#28

Overview Clare Capital Tech Insights 28A - ASX Revenue Growth Profile (>AUD $100M) - 20170310; Primary Health Care (PRY) EV Data#3 (DTL) EV Seek (SEK) EV; Lin 1 660 EV/Lin 1.5 Exp 1 661 EV/Exp 1.5 Lin 1 086 EV/Lin 0.2 Exp 1 094 EV/Exp 0.2 Lin 1 002 EV/Lin 5.6 Exp 1 006 EV/Exp 5.5; REA Group (REA) EV IRESS (IRE) EV MYOB (MYO) EV; Lin 706 EV/Lin 11.1 Exp 716 EV/Exp 10.9 Lin 415 EV/Lin 5.1 Exp 418 EV/Exp 5.0 Lin 382 EV/Lin 6.8 Exp 384 EV/Exp 6.8; SMS Management (SMX) EV Technology One (TNE) EV Webjet (WEB) EV; Lin 299 EV/Lin 0.4 Exp 300 EV/Exp 0.4 Lin 261 EV/Lin 5.8 Exp 264 EV/Exp 5.8 Lin 193 EV/Lin 5.5 Exp 200 EV/Exp 5.3; 7 819 2 100 2 618; 125 1 519 1 064; In this report we are exploring valuation multiples for ASX Tech companies specifically EV/Revenue multiples. Revenues can either be: Last Twelve Months (LTM) Annualised; Recurring Revenues (ARR) or Next Twelve Months (NTM). Note: ARR is an attempt to bridge the gap between LTM and NTM. If NTM is available then EV/NTM Revenue is the; better valuation metric. Unfortunately NTM is not always readily available as it requires analyst coverage and consensus estimates of future revenues. Using simple maths we have; “created” a NTM for each of the companies covered in this report. We have applied a linear (Lin) and exponential (Exp) trendline based on the last four LTM data points forecasted; out one additional period (NTM). This calculation only includes organic growth and doesn't include growth via acquisitions. Note: vertical axis are different sizes across charts.; 2 558 245 5 570; -; 500; 1000; 1500; 2000; LTM-3 LTM-2 LTM-1 LTM NTM; -; 500; 1000; 1500; LTM-3 LTM-2 LTM-1 LTM NTM; -; 500; 1000; 1500; LTM-3 LTM-2 LTM-1 LTM NTM; -; 200; 400; 600; 800; LTM-3 LTM-2 LTM-1 LTM NTM; -; 200; 400; 600; LTM-3 LTM-2 LTM-1 LTM NTM; -; 200; 400; 600; LTM-3 LTM-2 LTM-1 LTM NTM; -; 100; 200; 300; 400; LTM-3 LTM-2 LTM-1 LTM NTM; -; 100; 200; 300; LTM-3 LTM-2 LTM-1 LTM NTM; -; 100; 200; 300; LTM-3 LTM-2 LTM-1 LTM NTM; CLARE CAPITAL TECH INSIGHTS; Disclaimer & Notes; Lin = Linear revenue growth profile calculated from the previous 4 LTM data points Exp = Exponential revenue growth profile calculated from the previous 4 LTM data points; EV/Lin = Enterprise Value/NTM Revenue for a linear revenue growth profile EV/Exp = Enterprise Value/NTM Revenue for an exponential revenue growth profile; Hansen Tech. (HSN) EV iSentia Group (ISD) EV Rhipe (RHP) EV; Lin 183 EV/Lin 3.3 Exp 192 EV/Exp 3.1 Lin 174 EV/Lin 2.3 Exp 177 EV/Exp 2.2 Lin 163 EV/Lin 0.3 Exp 167 EV/Exp 0.3; Aconex (ACX) EV RXP Services (RXP) EV Wisetech Global (WTC) EV; Lin 165 EV/Lin 4.0 Exp 177 EV/Exp 3.7 Lin 166 EV/Lin 0.7 Exp 180 EV/Exp 0.6 Lin 137 EV/Lin 10.5 Exp 142 EV/Exp 10.1; Grays eCommerce (GEG) EV Appen (APX) EV Nextdc (NXT) EV; Lin 118 EV/Lin 1.1 Exp 118 EV/Exp 1.1 Lin 131 EV/Lin 1.8 Exp 144 EV/Exp 1.6 Lin 119 EV/Lin 8.7 Exp 128 EV/Exp 8.1; 129 237 1 039; 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.; 599 392 48; 656 115 1 444; -; 100; 200; 300; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; LTM-3 LTM-2 LTM-1 LTM NTM; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 28B - ASX Revenue Growth Profile (

#27

Overview Clare Capital Tech Insights 27 - Revenue Growth Profile - 20170303; Xero (XRO) Revenue (NZD M); NZD M NZD MNTM NZD M NTM Multiple; EV LTM Date LTM Linear Exp NTM Date EV/Linear EV/Exp; EROAD (ERD) 118 30-Sep-16 28 32 34 30-Sep-17 3.7 3.5; Finzsoft (FIN) 23 31-Mar-16 18 23 23 31-Mar-17 1.0 1.0; Gentrack (GTK) 233 30-Sep-16 52 56 57 30-Sep-17 4.1 4.1; GeoOp (GEO) 14 30-Jun-16 2 2 2 30-Jun-17 6.6 6.1; ikeGPS (IKE) 17 30-Sep-16 6 9 10 30-Sep-17 1.9 1.8 Trade Me (TME) Revenue (NZD M); Orion Health (OHE) 292 30-Sep-16 209 231 235 30-Sep-17 1.3 1.2; Plexure (PLX) 22 30-Sep-16 6 8 9 30-Sep-17 2.8 2.3; Pushpay (PPH) 472 30-Sep-16 26 31 45 30-Sep-17 15.5 10.5; Rakon (RAK) 66 30-Sep-16 101 91 93 30-Sep-17 0.7 0.7; Serko (SKO) 17 30-Sep-16 14 15 16 30-Sep-17 1.1 1.1; SLI Systems (SLI) 17 31-Dec-16 33 37 37 31-Dec-17 0.5 0.5; SmartPay (SPY) 60 30-Sep-16 21 20 20 30-Sep-17 2.9 2.9; Trade Me (TME) 2 180 31-Dec-16 227 237 238 31-Dec-17 9.2 9.2; Vista (VGL) 431 31-Dec-16 89 100 104 31-Dec-17 4.3 4.1; Wynyard (WYN) 24 30-Jun-16 25 25 25 30-Jun-17 1.0 1.0; Xero (XRO) 2 387 30-Sep-16 251 293 325 30-Sep-17 8.1 7.3 Pushpay (PPH) Revenue (NZD M); Definitions Units; LTM Date = Last Twelve Months Date Date; LTM = Last Twelve Months Revenue Millions; Linear = Linear revenue growth profile calculated from the previous four LTM data points Millions; Exp = Exponential revenue growth profile calculated from the previous four LTM data points Millions; NTM Date = Next Twelve Months Date Date; EV/Linear = Enterprise Value/NTM Revenue for a linear revenue growth profile x; EV/Exp = Enterprise Value/NTM Revenue for an exponential revenue growth profile x; In this report we are exploring valuation multiples again specifically EV/Revenue multiples. Revenues can either be: Last Twelve Months (LTM) Annualised Recurring Revenues; (ARR) or Next Twelve Months (NTM). Note: ARR is an attempt to bridge the gap between LTM and NTM. If NTM is available then EV/NTM Revenue is the better valuation metric.; Unfortunately NTM is not always readily available as it requires analyst coverage and consensus estimates of future; revenues. Using simple maths we have “created” a NTM for each of the companies covered in this report. We have; applied a linear and exponential trendline based on the last four LTM data points forecasted out one additional period; (NTM). This calculation only includes organic growth and doesn't include growth via acquisitions (e.g. GeoOp merging; with InterfaceIT).; 42796; -; 50; 100; 150; 200; 250; 300; 350; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; 200; 250; LTM-3 LTM-2 LTM-1 LTM NTM; -; 10; 20; 30; 40; 50; LTM-3 LTM-2 LTM-1 LTM NTM; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Orion Health (OHE) Revenue (NZD M) Vista (VGL) Revenue (NZD M) Rakon (RAK) Revenue (NZD M); Gentrack (GTK) Revenue (NZD M) SLI Systems (SLI) Revenue (NZD M) EROAD (ERD) Revenue (NZD M); Finzsoft (FIN) Revenue (NZD M) SmartPay (SPY) Revenue (NZD M) Serko (SKO) Revenue (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 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; LTM-3 LTM-2 LTM-1 LTM NTM; -; 20; 40; 60; 80; 100; 120; LTM-3 LTM-2 LTM-1 LTM NTM; -; 10; 20; 30; 40; LTM-3 LTM-2 LTM-1 LTM NTM; -; 5; 10; 15; 20; 25; LTM-3 LTM-2 LTM-1 LTM NTM; -; 5; 10; 15; 20; 25; LTM-3 LTM-2 LTM-1 LTM NTM; -; 10; 20; 30; 40; LTM-3 LTM-2 LTM-1 LTM NTM; -; 50; 100; 150; LTM-3 LTM-2 LTM-1 LTM NTM; -; 10; 20; 30; 40; 50; 60; 70; LTM-3 LTM-2 LTM-1 LTM NTM; -; 5; 10; 15; 20; LTM-3 LTM-2 LTM-1 LTM NTM; CLARE CAPITAL TECH INSIGHTS

#26

Overview Clare Capital Tech Insights 26 - SaaS Revenue & Growth Rates - 20170224; LTM Revenue (USD M); Notes; LTM Revenue (USD M) Units USD <25M USD 25-70M USD 70-125M USD 125-200M USD 200-300M USD 300-500M USD >500M; LTM Revenue NZD NZD <35M NZD 35-100M NZD 100-175M NZD 175-280M NZD 280-420M NZD 420-700M NZD >700M; Count # 15 14 15 16 17 17 18; Annual Revenue Growth % 43% 9% 14% 25% 19% 23% 23%; MoM Revenue Growth % 3.0% 0.7% 1.1% 1.9% 1.5% 1.8% 1.7%; EV/LTM Revenue x 3.6 2.6 3.9 4.0 4.9 6.7 6.5; EBITDA Margin % (89%) 13% (5%) (11%) 0% 9% 14%; Revenue per Employee USD 136 568 180 637 192 208 191 002 208 259 278 395 279 947; 40% Rule % 9% 25% 16% 18% 27% 27% 32%; Cash Burn Margin % (43%) 9% 2% (1%) 7% 19% 23%; Revenue/Used Capital USD 0.4 0.8 0.5 0.7 0.6 0.7 1.7; This report looks at a series of metrics split by size (LTM [Last Twelve Months] Revenue) and growth (Annual Revenue Growth Rate) by 'buckets' From our SaaS database we have; removed any company with less than USD $1 million in revenue and growing less than <1%. Each 'bucket' contains 14-18 SaaS companies.; 1. The table at the; bottom outlines the; median value for each; metric at each 'bucket'.; 2. MoM (month-onmonth); Growth uses the; compound annual growth; rate formula.; 3. 40% Rule = Annual; Revenue Growth +; EBITDA Margin; 4. Revenue/Used Capital; is a metric used to; determine how much; revenue is generated in; USD millions based on; USD $1M in Used Capital.; -; 2; 4; 6; 8; 10; 12; 14; USD <25M USD 25-70M USD 70-125M USD 125-200M USD 200-300M USD 300-500M USD >500M; EV/LTM Revenue; LTM Revenue (USD M); Lower Quartile (25-50%) Upper Quartile (50-75%); CLARE CAPITAL TECH INSIGHTS; Disclaimer; Annual Revenue Growth; Notes; Annual Revenue Growth Units <5% 5-10% 10-17.5% 17.5-22.5% 22.5-27.5% 27.5-45% >45%; MoM Revenue Growth % <0.4% 0.4-0.8% 0.8-1.4% 1.4-1.7% 1.7-2% 2-3.1% >3.1%; Count # 14 15 17 14 16 18 18; LTM Revenue USD M 180 73 117 216 208 175 196; LTM Revenue NZD M 250 100 165 300 290 245 275; EV/LTM Revenue x 2.6 2.9 4.0 5.1 5.7 7.5 7.6; EBITDA Margin % 4% 13% 12% 13% (0%) (12%) (34%); Revenue per Employee USD 215 098 191 951 180 637 248 142 276 346 158 850 204 613; 40% Rule % 8% 18% 27% 32% 26% 26% 35%; Cash Burn Margin % 4% 2% 17% 12% 9% 4% (4%); Revenue/Used Capital USD 0.6 0.4 0.8 0.7 0.8 0.6 0.5; 1. The table at the; bottom outlines the; median value for each; metric at each 'bucket'.; 2. MoM (month-onmonth); Growth uses the; compound annual growth; rate formula.; 3. 40% Rule = Annual; Revenue Growth +; EBITDA Margin; 4. Revenue/Used Capital; is a metric used to; determine how much; revenue is generated in; USD millions based on; USD $1M in Used Capital.; 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.; -; 2; 4; 6; 8; 10; 12; 14; <5% 5-10% 10-17.5% 17.5-22.5% 22.5-27.5% 27.5-45% >45%; EV/LTM Revenue; Annual Revenue Growth; Lower Quartile (25-50%) Upper Quartile (50-75%); CLARE CAPITAL TECH INSIGHTS

