers (Sony Panasonic Nintendo). Japan and New Zealand share; similarities in that they are both comprised of a collection of islands they are both in the Pacific they are both earthquake prone and the inhabitants enjoy rugby. Major dissimilarities are; that the Japanese population is 25x that of New Zealand and New Zealand’s economy is based on agricultural production. Since the first Rugby World Cup in 1987 the Japanese; population has increased by 3.3% whilst the New Zealand population has increased by 49%. Interestingly Toyota manufactures nearly as many cars per year in Japan (4.2 million) as there; are milking cows in New Zealand (4.8 million).; Largest public companies in Japan by market cap Spread of public companies throughout Japan; NZ & Japan country comparators; $206 billion; 1% other 7.4% Pacific 2.9% other; Players born in country they are; representing at the World Cup; 15 out of 31 27 out of 31; 377 000 268 000; Mt Fuji (3 776m); 98.1% Japanese 0.5%; Korean 0.4% Chinese ; 74% European 14.9%; Maori 11.8% Asian ; All Blacks vs Italy; Toyota: 12 Oct; All Blacks vs Canada; Oita: 2 Oct; All Blacks vs SA; Yokohama: 21 Sept; All Blacks vs Namibia; Tokyo: 6 Oct; More information; on page 2; CLARE CAPITAL TECH INSIGHTS; SoftBank; Disclaimer; With the help of Crunchbase.com we looked at 52 funding rounds that featured SoftBank as an investor. These funding rounds were for 28 companies (logos below) in the ride share ; personal delivery and autonomous vehicle technology industries. More than USD$46.5 billion dollars was invested during these funding rounds.; Of these 52 funding rounds SoftBank led 35 times SoftBank was the sole investor on 7 occasions worth over USD$3.5 billion and the median number of investors per funding round was; 4. Through dividing the number of investors per round by the total invested SoftBank can be assumed to have invested a minimum of USD$15 billion over these three industries. It is; probable given the number of times SoftBank was a lead investor that their share of the total invested is significantly higher.; Delivery services Autonomous vehicle technology Ride share businesses; Accumulated value of funding rounds participated in by SoftBank in the ride share personal delivery and autonomous vehicle technology industries; The information provided in this report has been solely sourced and calculated from Crunchbase.com. 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.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; 06/2014 12/2014 06/2015 12/2015 06/2016 12/2016 06/2017 12/2017 06/2018 12/2018 06/2019; USD billions; 5; 5.5; 2; 4; 7; 4.5; 2; 1.5; 2; 3.5; 8; 7.7; 36495; Legend; Funded company; # of investors; Total raised (USD billion); 3; 0.3; CLARE CAPITAL TECH INSIGHTS

