#108

Overview Clare Capital Tech Insights 108 - 2018 Christmas Crossword - 20181207; 1 2 3 4 5; 6; 7 8; 9; 10 11 12 13; 14 15; 16 17; 18; 19; 20; 21 22; All clues refer to events from 2018 all amounts in NZD.; Across; 6. NZX-listed mobile app company reported its maiden profit in October.; 7. NZ Hi-Tech Company of the Year develops self-service payment solutions.; 8. Successfully raised over $200m and had its first commercial launch from Mahia; Peninsula this year ( _____ Lab).; 10. Software company currently subject to a takeover offer from a Texas company offering; over a 10o% premium to the pre-announcement price.; 14. Moved from the ASX to the USX and has since had total value traded of $760 (Martin; _____ ).; 16. Auckland game developer that sold a majority stake for over $100m to Tencent; (Grinding ___ Games).; 17. Stock exchange which has 58 NZ company listings opening an Auckland office.; 19. UK online tax/accounts filing company acquired by Xero for $10m.; 20. Translation company IPO'd on the ASX in November ( _____ Translations).; 21. The meeting place of intelligent business?; 22. NXT-listed company which was suspended from trading in December for failing to; provide its financial results update to the market ( _____ Media).; Down; 1. NZ cannabis research and manufacturing firm raised $15m from; Guy Haddleton ( _____ Therapeutics).; 2. Underwent a highly-debated transition to a sole ASX listing.; 3. Wellington-based company that helps people mange chronic illnesses ; raised $3.3m this year ( _____ Health).; 4. Surname of US CEO who announced he was looking to take a company private at USD; $420 per share then forced to settle with the SEC.; 5. NZX-listed software company acquired Evolve Analytics and raised $90m.; 9. The ticker of the NZX-listed company which invested $46m in Flick Electric.; 11. E-scooter company that launched in Auckland and Christchurch.; 12. Trade Me took a 16% stake in this tech start-up for $4m.; 13. Pencarrow-backed geo-mapping company sold 70% to Accel-KKR.; 15. NZX & ASX listed SaaS company successfully completed a $100m bookbuild of the cofounder's; stake as he exited the business.; 17. Enterprise cloud platform IPO'd on the NYSE for $4bn+ Kiwi co-founder.; 18. Salon/spa software company 'Tabatha Takes Over' star joined the Board.; 19. NZX-listed technology company raised $5m ( _ _ _ GPS).; For our last Tech Insights report of the year we've put together a quick crossword ; largely based on Australiasian companies who were in the news over 2018.; Answers are provided on page 2 as well as figures on historical Christmas Day temperatures.; CLARE CAPITAL TECH INSIGHTS; Historical Christmas Day temperatures (from timeanddate.com); Disclaimer; The information provided in this report has calculated from FactSet and other information sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is; not an Authorised Financial Adviser. This document is intended as a bit of pre-Christmas fun. If you thought it was investment advice you really need a holiday.; Crossword answer:; 20°c 21°c; 25°c; 2015 2016 2017; Auckland; 23°c; 20°c 21°c; 2015 2016 2017; Taupo; 23°c; 17°c; 31°c; 2015 2016 2017; 23°c 21°c Christchurch; 17°c; 2015 2016 2017; Queenstown; 18°c 17°c; 21°c; 30°c; 2015 2016 2017 2018 F; Wellington; H X M M G; E P L E X U R E U E; L R L S N; I N V E N C O R O C K E T; U Z N R; S L I S Y S T E M S A; I H L E C; M A J E T P A C K; G E A R A S X Q U; E N U S T; I N S T A F I L E H I; K I P N P M; E E L S T R A K E R; S A Y L; N B R S N A K K Y; 1 2 3 4 5; 6; 7 8; 9; 10 11 12 13; 14 15; 16 17; 18; 19; 20; 21 22; CLARE CAPITAL TECH INSIGHTS

#107

Overview Clare Capital Tech Insights 107 - NZ Tech Revenue Performance - 20181130; All in NZD; 9 Spokes; Enprise; EROAD; Gentrack; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SmartPay; Straker; Volpara; Xero; EROAD (ERD-NZ) Gentrack (GTK-NZ) ikeGPS (IKE-NZ) Orion Health (OHE-NZ); 236 57.5 0.77 1.32 72%; 5 960 13.4 35.56 42.40 19%; 34 2.8 0.20 0.20 -; 82 4.7 1.55; 64 0.6 0.20 0.28 40%; 238 10.7 2.45 2.96 21%; 26 1.5 0.21 0.23 10%; 907 7.6 4.30 3.30 (23%); 59 6.2 0.42 0.65 55%; 229 1.3 0.70 1.17 67%; 178 3.1 3.83 2.61 (32%); 591 5.6 6.53 6.00 (8%); 12 1.2 0.06 0.02 (58%); 9 1.1 1.10 0.91 (17%); This Tech Insights looks at the revenue performance for NZ listed technology companies which have reported their results over the past two months. The report compares the first; half of FY19 (April 18 to Sept 18) against the first half of FY18 (April 17 to Sept 17). We have added ASX-listed only companies which were founded in NZ to increase the sample set.; Enprise (ENS-NZ); 30-Nov 30-Nov 1-Apr 30-Nov Change; Value (M) EV/Revenue Price ($) Price ($) Price 9 Spokes (9SP-AU); 2.3; 0.97; 2.2 4.5; H1 FY18 Change H1 FY19; H1 Revenue (NZD M); 3.3; -0.01; 3.2; H1 FY18 Change H1 FY19; 19; 0.49; 9 28; H1 FY18 Change H1 FY19; 46; 0.14; 6 52; H1 FY18 Change H1 FY19; 3.5; 0.27; 0.9 4.4; H1 FY18 Change H1 FY19; 81; 0.03; 2; 83; H1 FY18 Change H1 FY19; Half-year; Revenue; Growth; CLARE CAPITAL TECH INSIGHTS; Disclaimer; SmartPay (SPY-NZ) Straker (STG-AU) Volpara (VHT-AU) Xero (XRO-AU); 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.; Plexure (PLX-NZ) Pushpay (PPH-NZ) Rakon (RAK-NZ) Serko (SKO-NZ); 5.2; 0.56; 2.9 8.1; H1 FY18 Change H1 FY19; 40; 0.56; 22 62; H1 FY18 Change H1 FY19; 48; 0.1; 5 53; H1 FY18 Change H1 FY19; 9.1; 0.25; 2.3 11.4; H1 FY18 Change H1 FY19; 10.4; -0.03; 10.1; H1 FY18 Change H1 FY19; 8.6; 0.39; 3.4 12.0; H1 FY18 Change H1 FY19; 1.3; 0.83; 1.0 2.3; H1 FY18 Change H1 FY19; 188; 0.37; 69 257; H1 FY18 Change H1 FY19; CLARE CAPITAL TECH INSIGHTS