#25

Overview Clare Capital Tech Insights 25 - Top SaaS Companies by Revenue - 20170217; Figure 1: US - Top SaaS Companies by Revenue Table 1: US - Top SaaS Companies by Revenue (USD); Name Ticker Country Exchange EV (M) Rev. (M) EBITDA % EV/Rev Rev/Emp 40% Rule; Salesforce CRM-US US NYSE 58 075 7 907 13% 7.3 416 179 32%; Workday WDAY-US US NYSE 16 388 1 456 (16%) 11.3 279 947 9%; ServiceNow NOW-US US NYSE 15 004 1 391 (5%) 10.8 348 412 33%; Athenahealth ATHN-US US NASDAQ 4 845 1 083 16% 4.5 204 128 33%; Acxiom Corp. ACXM-US US NASDAQ 2 372 880 13% 2.7 253 247 13%; Splunk SPLK-US US NASDAQ 7 706 864 (37%) 8.9 411 199 (8%); Tableau Software DATA-US US NYSE 3 247 827 (12%) 3.9 254 601 15%; Ultimate Software UTLI-US US NASDAQ 5 647 781 9% 7.2 236 755 35%; CSG Systems CSGS-US US NASDAQ 1 423 761 23% 1.9 232 212 24%; Tyler Technologies TYL-US US NYSE 5 616 756 24% 7.4 293 837 52%; Median 5 631 872 11% 7.3 267 274 28%; Rev. = LTM (Last Twelve Months) Revenue; Figure 2: RoW - Top SaaS Companies by Revenue Table 2: RoW - Top SaaS Companies by Revenue (USD); Name Ticker Country Exchange EV (M) Rev. (M) EBITDA % EV/Rev Rev/Emp 40% Rule; NICE NICE-IL Israel Tel Aviv 4 457 1 022 21% 4.4 247 845 29%; Atlassian TEAM-US Australia NASDAQ 5 854 531 1% 11.0 301 833 68%; Shopify SHOP-US Canada NYSE 5 119 389 (6%) 13.2 204 613 84%; Wix WIX-US Israel NASDAQ 2 539 290 (13%) 8.8 207 216 29%; Descartes Systems DSG-CA Canada Toronto 1 586 200 33% 7.9 200 161 43%; Xero XRO-NZ NZ NZX 1 786 179 (21%) 10.0 123 287 34%; Mimecast MIME-US UK NASDAQ 977 171 (1%) 5.7 243 286 26%; Basware BAS1V-FI Finland OMX 564 158 (3%) 3.6 112 855 0%; iSentia ISD-AU Australia ASX 459 117 32% 3.9 89 628 42%; MiX Telematics MIXT-US Sth Africa NYSE 149 106 18% 1.4 97 151 12%; Median 1 686 190 0% 6.8 202 387 32%; Rev. = LTM (Last Twelve Months) Revenue; Disclaimer; This report provides details on some of the top listed SaaS companies by revenue for both the US and Rest of the World (RoW). Note: there will be exchange rate movements.; 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.; NICE; TEAM; SHOP; WIX; DSG; XRO; MIME; BAS1V; ISD; MIXT; -; 2; 4; 6; 8; 10; 12; 14; 16; (25%) - 25% 50% 75% 100%; EV/LTM Revenue; Revenue Growth; CRM; WDAY; NOW; ACXM ATHN; SPLK; DATA; UTLI; CSGS; TYL; -; 2; 4; 6; 8; 10; 12; 14; (10%) - 10% 20% 30% 40% 50%; EV/LTM Revenue; Revenue Growth; CLARE CAPITAL TECH INSIGHTS; US - Top 10 SaaS Companies by Revenue RoW - Top 10 SaaS Companies by Revenue; Note; Not all companies listed here are 100% SaaS (i.e. all revenues are recurring from a SaaS business model) but all generate a significant proportion of their sales from SaaS revenue.; CSG Systems provides business support solutions primarily to the; telecommunications industry.; Ultimate Software Group develops and provides web-based; payroll and workforce management software solutions.; Tableau Software provides interactive data visualization products; focused on business intelligence.; Splunk is the leading platform for real-time operational; intelligence.; Acxiom Corporation provides data processing and information; technology services to marketers.; Athenahealth is a leading provider of cloud-based services for; medical practices and health systems.; ServiceNow provides service management solutions for IT ; human resources facilities and field services.; Workday offers enterprise-level software solutions for human; resource and financial management.; Salesforce is a leading cloud-based customer relationship; management company.; Descartes Systems specialises in supply chain management; software and logistics solutions.; NICE provides software solutions to improve customer; experience ensure compliance & fight financial crime.; Atlassian develops products for software developers project; managers and content management.; Shopify develops e-commerce computer software for online; stores and retail point-of-sale systems.; Wix.com is a cloud-based web development platform.; Xero provides online accounting solutions.; Mimecast specialises in cloud-based email management.; Basware provides purchase-to-pay and e-invoicing software; solutions.; iSentia provides simple software to monitor engage with and; track your social media influencers.; MiX Telematics offers fleet management driver safety and; vehicle tracking solutions.; Tyler Technologies provides integrated technology and; management services for the public sector & local governments.; CLARE CAPITAL TECH INSIGHTS

#24

Overview Clare Capital Tech Insights 24 - NZX & ASX Tech % of Revenue: Domestic v International - 20170210; Share Price Movements NZD Millions Figure 1: NZX Tech % of Revenue: Domestic v International; 10 February 2017 Price 1WeekΔ 1YearΔ Volume Value Mkt Cap; EROAD (ERD)  1.84 2% (6%) 74 133 111; Finzsoft (FIN)  2.50 - 6% - - 22; Gentrack (GTK)  3.24 5% 44% 176 552 236; GeoOp (GEO)  0.18 - (53%) 13 2 13; ikeGPS (IKE)  0.35 6% (50%) 148 50 22; Orion Health (OHE)  2.00 - (28%) 244 486 320; Plexure (PLX)  0.27 - (29%) 77 20 25; Pushpay (PPH)  1.72 2% (8%) 553 930 431; Rakon (RAK)  0.22 (2%) (12%) 101 22 42; Serko (SKO)  0.33 - (57%) 84 28 24; SLI Systems (SLI)  0.41 (6%) (42%) 81 34 26; SmartPay (SPY)  0.21 14% 91% 360 72 36; Trade Me (TME)  5.14 (0%) 32% 5 601 28 260 2 041; Vista (VGL)  5.64 (1%) 20% 77 438 462; Wynyard (WYN)  n/a n/a n/a - - 39; Xero (XRO)  19.08 (1%) 31% 521 9 955 2 626; Figure 2: Selected ASX Tech % of Revenue: Domestic v International; This report compares domestic versus international revenue for NZX and ASX Tech companies based on their last financial year's annual report using FactSet's data and algorithms.; Traded ('000s); -; 0.2; 0.4; 0.6; 0.8; 1; 1ST ACX APX BPS CAR COO DTL FLN GEG GLH HSN IRE IRI ISD MBE MDG MOQ MYO PPS PRO PRY REA RFL RKN SPZ TCH TNE UBN WEB; % of Domestic Revenue (AU) % of International Revenue; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ERD FIN GTK OHE PLX PPH RAK SKO SLI SPY TME VGL WYN XRO; % of Domestic Revenue (NZ) % of International Revenue; CLARE CAPITAL TECH INSIGHTS; LFY NZD M Multiple NZD M Selected ASX Metrics LFY AUD M Multiple AUD M; Date EV EV/Rev LFY Rev Domestic Intl 10 February 2017 Date EV EV/Rev LFY Rev Domestic Intl; EROAD (ERD) Mar-16 102 4.0 25 90% 10% 1st Available (1ST) Jun-16 5 2.4 2 100% -; Finzsoft (FIN) Mar-16 23 1.3 18 52% 48% 8Common (8CO) Jun-16 7 1.9 4 n/a n/a; Gentrack (GTK) Sep-16 217 4.2 52 48% 52% Aconex (ACX) Jun-16 654 5.3 123 38% 62%; GeoOp (GEO) Jun-16 15 7.6 2 n/a n/a Altium (ALU) Jun-16 1 021 7.9 129 n/a n/a; ikeGPS (IKE) Mar-16 15 1.8 9 n/a n/a Appen (APX) Dec-15 258 3.1 83 33% 67%; Orion Health (OHE) Mar-16 296 1.4 207 3% 97% BPS Tech. (BPS) Jun-16 92 1.8 50 62% 38%; Plexure (PLX) Mar-16 23 4.2 5 6% 94% Carsales.com (CAR) Jun-16 2 843 8.3 344 99% 1%; Pushpay (PPH) Mar-16 429 29.1 15 - 100% Corum Group (COO) Jun-16 4 0.3 16 100% -; Rakon (RAK) Mar-16 61 0.5 113 66% 34% Data#3 (DTL) Jun-16 161 0.2 981 100% -; Serko (SKO) Mar-16 20 1.5 13 5% 95% Freelancer (FLN) Dec-15 381 10.0 38 100% -; SLI Systems (SLI) Jun-16 19 0.5 35 3% 97% Grays eCommerce (GEG) Jun-16 158 1.0 155 100% -; SmartPay (SPY) Mar-16 61 3.0 20 90% 10% Global Health (GLH) Jun-16 14 2.4 6 99% 1%; Trade Me (TME) Jun-16 2 143 9.8 218 97% 3% Hansen Tech. (HSN) Jun-16 684 4.6 149 28% 72%; Vista (VGL) Dec-15 454 6.9 65 29% 71% IRESS (IRE) Dec-15 2 051 5.7 361 52% 48%; Wynyard (WYN) Dec-15 24 1.0 25 48% 52% Integrated Research (IRI) Jun-16 488 5.8 85 12% 88%; Xero (XRO) Mar-16 2 487 12.0 207 23% 77% iSentia Group (ISD) Jun-16 590 3.8 156 76% 24%; Average 399 5.6 64 40% 60% JCurve Solutions (JCS) Jun-16 3 0.3 9 n/a n/a; Weighted Average 1 773 10.8 173 48% 51% Mobile Embrace (MBE) Jun-16 18 0.3 61 83% 17%; Medtech Global (MDG) Mar-16 n/a n/a 20 13% 87%; Disclaimer migme (MIG) Dec-15 13 1.1 12 n/a n/a; MOQ (MOQ) Jun-16 51 1.5 34 100% -; MYOB (MYO) Dec-15 2 560 7.8 328 83% 17%; Praemium (PPS) Jun-16 167 5.9 28 71% 29%; Prophecy Intl. (PRO) Jun-16 58 4.0 15 29% 71%; Primary Health Care (PRY) Jun-16 2 881 1.8 1 637 100% -; REA Group (REA) Jun-16 7 412 11.8 630 88% 12%; Definitions Units Rubik Financial (RFL) Jun-16 44 1.0 43 95% 5%; LFY = Last Financial Year Reckon (RKN) Dec-15 250 2.4 105 73% 27%; Date = Date of LFY Smart Parking (SPZ) Jun-16 106 3.4 32 4% 96%; EV = Enterprise Value Millions Touchcorp (TCH) Dec-15 135 3.2 42 5% 95%; EV/Rev = EV/LFY Revenue Multiple x Technology One (TNE) Sep-16 1 537 6.3 246 89% 11%; LFY Rev = LFY Revenue Millions Urbanise.com (UBN) Jun-16 38 4.6 8 100% -; Domestic = Domestic sales as a % of LFY's revenue % Webjet (WEB) Jun-16 1 087 7.1 152 64% 36%; Intl = International sales as a % of LFY's revenue % Wisetech Global (WTC) Jun-16 1 433 13.9 103 n/a n/a; The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report.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 from a qualified professional.; NZX Metrics % of LFY Revenue % of LFY Revenue; 42776; CLARE CAPITAL TECH INSIGHTS

