#68

Overview Clare Capital Tech Insights 68 - 2017 Share Price Change - 20180209; 2017 Share Price Change - Australasian Tech Note: three letter initials are stock tickers; MBE; IOT; AB1; CVT; ONE; JHL DSX; SMA BPF; TKF GOO; ENZ ESH; TSN ALC; KNO OLV NEA; PPL HT8 THD FIN; WGL GLH M7T EPD VHT; ADJ SYT ICU TME SFI; IOD COO CNW CL1 RKN; LVE NOR DSE IRE SPY; TNT PRO ISU D13 LNK; XPE SLI GBT MNW MYO CGO; BID VPC GGL 1ST MWR IFM; IAM PLX FCT TTL WEB DTL TMP RHP KGN SKO; OMT BPS BRN ICQ WNS DUB ACX TV2 SHO BUD 3DP KNM GSW BIG MYQ; RAP SRO GEO KBU CR8 BVS CM8 CL8 360% 400% 500% 660% 1 140% 1 480% 2 580%; YPB OHE MOQ KYK HSN CA8 CPU MOT SKF; AD1 ISD NWZ DTS ADA XF1 RUL PIL RBL; PCH TOM MUA SPZ VGL CGL MDR PPS ICT TUP; NVO FLN RXP VLT AO1 CAR REA NET NOV BIQ; UBN DCL CAT TNE RFN SEK IRI ALU PME GTK WTC APX; RXH 9SP AHL ISX RAK DWS MP1 NXT OCL MLB ZYB JCS LVT; SP1 8CO COM RNT OPN IKE 3PL CCA XRO ESV EOL ERD TPW PPH UPD FZO LVH LNU; (100%) (80%) (60%) (40%) (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% 260% 280% 300%; This Tech Insights report looks at the 2017 share price performance of the Australasian Tech sector (on the first page) and the NZX stock exchange (on the second page). Companies; have been grouped into share price change increments - 20% on the first page and 10% on the second page. Green coloured tickers represent NZX Tech.; -; 5; 10; 15; 20; 25; 30; 35; -1; -0.2; 0.6; 1.4; 2.2; 3; 3.8; 4.6; 5.4; 6.2; 7; 7.8; 8.6; 9.4; 10.2; 11; 11.8; 12.6; 13.4; 14.2; 15; 15.8; 16.6; 17.4; 18.2; 19; 19.8; 20.6; 21.4; 22.2; 23; 23.8; 24.6; 25.4; # of Companies in each bracket; 2017 Share Price Change; CLARE CAPITAL TECH INSIGHTS; Disclaimer; 2017 Share Price Change - NZX Stock Exchange Note: three letter initials are stock tickers; SKC; ZEL; TLT; CNU; MLN; SPK; NZX; FSF; PFI; VCT; WTL ARG; FFW IKE NZX-listed Benchmark Index Funds; BRM AMP DIV NZ Dividend Fund (NS) 5%; TME CMO FNZ NZ Top 50 Fund (NS) 18%; KFL IPL MDZ NZ Mid Cap Fund (NS) 29%; WDT SPN NPF NZ Property Fund (NS) 9%; SML ANZ VHP TRU NZB NZ Bond Fund (NS) 2%; CGF SPG MET FMS NZC New Zealand Cash Fund (NS) (0%); ERD JWI NTL PPH CRP ATM TRS SKO SDL TWR MCK SUM TNZ NZ Top 10 Fund (NS) 8%; 120% 130% 180% 200% 230% 280% 300% 660% LIC WBC AUG CEN; BGP KPG NZO GNE; ONL MWE SCY ARV EBO IFT; CSM GXH CGL STU NZR MEL PGW; PLX PEB TLS RBC MHJ AFI SKL TPW GFL; OHE GEO EVO AWF VGL GMT SAN POT SCL; PIL MOA TGH FIN TGG PCT MFT HLG DGL AIR SCT; SNC AOR FBU MVN TRA CVT FRE CDI RYM HBL PGC FPH; SNK MYK BLT MPG BFW WHS AFT TIL AIA MCY ABA ALF SEK NZM BGI NWF XRO TTK; MAD VIL AFC SLI CAV SKT SEA CBL NPT RAK SPY KMD MGL RBD MMH THL TLL NZK GTK ENS; (100%) (90%) (80%) (70%) (60%) (50%) (40%) (30%) (20%) (10%) - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; 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; 30; 35; -1; -0.6; -0.2; 0.2; 0.6; 1; 1.4; 1.8; 2.2; 2.6; 3; 3.4; 3.8; 4.2; 4.6; 5; 5.4; 5.8; 6.2; 6.6; 7; # of Companies in each bracket; 2017 Share Price Change; Inclusions and Exclusions; Only publicly-listed companies from the; NZX Main Board NXT Market and NZX; Alternative Market have been included in; the chart. This excludes any Warrant-based; stocks Unit (NS) Trusts and Investment; Trust-based stocks. Overseas based; companies (e.g. Westpac or AMP from; Australia) have been included.; CLARE CAPITAL TECH INSIGHTS

#67

Clare Capital's Tech Insights Distribution Universe Clare Capital Tech Insights 67 - Spotlight on Tech Insights Report - 20171215; CLARE CAPITAL TECH INSIGHTS; Overview; This Insights report puts the spotlight on itself highlighting the make up and number of suscribers that receive Clare Capital's Tech Insights report on a weekly basis.; Clare Capital Tech Insights Subscriber Distribution; 0; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; SaaS 0 10 20 30 40 50 60 70 80 90 100; Software; Investor; Advisor; Fund; IT Services; Government; Department; Bank; Lawyer; Education; Other; 0.44; 0.24; -; 100; 200; 300; 400; 500; 600; 700; Jul-16 Nov-17; # Subscribers; Subscriber Count and Growth; CLARE CAPITAL TECH INSIGHTS

#66

Overview Clare Capital Tech Insights 66 - Change in Revenue Multiples - 20171208; Top 15 Multiples Top 20 - Change in EV/Revenue Multiple (EV/Rev); CA8 109.7; BIG 38.0; NOV 26.9; PME 24.5; MP1 23.0; REA 15.3; NXT 13.3; PPH 12.9; XRO 12.1; ALC 11.8; ALU 10.9; ONE 10.6; CL1 10.6; MNW 10.3; CAR 10.1; Top 20 - Change in Revenue (Rev) Top 20 - Change in Enterprise Value (EV); Disclaimer; This report looks at the change in EV/Revenue multiples for Australasian listed Tech companies comparing them with this time last year. We have only included companies with; revenues greater than $2 million. The EV/Revenue multiple is a metric which shows how the market is valuing each dollar of revenue generated by the company.; There are four components which make up the metric:; The numerator represents the Enterprise Value = Market; Capitalisation + Debt - Cash. We remove the capital structure; from the equity value (Market Capitalisation) to generate the; Enterprise Value. The change in multiple is illustrated by:; This can be somewhat counter-intuitive if the rate of; revenue growth is faster than the rate of value growth then; a company's multiple will fall.; 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; EOL; SKO; BIG; AHL; BPG; JCS; ICT; ESV; APX; KGN; SMA; MLB; SKF; GTK; ERD; LNK; PME; OCL; Change in EV/Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; EOL; SKO; NOV; BPG; AHL; JCS; APX; KGN; CA8; SKF; ESV; PPH; GTK; MLB; ICT; ERD; NXT; XRO; OCL; Δ in Enterprise Value; Outlier: ASX:BIG has had a; ~2 200% change in EV over; the last twelve months.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; BIG; MP1; CAT; HT8; PPH; CNW; BPS; PPL; MOQ; MUA; PLX; GTK; XRO; SKF; KGN; NEA; BPG; NXT; APX; RUL; Δ in Revenue; %change in multiple =; (1 + % 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝐸𝑉); (1 + % 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑟𝑒𝑣𝑒𝑛𝑢𝑒); -1; EV/Revenue =; 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 + 𝐷𝑒𝑏𝑡 − 𝐶𝑎𝑠ℎ; 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 Outliers: ASX:CA8 and ASX:NOV; have had a ~1 900% and ~900%; change in multiple respectively over; the last twelve months.; CLARE CAPITAL TECH INSIGHTS; EV/Rev Change in Change in Change in EV/Rev Change in Change in Change in EV/Rev Change in Change in Change in; Ticker Multiple Multiple EV Revenue Ticker Multiple Multiple EV Revenue Ticker Multiple Multiple EV Revenue; ERD 5.4 67% 116% 29% CL1 10.6 (26%) (6%) 28% MYO 6.5 (9%) 5% 15%; FIN 1.2 (7%) (13%) (6%) CM8 0.8 (4%) 14% 19% NEA 5.3 (34%) (12%) 32%; GTK 7.9 69% 141% 43% CNW 0.2 (63%) 3% 176% NOV 26.9 927% 482% (43%); IKE 2.8 8% 23% 14% COM 0.6 (19%) (13%) 8% NWZ 1.1 (603%) (551%) (10%); OHE 0.9 (22%) (34%) (16%) CPU 3.7 19% 23% 4% NXT 13.3 43% 88% 32%; PLX 1.5 (51%) (30%) 43% DTL 0.2 20% 34% 12% OCL 4.3 43% 79% 26%; PPH 12.9 (12%) 144% 178% DWS 1.4 11% 6% (5%) OLV 2.2 (27%) (30%) (3%); RAK 0.5 (8%) (11%) (4%) ENZ 0.8 (63%) (57%) 17% ONE 10.6 (64%) (67%) (7%); SKO 8.0 520% 639% 19% EOL 3.5 536% 654% 18% PME 24.5 43% 64% 15%; SLI 0.3 (59%) (63%) (10%) EPD 0.5 16% 21% 5% PPL 0.5 (69%) (40%) 93%; SPY 3.1 23% 19% (3%) ESV 9.1 180% 150% (11%) PPS 6.7 22% 47% 20%; TME 8.5 (9%) (2%) 8% FCT 7.4 (38%) (37%) 1% PRO 2.6 (14%) (46%) (37%); VGL 4.3 (28%) (11%) 24% FLN 4.1 (54%) (50%) 10% RBL 1.6 29% 59% 23%; XRO 12.1 33% 83% 38% GBT 1.7 (27%) (41%) (19%) REA 15.3 32% 41% 7%; 3PL 3.5 3% 10% 6% GLH 1.8 (31%) (45%) (20%) RHP 0.6 30% 42% 10%; 8CO 0.9 (60%) (60%) (1%) HSN 4.0 (10%) 6% 17% RKN 2.7 29% (1%) (23%); AB1 0.5 (67%) (67%) 0% HT8 0.3 (65%) 2% 187% RUL 1.7 7% 40% 31%; ACX 6.4 (6%) 23% 31% ICQ 7.6 (30%) (18%) 17% RXP 0.8 (27%) (19%) 11%; ADA 4.1 17% 4% (11%) ICT 8.6 207% 122% (28%) SEK 6.5 18% 28% 9%; ADJ 5.2 (64%) (63%) 3% ICU 0.8 11% (15%) (23%) SKF 6.4 86% 155% 37%; AHL 3.3 284% 252% (8%) IFM 3.3 5% 9% 4% SMA 4.6 118% (46%) (75%); ALC 11.8 (45%) (54%) (16%) IRE 5.1 (6%) 0% 6% SPZ 3.0 16% (10%) (22%); ALU 10.9 40% 60% 14% IRI 6.8 32% 42% 8% TMP 0.3 55% 78% 15%; APX 6.1 159% 241% 31% ISD 1.9 (48%) (48%) (1%) TNE 5.5 (16%) (8%) 10%; BIG 38.0 306% 2 229% 473% JCS 0.8 218% 250% 10% TNT 0.8 (82%) (74%) 45%; BPF 0.4 (47%) (45%) 4% KGN 1.5 126% 206% 36% TOM 3.3 28% 2% (20%); BPG 5.1 225% 330% 32% LNK 5.9 59% 60% 1% UBN 3.4 5% (41%) (44%); BPS 0.6 (71%) (40%) 105% MBE 0.4 (51%) (57%) (13%) VHT 42.6 12% (10%) (20%); BVS 1.9 (14%) (11%) 4% MLB 2.7 116% 128% 5% VLT 9.3 39% 40% 0%; CA8 109.7 1 872% 183% (86%) MNW 10.3 (16%) (7%) 10% WEB 5.0 (17%) 8% 31%; CAR 10.1 28% 39% 8% MOQ 0.6 (59%) (33%) 62% WTC 22.4 48% 121% 50%; CAT 3.7 (86%) (49%) 250% MP1 23.0 (68%) 29% 298% YPB 9.2 (28%) (37%) (12%); CGL 3.1 20% 41% 17% MUA 3.5 (54%) (32%) 47%; CGO 0.2 4% (2%) (6%) MWR 2.5 37% 40% 2%; CLARE CAPITAL TECH INSIGHTS