#137

Overview Clare Capital Tech Insights 137 - Gaming - 06092019; Games Platforms; Activision Blizzard 35% United States Call of Duty - 288 million sales; Candy Crush- 2.7 billion downloads Console PC Mobile; Electronic Arts (EA) 32% United States FIFA - 260 million sold; Madden NFL; Battlefield; The SIMS; Plants vs Zombies Console PC Mobile; Take-Two 24% United States Grand Theft Auto - 290 million sales; NBA 2k - 90 million sales Console PC Mobile; NEXON 41% Japan A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Ncsoft 32% South Korea A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Ubisoft 50% France Assassin's Creed Film Book PC Console; Konami 25% Japan Yu-Gi-Oh!; Various Pachinko games; Pro Evolution Soccer Card Cosole PC Mobile; Zynga 21% United States Farmville - 350 million daily crop harvests Social; Perfect World 29% China A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Square Enix 12% Japan Final Fantasy - 140 million sales Console PC Mobile; Capcom 25% Japan Resident Evil; Street Fighter Console PC Mobile; Total; USD billions; Activision Blizzard revenue Electronic Arts (EA) revenue and EBITDA margin and EBITDA margin; This Tech Insights looks at the gaming industry both internationally and in New Zealand focusing on game development studios like Electronic Arts (EA) (rather than console; manufacturers like Sony and Microsoft). We look at the 10 largest publicly traded game development studios focusing on the change in revenue composition of the two largest; developers EA and Activision Blizzard. Over the last 10 years these two companies have shifted from receiving the majority of their revenue from upfront physical game; purchases to receiving the majority from ongoing subscriptions live services and in game payments options.; 4.6; Company Headquarters; EBITDA; margin; 41.9; 29; 2.9; 2.7; 2.5; 134.2; 14; Market cap; 11.8; 9.6; 8.8; 6.4; 0.05; 0.15; 0.25; 0.35; -; 2; 4; 6; 13' 14' 15' 16' 17' 18' 19'; EBITDA margin; Revenue USD billions; Packaged goods and other Full game downloads; Live services Mobile; EBITDA margin; 0.05; 0.15; 0.25; 0.35; -; 2; 4; 6; 8; 10' 11' 12' 13' 14' 15' 16' 17' 18'; EBITDA margin; Revenue USD billions; Subscription licensing and other revenues; Product sales; EBITDA margin; CLARE CAPITAL TECH INSIGHTS; Tencent; Disclaimer; Select gaming studios in New Zealand; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and Crunchbase.com. 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.; Cumulative value of gaming studio funding rounds participated in by Tencent; Using Crunchbase.com we look at the funding rounds that Tencent has been part of in the gaming; industry where a dollar amount has been published. The total value of these 37 transactions was; USD5.2 billion. For interest 20 of the transactions featured solely Tencent worth a combined USD3.6; billion.; -; 1; 2; 3; 4; 5; 5 10 15 20 25 30 35; USD billions; Transactions; | Pre 2014 | 2014-2017 | 2018-2019 |; • Tencent is a Chinese holding company ranked 8th in the world by market capitalisation.; • Tencent has made significant investments across a range of industries.; • The five funding rounds of Uber Didi and Ola participated in by Tencent were worth over; USD15 billion dollars with Tencent’s share of these investments estimated at USD2.2 billion.; • In 2012 Tencent bought a 40% stake in Epic Games for USD330 million. Epic Games is now; valued at over USD15 billion following the success of Fortnite.; • Tencent completed an 80% purchase of Auckland gaming developers Grinding Gear Games in; 2018. This transaction was worth at least NZD100 million as Tencent required OIO approval.; CLARE CAPITAL TECH INSIGHTS

#136

Overview Clare Capital Tech Insights 136 - Datadog - 20190830; Highlights History; Revenue US$m and cohort analysis Product; Datadog's cloud monitoring tools provide a single view of a company's cloud infrastructure. The US company has recently released information and metrics before their IPO.; Product; • Infrastructure monitoring; • Application performance monitoring; • Log management; • User experience monitoring; • Network performance monitoring; Datadog currently monitors more than 10; trillion events per day.; Financial metrics; • US$333m revenue; • 82% revenue growth; • 40% rule of 77%; • 590+ customers with US$100k+ ARR; • 40+ customers with US$1m+ ARR; • 146% dollar based retention rate; • 9 month payback ratio; Growth examples; ARR from the top 25 customers increased by a median multiple of 34x from their first month of; being a customer.; Customer cohort from 2014 generated ARR of US$5m this grew to US$19m by 2018.; CLARE CAPITAL TECH INSIGHTS; Selected public SaaS companies: net revenue retention payback period and valuation; EV/Rev EV/ARR 3 yr CAGRNet expn 40% rule; Disclaimer; The information provided in this report has been solely sourced and calculated from company documents 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.; Zoom; Datadog; Crowdstrike; Elastic; PagerDuty; Mongo DB; Smartsheet; Anaplan; Zuora; 1; 1.1; 1.2; 1.3; 1.4; 1.5; 1.6; - 10 20 30 40 50 60; Net revenue retention; Payback period (months); 40x ARR; 20x ARR; 5x; ARR; Forward looking ARR multiples based on consensus revenue estimates; 2020 2021 2022 2023 2024 2025 2026 2027; Zuora 4.6x 3.9x 3.3x; Elastic 13.8x 10.0x 7.3x; PagerDuty 12.9x 10.2x 8.1x; Anaplan 16.2x 13.0x 10.4x; Zoom 35.8x 25.8x 18.6x 13.5x 9.7x 7.0x 5.1x; Smartsheet 18.4x 14.4x 11.3x 8.9x 7.0x 5.5x 4.3x 3.4x; Mongo DB 18.3x 14.5x 11.5x 9.1x 7.2x 5.7x 4.5x 3.6x; Crowdstrike 36.6x 28.7x 22.5x 17.7x 13.9x 10.9x 8.5x 6.7x; Payback period is the number of months required to payback the inital; customer acquistion costs.; Net revenue retention is the dollar amount after upgrades downgrades; and churn for a given set of customers.; A 12 month payback period and 140% net revenue retention means $100; can return $140 in year 1 then $196 in year 2 $274 in year 3 etc.; Note: Datadog annualised recurring revenue (ARR) multiple is estimated based on comparables.; Bubble size key:; CLARE CAPITAL TECH INSIGHTS

