#48

Overview Clare Capital Tech Insights 48 - Australasian Tech Wages & Salaries Costs - 20170728; Staff Costs (% of Revenue) from the Profit & Loss Statement - excluding capitalised development costs Staff Costs Definition; Revenue 1M-5M 5M-20M 20M-50M 50M-150M 150M+; NZX Tech Ticker Revenue %Costs; EROAD ERD 32 35%; Gentrack GTK 52 50%; GeoOp GEO 2 183%; ikeGPS IKE 6 124%; Orion Health OHE 199 81%; Plexure PLX 7 73%; Pushpay PPH 48 77%; Revenue 1M-5M 5M-20M 20M-50M 50M-150M 150M+ Rakon RAK 95 40%; Count 27 23 21 22 21 Serko SKO 14 86%; Average 169% 72% 43% 45% 39% SLI Systems SLI 35 60%; Lower Quartile 82% 47% 31% 28% 26% SmartPay SPY 21 34%; Median 146% 65% 43% 48% 37% Trade Me TME 218 15%; Upper Quartile 190% 89% 60% 54% 50% Vista VGL 89 50%; Xero XRO 295 57%; Disclaimer; Definitions Units; Revenue = Last Financial Year Revenue NZD Millions; %Costs = Staff Costs as a % of Revenue %; This report looks at staff costs (primarily wages and salaries for employees of a company) as a percentage of revenue and how it changes given the revenue of a company. There is a; lot of variation in staff costs for smaller companies (revenue between $1-5 million). However once a company reaches a certain scale (revenue greater than $20 million) than staff; costs remain around 35-45% of revenue. Only staff costs which have been expensed (i.e. employee costs on the Profit & Loss statement) have been included. This does not include; any staff costs which have capitalised (i.e. capitalised development costs on the Cash Flow statement). For example some Tech companies capitalise the salaries of developers; working on the product/platform (i.e. Research & Development). This will not be included in the staff costs below and will undervalue the 'actual' staff costs as a % of revenue.; Staff Costs represents the total compensation to; employees for services. These include stock options; expense social benefits and costs pension plans; contribution and profit sharing expenses. These; exclude directors remuneration agent sales; commissions fees paid for third-party professionals for; services regardless if relating to the production; process or not.; 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.; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; Staff Costs (% of Revenue); Legend:; Lower Quartile; Median (middle line); Upper Quartile; Average; CLARE CAPITAL TECH INSIGHTS; ASX Tech Ticker Revenue %Costs ASX Tech Ticker Revenue %Costs ASX Tech Ticker Revenue %Costs; 1st Available 1ST 2 143% eServGlobal ESV 22 87% Oneview Healthcare ONE 13 156%; 3P Learning 3PL 49 48% FirstWave Cloud FCT 6 87% Otherlevels OLV 3 187%; 8Common 8CO 4 74% Freelancer FLN 53 41% Praemium PPS 28 71%; 9 Spokes 9SP 1 818% GBST GBT 108 52% Pro Medicus PME 28 31%; Aconex ACX 123 55% Global Health GLH 6 61% Prophecy Intl. PRO 15 48%; Adacel ADA 48 51% Grays eCommerce GEG 155 36% Pureprofile PPL 27 35%; Adslot ADJ 8 90% Gruden GGL 1 31% REA Group REA 671 22%; AHAlife AHL 7 85% Hansen Tech. HSN 149 50% Reckon RKN 98 36%; Alcidion ALC 3 95% Harris Tech. HT8 18 14% RedBubble RBL 115 22%; Altium ALU 129 48% iCar Asia ICQ 7 142% Rhipe RHP 143 13%; Animoca Brands AB1 9 27% iCollege ICT 3 24% RungePincockMinarco RUL 57 76%; Appen APX 111 20% Infomedia IFM 68 48% RXP Services RXP 127 79%; Big Un BIG 2 95% Integrated Research IRI 85 55% Seek SEK 950 37%; Bigtincan BTH 7 114% IRESS IRE 390 52% SkyFii SKF 2 104%; BPS Tech. BPS 50 42% iSelect ISU 172 38% Smart Parking SPZ 32 45%; Bravura Solutions BVS 185 65% iSentia Group ISD 156 40% SmartTrans SMA 12 16%; Bulletproof BPF 47 33% iSentric ICU 10 19% SMS Management SMX 329 83%; Byte Power BPG 3 20% Jayex Healthcare JHL 9 62% Spookfish SFI 2 149%; Carsales.com CAR 372 26% Kogan.com KGN 211 4% Tech Mpire TMP 32 12%; Catapult Group CAT 17 65% Link Admin LNK 776 46% Technology One TNE 246 50%; Cirrus Networks CNW 19 27% MedAdvisor MDR 1 162% Tomizone TOM 3 91%; Citadel Group CGL 83 22% Megaport MP1 3 401% TTG Fintech TUP 1 223%; Class CL1 23 43% Melbourne IT MLB 168 32% Urbanise.com UBN 8 123%; ComOps COM 9 71% MGM Wireless MWR 3 13% Vault Intelligence VLT 3 59%; Computershare CPU 2 690 41% migme MIG 21 48% Velpic VPC 1 157%; Corum Group COO 16 63% Mint Payments MNW 3 193% Volpara VHT 2 227%; CPT Global CGO 29 11% Mitula Group MUA 28 29% Webjet WEB 152 27%; Crowd Mobile CM8 37 16% Mobile Embrace MBE 61 20% Wisetech Global WTC 103 69%; Data#3 DTL 981 11% MOQ MOQ 34 13% Xref XF1 1 146%; Decimal Software DSX 1 376% MSL Solutions MPW 11 50% YPB Group YPB 3 174%; Dropsuite DSE 1 94% MYOB MYO 370 34%; DWS DWS 144 79% Nearmap NEA 31 66%; Empired EPD 160 17% Newzulu NWZ 3 278% Definitions Units; Energy One EOL 5 39% Nextdc NXT 89 26% Revenue = Last Financial Year Revenue AUD Millions; Enzumo ENZ 6 47% Objective Corp. OCL 50 68% %Costs = Staff Costs as a % of Revenue %; CLARE CAPITAL TECH INSIGHTS

#47

Overview CCL Tech Insights 47 - Australasian Tech Market Values - 20170721; Global highlights include: Australasian Tech highlights include:; • Less than 1% hold more than a third of the total global market value. • Just over 1% hold more than a quarter of the Australasian Tech market value.; • ~60% of companies are valued less than USD $200 million. • ~60% of companies are valued less than USD $50 million.; • Bottom 90% account for only 14% of the total market value. • Bottom 82% account for only 11% of the total market value.; Market Capitalisation of all publicly-listed companies around the world; # of Companies: 220; 0.31; USD $2B-$10B 9% 21%; USD $200M-$2B 29% 12%; Bottom 90% account for; only 14% of the total; market value.; USD <$200M 59% 2%; The total market value from all publicly-listed companies around the world is approximately USD $75 trillion.; This report looks at the market value of all publicly-listed companies around the world (page one) and Australasian Tech only (page two).; USD Trillions Companies; %; Value; %; USD >$50B 1% 35%; 4% of companies accounts for twothirds; of total value.; USD $10B-$50B 3%; - 5 10 15 20 25 30; # 24 000; # 12 000; # 3 700; # 1 100; 1; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Market Capitalisation of Australasian Tech; Highlights include:; • Just over 1% of all companies hold more than a quarter of the total Australasian Tech market value with 6% holding two thirds.; • ~60% of companies are valued less than USD $50 million.; • Bottom 82% account for only 11% of the total market value. Top 10 Companies:; REA Group (REA); Computershare (CPU); Seek (SEK); Link Admin (LNK); Xero (XRO); Carsales.com (CAR); IRESS (IRE); Wisetech Global (WTC); MYOB (MYO); Trade Me (TME); The total market value from all Australasian Tech is approximately USD $48 billion.; USD $250M-$1.5B 12% 20%; USD $50M-$250M 21% 9%; Bottom 82% account for; only 11% of the total; market value.; USD <$50M 61% 3%; USD >$5B 1% 28%; USD $1.5B-$5B 5% 41%; USD Billions Companies; %; 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.; - 5 10 15 20 25; # 99; # 35; # 19; # 8; # 2; CLARE CAPITAL TECH INSIGHTS

#46

Overview Clare Capital Tech Insights 46 - NZX & ASX Tech Dividends - 20170714; Name Ticker NZD M %; Computershare CPU 180 19.0%; Seek SEK 139 14.7%; REA Group REA 107 11.3%; Carsales.com CAR 89 9.4%; Trade Me TME 74 7.8%; IRESS IRE 73 7.7%; MYOB MYO 66 7.0%; Technology One TNE 30 3.1%; Altium ALU 26 2.7%; Australasian Tech Sector Dividends (NZD Millions) - Last Year Total = NZD $947 million iSentia Group ISD 16 1.7%; Integrated Research IRI 13 1.3%; SMS Management SMX 12 1.3%; DWS DWS 12 1.3%; Infomedia IFM 12 1.3%; Webjet WEB 12 1.3%; Data#3 DTL 11 1.2%; Hansen Tech. HSN 10 1.1%; Gentrack GTK 8 0.9%; GBST GBT 8 0.8%; Melbourne IT MLB 6 0.6%; Appen APX 5 0.5%; Class CL1 4 0.5%; Reckon RKN 4 0.4%; Wisetech Global WTC 4 0.4%; Objective Corp. OCL 4 0.4%; RXP Services RXP 3 0.4%; BPS Tech. BPS 3 0.3%; Notes Prophecy Intl. PRO 3 0.3%; 1. The dividends paid to shareholders for all companies has been taken from the financing section of cash flow statement. iSelect ISU 3 0.3%; 2. All ASX Tech company dividends have been converted to NZ dollars at the current exchange rate 0.94. Pro Medicus PME 3 0.3%; Kogan.com KGN 3 0.3%; 3P Learning 3PL 3 0.3%; Adacel ADA 2 0.2%; Total Dividends Paid 947; This report looks at dividends from the Australasian (NZX & ASX) tech sector. Highlights for the last annual period include:; 1. Almost NZD $1B paid in dividends by Australasian tech in the last year.; 2. >85% of this ~NZD $1B came from 10 companies.; 3. Collectively CPU SEK REA and CAR distributed greater than half a billion dollars in dividends.; 4. Only Trade Me (NZD $74M) and Gentrack (NZD $8M) from NZ distributed dividends. Note: Vista began distributing dividends; post reporting period. We estimate this to be around NZD $4M.; 5. Approximately one fifth of Australasian tech companies distribute dividends.; 3. There is a slight difference in the companies from the first page to the second page given the timing of their dividends and; when their accounts were produced. For example Vista Group (NZX:VGL) has distributed its maiden dividend to shareholders in; March 2017 at NZD $0.0461 per share which is two and half months after their annual accounts were produced year end 31; December 2016 showing no dividends paid.; CPU - $180M; SEK - $139M; REA - $107M; CAR - $89M; TME - $74M; IRE - $73M; MYO - $66M; TNE - $30M; ALU - $26M; ISD - $16M; The Rest - $147M; Computershare (CPU); Seek (SEK); REA Group (REA); Carsales.com (CAR); Trade Me (TME); IRESS (IRE); MYOB (MYO); Technology One (TNE); Altium (ALU); iSentia Group (ISD); The Rest (The Rest); CLARE CAPITAL TECH INSIGHTS; Disclaimer; NZX & ASX Tech - Current Dividend Yield [DPS] Dividends per Share (in local currency) divided by [Price] current Share Price (in local currency); Name Ticker Yield DPS Price Name Ticker Yield DPS Price Name Ticker Yield DPS Price; Prophecy Intl. PRO 7.4% 0.04 0.54 Global Health GLH 3.1% 0.01 0.33 Hansen Tech. HSN 1.6% 0.06 3.80; DWS DWS 6.5% 0.10 1.53 Gentrack GTK 3.1% 0.14 4.59 iSelect ISU 1.4% 0.03 2.19; BPS Tech. BPS 5.1% 0.04 0.83 GBST GBT 3.0% 0.11 3.09 Technology One TNE 1.4% 0.07 5.62; Data#3 DTL 5.1% 0.08 1.73 Melbourne IT MLB 2.6% 0.08 3.10 Class CL1 1.3% 0.02 2.98; RXP Services RXP 4.2% 0.03 0.84 Altium ALU 2.5% 0.20 8.27 REA Group REA 1.3% 0.82 65.28; Trade Me TME 3.8% 0.20 5.43 SMS Management SMX 2.5% 0.10 1.80 Adacel ADA 1.3% 0.03 2.68; Infomedia IFM 3.7% 0.03 0.74 Seek SEK 2.4% 0.40 17.17 Webjet WEB 1.3% 0.14 12.22; iSentia Group ISD 3.6% 0.08 2.07 Energy One EOL 2.4% 0.01 0.42 Appen APX 1.2% 0.05 4.15; IRESS IRE 3.4% 0.44 12.93 Computershare CPU 2.3% 0.33 14.91 Grays eCommerce GEG 0.9% 0.01 1.36; MYOB MYO 3.3% 0.11 3.40 Integrated Research IRI 1.9% 0.07 3.43 Vista VGL 0.8% 0.05 5.86; Reckon RKN 3.3% 0.05 1.53 Objective Corp. OCL 1.7% 0.04 2.34 Pro Medicus PME 0.6% 0.03 5.27; Carsales.com CAR 3.2% 0.37 12.09 Link Admin LNK 1.7% 0.08 7.97 Wisetech Global WTC 0.1% 0.01 6.88; 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.; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; PRO DWS BPS DTL RXP TME IFM ISD IRE MYO RKN CAR GLH GTK GBT MLB ALU SMX SEK EOL CPU IRI OCL LNK HSN ISU TNE CL1 REA ADA WEB APX GEG VGL PME WTC; NZX is black ASX is green; CLARE CAPITAL TECH INSIGHTS