#106

Trade Me - Share Price NZ$ and EV/EBITDA ratio Clare Capital Tech Insights 106 - Trade Me Takeover Offer - 20181123; x; 1x; 2x; 3x; 4x; 5x; 6x; 7x; 8x; 9x; 10x; 11x; 12x; 13x; 14x; 15x; 16x; 17x; 18x; 19x; 20x; $-; 0.4; 0.8; 1.2; 1.6; 2; 2.4; 2.8; 3.2; 3.6; 4; 4.4; 4.8; 5.2; 5.6; 6; 6.4; 6.8; 7.2; 7.6; 8; 8.4; 8.8; Comparable listed companies; EBITDA Fcst EBITDA; Seek 19x 16x; REA 21x 18x; Webjet 17x 12x; eBay 11x 9x; RightMove 20x 19x; Carsales.com 15x 14x; Expedia 11x 10x; Booking 15x 15x; Zillow 41x 26x; Recruit Hldngs 17x 16x; Median 17.0x 15.5x; Trade Me 15.6x 14.7x; Trade Me has received a preliminary non-binding indicative proposal from Apax Partners to; acquire 100% of the shares in Trade Me at a cash price of NZ$6.40 per share.; An offer of 15.6x FY18 EBITDA and 14.7x FY19 EBITDA.; Comparable transaction; EBTIDA; Silver Lake / ZPG 26x; In May 2018 Silver Lake a large tech focused PE firm took private ZPG; Group a UK online classifieds business. The purchase price was £2.2bn ; a 30% premium to ZPG's prior share price. The transaction value was; 9.0x FY17 revenue and 25.9x FY17 EBITDA.; Trade Me share price; Trade Me; EV/EBITDA; ratio; 2011 2012 2013 2014 2015 2016 2017 2018; CLARE CAPITAL TECH INSIGHTS; Trade Me - Illustrative Buyout Analysis NZ$m; Sources and Uses Equity 55% Actuals Forecasts; Debt 45% Forecasts FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26; Sources; Equity 1 500 Internet classifieds 174 195 219 245 274 307 344 385; Senior debt 800 @ 6% Marketplace 98 103 108 113 119 125 131 138; Mezz debt 446 @ 8% Total Revenue 218 235 250 272 298 327 358 393 432 475 523; Overdraft 0 @ 10% EBITDA 142 167 164 179 198 221 246 274 302 333 366; Sale of minority stakes 10 @ BV Capex -25 -25 -28 -25 -25 -25 -25 -25 -25 -25 -25; Total 2 756; Revenue growth 9.2% 7.8% 6.6% 8.7% 9.5% 9.6% 9.7% 9.8% 9.9% 10.0% 10.1%; Uses EBITDA margin 65.2% 71.1% 65.7% 65.6% 66.6% 67.6% 68.6% 69.6% 70.0% 70.0% 70.0%; Purchase price 2 541 Net debt 101 83 64 1 208 1 207 1 182 1 133 1 059 963 842 693; Debt repayment 114; Fees 102 Senior debt 800 800 800 800 800 800 800 800; Total 2 756 Mezz debt 402 357 313 268 223 179 134 89; Overdraft 6 50 69 65 36 -16 -92 -196; Debt to EBITDA 6.8x 6.1x 5.4x 4.6x 3.9x 3.2x 2.5x 1.9x; IRR Sensitivities; IRR Exit Year; FY21 FY22 FY23 FY24 FY25 FY26; EBITDA 15x 15% 16% 17% 17% 17% 17%; Exit 18x 28% 25% 23% 22% 21% 20%; Multiple 20x 36% 30% 27% 25% 23% 22%; 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.; 0.1; 0.2; 0.3; 0.4; Base case Incr int rate by; 0.02; Incr in rev; growth by 3%; Recap Split up $6.75 offer; price; CLARE CAPITAL TECH INSIGHTS

#105

Overview Clare Capital Tech Insights 105 - Revenue and Salary per Employee - 20181116; Revenue per Employee (NZD '000s); This report looks at revenue and salary per employee for global publicly-listed technology companies based on different revenue levels. Revenue per employee rises as revenue; increases meaning revenue is growing faster than the number of employees. However salary per employee generally stays around NZD $100 000 regardless of size.; n=632; n=536; n=315 n=554; n=543 n=505; n=772 n=502 n=369; n=922; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 550; 600; 650; <1M; 1-5M; 5-10M; 10-25M; 25-50M; 50-100M; 100-250M; 250-500M; 500-1000M; 1000M>; Revenue (NZD); Lower Quartile Upper Quartile Median; n=5650; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 550; 600; 650; ALL; Revenue per Employee (NZD '000s); Legend:; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Salary per Employee (NZD '000s); 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.; n=632; n=536; n=315; n=554; n=543; n=505; n=772; n=502; n=369; n=922; -; 25; 50; 75; 100; 125; 150; 175; 200; 225; 250; <1M; 1-5M; 5-10M; 10-25M; 25-50M; 50-100M; 100-250M; 250-500M; 500-1000M; 1000M>; Revenue (NZD); Lower Quartile Upper Quartile Median; n=2238; -; 25; 50; 75; 100; 125; 150; 175; 200; 225; 250; ALL; Salary per Employee (NZD '000s); Legend:; CLARE CAPITAL TECH INSIGHTS

