#128

Overview Clare Capital Tech Insights 128 - World Map by Tech Transactions - 20190705; Graphical distribution of the last 10 000 tech M&A transactions by country.; This Tech Insights report looks at the selling company (sellers) locations for the last 10 000 technology (defined as software and IT services) merger & acquisition (M&A); transactions. There is an element of bias in the data as the source is more likely to pick up publicly disclosed transactions in the US than in the smaller countries such as NZ.; ~40% of the; sellers have come; from the US; Not a lot of tech M&A; activity happens in; Antarctica; Just under 2.5% of; tech transactions; each are from Latin; America/Caribbean; and Africa/Middle; East 2.5%; 0.025; Australia accounts for 2.7% and NZ; 0.5% of the last 10 000 tech M&A; transactions; India (269) just; beats China; and Japan (236; each) in the; number of; tech deals; done between; 2.4-2.7% of all; M&A deals; each; 84 (0.8%) tech; companies; from; Singapore; have been; acquired; UK (866) Germany (547) and France (477) in; total make up ~19% of all tech transactions; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Comparison between the number of M&A tech deals in NZ (49) and Australia (268) For every 1 tech transaction in NZ there are 5.5 tech transactions in Australia; Comparison between the number of M&A tech deals in NZ (49) and Canada (461) For every 1 tech transaction in NZ there are 9.4 tech transactions in Canada; Comparison between the number of M&A tech deals in NZ (49) and UK (866) For every 1 tech transaction in NZ there are 17.7 tech transactions in United Kingdom; Comparison between the number of M&A tech deals in NZ (49) and US (3918) For every 1 tech transaction in NZ there are 80 tech transactions in United States; 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.; 15% 85%; New Zealand Australia; 10% 90%; New Zealand Canada; 5% 95%; New Zealand United Kingdom; 0.99; New Zealand United States; CLARE CAPITAL TECH INSIGHTS

#127

Overview Clare Capital Tech Insights 127 - Australasian Tech Balance Sheets - 20190628; Definitions and Legend for Charts Median Balance Sheet (NZD millions); ID Name Examples & Calculation; CA Current Assets Cash + Accounts Receivables + Marketable Securities; NCA Non-Current Assets Fixed Assets + Intangible Assets; TA Total Assets Current Assets + Non-Current Assets; CL Current Liabilities Accounts Payable + Accrured Expenses & Leave; NCL Non-Current Liabilities Long-Term Debt + Deferred Tax Liabilities; TL Total Liabilities Current Liabilities + Non-Current Liabilities; NA Net Assets Total Assets - Total Liabilities; SC Share Capital Capital Raised from Share Issue; RE Retained Earnings Accumulated Profits and/or Losses over time; TE Total Equity Share Capital + Retained Earnings; Total Balance Sheet (NZD millions) Average Balance Sheet under NZD $100 million in Total Assets; This Tech Insights report looks at the latest Balance Sheets for ASX and NZX-listed technology companies breaking down the financial statements into 10 high-level totals. All of; the data has been taken from S&P Global Market Intelligence.; The table shows examples of how the balance sheet is calculated and what can be; included in each heading. The list is not exhaustive.; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Distribution of Current Assets and Non-Current Assets (NZD millions) Distribution of Current Liabilities and Non-Current Liabilities (NZD millions); Distribution of Total Assets and Total Liabilities (NZD millions) Distribution of Share Capital and Total Equity (NZD millions); 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; Current Assets Non-Current Assets; Lower Quartile Upper Quartile; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Current Liabilities Non-Current Liabilities; Lower Quartile Upper Quartile; -; 10; 20; 30; 40; 50; 60; 70; Total Assets Total Liabilities; Lower Quartile Upper Quartile; -; 10; 20; 30; 40; 50; 60; 70; 80; Share Capital Total Equity; Lower Quartile Upper Quartile; CLARE CAPITAL TECH INSIGHTS

#126

Overview Clare Capital Tech Insights 126 - Analyst Revenue Expectations - 20190621; This Tech Insights looks at the relationship between analyst forecasts and share prices using Xero Pushpay Gentrack and Vista as examples. Analysts regularly publish forecasts; illustrating their expectations for the future. It does appear these can impact share prices with significant changes to forecasts happening alongside major share price movements.; -; 10; 20; 30; 40; 50; 60; 70; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price A$; Revenue A$; Xero - Share Price Historical and Analyst Forecast Revenue; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; -; 50; 100; 150; 200; 250; 300; 350; 400; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue US$; Pushpay - Share Price Historical and Analyst Forecast Revenue; FY20 revenue; analyst forecast; through time.; CLARE CAPITAL TECH INSIGHTS; Analyst Revenue Expectations; 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.; -; 1; 2; 3; 4; 5; 6; 7; -; 100; 200; 300; 400; 500; 600; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue NZ$; Vista - Share Price Historical and Analyst Forecast Revenue; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 50; 100; 150; 200; 250; 300; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue NZ$; Gentrack - Share Price Historical and Analyst Forecast Revenue; CLARE CAPITAL TECH INSIGHTS

#125

Overview Clare Capital Tech Insights 125 - Application v Systems Software - 20190614; Industry Descriptions Number of Public Companies in each Industry; Disclaimer; Median EV/Revenue Multiple Median EV/EBITDA Multiple; 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. This document is; intended as analysis. If you are making investment decisions you should seek; appropriate personalised financial advice.; Most software companies can be defined as part of either the application software or systems software industries. This Tech Insights report looks at the operating margins and; multiples for publicly-listed companies in the application software and systems software industries. Industry definitions and classifications are from S&P Global Market Intelligence.; The application software industry includes companies engaged in developing and; producing specialised applications for the business or consumer market including; enterprise and technical software. The systems software industry includes companies; engaged in developing and producing systems and database management software.; -; 1; 2; 3; 4; 5; 6; 7; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 200; 400; 600; 800; 1000; 1200; 1400; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 5; 10; 15; 20; 25; 30; 35; 2015 2016 2017 2018 2019; Application Software Systems Software; CLARE CAPITAL TECH INSIGHTS; Median Revenue Growth Median EBITDA Margin; Median Return on Capital Median Return on Equity; -; 0.05; 0.1; 0.15; 0.2; 0.25; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; 0.16; 0.18; 0.2; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; 2015 2016 2017 2018 2019; Application Software Systems Software; CLARE CAPITAL TECH INSIGHTS