#45

Overview Clare Capital Tech Insights 45 - NZX & ASX Tech Number of Trades - 20170707; NZX & ASX Tech - Greater than 1 000 trades per day Metrics NZX ASX; Number of trades; Lower Quartile 1 1; Median 4 10; Upper Quartile 14 86; Average 22 417; % of days traded; 1 or more trades per day 76% 79%; 10 or more trades per day 32% 50%; 25 or more trades per day 18% 38%; 50 or more trades per day 13% 30%; 100 or more trades per day 7% 24%; NZX & ASX Tech - Between 100 and 1 000 trades per day NZX - Number of trades per day; This report looks at the number of on-market trades per day for NZX and ASX Tech companies over the past four quarters (1 July 16 - 30 June 17). The number of on-market trades is; irrespective of the number of shares traded. This differs from the volume of trades which represents how many shares were traded. Black is NZX green is ASX.; The metrics below are for the entire population of on-market trades for NZX (count:; 15 companies) and ASX (149 companies).; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 9000; 10000; REA SEK CPU CAR ACX IRE LNK WEB PRY ALU NXTMYO ISD TNE HSN; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; WTC; GBT; CAT; ISU; APX; CL1; ADA; PME; IFM; SMX; TCH; 3PL; AFY; DTL; RKN; XPE; IRI; RXP; XRO; 1PG; TME; PPS; IOT; MLB; FLN; -; 20; 40; 60; 80; 100; 120; XRO TME OHE PPH GTK VGL ERD RAK SLI PLX IKE SKO GEO SPY FIN; CLARE CAPITAL TECH INSIGHTS; Value of Trades in 2016 - Electronic Order Book ("On-Market") versus Negotiated Deals ("Off-Market") Source: World Federation of Exchanges; The chart below measures the total value of trades in 2016 comparing the split between the value that is traded on-market via the stock exchange (electronic order book) and the; value that is traded off-market (negotiated deals) - an off-market trade is between two parties without the involvement of a stock exchange.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; BATS Global Markets; Bermuda Stock Exchange; BM&FBOVESPA S.A.; Bolsa de Comercio de Buenos Aires; Bolsa de Valores de Colombia; Bolsa Mexicana de Valores; TMX Group; Colombo Stock Exchange; Hong Kong Exchanges and Clearing; National Stock Exchange of India Limited; Singapore Exchange; Bahrain Bourse; Dubai Financial Market; Luxembourg Stock Exchange; Malta Stock Exchange; Muscat Securities Market; Palestine Exchange; Qatar Stock Exchange; Stock Exchange of Mauritius; Taipei Exchange; Shanghai Stock Exchange; Shenzhen Stock Exchange; Saudi Stock Market (Tadawul); SIX Swiss Exchange; Korea Exchange; Borsa Istanbul; Deutsche Börse AG; Taiwan Stock Exchange; Euronext; Kazakhstan Stock Exchange; BSE Limited; Abu Dhabi Securities Exchange; Stock Exchange of Thailand; The Egyptian Exchange; BME Spanish Exchanges; Bolsa de Comercio de Santiago; Johannesburg Stock Exchange; Moscow Exchange; Bursa Malaysia; The The Philippine Stock Exchange; Nasdaq Nordic Exchanges; Oslo Børs; Australian Securities Exchange; Japan Exchange Group; Tel-Aviv Stock Exchange; NYSE Group; Athens Stock Exchange; Bolsa de Valores de Lima; BATS Chi-x Europe; Hochiminh Stock Exchange; Cyprus Stock Exchange; Nigerian Stock Exchange; Amman Stock Exchange; Indonesia Stock Exchange; Bourse de Casablanca; Irish Stock Exchange; NZX Limited; Electronic Order Book Negotiated Deals; CLARE CAPITAL TECH INSIGHTS

#44

Overview Clare Capital Tech Insights 44 - NZX & ASX Tech Revenue versus Profit - 20170630; NZX and ASX Tech - Revenue versus Profit; One update two metrics. The first (below) provides a visual representation of revenue versus profit (EBITDA) for NZX & ASX Tech companies. The second (over the page) looks at; the Tech winners and losers in terms of six-month share price performance (excluding dividends).; CLARE CAPITAL TECH INSIGHTS; Disclaimer; NZX and ASX Tech companies six month share price performance - Positive share price change; NZX and ASX Tech companies six month share price performance - Negative share price change; 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.; -; 0.25; 0.5; 0.75; 1; 1.25; 1.5; 1.75; 2; 2.25; GSW; TMP; CA8; LVT; FZO; LVH; KNM; SKO; CL8; TV2; CM8; BUD; MLB; TCH; MYQ; XRO; SMX; APX; GTK; D13; KGN; NXT; OCL; WTC; SKF; GEO; REA; PPH; LNU; GEG; WEB; DWS; BVS; IRI; SEK; DTL; XF1; MNW; SPY; MUA; RBL; PME; AFY; DTS; KNO; IRE; CGO; TME; ISU; SYT; ICQ; ALU; TPW; EOL; CL1; VGL; EPD; RKN; ERD; HSN; RHP; ISX; TNE; CCA; CAR; RUL; BPG; 3DP; NZX ASX; -2.25; -2; -1.75; -1.5; -1.25; -1; -0.75; -0.5; -0.25; -; IFM; DSX; SPZ; DTX; ADA; CAT; MP1; 9SP; MYO; COM; MDR; FIN; 3PL; VLT; PRY; ESV; PPL; GOO; BPS; RAK; GGL; PPS; TKF; ALC; GBT; FLN; FCT; OPN; RXP; DSE; RNT; ISD; HT8; PRO; ACX; JCS; MOT; IKE; GLH; NVO; MOQ; NWZ; VPC; TTL; SMA; OHE; THD; COO; SRO; ICI; OLV; VHT; IOD; NOV; SLI; DCL; ADJ; DUB; JHL; TOM; RXH; WGL; M7T; NOR; 1ST; ICT; AD1; MTL; ENZ; AHL; CR8; PCH; BID; MBE; UBN; TSN; 8CO; PLX; BPF; YPB; SP1; IOT; XPE; CVT; RFN; KBU; OMT; NZX ASX; 44% of companies have a positive share price change; 14 companies have positive returns greater than 50%; 56% of companies have a negative share price change; 28 companies have negative returns greater than 50%; CLARE CAPITAL TECH INSIGHTS

#43

Overview Clare Capital Tech Insights 43 - SaaS EV/Revenue Multiples - 20170623; EV/LTM Revenue Multiple for All Companies Summary Peak May-13 May-14 May-15 May-16 May-17; All Companies; Count 132 155 184 200 203; 25th Quartile 2.8 2.1 2.4 2.1 1.8 2.1; Median 5.1 3.7 4.6 4.5 4.0 4.6; 75th Quartile 11.8 7.5 7.8 8.5 7.5 8.5; Revenue Growth >20% + EBITDA Margin >20%; Count 12 12 12 16 11; 25th Quartile 8.2 3.4 4.1 4.0 4.9 8.2; Median 9.4 3.7 4.9 7.2 5.4 9.4; 75th Quartile 12.9 7.6 7.4 9.3 8.9 12.9; Revenue Growth >20% + EBITDA Margin <20%; Count 12 15 21 15 17; 25th Quartile 4.2 3.3 3.8 3.4 3.0 4.2; Methodology Median 9.8 6.1 6.8 5.8 5.0 7.3; 75th Quartile 16.5 14.5 10.8 11.0 8.8 11.2; Revenue Growth <20% + EBITDA Margin >20%; Count 56 68 85 84 79; 25th Quartile 4.1 1.6 2.1 3.8 3.2 2.6; Median 6.0 2.9 3.4 6.0 4.6 5.3; 75th Quartile 7.4 4.0 4.8 7.0 6.4 6.4; Revenue Growth <20% + EBITDA Margin <20%; Count 46 60 62 75 86; 25th Quartile 1.4 1.0 1.2 1.3 0.9 0.9; Median 3.5 2.2 2.8 2.0 2.0 2.3; 75th Quartile 7.2 3.8 5.7 4.4 3.6 4.4; Note: the peak multiples for each quartile/median may be at different months.; This report looks at EV/Last Twelve Months (LTM) Revenue multiples for public SaaS companies monthly since the beginning of 2010. The second page splits the SaaS companies; into four categories: companies above and below 20% for both Revenue Growth and EBITDA Margin.; The EV/LTM Revenue multiple is calculated by the Enterprise Value (Share Price x; Number of Shares [Market Capitalisation] + Total Debt - Total Cash) divided by the last; twelve months of revenue. This differs from Annualised Recurring Revenue (ARR) (i.e.; total monthly recurring revenue at the end of a month x 12) and may vary from; Revenue reported at the end of financial year in the annual accounts.; For each of the five charts the green area represents the lower quartile (i.e. 25th to; 50th percentile) while the blue area represents the upper quartile (i.e. 50th to 75th; percentile). The bottom of the green area is the 25th percentile company the top of; the blue is the 75th percentile company; while the line in the middle represents the; median company (i.e. 50th percentile).; The SaaS dataset includes current publicly-listed companies (e.g. Xero and Salesforce); as well as SaaS companies that have been acquired (e.g. Diligent and Constant; Contact) and are no longer public.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 2010 2011 2012 2013 2014 2015 2016 2017; EV/LTM Revenue Multiple; Peak Median of 5.1; at Feb-14; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Revenue Growth >20% + EBITDA Margin >20% Revenue Growth >20% + EBITDA Margin <20%; Revenue Growth <20% + EBITDA Margin >20% Revenue Growth <20% + EBITDA Margin <20%; 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.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 2010 2011 2012 2013 2014 2015 2016 2017; EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 2010 2011 2012 2013 2014 2015 2016 2017; EV/LTM Revenue Multiple; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 2010 2011 2012 2013 2014 2015 2016 2017; EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 2010 2011 2012 2013 2014 2015 2016 2017; EV/LTM Revenue Multiple; Average proportion; of population: 8%; Average proportion; of population: 10%; Average proportion; of population: 44%; Average proportion; of population: 39%; Peak Median of 9.4; at May-17; Peak Median of 9.8; at Feb-14; Peak Median of 6.0; at May-15; Peak Median of 3.5; at Dec-13; CLARE CAPITAL TECH INSIGHTS