#104

Overview Clare Capital Tech Insights 104 - Anaplan Returns by Investment Tranche - 20181109; This Tech Insights report looks at Anaplan which recently listed on the New York Stock Exchange. Anaplan raised USD $564m over seven funding rounds (including the IPO).; This gives us an interesting look at how the shareholding diluted over time and to see how the returns from different tranches of investment compare.; The analysis presented is in USD and looks at returns assuming that all investments made were held until the IPO.; Series A; Q3 2010; Series B; Q1 2012; Series C; Q2 2013; Series D; Q2 2014; Series E; Q1 2016; Series F; Q4 2017; IPO; Q4 2018; Founders: $540m; Series A: $405m; Series B: $612m; Series C: $378m; Series D: $331m; Series E: $204m; Series F: $110m; IPO: $377m; $6m $11m; $33m; $100m; $90m; $60m; $264m; Day 1 close: $2 956m; $0m; $500m; $1 000m; $1 500m; $2 000m; $2 500m; $3 000m; Anaplan engages in the provision of cloud platform which addresses the connected; planning need of all organizations with focus on largest global enterprises.; It also offers professional services including consulting implementation and training.; The company was founded by Michael Gould John David Guy Haddleton and Sue; Haddleton in 2006 and is headquartered in San Francisco CA.; This chart shows the; capital raised over time:; Post-money; valuation; Pre-money; valuation; Funds; raised; Series A lead; investors:; Sam Morgan ; Craig Winkler; USD $m; CLARE CAPITAL TECH INSIGHTS; Anaplan return analysis by investment tranche; Founders Series A Series B Series C Series D Series E Series F IPO Day 1 close Total; Date Jul 2010 Jan 2012 Apr 2013 May 2014 Jan 2016 Nov 2017 Oct 2018 Oct 2018; Raise (USD $m) 6 11 33 100 90 60 264 - 564; Pre-money valuation (USD $m) 8 17 136 585 1 000 1 350 1 804 2 956; Post-money valuation (USD $m) 14 28 169 685 1 090 1 410 2 068 2 956; New investor's equity 43% 39% 20% 15% 8% 4% 13% -; Valuation change (USD $m) 8 3 108 416 315 260 394 888 2 392; Valuation uplift 21% 386% 246% 46% 24% 28% 43%; % after IPO 18% 14% 21% 13% 11% 7% 4% 13% - 100%; Value after IPO (USD $m) 540 405 612 378 331 204 110 377 - 2 956; Multiple of capital invested 67.5x 55.6x 11.4x 3.3x 2.3x 1.8x 1.4x; Years from investment 8.3 6.8 5.5 4.5 2.8 1.0; Annualised return (IRR) 66% 81% 55% 31% 34% 88%; Disclaimer; The information provided in this report has calculated from FactSet and other information sources. 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.; 0.57; 0.35; 28% 24% 22% 21% 18% Founders; 0.43; 0.26; 0.21; 0.18; 16% 16%; 14% Series A; 0.39; 0.32; 0.27; 25% 24%; 21% Series B; 0.2; 0.17; 0.15; 0.15; 13% Series C; 0.15; 0.13; 0.13; 11% Series D; 0.08; 0.08; 7% Series E; 0.04; 4% Series F; 13% IPO; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; This chart shows the; impact of dilution on; existing shareholders; after each new round; of funding:; CLARE CAPITAL TECH INSIGHTS

#103

SLI Systems - Share Price NZ$ and Cash Per Share NZ$ Clare Capital Tech Insights 103 - SLI Systems & Takeover Premiums - 20181102; 0; 0.5; 1; 1.5; 2; 2.5; 3; 2013 2014 2015 2016 2017 2018; Pioneer and NZVIF; exit via an off; market trade.; ESW Holdings makes a takeover bid at $0.63.; The offer values SLI Systems at:; 0.9x revenue; 5.1x EBITDA (adjusted for listing costs and one off expenses); 5.5x EBITDA; 7.4x reported EBIT; IPO of shares to raise; $27m $15m of new; capital and $12m to; existing investors.; Demand was; approximately 2.5x the; money sought.; Shares jump 15%; on first half; revenue increase ; slowing cash burn.; SLI Systems posts; first profit.; Cash per share; Cloud-based search tools for online retailers; CLARE CAPITAL TECH INSIGHTS; Recent Takeover Premiums Achieved; 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.; -0.1; 0; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18; CLARE CAPITAL TECH INSIGHTS

#102

Overview Clare Capital Tech Insights 102 - Acquisitions by Technology Acquirers - 20181026; Highlights Median Average Acquisition Metrics by Technology Acquirers; Cost of Acquisitions (NZD M) 37 206; Number of Acquisitions 1.0 2.1; Cost per Acquisition (NZD M) 21 79; Cost of Acquisitions (NZD M); Number of Acquisitions; 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.; 13; 13; 25; 471; 1816; 140; 154; 109; 140; 72; 1830; 935; 317; 6; The total cost of acquisitions represents the total; amount of cash used to acquire any businesses; within the acquiring company's last annual financial; period. This will not include any deferred payment; nor the value of stock if equity was a part of the; transaction. The cash component has been retrieved; via FactSet from the company's cash flow; statement. For example if Company X buys; Company Y for $10 million with 60% cash and 40%; equity. Only the $6 million will be included.; 8; The number of acquisitions represents how many; acquisitions a company has completed over the last; annual financial period retrieved via FactSet. FactSet; is unlikely to include all transactions especially the; smaller deals; therefore the total number of; acquisitions is likely to be understated.; 9; 6; 5; 3; 5; 4; 462; 543; 561; 10898; 698; 172; 2406; 4238; 34; 601; 623; 5; 4; This report looks at acquisitions by 340 technology acquirers including how much they spent how many transactions and the average size of the deal over their last financial year.; 404 14 29; Cost per Acquisition; (NZD M); Number of Acquisitions; Cost of Acquisitions; (NZD M); 1243; 461; 113; 58; 11; 305; 3 115 5; CLARE CAPITAL TECH INSIGHTS; Cost of Acquisitions (NZD M) 340 Companies over an Annual Period; % of Companies with $1M+ in Acquisitions: 100%; % of Companies with $5M+ in Acquisitions: 85%; % of Companies with $10M+ in Acquisitions: 74%; % of Companies with $25M+ in Acquisitions: 57%; % of Companies with $50M+ in Acquisitions: 44%; % of Companies with $100M+ in Acquisitions: 30%; % of Companies with $250M+ in Acquisitions: 15%; % of Companies with $500M+ in Acquisitions: 8%; % of Companies with $1000M+ in Acquisitions: 4%; % of Companies with $2500M+ in Acquisitions: 1%; Number of Acquisitions 340 Companies over an Annual Period; % of Companies with 1+ Acquisitions: 100%; % of Companies with 2+ Acquisitions: 48%; % of Companies with 3+ Acquisitions: 25%; % of Companies with 4+ Acquisitions: 13%; % of Companies with 5+ Acquisitions: 8%; % of Companies with 6+ Acquisitions: 4%; % of Companies with 7+ Acquisitions: 3%; % of Companies with 8+ Acquisitions: 2%; % of Companies with 9+ Acquisitions: 2%; % of Companies with 10+ Acquisitions: 1%; Cost per Acquisition (NZD M) 340 Companies over an Annual Period; % of Companies with $1M+ per Acquisition: 100%; % of Companies with $5M+ per Acquisition: 80%; % of Companies with $10M+ per Acquisition: 66%; % of Companies with $25M+ per Acquisition: 46%; % of Companies with $50M+ per Acquisition: 32%; % of Companies with $100M+ per Acquisition: 19%; % of Companies with $150M+ per Acquisition: 12%; % of Companies with $250M+ per Acquisition: 7%; % of Companies with $500M+ per Acquisition: 3%; % of Companies with $1000M+ per Acquisition: 1%; -; 2000; 4000; 6000; 8000; 10000; 12000; - 25 50 75 100 125 150 175 200 225 250 275 300 325; NZD M; Individual Tech Acquirers; -; 5; 10; 15; 20; 25; 30; - 25 50 75 100 125 150 175 200 225 250 275 300 325; # of Acquisitions; Individual Tech Acquirers; -; 500; 1000; 1500; 2000; - 25 50 75 100 125 150 175 200 225 250 275 300 325; NZD M; Individual Tech Acquirers; CLARE CAPITAL TECH INSIGHTS