#124

Overview Clare Capital Tech Insights 124 - Private NZ Software Shareholders & Directors - 20190607; Highlights; 1. On average companies have between 17-20 shareholders.; 2. There are 4 companies with over 50 shareholders.; 3. On average companies have around 4 directors.; 4. Of the 389 directors across the 108 companies 87% are men and 13% are women.; 5. Only 5 companies have more women then men as directors.; 6. 68% of companies don’t have any women as directors.; 7. There are 8 companies with an even 50:50 split between men & women directors.; Distribution of Directors (out of 108 companies); Directors; - 1 2 3 4; Shareholders per Company Shareholders & Directors; This Tech Insights report analyses key high-level metrics on the distribution of shareholders and directors of private NZ software companies. While all companies operate in the; SaaS and software space they are different sizes (e.g. different revenue levels number of employees and how much capital they have raised). There will be directors who serve on; multiple boards and shareholders who hold equity in several companies. Therefore the number of individual directors and shareholders will be lower. All of the information has; been taken from the NZ Companies office website.; 1 1 1; 1 -; 15; 22; 22; 10; 1; -; - - -; - - 1 -; 1 1 -; Men; 5; -; -; -; -; -; -; -; -; 2; 1; -; 1 -; -; Women; 6; 5; 4; 3; 7; 7; 3 7; 6 - - -; - -; - 20% 40% 60% 80% 100%; Median; Average; Men % Women %; -; 5; 10; 15; 20; 25; Median Average; Shareholders Directors; CLARE CAPITAL TECH INSIGHTS; Click on a company's logo to visit its website. Logos and links are from the company's LinkedIn page.; CLARE CAPITAL TECH INSIGHTS

#123

Overview Clare Capital Tech Insights 123 - EBITDA Margins & Multiples - 20190524; The Theory of EBITDA Margins Cumulative Distribution of Tech Companies; Multiples of All Public Companies Count Distribution of Tech Companies; This Tech Insights report looks at how EBITDA margins affect EV/Revenue and EV/EBITDA multiples. The dataset looks at all publicly-listed companies globally and then splits into; looking at technology-based public companies only and its three sub-sectors. All data points refer to the median multiple.; EBITDA margins are calculated by dividing EBITDA by revenue and is a measure of; profitability.; EBITDA itself is calculated by revenue minus operating expenses. The higher the; margin the higher profitability.; In theory the maximum margin a company could possibly have is 100% whereby the; company wouldn't have any operating expenses as revenue would become EBITDA.; High EBITDA margins are difficult to achieve; which is why there are less companies at; the top of the range.; All else being equal a higher EBITDA margin will generate a higher multiple given; there is greater profitability and a higher level of free cash flow.; -; 0.2; 0.4; 0.6; 0.8; 1; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; Internet and Data Services Software IT Services; -; 5; 10; 15; 20; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Multiples of Public Technology Companies Multiples of Public Internet and Data Services Companies; Multiples of Public Software Companies Multiples of Public IT Services Companies; The information provided in this report has been solely sourced and calculated from FactSet. 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.; -; 10; 20; 30; 40; 50; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 10; 20; 30; 40; 50; 60; 70; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 5; 10; 15; 20; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 5; 10; 15; 20; 25; 30; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; CLARE CAPITAL TECH INSIGHTS

#122

Overview Clare Capital Tech Insights 122 - Public Cyber Security Industry - 20190517; EV/Revenue Multiple Revenue per Employee (USD '000s) Time-Series of Median EV/Revenue Multiple of Public Cyber Security Companies; Annual Revenue Growth Annual EBITDA Margin Share Price Performance (USD $) of Two Cyber Security Exchange Traded Funds; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. 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.; This Tech Insights report looks at the cyber security industry specifically at the multiples growth rates and margins of publicly-listed cyber security companies.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; 42186; 42278; 42370; 42461; 42552; 42644; 42736; 42826; 42917; 43009; 43101; 43191; 43282; 43374; 43466; 43556; -; 10; 20; 30; 40; 50; 42186; 42278; 42370; 42461; 42552; 42644; 42736; 42826; 42917; 43009; 43101; 43191; 43282; 43374; 43466; 43556; Cyber Security ETF (HACK) Cyber Security ETF (CIBR); Lower; Quartile; Upper; Quartile; Average; Median; CLARE CAPITAL TECH INSIGHTS; Public Cyber Security Universe Size of the bubble represents EV/Revenue multiple. The bubbles are labelled with the company's stock ticker.; CHKP; PANW; FEYE; FTNT; ZS; CYBR; FSCT; PFPT; QLYS; RDWR; RPD; SAIL; SCWX; OSPN; CYRN; ZIXI; CBLK; OKTA; MIME; TENB; TNT; FSC1V; 2326; SPLK; 300352; SOPH; CNS; 4704; CLAV; FLX; 50; 53800; INTZ; VRNT; NCC; BLTG; GSB; ABT; ECSC; MOBL; ATEN FFIV; MITK; VRNS; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; 0.5; (60%) (40%) (20%) - 20% 40% 60%; Annual Revenue Growth; Annual EBITDA Margin; High Growth High Profitability; Low Growth Low Profitability Low Growth High Profitability; High Growth Low Profitability; CLARE CAPITAL TECH INSIGHTS

#121

Overview Clare Capital Tech Insights 121 - Investor Ownership - 20190510; This Tech Insights looks at the percentage level of ownership held by funds in New Zealand companies. Typically early stage and growth investors have an average shareholding of; 10% to 30%  with later stage private equity funds having an ownership of 20% to 80%. Note some companies will have multiple investors.; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Vend; Coretex; Timely; Mobi2go; Parking Sense; Author-IT; 1Above; Unleashed; Modlar; Vend; Timely; Raygun; TD Limited; Coherent Solutions; Populate; Mobi2go; OA Tech; Mindfull; Hayload; NZ Artesian Water; Influx HQ; Onceit; Melon Health; EverEdge IP; Boardingware; Weirdly; Redseed; Devoli; Magic Memories; Laybuy; Rockit; Tom and Luke; Wherescape; Smartfoods; Molemap; K9 Natural; Lifestream; The Rees Hotel; Partners Life; Healthcare Holdings; My Food Bag; Provincial Education; PBT; TRG Imaging; Fiordland Lobster; Partners Life; Magritek; Mrs Higgins; Polynesian Spa; Domett Properties; Bio-strategy; Rainbow's End; Auckland Packaging; Straker; Partstrader; Vend; Magic Memories; Unleashed; Coretex; Equipment  Leasing & Finance; Shareholding; CLARE CAPITAL TECH INSIGHTS; Selected investors and shareholding levels; Disclaimer; The information provided in this report has been solely sourced and calculated from the NZ Companies Register. 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; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Farm Quality; Parrot Analytics; Merlot Aero; Lan Global; Waitohi; Enring; Fishpond; Qestral; CWS; AS Colour; Bayleys; PF Olsen; George H; Energy Works; Seequent; Netlogix; Solarzero; BeGroup; MMC; Mix; Umbrellar; Ripetime; Upside; Footfalls and Heartbeats; Objective Acuity; Appmatic; Quivervision; Humble Bee; Shuttlerock; Spotlight Reporting; WIP App; Modlar; Vesper Marine; Mish Guru; Qotient; Nyraid; Parrot Analytics; Atomic; Cloud Cannon; Common Ledger; Property NZ; SRL Investment; Private Flight; Eventfinda; Real Time Genomics; Aspect; Sunfed; Predict HQ; Sharesies; Mevo; Shareholding; Evander Holdings; CLARE CAPITAL TECH INSIGHTS movac punakaiki fund pioneer capital waterman private capital rangatira investments milford