#23

Overview Clare Capital Tech Insights 23 - NZX & ASX 2016 Share Price Returns - 20170203; Share Price Movements NZD Millions Figure 1: NZX Share Price Returns for 2016 (Sum of all daily trading returns); 03 February 2017 Price 1WeekΔ 1YearΔ Volume Value Mkt Cap; EROAD (ERD)  1.80 - (8%) 114 205 108; Finzsoft (FIN)  2.50 - 4% - - 22; Gentrack (GTK)  3.10 (6%) 34% 879 2 894 225; GeoOp (GEO)  0.18 - (55%) 3 1 13; ikeGPS (IKE)  0.33 (6%) (53%) 102 33 21; Orion Health (OHE)  2.00 1% (34%) 226 452 320; Plexure (PLX)  0.27 (7%) (37%) 60 17 25; Pushpay (PPH)  1.68 10% (9%) 2 022 3 126 421; Rakon (RAK)  0.23 7% (10%) 190 42 43; Serko (SKO)  0.33 - (60%) 15 5 24; SLI Systems (SLI)  0.44 (3%) (40%) 44 19 27; SmartPay (SPY)  0.19 9% 68% 246 45 32; Trade Me (TME)  5.16 3% 30% 4 799 24 361 2 049; Vista (VGL)  5.70 2% 13% 393 2 201 467; Wynyard (WYN)  n/a n/a n/a - - 39; Xero (XRO)  19.30 1% 19% 321 6 117 2 656; Figure 2: Selected ASX Share Price Returns for 2016 (Sum of all daily trading returns); This report compares the 2016 annual return for NZ Tech vs ASX Tech companies. Note: we have not taken into account any dividends paid by a company.; Traded ('000s); -2; -1.5; -1; -0.5; -; 0.5; 1; ERD FIN GTK GEO IKE OHE PLX PPH RAK SKO SLI SPY TME VGL WYNXRO; 5 out of 16 NZX tech companies have positive returns = 32%; -2; -1.5; -1; -0.5; -; 0.5; 1; 1.5; 1ST 8CO ACX ALU APX BPS CAR COO DTL FLN GEG GLH HSN IRE IRI ISD JCS MBE MDG MIG MOQ MYO PPS PRO PRY REA RFL RKN SPZ TCH TNE UBN WEB WTC; 20 out of 34 ASX tech companies have positive returns = 59%; CLARE CAPITAL TECH INSIGHTS; Traded Selected ASX Metrics Traded; EV (M) Price EV/AR Ann.$M Return Risk Sharpe 03 February 2017 EV (M) Price EV/AR Ann.$M Return Risk Sharpe; EROAD (ERD) 100 1.80 3.3 25 (28%) 43% (0.7) 1st Available (1ST) 4 0.05 1.9 2 5% 80% 0.0; Finzsoft (FIN) 23 2.50 1.3 0 8% 45% 0.1 8Common (8CO) 7 0.11 1.9 0 (41%) 70% (0.6); Gentrack (GTK) 207 3.10 3.5 86 37% 28% 1.2 Aconex (ACX) 561 3.08 4.5 1 688 11% 52% 0.2; GeoOp (GEO) 15 0.18 3.2 1 (44%) 84% (0.6) Altium (ALU) 1 027 8.28 8.0 943 62% 38% 1.6; ikeGPS (IKE) 14 0.33 3.5 6 (42%) 59% (0.8) Appen (APX) 257 2.78 2.6 197 65% 47% 1.3; Orion Health (OHE) 296 2.00 1.4 75 (37%) 46% (0.9) BPS Tech. (BPS) 92 0.92 1.8 23 (11%) 45% (0.3); Plexure (PLX) 23 0.27 2.2 4 (2%) 79% (0.1) Carsales.com (CAR) 2 680 10.28 7.8 2 786 (0%) 23% (0.1); Pushpay (PPH) 419 1.68 7.2 34 (10%) 50% (0.2) Corum Group (COO) 4 0.06 0.3 1 (55%) 53% (1.1); Rakon (RAK) 62 0.23 0.7 4 (12%) 65% (0.2) Data#3 (DTL) 166 1.74 0.2 61 46% 43% 1.0; Serko (SKO) 20 0.33 1.4 1 (91%) 67% (1.4) Freelancer (FLN) 430 1.01 9.0 55 (49%) 45% (1.1); SLI Systems (SLI) 20 0.44 0.7 9 (40%) 55% (0.8) Grays eCommerce (GEG) 160 1.26 1.0 65 (6%) 35% (0.2); SmartPay (SPY) 57 0.19 2.6 2 54% 76% 0.7 Global Health (GLH) 13 0.39 2.3 2 101% 80% 1.2; Trade Me (TME) 2 151 5.16 9.9 1 333 21% 26% 0.7 Hansen Tech. (HSN) 677 3.89 4.5 366 20% 38% 0.5; Vista (VGL) 459 5.70 5.8 287 0% 25% (0.1) IRESS (IRE) 2 037 11.07 5.3 1 157 21% 28% 0.7; Wynyard (WYN) 24 n/a 0.9 23 (187%) 65% (2.9) Integrated Research (IRI) 506 3.02 6.0 56 32% 38% 0.8; Xero (XRO) 2 517 19.30 8.3 522 (7%) 33% (0.3) iSentia Group (ISD) 562 2.57 3.6 1 000 (38%) 51% (0.8); JCurve Solutions (JCS) 3 0.02 0.3 17 113% 159% 0.7; Disclaimer Mobile Embrace (MBE) 48 0.14 0.8 85 (61%) 75% (0.8); Medtech Global (MDG) 5 0.05 0.2 0 73% 119% 0.6; migme (MIG) 13 0.04 0.5 11 (168%) 114% (1.5); MOQ (MOQ) 53 0.35 1.6 4 22% 68% 0.3; MYOB (MYO) 2 481 3.47 7.2 869 15% 27% 0.5; Praemium (PPS) 165 0.44 5.8 85 59% 51% 1.1; Prophecy Intl. (PRO) 57 0.92 3.9 33 (84%) 62% (1.4); Primary Health Care (PRY) 2 797 3.80 1.7 2 569 62% 37% 1.6; Definitions Units REA Group (REA) 7 309 52.69 11.6 4 394 3% 24% 0.0; EV (M) = Enterprise Value as at 03 February 2017 Millions Rubik Financial (RFL) 40 0.09 0.9 5 (26%) 70% (0.4); Price = Share Price as at 03 February 2017 $ Reckon (RKN) 247 1.72 2.3 97 (34%) 38% (1.0); EV/AR = EV/Annualised Revenue Multiple x Smart Parking (SPZ) 106 0.31 3.4 14 39% 68% 0.5; Ann.$M= Annual value of shares traded in 2016 Millions Touchcorp (TCH) 134 1.05 2.9 146 (64%) 59% (1.1); Return = Annualised average return % Technology One (TNE) 1 503 5.06 5.1 752 17% 29% 0.5; Risk = Annualised standard deviation of share price returns % Urbanise.com (UBN) 30 0.13 3.6 13 (109%) 83% (1.3); Sharpe = Sharpe Ratio: (Average Return-Risk Free Rate)/Standard Deviation x Webjet (WEB) 1 079 11.42 7.1 768 77% 45% 1.7; = Grey area shows companies with greater than 50% annual return Wisetech Global (WTC) 1 419 5.24 13.8 230 41% 28% 1.4; The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report. Exchange rate movements will apply when; converting AUD to NZD. 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 from a qualified professional.; NZX Metrics NZD AUD; 42769; CLARE CAPITAL TECH INSIGHTS

#22

Overview Clare Capital Tech Insights 22 - EV/AR Multiple v 40% Rule - 20170124; Figure 1: EV/AR Multiple v 40% Rule - Population Profile Figure 2: EV/AR Multiple v 40% Rule - Specific companies relative to peers; Methodology; The model used to predict EV/AR multiples using a company's 40% Rule is based on the following formula with a ± 25% margin:; x o = the x-value of the midpoint L = the curve's maximum value k = the steepness of the curve; Listed companies are often analysed using a P/E (Price to Earnings) ratio. This doesn't work for high-growth tech companies. For these companies there has been a tendancy to; look at valuation multiples soley based on growth. Ultimately (in our view) this doesn't work either because it penalises for focusing on profits.; This week we have expanded on the "40% Rule" asking the question: Is there a relationship between Revenue Multiple (EV/AR) and a company's 40% Metric? The answer is not; really. But we found a very strong relationship when the 40% Metric employed EBIT instead of EBITDA - an important distinction as in a proxy way it accounts for developmental; investment (via D&A). With this relationship established we developed a profile comparing a company's EV/Rev multiple relative to their peers relative to their 40% Metric.; The chart on the left shows the relationship based on 150+ listed tech companies. The chart on the right looks at NZ (black) and a sample of Aus-listed (green) tech companies and; how their EV/Rev multiples stack up against the population i.e. High means the multiple is high relative to peers. Importantly this doesn't take into account size - we have noticed; that a lot of the outliers are often the larger companies.; High; Low; -; 2; 4; 6; 8; 10; 12; 14; (20%) (10%) - 10% 20% 30% 40% 50% 60% 70%; EV/AR Multiple; 40% Rule - (Rev. Growth + EBIT Margin); -2; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; (20%) (10%) 0% 10% 20% 30% 40% 50% 60%; EV/AR Multiple; 40% Rule - (Rev. Growth + EBIT Margin); 𝑓 𝑥 =; 𝐿; 1+𝑒−𝑘(𝑥−𝑥𝑜) ± 25%; CLARE CAPITAL TECH INSIGHTS; NZX Metrics ASX Metrics; Ticker EV AR Actual Expect. Rank YrΔ EM% 40% Ticker EV AR Actual Expect. Rank YrΔ EM% 40%; EROAD (ERD) 94 30 3.1 4.6 Low 32% (9%) 23% 1st Available (1ST) 5 2 2.3 n/a Low 582% (233%) 349%; Finzsoft (FIN) 22 18 1.3 0.9 High (21%) 3% (19%) 8Common (8CO) 7 4 1.9 0.3 High (4%) (35%) (40%); Gentrack (GTK) 225 58 3.9 8.1 Low 25% 25% 50% Aconex (ACX) 1 054 123 8.5 5.3 High 23% 5% 28%; GeoOp (GEO) 15 5 3.2 n/a High 99% (215%) (116%) Altium (ALU) 993 129 7.7 7.0 Med 13% 28% 41%; ikeGPS (IKE) 14 4 3.6 n/a High - (178%) (178%) Appen (APX) 269 100 2.7 6.6 Low 21% 17% 38%; Orion Health (OHE) 292 208 1.4 1.5 Med 13% (20%) (7%) BPS Tech. (BPS) 95 50 1.9 4.8 Low 4% 21% 25%; Plexure (PLX) 25 10 2.4 n/a High 43% (127%) (84%) Carsales.com (CAR) 2 748 344 8.0 8.3 Med 5% 47% 52%; Pushpay (PPH) 399 58 6.9 8.5 Med 169% (115%) 54% Corum Group (COO) 5 16 0.3 1.6 Low (10%) 4% (6%); Rakon (RAK) 57 92 0.6 0.7 Med (21%) (4%) (25%) Data#3 (DTL) 169 981 0.2 2.8 Low 7% 2% 8%; Serko (SKO) 18 14 1.3 0.6 High 14% (42%) (27%) Freelancer (FLN) 501 48 10.5 4.0 High 25% (6%) 19%; SLI Systems (SLI) 22 31 0.7 2.7 Low 9% (2%) 7% Grays eCommerce (GEG) 153 155 1.0 0.8 High (8%) (14%) (22%); SmartPay (SPY) 54 21 2.5 3.7 Low 4% 12% 17% Global Health (GLH) 14 6 2.5 7.9 Low 35% 13% 49%; Trade Me (TME) 2 068 218 9.5 9.1 Med 5% 57% 61% Hansen Tech. (HSN) 671 149 4.5 6.6 Low 14% 24% 38%; Vista (VGL) 431 79 5.5 6.7 Med 21% 18% 39% IRESS (IRE) 2 102 383 5.5 5.4 Med 6% 24% 29%; Wynyard (WYN) 24 25 0.9 n/a High 2% (233%) (231%) Integrated Research (IRI) 484 85 5.7 6.1 Med 11% 24% 35%; Xero (XRO) 2 448 303 8.1 4.2 High 55% (34%) 21% iSentia Group (ISD) 578 156 3.7 6.0 Low 11% 23% 34%; Note: companies with n/a in the Expect. column fall outside of the range. JCurve Solutions (JCS) 3 9 0.3 1.4 Low (7%) (2%) (9%); Mobile Embrace (MBE) 57 61 0.9 7.1 Low 30% 12% 42%; Disclaimer Medtech Global (MDG) 10 22 0.5 2.8 Low 21% (12%) 8%; migme (MIG) 16 24 0.7 1.6 Low 98% (103%) (6%); MOQ (MOQ) 53 34 1.6 9.8 Low 70% 1% 71%; MYOB (MYO) 2 535 345 7.3 5.4 High 5% 24% 29%; Praemium (PPS) 172 28 6.1 3.4 High 11% 3% 14%; Prophecy Intl. (PRO) 59 15 4.1 5.9 Low 8% 25% 33%; Primary Health Care (PRY) 2 766 1 637 1.7 2.9 Low (1%) 10% 10%; Definitions Units REA Group (REA) 7 485 630 11.9 8.9 High 9% 49% 59%; EV = Enterprise Value Millions Rubik Financial (RFL) 42 43 1.0 2.4 Low 8% (4%) 5%; AR = Annualised Revenue Millions Reckon (RKN) 238 108 2.2 4.0 Low 3% 16% 19%; Actual = EV/Annualised Revenue Multiple x Smart Parking (SPZ) 103 32 3.2 2.8 Med 11% (3%) 9%; Expect. = Expected EV/Annualised Revenue Multiple based on CCL's model x Touchcorp (TCH) 138 46 3.0 7.8 Low 9% 39% 48%; Rank = How a company's EV/AR multiple ranks relative to its peers # Technology One (TNE) 1 641 293 5.6 6.5 Med 17% 21% 37%; YrΔ = Last Twelve Months (LTM) Revenue Growth Rate % Urbanise.com (UBN) 34 8 4.1 n/a High (11%) (137%) (148%); EM% = LTM EBIT Margin % Webjet (WEB) 1 005 152 6.6 5.9 Med 14% 19% 33%; 40% = 40% Rule: LTM Revenue Growth + LTM EBIT Margin % Wisetech Global (WTC) 1 422 103 13.8 5.9 High 12% 21% 33%; EV/AR; The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report. 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 from a qualified; NZD EV/AR AUD; CLARE CAPITAL TECH INSIGHTS