#135

Overview Clare Capital Tech Insights 135 - Tech funding rounds - 23082019; This Tech Insights looks at 770 capital raising rounds worth USD$1.85 billion. The sample includes businesses from Crunchbase.com in the information technology software ; internet and e-commerce industries across New Zealand and Australia since 2012. The data compares the number of capital raises at different funding stages along with the; amount raised. 28 of the companies included in this sample raised more capital than the other 472 companies combined. Most of the organisations that have raised upwards of; USD$20 million have had two or more funding rounds. For instance Canva raised USD$156 million over seven rounds.; $75m; $358m; $332m; $810m; $280m; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; USD$1.85 billion raised by 500 companies:; 3 companies each raised USD$50m+; 39 companies each raised USD$10-50m; 50 companies each raised USD$5-10m; 151 companies each raised USD$1-5m; 257 companies each raised

#134

Overview Clare Capital Tech Insights 134 - SKY - 20190816; SKY and Netflix enterprise values (EVs) NZ$ billions; This Tech Insights compares SKY TV with other major providers of entertainment content. The number of SKY subscribers the revenue per user and the enterprise value peaked; five years ago. Interestingly over the last five years the average monthly revenue per SKY customer has been $78 NZD whereas the average monthly revenue per Netflix customer; has been less than $14 NZD.; SKY EV/EBITDA; SKY subscribers and monthly residential ARPU; -; 2; 4; 6; 8; 10; 12; 14; 2006 2008 2010 2012 2014 2016 2018; 55; 60; 65; 70; 75; 80; 600000; 650000; 700000; 750000; 800000; 850000; 900000; Subscribers LHS Monthly ARPU NZD RHS; 2006 2014 2021; Forecast; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; SKY Netflix; Netflix launches streaming; serivce; SKY Go; launch; Neon launch; Fan Pass rebranded; at SKY Sports Now; 10; 50; 90; 130; 170; 210; 250; Netflix NZ + AUS; launch; Netflix starts streaming House; of Card its first original content; Netflix's EV 400x; Sky's EV; Change in axis; CLARE CAPITAL TECH INSIGHTS; Price comparator; 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.; A large portion of entertainment subscriptions are less than $15 per month at the entry level. In comparison the SKY Starter pack which is required to purchase SKY Sports and; other SKY channels costs $26 per month. The SKY bundle of Starter Movies Entertainment and Sport is $104 per month. For the same amount of money you could have Amazon; Prime Lightbox Netflix Standard Spotify Apple Music Spark Sport and an Xbox Live subscription.; Price comparison (NZD/month) for different entertainment options; -; 10; 20; 30; 40; 50; 60; Amazon Prime; Light Box; Light Box Premium; Netflix Basic; Netflix Standard; Netflix Premium; Starter; Hindi Channel; SoHo; Rialto; Arts; The Filipino Channel; Country TV; Movies; Entertainment; NEON; NEON & Movies; Playstation Plus; Xbox Live; Apple Music; Spotify Premium; YouTube Premium; NFL Game Pass; SKY Sports Now 12 month contract; SKY Sports Now (Fan Pass); SKY Sport; Spark Sport; UFC Fight Pass; Spark Netflix SKY SKY Spark; Entertainment; Music; Gaming; Sport; $15 $15; CLARE CAPITAL TECH INSIGHTS