#120

Overview Clare Capital Tech Insights 120 - Another Brick in the PayWall - 20190503; Type Year Flag Local cost Cost in NZD / month; NZD 29 / month; USD 15 / four weeks; NZD 5 / week; GBP 2 / week; USD 10 / four weeks; AUD 3.50 / week; 16; 16; AUD 59 / month; USD 39 / month; GBP 30 / month; USD 35 / month; GBP 26 / month; AUD 36 / four weeks; NZD 35 / month; AUD 28 / four weeks; 35; 32; 29; 24; 22; 17; 62; 58; 58; 52; 50; 41; 2013; This Tech Insights report looks at the subscription cost for various digital news subscriptions. Some of these have a 'hard paywall' (where all content is behind the paywall) most; have a 'soft paywall' (where some articles are behind the paywall or you get a certain number of 'free' articles per month without paying). The prices shown are the regular; weekly/monthly prices excluding any special offers and excluding any discounts for buying a year in advance. The price used is that charged to local residents (for example a; subscription to The Times is 80% cheaper if you live outside the UK. The local/UK price is used here).; 2002; 1996; 2002; 2018; 2010; 2011; 2009; 2012; 2017; 2011; 2019; 2013; 2013; : business focussed news. Year: year paywall launched. Flag: Primary country of operations. Conversions to NZD at current spot rates. Herald Sun / Daily Telegraph are 'sister; papers' in Melbourne and Sydney so are shown together as are Sydney Morning Herald / The Age. Subscription to the Australian includes free full access to WSJ.; CLARE CAPITAL TECH INSIGHTS; Comparison of the cost and estimated number of digital subscribers; Disclaimer; The information provided in this report has been sourced and calculated from public information only. 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.; NBR AFR; The Times; The Telegraph; The Australian; Herald Sun; / Daily Telegraph; Sydney Morning Herald; / The Age; -; 100000; 200000; 300000; 400000; - 10 20 30 40 50 60 70; FT; New York Times; Washington Post Wall Street Journal; 500000; 1000000; 1500000; 2000000; 2500000; 3000000; 0 10 20 30 40 50 60 70; axis scale; changes; //; Monthly price NZD; Circle area shows; relative revenue; estimates; Est number; of digital; subscribers; Subscriber numbers are a combination of publicly; released figures and Clare Capital estimates.; CLARE CAPITAL TECH INSIGHTS

#119

Overview Clare Capital Tech Insights 119 - Software ETFs - 20190426; SPDR S&P Software & Services ETF 26-Apr-19; Net Asset Value (NAV) USD 97.96; Assets Under Management (AUM) USD M 243; Outstanding Shares '000s 2 500; Average Daily Value USD '000s 3 737; Average Daily Volume # 39 879; Total Annual Return % 28%; Expense Ratio % 0.35%; Invesco Dynamic Software ETF 26-Apr-19; Net Asset Value (NAV) USD 95.42; Assets Under Management (AUM) USD M 429; Outstanding Shares '000s 4 550; Average Daily Value USD '000s 5 666; Average Daily Volume # 62 876; Total Annual Return % 35%; Expense Ratio % 0.63%; iShares Expanded Tech-Software Sector ETF 26-Apr-19; Net Asset Value (NAV) USD 220.67; Assets Under Management (AUM) USD M 2 933; Outstanding Shares '000s 13 400; Average Daily Value USD '000s 89 579; Average Daily Volume # 428 238; Total Annual Return % 29%; Expense Ratio % 0.47%; This Tech Insights report looks at the metrics and 12 month performance of six specific technology-based Exchange Traded Funds (ETFs). An ETF is a type of fund which owns; shares in a range of companies and usually tracks a particular index. For example the cyber security ETF below owns shares in a range of publicly listed cyber security companies.; XSW tracks an equal-weighted index of software & services; companies as defined by GICS.; PSJ uses a quantitative model to choose US software; companies across the market cap spectrum.; IGV tracks a market-cap-weighted index of US and Canadian; software companies.; -; 50; 100; 150; 200; 250; 300; -; 20; 40; 60; 80; 100; 120; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 100; 200; 300; 400; 500; -; 20; 40; 60; 80; 100; 120; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 1000; 2000; 3000; 4000; -; 50; 100; 150; 200; 250; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); CLARE CAPITAL TECH INSIGHTS; Disclaimer; ETFMG Prime Cyber Security ETF 26-Apr-19; Net Asset Value (NAV) USD 41.51; Assets Under Management (AUM) USD M 1 656; Outstanding Shares '000s 40 000; Average Daily Value USD '000s 9 808; Average Daily Volume # 245 360; Total Annual Return % 15%; Expense Ratio % 0.60%; ETFMG Video Game Tech ETF 26-Apr-19; Net Asset Value (NAV) USD 44.88; Assets Under Management (AUM) USD M 99; Outstanding Shares '000s 2 200; Average Daily Value USD '000s 624; Average Daily Volume # 14 251; Total Annual Return % (3%); Expense Ratio % 0.75%; First Trust Cloud Computing ETF 26-Apr-19; Net Asset Value (NAV) USD 60.67; Assets Under Management (AUM) USD M 2 280; Outstanding Shares '000s 37 600; Average Daily Value USD '000s 14 830; Average Daily Volume # 256 431; Total Annual Return % 25%; Expense Ratio % 0.60%; HACK tracks a tiered equal-weighted index that targets; companies actively involved in providing cyber security.; GAMR tracks an equity index of global firms that support ; create or use video games.; SKYY tracks a tiered equal-weighted index of companies; involved in the cloud computing industry.; The information provided in this report has been solely sourced and calculated from FactSet. 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.; -; 500; 1000; 1500; 2000; 2500; -; 10; 20; 30; 40; 50; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 50; 100; 150; -; 10; 20; 30; 40; 50; 60; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 500; 1000; 1500; 2000; 2500; -; 20; 40; 60; 80; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); CLARE CAPITAL TECH INSIGHTS