#65

Overview Clare Capital Tech Insights 65 - NZ Tech Bull Run - 20171201; Top 52-week share price performer - SKO-NZ 52-week positive share price performers (Mkt Cap >NZD$100m); 52-week negative share price performers (Mkt Cap >NZD$100m); SKO-NZ 375% 128 7.6 16 19% 3% 22% 17%; PPH-NZ 106% 959 13.0 71 178% (47%) 131% 124%; ERD-NZ 76% 190 5.3 37 29% 15% 44% 6%; XRO-NZ 79% 4 418 12.5 346 38% 1% 38% 24%; GTK-NZ 81% 527 6.4 75 44% 25% 69% 65%; TME-NZ (3%) 1 875 8.3 235 8% 71% 79% 70%; VGL-NZ (8%) 451 4.4 98 24% 23% 47% 44%; OHE-NZ (46%) 180 1.0 176 (16%) (25%) (41%) (45%); 40% Rule - Annual Revenue Growth (%) + EBITDA (%); 40% Rule* - Annual Revenue Growth (%) + EBIT (%); Ticker ΔSP Mkt Cap EV/Rev LTM Rev; Several New Zealand technology stocks have had a 'bullish' run this year particularly since September. This Insights report summarises their 52-week share price performance and; looks at the valuation metrics (EV/Revenue multiple) relative to how fast the company is growing and how profitable (or not) the company is.; Revenue; Growth; EBITDA; %; 0.4; Rule; 0.4; Rule*; -1; -; 1; 2; 3; 4; 5; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; SKO-NZ; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; ERD-NZ; GTK-NZ; PPH-NZ; XRO-NZ; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; OHE-NZ; TME-NZ; VGL-NZ; Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; SKO-Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; ERD-GTK-PPH-XRO-Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; OHE-TME-VGL-www.clarecapital.co.nz; CLARE CAPITAL TECH INSIGHTS; Valuation multiples (EV/Revenue) relataive to "40% Rule*" EBITDA vs EBIT; ERD-NZ 15% (23%) (38%); FIN-NZ 27% 21% (7%); GEO-NZ (103%) (134%) (32%); GTK-NZ 25% 21% (3%); IKE-NZ (90%) (121%) (31%); OHE-NZ (25%) (29%) (4%); PLX-NZ (11%) (34%) (23%); PPH-NZ (47%) (54%) (7%); RAK-NZ 2% (4%) (5%); SKO-NZ 3% (2%) (5%); SLI-NZ (5%) (6%) (1%); SPY-NZ 45% 16% (29%); TME-NZ 71% 62% (9%); VGL-NZ 23% 20% (3%); XRO-NZ 1% (14%) (14%); Median 2% (6%) (7%); Disclaimer; Ticker; LTM; EBITDA%; LTM; EBIT%; Variance; 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.; ERD-NZ; FIN-NZ GTK-NZ; OHE-NZ; PLX-NZ; PPH-NZ; RAK-NZ; SLI-NZSKO-NZ; SPY-NZ; TME-NZ; VGL-NZ; XRO-NZ; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%; EBIT Margin (%); Annual Revenue Growth (%); Size of Bubble represents; valuation multiple; (EV/Revenue); 40% Rule*; Not all "Profits" are created equal - within accounting; practices for technology companies a proportion of; software development can be capitalised but not all; companies do so. Comparing EBIT (Earnings before; Interest and Tax) is step towards a more consistent; view of "Operating Profit".; The variance between EBITDA% and EBIT% for; technology companies can provide an indication of the; degree to which a company capitalises software; development costs. NB: depreciation of tangible assets; will also influence this variance.; CLARE CAPITAL TECH INSIGHTS

#64

Overview Clare Capital Tech Insights 64 - Software Acquisition Revenue Multiples - 20171124; EV/Revenue Acquisition Multiples (revenue in USD millions) Chart; Highlights; Revenue <2.5M 2.5-5M 5-10M 10-25M 25-50M 50-100M 100-250M 250-500M 500-1000M >1000M; Count 130 107 108 176 91 90 80 51 27 19; % of Count 15% 12% 12% 20% 10% 10% 9% 6% 3% 2%; Average 4.5 4.6 3.8 3.2 3.1 3.1 3.4 2.5 3.5 2.4; Lower Q 0.9 1.0 0.9 1.3 0.8 1.1 1.0 0.9 1.1 0.5; Median 2.0 1.6 1.9 2.2 1.7 2.3 2.6 1.9 2.4 2.9; Upper Q 4.7 3.1 4.0 3.8 3.1 4.1 4.2 3.2 3.1 3.5; Across 880 publicly known software; acquisitions highlights include:; 1. The median multiple is 2.1x across all; acqusitions.; 2. The mean multiple is closer to the; upper quartile across most of the revenue; ranges. This is especially true for the; lower revenue ranges. This implies that; while the median is around 2.0x there; are acqusitions being made at higher; multiples.; 3. Capital raising multiples do not always; correlate with acqusition multiples.; Capital raising multiples tend to be; higher and are not usually the multiple; that a company gets acquired on.; 4. 70% of the acqusitions are made when; the company has less than USD $50; million in revenue with 40% less than; USD $10 million in revenue.; The chart on the left looks at the; EV/Revenue acquisition multiples across; 10 revenue ranges. For example the first; revenue range is companies being; acquired with less than USD 2.5 million in; revenue. The median multiple out of 130; acquisitions is just over 2.0x. Note:; revenue ranges are not linear.; This report looks at the Enterprise Value revenue and multiples of 880 acquisitions of software companies since 2010. Note: there will be selection bias in the data as it only includes; acqusitions where both the Enterprise Value and Revenue are publicly released - there will be thousands of smaller transactions where no details have been disclosed.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; <2.5M 2.5-5M 5-10M 10-25M 25-50M 50-100M 100-250M 250-500M 500-1000M >1000M; EV/Revenue; Lower Quartile Upper Quartile Average (Mean); CLARE CAPITAL TECH INSIGHTS; Number of M&A deals by exit multiple (880 acqusitions of software companies since 2010); Value of M&A deals by exit multiple (880 acqusitions of software companies since 2010); 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 20; 40; 60; 80; 100; 120; 140; 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x 9.0x 9.5x 10.0x; EV/Revenue Multiple; Total number of M&A deals; Number of M&A deals; USD <5M USD 5-10M USD 10-25M; USD 25-50M USD 50-100M USD >100M; Total count; Number of M&A deals Total number of M&A deals; Target Company Revenue; -; 20; 40; 60; 80; 100; 120; 140; -; 5000; 10000; 15000; 20000; 25000; 30000; 35000; 40000; 45000; 50000; 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x 9.0x 9.5x 10.0x; EV/Revenue Multiple; Number of M&A deals; Deal value (USD M); Number of M&A deals Deal Value (USD M); CLARE CAPITAL TECH INSIGHTS