#133

The London Stock Exchange Group's acquisition of Refintiv Clare Capital Tech Insights #133 - LSE - 20190809; -; 10; 20; 30; 40; 50; 60; 70; 80; 2011 2012 2013 2014 2015 2016 2017 2018 2019; Share price GBP; Acquisition of FTSE; Acquisition of Frank; Russell; Sale of Frank Russell; Asset Management; business. Note LSE; retained the index; business.; Acquisition of; Proquote; Acquisition of; Mergent; Partial acquisition of; LCH (London; Clearing House); Full acquisition of; LCH (London; Clearing House); Acquisition of; Euroclear; Acquisition; of Beyond; Ratings; Acquisition of; Refintiv; The London Stock Exchange Group recently acquired Refintiv. The company; provides data analytics and financial markets solutions. Refintiv was; originally part of Thomson Reuters. Blackstone and associated investors; took a 55% stake in Refintiv in October 2018.; The deal transforms LSE from a business with 40% recurring revenue to an; enlarged business with 70% of recurring revenue and focus on data and; information services.; The purchase price was an enterprise value of approx. US$27b which; represents an adjusted EBITDA mutiple of 11.9x.; CLARE CAPITAL TECH INSIGHTS; Additional Selected Information; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 5; 10; 15; 20; 25; 30; 35; Refintiv acquistion US$b; -; 0.1; 0.2; 0.3; 0.4; LSE ASX Nasdaq NZX; Selected Exchanges % of revenue from capital markets; -; 0.1; 0.2; 0.3; 0.4; 0.5; -; 5x; 10x; 15x; 20x; 25x; 2011 2012 2013 2014 2015 2016 2017 2018 2019; LSE - EV/EBITDA multiple vs % of revenue from capital markets; Equity; Debt; $20b; Blackstone; transaction; $27b; acquistion by; LSE; Growth in; EBITDA; Increase in; multiple; Equity and; estimated; carry /; profit share; to private; equity; sponsor; Debt; Oct-2018 Aug-2019; CLARE CAPITAL TECH INSIGHTS

#132

Overview Clare Capital Tech Insights 132 - e-Commerce growth - 20190802; Creators of virtual marketplaces such as Amazon Alibaba and Trade Me have experienced higher earning margins than traditional retailers such as Walmart and The Warehouse ; which have historically invested in physical marketplaces. The mixture of high profit margins and continued growth has forced traditional retailers to shift their focus to online; platforms. The Warehouse for instance has recently launched an online sales platform (TheMarket) that features local and international brands.; EBITDA margin Enterprise Value/EBITDA; Total revenue EBITDA; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD billion; Amazon Alibaba Ebay JD.com Walmart; -; 20; 40; 60; 80; 100; 120; 140; 160; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD billions; Amazon Alibaba Ebay JD.com Walmart; Forecast; Forecast; Forecast; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Trade Me; Briscoes; Warehouse; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Trade Me; Briscoes; Warehouse; CLARE CAPITAL TECH INSIGHTS; Over the last 20 years Alibaba and Amazon have become two of the largest 10 companies in the world by market capitalisation; 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.; 200; 400; 600; 800; 1000; 1999 2009 2019; USD billions; Market Cap; Largest companies by market cap in 2009; 1 PetroChina; 2 Exxon Mobil; 3 ICBC; 4 Microsoft; 5 China Mobile; 6 Walmart; 7 China Construction Bank; 8 Petrobras; 9 Johnson & Johnson; 10 Royal Dutch Shell; Largest companies by market cap in 1999; 1 Microsoft; 2 General Electric; 3 NTT DoCoMo; 4 Cisco; 5 Walmart; 6 Intel Corporations; 7 Nippon Telegraph and Telephone; 8 Exxon Mobil; 9 Lucent Technologies; 10 Deutsche Telekom; Largest companies by market cap in 2019; 1 Microsoft; 2 Amazon.com; 3 Apple Inc.; 4 Google; 5 Facebook; 6 Berkshire Hathaway; 7 Alibaba Group; 8 Tencent; 9 Johnson & Johnson; 10 JP Morgan Chase; General Electric; Exxon Mobil; Apple Inc.; PetroChina; Microsoft; Facebook; Walmart; Johnson & Johnson; Google; Alibaba Group; Berkshire; Hathaway; Amazon.com; CLARE CAPITAL TECH INSIGHTS