#118

Overview Clare Capital Tech Insights 118 - Lightspeed - 20190412; Gross transaction value / GTV (CAD$b) Financials; 2016 2017 2018 LTM; GTV ($b) 4.6 7.1 10.6 13.6; Revenue ($m) 30.7 42.6 57.1 71.9; Gross profit ($m) 18.3 27.6 39.6 50.4; Operating cash flow (14.9) (10.9) (10.0) (8.2); Rev / GTV 0.67% 0.60% 0.54% 0.53%; GTV growth 54% 49%; Rev growth 39% 34%; • Market cap CAD$1 800m; • Founded 2005 Revenue (CAD$m) Financials adjusted pro-forma with new payments; • $13+ billion of gross transaction value (GTV) growing at 48% 2016 2017 2018 LTM; • $500 000 gross transaction value per customer GTV ($b) 4.6 7.1 10.6 13.6; • $72m revenue Revenue ($m) 138.8 209.5 306.2 391.5; • 47 000+ customer locations Gross profit ($m) 36.7 56.0 82.0 104.8; • ~100 countries Operating cash flow 3.5 17.5 32.4 46.2; • ~90% recurring software and payments revenue; • No single customer >1% revenue Rev / GTV 3.02% 2.95% 2.89% 2.88%; • $200 monthly ARPU GTV growth 54% 49%; • 35% of revenue outside of North America Rev growth 51% 46%; Payments Funding M&A; Date Round US$m; Jun-12 Series A 30; Nov-14 Series B 35; $100 sale Past Launched 2019 Sep-15 Series C 61; Revenue share 0.25% 2.60% Oct-17 Series D 166; Revenue $0.25 $2.60 Apr-19 Debt 55; Margin share 0.25% 0.65% Total 347; Margin $0.25 $0.65; All figures in Canadian dollars except funding rounds that are in US dollars.; Total payment fee of 2.60% received as revenue with 0.65%; expected to be captured as net margin.; Lightspeed is a SaaS company that has recently listed on the Toronto Stock Exchange. The company offers software for retailers and restaurants they are introducing payments; functionality during 2019 with an associated change in their revenue and business model. If successful this will have a meaningful business impact.; Cloud based commerce platform for retailers and restaurants.; Includes point of sale customer loyalty payments inventory; management product and menu management.; Lightspeed's growth is both organic and via M&A. Deals focus on expanding the; customer base accelerating payments growth and additional solutions.; Lightspeed has recently started to offer customers a complete; integrated payments solution as part of their software. This; change will have a material impact on their financials. POSIOS point-of-sale; solution for retailers and; restaurateurs. Acquired in; 41913; Merchant Os is a point-ofsale; and inventory control; system. Acquired Jul-13; ReUp is a digital; platform to build; loyalty programs.; Acquired Dec-18; SEOshop is midmarket; SaaS; e-commerce platform.; Acquired Nov-15.; CLARE CAPITAL TECH INSIGHTS; Selected listed software companies that offer payments functionality or automate workflows which have a payment element; LTM 2019 2020 LTM 2019 2020 LTM 2019 2020 LTM 2019 2020; PayPal 126 132 117 789 8.1 7.0 6.0 31.9 26.7 22.5 18% 16% 18% 44% 42% 44%; ServiceNow 43 981 43 523 16.9 12.8 10.0 64.9 47.5 35.4 35% 31% 28% 61% 58% 57%; Square 24 464 31 429 15.4 10.8 8.1 95.4 58.4 37.4 49% 42% 34% 65% 61% 56%; Adyen 23 222 22 792 59.2 42.7 31.6 113.4 79.3 56.8 63% 39% 35% 115% 92% 91%; Shopify 20 254 21 322 18.9 13.6 10.3 520.7 382.5 190.1 59% 39% 32% 63% 42% 37%; Aspen Technology 7 527 7 780 14.4 13.4 13.4 31.1 26.6 26.7 3% 7% 0% 50% 58% 50%; StoneCo 5 354 9 832 12.8 8.6 6.0 47.8 15.3 9.9 (17%) 49% 44% 10% 105% 104%; Wisetech Global 5 115 5 175 25.2 21.5 16.4 91.8 66.7 49.2 44% 17% 31% 72% 50% 64%; Afterpay 4 253 4 438 37.7 22.7 12.2 176.2 240.3 79.7 397% 66% 87% 419% 75% 102%; Blackbaud 3 995 4 350 4.7 4.5 4.3 19.8 21.7 20.1 8% 5% 5% 31% 25% 26%; ACI Worldwide 3 986 4 527 3.9 3.4 3.0 15.9 11.9 10.5 (1%) 17% 12% 23% 45% 41%; Manhattan Associates 3 672 3 588 6.6 6.4 6.2 22.6 28.3 27.1 (6%) 2% 3% 23% 25% 26%; Descartes Systems 2 995 2 883 11.1 9.1 8.2 31.7 25.3 22.3 17% 23% 10% 52% 59% 47%; Bottomline Technologies 2 123 2 121 5.1 5.1 4.7 22.6 21.4 18.8 13% 1% 8% 35% 25% 33%; SPS Commerce 1 844 1 690 7.4 6.7 6.1 35.9 29.0 24.8 13% 11% 9% 33% 34% 34%; Kinaxis 1 522 1 349 10.4 8.2 6.9 36.8 33.2 26.7 13% 27% 18% 41% 52% 44%; GreenSky 828 726 2.0 1.5 1.2 4.8 3.9 3.2 27% 32% 26% 69% 71% 64%; QAD 825 903 2.5 2.5 2.3 32.2 71.9 38.3 9% 0% 7% 17% 3% 13%; Pushpay 665 657 8.4 5.8 4.7 na 49.2 25.4 64% 46% 23% 43% 58% 41%; Park City Group 162 148 7.0 6.5 5.1 31.4 22.1 17.4 16% 8% 27% 39% 37% 56%; Median 3 991 4 394 9.4 7.6 6.2 32.2 28.7 26.1 17% 20% 21% 44% 51% 46%; Mean 14 146 14 351 13.9 10.6 8.3 75.1 63.1 37.1 41% 24% 23% 65% 51% 52%; Lower quartile 1 763 1 605 6.2 5.6 4.7 26.9 22.0 19.8 9% 8% 9% 33% 37% 37%; Upper quartile 10 709 12 705 15.8 13.0 10.1 78.4 60.5 37.6 45% 39% 31% 64% 59% 58%; Lightspeed 1 350 1 350 19.4 13.2 9.2 na na na 31% 46% 44% 15% 34% 40%; Lightspeed assuming 1 350 1 350 19.4 8.6 4.9 na 92.3 23.8 31% 126% 76% 15% 135% 96%; future growth with new pymt fees; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. 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.; Company; Market cap; US$m; Enterprise; value; US$m; Multiples Growth rates; EV / Revenue EV / EBITDA Revenue 40% rule; CLARE CAPITAL TECH INSIGHTS