#101

Overview Clare Capital Tech Insights 101 - SaaS Costs - 20181012; Definitions; SaaS Costs (% of Costs) - Based on different Revenues; Disclaimer; This Tech Insights report looks at the four SaaS cost categories as % against one another - each one is divided against the sum of all four including itself with the sum of all four; SaaS cost categories adding up to 100%. Data has been taken from international public SaaS companies. Salaries have been included in each of the four SaaS cost categories.; 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.; COS (% of Costs); S&M (% of Costs); G&A (% of Costs); R&D (% of Costs); Cost of Sales (COS) or Cost to Serve (CTS) as it is commonly referred to in SaaS terms is an expense related to servicing hosting and supporting; the customer.; Sales & Marketing (S&M) or Customer Acquisition Costs (CAC) as it is commonly referred to in SaaS terms is an expense related to acquiring the; customer which includes for example sales salaries marketing initiatives.; General & Administration (G&A) is an expense related to any overhead and corporate costs not related to servicing or hosting the customer and; any sales & marketing expenditure.; Research & Development (R&D) is an expense related to the development of the software product and/or platform specifically the wages &; salaries of engineers and developers.; =; =; =; =; 28% 30% 32% 33% 35%; 0.28; 34% 35% 34% 34%; 27% 16% 15% 16% 12%; 17% 19% 18% 17% 19%; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <50M 50-100M 100-250M 250-500M 500M>; Revenue (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 0.32; 0.34; 0.16; 0.18; -; 0.2; 0.4; 0.6; 0.8; 1; ALL; Revenue (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); CLARE CAPITAL TECH INSIGHTS; SaaS Costs (% of Costs) - Based on different Costs; Xero (% of Costs) Pushpay (% of Costs) Wisetech Global (% of Costs); 29% 32% 31% 34% 34%; 0.28; 33% 35% 34% 35%; 27% 16% 16% 15% 12%; 16% 19% 18% 17% 19%; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <50M 50-100M 100-250M 250-500M 500M>; Costs (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 0.32; 0.34; 0.16; 0.18; -; 0.2; 0.4; 0.6; 0.8; 1; ALL; Costs (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 18% 17% 19% 17%; 47% 50% 45% 44%; 12% 10% 10% 11%; 23% 23% 25% 27%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; 0.09; 0.24; 0.32; 0.39; 0.3; 0.43; 0.37; 0.31; 0.42; 25% 15% 16%; 0.2; 0.08; 16% 13%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; 21% 16%; 23% 24%; 0.21; 0.23; 15% 15%; 23% 30% 30% 33%; 35% 31% 32% 29%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; CLARE CAPITAL TECH INSIGHTS

#100

Overview Clare Capital Tech Insights 100 - 100 - 20181005; Then and Now - a comparison between when we first started (July 2016) and now (October 2018); Jul 2016 Oct 2018 Jul 2016 Oct 2018 Jul 2016 Oct 2018 Jul 2016 Oct 2018; 10; 7; 9; 8; 6; 5; 4; 3; 2; 1; This is the 100th edition of our weekly Technology Insights report. We started this back in July 2016 with the idea of giving the market access to more information as we found there; was a lack of understanding around technology companies and metrics.; We initially sent a single two-page report out to about 20 people plotting EV/Revenue against revenue growth for NZX technology companies on a chart with a variety of metrics on; the back page including international comparators. It has since grown to 950+ subscribers (our target is 1 000 by the end of this year).; Credit must go to the team here at Clare Capital for producing 100 different technology reports over the last two-and-a-bit years. Each one takes about a day to produce and at any; given moment we have approximately a dozen ready to be sent. It is all done in Excel including the charts (with a couple of exceptions).; Top 10 ASX and NZX technology companies from the start of the reports to now (minimum NZD $2 million in revenue now only current public companies included).; Market Capitalisation Revenue Revenue Growth EBITDA Margin; CLARE CAPITAL TECH INSIGHTS; Highlights - a selection of excerpts from our reports that generated the most discussion over the last 99 editions; -2.2; -1.8; -1.4; -1; -0.6; -0.2; 0.2; 0.6; (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%; EBITDA Margin; Revenue Growth; 40% Rule; High Performance; Poor Performance; Valuation Chart as at 22 July 2016; EROAD; Finzsoft; GeoOp; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SmartPay; Trade Me; Vista; Wynyard; Xero; -; 2; 4; 6; 8; 10; 12; 14; 16; (50%) - 50% 100% 150% 200% 250% 300% 350% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; O v d g w d; d NZ; Tech Insights #1 - EVAR v Growth v EV; T 40% R : R v w + B TDA M g T; d - w g w d; dd g ' g w; B TDA g; Tech Insights #14 - 40% rule; T T D D D -; d d w g w T; g U D $2 v; v ; d d d d v; Tech Insights #36 - How fast is T2D3?; M g w A w v gg; w v w g d v A; g v gg v g w g; d; Tech Insights #87 - SaaS quick ratio; O 11% d w W; g g g d; d v d g w g; Tech Insights #82 - Board gender composition; U d C R v (U d C R ) T; d (C R d + D - C ); g $1 v; Tech Insights #77 - Used capital ratio; T2D3 - The best-of-the-best NZ Companies; PPH vs XRO; -; 50; 100; 150; 200; 250; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30; ARR US$m; Qtr Since $2m ARR; PPH; T2D3; XRO; Capital Raised Ratio by Company Size; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 0-250k; 250K - 500k; 500K - 1m; 1m - 2m; 2m - 5m; 5m - 10m; 10m - 20m; 20m - 50m; ARR to Capital Raised Ratio; ARR USD; 50% Range (25-75th Percentile); Median; CLARE CAPITAL TECH INSIGHTS