#42

Overview Clare Capital Tech Insights 42 - NZX & ASX Tech Beta - 20170616; Top 15 Highest Betas Interpretation NZX Tech Ticker Beta; EROAD ERD 0.32; Finzsoft FIN (0.36); Gentrack GTK 0.38; GeoOp GEO 1.95; ikeGPS IKE (0.32); Orion Health OHE 0.52; Plexure PLX (0.09); Pushpay PPH 0.68; Example Rakon RAK 0.60; Serko SKO 2.51; SLI Systems SLI 0.36; SmartPay SPY 0.31; Trade Me TME 1.21; Top 15 Lowest Betas (excluding negative Betas) Vista VGL 0.79; Xero XRO 1.33; ASX Tech Ticker Beta; 1-Page 1PG 0.06; 1st Available 1ST 0.98; Negative Beta 3P Learning 3PL 0.42; 8Common 8CO 0.41; 9 Spokes 9SP (0.07); Aconex ACX 2.59; Activistic ACU 1.32; Adacel ADA 1.01; Adslot ADJ 1.51; Afterpay AFY 1.49; Disclaimer; This report covers the Betas for each NZX and ASX Tech companies over a one year period. Beta's are used to measure the volatility of a company's share price in comparison to a; market index. The Beta is used in the capital asset pricing model (CAPM) which calculates the expected return of an asset based on its Beta and expected market returns. FactSet; has calculated the Beta for each company using the market index of the NZX50 for NZX companies and ASX All Ordinaries for ASX companies. Betas change over time periods.; A Beta of 1 indicates the company's; share price moves with the market. A; Beta of greater than 1 indicates the; company's price is theoretically more; volatile than the market index. A Beta of; less than 1 means it is theoretically less; volatile than the market.; If a company's Beta is 1.4 it's; theoretically 40% more volatile than the; market. Conversely if it's Beta is 0.7 it is; theoretically 30% less volatile than the; market. Therefore the company's share; price return is expected to outperform; the market index by 30% in down; markets and underperform by 30%; during up markets.; Approx. 25% of NZX and ASX Tech; companies have a negative Beta. This is; possible when a company's share price; does the complete opposite of the; market index - if the market goes up the; company's share price goes down.; 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; WGL SMA RXH DUB ACX VPC RFN SKO 3DP MOT AD1 GGL MIG GEO UBN; NZX ASX; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; EPD KNO BTH 1PG ISU GSW OLV RBL CGO WTC RNT TCH LNU IFM MUA; NZX ASX; CLARE CAPITAL TECH INSIGHTS; ASX Tech Ticker Beta ASX Tech Ticker Beta ASX Tech Ticker Beta ASX Tech Ticker Beta; AHAlife AHL 0.90 Energy One EOL 0.48 Mach7 Technologies M7T 1.83 Rent.com.au RNT 0.25; Alcidion ALC 0.43 Enzumo ENZ 1.81 Manalto MTL (0.72) Rewardle RXH 2.79; Altium ALU 0.97 eServGlobal ESV 0.59 MedAdvisor MDR 0.86 Rhipe RHP (0.53); Appen APX 0.81 FZ Cyber Safety FZO (0.77) Megaport MP1 1.05 RungePincockMinarco RUL 1.23; ApplyDirect AD1 2.01 FirstWave Cloud FCT (0.25) Melbourne IT MLB (0.37) RXP Services RXP 0.92; AssembleBay ASY 0.31 Freelancer FLN (0.08) migme MIG 1.96 Search Party Group SP1 0.77; BidEnergy BID 0.97 GBST GBT 0.82 Mint Payments MNW (1.31) Seek SEK 0.96; Bigtincan BTH 0.04 GetSwift GSW 0.15 Mitula Group MUA 0.29 ShareRoot SRO 0.80; BPS Tech. BPS 0.66 Global Health GLH 0.55 Mobile Embrace MBE 1.49 SkyFii SKF (1.03); Bravura Solutions BVS 0.47 GoConnect GCN (0.95) Moko Social Media MKB 1.83 Smart Parking SPZ 0.94; Buddy Platform BUD (0.15) Gooroo Ventures GOO 0.43 MOQ MOQ (0.43) SmartTrans SMA 3.52; Bulletproof BPF (0.00) Grays eCommerce GEG (0.27) Motopia MOT 2.44 SMS Management SMX 1.17; Byte Power BPG 0.72 Gruden GGL 1.99 MyFiziq MYQ (0.06) Syntonic SYT 1.33; Carsales.com CAR 1.11 Hansen Tech. HSN 0.93 MYOB MYO 0.65 Tech Mpire TMP 0.70; Catapult Group CAT 1.09 Harris Tech. HT8 1.21 NetLinkz NET (0.25) Technology One TNE 1.10; ChimpChange CCA 0.89 iCandy ICI 1.82 Newzulu NWZ (0.55) Temple & Webster TPW 0.73; Class CL1 0.78 iCar Asia ICQ 0.60 Nextdc NXT 1.09 Thred THD 1.27; CoAssets CA8 0.63 iCollege ICT 1.04 Norwood Systems NOR 0.65 TikForce TKF (0.06); Collaborate CL8 (0.82) Infomedia IFM 0.29 Novatti Group NOV 1.36 Tomizone TOM (0.66); ComOps COM 1.63 Integrated Research IRI (0.26) Nvoi NVO 1.21 Touchcorp TCH 0.25; Corum Group COO (0.84) IODM IOD (1.57) Objective Corp. OCL (0.20) Transaction Solutions TSN 0.72; Covata CVT 1.49 IoT Group IOT (0.71) Omni Market Tide OMT (2.50) Transcendence Tech. TTL 1.68; CPT Global CGO 0.17 IRESS IRE 0.98 OpenDNA OPN 1.40 TV2U International TV2 1.12; Cre8tek CR8 0.30 iSelect ISU 0.09 Otherlevels OLV 0.15 Urbanise.com UBN 1.94; Crowd Mobile CM8 0.54 iSentia Group ISD 0.85 Pointerra 3DP 2.44 Vault Intelligence VLT (0.01); Data#3 DTL 0.38 iSignthis ISX 0.73 Praemium PPS 1.53 Velpic VPC 2.56; Datetix Group DTX (0.28) Jayex Healthcare JHL 0.61 Primary Health Care PRY 1.09 Volpara VHT 1.85; Decimal Software DSX (1.67) JCurve Solutions JCS (1.23) Pro Medicus PME 0.46 Vocus Group VOC 0.87; Department 13 D13 (0.93) Kabuni KBU (0.14) Property Connect PCH (0.07) Wangle Technologies WGL 3.85; DomaCom DCL (0.63) KNeoMedia KNM 0.62 Prophecy Intl. PRO 0.62 Webjet WEB 1.37; Dragontail Systems DTS 0.91 Knosys KNO 0.03 Pureprofile PPL 0.42 Wisetech Global WTC 0.24; Dropsuite DSE (0.43) Kogan.com KGN 0.36 REA Group REA 0.87 Xped XPE 1.12; Dubber Corp. DUB 2.78 Linius Technologies LNU 0.25 Reckon RKN 0.57 Xref XF1 1.54; DWS DWS 0.98 LiveHire LVH (0.40) RedBubble RBL 0.17 YPB Group YPB 1.85; Empired EPD 0.02 LiveTiles LVT (0.21) Reffind RFN 2.52; CLARE CAPITAL TECH INSIGHTS

#41

Overview Clare Capital Tech Insights 41 - Global IT Services & Software Metrics - 20170609; 0-5% 5-10% 10-20% 20-50% >50% 0-10% 10-25% 25-50% 50-100% >100% 0-5% 5-10% 10-20% 20-50% >50%; 0-10% 0.4 0.8 1.5 3.7 10.7 <10 3.3 1.7 5.2 3.6 10.2 <10 1.5 1.1 1.9 2.9 7.5; 10-25% 0.5 1.0 2.0 4.2 2.9 10-25 1.4 1.7 1.7 5.0 2.7 10-25 0.9 1.4 1.8 3.1 13.5; 25-50% 1.0 1.5 3.3 6.7 7.6 25-50 1.7 2.0 4.1 1.7 1.6 25-50 0.9 1.0 1.7 4.0 6.9; 50-100% 1.3 1.5 1.9 5.7 26.4 50-100 0.9 2.1 3.5 1.6 1.2 50-100 0.4 0.9 1.9 3.7 15.5; >100% 0.4 1.3 3.2 4.5 12.8 >100 1.4 2.2 4.4 6.2 2.8 >100 0.4 0.8 1.9 4.7 10.5; 0-5% 5-10% 10-20% 20-50% >50% 0-10% 10-25% 25-50% 50-100% >100% 0-5% 5-10% 10-20% 20-50% >50%; 0-10% 57 92 118 102 7 <10 50 62 53 39 79 <10 26 32 53 40 10; 10-25% 46 67 132 125 6 10-25 49 57 41 19 9 10-25 32 39 54 60 2; 25-50% 27 49 74 71 3 25-50 58 72 39 19 6 25-50 29 31 71 72 2; 50-100% 11 11 28 28 3 50-100 72 58 55 15 13 50-100 39 63 81 48 5; >100% 7 6 11 10 4 >100 217 207 114 40 12 >100 90 138 206 174 11; EV/Revenue Multiple Count 1 969 EV/EBITDA Multiple Count 2 036 EV/EBIT Multiple Count 2 059; This report looks at a combination of more than 2 000 publicly-listed Information Technology services and software companies around the world across 12 high-level metrics. Note:; we have used FactSet's definition of Technology Services to categorise the companies.; EV/Revenue; Multiple; EBITDA Margin EV/Revenue; Multiple; Revenue Growth EV/Revenue; Multiple; EBITDA Margin; Rev Growth; Rev (USD M); Rev (USD M); Number of; Companies; EBITDA Margin Number of; Companies; Revenue Growth Number of; Companies; EBITDA Margin; Rev Growth; Rev (USD M); Rev (USD M); -; 1; 2; 3; 4; 5; 6; 7; -5; -; 5; 10; 15; 20; -10; -5; -; 5; 10; 15; 20; 25; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Revenue Growth Rate Count 1 064 Revenue per Employee (NZD) Count 1 385 40% Rule (Growth + Margin) Count 1 958; Gross Margin Count 1 959 EBITDA Margin Count 1 999 EBIT Margin Count 2 040; 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.; -0.05; -; 0.05; 0.1; 0.15; 0.2; 0.25; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; -0.05; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -0.1; -0.05; -; 0.05; 0.1; 0.15; 0.2; -0.15; -0.1; -0.05; -; 0.05; 0.1; 0.15; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; Lower Quartile; Median; Upper Quartile; CLARE CAPITAL TECH INSIGHTS

#40

Overview Clare Capital Tech Insights 40 - Value of Trades in Dual NZX & ASX Tech Listings - 20170602; Chart Notes; Gentrack Lower Quartile Upper Quartile Vista Lower Quartile Orion Health Lower Quartile Upper Quartile; Pushpay Lower Quartile Upper Quartile ikeGPS Lower Quartile SmartPay Lower Quartile Upper Quartile; Xero Lower Quartile Upper Quartile Key % of days traded ASX NZX Trade Me Lower Quartile Upper Quartile; Gentrack 83% 96%; Vista 27% 92%; Orion Health 33% 99%; Pushpay 89% 98%; ikeGPS 8% 61%; SmartPay 66% 53%; Xero 99% 100%; Trade Me 99% 100%; This report compares the daily value (volume x price) of shares traded for the eight Tech companies that have dual listings on the NZX and ASX since their IPO. The box-andwhisker; charts show the lower quartile (25-50th percentile) in blue and the upper quartile (50-75th percentile) in green. On the second page green is ASX and black is NZX.; On the left shows the daily value (volume x price) of trades for the company's ASX listing while the right shows the daily value of trades for the NZX listing.; Upper Quartile; Upper Quartile; -; 100000; 200000; 300000; 400000; NZD Trade Value; GTK-AU GTK-NZ; -; 10000; 20000; 30000; NZD Trade Value; IKE-AU IKE-NZ; -; 100000; 200000; 300000; 400000; NZD Trade Value; OHE-AU OHE-NZ; Not enough; daily trades; to report any; data; -; 50000; 100000; 150000; 200000; NZD Trade Value; PPH-AU PPH-NZ; -; 10000; 20000; 30000; NZD Trade Value; SMP-AU SPY-NZ; -; 2000000; 4000000; 6000000; 8000000; NZD Trade Value; TME-AU TME-NZ; -; 100000; 200000; 300000; 400000; NZD Trade Value; VGL-AU VGL-NZ; Not enough; daily trades; to report any; data; -; 2000000; 4000000; 6000000; NZD Trade Value; XRO-AU XRO-NZ; Not enough; daily trades; to report any; data; Upper Quartile; Median; Lower Quartile; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Chart Notes; Gentrack NZX ASX Vista NZX Orion Health NZX ASX; Pushpay NZX ASX ikeGPS NZX SmartPay NZX ASX; Xero NZX ASX Key % of value traded ASX NZX Trade Me NZX ASX; Gentrack 26% 74%; Vista <1% >99%; Orion Health <1% >99%; Pushpay 34% 66%; ikeGPS <1% >99%; SmartPay 78% 22%; Xero 25% 75%; Trade Me 43% 57%; ASX; ASX; 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 charts below show the split between how much of a company's total share value is traded on the ASX (green) and NZX (black) - monthly totals since their ASX IPO date.; -; 0.25; 0.5; 0.75; 1; 41852; 41944; 42036; 42125; 42217; 42309; 42401; 42491; 42583; 42675; 42767; 42856; -; 0.25; 0.5; 0.75; 1; -; 0.25; 0.5; 0.75; 1; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; 42614; 42675; 42736; 42795; 42856; -; 0.25; 0.5; 0.75; 1; -; 0.25; 0.5; 0.75; 1; 41214; 41334; 41456; 41579; 41699; 41821; 41944; 42064; 42186; 42309; 42430; 42552; 42675; 42795; -; 0.25; 0.5; 0.75; 1; 40878; 41030; 41183; 41334; 41487; 41640; 41791; 41944; 42095; 42248; 42401; 42552; 42705; 42856; -; 0.25; 0.5; 0.75; 1; 41518; 41609; 41699; 41791; 41883; 41974; 42064; 42156; 42248; 42339; 42430; 42522; 42614; 42705; 42795; -; 0.25; 0.5; 0.75; 1; 41791; 41883; 41974; 42064; 42156; 42248; 42339; 42430; 42522; 42614; 42705; 42795; % value of trades on ASX; % value of trades on NZX; CLARE CAPITAL TECH INSIGHTS