#117

Overview Clare Capital Tech Insights 117 - Start of 2019 Australasian Tech - 20190405; Largest; increases; Company Vista Pushpay Plexure Trade Me Gentrack Other Total; Increase $m 193 85 41 35 31 52 438; Contribution 44% 19% 9% 8% 7% 12% 100%; Largest; decreases; Company ikeGPS Finzsoft GeoOp Enprise Other Total; Decrease $m (13) (2) (2) (1) - (18); Contribution 70% 13% 9% 8% - 100%; Largest; increases; Company Afterpay WiseTech Appen Altium Xero Other Total; Increase $m 3 079 2 161 1 426 1 343 1 183 8 332 17 523; Contribution 18% 12% 8% 8% 7% 48% 100%; Largest; decreases; Company Hansen Tech Freelancer 99 Wuxian BrainChip Praemium Other Total; Decrease $m (105) (65) (58) (56) (35) (448) (767); Contribution 14% 8% 8% 7% 5% 58% 100%; This Tech Insights report looks at the increase in market capitalisation across Australasian listed technology companies so far this year. It's been a strong start with an overall; increase of 22%. This analysis is from 31-Dec-2018 to 5-April-2019 and only includes companies that were listed at both the start and end dates (for example Orion Health which; delisted during March isn't included). Further breakdown on this increase is provided on the second page. A company is shown against its primary index only. All values in NZD.; 83; 100; 17.2; 0.22; -; 20; 40; 60; 80; 100; 31-Dec 5-Apr Change; NZX; ASX; Australasian listed technology companies; Market capitalisation (NZD $bn); NZX;  $420m; ASX;  $16 757m; CLARE CAPITAL TECH INSIGHTS; Breakdown of the NZD $17.2bn increase in total market capitalisation; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. 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.; -% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; 98% 2%; 93% 7%; 3% 18% 79%; 3% 16% 82%; 4% 50% 47%; 24% 76%; NZX vs ASX; Share price change v share issuance; By market capitalisation (at 31-Dec); By revenue size (LTM); By revenue growth (LTM vs prior LTM); By profitability (measured by EBITDA); ASX NZX; Share price change Share issuance; < $100m 100m - $1bn $1bn +; < $10m $10m - $100m $100m +; Negative 0% - 50% 50% +; Negative EBITDA Positive EBITDA; CLARE CAPITAL TECH INSIGHTS

#116

Overview Clare Capital Tech Insights 116 - Capital Raising Amounts - 20190329; Capital Raised Amount (USD millions) by Industry Capital Raised Amount (USD millions) by Round; Capital Raised Amount (USD millions) by Country Capital Raised Amount (USD millions) by Year; This Tech Insights report looks at ~13 500 technology capital raise amounts since the start of 2014 across different rounds and geographies. The report does not take into account; multiples valuations equity stakes or terms (e.g. preference shares) for any of the capital raises being analysed. The two-pages only looks at the amount of capital raised.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Seed Round Series A Series B Series C Series D; Lower Quartile Upper Quartile Average; -; 2; 4; 6; 8; 10; 12; 14; 16; Software IT Services Data Processing; Services; Internet Services; Lower Quartile Upper Quartile Average; -; 5; 10; 15; 20; 25; 2014 2015 2016 2017 2018 2019; Lower Quartile Upper Quartile Average; -; 2; 4; 6; 8; 10; 12; Australia Canada New Zealand United; Kingdom; United States; Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Disclaimer; % of All Capital Raises by Industry % of All Capital Raises by Round; % of All Capital Raises by Country % of All Capital Raises by Year; The information provided in this report has been solely sourced and calculated from FactSet. 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.; 0.02; 0.04; 0; 0.1; 0.84; Australia; Canada; New Zealand; United Kingdom; United States; 0.69; 0.1; 0.03; 0.18; Software; IT Services; Data Processing Services; Internet Services; 0.3; 0.36; 0.19; 0.1; 0.05; Seed Round; Series A; Series B; Series C; Series D; 0.19; 0.2; 0.2; 0.21; 0.2; 2014; 2015; 2016; 2017; 2018; CLARE CAPITAL TECH INSIGHTS

#115

Overview Clare Capital Tech Insights 115 - Scooters - 20190322; Major international scooter companies; Companies selected for Wellington scooter trial; Other micro mobility players; Electric scooter hire companies have experienced amazing growth as demonstrated by the ASYMCO analysis pictured below. Both Lime and Bird have also rasied significant; amounts of venture capital (Lime US$765m Bird US$415m). Wellington has just recently approved a six month trial for Flamingo and JUMP electric scooters.; Note JUMP was acquired by Uber in April 2018 for; a reported US$200m.; Source: Source:; CLARE CAPITAL TECH INSIGHTS; Estimated Financial Performance of Wellington's six month Scooter Trial; Individual scooter cash payback performance Payback sensitivities; Cash payback for 400 scooters; Disclaimer; 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.; -200000; -150000; -100000; -50000; 0; 50000; 100000; 150000; 200000; Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19; -600; -400; -200; 0; 200; 400; 600; 800; Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19; -1x x 1x 2x 3x 4x 5x; Cost of scooter: $300 - $500; Rides per; day: 3 - 5; Fee per ride:; $0.75- $1.25; Fee per; min:; $0.2- $0.4; Avg ride length; (mins): 7 - 11; Overnight; charging; cost: $5-$15; Daily prob of; loss or damage:; 0 - 0.8%; Estimated payback of 2.1x; over the 6 month trial period; Scooter that needs; to be replaced; Scooter that gets; used frequently; Avg scooter; CLARE CAPITAL TECH INSIGHTS

#114

Overview Clare Capital Tech Insights 114 - Strategic v Financial Buyers - 20190315; Strategic Buyer; Type:; Means:; Financial Buyer; Type:; Means:; Transactions by EV Strategic Buyer Transactions by EV Financial Buyer Transactions by EV; This Tech Insights report looks at over 1 200 technology transactions showing the differences in distribution of multiples between strategic and financial buyers of technology; companies across different revenue and enterprise values.; A financial player acquires a company.; A strategic player acquires a company.; A strategic acquirer is more likely to focus on; the target company’s assets products ; people and customer base. At times the; financial performance can play less of a role; in the overall transaction rationale.; While the client and asset base is important ; a financial acquirer is likely to focus strongly; on the underlying financials of the business –; how big the target is how fast it is growing; and how much profit is it making.; -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); Financial Buyer Strategic Buyer 7%; 0.03; 0.07; 0.07; 0.06; 0.09; 0.11; 0.12; 0.2; 0.17; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); 0.06; 0.05; 0.11; 0.1; 0.07; 0.09; 0.13; 0.12; 0.17; 0.09; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Median EV/Revenue; EV (USD M); Strategic Buyer Financial Buyer; -; 2; 4; 6; 8; 10; 12; 14; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Median EV/Revenue; Revenue (USD M); Strategic Buyer Financial Buyer; Higher multiple paid; by strategic buyers.; For transactions; over USD $500M ; 28% are completed; by financial buyers.; While 72% are by; strategic buyers.; The EV for 9% of; transactions completed; by financial buyers is; between USD $15-25M.; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Transactions by Revenue Strategic Buyer Transactions by Revenue Financial Buyer Transactions by Revenue; Transactions by Multiple Strategic Buyer Transactions by Multiple Financial Buyer Transactions by Multiple; The information provided in this report has been solely sourced and calculated from FactSet. 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.; -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); Financial Buyer Strategic Buyer 9%; 0.04; 0.07; 0.09; 0.05; 0.09; 0.12; 0.13; 0.23; 0.1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); 0.09; 0.07; 0.14; 0.14; 0.09; 0.1; 0.12; 0.1; 0.12; 0.04; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; Financial Buyer Strategic Buyer 37%; 0.21; 0.25; 0.08; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; 0.33; 0.21; 0.23; 0.1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; CLARE CAPITAL TECH INSIGHTS