#99

Overview Clare Capital Tech Insights 99 - Independent vs Non-Independent Directors - 20180928; Board composition for ASX and NZX technology companies Board composition by market capitalisation (NZD millions); Summary information; Total NZX ASX; Key points # boards 193 15 178; # directors 893 76 817; % independent directors 33% 62% 30%; % non-independent directors 67% 38% 70%; Average # directors 4.6 5.1 4.6; Average # independent directors 1.5 3.1 1.4; Average # non-independent directors 3.1 1.9 3.2; This Tech Insights report looks at the split between independent and non-independent directors across ASX and NZX technology companies.; Independent means independent of management and free from any business or other relationship or circumstance that could materially interfere with the exercise of a director’s; independent judgement (source: Institute of Directors).; The best independent directors are fully intellectually financially and; politically independent of the company (Institute of Directors).; 1) Within technology companies the NZX and ASX are opposites - ASX has; mainly non-independent directors NZX mainly independent directors.; 2) The larger the company (by market capitalisation) the higher the percentage; of independent directors. This is to be expected larger companies with a wider; shareholder base generally have increased scrutiny on ensuring independent; board representation.; -; 0.2; 0.4; 0.6; 0.8; 1; <5 5-10 10-20 20-50 50-100 100-500 500+; Market capitalisation (NZD millions); Independent directors Non-independent directors; 0.33; 0.62; 0.3; 0.67; 0.38; 0.7; - 20% 40% 60% 80% 100%; Total; NZX; ASX; Independent directors Non-independent directors; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Board composition for ASX and NZX technology companies Number of boards by independent director proportion; 7 - 2 - - - - - -; 6 - 1 - 1 - - - -; 5 1 - 2 - 1 - - -; 4 - 4 2 6 - - - -; 3 - 6 11 14 2 - - -; Key points; 2 - 6 6 14 3 3 1 -; 1 - 1 7 14 9 4 - -; 0 - - 2 31 24 10 3 2; 0 1 2 3 4 5 6 7; Independent directors; 1) There is only 1 technology company across the NZX and ASX with; 100% independent directors - Trade Me who has 5 independent directors.; 2) The most common board composition is 3 non-independent directors and; 0 independent directors (31 board 16% of the total).; 3) Overall 67% of boards (129 boards) have less than half independent directors.; 4) Of the 15 NZX companies only 1 has less than half independent directors.; Non-independent directors; Number of boards (count = 193); 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.; 50:50 split; 1; 42; 21; 57; 72; - 10 20 30 40 50 60 70 80; 100% independent; Majority independent; 50:50 independent; Minority independent; No independent; # of boards (count = 193); CLARE CAPITAL TECH INSIGHTS

#98

Overview Clare Capital Tech Insights 98 - World Map - 20180921; Total Market Capitalisation by Country (USD Billions) Global Market Value: USD $80 Trillion as at 11th September 2018; This report looks at the total market capitalisation and revenue for all publicly-listed companies in the top countries. Dual-listed companies have only been included on their primary; exchange. For example Xero although headquartered in NZ is only listed the ASX. Trade Me although listed on the NZX & ASX has its primary listing on the NZX.; 33816; 5888; 5371; 4829; 3228; 2538; 2232; 2108; 2057; 1535; 1531; 1375; 1158; 758; 743; 600; 512; 504; 456; 451; 438; 437; 339; 272; 252; 250; 246; 181; 131 141; 113; 98; 95; 93; 86; 75; 58; 49; 45; 32; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Total Revenue by Country (USD Billions) Global Revenue: USD $57 Trillion as at 11th September 2018; 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.; 15964; 7214; 4988; 3503; 2830; 2477; 2535; 1386; 1291; 829; 2165; 761; 1 12; 446; 857; 775; 426; 337; 325; 337; 244; 245; 214; 188; 160; 209; 96; 176; 118 90; 290; 53; 61; 66; 42; 85; 28; 66; 36; 30; CLARE CAPITAL TECH INSIGHTS

#97

Overview Clare Capital Tech Insights 97 - GTV Valuation - 20180914; Pushpay Holdings - Market Cap and GTV Ratio Pushpay Holdings - GTV Valuation; Webjet - Market Cap and GTV Ratio Webjet - GTV Valuation; This report looks at marketplace companies and the relationship between total platform transactions and valuation. The health of a marketplace business is tied to the growth of; transactions across the platform or gross transaction value (GTV). All four companies featured demonstrate a predictable relationship between Market Cap and GTV over time.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 400; 800; 1200; 1600; 2016 2017 2018; GTV to Market Cap Ratio; Market Cap NZ$M; PPH-NZ Market Cap; PPH-NZ GTV ratio; -; 400; 800; 1200; 1600; 2016 2017 2018; Market Cap NZ$M; PPH-NZ Market Cap; 0.3x GTV; 0.1x GTV; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 500; 1000; 1500; 2000; 2500; 3000; 2015 2016 2017 2018; GTV to Market Cap Ratio; Market Cap AUD$M; WEB-AU Market Cap; WEB-AU GTV ratio; -; 500; 1000; 1500; 2000; 2500; 3000; 2015 2016 2017 2018; Market Cap AUD$M; WEB-AU Market Cap; 0.8x GTV; 0.3x GTV; CLARE CAPITAL TECH INSIGHTS; Afterpay - Market Cap and GTV Ratio Afterpay - GTV Valuation; Redbubble - Market Cap and GTV Ratio Redbubble - GTV Valuation; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet and company reports. 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; -; 0.4; 0.8; 1.2; 1.6; 2; -; 1000; 2000; 3000; 4000; 5000; 6000; 2017 2018; GTV to Market Cap Ratio; Market Cap AUD$M; APT-AU Market Cap; APT-AU GTV ratio; -; 1000; 2000; 3000; 4000; 5000; 6000; 2017 2018; Market Cap AUD$M; APT-AU Market Cap; 1.8x GTV; 0.7x GTV; -; 0.5; 1; 1.5; 2; 2.5; -; 100; 200; 300; 400; 500; 600; 2016 2017 2018; GTV to Market Cap Ratio; Market Cap AUD$M; RBL-AU Market Cap; RBL-AU GTV ratio; -; 100; 200; 300; 400; 500; 600; 2016 2017 2018; Market Cap AUD$M; RBL-AU Market Cap; 2x GTV; 0.8x GTV; CLARE CAPITAL TECH INSIGHTS