#21

Overview Clare Capital Tech Insights 21 - NZX & ASX Tech EVAR v 1Y% v EV - 20161209; Figure 1: NZX Tech - EV/AR vs AR Growth as at 22 July 2016 Figure 2: NZX Tech - EV/AR vs AR Growth as at 09 December 2016; Valuation Metrics (Average EV/AR is 4.7) as at 22 July 2016 Valuation Metrics (Average EV/AR is 3.5) as at 09 December 2016; TCKR Price EV EV/AR YrΔ AR TCKR Price EV EV/AR YrΔ AR TCKR Price EV EV/AR YrΔ AR TCKR Price EV EV/AR YrΔ AR; ERD 2.05 111 4.0 44% RAK 0.23 56 0.5 (22%) ERD 1.70 94 3.1 23% RAK 0.18 54 0.6 (21%); FIN 2.30 21 1.5 (12%) SKO 0.75 48 3.6 20% FIN 2.50 23 1.3 (18%) SKO 0.30 18 1.3 9%; GTK 2.97 204 4.4 14% SLI 0.80 44 1.2 23% GTK 3.64 246 4.2 25% SLI 0.47 22 0.7 (10%); GEO 0.28 11 2.6 204% SPY 0.23 63 3.0 - GEO 0.18 14 3.2 249% SPY 0.17 54 2.5 8%; IKE 0.65 27 3.2 118% TME 5.23 2 195 10.4 9% IKE 0.37 16 4.1 (54%) TME 4.82 2 016 9.0 9%; OHE 4.82 713 3.4 26% VGL 6.05 463 6.1 28% OHE 1.96 289 1.4 2% VGL 5.80 457 5.6 49%; PLX 0.34 28 5.3 70% WYN 0.62 96 3.9 (20%) PLX 0.23 19 3.1 40% WYN 0.22 24 0.9 4%; PPH 2.30 520 13.4 330% XRO 19.14 2 438 9.5 62% PPH 1.45 362 7.5 244% XRO 17.40 2 254 7.4 39%; The two charts show the before and after shots of the NZX and selected ASX Tech sector between our first Tech Insights (22 July 2016) and this our last Tech Inisghts for 2016 - a; difference of 20 weeks. Size of the bubble represents Enterprise Value. The bubble colour represents the "40% Rule" where the green bubbles show companies with a value greater; than 40% when Revenue Growth Rate + EBITDA margin are added together; orange is between 20-40% and red is less than 20%. Arrows show the direction of movement.; ERD; FIN; GTK; IKE GEO; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; -; 2; 4; 6; 8; 10; 12; 14; 16; (100%) - 100% 200% 300% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise; Value (NZD M); ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK SKO; SLI; SPY; TME; VGL; WYN; XRO; -; 2; 4; 6; 8; 10; 12; 14; 16; (100%) - 100% 200% 300% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise; Value (NZD M); CLARE CAPITAL TECH INSIGHTS; Figure 3: Selected ASX Tech - EV/AR vs AR Growth as at 22 July 2016 Figure 4: Selected ASX Tech - EV/AR vs AR Growth as at 09 December 2016; Stock Tickers and Company Names Disclaimer; 8CO = 8Common MBE = Mobile Embrace; ACX = Aconex MDG = Medtech Global; ALU = Altium MYO = MYOB; APX = Appen PPS = Praemium; BPS = BPS Tech. PRO = Prophecy Intl.; CAR = Carsales.com PRY = Primary Health Care; COO = Corum Group REA = REA Group; DTL = Data#3 RFL = Rubik Financial; FLN = Freelancer RKN = Reckon Clare Capital; GEG = Grays eCommerce SPZ = Smart Parking Mark Clare mark.clare@clarecapital.co.nz; GLH = Global Health TCH = Touchcorp; HSN = Hansen Tech. TNE = Technology One; IRE = IRESS UBN = Urbanise.com; IRI = Integrated Research WEB = Webjet; ISD = iSentia Group WTC = Wisetech Global; The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This document is intended as; analysis – not financial advice. If you are making investment decisions you should seek; appropriate personalised financial advice from a qualified professional.; Clare Capital is a corporate finance advisory firm built on a base of structured; fundamental analysis. We provide creative solutions for both origination and analysis; mandates. We have a strong track record for the successful execution of commercial; transactions.; 8CO; ACX; ALU; APX; BPS; CAR; COO; DTL; FLN; GEG; GLH; HSN; IRE; IRI; ISD; MDG MBE; MYO; PPS; PRO; PRY; REA; RFL; RKN SPZ; TCH; TNE; UBN; WEB; WTC; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise; Value (AUD M); 8CO; ACX; ALU; APX; BPS; CAR; COO DTL; FLN; GEG; GLH; HSN; IRE; IRI; ISD; MBE; MDG; MYO; PPS; PRO; PRY; REA; RFL; RKN; SPZ; TCH; TNE; UBN; WEB; WTC; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise; Value (AUD M); CLARE CAPITAL TECH INSIGHTS

#20

Overview Clare Capital Tech Insights 20 - NZX Tech Benchmarking - 20161202; Share Price Movements and Valuation Metrics as at 02 December 2016 NZX Tech against 40 000+ Global Publicly-listed Companies; Company (Ticker) Δ Price 1WeekΔ 1YearΔ Volume Value Mkt Cap; EROAD (ERD)  1.75 (1%) (26%) 153 273 105; Finzsoft (FIN)  2.50 - (17%) - - 22; Gentrack (GTK)  3.53 1% 50% 785 2 770 257; GeoOp (GEO)  0.18 - (55%) 218 39 13; ikeGPS (IKE)  0.40 - (43%) 115 45 26; Orion Health (OHE)  1.76 (30%) (48%) 3 033 5 926 281; Plexure (PLX)  0.20 (19%) (38%) 300 72 18; Pushpay (PPH)  1.61 (11%) (17%) 285 500 403; Rakon (RAK)  0.19 3% (21%) 265 49 36; Serko (SKO)  0.35 - (56%) 128 45 26; SLI Systems (SLI)  0.47 4% (41%) 198 92 29; SmartPay (SPY)  0.17 6% 13% 339 56 29; Trade Me (TME)  4.87 (0%) 22% 7 528 36 638 1 934; Vista (VGL)  6.00 (0%) 6% 370 2 221 482; Wynyard (WYN)  0.22 - (88%) - - 39; Xero (XRO)  17.59 (3%) (7%) 557 9 943 2 419; Simple Average  (3%) (23%) 892 3 667 382; Total 14 271 58 668 6 119; Weighted Average (3%) 1% 2 829 16 114 1 659; Definitions Units; Price = Share Price NZD; 1WeekΔ = 1 Week Share Price Change %; 1YearΔ = 1 Year Share Price Change %; Volume = Volume of Shares Traded (Last Week) '000s; Value = Value of Shares Traded (Last Week) NZD '000s; Mkt Cap = Market Capitalisation NZD millions; In previous reports we have compared company metrics (e.g. 40% Rule) for the NZX tech sector and more recently selected ASX tech companies. But how do these companies; fare on the world stage? This report compares metrics for these companies against Clare Capital's global database of more than 40 000 publicly-listed companies and ranks them; based on percentiles. For example if a company in the 90th percentile for the EV/Revenue metric it is within the top 4 000 multiples around the world. In essence the higher the; percentile the better the company is performing against its listed peers around the world. The box and whisker chart shows the global quartiles median and distribution of 40 000+; public companies. Some of the metrics are performance driven (e.g. 40% Rule) while others are a factor of the local market (e.g. liquidity).; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; ERD; FIN; GTK; GEO; OHE IKE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; - 20 40 60 80 100; Percentile Rank; EV/Rev 40% Rule Rev/Emp Liquidity; CLARE CAPITAL TECH INSIGHTS; NZX Tech Percentile Rank Table Notes; Company (Ticker) EV/Rev EM% YrΔ Rev 40% Rule Rev/Emp Liquidity; EROAD (ERD) 71% 80% 76% 80% 25% 40%; Finzsoft (FIN) 43% 49% 13% 20% 37% 9%; Gentrack (GTK) 78% 93% 70% 85% 40% 53%; GeoOp (GEO) 83% 5% 96% 7% 10% 14%; ikeGPS (IKE) 56% 7% 96% 48% 29% 31%; Orion Health (OHE) 45% 13% 72% 27% 32% 31%; Plexure (PLX) 68% 7% 90% 9% 23% 34%; Pushpay (PPH) 93% 7% 97% 91% 60% 20%; Rakon (RAK) 20% 28% 13% 17% 33% 27%; Serko (SKO) 49% 10% 74% 15% 21% 15%; SLI Systems (SLI) 23% 22% 83% 68% 38% 40%; SmartPay (SPY) 61% 95% 55% 85% 32% 25%; Trade Me (TME) 86% 99% 66% 93% 65% 66%; Vista (VGL) 80% 81% 89% 91% 41% 62%; Wynyard (WYN) 35% 5% 24% 5% 17% 47% Definitions; Xero (XRO) 86% 12% 92% 79% 33% 42% EV = Enterprise Value; LTM = Last Twelve Month; Selected ASX Tech Percentile Rank Rev. = Revenue; Company (Ticker) EV/Rev EM% YrΔ Rev 40% Rule Rev/Emp Liquidity EV/Rev = Enterprise Value/ LTM Revenue; Aconex (ACX) 82% 59% 91% 91% 77% 76% EM% = LTM EBITDA Margin; Appen (APX) 60% 78% 94% 95% 69% 67% YrΔ Rev = LTM Revenue Growth Rate; BPS Tech. (BPS) 55% 84% 76% 82% 15% 46% 40% Rule = LTM EBITDA Margin + LTM Revenue Growth Rate; Carsales.com (CAR) 84% 97% 68% 91% 86% 72% Rev/Emp = LTM Revenue per Employee; Corum Group (COO) 12% 36% 20% 23% 31% 22% Liquidity = % of Shares Traded; Global Health (GLH) 62% 83% 91% 92% 24% 39%; iSentia Group (ISD) 70% 92% 82% 89% 25% 78% Disclaimer; Mobile Embrace (MBE) 28% 72% 95% 96% 94% 69%; MYOB (MYO) 83% 97% 80% 92% 53% 56%; Primary Health Care (PRY) 51% 80% 47% 64% 28% 79%; Reckon (RKN) 56% 92% 55% 81% 77% 60%; Smart Parking (SPZ) 62% 40% 88% 83% 43% 35%; Technology One (TNE) 82% 84% 77% 82% 53% 57%; Webjet (WEB) 80% 84% 86% 89% 52% 68%; Wisetech Global (WTC) 92% 92% 86% 91% 39% 42%; The table on the left shows which percentile each company is ranked for; each particular metric. In essence the higher the percentile the better; the company is performing against the 40 000 companies in Clare; Capital's database. The values are from the 1st percentile (1%) until the; 99th percentile (99%).; For example Trade Me is ranked in the 99th percentile for EBITDA; margin across all global companies meaning it is in the top 400; companies in the 40 000+ database.; All financials and metrics for the NZX tech and selected ASX tech; companies have been sourced from FactSet and converted to US; dollars exchange rate movements will apply when converting back to; local currency.; The information provided in this report has been solely sourced and; calculated from FactSet and company reports. Clare Capital holds no; responsibility over the actual numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This document is; intended as analysis – not financial advice. If you are making investment; decisions you should seek appropriate personalised financial advice; from a qualified professional.; CLARE CAPITAL TECH INSIGHTS

#19

Overview Clare Capital Tech Insights 19 - NZX Liquidity - 20161125; Figure 1: Weighted average % of shares traded each month Figure 2: % of shares owned by the Top 10 shareholders; Figure 3: % of shares traded each month; In corporate finance IPOs are considered liquidity events for companies where founders and investors are able to make a return on their investment. However given escrow; periods and the (in)ability to materially trade shares in some companies on the NZX this isn't always as practical as the theory suggests. This report looks at how many shares are; traded each month for the NZX tech companies calculated since January 2015. The shareholder information is based on the company's latest annual report and FactSet removing; any custodian nominee and employee share ownership programmes accounts. This does not take into account any capital raises after a company’s most recent annual report.; -; 0.0005; 0.001; 0.0015; 0.002; 0.0025; 0.003; 0.0035; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; % of shares traded; ERD FIN GTK GEO IKE OHE PLX PPH RAK SKO SLI SPY TME VGL WYN XRO; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; Top 10 Shareholders; CLARE CAPITAL TECH INSIGHTS; Share Price Movements and Valuation Metrics as at 25 November 2016 Figure 4: Liquidity vs Top 10 shareholders; Company (Ticker) Δ Price 1WeekΔ 1YearΔ Volume Value Mkt Cap; EROAD (ERD)  1.76 2% (21%) 74 130 106; Finzsoft (FIN)  2.50 - (24%) - - 22; Gentrack (GTK)  3.50 (1%) 72% 47 164 254; GeoOp (GEO)  0.18 (5%) (60%) 96 17 13; ikeGPS (IKE)  0.40 (5%) (43%) 386 160 26; Orion Health (OHE)  2.50 (9%) (32%) 610 1 618 400; Plexure (PLX)  0.24 - (27%) 141 34 22; Pushpay (PPH)  1.80 (5%) (8%) 310 570 451; Rakon (RAK)  0.19 3% (24%) 427 79 35; Serko (SKO)  0.35 - (54%) 64 22 26; SLI Systems (SLI)  0.45 15% (42%) 50 21 28; SmartPay (SPY)  0.16 - 14% 110 18 27; Trade Me (TME)  4.88 (2%) 29% 13 168 64 625 1 938; Vista (VGL)  6.01 - (1%) 714 4 288 483; Wynyard (WYN)  0.22 - (88%) - - 39; Xero (XRO)  18.20 (0%) (13%) 372 6 908 2 503; Simple Average  (0%) (20%) 1 036 4 916 398; Ticker % of Value ('000s) Top 5 Top 10 Top 15; Definitions Units ERD 0.07% 3 685 45% 54% 59%; Δ = Directional Change in Share Price  FIN 0.01% 79 93% 95% 96%; Price = Share Price NZD GTK 0.17% 9 223 52% 74% 82%; 1WeekΔ = 1 Week Share Price Change % GEO 0.03% 119 51% 59% 63%; 1YearΔ = 1 Year Share Price Change % IKE 0.05% 534 32% 50% 58%; Volume = Volume of Shares Traded (Last Week) '000s OHE 0.05% 11 442 70% 75% 78%; Value = Value of Shares Traded (Last Week) NZD '000s PLX 0.08% 619 35% 42% 46%; Mkt Cap = Market Capitalisation NZD millions PPH 0.02% 2 030 49% 56% 59%; RAK 0.04% 743 33% 39% 42%; Disclaimer SKO 0.02% 292 49% 59% 67%; SLI 0.07% 1 027 41% 62% 75%; SPY 0.03% 247 36% 58% 69%; TME 0.29% 143 481 33% 49% 54%; VGL 0.15% 20 689 43% 63% 72%; WYN 0.11% 5 134 38% 50% 52%; XRO 0.11% 85 225 49% 62% 66%; Ave. Monthly Shares Traded % of Shares Owned (# of Holders); The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report. Clare Capital is not an Authorised Financial Adviser.; This document is intended as analysis – not financial advice. If you are making; investment decisions you should seek appropriate personalised financial advice from a; qualified professional.; ERD; FIN; GTK; GEO; IKE; OHE; PLX; PPH; RAK; SKO; SLI; SPY; TME; VGL; WYN; XRO; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; - 0.05% 0.10% 0.15% 0.20% 0.25% 0.30% 0.35%; % of shares owned from Top 10; Shareholders; % of shares traded each month; Size of bubble; respresents; Market; Capitalisation; CLARE CAPITAL TECH INSIGHTS