#39

Overview Clare Capital Tech Insights 39 - Best ASX Tech Share Price Performers - 20170526; Collaborate (CL8) iSelect (ISU) Webjet (WEB); Appen (APX) Afterpay (AFY) JCurve Solutions (JCS); DWS (DWS) Alcidion (ALC) Wisetech Global (WTC); This report highlight the top ASX Tech share price performers over the last 52-weeks and indexed against the market return for the ASX All Ordinaries (green line in each chart) ; which represents the 500 largest publicly-listed companies in Australia. The second page comprises of some high-level metrics for each company including a brief bio.; -0.5; -; 0.5; 1; 1.5; 2; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.5; -; 0.5; 1; 1.5; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.5; -; 0.5; 1; 1.5; May-16 Aug-16 Nov-16 Feb-17 May-17; -1; -; 1; 2; 3; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.2; -; 0.2; 0.4; 0.6; 0.8; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.5; -; 0.5; 1; 1.5; 2; 2.5; May-16 Aug-16 Nov-16 Feb-17 May-17; -0.2; -; 0.2; 0.4; 0.6; 0.8; May-16 Aug-16 Nov-16 Feb-17 May-17; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Collaborate (CL8) iSelect (ISU) Webjet (WEB); 52-week Share Price Change % 141% 52-week Share Price Change % 108% 52-week Share Price Change % 90%; Market Capitalisation (AUD M) 25 Market Capitalisation (AUD M) 473 Market Capitalisation (AUD M) 1 201; Last Twelve Months Revenue (AUD M) 1 Last Twelve Months Revenue (AUD M) 184 Last Twelve Months Revenue (AUD M) 175; Enterprise Value/LTM Revenue Multiple 35.6 Enterprise Value/LTM Revenue Multiple 2.2 Enterprise Value/LTM Revenue Multiple 6.7; Last Twelve Months Revenue Growth 70% Last Twelve Months Revenue Growth 16% Last Twelve Months Revenue Growth 32%; Last Twelve Months EBITDA Margin (281%) Last Twelve Months EBITDA Margin n/a Last Twelve Months EBITDA Margin 27%; Appen (APX) Afterpay (AFY) JCurve Solutions (JCS); 52-week Share Price Change % 89% 52-week Share Price Change % 81% 52-week Share Price Change % 67%; Market Capitalisation (AUD M) 357 Market Capitalisation (AUD M) 463 Market Capitalisation (AUD M) 5; Last Twelve Months Revenue (AUD M) 111 Last Twelve Months Revenue (AUD M) 7 Last Twelve Months Revenue (AUD M) 9; Enterprise Value/LTM Revenue Multiple 3.1 Enterprise Value/LTM Revenue Multiple 61.4 Enterprise Value/LTM Revenue Multiple 0.3; Last Twelve Months Revenue Growth 34% Last Twelve Months Revenue Growth n/a Last Twelve Months Revenue Growth (14%); Last Twelve Months EBITDA Margin 21% Last Twelve Months EBITDA Margin (35%) Last Twelve Months EBITDA Margin 2%; DWS (DWS) Alcidion (ALC) Wisetech Global (WTC); 52-week Share Price Change % 66% 52-week Share Price Change % 65% 52-week Share Price Change % 64%; Market Capitalisation (AUD M) 243 Market Capitalisation (AUD M) 43 Market Capitalisation (AUD M) 2 097; Last Twelve Months Revenue (AUD M) 150 Last Twelve Months Revenue (AUD M) 3 Last Twelve Months Revenue (AUD M) 125; Enterprise Value/LTM Revenue Multiple 1.7 Enterprise Value/LTM Revenue Multiple 13.2 Enterprise Value/LTM Revenue Multiple 15.9; Last Twelve Months Revenue Growth 29% Last Twelve Months Revenue Growth n/a Last Twelve Months Revenue Growth 37%; Last Twelve Months EBITDA Margin 17% Last Twelve Months EBITDA Margin (82%) Last Twelve Months EBITDA Margin 19%; Designs develops manages and maintains software; solutions; Provides intelligent health informatics technology; solutions for clinicians; Provides cloud-based software solutions for logistics; industries; 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.; Engaged in the operation of peer-to-peer and online; marketplaces; Provides consumers with an online product comparison; and telephone-based advice and sales; Provides online travel booking services; Provides speech and search technology services Provides online post-payment services including; processing transaction management and invoicing; Provides cloud-based accounting and ERP software; solutions; CLARE CAPITAL TECH INSIGHTS

#38

Overview Clare Capital Tech Insights 38 - Pushpay Scenario Forecasts - 20170519; Revenue Performance and Scenario Forecasts versus Target Share Price Share Price Sensitivity Analysis - Target Share Price; 25% 30% 35%; 50% 1.2 1.5 1.7; 55% 1.4 1.7 2.0; 60% 1.7 2.1 2.4; 65% 2.1 2.6 3.0; Discount Rate 14.5%; Long-Term Growth 1.5%; Listed NTM Revenue Multiples by Growth and Gross Margin%; Count: 140+ public SaaS companies; DCF Forecast Assumptions; Revenue Forecast by applying a decay curve to future annual revenue growth.; EBITDA Forecast applying a growth curve to a long-term target.; CAPEX Decay curve to current CAPEX levels as a % of Revenue.; 60th Percentile 70th Percentile 80th Percentile; Disclaimer; With the release of Pushpay's annual results this report looks at a range of future growth scenarios for Pushpay. These are top-down scenarios based on historic performance ; expected growth decay curves for SaaS companies and expected long-term EBITDA margins. Using a Discounted Cash Flow approach we have valued these potential scenarios; which provides an indication of Pushpay's target share price - assuming they execute as per the scenario assumptions. This has also been compared to a forward revenue multiple; valuation assuming that Pushpay achieves US$100m ARR by the end of FY2018 (equivalent to ~US$72.5m NTM revenue). NTM = Next Twelve Months.; Long-Term EBITDA%; Revenue; Decay; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 200; 400; 600; 800; 1000; 1200; 2016; 2017; 2018; 2019; 2020; 2021; 2022; 2023; 2024; 2025; 2026; 2027; 2028; 2029; 2030; ARR US$m; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; Target Share Price (NZ$); DCF; Forward; Multiple; CLARE CAPITAL TECH INSIGHTS; Pushpay - Revenue Growth Pushpay - Revenue per Employee (USD); Pushpay - EBITDA Margin Pushpay - 40% Rule (Growth + Margin); -; 2; 4; 6; 8; 10; 12; 14; 16; FY15 FY16 FY17; -; 10000; 20000; 30000; 40000; 50000; 60000; 70000; 80000; 90000; 100000; FY15 FY16 FY17; -2; -1.8; -1.6; -1.4; -1.2; -1; -0.8; -0.6; -0.4; -0.2; -; FY15 FY16 FY17; -2; -; 2; 4; 6; 8; 10; 12; 14; FY15 FY16 FY17; CLARE CAPITAL TECH INSIGHTS

#37

Overview Clare Capital Tech Insights 37 - What's Xero worth? - 20170512; Revenue Performance and Scenario Forecasts versus Target Share Price Share Price Sensitivity Analysis - Target Share Price; 80% 85% 90%; 35% 11.5 16.8 31.2; 40% 13.6 19.8 36.6; 45% 15.6 22.8 42.1; 50% 17.7 25.9 47.5; Last 5 years average revenue decay 84%; Discount Rate 11.5%; Long-Term Growth 1.5%; Forecast and Valuation Approach; Disclaimer; This report takes a closer look at Xero's financial performance and presents a range of future growth scenarios. These are top-down scenarios based on historic performance ; expected growth decay curves for SaaS companies and expected long-term EBITDA margins. This is not a detailed bottom-up scenario analysis as employed in equity research.; Using a Discounted Cash Flow approach we have valued these potential sceranios which provides an indication of Xero's target share price - assuming they execute as per the; scenario assumptions.; Revenue Growth Decay; Long-Term; EBITDA%; 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.; In coporate finance theory a company's value is the present value; the future cashflows after all expenses are accounted for including; tax and capex - a Discounted Cashflow Forecast (DCF). We have; used a DCF to value a range of high-level scenarios for Xero.; REVENUE - forecast by applying a decay curve to future annual; revenue growth.; EBITDA - forecast applying a growth curve to a long-term target.; CAPEX - forecast applying a decay curve to current CAPEX levels as; a % of Revenue.; A combination of revenue decay and long-term EBITDA% have; been employed to provide a series of high-level scenarios for Xero.; 0; 500; 1000; 1500; 2000; 2500; 3000; 3500; 4000; 4500; 5000; 2010; 2012; 2014; 2016; 2018; 2020; 2022; 2024; 2026; 2028; 2030; 2032; 2034; 2036; LTM Rev NZ$m; 10; 15; 20; 25; 30; 35; 40; 45; 50; Target Share Price (NZ$); CLARE CAPITAL TECH INSIGHTS; Xero - Revenue Growth Xero - Revenue per Employee; Xero - EBITDA Margin Xero - 40% Rule (Growth + Margin); -; 0.5; 1; 1.5; 2; 2.5; FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17; -; 20000; 40000; 60000; 80000; 100000; 120000; 140000; 160000; 180000; 200000; FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17; -3; -2.5; -2; -1.5; -1; -0.5; -; FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17; CLARE CAPITAL TECH INSIGHTS