#96

Overview Clare Capital Tech Insights 96 - Tech IPO Metrics - 20180907; Valuation at IPO (USD M) Capital Raised at IPO (USD M) EV/Capital Raised Multiple at IPO; Lower Quartile 330 Lower Quartile 75 Lower Quartile 4.4; Median • 636 Median • 105 Median • 5.6; Upper Quartile 1 300 Upper Quartile 157 Upper Quartile 7.6; Average • 2 165 Average • 338 Average • 7.7; Disclaimer; The information provided in this report has been solely sourced and calculated from Crunchbase. 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 week's Tech Insights report looks at the metrics of 180 technology Initial Public Offers (IPO) - when a company goes public. The first chart looks at the valuation of each; company at IPO followed by how much capital was raised at IPO - this will be different to how much total capital was raised by the company over its lifetime. The third chart looks; at the valuation to capital raised multiple - valuation divided by capital raised at IPO.; This analysis only includes companies that have raised capital at IPO. Some companies only complete a compliance listing when they go public and don't raise any capital at all.; Others complete a reverse listing into a shell/holding company either not raising any capital or making it harder to grab the correct data. All data has been taken from Crunchbase.; -; 500; 1000; 1500; 2000; 2500; -; 50; 100; 150; 200; 250; 300; 350; 400; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; / =; CLARE CAPITAL TECH INSIGHTS; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; - 25 50 75 100 125 150; Valuation at IPO (USD M); Capital Raised at IPO (USD M); NASDAQ NYSE Other; The chart bubbles represent the stock exchange the; company was listed on. Other includes NZX ASX and LON.; 7.5x Multiple; 5.0x Multiple; 2.5x Multiple; CLARE CAPITAL TECH INSIGHTS

#95

Overview Clare Capital Tech Insights 95 - Tech EBITDA Multiple Acquisitions - 20180831; EV/EBITDA Multiple n = Average Upper Quartile Lower Quartile; EBITDA Margin n = Average Upper Quartile Lower Quartile; This week's Tech Insight looks at EV/EBITDA multiples and EBITDA margins from ~700 global technology acquisitions. Note: in order to remove out extreme and negative data; points we have taken out companies who had less than 5% EBITDA margins when acquired.; n=352; -; 5; 10; 15; 20; 25; Software; n=218; -; 5; 10; 15; 20; 25; IT Services; n=92; -; 5; 10; 15; 20; 25; Internet Services; n=34; -; 5; 10; 15; 20; 25; Data Processing Services; n=352; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; Software; n=218; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; IT Services; n=92; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; Internet Services; n=34; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; Data Processing Services; n=696; -; 5; 10; 15; 20; 25; ALL; n=696; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; ALL; CLARE CAPITAL TECH INSIGHTS; Disclaimer; EV/EBITDA Multiple - Distribution along different EBITDA Margins n = Average Upper Quartile Lower Quartile; EV/EBITDA Multiple - Distribution EBITDA Margin - Distribution; 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.; -; 5; 10; 15; 20; 25; 5%-10% 10%-15% 15%-20% 20%-25% 25%-30% 30%-35% 35%-40% 40%-45% 45%-50% >50%; <2x; 2x-4x; 4x-6x; 6x-8x; 8x-10x; 10x-12x; 12x-14x; 14x-16x; 16x-18x; 18x-20x; 20x-22x; 22x-24x; 24x-26x; 26x-28x; 28x-30x; 30x-32x; 32x-34x; 34x-36x; 36x-38x; 38x-40x; 40x-42x; 42x-44x; 44x-46x; 46x-48x; >48x; EV/EBITDA Multiple; 5%-7.5%; 7.5%-10%; 10%-12.5%; 12.5%-15%; 15%-17.5%; 17.5%-20%; 20%-22.5%; 22.5%-25%; 25%-27.5%; 27.5%-30%; 30%-32.5%; 32.5%-35%; 35%-37.5%; 37.5%-40%; 40%-42.5%; 42.5%-45%; 45%-47.5%; 47.5%-50%; 50%-52.5%; 52.5%-55%; 55%-57.5%; 57.5%-60%; 60%-62.5%; 62.5%-65%; >65%; EBITDA Margin; CLARE CAPITAL TECH INSIGHTS

#94

Overview Clare Capital Tech Insights 94 - NZ Technology Exits - 20180824; 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 week we take a look at exits of New Zealand technology companies from 2010 onwards. We’ve complied a list of over 200 exits based on deals we know about information; from FactSet and some help from the team at TIN100 (thanks: tin100.com). The list includes both full acquisitions and majority stakes taken and as always required us to make; judgement calls on what constitutes a ‘technology company’.; This won’t be a complete list but is sufficiently large to generate some useful insight:; CLARE CAPITAL TECH INSIGHTS; 0.4; 0.05; 0.25; 0.05; This shows which countries are most active in acquiring NZ technology; companies – the size of the flag indicates the relative number of deals.; Unsurprisingly NZ Australia and the US dominate the list.; Where no percentage is noted the country has 1% or less of the total deals.; Technology deals by country of acquirer (2010-2018); 0.17; CLARE CAPITAL TECH INSIGHTS