#18

Overview Clare Capital Tech Insights 18 - Technology Acquisitions - 20161118; Figure 1: Companies with an average of more than five acquisitions per year Figure 2: Companies with an average of less than five acquisitions per year; Company Acquisition Metrics Disclaimer; Company Avg.#/yr Median (USD M) Company Avg.#/yr Median (USD M); Alphabet 16 100 Twitter 5 100; Microsoft 10 285 Salesforce 4 360; IBM 10 480 HP 4 731; Oracle 8 663 Amazon 3 n/a; Yahoo! 7 55 SAP 3 3 400; Facebook 5 48 Adobe 2 600; Apple 5 121 Intuit 1 170; This report looks at the number of acquisitions made by large technology companies over the last 10 years. Note these are all acquisitions made by the companies not just SaaS and; in some cases there are hardware acquisitions included. A lot of acquisition information particularly valuations is closely held. Less than 25% of the acquisitions had valuations; available meaning the Median US$m paid is at best a guide. Alphabet [Google] Microsoft and IBM are the only companies in the list that have made on average 10 or more; acquisition per year. Finally over 75% of all acquisitions made are of US-based companies.; The information provided in this report has been solely sourced and calculated from; FactSet company reports and publicly available information. Clare Capital holds no; responsibility over the actual presented in this report. Exchange rate movements will; apply when converting from US dollars to local currency.; Clare Capital is not an Authorised Financial Adviser. This document is intended as; analysis – not financial advice. If you are making investment decisions you should seek; appropriate personalised financial advice from a qualified professional.; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016; Alphabet Microsoft IBM Oracle Yahoo! Facebook Apple; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016; Twitter Salesforce HP Amazon SAP Adobe Intuit; CLARE CAPITAL TECH INSIGHTS; Number of Acquisitions per Company per year; Company (Ticker) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Avg.#/yr Median (USD M); Alphabet (GOOGL-US) 10 15 2 6 26 26 12 18 34 15 14 16 100; Microsoft (MSFT-US) 18 16 16 6 2 3 5 8 10 19 8 10 285; IBM (IBM-US) 15 10 14 7 15 8 9 9 4 13 9 10 480; Oracle (ORCL-US) 12 7 6 6 9 9 11 8 8 3 8 8 663; Yahoo! (YHOO-US) 8 6 3 2 4 3 2 27 19 1 - 7 55; Facebook (FB-US) - 1 1 1 9 11 10 9 9 5 4 5 48; Apple (APPL-US) 2 - 1 2 6 2 4 13 8 10 8 5 121; Twitter (TWTR-US) - - 2 1 4 6 10 9 11 8 2 5 100; Salesforce (CRM-US) 2 2 1 2 5 7 7 4 1 5 7 4 360; HP (HPQ-US) 10 4 7 1 8 3 - - 2 3 4 4 731; Amazon (AMZN-US) 1 2 5 4 6 4 3 3 3 1 - 3 n/a; SAP (SAP-DE) 4 6 1 2 3 4 3 5 4 - 2 3 3 400; Adobe (ADBE-US) 4 2 1 2 1 7 1 1 1 2 2 2 600; Intuit (INTU-US) 2 2 - 3 2 1 1 2 2 1 - 1 170; Total 88 73 60 45 100 94 78 116 116 86 68 84 285; Share Price & Movements as at 18 November 2016 Table Notes; Company (Ticker) Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap; EROAD (ERD-NZ)  1.72 (2%) (22%) 54 93 104; Finzsoft (FIN-NZ)  2.50 - (23%) - - 22; Gentrack (GTK-NZ)  3.52 - 76% 88 309 256; GeoOp (GEO-NZ)  0.19 (5%) (57%) 63 12 13 Definitions Units; ikeGPS (IKE-NZ)  0.42 (19%) (45%) 1 631 682 27 Price = Share Price NZD; Orion Health (OHE-NZ)  2.75 (2%) (24%) 905 2 535 440 1WeekΔ = 1 Week Share Price Change %; Plexure (PLX-NZ)  0.24 (4%) (25%) 89 21 22 1YearΔ = 1 Year Share Price Change %; Pushpay (PPH-NZ)  1.89 (2%) (3%) 230 442 473 Vol. '000s = Volume of Shares Traded (Last Week) '000s; Rakon (RAK-NZ)  0.18 (8%) (31%) 426 78 34 Val. '000s = Value of Shares Traded (Last Week) NZD '000s; Serko (SKO-NZ)  0.35 6% (62%) 86 29 26 Mkt Cap = Market Capitalisation NZD millions; SLI Systems (SLI-NZ)  0.39 (13%) (50%) 49 20 24; SmartPay (SPY-NZ)  0.16 14% (3%) 69 11 27 Clare Capital; Trade Me (TME-NZ)  4.98 6% 32% 9 546 46 342 1 978; Vista (VGL-NZ)  6.01 4% 10% 655 3 919 483; Wynyard (WYN-NZ)  0.22 - (88%) - - 39; Xero (XRO-NZ)  18.25 4% (8%) 427 7 612 2 510; Median US$m - Median valuation based on available information note; less than 25% of the transactional values are available which will distort; the figures.; Clare Capital is a corporate finance advisory firm built on a base of; structured fundamental analysis. We provide creative solutions for both; origination and analysis mandates. We have a strong track record for the; successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#17

Overview Clare Capital Tech Insights 17 - NZX vs ASX Valuation Multiples - 20161111; Figure 1: NZX-listed Tech Companies Figure 2: Selection of ASX-listed Tech Companies; Chart Notes; NZX Share Price Movements as at 11 November 2016 NZX Share Price Movements as at 11 November 2016; Name Δ Price 1WeekΔ 1YearΔ Volume Value Name Δ Price 1WeekΔ 1YearΔ Volume Value; ERD  1.75 - (26%) 139 100 245 343 RAK  0.20 3% (22%) 186 880 35 732; FIN  2.50 - (23%) - - SKO  0.33 (10%) (61%) 55 964 19 530; GTK  3.52 1% 76% 253 535 908 084 SLI  0.45 (2%) (40%) 998 624 460 407; GEO  0.20 (5%) (50%) 14 738 3 085 SPY  0.14 (4%) (16%) 150 870 21 122; IKE  0.52 (10%) (35%) 56 000 29 120 TME  4.72 6% 29% 9 292 881 41 758 818; OHE  2.80 (7%) (22%) 691 544 2 032 995 VGL  5.78 (1%) 8% 2 170 033 12 717 765; PLX  0.25 14% (26%) 22 000 5 440 WYN  0.22 - (84%) - -; PPH  1.92 10% 1% 388 287 697 323 XRO  17.62 1% (11%) 653 810 11 466 630; Given the recent issue of NZ companies listing on the ASX rather than the NZX due to perceived higher valuations this report compares NZX-listed Tech companies versus a; selection of ASX-listed tech companies. The median EV/AR multiples for NZX-listed companies is 3.1x while ASX is 3.2x.; Size of the bubble represents Enterprise Value (NZD M). The bubble colour represents the "40% Rule" where the green bubbles show companies with a value greater than 40%; when LFY Revenue Growth Rate + LFY EBITDA margin are added together; orange is between 20-40% and red is less than 20%.; ERD; GTK; GEO; OHE IKE; PLX; PPH; SKO; SPY; TME; VGL; WYN; XRO; -; 2.5; 5; 7.5; 10; 12.5; 15; 17.5; - 50% 100% 150% 200% 250% 300%; EV/Annualised Revenue Multiple; Annualised Revenue Growth Rate; ACX; ALU; APX; BPS; CAR; DTL; FLN; HSN GLH; IRE IRI ISD; MBE; MDG; MYO; PPS; PRO; PRY; REA; RFL; RKN; SPZ; TCH WEB; WTC; -; 2.5; 5; 7.5; 10; 12.5; 15; 17.5; - 25% 50% 75%; EV/Annualised Revenue Multiple; Annualised Revenue Growth Rate; CLARE CAPITAL TECH INSIGHTS; NZX Financial & Valuation Metrics (all in NZD) as at 11 November 2016 Selection of ASX Financial & Valuation Metrics (all in NZD) as at 11 November 2016; Ticker EV AR EV/AR YrΔ AR YrΔ LFY EM% G+M Ticker EV AR EV/AR YrΔ AR YrΔ LFY EM% G+M; ERD (EROAD) 93 28 3.3 44% 45% 20% 65% 1ST (1st Available) 4 2 1.8 391% 582% (157%) 425%; FIN (Finzsoft) 23 14 1.6 (41%) (9%) 8% (1%) 8CO (8Common) 9 4 2.3 (8%) 16% (19%) (3%); GTK (Gentrack) 244 47 5.2 14% 9% 34% 43% ACX (Aconex) 1 136 135 8.4 53% 50% 11% 61%; GEO (GeoOp) 16 5 3.5 249% 111% (193%) (82%) ALU (Altium) 1 043 139 7.5 27% 34% 31% 64%; IKE (ikeGPS) 28 9 3.3 118% 134% (107%) 27% APX (Appen) 286 107 2.7 49% 62% 17% 80%; OHE (Orion Health) 389 211 1.8 26% 26% (22%) 4% BPS (BPS Tech.) 110 50 2.2 8% 16% 22% 38%; PLX (Plexure) 20 7 2.8 66% 134% (122%) 12% CAR (Carsales.com) 2 792 353 7.9 10% 10% 50% 60%; PPH (Pushpay) 468 48 9.8 244% 209% (128%) 80% COO (Corum Group) 7 16 0.5 (18%) (13%) 5% (8%); RAK (Rakon) 49 109 0.4 (22%) (14%) 4% (10%) DTL (Data#3) 147 1 049 0.1 13% 13% 2% 15%; SKO (Serko) 17 13 1.3 20% 28% (49%) (21%) FLN (Freelancer) 540 52 10.4 57% 49% (9%) 40%; SLI (SLI Systems) 21 31 0.7 (10%) 24% (0%) 24% GEG (Grays eCommerce) 171 112 1.5 (24%) 1% (12%) (11%); SPY (SmartPay) 48 21 2.3 0% (7%) 39% 32% GLH (Global Health) 17 7 2.3 69% 45% 22% 67%; TME (Trade Me) 1 976 225 8.8 9% 9% 65% 74% HSN (Hansen Tech.) 769 150 5.1 31% 40% 30% 71%; VGL (Vista) 456 81 5.6 49% 39% 17% 56% IRE (IRESS) 2 148 389 5.5 12% 10% 29% 39%; WYN (Wynyard) 24 26 0.9 4% (2%) (132%) (133%) IRI (Integrated Research) 393 90 4.4 23% 20% 36% 57%; XRO (Xero) 2 285 303 7.5 39% 67% (30%) 37% ISD (iSentia Group) 761 160 4.7 23% 23% 32% 54%; 7 500 333 22.5 175% 175% 5% 180% JCS (JCurve Solutions) 3 9 0.4 (14%) (17%) (1%) (18%); Disclaimer MBE (Mobile Embrace) 107 65 1.6 74% 85% 16% 101%; MDG (Medtech Global) 10 21 0.5 30% 12% 3% 15%; MIG (migme) 61 30 2.0 393% 213% (168%) 44%; MOQ (MOQ) 45 34 1.3 452% 989% 1% 990%; MYO (MYOB) 2 638 357 7.4 11% 14% 46% 60%; PPS (Praemium) 190 30 6.3 23% 28% 6% 34%; PRO (Prophecy Intl.) 49 13 3.7 20% 48% 32% 80%; PRY (Primary Health Care) 2 925 1 604 1.8 3% 4% 20% 23%; REA (REA Group) 7 683 630 12.2 20% 20% 55% 75%; Definitions Units RFL (Rubik Financial) 47 45 1.0 18% 11% 14% 25%; EV = Enterprise Value NZD millions RKN (Reckon) 254 114 2.2 6% 4% 35% 39%; AR = Annualised Revenue NZD millions SPZ (Smart Parking) 83 32 2.6 25% 35% 6% 41%; EV/AR = EV/Annualised Revenue Multiple x TCH (Touchcorp) 248 44 5.6 20% 71% 32% 103%; YrΔ AR = Annualised Revenue Growth Rate % TNE (Technology One) 1 758 67 26.2 (62%) 11% 18% 29%; YrΔ LFY = Last Financial Year (LFY) Revenue Growth Rate % UBN (Urbanise.com) 38 10 3.6 (16%) (10%) (116%) (126%); EM% = LFY EBITDA Margin % WEB (Webjet) 985 160 6.2 31% 30% 23% 53%; G+M = LFY Revenue Growth + LFY EBITDA Margin % WTC (Wisetech Global) 1 721 108 15.9 27% 29% 32% 61%; The information provided in this report has been solely sourced and calculated from; FactSet and company reports. Clare Capital holds no responsibility over the actual; numbers presented in this report. Exchange rate movements will apply when; converting AUD to NZD. Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice. If you are making investment; decisions you should seek appropriate personalised financial advice from a qualified; professional.; CLARE CAPITAL TECH INSIGHTS