#36

Overview Clare Capital Tech Insights 36 - How fast is fast? T2D3 - 20170505; Seven Phase Approach "T2D3" - International Companies; 1 Establish product-market fit;; 2 Get to US$2m ARR in 1-2 years;; 3 Triple ARR to US$6m in 12 months;; 4 Triple ARR to US$18m in 12 months;; 5 Double ARR to US$36m in 12 months;; 6 Double ARR to US$72m in 12 months;; 7 Double ARR to US$144m in 12 months.; T2D3 - The best-of-the-best NZ Companies; PPH vs XRO; Source: https://techcrunch.com/2015/02/01/the-saas-travel-adventure/; T2D3 - PPH vs XRO; The Numbers; ARR Start T1 T2 D1 D2 D3; T2D3 2 6 18 36 72 144; MoM% 0 9.2% 9.2% 5.8% 5.8% 5.8%; XRO 2 5 13 28 47 97; PPH 2 14 40 na na na; Note: ARR is in US$m; Disclaimer; How fast is considered fast growth for a high-growth technology/SaaS company? - Triple Triple Double Double Double or T2D3. T2D3 as proposed by Battery Ventures evolved; out of the question "What does it take to build a billion-dollar SaaS company?" It proposes a seven phase approach.; T2 D3; 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; 100; 150; 200; 250; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30; ARR US$m; Qtr Since $2m ARR; PPH; T2D3; XRO; -; 20; 40; 60; 80; 100; Y1 Y2 Y3 Y4 Y5; ARR US$m; T2D3; Marketo; NetSuite; Omniture; Salesforce; ServiceNow; Workday; Zendesk; CLARE CAPITAL TECH INSIGHTS; Not all revenues are created equal "T2D3" Path to US$100m - PPH and XRO Gross Margin Adjusted (relative to 65%); Indexed Share Price Change [January 2016 is the base]; T2D3 - PPH vs XRO; The Numbers - Gross Margin Adjusted; ARR Start T1 T2 D1 D2 D3; T2D3 2 6 18 36 72 144; MoM% 0 9.2% 9.2% 5.8% 5.8% 5.8%; XRO* 2 5 13 27 46 97; PPH* 2 12 34 na na na; Note: ARR is in US$m *Normalised ARR - Against a GM% of 65%; ARR (Annualised Recurring Revenue) is a metric employed by high-growth; technology/SaaS companies - unlike financial statements there is no General Accepted; Accounting Principles (GAAP) for the measure. There are often sutble differences in; how companies calculate ARR. A lot of tech commentators including ourselves; consider:; ARR = Actual Monthly Recurring Revenue (MRR) recorded in-month (as per what; would show in monthly finanical statements) x 12.; [A complicating factor is annual subscriptions needing to be spread across monthly; periods or normalised].; Some commentators go as far as to exclude any variable revenues the result being; that ARR is solely based on subscription revenues - we don't subscribe to this.; Another important consideration is gross margins...; According to Jason Lemkin: "...It's only SaaS and software if your gross margins are; >65%..." - https://www.saastr.com/is-it-saas-is-it-arr/ - again we don't completely; subscribe to this but...; We agree that higher gross margins are important and very important to consider; when exploring headline growth numbers. PPH and XRO have different gross margins; (and gross margins change through time).; Assuming the concept of T2D3 is based on a profile with a 65% gross margin PPH and; XRO's performance can be normalised against this 65% gross margin.; -; 50; 100; 150; 200; 250; 300; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30; Normalised ARR US$m; Qtr Since $2m ARR; PPH; T2D3; XRO; Even after normalising for a lower gross; margin PPH out-performs what XRO; achieved in its early days and still is outperforming; the T2D3 profile.; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17; Indexed Share Price Change; NZX50 XRO PPH; CLARE CAPITAL TECH INSIGHTS

#35

Overview Clare Capital Tech Insights 35 - NZX Software Spotlight - 20170428; Serko (SKO) EV/LFY Rev 1.6 Mkt Cap NZD M 25 Gentrack (GTK) EV/LFY Rev 7.3 Mkt Cap NZD M 398; ikeGPS (IKE) EV/LFY Rev 1.8 Mkt Cap NZD M 22 Vista (VGL) EV/LFY Rev 5.5 Mkt Cap NZD M 502; EROAD (ERD) EV/LFY Rev 3.8 Mkt Cap NZD M 106 Orion Health (OHE) EV/LFY Rev 0.8 Mkt Cap NZD M 197; From June to November 2014 there were seven NZX Tech IPOs. Excluding Pushpay which we have analysed in-depth in previous reports the remaining IPOs (ordered by IPO date); are featured in this update: daily share price since IPO indexed against the NZX50 until the end of April 2017 [first page] and last two financial years revenue [second page].; -1; -0.5; -; 0.5; 1; Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17; ERD NZX50; -1; -0.5; -; 0.5; 1; Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17; GTK NZX50; -1; -0.5; -; 0.5; 1; Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17; IKE NZX50; -1; -0.5; -; 0.5; 1; Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17; OHE NZX50; -1; -0.5; -; 0.5; 1; Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17; SKO NZX50; -; 0.5; 1; 1.5; 2; Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17; VGL NZX50 Dividend; Dividend Dividend Dividend Dividend Dividend; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Serko (SKO) LFY Rev/Employee 103 319 Gentrack (GTK) LFY Rev/Employee 188 527; Revenue Mar-15 Mar-16 Growth % of Rev % of Rev Revenue Sep-15 Sep-16 Growth % of Rev % of Rev; Transaction & Usage 8.1 11.8 45% 79% 90% Project Services 11.6 18.7 61% 28% 36%; Installation Fees 2.1 1.0 (53%) 20% 7% Support Services 13.6 15.5 14% 33% 30%; Other Revenue 0.1 0.3 118% 1% 2% Annual Fees 13.0 14.4 11% 31% 28%; Licence Fees 3.5 3.6 3% 8% 7%; Operating 10.4 13.1 27% Operating 41.7 52.2 25%; Government Grants 1.4 1.3 (8%) Government Grants 0.4 0.5 25%; Total 11.8 14.4 22% Total 42.1 52.7 25%; ikeGPS (IKE) LFY Rev/Employee 153 107 Vista (VGL) LFY Rev/Employee 166 521; Revenue Mar-15 Mar-16 Growth % of Rev % of Rev Revenue Dec-15 Dec-16 Growth % of Rev % of Rev; Utilities & Comms 2.9 5.5 88% 80% 65% Product 21.8 39.2 80% 33% 44%; Sign & Construction 0.5 2.6 397% 14% 31% Maintenance 31.4 35.1 12% 48% 40%; Contract Fees 0.2 0.4 81% 5% 4% Services 12.1 9.5 (21%) 18% 11%; Development - 4.3 n/a - 5%; Advertising 0.2 0.5 148% 0% 1%; Operating 3.7 8.5 132% Operating 65.4 88.6 35%; Government Grants 0.4 0.6 76% Other - - n/a; Total 4.0 9.2 127% Total 65.4 88.6 35%; EROAD (ERD) LFY Rev/Employee 129 885 Orion Health (OHE) LFY Rev/Employee 188 123; Revenue Mar-15 Mar-16 Growth % of Rev % of Rev Revenue Mar-15 Mar-16 Growth % of Rev % of Rev; New Zealand 17.0 22.7 34% 97% 89% Implementation Srvcs 71.5 67.4 (6%) 44% 33%; United States 0.4 2.2 467% 2% 9% Perpetual Licences 36.8 49.1 33% 22% 24%; Australia 0.2 0.5 177% 1% 2% Managed Sevices 23.2 47.0 102% 14% 23%; Support Services 30.5 40.9 34% 19% 20%; Other Revenue 2.0 2.5 28% 1% 1%; Operating 17.6 25.5 45% Operating 164.1 206.9 26%; R&D Grants - 0.7 n/a Government Grants 5.1 5.1 0%; Total 17.6 26.2 49% Total 169.2 212.1 25%; NZD M NZD M; 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.; NZD M NZD M; NZD M NZD M; CLARE CAPITAL TECH INSIGHTS

#34

Overview Clare Capital Tech Insights 34 - SaaS Debt - 20170421; Notes; SaaS Debt - % of Private Companies with Debt (source Pacific Crest SaaS Survey) SaaS Debt - % of Listed Companies with >$US1m debt; Disclaimer Key Statistics - Listed SaaS Companies; 1. 47% of listed SaaS companies have debt >US$1m; 2. Median Debt:MRR = 3.8x; 3. >60% of SaaS companies with ARR >US$250m have debt.; 4. 40% of loss-making listed SaaS companies have debt; 5. Of the loss-making compaines median Debt:MRR = 3.7x; This report looks at the percentage of SaaS companies which have debt based on size and whether the company is profitable or not. We have supplemented FactSet data for listed; companies with information from the Pacific Crest SaaS Survey.; The comparison with the Pacific Crest information is not perfect but it provides another dataset that adds to the topic of how much debt is being utilised by SaaS firms.; Debt can include any debt on the balance sheet - for example bank debt and convertible notes.; 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.; -; 1.0x; 2.0x; 3.0x; 4.0x; 5.0x; 6.0x; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <$5m $5m-$10m $10m-; $15m; $15m-; $25m; $25m-; $40m; >$40m; Debt:MRR Ratio; % using Debt; Revenue Range (USD); http://www.forentrepreneurs.com/2016-saas-survey-part-2/; n=9; -; 1.0x; 2.0x; 3.0x; 4.0x; 5.0x; 6.0x; 7.0x; 8.0x; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <$10m; $10m-$25m; $25m-$50m; $50m-$100m; $100m-$250m; $250m-$500m; $500m-$1000m; $1000m+; Debt:MRR Ratio; % with debt >US$1m; Revenue (ARR) Range USD; CLARE CAPITAL TECH INSIGHTS; SaaS Debt - Listed Loss-Making Companies with >$US1m debt SaaS Debt - Company specific MRR:Debt ratio (Loss making companies); Ticker Exchange ARR US$m EBITDA% Debt US$m Debt:MRR Ticker Exchange ARR US$m EBITDA% Debt US$m Debt:MRR; CSOD NASDAQ 467 (6%) 238 6.13 FUEL NASDAQ 454 (0%) 86 2.28; CAFN NASDAQ 10 (82%) 5 5.95 MXPT NASDAQ 153 (5%) 27 2.15; 8CO ASX 3 (21%) 1 5.37 BOX NYSE 451 (28%) 75 2.01; CNXR NASDAQ 76 (20%) 33 5.12 COYN NASDAQ 7 (141%) 1 1.96; BNFT NASDAQ 259 (8%) 101 4.67 XTLY NYSE 106 (13%) 13 1.51; INSG NASDAQ 255 (11%) 94 4.44 WK NYSE 196 (22%) 21 1.29; RKN Toronto 139 (1%) 49 4.25 TRUE NASDAQ 286 (4%) 29 1.21; NOW NYSE 1 606 (5%) 508 3.79 MB NASDAQ 160 (10%) 15 1.16; BAS1V OMX Nordic 160 (3%) 50 3.76 RNG NYSE 424 (3%) 15 0.42; FREE London 10 (14%) 3 3.73 MRIN NYSE 96 (3%) 3 0.42; WDAY NYSE 1 793 (17%) 534 3.58 ECOM NYSE 119 (5%) 4 0.37; AMBR NYSE 76 (15%) 23 3.57 MIME NASDAQ 190 (1%) 3 0.17; TDOC NYSE 151 (38%) 44 3.53 ACTA NASDAQ 100 (25%) 1 0.16; ENOC NASDAQ 406 (4%) 115 3.41 RNWK NASDAQ 118 (22%) 2 0.15; GEO New Zealand 4 (114%) 1 3.27 HUBS NYSE 323 (12%) 1 0.04; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; <$10m; $10m-$25m; $25m-$50m; $50m-$100m; $100m-$250m; $250m-$500m; $500m-$1000m; $1000m+; Debt:MRR Ratio; % with debt >US$1m; Revenue (ARR) Range USD; -; 5x; 10x; 15x; 20x; 25x; 30x; TOM; SSH1V; CBUY; NH; PRO; FEYE; PFPT; DTRM; MATR; MTBC; CSOD; CAFN; 8CO; CNXR; BNFT; INSG; RKN; NOW; BAS1V; FREE; WDAY; AMBR; TDOC; ENOC; GEO; FUEL; MXPT; BOX; COYN; XTLY; WK; TRUE; MB; RNG; MRIN; ECOM; MIME; ACTA; RNWK; Debt:MRR Ratio; Median = 3.7x; CLARE CAPITAL TECH INSIGHTS