#63

Overview Clare Capital Tech Insights 63 - Spotlight on Plexure - 20171117; Performance Highlights; • Annual loss narrows from NZD $7.1 million to NZD $3.0 million. Last six months loss was NZD $195k.; • EBITDA margin improved from (101%) to (9%) - Plexure is looking to "establish a platform for profitable growth in the year ahead."; • Annual revenue (GAAP) growth of >40% - currently NZD $9 million.; • 40% Rule (which is Revenue Growth + EBITDA Margin) improved from (58%) to 34% - Xero also operates in the mid-to-late 30s.; • Revenue per Employee has more than doubled from NZD $120k to NZD $270k - total employees have fallen 37% to 33.; • Monthly cash burn down from NZD $600k to NZD $15k on the previous six monthly period (six months to 30 Sept 17 versus six months to 30 Sept 16).; THEN: NOW:; LTM Profit & Loss Statement - 30 September 2016 LTM Profit & Loss Statement - 30 September 2017; What does Last Twelve Months mean?; Unlike most US listed companies which report their results every quarter most NZX and ASX companies report their results every six months (an interim and annual report) so the; LTM data is the previous two half year results. Most NZX companies have their annual results 12 months to 31 March where their interim results are the six months to 30; September. Most ASX have their annual results to 30 June six-month interim results to 31 December. To calculate the LTM results for NZX companies like Plexure who report their; six month interim results to 30 September this is the second half of the previous financial year plus the first half of this financial year (H2 [1 October to 31 March] + H1 [1 April to 30; September]). ASX companies will be the same just three months ahead. A company's annual results will be the same as their LTM result.; This week with the recent release of their results we are putting a spotlight on Plexure. This page compares Plexure's Last Twelve Months (LTM) financial performance (in the form; of a visual Profit & Loss Statement) against the previous LTM performance along with key before and after performance metrics. The back page reproduces a summary of; company released information as at 30th September 2017.; CLARE CAPITAL TECH INSIGHTS; Metrics - 30 September 2016 versus 30 September 2017; THEN: NOW:; Metrics - 30 September 2016 Unit Plexure Median Tech Score Metrics - 30 September 2017 Unit Plexure Median Tech Score; LTM Revenue NZD 6 184 000 4 818 329  LTM Revenue NZD 8 864 000 5 618 581 ; LTM EBITDA NZD (6 226 000) (1 696 064)  LTM EBITDA NZD (821 000) (2 277 732) ; Revenue Growth % 43% 24%  Revenue Growth % 43% 11% ; EBITDA Margin % (101%) (25%)  EBITDA Margin % (9%) (49%) ; 40% Rule (Growth + Margin) % (58%) 29%  40% Rule (Growth + Margin) % 34% (3%) ; Revenue per Employee NZD 118 923 193 421  Revenue per Employee NZD 268 606 186 691 ; Balance Sheet as at 30 September 2017 LTM Revenue (GAAP) Profile; Disclaimer; The table below compares the some high-level metrics for Plexure over the last two twelve month periods and against the median metrics for Australasian Tech companies. The; score column in each represents Plexure's performance against the median Australasian Tech metrics - green meaning Plexure's metric is above; orange meaning below. There are; approximately 190 Australasian Tech companies although employee numbers are only available for 75 Tech 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.; Equity ; 5452000; Other; Liabilities ; 2945000; Payables ; 2038000; Intangibles ; 5244000; Receivables ; 2603000; Cash 2 372 000; Equity = Share Capital 26 852 000 +; Reserves 1 098 000 + Retained; Earnings -22 498 000; Assets; Liabilities + Equity; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; Sep-12 Sep-15; LTM Revenue (NZD M); Sep-Sep-13 Sep-14 Sep-15 Sep-16 Sep-17; CLARE CAPITAL TECH INSIGHTS

#62

Overview Clare Capital Tech Insights 62 - Xero Molecule - 20171110; This report provides a visual representation of Xero's key metrics relative to ~190 listed Australian and New Zealand technology companies (this page). A visual representation of; Xero's financial statements is included over the page. Metrics and financials are for the last twelve months.; The Xero Molecule; Key:; Top 25%; Upper Quartile; Lower Quartile; Bottom 25%; The Xero Molecule is a visual; representation of Xero's key comparable; metrics and the position of these metrics; relative to listed Australian and New; Zealand technology companies.; The colour of the bubble surrounding the; metric indicates the position of the; metric - for example black/grey bubbles; place in the top 25% of companies.; Revenue; $346m; Δ Rev; $94m; Rev/Emp; $187k; 1853; # Emp; 0.38; 40% Rule; 0.37; EBITDA % Rev Growth; 0.01; Mkt Cap; $4.4b; $2.0b; Δ Mkt Cap; 0.81; Δ SP; 0.66; CAC Ratio; S&M; Spend; $173m; Cash; $84m; EBITDA; $3m; Δ EBITDA; $55m; EBITDA; Growth; 1.05; CLARE CAPITAL TECH INSIGHTS; Xero LTM Income Statement and Balance Sheet; 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.; Liabilities; Intangibles Equity; 136219; Receivables; Cash; 84331; Current; Asssets; Fixed; Assets; Equity = 525 845 Share; Capital + (328 078); Retained Earnings +; 18 734 Reserves; Income Statement; Last Twelve Months; Balance Sheet; as at 30 September 2017; Note: Last Twelve Months = Interim FY18 + Annual FY17 - Interim FY17; CLARE CAPITAL TECH INSIGHTS

#61

Overview Clare Capital Tech Insights 61 - Atlassian Spotlight - 20171103; This Insight report puts a spotlight on Atlassian Corporation Plc an Australian headquartered US-Listed (TEAM-US) technology company. Atlassian provides a range of software; products to help improve; software development project management collaboration and code quality for start-ups through to enterprise customers.; -; 2000; 4000; 6000; 8000; 10000; 12000; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; 42614; 42644; 42675; 42705; 42736; 42767; 42795; 42826; 42856; 42887; 42917; 42948; 42979; 43009; Mkt Cap US$m; Compunding; Monthly Mkt Cap; Growth 6.2%; US$10.7b; Mkt Cap; 0.36; Ann. Revenue; Growth; US$620m; Revenue; US230k; Revenue per; Employee; 0.81; Gross Margin; 1.2; CAC Ratio; 0.35; 40%Rule; US$4.4b; AnnualMkt Cap; Growth; -; 100; 200; 300; 400; 500; 600; 700; 800; 2013 2014 2015 2016 2017; Revenue US$m; Subscription Maintenance Perpetual License Other; 0.45; 0.49; 0.43; 0.36; CLARE CAPITAL TECH INSIGHTS; Atlassian Financial Statements FY2017 (Year End 30 June); 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.; Liabilities; 389810; Equity; Other; Fixed; Assets; 238681; Goodwill; 311900; Intangibles ; Investments &; Receivables; 368068; Cash; 244420; Current; Asssets; Fixed; Assets; Equity = Share Capital; and Reserves 917 277 +; Retained Earnings; -23229; Income Statement; Balance Sheet; Total Assets = US$1 283m; Total LIabilties + Equity = US$1 283m; CTS - Cost to Serve; S&M - Sales and Marketing; R&D - Research and Development; G&A - General and Administration; CLARE CAPITAL TECH INSIGHTS

#60

Overview Clare Capital Tech Insights 60 - Constellation Software M&A - 20171027; M&A Deals per Quarter; Constellation - Enterprise Value (USD Millions) Constellation - EBITDA (USD Millions) Constellation - EV/EBITDA Multiple; 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.; Constellation Software has followed a strategy of growth by acquisition. Constellation purchases on average four companies each quarter. This is achieved through a decentralised; structure with each business unit making their own acquisitions. While the company has had a modest uplift in valuation multiple over time the majority of returns have come from; the acquisition of EBITDA.; -; 2; 4; 6; 8; 10; 12; 2008 2009 2010 2012 2013 2014 2016 2017; M&A Deals per Quarter; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 16000; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 5; 10; 15; 20; 25; Size of the bubble represents estimated average; quarterly deal value per acquistion; 39% CAGR or 28x incr over ~10 years 34% CAGR or 18x incr over ~10 years; US$15m; avg deal; size; CLARE CAPITAL TECH INSIGHTS; Selected Software Acquistions made by Constellation Software subsidaries; Company Location Buyer Date Description; Constellation Software Parent Company; Amazing Charts United States Constellation Software Sep-17 Electronic health records management software solutions.; Gary Jonas Computing - designs and develops software to eliminate double entry of information streamlining workflow processes; Club Solutions United States Gary Jonas Computing Mar-13 Enterprise software and payment solutions for the fitness industry.; Retention Management United States Gary Jonas Computing Jan-14 Software and services to fitness market.; Outbound Software United States Gary Jonas Computing Mar-15 Web based ticketing and reservation software solutions.; MembersFirst United States Gary Jonas Computing Aug-15 Back office automation and marketing campaigns.; PAR Springer-Miller Systems United States Gary Jonas Computing Nov-15 Hospitality management solutions.; Innovative Computer Solutions United States Gary Jonas Computing Apr-17 Software for retail and POS market.; Kitomba New Zealand Jonas Nov-14 Booking software for spas and salons.; N Harris - software solutions for customers in utility public sector and schools group and healthcare businesses; Softinfo Canada N. Harris Computer Apr-17 Medical recordkeeping medical billing and diagnostic imaging services.; CareTracker United States N. Harris Computer Dec-14 Practice management solutions for physician practices.; digiChart United States N. Harris Computer Aug-16 Healthcare information technology solutions.; CoCENTRIX United States N. Harris Computer Aug-16 Health record practice management and case management solutions.; Ormed Information Systems Canada N. Harris Computer Sep-16 Information management software.; Trapeze - software solutions and services for transportation agencies.; Sigtec Holdings Australia Trapeze Software Jul-14 Transport management software and services.; GreenRide Solutions United States Trapeze Software Oct-13 Software solutions for transportation problems.; Fare Logistics Corp. Canada Trapeze Software Apr-14 Fare Logistics provides software.; Vela acquires manages and builds mission-critical vertical market software businesses; Datamine Corporate United Kingdom Vela Software Jul-15 Develops and supplies software tools and services to the mining industry.; Alford Mining Systems Australia Vela Software Feb-16 Software for underground mine design.; Shoplogix Canada Vela Software Mar-17 Performance management software solutions.; Volaris focus is on acquiring strengthening and growing vertical market technology companies.; Active Broadband Networks United States Volaris Group Jun-16 Operations support system solutions for broadband providers.; PLANit Sweden Volaris Group Mar-14 Software solutions for transport services.; Kinetic Solutions United Kingdom Volaris Group Jan-15 Solutions for student accommodation and event management.; Tarantula Global Singapore Volaris Group Jan-17 Software for wireless infrastructure markets.; Telepin Software Canada Volaris Group Feb-17 Software solutions.; Systemtechnik Germany Volaris Group May-17 E-ticketing and transportation software.; Smartrak Holdings New Zealand Volaris Group May-17 Fleet management and location based software solutions.; BBT Software Switzerland Volaris Group Aug-17 Insurance software solutions.; Furlong Business Solutions United Kingdom Volaris Group Sep-17 School management information systems.; CLARE CAPITAL TECH INSIGHTS