#16

Overview Clare Capital Tech Insights 16 - Accounting Giants - 20161104; LTM Revenue Multiple vs. Growth for Accounting Giants Chart Notes; Size of the bubble represents Enterprise Value in USD millions.; Definitions Units; Mkt Cap = Market Capitalisation USD millions; EV = Enterprise Value USD millions; LTM Rev. = Last Twelve Months (LTM) Revenue USD millions; EV/LTM. = EV/LTM Revenue Multiple x; LTM Growth = LTM Revenue Growth %; EBITDA% = EBITDA Margin %; 40% Rule = Revenue Growth + EBITDA Margin %; Gross% = Gross Margin %; Rev./Emp = LTM Revenue per Employee USD '000s; Used Capital = Share Capital + Debt - Cash USD millions; UC/LTM Rev. = Used Capital (UC)/LTM Revenue x; Metrics as at 11 November 2016; Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.; Intuit 27 156 27 076 4 694 5.8 12% 32% 44% 87% 594 4 362 0.9; MYOB 1 631 1 918 265 7.3 20% 45% 65% 66% 221 1 161 4.4; Sage 9 263 9 594 1 861 5.2 3% 27% 31% 92% 140 1 036 0.6; Xero 1 755 1 654 181 9.1 52% (19%) 33% 75% 119 269 1.5; Metrics as at 11 November 2015; Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.; Intuit 27 412 27 788 4 192 6.6 (1%) 27% 26% 87% 544 4 383 1.0; MYOB 1 384 1 698 206 8.3 17% 39% 55% 69% n/a 1 122 5.5; Sage 9 046 9 574 2 209 4.3 10% 29% 38% 90% 177 1 371 0.6; Xero 1 599 1 443 107 13.5 73% (48%) 25% 74% 92 180 1.7; With Xero (XRO-NZ) realising its interim FY17 statements last week this report compares the company against three of its biggest rivals (Intuit in the US Sage in the UK and MYOB; in Australia & NZ). Note: only Xero is a 'pure' SaaS company so in order to compare fairly no SaaS metrics have been used (e.g. Annualised Recurring Revenue (ARR)).; The green coloured bubble illustrate a company being above the 40% Rule; (Revenue Growth + EBITDA Margin) while orange is below 40%.; The arrows show the movement of EV/LTM Revenue multiple and LTM; Revenue Growth rate from the previous 12 months at November 2015.; INTU-US; MYO-AU; SGE-GB; XRO-NZ; -; 2; 4; 6; 8; 10; 12; - 10% 20% 30% 40% 50% 60% 70%; EV/LTM Revenue; LTM Revenue Growth; CLARE CAPITAL TECH INSIGHTS; Share Price Movements and Valuation Metrics as at 04 November 2016; Name Δ Price 1WeekΔ 1YearΔ Volume Value Mkt Cap EV AR EV/AR GM% YrΔ AR EM% 40% Rule AR/Emp UC/AR; EROAD (ERD)  1.75 (3%) (30%) 60 107 105 93 28 3.3 n/a 44% 20% 65% 142 1.7; Finzsoft (FIN)  2.50 25% (23%) 3 8 22 23 14 1.6 n/a (41%) 8% (1%) 154 0.3; Gentrack (GTK)  3.50 - 74% 244 855 254 212 47 5.2 n/a 14% 34% 43% 213 1.0; GeoOp (GEO)  0.21 (9%) (52%) 112 25 15 16 5 3.6 80% 249% (193%) (82%) 114 3.4; ikeGPS (IKE)  0.58 - (28%) 26 15 37 32 9 3.7 65% 118% (107%) 27% 153 3.7; Orion Health (OHE)  3.00 (6%) (18%) 290 909 480 421 211 2.0 78% 26% (22%) 4% 175 0.5; Plexure (PLX)  0.22 (8%) (35%) 113 25 20 17 7 2.5 n/a 66% (122%) 12% 137 2.6; Pushpay (PPH)  1.74 (1%) (11%) 417 706 436 423 48 8.8 55% 244% (128%) 80% 223 0.8; Rakon (RAK)  0.19 (3%) (24%) 280 54 36 48 109 0.4 n/a (22%) 4% (10%) 186 1.7; Serko (SKO)  0.37 (13%) (55%) 117 46 27 20 13 1.5 n/a 20% (49%) (21%) 106 1.4; SLI Systems (SLI)  0.46 21% (42%) 2 160 841 29 22 31 0.7 77% (10%) (0%) 24% 183 0.4; SmartPay (SPY)  0.15 7% (12%) 5 1 25 49 21 2.3 n/a 0% 39% 32% 167 3.7; Trade Me (TME)  4.47 (8%) 16% 11 007 51 994 1 775 1 877 225 8.3 94% 9% 65% 74% 462 5.2; Vista (VGL)  5.85 (3%) 10% 1 157 6 797 470 461 81 5.7 n/a 49% 17% 56% 233 0.5; Wynyard (WYN)  0.22 - (85%) - - 39 24 26 0.9 64% 4% (132%) (133%) 86 4.9; Xero (XRO)  17.45 (2%) (2%) 495 8 597 2 400 2 216 303 7.3 75% 39% (30%) 37% 209 1.1; Simple Average  (0%) (20%) 1 030 4 436 386 374 74 3.6 74% 51% (37%) 13% 184 2.0; Definitions Units Disclaimer; Price = Share Price NZD; 1WeekΔ = 1 Week Share Price Change %; 1YearΔ = 1 Year Share Price Change %; Volume = Volume of Shares Traded (Last Week) '000s; Value = Value of Shares Traded (Last Week) NZD '000s; Mkt Cap = Market Capitalisation NZD millions; EV = Enterprise Value NZD millions; AR = Annualised Revenue NZD millions; EV/AR = EV/Annualised Revenue multiple x Contact Details; YrΔ AR = Annualised Revenue Growth % Mark Clare Managing Partner; GM% = Gross Margin % +64-21-470227 mark.clare@clarecapital.co.nz; EM% = EBITDA Margin %; 40% Rule = Revenue Growth + EBITDA Margin %; AR/Emp = Annualised Revenue per Employee NZD '000s; UC/AR = Used Capital/Annualised Revenue x; The information provided in this report has been solely sourced and calculated from FactSet; and company reports. Clare Capital holds no responsibility over the actual numbers; presented in this report.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –; not financial advice. If you are making investment decisions you should seek appropriate; personalised financial advice from a qualified professional.; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental; analysis. We provide creative solutions for both origination and analysis mandates. We have a; strong track record for the successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#15

Overview Clare Capital Tech Insights 15 - Cash Burn & Runway - 20161028; Figure 1. Months of Cash Runway Figure 2. Monthly Cash Burn (NZD M); Monthy Cash Burn and Runway Metrics Calculations; Calculated Monthly Months of Burn Last Raise Last Raise Announced Next Raise; Cash Bal. Cash Burn Runway % of Cash Amount Date Breakeven Date; TME 58.4 8.1 Cash +ve 14%; OHE 71.4 2.1 Cash +ve 3%; GTK 12.6 0.5 Cash +ve 4%; SLI 6.9 0.1 Cash +ve 1%; RAK 3.5 0.0 Cash +ve 1%; PPH 43.0 (1.7) 25.1 (4%) 43 Oct-16 Dec-17 Not Req'd; XRO 139.7 (7.4) 18.9 (5%) 147 Feb-15 n/a Not Req'd; GEO 3.9 (0.3) 15.0 (7%) 4 Oct-16 H2 Y17 Not Req'd Definition; SKO 4.8 (0.4) 11.1 (9%) 8 Dec-15 Mar-18 Not Req'd Cash Bal. = Calculated cash balance at 30-Sept-16; SPY 2.0 (0.2) 8.8 (11%) n/a n/a n/a H1 Y17 Cash Burn = Monthly cash burn; IKE 8.3 (1.1) 7.8 (13%) 8 Sep-16 2017 Not Req'd Runway = Months of cash runway from 30-Sep-16; VGL 8.5 (1.6) 5.4 (18%) n/a n/a n/a Now Burn (%) = Monthly Cash Burn as a % of Calculated Cash; PLX 2.3 (0.6) 3.7 (27%) 4 May-16 n/a Now Last Raise = Last capital raised amount; ERD 2.5 (1.8) 1.4 (72%) n/a n/a n/a Now Date = Last capital raised date; FIN 0.0 (0.1) 0.4 (275%) n/a n/a n/a Now Breakeven = Company announcement on breakeven date; WYN 0.2 (4.8) 0.1 (1 972%) 32 Mar-16 n/a Now Next Raise = Clare Capital's expectation on next raise date; This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflows statement rather than profitability from the Profit & Loss statement. Of; the ~70% of the NZX-listed tech companies that are cashflow negative NZD$20M is being burned each month.; --------------------- Cashflow Positive ---------------------; --------------------- Cashflow Positive ---------------------; --------------------- Cashflow Positive ---------------------; --------------------- Cashflow Positive ---------------------; --------------------- Cashflow Positive ---------------------; Calculated cash balance at 30-Sep-16 based on a company's; cash balance at report date + monthly cash burn + any new; capital raised.; Months of cash runway is from 30-Sep-16 based on the; calculated cash balance / monthly cash burn.; Monthly cash burn is calculated by Operating + Investing; cashflows from the company's latest annual/interim report.; 6 12 25; -; 5; 10; 15; 20; 25; PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN; Cash Runway; -8; -7; -6; -5; -4; -3; -2; -1; -; PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN; Cash Burn (NZD M); CLARE CAPITAL TECH INSIGHTS; Share Price Movements and Valuation Metrics as at 28 October 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR YrΔ AR GM% EM% 40% Rule AR/Emp UC/AR; EROAD (ERD)  1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7; Finzsoft (FIN)  2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3; Gentrack (GTK)  3.50 3% 72% 692 2 367 254 242 47 5.2 14% n/a 34% 43% 213 1.0; GeoOp (GEO)  0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4; ikeGPS (IKE)  0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7; Orion Health (OHE)  3.20 (2%) (13%) 460 1 482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5; Plexure (PLX)  0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6; Pushpay (PPH)  1.76 (5%) (2%) 548 1 001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8; Rakon (RAK)  0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7; Serko (SKO)  0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4; SLI Systems (SLI)  0.38 (10%) (51%) 1 293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4; SmartPay (SPY)  0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7; Trade Me (TME)  4.88 (1%) 32% 6 360 31 592 1 938 2 040 225 9.1 9% 94% 65% 74% 462 5.2; Vista (VGL)  6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5; Wynyard (WYN)  0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9; Xero (XRO)  17.84 (1%) 13% 236 4 240 2 454 2 269 258 8.8 62% 75% (30%) 37% 178 1.2; Average  (3%) (17%) 681 2 660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1; Definitions Disclaimer; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week; Val. '000s = Value of Shares Traded in the Last Week; Mkt Cap = Market Capitalisation; EV = Enterprise Value; AR = Annualised Revenue; EV/AR = EV/Annualised Revenue multiple Contact Details; YrΔ AR = Annualised Revenue Growth Mark Clare Managing Partner; GM% = Gross Margin % +64-21-470227 mark.clare@clarecapital.co.nz; EM% = EBITDA Margin %; 40% Rule = Revenue Growth % + EBITDA Margin %; AR/Emp = Annualised Revenue per Employee ('000s); UC/AR = Used Capital/Annualised Revenue; The information provided in this report has been solely sourced and calculated from FactSet and; company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented; in this report. The forecasts are an average of broker forecasts complied by FactSet.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not; financial advice. If you are making investment decisions you should seek appropriate personalised; financial advice from a qualified professional.; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We; provide creative solutions for both origination and analysis mandates. We have a strong track record for; the successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 15B - Cash Burn & Runway - 20161028; Figure 1. Monthly Cash Burn from Net OPERATING Activities (NZD M) Figure 2. Monthly Cash Burn from Net OPERATING + INVESTING Activities (NZD M); Monthly Cash Burn and Runway Metrics as at 30-Sept-16; Figure 3. Months of Cash Runway (OPERATING + INVESTING Activities) Calculated; Cash Bal. Cash Burn Mnth Runway Cash Burn Mnth Runway; TME 58.4 10.2 Cash +ve 8.1 Cash +ve; GTK 12.6 0.2 Cash +ve 0.5 Cash +ve; SLI 6.9 0.1 Cash +ve 0.1 Cash +ve; RAK 3.5 0.6 Cash +ve 0.0 Cash +ve; SPY 2.0 0.5 Cash +ve (0.2) 8.8; VGL 8.5 0.1 Cash +ve (1.6) 5.4; FIN 0.0 0.0 Cash +ve (0.1) 0.4; ERD 2.5 (0.0) 52.1 (1.8) 1.4; XRO 139.7 (2.9) 48.2 (7.4) 18.9; PPH 43.0 (1.4) 30.7 (1.7) 25.1; OHE 71.4 (2.7) 26.5 2.1 Cash +ve; Calculations GEO 3.9 (0.2) 17.1 (0.3) 15.0; SKO 4.8 (0.4) 12.9 (0.4) 11.1; IKE 8.3 (0.8) 10.1 (1.1) 7.8; PLX 2.3 (0.4) 6.2 (0.6) 3.7; WYN 0.2 (1.6) 0.2 (4.8) 0.1; This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflow Statement rather than profitability from the Profit & Loss Statement. Of; the ~70% of the NZX-listed tech companies that are cashflow negative (when both OPERATING & INVESTING activities are included) NZD$20M is being burned each month.; OPERATING ACTIVITIES OPERATING+INVESTING; Calculated cash balance at 30-Sep-16 is based on a the cash balance at report date +; monthly net operating and investing activities cash burn + any new capital raised.; Months of cash runway is from 30-Sep-16 based on the calculated cash balance /; monthly net operating and investing activities cash burn.; -8; -6; -4; -2; -; 2; OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN; Cash Burn (NZD M); -8; -6; -4; -2; -; 2; OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN; Cash Burn (NZD M); 6 12 25; -; 5; 10; 15; 20; 25; PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN; Cash Runway; CLARE CAPITAL TECH INSIGHTS; Share Price Movements and Valuation Metrics as at 28 October 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR YrΔ AR GM% EM% 40% Rule AR/Emp UC/AR; EROAD (ERD)  1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7; Finzsoft (FIN)  2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3; Gentrack (GTK)  3.50 3% 72% 692 2 367 254 242 47 5.2 14% n/a 34% 43% 213 1.0; GeoOp (GEO)  0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4; ikeGPS (IKE)  0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7; Orion Health (OHE)  3.20 (2%) (13%) 460 1 482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5; Plexure (PLX)  0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6; Pushpay (PPH)  1.76 (5%) (2%) 548 1 001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8; Rakon (RAK)  0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7; Serko (SKO)  0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4; SLI Systems (SLI)  0.38 (10%) (51%) 1 293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4; SmartPay (SPY)  0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7; Trade Me (TME)  4.88 (1%) 32% 6 360 31 592 1 938 2 040 225 9.1 9% 94% 65% 74% 462 5.2; Vista (VGL)  6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5; Wynyard (WYN)  0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9; Xero (XRO)  17.84 (1%) 13% 236 4 240 2 454 2 269 258 8.8 62% 75% (30%) 37% 178 1.2; Simple Average  (3%) (17%) 681 2 660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1; Definitions Disclaimer; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week; Val. '000s = Value of Shares Traded in the Last Week; Mkt Cap = Market Capitalisation; EV = Enterprise Value; AR = Annualised Revenue; EV/AR = EV/Annualised Revenue multiple Contact Details; YrΔ AR = Annualised Revenue Growth Mark Clare Managing Partner; GM% = Gross Margin % +64-21-470227 mark.clare@clarecapital.co.nz; EM% = EBITDA Margin %; 40% Rule = Revenue Growth % + EBITDA Margin %; AR/Emp = Annualised Revenue per Employee ('000s); UC/AR = Used Capital/Annualised Revenue; The information provided in this report has been solely sourced and calculated from FactSet and; company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented; in this report. The forecasts are an average of broker forecasts complied by FactSet.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not; financial advice. If you are making investment decisions you should seek appropriate personalised; financial advice from a qualified professional.; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We; provide creative solutions for both origination and analysis mandates. We have a strong track record for; the successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#14