#33

Overview Clare Capital Tech Insights 33 - NZX & ASX Tech IPO Share Price Performance - 20170418; CMGR (Monthly) Percentage Change in Share Price (IPO to Now); Definitions Units Selected NZX Tech Metrics; MktC = Market Capitalisation as at 28 April 2017 Millions NZD M IPO Price Price Change Mnthly Listed; Date = IPO Date MktC Date IPO Share %Δ CMGR Mnths; IPO = IPO Price (adjusted for share splits) $ Pushpay (PPH) 426 Aug-14 0.25 1.70 580% 6.2% 32; Share = Share Price as at 28 April 2017 $ Vista (VGL) 483 Aug-14 2.35 5.87 150% 2.9% 32; %Δ = Percentage Change in Price (IPO to Now) % Xero (XRO) 2 996 Jun-07 1.00 21.75 2 075% 2.6% 118; CMGR = Compound Monthly Growth Rate (IPO to Now) % Gentrack (GTK) 372 Jun-14 2.40 4.45 85% 1.8% 34; Mnths = Number of Months a company has been Listed # Trade Me (TME) 2 104 Dec-11 2.70 5.30 96% 1.1% 64; EROAD (ERD) 114 Aug-14 3.00 1.90 (37%) (1.4%) 32; Disclaimer Rakon (RAK) 44 May-06 1.60 0.19 (88%) (1.6%) 131; SLI Systems (SLI) 22 May-13 1.50 0.36 (76%) (3.1%) 46; ikeGPS (IKE) 23 Jul-14 1.10 0.36 (67%) (3.3%) 33; Serko (SKO) 22 Jun-14 1.10 0.29 (74%) (3.8%) 34; GeoOp (GEO) 13 Oct-13 1.00 0.18 (82%) (4.1%) 41; Orion Health (OHE) 224 Nov-14 5.70 1.40 (75%) (4.7%) 29; This report looks at the current share price for NZX and ASX Tech companies against their IPO (Initial Public Offering) share price. The chart below shows the top 20 NZX and ASX; Tech companies based on their monthly percentage change in share price. Simple analysis - gains for shares purchased at IPO and still holding today. Black bars equals NZX-listed ; green are ASX-listed. Note: only companies where FactSet has the available IPO share price have been included - and we have excluded reverse listings and some older; as at 28 April 2017; 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.; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 0.1; LVH AFY CL1 APX PPH CAT WTC ACX MP1 VGL XRO NXT GTK SEK CAR FLN TME IRE MUA VOC; CMGR (Monthly) Percentage; Change in Share Price (IPO to; Now); # of Listed Months 10 11 16 27 32 28 12 28 16 32 118 76 34 144 91 41 64 197 21 214; CLARE CAPITAL TECH INSIGHTS; Selected ASX Tech Metrics Selected ASX Tech Metrics; AUD M IPO Price Price Change Mnthly Listed AUD M IPO Price Price Change Mnthly Listed; as at 28 April 2017 MktC Date IPO Share %Δ CMGR Mnths as at 28 April 2017 MktC Date IPO Share %Δ CMGR Mnths; LiveHire (LVH) 109 Jun-16 0.20 0.47 135% 8.9% 10 Global Health (GLH) 12 May-00 0.50 0.36 (28%) (0.2%) 203; Afterpay (AFY) 422 May-16 1.00 2.34 134% 8.0% 11 Infomedia (IFM) 221 Aug-00 1.00 0.71 (29%) (0.2%) 200; Class (CL1) 336 Dec-15 1.00 2.86 186% 6.8% 16 MOQ (MOQ) 50 Dec-00 0.50 0.32 (37%) (0.2%) 196; Appen (APX) 260 Jan-15 0.50 2.66 432% 6.4% 27 BPS Tech. (BPS) 84 Sep-14 1.00 0.92 (8%) (0.3%) 31; Catapult Group (CAT) 326 Dec-14 0.55 2.06 275% 4.8% 28 RungePincockMinarco (RUL) 127 May-08 1.00 0.60 (40%) (0.5%) 107; Wisetech Global (WTC) 1 687 Apr-16 3.35 5.80 73% 4.7% 12 Rhipe (RHP) 62 Mar-05 1.00 0.45 (55%) (0.5%) 145; Aconex (ACX) 872 Dec-14 1.90 4.39 131% 3.0% 28 migme (MIG) 14 Jun-01 0.20 0.04 (78%) (0.8%) 190; Megaport (MP1) 175 Dec-15 1.25 1.98 58% 2.9% 16 Mint Payments (MNW) 45 Aug-07 0.20 0.07 (65%) (0.9%) 116; Nextdc (NXT) 1 194 Dec-10 1.00 4.16 316% 1.9% 76 iSentia Group (ISD) 290 Jun-14 2.04 1.45 (29%) (1.0%) 34; Seek (SEK) 5 927 Apr-05 2.10 17.04 711% 1.5% 144 Mobile Embrace (MBE) 24 May-00 0.50 0.06 (89%) (1.1%) 203; Carsales.com (CAR) 2 838 Sep-09 3.50 11.74 235% 1.3% 91 Pureprofile (PPL) 44 Jul-15 0.50 0.40 (20%) (1.1%) 20; Freelancer (FLN) 368 Nov-13 0.50 0.80 60% 1.2% 41 eServGlobal (ESV) 58 Sep-00 1.00 0.09 (91%) (1.2%) 199; IRESS (IRE) 2 117 Nov-00 1.65 12.45 655% 1.0% 197 Covata (CVT) 20 Jan-07 0.20 0.04 (81%) (1.3%) 123; Mitula Group (MUA) 197 Jul-15 0.75 0.92 23% 1.0% 21 JCurve Solutions (JCS) 4 Dec-00 0.25 0.01 (95%) (1.5%) 196; Vocus Group (VOC) 2 091 Jun-99 0.50 3.37 574% 0.9% 214 Knosys (KNO) 11 Sep-15 0.20 0.14 (30%) (1.9%) 19; RXP Services (RXP) 119 Nov-11 0.50 0.85 70% 0.8% 65 Nvoi (NVO) 18 Nov-10 0.20 0.05 (76%) (1.9%) 76; Xref (XF1) 63 Apr-07 0.20 0.53 165% 0.8% 120 Novatti Group (NOV) 14 Jan-16 0.20 0.15 (25%) (1.9%) 15; Pro Medicus (PME) 560 Oct-00 1.15 5.45 374% 0.8% 198 Xped (XPE) 36 Jun-07 0.20 0.02 (92%) (2.1%) 118; GBST (GBT) 197 Jun-05 1.00 2.91 191% 0.8% 142 9 Spokes (9SP) 62 Jun-16 0.20 0.16 (23%) (2.5%) 10; Tech Mpire (TMP) 19 Dec-12 0.20 0.30 48% 0.8% 52 TV2U International (TV2) 13 Jun-07 0.20 0.01 (96%) (2.6%) 118; Objective Corp. (OCL) 203 Aug-00 0.50 2.22 343% 0.7% 200 Vault Intelligence (VLT) 21 Apr-11 0.20 0.03 (85%) (2.6%) 72; iCar Asia (ICQ) 93 Sep-12 0.20 0.29 45% 0.7% 55 3P Learning (3PL) 136 Jul-14 2.50 0.98 (61%) (2.8%) 33; Hansen Tech. (HSN) 655 Jun-00 1.00 3.60 260% 0.6% 202 CoAssets (CA8) 33 Jul-15 0.40 0.20 (50%) (3.2%) 21; DWS (DWS) 205 Jun-06 1.00 1.56 56% 0.3% 130 iCollege (ICT) 6 Aug-09 1.25 0.03 (97%) (3.8%) 92; Empired (EPD) 67 Oct-07 0.30 0.44 47% 0.3% 114 8Common (8CO) 3 Aug-14 0.25 0.05 (80%) (4.9%) 32; Touchcorp (TCH) 193 Mar-15 1.40 1.46 4% 0.2% 24 RedBubble (RBL) 151 May-16 1.33 0.74 (45%) (5.2%) 11; iSelect (ISU) 453 Jun-13 1.85 1.99 8% 0.2% 46 Urbanise.com (UBN) 30 Sep-14 0.50 0.09 (83%) (5.6%) 31; Praemium (PPS) 161 May-06 0.40 0.41 1% 0.0% 131 Rewardle (RXH) 6 Oct-14 0.20 0.03 (85%) (6.1%) 30; Norwood Systems (NOR) 21 Jul-95 0.02 0.02 (5%) (0.0%) 261 Otherlevels (OLV) 7 Mar-15 0.20 0.03 (86%) (7.7%) 24; Rubik Financial (RFL) 70 Feb-00 0.20 0.17 (18%) (0.1%) 206 1st Available (1ST) 8 Jun-15 0.35 0.04 (89%) (9.4%) 22; ChimpChange (CCA) 50 Jun-16 0.80 0.79 (1%) (0.1%) 9 Reffind (RFN) 2 Jul-15 0.20 0.02 (90%) (10.4%) 21; 1-Page (1PG) 25 Apr-06 0.20 0.17 (18%) (0.1%) 132 Temple & Webster (TPW) 17 Dec-15 1.10 0.16 (85%) (11.4%) 16; MYOB (MYO) 2 135 May-15 3.65 3.52 (4%) (0.2%) 23 Jayex Healthcare (JHL) 4 Dec-15 0.32 0.03 (92%) (14.7%) 16; CLARE CAPITAL TECH INSIGHTS

#32

Overview Clare Capital Tech Insights 32 - SaaS Chessboard - 20170407; Listed SaaS Companies Chessboad [Size versus Revenue Growth]; Key statistics - Listed SaaS Companies:; 3x 12x 6x 8x 7x 6x 2x 21x; 6P - - 1P - - - -; 2x 1x 8x 4x 13x - 17x -; 3P - 2P 2P - 1P - - - - -; 1x 2x 2x 5x - - 9x -; 3P 1P 3P 2P - - - - - - - Tech Tiles Key:; 1x 3x 2x 5x 1x - 2x -; Green = HPT*; 2P 3P 3P 2P 1P - - - 1P - - 6x 11x; 1x 2x 2x 8x 7x 6x - -; 8P 2P; 2P 4P 5P 4P 1P - 1P - - - - HPT = Hight Performance Threshold:; 2x 3x 6x 8x 8x 15x - - >$US100m Annual Revenue Growth; 2P 5P 7P 4P - - - - - -; - 5x 4x 12x - 4x - - Tech Tiles Explanation:; - - 1P 3P - 2P - - - - - - -; 3x 3x 5x 8x - - - -; 2P 2P 4P 3P - - - - - - - -; This report explores the distribution of 204 listed SaaS companies based on their Last Twelve Months (LTM) revenue and company size. This information is presented in a format; which is a cross between a chessboard and a periodic table chessboard in terms of the 8x8 layout and a periodic table in the the information provided in each of the squares.; LTM Revenue Growth; <0% 0-10% 10-25% 25-50% 50-75% 75-100%; Company size - LTM Revenue US$m; 0-10; 1. 45% [89/198] are profitable; 2. 23% [46/198] have negative revenue growth; 3. 8% [15/198] have revenue growth >100%; 4. 18.7x highest EV/Rev for companies >$US10m rev; 5. Total Mkt Cap = US$295b; 6. Top Ten Mkt Cap = US$139b [47%]; 7. CRM WDAY NOW SPLK Mkt Cap = US$99b [34%]; 8. CRM Mkt Cap = US$60b [20%]; 100-250% >250%; 3 3 6 1 3 5; (36%) (146%) (58%) (30%) 44% (203%) (14%) 255%; 7; 45931; 5 2; 19; 2 3 1 - 1 -; (26%) (5%) 27% - 62%; 25-50; 4 4 4 2 - - 1 -; (3%) (22%) 38% 55% 146%; 50-100; 25% 36% 195%; 6 4 4 4 1 - 1 -; 13 14 8 1; 100-250; 28 2; (16%) 16%; (25%) 3% 11% 27% 108%; 6 7 - - 15%; 250-500; (1%) 3% 33% 33% 54% 84%; 3 7 8 10 1 1 - -; 500-750; - 1 4 2 - 1 - - Like the information included within the squares of a periodic table an; individual tech tile is a visual approach to representing a companies key; performance information; Size [LTM Revenue] Growth [LTM Revenue; Growth] EV/Revenue Multiple Profitable/Not-Profitable and 40% Rule Metric.; 13% 27% 40% 33%; 750+; 42% 47% 36%; 2 2 4 7 - - - -; Category Count; Median EV/Rev Multiple; # Profitable in Category; Median; 40% Rule; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Salesforce Splunk & Xero's tracking across the Chessboard Selected Company Tech Tiles; 3x 12x 6x 8x 7x 6x 2x 21x 7.1x 7.7x 10.4x 17.4x 3.2x; 6P - - 1P - - - - P NP NP NP NP; 2x 1x 8x 4x 13x - 17x -; 3P - 2P 2P - 1P - - - - - 4.2x 0.5x 67.8x 42.4x 3.3x; 1x 2x 2x 5x - - 9x -; 4 4 2 - - 1 - NP NP NP NP NP; 3P 1P 3P 2P - - - - - - -; 1x 3x 2x 5x 1x - 2x -; 11.6x 12.2x 5.1x 9.2x 12.6x; 2P 3P 3P 2P 1P - - - 1P - -; 1x 2x 2x 8x 7x 6x - - P P P NP P; 2P 4P 5P 4P 1P 1P - - - -; 2x 3x 6x 8x 8x 15x - - 2.2x 3.8x 3x 1.1x 2.5x; 2P 5P 7P 4P - - - - - - P P P P P; - 5x 4x 12x - 4x - -; - - 1P 3P 2P - - - - - - - 4.4x 10.6x 5.2x 5.2x 9.6x; 3x 3x 5x 8x - - - -; NP NP NP NP NP; 2P 2P 4P 3P - - - - - - - -; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; LTM Revenue Growth; 42% 55% 169% 43%; Company size - LTM Revenue US$m; 0-10; 8392; 950; <0% 0-10% 10-25% 25-50% 50-75% 75-100% 100-250% >250% 26%; 19 3 3 6 1 3 5 7 CRM SPLK XRO PPH PLX; 175; 18; -0.57; 45931; NYSE NASDAQ NZX NZX NZX; (36%) (146%) (58%) (30%) 44% (203%) (14%) 255% 34% 9% 34% 62%; 4.3; 2 3 1 -; 0.62; 2.3; 23; 0.5; 1; 1.7; -0.35; (26%) (5%) 27% -; 5 2 1 - 238% 3% 627% n/a; 25-50; GEO SLI 9SP XF1; 124% (1%) (119%) n/a; 146% NZX NZX ASX ASX; TOM; 4; ASX; -1.1; (3%) (22%) 38% 55%; 50-100; 37% 37% 45% 153%; 4 4 4 1; 531; 94; 109; (16%) 16% 25%; 0.66; 6 - 1 -; CL1; 100-250; 39% 57% 54% 146% 115%; 36% 195% TEAM WTC ACX CAT; 26; 19; ASX ASX ASX ASX; -0.25; 6 7 13 14 8 1 - - NASDAQ; 5% 68% (7%); 250-500; 120; 28; 39; 61; 9.5; 3% 11% 27% 108% 13% (13%); 3PL BPS PRO; -0.01; 3 7 8 10 1 1 - - ISD TCH; (2%) 32% 85% 14%; 500-750; ASX ASX ASX ASX; 3% 33% 33% 54% 84% 42%; 1 4 2 - 1; ASX; 750+; UBN MDR VPC BOX; 2; 0.35; 42% - 47% 36%; 5.6; 1.7; - - - (20%) 238% n/a 32%; WDAY; 2; 1.3; 399; 1569; (138%) 107% n/a 4% 18%; 13% NYSE; 4 7 - - - -; 27% 40% 33% ASX ASX ASX NYSE; 1.75 yrs 1.5 yrs; 0.75 yrs; CLARE CAPITAL TECH INSIGHTS