#59

Overview Clare Capital Tech Insights 59A - ASX Tech Revenue & Multiples - 20171013; Webjet (WEB) EV/Revenue 5.9 Aconex (ACX) EV/Revenue 5.3; Mkt Cap 240 445 688 1 038 1 215 Mkt Cap 516 870 1 366 1 004 742; Rhipe (RHP) EV/Revenue 0.4 iSentia Group (ISD) EV/Revenue 2.7; Mkt Cap 195 202 121 69 71 Mkt Cap 750 966 694 574 430; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 1; 2; 3; 4; 5; 6; 7; -; 50; 100; 150; 200; 250; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 2; 4; 6; 8; 10; 12; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Appen (APX) EV/Revenue 4.2 BPS Tech. (BPS) EV/Revenue 0.8; Mkt Cap 65 159 251 276 390 Mkt Cap 49 67 58 84 70; GBST (GBT) EV/Revenue 1.3 Reckon (RKN) EV/Revenue 2.4; Mkt Cap 381 290 279 255 202 Mkt Cap 244 269 165 180 187; 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.; -; 0.5; 1; 1.5; 2; 2.5; 3; -; 20; 40; 60; 80; 100; 120; 140; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; -; 20; 40; 60; 80; 100; 120; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 20; 40; 60; 80; 100; 120; 140; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 20; 40; 60; 80; 100; 120; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 59B - ASX Tech Revenue & Multiples - 20171013; Objective Corp. (OCL) EV/Revenue 3.6 Mobile Embrace (MBE) EV/Revenue 0.4; Mkt Cap 189 173 163 165 203 Mkt Cap 95 151 133 66 22; Nearmap (NEA) EV/Revenue 5.5 Smart Parking (SPZ) EV/Revenue 2.9; Mkt Cap 210 139 146 253 235 Mkt Cap 27 72 84 99 97; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 5; 10; 15; 20; 25; 30; 35; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; ComOps (COM) EV/Revenue 0.5 Energy One (EOL) EV/Revenue 2.5; Mkt Cap 9 13 14 10 9 Mkt Cap 6 7 6 7 8; Global Health (GLH) EV/Revenue 2.1 Mint Payments (MNW) EV/Revenue 9.1; Mkt Cap 12 7 14 15 11 Mkt Cap 26 57 51 33 42; 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; 1.2; 1.4; 1.6; -; 2; 4; 6; 8; 10; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; -; 1; 2; 3; 4; 5; 6; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 1; 2; 3; 4; 5; 6; 7; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 5; 10; 15; 20; 25; -; 1; 2; 3; 4; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 59B - ASX Tech Revenue & Multiples - 20171013; Objective Corp. (OCL) EV/Revenue 3.6 Mobile Embrace (MBE) EV/Revenue 0.4; Mkt Cap 189 173 163 165 203 Mkt Cap 95 151 133 66 22; Nearmap (NEA) EV/Revenue 5.5 Smart Parking (SPZ) EV/Revenue 2.9; Mkt Cap 210 139 146 253 235 Mkt Cap 27 72 84 99 97; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 5; 10; 15; 20; 25; 30; 35; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; ComOps (COM) EV/Revenue 0.5 Energy One (EOL) EV/Revenue 2.5; Mkt Cap 9 13 14 10 9 Mkt Cap 6 7 6 7 8; Global Health (GLH) EV/Revenue 2.1 Mint Payments (MNW) EV/Revenue 9.1; Mkt Cap 12 7 14 15 11 Mkt Cap 26 57 51 33 42; 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; 1.2; 1.4; 1.6; -; 2; 4; 6; 8; 10; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; -; 1; 2; 3; 4; 5; 6; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 1; 2; 3; 4; 5; 6; 7; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 5; 10; 15; 20; 25; -; 1; 2; 3; 4; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 60 - Constellation Software M&A - 20171027; M&A Deals per Quarter; Constellation - Enterprise Value (USD Millions) Constellation - EBITDA (USD Millions) Constellation - EV/EBITDA Multiple; 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.; Constellation Software has followed a strategy of growth by acquisition. Constellation purchases on average four companies each quarter. This is achieved through a decentralised; structure with each business unit making their own acquisitions. While the company has had a modest uplift in valuation multiple over time the majority of returns have come from; the acquisition of EBITDA.; -; 2; 4; 6; 8; 10; 12; 2008 2009 2010 2012 2013 2014 2016 2017; M&A Deals per Quarter; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 16000; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 5; 10; 15; 20; 25; Size of the bubble represents estimated average; quarterly deal value per acquistion; 39% CAGR or 28x incr over ~10 years 34% CAGR or 18x incr over ~10 years; US$15m; avg deal; size; CLARE CAPITAL TECH INSIGHTS; Selected Software Acquistions made by Constellation Software subsidaries; Company Location Buyer Date Description; Constellation Software Parent Company; Amazing Charts United States Constellation Software Sep-17 Electronic health records management software solutions.; Gary Jonas Computing - designs and develops software to eliminate double entry of information streamlining workflow processes; Club Solutions United States Gary Jonas Computing Mar-13 Enterprise software and payment solutions for the fitness industry.; Retention Management United States Gary Jonas Computing Jan-14 Software and services to fitness market.; Outbound Software United States Gary Jonas Computing Mar-15 Web based ticketing and reservation software solutions.; MembersFirst United States Gary Jonas Computing Aug-15 Back office automation and marketing campaigns.; PAR Springer-Miller Systems United States Gary Jonas Computing Nov-15 Hospitality management solutions.; Innovative Computer Solutions United States Gary Jonas Computing Apr-17 Software for retail and POS market.; Kitomba New Zealand Jonas Nov-14 Booking software for spas and salons.; N Harris - software solutions for customers in utility public sector and schools group and healthcare businesses; Softinfo Canada N. Harris Computer Apr-17 Medical recordkeeping medical billing and diagnostic imaging services.; CareTracker United States N. Harris Computer Dec-14 Practice management solutions for physician practices.; digiChart United States N. Harris Computer Aug-16 Healthcare information technology solutions.; CoCENTRIX United States N. Harris Computer Aug-16 Health record practice management and case management solutions.; Ormed Information Systems Canada N. Harris Computer Sep-16 Information management software.; Trapeze - software solutions and services for transportation agencies.; Sigtec Holdings Australia Trapeze Software Jul-14 Transport management software and services.; GreenRide Solutions United States Trapeze Software Oct-13 Software solutions for transportation problems.; Fare Logistics Corp. Canada Trapeze Software Apr-14 Fare Logistics provides software.; Vela acquires manages and builds mission-critical vertical market software businesses; Datamine Corporate United Kingdom Vela Software Jul-15 Develops and supplies software tools and services to the mining industry.; Alford Mining Systems Australia Vela Software Feb-16 Software for underground mine design.; Shoplogix Canada Vela Software Mar-17 Performance management software solutions.; Volaris focus is on acquiring strengthening and growing vertical market technology companies.; Active Broadband Networks United States Volaris Group Jun-16 Operations support system solutions for broadband providers.; PLANit Sweden Volaris Group Mar-14 Software solutions for transport services.; Kinetic Solutions United Kingdom Volaris Group Jan-15 Solutions for student accommodation and event management.; Tarantula Global Singapore Volaris Group Jan-17 Software for wireless infrastructure markets.; Telepin Software Canada Volaris Group Feb-17 Software solutions.; Systemtechnik Germany Volaris Group May-17 E-ticketing and transportation software.; Smartrak Holdings New Zealand Volaris Group May-17 Fleet management and location based software solutions.; BBT Software Switzerland Volaris Group Aug-17 Insurance software solutions.; Furlong Business Solutions United Kingdom Volaris Group Sep-17 School management information systems.; CLARE CAPITAL TECH INSIGHTS

#58

Overview Clare Capital Tech Insights 58 - Target Share Price - 20171006; Disclaimer; This report compares the current share prices of Australasian listed Tech companies against the target share price estimates from equity research analysts (average; minimum; three estimates). Positive outcomes mean the target share price is above the current share price and negative outcomes below. The target share prices in this report are not Clare; Capital's or FactSet's guidance or estimates for any of the companies. Clare Capital doesn't currently produce independent equity research reports. Rather they are the average low; and high target share prices produced by equity research providers and brokers. Interestingly only half of NZX Tech and two-fifths of ASX Tech companies are being covered by; brokers or equity research providers.; 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; 3; 3 4 3; 7; 7 3; 7 4 9 3 7 12 5 3 7 10 3 6 8 3 3 16 3 7 7 14; 15; 14 5; 6 5 5; 7; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; CAT RBL RXP PPS FLN ISU WEB EPD RKN NEA NXT IFM GBT MYO HSN MLB LNK ACX IRI TNE IRE VGL CGL CAR OHE TME CL1 REA SEK CPU ALU ISD APX XRO WTC; Number of Broker estimates; NZX Tech ASX Tech; CLARE CAPITAL TECH INSIGHTS; Selected Companies Ticker Mkt Cap Target Price Variance #Estimates Low High EV/Rev Growth EBITDA% 40% Rule; Carsales.com CAR 3 079 13.54 12.72 6% 16 12.46 15.02 8.7 8% 47% 56%; Seek SEK 5 768 16.48 16.45 0% 15 13.15 20.00 5.8 9% 34% 43%; Computershare CPU 7 848 14.14 14.40 (2%) 14 11.68 16.22 3.3 4% 23% 27%; REA Group REA 8 623 67.68 65.47 3% 14 51.00 80.00 13.0 7% 57% 63%; MYOB MYO 2 038 3.94 3.36 17% 12 3.38 4.45 6.1 15% 45% 60%; Aconex ACX 793 4.50 3.96 14% 10 3.50 5.50 4.7 31% 9% 39%; Nextdc NXT 1 288 5.33 4.47 19% 9 4.90 6.03 10.3 32% 41% 73%; IRESS IRE 1 959 12.63 11.44 10% 8 10.70 14.95 5.2 6% 25% 31%; Class CL1 401 3.53 3.41 3% 7 3.21 3.80 13.2 28% 52% 80%; GBST GBT 129 2.25 1.90 19% 7 1.80 3.67 1.3 (19%) 13% (5%); Link Admin LNK 3 636 8.48 7.41 14% 7 7.50 9.05 5.0 1% 28% 29%; Reckon RKN 140 1.49 1.24 20% 7 1.20 1.70 2.3 (23%) 43% 20%; Trade Me TME 1 763 4.64 4.44 5% 7 4.15 6.00 7.9 8% 71% 79%; Webjet WEB 1 231 12.91 10.42 24% 7 10.94 15.00 5.5 31% 22% 53%; WiseTech Global WTC 2 705 7.17 9.30 (23%) 7 5.20 8.50 17.0 50% 36% 86%; iSelect ISU 354 2.11 1.61 31% 7 1.70 2.45 1.5 8% n/a n/a; iSentia Group ISD 385 1.74 1.93 (10%) 6 1.45 2.20 2.8 (1%) 30% 30%; Technology One TNE 1 492 5.26 4.73 11% 6 4.16 5.75 5.5 17% 21% 38%; Altium ALU 1 415 10.49 10.87 (3%) 5 9.26 14.34 9.2 14% 35% 50%; Appen APX 534 4.90 5.46 (10%) 5 4.30 5.88 3.9 31% 21% 52%; Catapult Group CAT 238 2.77 1.42 96% 5 2.00 3.97 3.7 250% 4% 254%; Hansen Tech. HSN 653 3.89 3.33 17% 5 3.60 4.50 3.7 17% 29% 46%; Xero XRO 4 408 25.00 31.85 (22%) 5 23.00 27.20 14.5 43% (9%) 34%; Nearmap NEA 235 0.73 0.61 20% 4 0.56 0.82 5.1 32% 17% 50%; Praemium PPS 180 0.65 0.45 43% 4 0.55 0.90 5.0 20% 10% 31%; Citadel Group CGL 287 6.37 5.91 8% 3 6.26 6.50 2.7 17% 29% 47%; Empired EPD 104 0.79 0.65 22% 3 0.75 0.88 0.7 5% 10% 14%; Freelancer FLN 214 0.66 0.47 42% 3 0.53 0.75 3.4 10% (0%) 10%; Infomedia IFM 239 0.92 0.77 19% 3 0.90 0.95 3.2 4% 36% 40%; Integrated Research IRI 596 3.91 3.47 13% 3 3.75 4.00 6.4 8% 42% 49%; Melbourne IT MLB 346 3.40 2.95 15% 3 3.25 3.68 2.2 5% 19% 24%; Orion Health OHE 203 1.10 1.04 5% 3 0.90 1.27 1.0 (4%) (16%) (20%); RedBubble RBL 152 1.39 0.73 90% 3 1.20 1.70 0.9 23% (5%) 18%; RXP Services RXP 139 1.25 0.86 45% 3 1.15 1.39 1.0 11% 15% 25%; Vista VGL 470 6.20 5.70 9% 3 5.70 7.00 4.6 24% 23% 47%; CLARE CAPITAL TECH INSIGHTS