#93

Overview Clare Capital Tech Insights 93 - Technology Acquisitions - 20180817; Definitions of Sub-Sectors; Data Processing Services; IT Services; Internet Software/ Services; Count 5 839 257 2 009 875 2 698; Lower Quartile 0.8 0.8 0.6 1.1 1.0 Software; Median 1.7 1.6 1.1 2.6 2.0; Upper Quartile 3.8 4.2 2.5 5.7 4.2; Average 4.5 4.8 3.4 6.2 4.7; Weighted Ave. 2.3 2.6 1.5 3.3 2.8; Disclaimer; This Tech Insights report looks into ~5 800 acquisition multiples of the four technology sub-sectors as defined by FactSet since the beginning of 2000.; 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.; Examples of companies include internet services; providers e-mail B2B services or software ; online conferences online navigational guide ; other internet related software and website; development.; Examples of companies include operating; systems server applications supply chain; management software open architecture; software computer-aided design and computeraided; manufacturing software generic ERP; software business intelligence productivity tools ; and interactive entertainment and information; products.; Examples of companies include networking and; connectivity services design of computing; solutions custom enterprise resource planning; (ERP) software and services conversions and; migrations application development and; computer disaster recovery services.; Examples of companies include processing and; preparation of reports and automated data entry; services.; -; 1; 2; 3; 4; 5; 6; 7; All Data Processing; Services; IT Services Internet Software/; Services; Software; EV/Revenue Multiple; Lower Quartile Upper Quartile Median Average Weighted Ave.; CLARE CAPITAL TECH INSIGHTS; Percentage of Acquisitions by EV/Revenue Multiple bracket; Data Processing Services IT Services; Lower Quartile Lower Quartile; 0.8 0.6; Median Median; 1.6 1.1; Upper Quartile Upper Quartile; 4.2 2.5; Average Average; 3.4; Weighted Ave. Weighted Ave.; 2.3 1.5; Internet Software/ Services Software; Lower Quartile Lower Quartile; 1.1 1.0; Median Median; 2.6 2.0; Upper Quartile Upper Quartile; 5.7 4.2; Average Average; 6.2 4.7; Weighted Ave. Weighted Ave.; 3.3 2.8; 0.5-1x; 2-5x; 5-10x; 2-5x; 5-10x; >10x; EV/Revenue; <0.5x; >10x; The four charts below show the percentage of acquisitions by different EV/Revenue multiple brackets for each technology sub-sector.; 4.8; 1-2x; Legend; Legend; EV/Revenue; <0.5x; 0.5-1x; 1-2x; <0.5x; 0.14; 0.5-1x; 0.21; 1-2x; 0.19; 2-5x; 0.26; 5-10x; 0.12; >10x; 8% <0.5x; 0.23; 0.5-1x; 0.23; 1-2x; 0.23; 2-5x; 0.18; 5-10x; 0.06; >10x; 0.07; <0.5x; 0.09; 0.5-1x; 0.13; 1-2x; 0.21; 2-5x; 0.29; 5-10x; 0.14; >10x; 0.14; <0.5x; 0.1; 0.5-1x; 0.15; 1-2x; 0.24; 2-5x; 0.29; 5-10x; 0.12; >10x; 0.1; CLARE CAPITAL TECH INSIGHTS

#92

Overview Clare Capital Tech Insights 92 - Portfolio to Staff Ratio - 20180810; Selected venture capital and private equity funds: Number of portfolio companies compared to staff numbers; There is a strong positive relationship between the number of investments a fund makes with the number of staff employed by the fund. While there is a wide variety of funds ; strategies and portfolio structures. There appears to be a clear linear relationship which highlights the nature of being an investor and the difficulty in scaling while owning a large; portfolio. The sample set includes early stage VC funds growth investors corporate venture capital arms and private equity funds based in New Zealand and Australia. We note the; graph is only as accurate as the source data which in this case was fund's websites and LinkedIn.; -; 5; 10; 15; 20; 25; 30; 35; - 2 4 6 8 10 12 14 16 18 20; Number of Current Portfolio Companies; Staff; CLARE CAPITAL TECH INSIGHTS; Ratio of portfolio companies per staff member (wider range indicates variation in staff numbers on website and LinkedIn); Disclaimer; The information provided in this report has been solely sourced and calculated from public sources. 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 8 9 10; Darby; NZ Equity Partners; Starfish Ventures; Bailador; MOVAC; Pencarrow; Maui; Blackbird Ventures; Square Peg; Powerhouse; Kestrel Capital; Waterman Capital; Reinventure; Pioneer; Air Tree; Sante Capital; GD1; Black Sheep Capital; Punakaiki; The ratio for almost all funds analysed is between 1 - 4 portfolio; companies per staff member.; Through creating a ratio for the number of portfolio companies compared; to staff members it becomes possible to compare funds of different sizes.; This highlights that even as an investor scales (by number of portfolio) you; still need more staff to manage all the companies. However funds can scale; efficiently by making larger investments and increasing assets under; management. We note the funds chosen range from early stage VC funds to; later stage PE funds and the ratio stays within the 1 - 4 range.; The range in the ratios for individual funds comes about from taking a min; and max for staff numbers based on comparing staff data from fund's; websites and LinkedIn.; CLARE CAPITAL TECH INSIGHTS

#91

Overview Clare Capital Tech Insights 91 - SaaS Acquisition Price to Capital Raise - 20180803; Example; Acquisition Price (USD M) Capital Raised (USD M) Acquisition Price/Capital Raised Multiple; Lower Quartile 49 Lower Quartile 7 Lower Quartile 3.9; Median • 180 Median • 30 Median • 8.1; Upper Quartile 776 Upper Quartile 75 Upper Quartile 16.7; Average p 908 Average p 89 Average p 16.7; Disclaimer; This Tech Insights report looks at over 150 SaaS acquisitions in regards to how much the acquired company raised and the multiple - measured by the acquisition price over the; capital raised. This analysis is strictly evaluating the total quantum of capital raised for an equity stake in each company. It does not measure the relative valuations for each capital; raise f0r each company nor does it include any debt financing.; For example if a SaaS company is acquired for $200 million and raised $20 million in capital over its lifetime - this would be a 10x multiple. This return will not be truly; representative of how much founders shareholders and investors receive when their company is sold given all would have invested at different valuations.; The information provided in this report has been sourced from FactSet and other public websites. 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; / =; CLARE CAPITAL TECH INSIGHTS; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; - 10 20 30 40 50 60 70 80 90 100; Acquisition Price (USD M); Capital Raised (USD M); 15x Multiple 10x Multiple; 5x Multiple; 20x Multiple; CLARE CAPITAL TECH INSIGHTS