#113

Overview Clare Capital Tech Insights 113 - Share Price Correlation - 20190308; The level of correlation between two firm's share prices can vary from 1 (perfectly correlated) to zero (no relationship) to -1 (perfectly correlated but movement in the opposite; direction). The table below illustrates the level of correlation between selected technology companies. Some companies appear highly correlated with the indices and other; companies while others (typically smaller) companies do not appear to move inline with their peers. The data uses daily share price movement for the last two years.; S&P500; Nasdaq; NZX-all; ASX200; Atlassian; MYOB; ELMO; Enprise; 9 Spokes; Straker; Volpara; PaySauce; Plexure; Rakon; Finzsoft; Serko; Orion Health; GeoOp; ikeGPS; Trade Me; Vista; Gentrack; Xero; SmartPay; EROAD; Pushpay; Pushpay 0.09 0.08 0.36 0.27 0.18 -0.02 0.05 0.06 0.02 0.06 0.11 0.05 0.15 0.08 -0.03 0.10 0.05 0.07 0.03 0.10 0.08 0.12 0.22 0.05 0.17 1.00; EROAD 0.09 0.07 0.23 0.07 0.08 0.01 0.07 0.03 0.09 0.02 0.08 0.00 0.12 0.16 -0.01 0.21 -0.05 0.03 0.00 0.03 0.06 0.08 0.18 0.10 1.00; SmartPay -0.02 -0.02 0.01 0.00 -0.04 0.01 0.09 0.04 0.03 -0.17 -0.08 -0.05 0.01 -0.05 -0.06 -0.03 -0.01 -0.05 0.01 0.01 0.06 -0.06 0.02 1.00; Xero 0.10 0.09 0.39 0.44 0.15 0.14 0.12 -0.01 0.06 0.20 0.22 0.05 0.01 0.04 0.00 0.12 0.05 -0.01 0.09 0.00 0.09 0.16 1.00; Gentrack 0.09 0.10 0.28 0.22 0.04 0.02 -0.01 0.07 0.00 0.08 0.13 0.01 0.06 -0.01 -0.11 0.19 -0.02 0.09 0.01 -0.02 0.07 1.00; Vista 0.00 -0.02 0.22 0.05 -0.04 0.03 -0.02 -0.16 0.01 -0.01 -0.03 -0.05 0.05 0.00 -0.07 0.03 0.02 -0.04 -0.07 0.08 1.00; Trade Me 0.00 0.02 0.21 0.12 0.08 -0.07 0.00 0.02 0.05 0.02 0.00 -0.03 -0.04 0.01 -0.06 0.00 0.13 0.04 0.02 1.00; ikeGPS 0.18 0.15 0.08 0.12 0.11 0.06 -0.03 0.03 0.04 -0.11 0.03 0.07 0.02 -0.02 -0.09 0.00 -0.01 0.11 1.00; GeoOp 0.06 0.05 0.05 0.03 0.11 -0.03 0.05 -0.04 -0.02 0.12 -0.05 0.12 0.01 -0.05 -0.05 0.05 0.07 1.00; Orion Health -0.09 -0.09 0.22 0.12 -0.04 0.01 0.01 0.02 -0.11 0.00 -0.01 0.02 -0.03 0.02 0.01 0.02 1.00; Serko -0.02 -0.02 0.21 0.10 -0.01 0.06 0.03 0.07 0.01 0.29 0.12 0.02 0.03 0.00 -0.08 1.00; Finzsoft 0.01 0.03 -0.07 -0.05 0.10 -0.03 -0.03 -0.32 0.00 -0.01 -0.05 0.01 -0.02 -0.06 1.00; Rakon 0.11 0.10 0.08 0.17 0.01 0.06 -0.02 0.06 -0.05 0.02 0.06 0.00 0.11 1.00; Plexure 0.07 0.07 0.09 0.07 0.14 0.04 0.08 -0.04 0.03 -0.05 0.03 0.01 1.00 Highlighted correlations:; PaySauce 0.06 0.07 -0.04 -0.05 0.14 -0.04 0.11 0.00 -0.02 0.02 0.02 1.00; Volpara -0.01 -0.01 0.21 0.28 0.01 0.01 0.08 0.11 0.05 0.11 1.00 Xero & Pushpay 0.22 MYOB & Atlassian -0.11; Straker 0.10 0.04 0.11 0.20 0.04 -0.16 0.02 -0.06 0.10 1.00 EROAD & Serko 0.21 Smartpay & Straker -0.17; 9 Spokes 0.01 -0.01 0.08 0.10 -0.08 -0.06 0.17 0.00 1.00 Straker & Serko 0.29 Xero & Volpara 0.22; Enprise 0.01 -0.01 -0.04 0.02 -0.07 -0.03 -0.03 1.00; ELMO -0.06 -0.07 0.03 0.02 -0.02 -0.02 1.00; MYOB -0.05 -0.05 0.07 0.13 -0.11 1.00 Disclaimer; Atlassian 0.54 0.64 0.18 0.04 1.00; ASX200 0.10 0.06 0.51 1.00; NZX-all 0.13 0.10 1.00; Nasdaq 0.96 1.00; S&P500 1.00; The information provided in this report has been solely sourced; and calculated from FactSet. 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.; CLARE CAPITAL TECH INSIGHTS; Selected groups of companies to illustrate colleration between peers; Large SaaS companies Large cap technology companies; S&P500; Nasdaq; Box; Dropbox; Xero; Ultimate; Atlassian; Twilio; Splunk; ServiceNow; Workday; salesforce; S&P500; Nasdaq; Oracle; IBM; Red Hat; Tesla; Apple; Microsoft; Amazon; Netflix; Google; Facebook; salesforce 0.76 0.84 0.50 0.51 0.10 0.65 0.70 0.66 0.76 0.80 0.78 1.00 Facebook 0.56 0.65 0.38 0.32 0.09 0.25 0.46 0.51 0.57 0.46 0.63 1.00; Workday 0.63 0.72 0.57 0.46 0.07 0.60 0.64 0.61 0.75 0.78 1.00 Google 0.82 0.88 0.56 0.54 0.08 0.32 0.68 0.81 0.76 0.64 1.00; ServiceNow 0.65 0.74 0.52 0.50 0.18 0.61 0.68 0.64 0.71 1.00 Netflix 0.67 0.74 0.43 0.42 0.13 0.37 0.53 0.65 0.72 1.00; Splunk 0.55 0.65 0.54 0.43 0.07 0.57 0.68 0.60 1.00 Amazon 0.76 0.85 0.45 0.46 0.07 0.34 0.66 0.76 1.00; Twilio 0.56 0.64 0.46 0.51 0.10 0.49 0.58 1.00 Microsoft 0.86 0.89 0.62 0.58 0.16 0.36 0.71 1.00; Atlassian 0.54 0.64 0.44 0.42 0.15 0.54 1.00 Apple 0.75 0.80 0.50 0.48 0.11 0.32 1.00; Ultimate 0.58 0.64 0.39 0.43 0.00 1.00 Tesla 0.37 0.39 0.27 0.22 0.14 1.00; Xero 0.10 0.09 -0.02 0.09 1.00 Red Hat 0.19 0.19 0.13 0.02 1.00; Dropbox 0.44 0.51 0.47 1.00 IBM 0.66 0.62 0.48 1.00; Box 0.52 0.58 1.00 Oracle 0.68 0.64 1.00; Nasdaq 0.96 1.00 Nasdaq 0.96 1.00; S&P500 1.00 S&P500 1.00; ASX companies Payments companies; Nasdaq; ASX200; Hansen; Appen; Redbubble; NextDC; Altium; Wisetech; Seek; Webjet; Carsales; REA; S&P500; Nasdaq; Just Eat; Zuora; Afterpay; Grub Hub; Paypal; Wirecard; Adyen; Pushpay; Shopify; Square; REA 0.05 0.46 0.06 0.24 0.06 0.29 0.26 0.26 0.44 0.25 0.45 1.00 Square 0.67 0.75 0.28 0.40 0.15 0.50 0.66 0.29 0.34 0.14 0.62 1.00; Carsales 0.08 0.43 0.16 0.28 0.06 0.28 0.46 0.32 0.46 0.12 1.00 Shopify 0.60 0.69 0.26 0.41 0.21 0.43 0.62 0.22 0.30 0.12 1.00; Webjet 0.07 0.34 0.09 0.26 0.09 0.19 0.26 0.21 0.27 1.00 Pushpay 0.09 0.08 0.09 0.12 0.13 0.10 0.04 0.09 0.15 1.00; Seek 0.00 0.53 0.18 0.27 0.01 0.29 0.23 0.26 1.00 Adyen 0.39 0.35 0.34 0.06 0.24 0.18 0.30 0.40 1.00; Wisetech 0.11 0.37 0.20 0.33 0.04 0.44 0.60 1.00 Wirecard 0.23 0.26 0.23 0.12 0.12 0.13 0.25 1.00; Altium 0.07 0.39 0.19 0.39 0.09 0.41 1.00 Paypal 0.71 0.77 0.21 0.38 0.09 0.36 1.00; NextDC 0.06 0.46 0.16 0.36 0.03 1.00 Grub Hub 0.38 0.44 0.15 0.31 0.15 1.00; Redbubble -0.02 0.09 0.18 0.09 1.00 Afterpay 0.15 0.15 0.10 0.07 1.00; Appen 0.12 0.37 0.18 1.00 Zuora 0.39 0.44 0.16 1.00; Hansen 0.03 0.22 1.00 Just Eat 0.22 0.25 1.00; ASX200 0.06 1.00 Nasdaq 0.96 1.00; Nasdaq 1.00 S&P500 1.00; CLARE CAPITAL TECH INSIGHTS