#57

Overview Clare Capital Tech Insights 57 - Australasian Tech Q3 Performance - 20170929; NZX v ASX - Market Value % Change Q3 2017 (1 Jan - 30 Sep) Metrics Definitions; NZX Value % $ Value = Market Value; 31 Dec 16 6 087; 31 Mar 17 6 690 10% 603; 30 Jun 17 7 441 22% 1 354; 30 Sep 17 8 243 35% 2 156 % = Market Value % Change; ASX Value % $; 31 Dec 16 48 209; 31 Mar 17 49 243 2% 1 033 $ = Market Value $ Change; 30 Jun 17 52 916 10% 4 706; 30 Sep 17 54 296 13% 6 087; Top 10 Market Value Percentage Change - minimum $100 million Market Value Top 10 Market Value Dollar Change - in local currency; Disclaimer; This report looks at the market value performance for Australasian Tech companies over the last three quarters (1 Jan to 30 Sep of 2017). We have excluded any depository interest; companies and companies which went public (i.e. IPO) during the year. Note: all dollars are in local currency.; The total market value or; capitalisation of the NZX/ASX.; The market value percentage; change from one date to the next.; The market value dollar change; from one date to the next.; 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; -; 0.1; 0.2; 0.3; 0.4; Dec-16 Mar-17 May-17 Jul-17 Sep-17; Market Value % Change; NZX Tech ASX Tech; -; 2; 4; 6; 8; 10; 12; GSW BIG BUD LVH KGN XF1 PPH APX XRO MLB; Market Value % Change; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; XRO REA CPU LNK WTC SEK CAR GSW ALU PPH; Market Value $ Change; CLARE CAPITAL TECH INSIGHTS; Ticker Value % $ Ticker Value % $ Ticker Value % $ Ticker Value % $ Ticker Value % $; SHO-AU 12 1 223% 11 LNK-AU 3 694 36% 971 VGL-NZ 470 2% 11 COM-AU 8 (21%) (2) RXH-AU 5 (47%) (4); GSW-AU 403 971% 365 SPY-NZ 40 35% 10 SYT-AU 71 1% 1 DSE-AU 24 (22%) (7) PCH-AU 1 (47%) (1); BIG-AU 210 661% 183 ALU-AU 1 408 34% 354 NEA-AU 254 0% 1 VPC-AU 9 (22%) (3) GOO-AU 11 (47%) (10); FZO-AU 80 576% 68 GEO-NZ 16 30% 4 RFN-AU 5 0% 0 GLH-AU 12 (22%) (3) SMA-AU 14 (48%) (13); KNM-AU 25 369% 19 RHP-AU 88 28% 19 OPN-AU 19 0% 0 RKN-AU 139 (23%) (41) JHL-AU 4 (49%) (3); BUD-AU 197 308% 149 TV2-AU 19 28% 4 DUB-AU 39 (1%) (0) LVE-AU 7 (23%) (2) NVO-AU 11 (50%) (11); CM8-AU 50 222% 35 RUL-AU 146 27% 31 RXP-AU 135 (1%) (2) ACU-AU 8 (23%) (2) 8CO-AU 3 (50%) (3); LVH-AU 205 197% 136 MDR-AU 42 27% 9 DSX-AU 9 (2%) (0) MOQ-AU 42 (24%) (13) PLX-NZ 15 (51%) (15); KGN-AU 360 188% 235 LNU-AU 37 24% 7 SKF-AU 14 (3%) (0) OMT-AU 3 (25%) (1) GBT-AU 126 (51%) (130); CA8-AU 49 165% 30 MOT-AU 5 24% 1 PPS-AU 172 (3%) (5) MWR-AU 4 (25%) (1) OLV-AU 6 (51%) (6); CL8-AU 20 140% 12 ESV-AU 83 24% 16 SRO-AU 5 (3%) (0) MUA-AU 138 (25%) (47) UBN-AU 19 (52%) (20); SKO-NZ 49 130% 28 PME-AU 610 24% 117 IRE-AU 1 951 (3%) (67) BID-AU 15 (26%) (5) CVT-AU 31 (53%) (35); TPW-AU 41 129% 23 IRI-AU 590 24% 112 GGL-AU 14 (4%) (1) TKF-AU 6 (26%) (2) FLN-AU 212 (54%) (249); JCS-AU 11 120% 6 MYQ-AU 6 23% 1 MYO-AU 2 086 (5%) (108) PRO-AU 32 (26%) (12) AHL-AU 6 (55%) (7); XF1-AU 118 120% 64 WEB-AU 1 274 23% 236 NOV-AU 18 (7%) (1) THD-AU 11 (27%) (4) AB1-AU 7 (55%) (8); 3DP-AU 16 102% 8 REA-AU 8 825 21% 1 550 HSN-AU 656 (8%) (56) FIN-NZ 18 (27%) (7) MTL-AU 3 (56%) (3); LVT-AU 92 102% 46 CL1-AU 405 21% 71 MP1-AU 196 (8%) (18) ICU-AU 7 (31%) (3) TNT-AU 7 (57%) (9); TMP-AU 20 101% 10 NXT-AU 1 257 20% 212 TME-NZ 1 814 (9%) (176) ICI-AU 22 (32%) (10) AD1-AU 26 (57%) (34); PPH-NZ 674 92% 323 BVS-AU 352 18% 55 MNW-AU 30 (10%) (3) 1ST-AU 9 (32%) (4) M7T-AU 23 (59%) (33); APX-AU 509 85% 233 RAK-NZ 49 17% 7 RBL-AU 160 (10%) (18) BRN-AU 153 (32%) (73) IOD-AU 3 (59%) (4); XRO-NZ 4 276 78% 1 868 ADA-AU 227 17% 32 TNE-AU 1 584 (11%) (187) OHE-NZ 215 (33%) (105) MBE-AU 26 (61%) (40); MLB-AU 335 77% 146 CR8-AU 55 16% 8 1PG-AU 25 (11%) (3) TTL-AU 3 (33%) (2) WGL-AU 9 (61%) (15); GTK-NZ 438 73% 185 CPU-AU 7 886 16% 1 079 RNT-AU 15 (11%) (2) ESH-AU 14 (36%) (8) ICT-AU 2 (63%) (4); NWZ-AU 7 68% 3 CGL-AU 270 15% 35 SPZ-AU 88 (11%) (11) ISD-AU 356 (38%) (218) IOT-AU 7 (69%) (17); NET-AU 23 67% 9 CAR-AU 3 105 13% 365 ICQ-AU 71 (12%) (9) COO-AU 10 (38%) (6) BPF-AU 12 (70%) (28); EOL-AU 12 66% 5 SEK-AU 5 824 13% 649 DTS-AU 38 (12%) (5) FCT-AU 49 (39%) (31) ENZ-AU 4 (72%) (10); EPD-AU 104 63% 40 DTL-AU 264 12% 28 ZYB-AU 4 (13%) (1) PPL-AU 27 (39%) (17) TSN-AU 15 (73%) (40); SFI-AU 91 61% 35 VLT-AU 20 12% 2 ISX-AU 92 (13%) (14) HT8-AU 8 (40%) (5) YPB-AU 13 (74%) (36); TOM-AU 6 59% 2 IFM-AU 246 8% 19 BPS-AU 72 (15%) (12) ALC-AU 32 (40%) (21) VRI-AU 5 (78%) (19); WTC-AU 2 530 54% 888 CNW-AU 17 7% 1 IKE-NZ 21 (15%) (4) KNO-AU 6 (41%) (5) IAM-AU 15 (80%) (58); CCA-AU 55 53% 19 PIL-AU 13 7% 1 9SP-AU 54 (16%) (10) SLI-NZ 16 (43%) (12) XPE-AU 13 (80%) (53); ERD-NZ 134 39% 38 CGO-AU 6 7% 0 KYK-AU 21 (18%) (5) DCL-AU 13 (44%) (10) RAP-AU 44 (82%) (196); OCL-AU 229 39% 64 3PL-AU 166 4% 6 D13-AU 55 (19%) (13) CAT-AU 218 (44%) (171) KBU-AU 1 (83%) (5); AO1-AU 11 38% 3 DWS-AU 177 3% 6 ISU-AU 355 (19%) (85) NOR-AU 19 (44%) (15) SP1-AU 2 (87%) (14); ASY-AU 5 36% 1 VHT-AU 93 3% 3 ACX-AU 799 (20%) (205) ADJ-AU 67 (46%) (58); CLARE CAPITAL TECH INSIGHTS