#31

Overview Clare Capital Tech Insights 31 - NZX v ASX Tech Q1 2017 Share Price Performance - 20170331; NZX v ASX - Index Market Capitalisation Percentage Change Q1 2017 (1 Jan - 31 Mar) NZX Metrics Ticker MC SP %Δ Invest; Pushpay PPH 471 1.90 36% 357; EROAD ERD 128 2.12 33% 325; SmartPay SPY 37 0.20 18% 176; Xero XRO 2 724 18.92 8% 81; Gentrack GTK 321 3.65 5% 49; Vista VGL 490 5.83 4% 41; Trade Me TME 2 038 5.18 3% 34; ikeGPS IKE 26 0.40 3% 26; GeoOp GEO 13 0.18 - -; Orion Health OHE 309 2.00 - -; Serko SKO 22 0.29 - -; Finzsoft FIN 22 2.50 (9%) (91); Rakon RAK 46 0.20 (11%) (114); Plexure PLX 23 0.25 (22%) (219); SLI Systems SLI 22 0.33 (27%) (267); Definitions; Ticker = Company Stock Ticker; MC = Market Capitalisation (in M) as at 31 March 2017; NZX v ASX - % Change and Return Q1 2017 NZX and ASX Top 10 Share Price % Change SP = Share Price as at 31 March 2017; Market Currency 1-Jan-17 31-Mar-17 %Δ Return # Company Ticker Market %Δ %Δ = Percentage Change in Share Price (1 Jan - 31 Mar); Total Millions Millions % Millions 1 Tech Mpire TMP ASX 117% Invest = $ Return if $1 000 was Invested at 1 January 2017; NZX NZD 6 087 6 690 9.9% 603 2 CoAssets CA8 ASX 109%; ASX AUD 41 702 41 843 0.3% 141 3 Rubik Financial RFL ASX 72% Disclaimer; Average Millions Millions % Millions 4 LiveTiles LVT ASX 67%; NZX NZD 406 446 9.9% 40 5 ChimpChange CCA ASX 52%; ASX AUD 345 346 0.3% 1 6 Thred THD ASX 47%; 7 Pointerra 3DP ASX 44%; 8 LiveHire LVH ASX 40%; 9 Pushpay PPH NZX 36%; 10 Mint Payments MNW ASX 34%; This report looks at the share price performance of NZX and selected ASX Technology companies in Q1 of 2017 (1st of January until 31st March). The chart below uses the average; market value of each of the NZX and ASX Tech companies indexed against the market value as at 1st January 2017.; The information provided in this report has been solely; sourced and calculated from FactSet. Clare Capital holds no; responsibility over the actual numbers presented. 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.; Given the chart above is based on market values rather than; share prices there is greater weight to the performance of; larger companies with bigger market capitalisations.; 0.85; 0.9; 0.95; 1; 1.05; 1.1; 1.15; 42734 42758 42776 42797 42817; NZX v ASX - Index Share Price % Change; Q1 2017 (1 Jan - 31 Mar); NZX Tech ASX Tech; n=15; n=121; 0.9; 1; 1.1; Dec-16 Jan-17 Feb-17 Mar-17 Mar-17; CLARE CAPITAL TECH INSIGHTS; ASX Metrics Ticker MC SP %Δ Invest ASX Metrics Ticker MC SP %Δ Invest ASX Metrics Ticker MC SP %Δ Invest; Tech Mpire TMP 24 0.33 117% 1 167 MedAdvisor MDR 31 0.04 3% 29 ComOps COM 11 0.01 (14%) (143); CoAssets CA8 39 0.23 109% 1 091 Infomedia IFM 227 0.75 3% 27 Dubber Corp. DUB 37 0.35 (15%) (146); Rubik Financial RFL 70 0.16 72% 720 Decimal Software DSX 12 0.04 2% 24 Freelancer FLN 421 0.85 (15%) (150); LiveTiles LVT 78 0.20 67% 667 Webjet WEB 1 124 10.82 2% 21 Corum Group COO 13 0.06 (15%) (154); ChimpChange CCA 51 0.85 52% 518 BPS Tech. BPS 86 0.94 2% 16 Primary Health Care PRY 1 862 3.44 (16%) (157); Thred THD 25 0.03 47% 471 Integrated Research IRI 483 2.82 1% 7 3P Learning 3PL 135 0.96 (17%) (170); Pointerra 3DP 10 0.04 44% 440 Pureprofile PPL 44 0.40 - - Prophecy Intl. PRO 33 0.56 (18%) (176); LiveHire LVH 103 0.48 40% 397 Wisetech Global WTC 1 637 5.59 (1%) (11) RXP Services RXP 114 0.80 (18%) (184); Mint Payments MNW 45 0.08 34% 345 MYOB MYO 2 159 3.60 (2%) (16) IoT Group IOT 19 0.03 (19%) (188); Linius Technologies LNU 37 0.06 32% 318 Smart Parking SPZ 97 0.28 (2%) (18) Otherlevels OLV 9 0.04 (20%) (196); Velpic VPC 16 0.02 28% 278 Carsales.com CAR 2 694 11.10 (2%) (22) Global Health GLH 12 0.36 (21%) (211); Property Connect PCH 7 0.01 27% 273 Reffind RFN 5 0.04 (2%) (23) Novatti Group NOV 15 0.16 (22%) (220); DWS DWS 210 1.62 24% 242 Adacel ADA 192 2.39 (3%) (28) Nvoi NVO 16 0.05 (25%) (250); AssembleBay ASY 5 0.02 21% 214 MOQ MOQ 54 0.34 (3%) (29) 1st Available 1ST 10 0.05 (26%) (258); SMS Management SMX 113 1.61 21% 211 Catapult Group CAT 356 2.36 (4%) (41) Xped XPE 55 0.02 (28%) (281); Collaborate Corp. CL8 11 0.02 20% 200 IRESS IRE 1 991 11.33 (5%) (45) TikForce TKF 6 0.04 (29%) (286); Touchcorp TCH 168 1.30 19% 187 eServGlobal ESV 67 0.10 (5%) (48) GBST GBT 199 2.65 (30%) (295); Objective Corp. OCL 200 2.11 17% 172 Grays eCommerce GEG 139 1.05 (5%) (54) Aconex ACX 779 3.47 (32%) (316); Melbourne IT MLB 230 2.19 17% 171 iCollege ICT 6 0.03 (6%) (56) Urbanise.com UBN 35 0.10 (33%) (333); FirstWave Cloud FCT 90 0.50 14% 136 Appen APX 259 2.68 (6%) (56) Newzulu NWZ 4 0.00 (33%) (333); RungePincockMinarco RUL 126 0.61 13% 130 Xref XF1 59 0.50 (6%) (57) IODM IOD 4 0.01 (37%) (368); Mitula Group MUA 206 0.98 13% 126 Rent.com.au RNT 16 0.08 (7%) (70) Norwood Systems NOR 21 0.02 (37%) (371); 9 Spokes 9SP 66 0.18 13% 125 Altium ALU 990 7.48 (8%) (75) Jayex Healthcare JHL 5 0.03 (38%) (378); Pro Medicus PME 595 5.34 11% 113 Praemium PPS 153 0.41 (8%) (79) Rewardle RXH 6 0.03 (40%) (400); TV2U International TV2 15 0.01 10% 100 SmartTrans SMA 35 0.01 (8%) (83) Wangle TechnologiesWGL 20 0.02 (40%) (400); Vault Intelligence VLT 20 0.04 9% 94 iSignthis ISX 101 0.16 (9%) (88) ShareRoot SRO 3 0.01 (45%) (455); Nextdc NXT 1 171 3.92 8% 77 Empired EPD 69 0.47 (10%) (96) Manalto MTL 3 0.02 (46%) (457); Datetix Group DTX 10 0.28 8% 77 Rhipe RHP 61 0.45 (10%) (100) Kabuni KBU 3 0.01 (46%) (458); Reckon RKN 193 1.70 7% 67 1-Page 1PG 25 0.17 (11%) (108) BidEnergy BID 10 0.03 (48%) (475); JCurve Solutions JCS 5 0.02 7% 67 Technology One TNE 1 608 5.02 (11%) (112) iSentia Group ISD 300 1.49 (48%) (483); Data#3 DTL 253 1.63 6% 59 Megaport MP1 181 2.15 (11%) (112) Search Party Group ALA 6 0.02 (49%) (487); REA Group REA 7 815 58.40 6% 57 Syntonic SYT 78 0.03 (13%) (125) migme MIG 14 0.04 (49%) (488); Seek SEK 5 537 15.65 5% 52 Afterpay AFY 388 2.18 (13%) (135) 8Common 8CO 2 0.05 (50%) (495); iSelect ISU 448 1.95 3% 34 Hansen Tech. HSN 623 3.38 (14%) (138) Mobile Embrace MBE 25 0.06 (61%) (607); Buddy Platform BUD 54 0.06 3% 33 RedBubble RBL 144 0.75 (14%) (138) Covata CVT 23 0.04 (65%) (648); CLARE CAPITAL TECH INSIGHTS