#112

Overview Clare Capital Tech Insights 112 - G&A and D&A SaaS Expenses - 20190301; General & Administration; General & Administration (% of Revenue) - USD Millions General & Administration (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Obs. Avg. Med.; USD $<20M 160 52% 34%; USD $20-30M 165 29% 28%; USD $30-40M 108 25% 24%; USD $40-50M 62 20% 17%; USD $50-75M 250 16% 16%; USD $75-100M 293 16% 15%; USD $100-115M 139 17% 15%; USD $115-125M 98 19% 16%; USD $125-150M 224 16% 15%; USD $150-175M 213 16% 14%; USD $175-200M 192 15% 14%; USD $200-225M 180 15% 14%; USD $225-250M 176 15% 14%; USD $250-275M 157 16% 14%; USD $275-300M 112 15% 13%; USD $300-350M 173 13% 12%; USD $350-400M 133 13% 12%; USD $400-450M 125 14% 12%; USD $450-500M 111 13% 12%; USD $500-600M 138 11% 11%; USD $600-700M 86 11% 10%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M USD $700-800M 96 10% 9%; Observations 495 543 1 222 811 696 USD $800-1000M 109 10% 9%; Average 30% 16% 16% 14% 10% USD $1000-1500M 104 10% 9%; Lower Quartile 32% 19% 18% 17% 13% USD $>1500M 163 9% 9%; Median 26% 15% 14% 13% 9%; Upper Quartile 20% 12% 12% 10% 7%; This report looks at the general & administration (G&A) and depreciation & amortisation (D&A) expenses for publicly-listed SaaS companies. The two pages below show the costs; split over the same revenue brackets.; For SaaS companies G&A expenses generally relate to any overhead and corporate costs not related to servicing or hosting the customer nor any sales & marketing expenditure.; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; General & Administration (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Depreciation & Amortisation; Depreciation & Amortisation (% of Revenue) - USD Millions Depreciation & Amortisation (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Obs. Avg. Med.; USD $<20M 160 6% 6%; USD $20-30M 165 12% 7%; USD $30-40M 108 10% 10%; USD $40-50M 62 7% 5%; USD $50-75M 250 5% 5%; USD $75-100M 293 6% 5%; USD $100-115M 139 7% 7%; USD $115-125M 98 6% 6%; USD $125-150M 224 6% 6%; USD $150-175M 213 5% 5%; USD $175-200M 192 5% 5%; USD $200-225M 180 6% 5%; USD $225-250M 176 6% 5%; USD $250-275M 157 6% 5%; USD $275-300M 112 5% 4%; USD $300-350M 173 5% 5%; USD $350-400M 133 5% 4%; USD $400-450M 125 6% 5%; USD $450-500M 111 5% 4%; USD $500-600M 138 5% 4%; USD $600-700M 86 6% 5%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M USD $700-800M 96 6% 4%; Observations 495 543 1 222 811 696 USD $800-1000M 109 6% 5%; Average 9% 6% 6% 5% 6% USD $1000-1500M 104 7% 7%; Lower Quartile 12% 8% 8% 8% 9% USD $>1500M 163 8% 7%; Median 7% 5% 5% 5% 6%; Upper Quartile 3% 3% 4% 3% 3%; The information provided in this report has been solely sourced and calculated from FactSet. 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.; As SaaS companies typically have minimal fixed assets and significant intangible assets a large proportion of D&A costs are related to the amortisation of software over time.; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; Depreciation & Amortisation (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS

#111

Overview Clare Capital Tech Insights 111 - Australasian Tech Wages & Salaries Costs - 20190222; Highlights; Revenue (NZD M) - Staff Costs (% of Costs) from the Profit & Loss Statement - excluding capitalised development costs; This Tech Insights report looks at staff costs (primarily wages and salaries for employees of a company) as a percentage of total costs for Australasian Tech companies given it is; usually the largest expense for technology companies.; Regardless of the market capitalisation of a company or how much revenue it is generating staff costs (as a % of total costs) tend to be between 40-50% for ASX and NZX; technology companies. Clare Capital's own experience in dealing with technology companies also shows this 40-50% staff costs (as a % of total costs) trend.; n=194; n=30; n=49; n=44; n=18; n=26 n=27; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ALL <1M 1-5M 5-20M 20-50M 50-150M 150M>; Staff Costs (% of Costs); Revenue (NZD M); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Definitions; Market Capitalisation (NZD M) - Staff Costs (% of Costs) from the Profit & Loss Statement - excluding capitalised development costs; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. 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.; Only staff costs which have been expensed (i.e. employee costs on the Profit & Loss statement) have been included. This does not include any staff costs which have capitalised (i.e.; capitalised development costs on the Cash Flow statement). For example some Tech companies capitalise the salaries of developers working on the product/platform (i.e.; Research & Development). This will not be included in the staff costs below and will undervalue the 'actual' staff costs as a % of Costs.; Staff Costs represents the total compensation to employees for services. These exclude for example directors remuneration agent sales commissions and fees paid for third-party; professionals for services.; n=194; n=28; n=30 n=19; n=34; n=33; n=50; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ALL <5M 5-10M 10-20M 20-50M 50-150M 150M>; Staff Costs (% of Costs); Market Capitalisation (NZD M); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS

#110

Overview Clare Capital Tech Insights 110 - SaaS M&A - 20190215; Large listed SaaS companies have been attractive acquisition candidates during the last 12 months. Selected transactions are featured below. Financial buyers have been paying; approx. 4x to 10x revenues with an average of 6.5x revenue. Strategic buyers illustrate a larger range of 4x to over 20x revenue.; -; 5; 10; 15; 20; 25; ConvergeOne / CVC; Web.com / SIRIS Capital; Raet BV / Cinven; GlobalLogic / Partners Group; Fidessa / Carlyle; Imperva / Thoma Bravo; Intralinks / SS&C; MYOB / KKR; athenahealth / Elliott; Ellie Mae / Thoma Bravo; Apptio / Vista; MINDBODY / Vista; SUSE / EQT; QuickBase / Vista; CommerceHub / GTCR; IRIS / Intermediate Capital; Vendor Credentialing / Landmark; Scout24 / Blackstone; Ultimate Software / Blackstone; Softvision / Cognizant; CA / Broadcom; Basware / Tradeshift; Solium Capital / Morgan Stanley; Red Hat / IBM; ClickSoftware / salesforce.com; X.commerce / Adobe; SendGrid / Twilio; Marketo / Adobe; Adaptive Insights / Workday; Qualtrics / SAP; Revenue multiple; Marketo purchased by; Adobe for US$4 750m at; 12.4x revenue from Vista; Equity Partners.; Average 6.5x revenue; Average 10.1x revenue; Target / Acquirer; Thoma Bravo announced; a takeover offer on 12th; Feb for Ellie Mae at 6.7x; revenue.; Blackstone have; launched two buyouts ; US$6b for Scout24 in Jan; and US$12b for Ultimate; Software in Feb. Both at; approx. 10x revenue.; Vista announced three; software buyouts over the; last three months:; Apptio: US$1.5b 7.0x; Mindbody: US$1.7b 7.3x; Quickbase: US$1b 8.0x; Financial Buyers Strategic Buyers; CLARE CAPITAL TECH INSIGHTS; Marketo - History of ownership from being publicly listed to private equity ownership then strategic sale to large corporate; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 9000; 2013 2014 2015 2016 2017 2018 2019 2020; Valuation US$m; Taken private by; Vista for US$1 500m; at 6.6x revenue.; Sold to Adobe for; US$4 750m at 12.4x; revenue.; Revenue increased 26% CAGR; under Vista's ownership via; organic growth and acquisitions.; Gain from; uplift in; multiple; 6.6x to 12.4x.; Adobe benefits from buying; revenue at 12.4x while trading; at 16.4x along with an increase; in market cap post deal; announcement.; Adobe; gain; from; uplift in; multiple; 12.4x to; 16.4x.; Adobe market; cap increase on; announcement.; Publicly listed Private Equity owned Strategic sale; Marketo was taken private by Vista Equity Partners on 31-May-15 then sold to to; Adobe on 20-Sept-18. The company's history illusrates the opportuntiy for both; finanical and strategic buyers of software companies.; Marketing automation software; CLARE CAPITAL TECH INSIGHTS

#109

Overview Clare Capital Tech Insights 109 - Spotlight on Orion Health - 20190208; Company Overview Market Capitalisation (NZD Millions); Market Valuation; Share Price NZD 1.21; Market Capitalisation NZD M 110; Enterprise Value NZD M 106; Last Twelve Months (LTM); Revenue NZD M 171; EBITDA NZD M (33); Revenue Growth % (3%); EBITDA Margin % (19%); 40% Rule % (22%); Revenue per Employee ('000s) NZD 214; EV/LTM Revenue x 0.6; EV/LTM EBITDA x (3.2); Volumes & Values; (All on-market trades); IPO Price NZD 5.70; Listed Months # 50; Share Price %Δ (from IPO) % (79%); Monthly CGR (from IPO) % (3.1%); Daily Average Trade Value ('000s) NZD 233; Daily Average Trade Volumes ('000s) # 80; Daily Average Number of Trades # 20; % of Days Traded % 98%; Daily Average Value per Trade NZD 9 747; Daily Average Vol. per Trade # 4 000; This Tech Insights report looks at the financial performance (including market capitalisation and key metrics) of Orion Health (NZX:OHE). The company announced a takeover offer; last week which includes a plan to take the company private after previously selling off parts of the business in 2018. Orion Health listed on the NZX in November 2014.; 43503; Orion Health Group Ltd (OHE-NZ) engages in the; software development for clinical workflow and; integration technology to the healthcare sector.; 43503; 43373; -; 200; 400; 600; 800; 1000; 1200; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; 42614; 42675; 42736; 42795; 42856; 42917; 42979; 43040; 43101; 43160; 43221; 43282; 43344; 43405; 43466; Market Capitalisation (NZD Millions); $125m raised at; IPO; Hg; acquires/invests; in Rhapsody; and Population; Health. Implied; OHE value of; NZD $255m; Takeover; notice at a; cash price of; NZD $1.224; per share; Signed an; agreement; with a major; U.S.; healthcare; insurer; $32m; raised via; rights; offer; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Revenue (NZD Millions) EV/Revenue Multiple; EBITDA (NZD Millions); The information provided in this report has been solely sourced and calculated from FactSet. 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.; -; 1; 2; 3; 4; 5; 6; 7; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; 42614; 42675; 42736; 42795; 42856; 42917; 42979; 43040; 43101; 43160; 43221; 43282; 43344; 43405; 43466; EV/Revenue Multiple; 96; 109; 153; 164; 207 199; 168; FY12 FY13 FY14 FY15 FY16 FY17 FY18; 6; -3; -9; -49; -45; -33; -45; FY12 FY13 FY14 FY15 FY16 FY17 FY18; Annual; Results; FY18; Annual; Results; FY17; Annual; Results; FY16; Annual; Results; FY15; Interim; Results; FY16; Interim; Results; FY17; Interim; Results; FY18; Interim; Results; FY19; CLARE CAPITAL TECH INSIGHTS