#56

Overview Clare Capital Tech Insights 56 - Australasian FANG Stocks - 20170922; New Zealand's Southern Cross [Xero Pushpay TradeMe Vista Gentrack]; Southern Cross; - Employs 3 471 people; - Generates US$0.5b in total revenues; - Generates US$0.3b in export revenues; - Pays US$35m in taxes; =- Has a total market value of US$5.4b; - Average revenue per employee of US$155k; - Weighted Average 40% rule of 50%; - Trading on an EV/Revenue multiple of 9.8x; Definitions Notes; 40% Rule = Revenue Growth + EBITDA Margin; EV = Enterprise Value; Disclaimer; This week we are looking at the "stars" of the listed New Zealand and Australian technology sectors. Where North America has their FANG stocks - an acronym for four high; performing technology stocks - Facebook Amazon Netflix and Google (now Alphabet Inc.) Clare Capital has coined the Southern Cross for New Zealand and Orion and Orion's; Shield for Australia. These groupings make up some of the largest fastest growing and highest profile listed technology companies in the Australasian market - a very notable; omission is Atlassian (TEAM-US) who is certainly a high-performing Australian company but isn't listed on the NZ and Australian markets. We have also excluded share registery; platforms & associated software and predominately IT service-based companies.; Logo Company 52 week ΔSP; Gentrack  53%; Xero  42%; Pushpay  (2%); Vista  (12%); Trade Me  (18%); The companies making up Orion's Shield (over the; page) are collectively Australia's version of New; Zealand's TradeMe (excluding Webject).; 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.; The Southern Cross - aka the; constellation Crux is one of the; best known groupings of stars in; the Southern Hemisphere night; sky.; CLARE CAPITAL TECH INSIGHTS; Australia's Orion [Aconex Appen MYOB Hansen Technologies Altium Nextdc WiseTech Global] and Orion's Shield [CarSales.com Seek Rea Group Webjet]; Orion; - Employs 5 560 people; - Generates US$1.0b in total revenues; - Generates US$0.5b in export revenues; - Pays US$34m in taxes; =- Has a total market value of US$7.2b; - Average revenue per employee of US$184k; - Weighted Average 40% rule of 57%; - Trading on an EV/Revenue multiple of 7.2x; Orion's Shield; - Employs 4 343 people; - Generates US$1.8b in total revenues; - Generates US$0.6b in export revenues; - Pays US$188m in taxes; =- Has a total market value of US$15.4b; - Average revenue per employee of US$419k; - Weighted Average 40% rule of 51%; - Trading on an EV/Revenue multiple of 8.6x; WiseTech Global  58%; Logo Company 52 week ΔSP; Appen  54%; Nextdc  4%; Altium  12%; MYOB  (7%); Hansen Tech.  (28%); Aconex  (42%); Logo Company 52 week ΔSP; REA Group  22%; Seek  8%; Carsales.com  10%; Webjet  3%; Orion - the Orion constellation is; one of the brightest and best; known constellations in the; night sky. In Australia the stars; forming Orion's Belt and Sword; are sometimes called the Pot.; Orion's Shield; CLARE CAPITAL TECH INSIGHTS

#55

Overview Clare Capital Tech Insights 55 - NZX & ASX Tech Breakdown of Shareholders - 20170915; NZX & ASX Tech Breakdown of Shareholders Highlights; Definitions; Selected NZX Institutions Insiders Mutual Funds Others; EROAD ERD 24% 46% 5% 25%; Gentrack GTK 24% 42% 9% 24%; Orion Health OHE 1% 67% 0% 32%; Metrics NZX ASX NZX & ASX Pushpay PPH - 57% - 43%; Institutions 23% 16% 16% Trade Me TME 45% 0% 16% 38%; Insiders 35% 39% 38% Vista VGL 49% 27% 9% 14%; Mutual Funds 7% 5% 5% Xero XRO 19% 38% 6% 37%; Others 35% 41% 40% Average 23% 40% 6% 31%; Disclaimer; Others = All remaining shareholders not included in the first three categories. These are; usually retail investors including "Mum & Dad"-type investors.; 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 report looks at how many shares are owned in NZX and ASX Tech companies by institutional investors insiders of the company mutual funds and all remaining shareholders.; Note: shareholder data isn't available for all NZX and ASX Tech companies.; The chart below shows how many shares are owned by each of the different types of; shareholders across the NZX and ASX Tech sector (an aggregate of all of outstanding; shares across both exchanges). As the ASX Tech sector is 7-8x larger than NZX Tech ; the NZX & ASX is more weighted to the ASX.; 1. The number of shares owned by insiders and mutual funds is fairly even across both; NZX and ASX.; 2. However institutional investors proportionally own more shares in NZX Tech; compared to their ASX counterparts. This in turn means more retail/non-affiliated; investors ("Others") own more shares in ASX Tech compared to NZX Tech.; 3. The next step in a Tech Insights report would be to look at the amount of market; value owned by each type of shareholder (i.e. # of shares x the share price).; Institutions = Includes financial institutions banks insurance companies and soverign; funds (e.g. ACC NZ Super Fund).; Insiders = Individuals directly related to the company (e.g. founder/s that hold shares in; the company after listing).; Mutual Funds = A pool of funds collected and run by a fund manager to invest in assets; (e.g. Milford Asset Management Fisher Funds).; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; NZX ASX NZX & ASX; Institutions Insiders Mutual Funds Others; CLARE CAPITAL TECH INSIGHTS; Selected ASX Institutions Insiders Mutual Funds Others Selected ASX Institutions Insiders Mutual Funds Others; 3P Learning 3PL 74% 23% 3% 0% iSelect ISU 65% 26% 9% 1%; Aconex ACX 41% 22% 13% 25% iSentia Group ISD 56% 14% 9% 21%; Adacel ADA 42% 30% 5% 23% iSignthis ISX - 60% - 40%; Adslot ADJ 6% 29% - 66% Kogan.com KGN 3% 80% 2% 15%; Afterpay APT 8% 37% 8% 47% Kyckr KYK - 67% - 33%; Altium ALU 15% 10% 10% 65% Link Admin LNK 54% 6% 9% 31%; Appen APX 33% 21% 4% 41% LiveTiles LVT 7% 52% 0% 41%; Bigtincan BTH - 34% - 66% Megaport MP1 - 47% - 53%; BPS Tech. BPS 11% 66% - 23% Melbourne IT MLB 30% 14% 7% 48%; BrainChip BRN 0% 64% - 36% Mitula Group MUA 11% 53% 1% 34%; Bravura Solutions BVS 21% 56% 7% 16% MYOB MYO 16% 43% 10% 31%; Bulletproof BPF 7% 29% - 64% Nearmap NEA 10% 24% 0% 66%; Carsales.com CAR 31% 18% 16% 35% Nextdc NXT 44% 21% 11% 23%; Catapult Group CAT 3% 78% 2% 17% Novatti Group NOV - 42% - 58%; ChimpChange CCA 13% 64% - 22% Objective Corp. OCL 4% 84% 4% 8%; Citadel Group CGL 17% 45% 4% 35% Praemium PPS 12% 23% 2% 64%; Class CL1 7% 57% 7% 30% Pro Medicus PME 10% 64% 4% 22%; CoAssets CA8 - 82% - 18% REA Group REA 15% 62% 7% 15%; Computershare CPU 20% 15% 16% 49% Reckon RKN 51% 21% 6% 22%; Covata CVT 9% 35% 8% 48% RedBubble RBL 14% 59% 0% 27%; Data#3 DTL 21% 16% 6% 57% ResApp Health RAP 10% 23% 8% 59%; DomaCom DCL - 34% - 66% Rhipe RHP 15% 39% - 46%; Dragontail Systems DTS - 58% - 42% RungePincockMinarco RUL 44% 27% 15% 14%; DWS DWS 4% 45% 2% 49% RXP Services RXP 14% 21% 3% 62%; ELMO Software ELO - 75% - 25% Seek SEK 47% 7% 19% 28%; Empired EPD 20% 16% 1% 64% ServTech Global SVT - 35% - 65%; eServGlobal ESV 70% 0% 27% 3% Smart Parking SPZ - 33% - 67%; Freelancer FLN 0% 85% 0% 15% Syntonic SYT 0% 54% 0% 46%; GBST GBT 34% 15% 3% 48% Technology One TNE 24% 24% 13% 39%; GetSwift GSW 12% 35% - 54% Temple & Webster TPW 16% 21% 6% 57%; Hansen Tech. HSN 10% 21% 10% 59% Tinybeans Group TNY - 46% - 54%; iCar Asia ICQ 11% 46% 11% 32% Volpara VHT - 63% - 37%; Infomedia IFM 25% 21% 3% 51% Webjet WEB 34% 15% 9% 42%; Integrated Research IRI 0% 53% 0% 46% Wisetech Global WTC 10% 75% 6% 9%; IRESS IRE 39% 19% 13% 29% Average 18% 39% 5% 38%; CLARE CAPITAL TECH INSIGHTS

#54

Overview Clare Capital Tech Insights 54 - CAC Ratio - 20170908; This report explores the SaaS metric of CAC Ratio for; listed US SaaS companies - where:; This metric is interpreted as:; For each dollar of Sales and Marketing (CAC) spend x; dollars of recurring revenue is generated. For example a; ratio of 1 represents $1 in recurring revenue generated for; each $1 of spend. A ratio of 1.5 means $1.5 in recurring; revenue generated for each $1 of spend.; This metric has greater transparency than the SaaS metric; of CAC months of ARPU as it can be derived directly from; a company's financial statements. There are no issues; with which ARPU period is employed and more; importantly it includes all aspects of expansion revenue ; downgrades additions and churn.; It is commonly expected that growing SaaS companies; will have a CAC ratio of less than 1 as they spend the; money to acquire customers in advance of receiving; revenue from them. But within this dataset there are; notable exceptions with ratios >1.; The chart to the right presents a summary of this; information splitting the companies into four quadrants; based on size (revenues) and growth rates.; The charts over the page show the US listed SaaS; companies' specific results ranked by CAC ratio.; CAC Ratio =; 𝐴𝑛𝑛𝑢𝑎𝑙 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝐼𝑛𝑐𝑟𝑒𝑎𝑠𝑒; 𝐴𝑛𝑛𝑢𝑎𝑙 𝑆𝑎𝑙𝑒𝑠 𝑎𝑛𝑑 𝑀𝑎𝑟𝑘𝑒𝑡𝑖𝑛𝑔 𝑆𝑝𝑒𝑛𝑑; < US$250m Revenue; > US$250m Revenue; > 30% Annual Revenue Growth; < 30% Annual Revenue Growth; CLARE CAPITAL TECH INSIGHTS; Selected CAC Ratio for US listed SaaS companies; 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.; -; 0.5; 1; 1.5; 2; 2.5; EBIX-US; ELLI-US; TEAM-US; WAGE-US; ALRM-US; LOGM-US; VEEV-US; SHOP-US; FNGN-US; GDDY-US; PCTY-US; WDAY-US; ULTI-US; RP-US; PAYC-US; JCOM-US; MDSO-US; GWRE-US; PFPT-US; NOW-US; WIX-US; ZEN-US; ATHN-US; HUBS-US; NEWR-US; CRM-US; SPLK-US; RNG-US; BSFT-US; BOX-US; BLKB-US; DATA-US; EGHT-US; CSOD-US; QADA-US; TRUE-US; AZPN-US; FEYE-US; CAC Ratio; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; TDOC-US; APPF-US; QTWO-US; MIXT-US; UPLD-US; MB-US; CARB-US; BNFT-US; FIVN-US; CSLT-US; INST-US; MIME-US; QLYS-US; TWOU-US; RPD-US; HSTM-US; SPSC-US; CALD-US; ARIS-US; WK-US; HDP-US; OOMA-US; MATR-US; AMBR-US; ZIXI-US; DWCH-US; CYRN-US; ECOM-US; BCOV-US; MOBL-US; MXPT-US; ATTU-US; BV-US; CAC Ratio; Companies with revenues US$250m; CLARE CAPITAL TECH INSIGHTS