Overview Clare Capital Tech Insights 14 - 40% Rule - 20161020; Share Price Movements as at 20 October 2016 Revenue Growth vs. EBITDA Margin; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD (ERD-NZ)  1.85 - (29%) 201 381; Finzsoft (FIN-NZ)  2.00 (20%) (20%) n/a n/a; Gentrack (GTK-NZ)  3.40 1% 67% 1 690 5 798; GeoOp (GEO-NZ)  0.25 4% (38%) 147 36; ikeGPS (IKE-NZ)  0.58 - (23%) 193 108; Orion Health (OHE-NZ)  3.15 (5%) (14%) 198 642; Plexure (PLX-NZ)  0.24 (8%) (29%) 315 81; Pushpay (PPH-NZ)  1.82 (13%) (7%) 510 997; Rakon (RAK-NZ)  0.20 (9%) (27%) 401 85; Serko (SKO-NZ)  0.45 (10%) (47%) 8 4; SLI Systems (SLI-NZ)  0.40 (15%) (49%) 175 75; SmartPay (SPY-NZ)  0.17 (3%) 2% 156 28; Trade Me (TME-NZ)  4.87 (8%) 30% 5 156 26 535; Vista (VGL-NZ)  6.17 (3%) 13% 660 4 081; Wynyard (WYN-NZ)  0.20 (2%) (82%) 593 126; Xero (XRO-NZ)  18.09 3% 13% 867 15 465; Average  (5%) (15%) 751 3 629; Definitions; Δ = Directional Change in Share Price Data; Price = Share Price Ticker Rev Grwth EBITDA% Combined Ticker Rev Grwth EBITDA% Combined; 1WeekΔ = 1 Week Share Price Change ERD 45% 20% 65% RAK (14%) 4% (10%); 1YearΔ = 1 Year Share Price Change FIN (9%) 8% (1%) SKO 28% (49%) (21%); Vol. '000s = Volume of Shares Traded in the Last Week GTK 9% 34% 43% SLI 24% (0%) 24%; Val. '000s = Value of Shares Traded in the Last Week GEO 111% (193%) (82%) SPY (7%) 39% 32%; IKE 134% (107%) 27% TME 9% 65% 74%; Notes OHE 26% (22%) 4% VGL 39% 17% 56%; PLX 134% (122%) 12% WYN (2%) (132%) (133%); PPH 209% (128%) 80% XRO 67% (30%) 37%; The report looks at share price movements current market valuations relative; to growth rates and some high-level company specific data.; This report looks at the trade-off between growth and profitability. US technology investors have proposed a '40% Rule' - adding a company's annual growth rate to the EBITDA; margin. The rule proposes that a number above 40% is a high performance company. The chart below shows a spectrum from lower growth but high profitability (TME) to high; growth but loss making (PPH). The chart has the 40% line marked - but we have also included the 20% line (middle of the orange range) and the 0% line.; ERD; -2.2; -1.8; -1.4; -1; -0.6; -0.2; 0.2; 0.6; (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%; EBITDA Margin; Revenue Growth; 40% Rule; High Performance; Poor Performance; CLARE CAPITAL TECH INSIGHTS; Financial and Valuation Metrics as at 20 October 2016; Name Δ Mkt Cap EV AR EV/AR YrΔ AR GM% EM% AR/Emp EV/Nt AR UC/AR CFY Rev EV/CFY YrΔ CFY; EROAD (ERD-NZ)  111 99 28 3.6 44% n/a 20% 142 n/a 1.7 33 3.1 30%; Finzsoft (FIN-NZ)  18 18 14 1.3 (41%) n/a 8% 154 n/a 0.3 n/a n/a n/a; Gentrack (GTK-NZ)  247 235 47 5.0 14% n/a 34% 213 n/a 1.0 51 4.6 23%; GeoOp (GEO-NZ)  13 15 5 3.3 249% 80% (193%) 114 3.8 3.4 n/a n/a n/a; ikeGPS (IKE-NZ)  37 32 9 3.7 118% 65% (107%) 153 5.5 3.7 16 2.0 87%; Orion Health (OHE-NZ)  504 445 211 2.1 26% 78% (22%) 175 2.7 0.5 244 1.8 18%; Plexure (PLX-NZ)  22 19 7 2.7 66% n/a (122%) 137 n/a 2.6 n/a n/a n/a; Pushpay (PPH-NZ)  456 443 48 9.2 244% 55% (128%) 223 16.8 0.8 n/a n/a n/a; Rakon (RAK-NZ)  38 50 109 0.5 (22%) n/a 4% 186 n/a 1.7 n/a n/a n/a; Serko (SKO-NZ)  33 26 13 1.9 20% n/a (49%) 106 n/a 1.4 n/a n/a n/a; SLI Systems (SLI-NZ)  25 18 31 0.6 (10%) 77% (0%) 183 0.8 0.4 36 0.5 2%; SmartPay (SPY-NZ)  29 53 21 2.5 0% n/a 39% 167 n/a 3.7 n/a n/a n/a; Trade Me (TME-NZ)  1 934 2 036 225 9.1 9% 94% 65% 462 9.7 5.2 218 9.3 (0%); Vista (VGL-NZ)  495 487 81 6.0 49% n/a 17% 233 n/a 0.5 90 5.4 37%; Wynyard (WYN-NZ)  39 24 26 0.9 4% 64% (132%) 86 1.4 4.9 41 0.6 67%; Xero (XRO-NZ)  2 488 2 303 258 8.9 62% 75% (30%) 178 11.9 1.2 301 7.6 45%; Average 406 394 71 3.8 52% 74% (37%) 182 6.6 2.1 114 3.9 34%; Definitions Disclaimer; Name = Company Name and Ticker; Δ = Directional Change in Share Price; Mkt Cap = Market Capitalisation (NZD M); EV = Enterprise Value (NZD M); AR = Annualised Revenue (NZD M); EV/AR = EV/Annualised Revenue multiple; YrΔ AR = Annualised Revenue Growth; GM% = Gross Margin %; EM% = EBITDA Margin % Contact Details; AR/Emp = Annualised Revenue per Employee ('000s) Mark Clare Managing Partner; EV/Nt AR = Enterprise Value/Net Annualised Revenue +64-21-470227 mark.clare@clarecapital.co.nz; UC/AR = Used Capital/Annualised Revenue; CFY Rev = Current Financial Years Revenue (NZD M); EV/CFY = EV/CFY Revenue multiple; YrΔ CFY = CFY Revenue Growth; The information provided in this report has been solely sourced and calculated from FactSet; and company reports. Clare Capital holds no responsibility over the actual and forecast; numbers (complied by FactSet) presented in this report.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –; not financial advice. If you are making investment decisions you should seek appropriate; personalised financial advice from a qualified professional.; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental; analysis. We provide creative solutions for both origination and analysis mandates. We have; a strong track record for the successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#13