#90

Overview Clare Capital Tech Insights 90 - Recent Technology IPOs - 20180727; This week's Tech Insights report looks at EV/Revenue multiples relative to growth rates for recent large technology IPOs (2014-2018) from point of listing to current values.; Observations:; =- At IPO there is no obvious relationship between valuation multiple and Growth rate.; =- Over time a relationship between valuation multiple and Growth is observable.; - Post IPO large listed companies trend towards a valuation multiple range of: EV/Revenue = 25 * (LTM Growth Rate%) + 1 ; margin of error +/- 7; SPOT; DBX; AVLR; PVTL; DOCU; ZUO; ADYEN; CLDR; OKTA; MDB; YEXT; ROKU; RDFN; SEND; AYX; FSCT; NTNX; TWLO; APTI; COUP; WTC; SQ; TEAM; ETSY; BOX; HUBS; WK; RUBI; GRUB; TRUE; ZEN; -; 5; 10; 15; 20; 25; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; EV/Revenue Multiple at IPO; LTM Revenue Growth Rate at IPO; SPOT; DBX; AVLR; PVTL; DOCU; ZUO; ADYEN; CLDR; SNAP; OKTA; MDB; YEXT; ROKU; RDFN; SEND; AYX; FSCT; NTNX; TWLO; APTI; COUP; PSTG; SQ; TEAM; ETSY; BOX; SHOP; APX; LC; ONDK; HUBS; WK; NEWR; GRUB; TRUE; ZEN; PPH; -; 5; 10; 15; 20; 25; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Current EV/Revenue Multiple; LTM Revenue Growth Rate; Outliers (outside the chart range):; SNAP 67x 590% ; SHOP 15.2x 109% ; LC 17x 490% ONDK 33x 150% ;; NEWR 24x 110% ; PPH 200x 300%+ ; PSTG 16x 308%; Outliers (outside the chart range):; WTC 29x 40% ; RUBI 0.4x (47%); EV/Rev = 25 * GR% + 1 ; +/- 7; At IPO Now; 2018; 2017; 2016; 2014 & 2015; Key:; Size of bubble = Enterprise Value; CLARE CAPITAL TECH INSIGHTS; 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.; Adyen is a global payment company that; allows businesses to accept e-commerce ; mobile and point-of-sale payments.; Alteryx is an American data science and; analytics company.; Appen is a software language and search data; service provider.; Apptio develops technology business; management software as a service; applications.; Atlassian develops products for software; developers project managers and content; management.; Avalara sells automated tax compliance; software for enterprise use.; Box is a cloud content management and file; sharing service for businesses.; Cloudera provides Apache Hadoop and; Apache Spark-based software support and; services and training to business customers; Coupa Software is a global technology; platform for Business Spend Management.; DocuSign provides electronic signature; technology and digital transaction; management services.; Dropbox is a file hosting service.; Etsy is an e-commerce website focused on; handmade or vintage items and supplies as; well as unique factory-manufactured items.; Fore Scout provides IoT Security and Device; Visibility services.; GreenSky is a mobile-enabled experience; that permits a consumer to apply for; financing in less than 60 seconds at the; point of sale.; Grubhub is an online and mobile foodordering; company that connects diners with; local restaurants.; HubSpot is a developer and marketer of; software products for inbound marketing and; sales.; LendingClub is a US peer-to-peer lending; company.; MongoDB develops and provides commercial; support for the open source database; MongoDB.; New Relic is a software analytics company.; Nutanix is a cloud software company that; sells infrastructure appliances and softwaredefined; storage.; Okta provides secure identity management; and single sign-on to any application.; On Deck Capital is an American online small; business lending company.; Pivotal Software is a software company; developing big data products.; Pure Storage is an enterprise data flash; storage company.; Pushpay enables mobile payments between; registered merchants and customers ; predominately in the faith and charity sectors.; Redfin is a full-service real estate brokerage; that uses modern technology to help people; buy and sell homes.; Roku manufactures a variety of digital media players; that allow customers to access Internet streamed; video or audio services through televisions.; Rubicon Project is an online advertising; technology firm.; SendGrid is a Denver Colorado-based customer; communication platform for transactional and; marketing email.; Shopify provides an e-commerce platform for; online stores and retail point-of-sale systems.; Snapchat is a multimedia messaging app.; Spotify is a music streaming service.; Square is a financial services merchant services; aggregator and mobile payment company.; TrueCar is an automotive pricing and information; website for new and used car buyers and dealers.; Twilio is a cloud communications platform; allowing developers to make phone calls and text; messages using its web service APIs.; WiseTechGlobal provide logistics and supply chain; execution software.; Workiva provides cloud-based enterprise financial; and compliance management and auditing; platform.; Yext is a technology company that helps; businesses manage the public facts about their; brands that they want consumers to see online.; Zendesk is a service software company.; Zuora is an enterprise software company that; designs SaaS applications and sells access to these; applications using a subscription business model.; CLARE CAPITAL TECH INSIGHTS

#89

Overview Clare Capital Tech Insights 89 - Pushpay top 0.1% - 20180720; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18; Pushpay ACMR (US$m); Actual CCL Estimate; You have a 0.1% chance of reaching US$100m in 5 years ̶ Openviewpartners.com; This Tech Insights report utilises the above observation from OpenView Venture Partners and compares Pushpay's performance to this gold standard. OpenView went on to say; ...in the boardroom you've probably been told that after you hit your first $1m ARR you triple twice then double three times (known popularly as T2D3) ultimately reaching $100m; ARR about 5 years later. But of the ten most recent enterprise SaaS IPOs only two ̶ Nutanix and Cloudera (they collectively burned about $1.4bn) ̶ managed to actually grow at; this breakneck speed... Pushpay is on track to join this club.; By September 2018 Clare Capital estimates that Pushpay will exceed; US$100m ACMR on a consistent basis - US$1m to US$100m in 4 years.; Joining a very elite club.; To achieve this Pushpay will have burnt through approximately US$215m; (measured as Share Capital less Cash in bank plus sum of Revenues to; date). This is considerably more efficient than Nutanix and Cloudera.; ...You know what's even better than MRR/ARR?; POGR Plain Old GAAP Revenue... - Jason Lemkin; For more on this please see next page...; CLARE CAPITAL TECH INSIGHTS; https://www.enterpriseirregulars.com/119641/know-whats-even-better-mrr-pogr-plain-old-gaap-revenue/; EV/Revenue multiples relative to Revenue Growth POGR - Plain Old GAAP Revenue - Pushpay US$1m to $US100m in 4 years; NB: Size of bubble represents Enterprise Value (company size); EV - Nutanix US$9.1bn Pushpay US$750m; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; Nutanix; Twilio; Okta; Coupa Software; BlackLine; Cloudera; Talend; Yext; Apptio Instructure; Pushpay; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; - 10% 20% 30% 40% 50% 60% 70% 80% 90%; EV/Revenue Multiple; LTM Revenue Growth %; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; FY2015 FY2016 FY2017 FY2018 FY2019; Pushpay GAAP Revenue (US$m); Actual CCL Estimate; …what I mean by that is that in an effort to present all different types of revenue as recurring" the whole meaning of MRR has been corrupted… there is nothing wrong; with any of this as long as you do one key thing: Start with real recognized GAAP revenue..." Jason Lemkin; Generally Accepted Accounting Practises (GAAP) refer to a common set of accounting principles standards and procedures that companies must follow when they compile; their financial statements - meaning GAAP revenues have a higher degree of credibility than other measures of revenues such as ARR/ACMR. Therefore US$1m to US$100m; GAAP revenues in less than 5 years is both a tougher standard to achieve and is harder to achieve as it is actual Last Twelve Months revenues not last month revenues * 12.; Pushpay is on track to achieve US$1m to US$100m GAAP revenues in under 5 years - better than being in the top 0.1%; CLARE CAPITAL TECH INSIGHTS