#53

Overview Clare Capital Tech Insights 53 - Sales & Marketing Expenses - 20170901; Sales & Marketing Expense (% of LTM Revenue) - USD Millions Sales & Marketing (% of LTM Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Coys Obs. Avg. Med.; <20M 4 31 45% 40%; 20-30M 7 59 37% 36%; 30-40M 8 54 59% 58%; 40-50M 6 23 41% 33%; 50-75M 15 72 39% 34%; 75-100M 28 90 39% 38%; 100-115M 30 68 38% 36%; 115-125M 29 51 35% 34%; 125-150M 35 95 42% 38%; 150-175M 40 89 42% 38%; 175-200M 36 74 38% 37%; 200-225M 36 73 35% 36%; 225-250M 34 65 31% 24%; 250-275M 31 66 33% 25%; 275-300M 27 45 29% 24%; 300-350M 30 79 32% 25%; 350-400M 27 53 29% 22%; 400-450M 25 58 28% 21%; 450-500M 24 47 25% 20%; 500-600M 19 55 24% 19%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M 600-700M 18 36 32% 23%; Companies 13 31 65 49 27 700-800M 14 47 33% 22%; Observations 167 162 515 348 247 800-1000M 10 36 26% 21%; Average 48% 39% 38% 30% 28% 1000-1500M 9 37 24% 21%; Lower Quartile 62% 51% 48% 45% 42% >1500M 5 36 34% 41%; Median 44% 35% 37% 24% 22% Median 34% 33%; Upper Quartile 31% 25% 27% 18% 18% Average 35% 31%; This report explores Sales and Marketing (S&M) expenses for SaaS companies specifically as a percentage of revenue in relation to company size (revenue). Chart 1 (this page); shows the distribution and trend for the population of US listed SaaS companies. There are outliers as expected but there is a very strong trend with the median S&M% reducing as; revenues increased. S&M% was observed to trend from a median of 40% for the smaller companies to a median of 21% for the large companies. Note: the raw data for this; population set includes multiple observations for each company over a five year period. Chart 2 (over the page) explores how listed NZ-Tech companies' S&M% has trended as they; have grown.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Sales & Marketing (% of LTM Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Sales & Marketing Expense (% of LTM Revenue) - NZD Millions; <1M 1-5M 5-10M 10-20M 20-50M 50-100M 100-150M 150-200M 200-250M 250-500M >500M; -; 0.04; 0.08; 0.12; 0.16; 0.2; 0.24; 0.28; 0.32; 0.36; 0.4; 0.44; 0.48; 0.52; 0.56; 0.6; 0.64; 0.68; 0.72; 0.76; 0.8; 0.84; 0.88; 0.92; 0.96; 1; Disclaimer; Sales & Marketing (% of LTM Revenue); 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

#52

Overview Clare Capital Tech Insights 52 - Trade Me EBITDA Bridge - 20170825; Trade Me (TME); Market Value (NZD M) 1 850; Revenue (NZD M) 235; EBITDA (NZD M) 154; EV/Revenue 8.2; EV/EBITDA 12.6; Revenue Growth 8%; EBITDA Margin 66%; 40% Rule 73%; Revenue/Employee (NZD) 428 615; Dividend Yield 4%; 52-Week Price Change (14%); Notes; Disclaimer; This report looks at the breakdown of Trade Me's (TME) market capitalisation (Value) into growth in EBITDA the change in EBITDA multiple and the change in level of cash and; debt across the last four financial years (FY13-17). This tries to illustrate the underlying drivers of the historical market value performance. We have then compared Trade Me's; market value against three of its closest comparators (e.g. size industry) in the ASX market. Carsales.com representing TME's motor business REA Group comparing TME's; property division and Seek looking at TME's job space. Yellow represents the market value (Value) as at year end green means an increase in value while blue is a decrease in value.; 1. The change in EBITDA represents; the difference in EBITDA's over two; years. A green value means an; increase (e.g. TME increased their; EBITDA in FY17 which resulted in a; NZD $168M appreciation in market; value).; 2. The change in EBITDA multiple; represents the difference in multiples; over two years. A blue value means a; decrease (e.g. a decrease in multiple in; FY14 which resulted in a NZD $466M; depreciation in market value).; 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; Carsales.com (CAR); Market Value (AUD M) 3 226; Revenue (AUD M) 372; EBITDA (AUD M) 176; EV/Revenue 9.1; EV/EBITDA 19.1; Revenue Growth 8%; EBITDA Margin 47%; 40% Rule 56%; Revenue/Employee (AUD) 288 684; Dividend Yield 3%; 52-Week Price Change 3%; REA Group (REA); Market Value (AUD M) 8 825; Revenue (AUD M) 671; EBITDA (AUD M) 381; EV/Revenue 13.3; EV/EBITDA 23.5; Revenue Growth 16%; EBITDA Margin 57%; 40% Rule 73%; Revenue/Employee (AUD) 471 684; Dividend Yield 1%; 52-Week Price Change 14%; Seek (SEK); Market Value (AUD M) 5 770; Revenue (AUD M) 1 036; EBITDA (AUD M) 350; EV/Revenue 5.8; EV/EBITDA 17.2; Revenue Growth 9%; EBITDA Margin 34%; 40% Rule 43%; Revenue/Employee (AUD) 1 206 519; Dividend Yield 3%; 52-Week Price Change 1%; CLARE CAPITAL TECH INSIGHTS

#51

Overview Clare Capital Tech Insights 51 - Private Equity Software Buyouts - 20170818; 30 Selected Software Acquistions; Disclaimer; Transaction multiples are often difficult to find but can be most useful when it comes to negotiating a trade sale. This week's report looks at 30 selected software acquisitions over; USD $100 million in value by three private equity firms. Some acquisitions may have more than one acquirer (e.g. a consortium of private equity and/or venture capital firms).; 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.; BMC Software; Solera Holdings; SolarWinds; TIBCO Software; Qlik Technologies; Compuware Corp.; Misys; Marketo; Cvent; Deltek; Active Network; Websense; iParadigms; SonicWALL; Diligent Corp.; PowerPlan; Keynote Systems; Internet Pipeline; PowerSchool Group; Archipelago Learning; Bomgar Corp.; E2open; CDC Software Corp.; Double-Take Software; Indus International; Mediware Systems; SumTotal Systems; PLATO Learning; Entrust; Netsmart Technologies; -; 2; 4; 6; 8; 10; 12; Mar-06 Aug-07 Dec-08 May-10 Sep-11 Jan-13 Jun-14 Oct-15 Mar-17; Transaction Value/Revenue; Size of the bubble represents Transaction Value (USD Millions); CLARE CAPITAL TECH INSIGHTS; 30 Selected Software Acquistions (USD M) Note: TV = Transaction Value TV Revenue TV/Revenue; Insight Venture Partners; Sep-13 BMC Software Develops enterprise software 6 900 2 201 3.1; Jun-14 iParadigms Provides cloud-based educational software to prevent plagiarism and evaluate learning 752 95 7.9; Apr-16 Diligent Corp. Develops and sells an online software applications 624 99 6.3; Mar-15 E2open Provides on-demand multi-enterprise solutions 273 79 3.5; Apr-07 Netsmart Technologies Provides software solutions to the health and human services industry 115 58 2.0; Thoma Bravo; Feb-16 SolarWinds Develops information technology solutions 4 500 486 9.3; Aug-16 Qlik Technologies Designs and develops business intelligence software solutions 3 000 630 4.8; Dec-14 Compuware Corp. Operates as a technology performance company which develops software products 2 400 658 3.6; Oct-12 Deltek Provides enterprise software and information solutions 1 100 341 3.2; Jul-10 SonicWALL Provides on-line security solutions 717 209 3.4; Feb-15 PowerPlan Provides accounting and capital budgeting solutions for capital asset-intensive firms 435 90 4.8; Aug-13 Keynote Systems Provides Internet performance measurement systems and diagnostic services 395 124 3.2; Aug-15 Internet Pipeline Provides SaaS processing solutions for the insurance and financial services industry 385 61 6.3; May-12 Archipelago Learning Provides software solutions and online programs for students and educators 291 73 4.0; Jun-16 Bomgar Corp. Provides secure enterprise remote management and support software solutions 282 59 4.8; Jul-10 Double-Take Software Develops data replication software 242 84 2.9; Nov-12 Mediware Systems Develops implements and supports clinical management information systems 195 65 3.0; May-10 PLATO Learning Provides online education solutions 143 65 2.2; Jul-09 Entrust Provides software security solutions 124 96 1.3; Vista Equity Partners; Mar-16 Solera Holdings Provides software and services to the automobile insurance claims processing industry 6 500 1 141 5.7; Dec-14 TIBCO Software Provides electronic business infrastructure software products 4 300 1 076 4.0; Jun-12 Misys Provides software development and investment consulting services 2 000 649 3.1; Aug-16 Marketo Provides cloud-based marketing software platform 1 790 226 7.9; Nov-16 Cvent Provides software for event management web surveys and email marketing 1 650 199 8.3; Nov-13 Active Network Provides activity and participant management solutions 1 050 450 2.3; Jun-13 Websense Provides web filtering data loss prevention email anti-spam and security solutions 906 359 2.5; Aug-15 PowerSchool Group Provides student information systems and services in K-12 education 350 97 3.6; Apr-12 CDC Software Corp. Engages in the providing software solutions 264 219 1.2; Jan-07 Indus International Provides asset management software solutions for capital intensive industries 240 122 2.0; Jul-09 SumTotal Systems Provides business performance technologies 160 114 1.4; Median 530 123 3.5; Average 1 403 341 4.1; CLARE CAPITAL TECH INSIGHTS