#30

Overview Clare Capital Tech Insights 30 - NZX SaaS ARR Growth - 20170324; Xero (XRO) Pushpay (PPH); ----- ARR Growth 65% ----- ----- ARR Growth 39% ----- ----- ARR Growth 567% ----- ----- ARR Growth 184% -----; SLI Systems (SLI) GeoOp (GEO); ----- ARR Growth 23% ----- ----- ARR Growth (13%) ----- ----- ARR Growth 43% ----- ----- ARR Growth 144% -----; Disclaimer; The four graphs below chart growth in ARR (Annualised Recurring Revenue) over the last two years through growth in customers and ARPU (Monthly Average Revenue per User). In; this case ARPU is used as a proxy for the price a customer pays monthly for the product. Two examples of ARR growth: Xero has kept its ARPU steady at ~NZD$30 per month since; its inception while continuously sustaining customer growth versus Pushpay which has been able to both drive customer growth and make increases to its ARPU.; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers presented. Clare Capital; is not an Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 50; 100; 150; 200; 250; 300; 350; ARR as at; 41912; Customer; Growth; ARPU; Growth; ARR as at; 42277; Customer; Growth; ARPU; Growth; ARR as at; 42643; XRO ARR (NZD M); 116% (16%); -; 5; 10; 15; 20; 25; 30; 35; 40; ARR as at; 42004; Customer; Growth; ARPU; Growth; ARR as at; 42369; Customer; Growth; ARPU; Growth; ARR as at; 42735; SLI ARR (NZD M); 0.45; 55% 20% (120%); -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; ARR as at; 42004; Customer; Growth; ARPU; Growth; ARR as at; 42369; Customer; Growth; ARPU; Growth; ARR as at; 42735; GEO ARR (NZD M); 69% 31%; 0.19; 0.81; -; 10; 20; 30; 40; 50; 60; 70; ARR as at; 42004; Customer; Growth; ARPU; Growth; ARR as at; 42369; Customer; Growth; ARPU; Growth; ARR as at; 42735; PPH ARR (NZD M); 66% 34%; 0.62; 0.38; 92% 8%; CLARE CAPITAL TECH INSIGHTS; NZX SaaS Company Metrics; Xero Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Sep-16; Customers '000s 0 1 1 3 8 14 22 30 45 63 100 135 193 250 325 400 531 652 786 862; ARR M 0 0 1 1 3 6 8 11 16 21 35 45 60 81 111 145 186 237 280 303; ARPU $ 30 30 30 30 33 33 29 31 29 28 29 28 26 27 28 30 29 30 30 29; Mkt Cap M 54 41 52 47 123 142 123 273 198 250 527 891 1 893 4 120 3 322 2 073 2 457 2 706 2 494 2 661; EV/ARR x 485.3 159.2 83.5 37.9 39.7 20.6 13.1 22.8 11.4 11.1 14.2 19.3 30.1 50.2 28.1 13.1 11.7 10.4 8.3 8.3; SLI Systems Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16; Customers # 338 347 357 366 375 409 445 477 511 527 543 564 586 593 600 588 576 595 615; ARR M 15 16 17 18 19 20 22 23 25 27 29 32 35 35 36 33 31 31 31; ARPU $ 3 814 3 909 4 007 4 146 4 289 4 165 4 045 4 053 4 061 4 244 4 435 4 672 4 920 4 932 4 944 4 724 4 512 4 361 4 214; Mkt Cap M n/a n/a n/a n/a 105 117 112 135 94 67 73 70 51 49 48 71 52 31 28; EV/ARR x n/a n/a n/a n/a 4.6 5.0 4.5 5.2 3.3 2.1 2.3 2.0 1.3 1.2 1.2 2.0 1.4 0.8 0.7; GeoOp Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16; Customers # 2 300 3 400 4 700 6 157 9 509 11 354 13 370 16 391 17 839 19 009 20 890 21 210 21 537 25 048 26 182 26 990; ARR M 0 0 0 0 1 1 1 1 1 1 1 2 2 2 3 4; ARPU $ 4 4 6 6 5 5 5 5 6 6 6 6 6 6 8 11; Mkt Cap M n/a n/a n/a 51 52 27 14 10 14 11 11 11 11 13 11 13; EV/ARR x n/a n/a n/a 112.6 77.5 31.3 10.4 5.0 7.3 7.2 6.8 5.5 5.0 8.2 5.1 3.9; Pushpay Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Methodology; Customers # 109 158 260 368 602 996 1 416 2 102 2 860 3 766 4 491 5 286 6 143; ARR M 0 0 1 1 3 5 9 14 20 29 39 48 58; ARPU $ 225 225 228 186 424 446 531 554 594 643 719 757 787; Mkt Cap M n/a n/a n/a 105 140 200 221 323 405 527 462 592 351; EV/ARR x n/a n/a n/a 121.1 43.9 37.5 24.4 22.7 19.6 17.7 11.6 12.3 6.0; Plexure Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16; Customers # n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a; ARR M 0 1 2 3 3 4 5 5 5 6 6 10; ARPU $ n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a; Mkt Cap M 35 19 19 18 29 20 22 36 33 30 28 30; EV/ARR x 167.7 21.9 7.6 5.7 8.6 4.6 4.3 6.8 5.6 4.8 4.3 2.7; Customer ARR (Annualised Recurring; Revenue) and ARPU (Monthly Average; Revenue per User) numbers have either been; taken from the company's reports &; presentations or estmated through a Clare; Capital CAGR calculation. Xero numbers are all; in six-monthly periods (quarters are available if; requested) while the other four companies are; all in quarterly dates.; Note: As Xero has not released any results as at; Dec-16 their last reported result (as at Sep-16); has been taken instead for their last column.; CLARE CAPITAL TECH INSIGHTS

#29

Overview Clare Capital Tech Insights 29 - NZX & ASX Small Company Metrics - 20170317; Company Logos and Metrics as at 17 March 2017; GeoOp GEO-NZ ikeGPS IKE-NZ Plexure PLX-NZ 1-Page 1PG-AU 1st Available 1ST-AU; Mkt Cap: 11.3M Rev: 3.3M Mkt Cap: 25.7M Rev: 6.3M Mkt Cap: 23.2M Rev: 6.2M Mkt Cap: 25.4M Rev: 0.8M Mkt Cap: 9.5M Rev: 2M; 8Common 8CO-AU 9 Spokes 9SP-AU BidEnergy BID-AU Buddy Platform BUD-AU ComOps COM-AU; Mkt Cap: 3.1M Rev: 3.8M Mkt Cap: 74.5M Rev: 0.7M Mkt Cap: 11.5M Rev: 0.7M Mkt Cap: 48.3M Rev: 0M Mkt Cap: 7.9M Rev: 9.4M; Datetix Group DTX-AU Decimal Software DSX-AU Global Health GLH-AU JCurve Solutions JCS-AU Kabuni KBU-AU; Mkt Cap: 9.6M Rev: 0.2M Mkt Cap: 12.9M Rev: 1.3M Mkt Cap: 11.8M Rev: 6.1M Mkt Cap: 5M Rev: 8.8M Mkt Cap: 4.1M Rev: 0M; Manalto MTL-AU MedAdvisor MDR-AU Otherlevels OLV-AU Reffind RFN-AU ShareRoot SRO-AU; Mkt Cap: 3.2M Rev: 0.2M Mkt Cap: 32.1M Rev: 2.3M Mkt Cap: 10.1M Rev: 3.5M Mkt Cap: 6.3M Rev: 0.7M Mkt Cap: 2.6M Rev: 0.1M; SmartTrans SMA-AU Tomizone TOM-AU Urbanise.com UBN-AU Velpic VPC-AU Xref XF1-AU; Mkt Cap: 32.5M Rev: 7.5M Mkt Cap: 3.7M Rev: 2.2M Mkt Cap: 32.2M Rev: 7.5M Mkt Cap: 15.6M Rev: 1.8M Mkt Cap: 60.4M Rev: 1.3M; Disclaimer; This report looks at key financials and metrics for a selected number of NZX and ASX Tech companies whose Last Twelve Months (LTM) Revenues are less than $10 million. The; metrics for most of these companies have the potential for distortion because they have been trading for less than two years. Given their short life cycle so far most of the company; metrics listed will be outliers in any dataset. However when Xero (NZX:XRO) IPOed in June 2007 at a NZD $55M valuation - it did so with zero ($0) in operating revenues. The; sledge at the time: "Xero first IPO named after its revenues." Today Xero has a Market Capitalisation of NZD $2.7B and LTM Revenues of NZD $251M.; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers presented. 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; Latest Multiple Rate Margin G+M Daily; Company Currency LTM Date Price Mkt Cap EV LTM Rev EV/Rev Rev Grwth EBITDA% 40% Rule Liquidity Volume Value; GeoOp (GEO) NZD 31-Dec-16 0.16 11.3 11.1 3.3 3.4 238% (114%) 124% 0.04% 4 615 738; ikeGPS (IKE) NZD 30-Sep-16 0.40 25.7 18.2 6.3 2.9 - (152%) (152%) 0.08% 50 19; Plexure (PLX) NZD 30-Sep-16 0.25 23.2 20.8 6.2 3.4 43% (100%) (57%) 0.05% 72 17; 1-Page (1PG) AUD 31-Jul-16 0.17 25.4 (12.3) 0.8 (15.9) 88% (1 931%) (1 843%) 0.84% - -; 1st Available (1ST) AUD 31-Dec-16 0.05 9.5 5.1 2.0 2.5 603% (167%) 437% 0.08% 264 12; 8Common (8CO) AUD 31-Dec-16 0.05 3.1 4.5 3.8 1.2 (2%) (21%) (24%) 0.02% 78 4; 9 Spokes (9SP) AUD 30-Sep-16 0.19 74.5 56.3 0.7 86.3 627% (746%) (119%) 0.12% 5 678 1 092; BidEnergy (BID) AUD 31-Dec-16 0.04 11.5 5.3 0.7 7.4 n/a (825%) n/a 0.09% 819 29; Buddy Platform (BUD) AUD 31-Dec-16 0.06 48.3 37.3 0.0 858.0 (51%) (38 102%) (38 153%) 0.14% 1 413 82; ComOps (COM) AUD 31-Dec-16 0.01 7.9 6.7 9.4 0.7 15% (3%) 12% 0.03% 13 0; Datetix Group (DTX) AUD 31-Dec-16 0.26 9.6 7.0 0.2 31.2 (79%) (1 077%) (1 156%) 0.11% 39 10; Decimal Software (DSX) AUD 31-Dec-16 0.05 12.9 11.2 1.3 9.0 85% (289%) (203%) 0.08% 1 763 78; Global Health (GLH) AUD 31-Dec-16 0.36 11.8 8.6 6.1 1.4 44% 14% 58% 0.04% 4 2; JCurve Solutions (JCS) AUD 31-Dec-16 0.02 5.0 2.4 8.8 0.3 (14%) 2% (12%) 0.92% 3 208 48; Kabuni (KBU) AUD 30-Jun-16 0.02 4.1 2.1 0.0 167.3 703% (52 997%) (52 294%) 0.05% 1 500 27; Manalto (MTL) AUD 31-Dec-16 0.02 3.2 3.6 0.2 22.9 36% (3 109%) (3 073%) 0.08% - -; MedAdvisor (MDR) AUD 31-Dec-16 0.03 32.1 26.2 2.3 11.4 238% (131%) 107% 0.17% 1 753 57; Otherlevels (OLV) AUD 31-Dec-16 0.05 10.1 9.6 3.5 2.7 110% (124%) (14%) 0.02% 37 2; Reffind (RFN) AUD 31-Dec-16 0.06 6.3 4.1 0.7 5.5 3 463% (623%) 2 840% 0.26% 5 565 278; ShareRoot (SRO) AUD 31-Dec-16 0.01 2.6 1.1 0.1 19.1 n/a (7 142%) n/a 0.40% 4 973 30; SmartTrans (SMA) AUD 31-Dec-16 0.01 32.5 29.8 7.5 4.0 (15%) (51%) (66%) 0.14% 8 121 93; Tomizone (TOM) AUD 31-Dec-16 0.03 3.7 7.3 2.2 3.2 (35%) (74%) (110%) 0.05% 53 2; Urbanise.com (UBN) AUD 31-Dec-16 0.10 32.2 29.5 7.5 4.0 (20%) (118%) (138%) 0.07% 225 22; Velpic (VPC) AUD 31-Dec-16 0.02 15.6 10.5 1.8 6.0 n/a (245%) n/a 0.17% 2 544 55; Xref (XF1) AUD 31-Dec-16 0.51 60.4 53.4 1.3 40.6 n/a (205%) n/a 0.05% 129 64; Definitions Units Definitions Units; Company = Company Name and Stock Ticker EV/Rev = Enterprise Value/LTM Revenue Multiple x; Currency = Local Trading Currency $ Rev Grwth = LTM Revenue Growth Rate %; LTM Date = Latest Reported Last Twelve Months (LTM) Results Date EBITDA% = LTM EBITDA Margin %; Price = Share Price in Local Currency $ 40% Rule = LTM Revenue Growth Rate + LTM EBITDA Margin %; Mkt Cap = Market Capitalisation in Local Currency Millions Liquidity = Average % of Shares Traded Daily %; EV = Enterprise Value in Local Currency Millions Volume = Volume of Shares Traded in the Last Week '000s; LTM Rev = Last Twelve Months (LTM) Revenue in Local Currency Millions Value = Value of Shares Traded in the Last Week '000s; 17 March 2017 Millions Last Week; CLARE CAPITAL TECH INSIGHTS