#131

Overview Clare Capital Tech Insights 131 - Food Delivery - 20190726; Selected M&A Transactions and Market Leaders by Approximate Location; This Tech Insights report looks at food delivery technology companies. The sector has grown quickly with Deliveroo and Uber Eats becoming two of the major global companies.; M&A is a significant factor among companies looking to be largest within their geography. Meaningful network effects mean the #1 or #2 in a given city creates a winner takes; most dynamic.; Buyer; Target(s); M&A Transaction; UK; New Zealand; CLARE CAPITAL TECH INSIGHTS; Selected M&A Transaction Multiples Relative Market Cap Performance from July-17; Year Target Description Buyer EV/GMV EV/Rev; 2019 Zomato #1 buying #2 Delivery Hero 1.3x 8.2x; 2018 Delivery Hero DE #1 buying #2 Takeway.com 1.5x 9.0x; 2018 10bis Leader in Israel Takeway.com 1.1x 11.4x; 2017 Hungryhouse #1 buying #2 JustEat 1.2x 7.7x; 2016 SkipTheDishes #1 platform in Canada JustEat 1.4x 4.7x; 2017 Carriage Platform in Kuwait Delivery Hero 1.7x 6.2x; 2016 FoodPanda Leader in Sout East Asia Delivery Hero 0.8x 4.7x; 2015 Menulog Leader in Australia JustEat 2.0x 20.2x; 2015 Yemeksepeti Leader in Turkey Delivery Hero 1.6x 16.0x; 2015 eFood.gr Leader in Greece Delivery Hero 9.5x; 2015 Talabat Leader in Middle East and Delivery Hero 10.4x; North Africa; 2014 Pizza.de Leader in Germany Delivery Hero 11.0x; 2013 Seamless Merger to create Grubhub 7.5x; leading US marketplace; Mean 1.4x 9.7x; GMV = gross merchandise value or total food sales Median 1.4x 9.0x; Disclaimer; The information provided in this report has been solely sourced and calculated from Crunchbase UBS company information and S&P Global Market Intelligence. Clare Capital; holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis. If you are making investment; decisions you should seek appropriate personalised financial advice.; -; 50; 100; 150; 200; 250; 300; 350; Jul-17 Dec-17 May-18 Oct-18 Mar-19; Takeway.com Grubhub; Delivery Hero Just Eat; CLARE CAPITAL TECH INSIGHTS

#130

Overview Clare Capital Tech Insights 130 - Employee remuneration at tech companies - 20190719; This Tech Insights looks at employee remuneration at different NZX listed tech companies based on their most recent annual report. The first graph shows the number of staff in; different remuneration bands over $100 000 pa. It also shows the % of the total work force that earns over $100 000 pa and the salary of the highest earner at the company (the; midpoint in the highest remuneration band). NOTE: Vista's highest salary band is significantly wider than any other company ($500 000- $1 100 000).; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Finzsoft Smartpay Vista Geo PaySauce Rakon Gentrack Serko Enprise ikeGPS EROAD Plexure NZX Pushpay; % of employees earning over 100K; # of employees; Number of employees in different remuneration bands; 100-150K 150-200K 200-250K 250-300K 300K+ % of employees earning over 100K; $395 $455 $805 $665; Highest salary ( 000's); $295 $285 $800 $225 $465 $675 $595 $435 $205 $575; CLARE CAPITAL TECH INSIGHTS; Employee remuneration at tech 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.; The graph on the left-hand side looks at the growth in employee remuneration at Xero comparing the number of employees in different remuneration bands with the % of; employees that earn over $100 000 pa. The graphs on the right-hand side compare growth in employees number at different tech companies.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 200; 400; 600; 800; 1000; 1200; 1400; 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; % of employees earning over 100K; # of employees; Xero employees in different remuneration bands; 100-150K 150-200K 200-250K 250-300K 300K+ % over 100K; -; 500; 1000; 1500; 2000; 2500; 3000; 2013 2014 2015 2016 2017 2018 2019; Total employees at Xero and Trade Me; Trade Me Xero; -; 100000; 200000; 300000; 400000; 500000; 600000; 700000; 2013 2014 2015 2016 2017 2018; Total employees at major US tech companies; Apple Amazon Microsoft; IBM Facebook Google; CLARE CAPITAL TECH INSIGHTS