#50

Overview Clare Capital Tech Insights 50 - ASX Broker Revenue Forecasts - 20170811; Nextdc Class iSentia Group; FY16 Rev 89 FY16 Rev 23 FY16 Rev 156; FY17 Rev n=7 FY17 Rev n=6 FY17 Rev n=6; Median 118 Median 30.0 Median 155; Minimum 117 Minimum 29.5 Minimum 155; Maximum 125 Maximum 30.1 Maximum 158; Seek Webjet Computershare; FY16 Rev 950 FY16 Rev 152 FY16 Rev 2 690; FY17 Rev n=6 FY17 Rev n=6 FY17 Rev n=5; Median 1 030 Median 297 Median 2 634; Minimum 1 000 Minimum 209 Minimum 2 605; Maximum 1 056 Maximum 333 Maximum 2 927; Link Admin Catapult Group iSelect; FY16 Rev 776 FY16 Rev 17 FY16 Rev 172; FY17 Rev n=5 FY17 Rev n=4 FY17 Rev n=4; Median 781 Median 60.9 Median 195; Minimum 775 Minimum 60.8 Minimum 191; Maximum 810 Maximum 62.0 Maximum 205; With reporting season in Australia this week's Tech Insights report looks at broker revenue forecasts for ASX Tech companies for FY2017 (year end 30 June 2017). FY17 Revenue is; not Clare Capital's FactSet's nor the company's (guidance) view on FY17 revenue rather it is the median from all equity research reports on the company produced by brokers. On; the back page only companies which have brokers reports have been included. FactSet may not pick up all equity research reports from all brokers as some reports are restricted to; certain clients. These restricted reports have not been taken into consideration in this report. The nine charts below show FY17 revenue ranges for ASX Tech companies which have; four or more broker reports. We have also included Trade Me (NZX:TME) as a NZX comparator as their FY17 results are due next week (on the back page).; CLARE CAPITAL TECH INSIGHTS; AUD Millions Value Forecast # of Multiple Growth AUD Millions Value Forecast # of Multiple Growth; Name Ticker Market FY17 Rev Brokers EV/FY17 Revenue Name Ticker Market FY17 Rev Brokers EV/FY17 Revenue; Nextdc NXT 1 188 118 7 9.1 32% Infomedia IFM 233 72 1 3.0 6%; Class CL1 338 30 6 10.8 33% LiveHire LVH 152 1 1 206.7 126%; iSentia Group ISD 362 155 6 2.7 (1%) MSL Solutions MPW 75 31 1 3.0 172%; Seek SEK 6 190 1 030 6 6.3 8% Nearmap NEA 258 41 1 5.6 34%; Webjet WEB 1 304 297 6 4.3 96% Prophecy Intl. PRO 34 12 1 2.8 (21%); Computershare CPU 7 763 2 634 5 3.6 (2%) Pureprofile PPL 31 53 1 0.6 93%; Link Admin LNK 3 763 781 5 5.2 1% Rhipe RHP 84 185 1 0.4 29%; Catapult Group CAT 300 61 4 4.7 251% Smart Parking SPZ 95 25 1 3.2 (20%); iSelect ISU 476 195 4 2.1 13% Vault Intelligence VLT 21 3 1 6.1 17%; Aconex ACX 896 161 3 5.3 30% Xref XF1 79 3 1 28.7 90%; Empired EPD 97 186 3 0.6 16%; Hansen Tech. HSN 730 174 3 4.1 17% NZD Millions Value Forecast # of Multiple Growth; Praemium PPS 165 36 3 4.4 26% Name Ticker Market FY17 Rev Brokers EV/FY17 Revenue; RedBubble RBL 167 177 3 0.7 54% Trade Me TME 1 913 236 4 8.5 8%; RXP Services RXP 139 147 3 1.0 16%; SMS Management SMX 122 308 3 0.4 (6%) Definitions Units; Wisetech Global WTC 2 050 155 3 12.5 51% Market Value = Market Capitalisation Millions; 3P Learning 3PL 138 52 2 3.0 6% FY17 Rev Forecast = Median Brokers Estimate for FY17 Revenue Millions; Adacel ADA 184 44 2 3.8 (8%) # of Brokers = Number of brokers producing equity research #; Altium ALU 1 082 140 2 7.4 9% EV/FY17 Multiple = Enterprise Value / FY17 Forecast Revenue Multiple x; Bigtincan BTH 38 10 2 4.8 38% Revenue Growth = Consensus Estimate FY17 Revenue / FY16 Revenue %; Citadel Group CGL 254 98 2 2.5 18%; Data#3 DTL 279 1 078 2 0.2 10% Notes from FactSet; Integrated Research IRI 517 92 2 5.5 8%; Kogan.com KGN 205 283 2 0.6 34%; Megaport MP1 225 11 2 18.8 299%; Adslot ADJ 72 10 1 5.3 33%; AHAlife AHL 5 6 1 0.2 (12%); BPS Tech. BPS 70 109 1 0.7 118%; Bravura Solutions BVS 343 188 1 1.7 2% Disclaimer; ChimpChange CCA 45 1 1 60.3 145%; Crowd Mobile CM8 40 44 1 1.2 19%; DWS DWS 200 147 1 1.4 2%; GBST GBT 216 89 1 2.3 (17%); FactSet aggregates and redistributes estimates data and does not conduct any; independent research. Nothing in our service constitutes investment advice or FactSet; recommendations of any kind. Estimates data is provided for information purposes; only. FactSet has no relationship with creators of estimates that may reasonably be; expected to impair its objective presentation of such estimate or recommendation.; The information provided in this report has been solely sourced and calculated from; FactSet. Clare Capital holds no responsibility over the actual numbers and 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

#49

Overview Clare Capital Tech Insights 49 - NZX Tech Major Shareholders - 20170804; Major Shareholders of NZX Tech Companies - Top 20 Holdings Major Shareholders in more than two NZX Tech Companies; Disclaimer; This report looks at the major shareholders of NZX Tech companies. ACC and the NZ Super Fund feature as major shareholders in EROAD Orion Gentrack Trade Me and Vista.; Pushpay's major shareholders consist of early investors and people close to the company. The data will miss major shareholders in one company who could be a minor shareholder; in another. Data isn't available for all NZX Tech companies and shareholders and excludes trustee services nominee & custodian accounts. Yellow = company; blue = shareholder.; 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.; EROAD; Smartshares; Norges; Vanguard; Blackrock; Note: The visualisation below does not pick up all of the shareholders. The; main purpose is to show the shareholder linkages between companies.; CLARE CAPITAL TECH INSIGHTS; Top 10 Shareholders % of NZD M Top 10 Shareholders % of NZD M Top 10 Shareholders % of NZD M; EROAD Shares Held Value Gentrack Shares Held Value ikeGPS Shares Held Value; NMC Trustees 26.2% 35.5 John Clifford 10.9% 46.7 Scobie Ward 6.7% 1.3; MLC Investments 7.4% 10.0 Uplands Group 9.6% 41.1 Alex Knowles 5.9% 1.2; Colonial First State Mgmt 7.1% 9.6 Mawer Investment Mgmt 6.8% 29.2 Glenn Milnes 0.8% 0.2; ACC 4.9% 6.7 Harbour Asset Mgmt 6.7% 28.4 FCA Corp 0.7% 0.1; David Jarrett 3.0% 4.0 Fraxinus Aurea Trust 6.4% 27.3 Bruce Harker 0.2% 0.0; SW Trust Services Twelve 2.1% 2.8 Pie Funds Mgmt 4.9% 21.0; Brian Michie 1.9% 2.6 Nigel Farley Family Trust 4.0% 16.9; NZ Superannuation 1.8% 2.4 Perpetual Investment Mgmt 3.9% 16.7; Allianz Global Investors AP 1.8% 2.4 Roy Grant 3.1% 13.4; Andrew Bowker 1.6% 2.1 ACC 2.8% 11.9; Orion Health Shares Held Value Pushpay Shares Held Value SLI Systems Shares Held Value; Ian McCrae 50.1% 121.4 Christopher & Banks PE 20.0% 112.1 ANZ NZ Investments 9.4% 1.9; Geoffrey Cumming 8.2% 19.8 Eliot Crowther 9.7% 54.5 Harbour Asset Mgmt 3.3% 0.7; Telstra Corp 1.9% 4.5 Douglas Kemsley 5.1% 28.7; Deborah Thomson 0.9% 2.3 Christopher Huljich 5.0% 27.8; Jacon Investments 0.8% 2.0 Aaron Bhatnagar 4.6% 25.9; Canz Capital 0.8% 1.8 Ruth Shannon 2.8% 15.6; Michael Clegg 0.6% 1.6 Rodney Macdonald 1.9% 10.9; Paul Shearer 0.6% 1.5 Pushpay Trustees 1.6% 9.2; Edwin Ng 0.6% 1.5 Noah Hickey 1.0% 5.8; ACC 0.6% 1.5 Graham Shaw 1.0% 5.4; Trade Me Shares Held Value Vista Shares Held Value Xero Shares Held Value; Hyperion Asset Mgmt 11.1% 227.6 Devon Funds Mgmt 13.0% 63.2 Rod Drury 15.0% 566.9; Colonial First State Mgmt 8.1% 166.3 FIL Investment Mgmt 9.7% 47.4 Andrew Winkler 10.5% 396.1; JCP Investment Partners 5.0% 101.6 Harbour Asset Mgmt 7.8% 37.8 Matrix Capital Mgmt 8.5% 322.0; Investors Mutual 4.9% 101.0 Fisher Funds Mgmt 6.7% 32.9 AP Asset Mgmt 4.8% 181.8; NZ Superannuation 2.4% 50.1 Murray Holdaway 4.8% 23.4 Peter Thiel 4.8% 181.4; Fidelity Mgmt & Research 2.2% 44.8 Pie Funds Mgmt 4.8% 23.2 Sam Morgan 3.3% 126.5; Vanguard Group 2.1% 42.4 BT Investment Mgmt 4.6% 22.5 Hamish Edwards 2.8% 106.7; Wasatch Advisors 1.2% 23.7 Salt Funds Mgmt 4.4% 21.3 Vanguard Group 1.4% 52.6; Norges Bank Investment 1.1% 23.5 Brian Cadzow 3.9% 19.1 Dave Wilson 1.1% 41.8; Dimensional Fund Advisors 1.0% 20.1 Bruce Wighton 3.3% 16.0 Graham Shaw 0.8% 30.6; CLARE CAPITAL TECH INSIGHTS