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Overview Clare Capital Tech Insights 129 - World Wrestling Entertainment - 20190712; Overview Key Statistics Notes; Market Capitalisation USD Millions 5 711; Enterprise Value USD Millions 5 623; LTM Revenue USD Millions 925; LTM Gross Profit USD Millions 306; LTM EBIT USD Millions 91; EV/LTM Revenue Multiple x 6.1; EV/LTM EBIT Multiple x 61.6; LTM Revenue Growth % 16%; LTM Gross Margin % 33%; LTM EBIT Margin % 10%; Disclaimer; WWE's Market Capitalisation (USD Billions); 43555; Currency; US Dollars (USD); Attitude Era Ruthless Aggression Era PG Era Reality Era New Era; This Tech Insights report looks at the financial performance operating metrics and multiples of the World Wrestling Entertainment (WWE).; World Wrestling Entertainment (WWE) is an integrated media and entertainment; company that engages in the sports entertainment business in North America Europe ; the Middle East Africa Asia Pacific and Latin America. It operates in three segments:; Media Live Events and Consumer Products.; The Media segment engages in the production and monetisation of long-form and shortform; media content across various platforms including WWE Network pay television ; and digital and social media as well as filmed entertainment.; The Live Events segment is involved in the sale of tickets including primary and; secondary distribution provision of event services and sale of travel packages related to; its live events.; The Consumer Products segment engages in merchandising of WWE branded products ; such as video games toys apparels and books through licensing arrangements and; direct-to-consumer sales as well as through e-commerce platforms.; 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.; 43658; Valuation Date; Annual Date; 43465; LTM Date; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018; John Cena; becomes WWE; Champion; The Rock becomes; WWE Champion; Randy Orton becomes; WWE Champion; Triple H; becomes WWE; Champion; The Miz; becomes WWE; Champion; Brock Lesnar becomes; WWE Champion; Stone Cold; becomes WWE; Champion; The Undertaker; becomes WWE; Champion; Bray Wyatt; becomes WWE; Champion; CLARE CAPITAL TECH INSIGHTS; WWE FY18 Costs; USD Millions; % of Revenue; WWE's FY18 Revenue Streams Breakdown of WWE's Revenues FY16-18 (USD Millions); Breakdown of WWE's Revenues FY16-18 (Margin %); USD Millions % of Revenue; 603; 96; 85; 25; 0.21; 0.29; 0.07; 0.16; 0.11; 0.02; 0.05; 0.04; 0.02; 199; 270; 70; 145; 105; 22; 46; 35; 22; 477 536; 683; 144; 152; 144; 108; 114; 103; 673 720; 809; 56; 81; 121; FY16 FY17 FY18 FY16 FY17 FY18; Media Live Events Consumer Products Expenses EBIT; 65% 67%; 0.73; 20% 19%; 0.16; 15% 14% 11%; 92% 90% 87%; 8% 10% 13%; FY16 FY17 FY18 FY16 FY17 FY18; Media Live Events Consumer Products Expenses EBIT; Network (including PPV); Core Content Rights Fees; Advertising & Sponsorship; North American Ticket Sales; Other Media; International Ticket Sales; Consumer Product; eCommerce; Venue Merchanise; Cost of Sales; Depreciation; Sales &; Marketing; General &; Admin; 0.65; 0.1; 0.09; 0.03; Cost of Sales; Depreciation; Sales &; Marketing; General &; Admin; CLARE CAPITAL TECH INSIGHTS