Overview Clare Capital Tech Insights 13 - SaaS Spotlight - 20161014; 1. Salesforce.com (CRM-US) as at 14 October 2016 2. Citirix Systems (CTXS-US) as at 14 October 2016; Develops on-demand customer relationship management software technology. Designs develops and markets technology solutions.; Mkt Cap (M) 50 436 USD Share Price 74.27 USD Mkt Cap (M) 13 025 USD Share Price 83.64 USD; EV/AR 6.4 52 Week Change 2% EV/AR 3.9 52 Week Change 14%; EV/Net AR 8.9 AR/Employee 428 762 USD EV/Net AR 4.7 AR/Employee 354 939 USD; AR Growth 25% EBITDA/Employee 55 367 USD AR Growth 6% EBITDA/Employee 101 539 USD; 3. Synchronoss (SNCR-US) as at 14 October 2016 4. CSG Systems (CSGS-US) as at 14 October 2016; Provides cloud solutions and software-based activation for connected devices. Provides business support solutions.; Mkt Cap (M) 1 675 USD Share Price 37.10 USD Mkt Cap (M) 1 286 USD Share Price 39.75 USD; EV/AR 2.8 52 Week Change 4% EV/AR 1.8 52 Week Change 26%; EV/Net AR 7.0 AR/Employee 332 561 USD EV/Net AR 3.7 AR/Employee 232 227 USD; AR Growth 14% EBITDA/Employee 75 332 USD AR Growth 4% EBITDA/Employee 54 074 USD; This report looks at the top four international SaaS firms after 10 years by ARR showing their share price over the last 52 weeks. The yellow highlights emphasise key SaaS metrics.; -; 20000; 40000; 60000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; CRM-US NASDAQ; -; 5000; 10000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; CTXS-US NASDAQ; -; 2000; 4000; 6000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SNCR-US NASDAQ; -; 1000; 2000; 3000; 4000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; CSGS-US NASDAQ; CLARE CAPITAL TECH INSIGHTS; Share Price Movements and Valuation Metrics as at 14 October 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; EROAD (ERD-NZ)  1.90 9% (25%) 224 411 114 102 28 3.7 44% n/a 33 3.1 30%; Finzsoft (FIN-NZ)  2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a; Gentrack (GTK-NZ)  3.40 0% 70% 1 749 5 931 247 235 47 5.0 14% n/a 51 4.6 23%; GeoOp (GEO-NZ)  0.24 20% (47%) 36 8 13 15 5 3.2 249% 80% n/a n/a n/a; ikeGPS (IKE-NZ)  0.56 (3%) (14%) 65 37 36 31 9 3.6 118% 65% 16 1.9 87%; Orion Health (OHE-NZ)  3.35 - (4%) 166 552 536 477 211 2.3 26% 78% 244 2.0 18%; Plexure (PLX-NZ)  0.26 (7%) (19%) 169 45 24 21 7 3.0 66% n/a n/a n/a n/a; Pushpay (PPH-NZ)  1.99 (12%) (4%) 682 1 484 498 486 48 10.1 244% 55% n/a n/a n/a; Rakon (RAK-NZ)  0.22 - (12%) 360 79 42 54 109 0.5 (22%) n/a n/a n/a n/a; Serko (SKO-NZ)  0.50 - (38%) 61 29 36 30 13 2.2 20% n/a n/a n/a n/a; SLI Systems (SLI-NZ)  0.47 - (41%) 615 279 29 22 31 0.7 (10%) 77% 36 0.6 2%; SmartPay (SPY-NZ)  0.18 - 5% 121 21 30 54 21 2.6 0% n/a n/a n/a n/a; Trade Me (TME-NZ)  5.24 (3%) 42% 5 790 30 778 2 081 2 183 225 9.7 9% 94% 218 10.0 (0%); Vista (VGL-NZ)  6.36 - 24% 1 156 7 358 511 502 81 6.2 49% n/a 90 5.6 37%; Wynyard (WYN-NZ)  0.21 20% (83%) 1 667 335 38 23 26 0.9 4% 64% 41 0.6 67%; Xero (XRO-NZ)  17.89 (6%) 12% 1 062 19 688 2 460 2 276 258 8.8 62% 75% 298 7.6 44%; Average  1% (8%) 870 4 190 420 408 71 4.0 57% 74% 114 4.0 34%; Definitions Disclaimer; Δ = Directional Change in Share Price; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week; Val. '000s = Value of Shares Traded in the Last Week; Mkt Cap = Market Capitalisation; EV = Enterprise Value; AR = Annualised Revenue Contact Details; EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner; YrΔ AR = Annualised Revenue Growth +64-21-470227 mark.clare@clarecapital.co.nz; GM% = Gross Margin %; CFY Rev = Current Financial Years Revenue; EV/CFY = EV/CFY Revenue multiple; YrΔ CFY = CFY Revenue Growth; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental; analysis. We provide creative solutions for both origination and analysis mandates. We have a; strong track record for the successful execution of commercial transactions.; The information provided in this report has been solely sourced from FactSet and company; annual reports. Clare Capital holds no responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of broker forecasts complied by; FactSet.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –; not financial advice. If you are making investment decisions you should seek appropriate; CLARE CAPITAL TECH INSIGHTS

#12

Overview Clare Capital Tech Insights 12 - Company Spotlight - 20161007; 1. Gentrack (GTK-NZ) as at 07 October 2016 2. Trade Me (TME-NZ) as at 07 October 2016; Mkt Cap (M) 246 Share Price 3.39 Mkt Cap (M) 2 136 Share Price 5.38; EV/AR 5.0 52 Week Change 71% EV/AR 9.9 52 Week Change 47%; EV/Net AR n/a AR/Employee 212 645 EV/Net AR 10.6 AR/Employee 461 922; AR Growth 14% EBITDA/Employee 64 068 AR Growth 9% EBITDA/Employee 291 834; 3. Vista (VGL-NZ) as at 07 October 2016 4. Pushpay (PPH-NZ) as at 07 October 2016; Mkt Cap (M) 511 Share Price 6.36 Mkt Cap (M) 520 Share Price 2.25; EV/AR 6.2 52 Week Change 25% EV/AR 13.1 52 Week Change 24%; EV/Net AR n/a AR/Employee 232 709 EV/Net AR 23.8 AR/Employee 180 326; AR Growth 49% EBITDA/Employee 45 311 AR Growth 330% EBITDA/Employee (88 056); Notes; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Email us if there is anything you would like to see.; This report looks at the top four share price performers out of the NZX tech sector over the last 52 weeks. The yellow highlights emphasise key SaaS metrics for each company.; -; 5000; 10000; 15000; -; 1; 2; Vol ('000s) per day; Share Price Index; TME-NZ NZX50; -; 1000; 2000; 3000; -; 1; 2; Vol ('000s) per day; Share Price Index; GTK-NZ NZX50; -; 500; 1000; -; 1; 2; Vol ('000s) per day; Share Price Index; PAY-NZ NZX50; -; 10000; 20000; 30000; -; 1; 2; Vol ('000s) per day; Share Price Index; VGL-NZ NZX50; CLARE CAPITAL TECH INSIGHTS; Share Price Movements as at 07 October 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; EROAD (ERD-NZ)  1.75 (6%) (35%) 2 252 3 672 105 93 28 3.3 44% n/a 33 2.8 30%; Finzsoft (FIN-NZ)  2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a; Gentrack (GTK-NZ)  3.39 4% 71% 966 3 256 246 234 47 5.0 14% n/a 51 4.6 23%; GeoOp (GEO-NZ)  0.20 (5%) (56%) 41 9 11 8 5 1.7 249% 80% n/a n/a n/a; ikeGPS (IKE-NZ)  0.58 - (21%) 17 10 37 32 9 3.7 118% 65% 16 2.0 87%; Orion Health (OHE-NZ)  3.35 (4%) (4%) 209 720 536 477 211 2.3 26% 78% 244 2.0 18%; Plexure (PLX-NZ)  0.28 (10%) (13%) 1 027 299 26 23 7 3.2 66% n/a n/a n/a n/a; Pushpay (PPH-NZ)  2.25 (12%) 24% 909 2 042 520 508 39 13.1 330% 55% n/a n/a n/a; Rakon (RAK-NZ)  0.22 5% (8%) 247 52 42 54 109 0.5 (22%) n/a n/a n/a n/a; Serko (SKO-NZ)  0.50 (6%) (38%) 133 70 36 30 13 2.2 20% n/a n/a n/a n/a; SLI Systems (SLI-NZ)  0.47 (6%) (40%) 630 294 29 22 31 0.7 (10%) 77% 36 0.6 2%; SmartPay (SPY-NZ)  0.18 - (8%) 4 1 30 54 21 2.6 0% n/a n/a n/a n/a; Trade Me (TME-NZ)  5.38 (4%) 47% 6 135 34 449 2 136 2 238 225 9.9 9% 94% 218 10.3 (0%); Vista (VGL-NZ)  6.36 (2%) 25% 290 1 863 511 502 81 6.2 49% n/a 90 5.6 37%; Wynyard (WYN-NZ)  0.18 (3%) (85%) 2 596 462 31 17 26 0.7 4% 64% 41 0.4 67%; Xero (XRO-NZ)  19.00 (2%) 19% 962 18 718 2 613 2 428 258 9.4 62% 75% 298 8.1 44%; Average  (3%) (8%) 1 026 4 120 433 421 71 4.1 63% 74% 114 4.0 34%; Definitions Disclaimer; Δ = Directional Change in Share Price; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week; Val. '000s = Value of Shares Traded in the Last Week; Mkt Cap = Market Capitalisation; EV = Enterprise Value; AR = Annualised Revenue Contact Details; EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner; YrΔ AR = Annualised Revenue Growth +64-21-470227 mark.clare@clarecapital.co.nz; GM% = Gross Margin %; CFY Rev = Current Financial Years Revenue; EV/CFY = EV/CFY Revenue multiple; YrΔ CFY = CFY Revenue Growth; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental; analysis. We provide creative solutions for both origination and analysis mandates. We have a; strong track record for the successful execution of commercial transactions.; The information provided in this report has been solely sourced from FactSet and company; annual reports. Clare Capital holds no responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of broker forecasts complied by; FactSet.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –; not financial advice. If you are making investment decisions you should seek appropriate; CLARE CAPITAL TECH INSIGHTS

#11

Overview Clare Capital Tech Insights 11 - ARR & Net ARR Over Time - 20160930; Share Price Movements as at 30 September 2016 Figure 1 - ARR since IPO; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  1.86 (2%) (30%) 1 137 2 017; Finzsoft  2.50 - - - -; Gentrack  3.25 1% 71% 197 632; GeoOp  0.21 8% (48%) 74 15; ikeGPS  0.58 (3%) (18%) 28 16; Orion Health  3.49 (0%) 4% 283 984; Plexure  0.31 19% (6%) 287 84; Pushpay  2.56 2% 71% 203 511; Rakon  0.21 (5%) (9%) 342 72; Serko  0.53 (9%) (34%) 105 55; SLI Systems  0.50 (17%) (37%) 163 87; SmartPay  0.18 - (8%) 90 16; Trade Me  5.62 0% 54% 7 178 40 306; Vista  6.50 (1%) 27% 497 3 235; Wynyard  0.18 (14%) (84%) 9 067 1 907 Figure 2 - Net ARR since IPO; Xero  19.35 (3%) 29% 305 5 965; Total 19 954 55 901; Average  (1%) (1%); Top SaaS firms at the end of 10 years Definitions; ARR Net ARR 1WeekΔ = 1 Week Price Change; Salesforce Salesforce 1YearΔ = 1 Year Share Change; Citrix Systems Citrix Systems; Synchronoss Synchronoss; CSG Systems J2 Global; Manhattan CSG Systems; Notes; This report compares ARR and Net ARR (ARR times Gross Margin %) for SaaS companies over time. The green band represents the upper and lower quartile ARR for global SaaS; companies over time. A high gross margin (70-80>%) results in a greater Net ARR - a key feature of a high-quality SaaS company.; This report outlines company and valuation metrics for NZ-listed; technology companies. Email us if there is anything you would like to see.; Vol. '000s = Volume of Shares; Traded in the Last Week; Val. '000s = Value of Shares; Traded in the Last Week (NZD); -; 50; 100; 150; 200; 250; 300; 350; 400; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38; ARR (NZD M); Quarters since IPO; XRO (EV/ARR 9.6x); SLI (EV/ARR 0.8x); PAY (EV/ARR 15.0x); GEO (EV/ARR 1.8x); PLX (EV/ARR 4.8x); -; 20; 40; 60; 80; 100; 120; 140; 160; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38; Net ARR (NZD M); Quarters since IPO; XRO (EV/Net ARR 12.6x); SLI (EV/Net ARR 1.0x); PAY (EV/Net ARR 27.2x); GEO (EV/Net ARR 2.3x); PLX (EV/Net ARR 6.3x); CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 30 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 112 100 28 3.6 44% n/a 33 3.0 30% EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 236 224 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 11 8 5 1.8 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 37 32 9 3.7 118% 65% 16 2.0 87% GM% = Gross Margin %; Orion Health 558 499 211 2.4 26% 78% 244 2.0 18% CFY Rev = Current Financial Years Revenue; Plexure 28 26 7 3.6 66% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 592 580 39 15.0 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a; Serko 39 32 13 2.4 20% n/a n/a n/a n/a Disclaimer; SLI Systems 31 24 31 0.8 (10%) 77% 36 0.7 2%; SmartPay 30 54 21 2.6 0% n/a n/a n/a n/a; Trade Me 2 232 2 333 225 10.4 9% 94% 218 10.7 (0%); Vista 522 513 81 6.3 49% n/a 90 5.7 37%; Wynyard 32 18 26 0.7 4% 64% 41 0.4 67%; Xero 2 661 2 476 258 9.6 62% 75% 312 7.9 51%; Total & Average 7 184 6 994 1 131 6.2 74%; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 30 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 962 5 122 1 048 4.9 17% 50% 1 102 4.6 19%; Box 848 734 383 1.9 30% 65% 395 1.9 30%; Salesforce.com 48 326 4 667 8 146 6.1 25% 71% 8 315 6.0 25%; HubSpot 2 037 1 920 260 7.4 51% 75% 264 7.3 45%; Lifelock 1 567 1 411 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 287 2 107 333 6.3 28% 85% 334 6.3 23% Contact Details; New Relic 1 948 1 752 234 7.5 54% 80% 255 6.9 40% Mark Clare Managing Partner; ServiceNow 13 020 12 704 1 365 9.3 38% 70% 1 376 9.2 37% +64-21-470227 mark.clare@clarecapital.co.nz; NetSuite 8 958 8 836 923 9.6 30% 66% 966 9.2 30%; RealPage 2 063 2 063 571 3.6 24% 53% 570 3.6 22%; Shopify 3 170 2 990 347 8.6 93% 52% 367 8.2 79%; Splunk 7 895 6 874 851 8.1 43% 81% 913 7.5 37%; Workday 10 911 9 364 1 510 6.2 34% 68% 1 557 6.0 34%; All Global SaaS Companies Median 3.9 19% 66% 3.9 18%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual and; forecast numbers presented in this report. The forecasts; are an average of broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes back to its; local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS

#10

Overview Clare Capital Tech Insights 10 - NZX Sectors Over Time - 20160923; NZX Sectors (Jan11 - Aug16) NZX Sectors (Jan14 - Aug16); NZX Sectors (Jan15 - Aug16) NZX Sectors (Jan16 - Aug16); This report compares how well the different NZX sectors have performed over time.; 50; 100; 150; 200; 250; 300; 350; 400; 450; 40544; 40634; 40725; 40817; 40909; 41000; 41091; 41183; 41275; 41365; 41456; 41548; 41640; 41730; 41821; 41913; 42005; 42095; 42186; 42278; 42370; 42461; 42552; Mkt Cap Index Jan-11 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 5+ years; 40; 60; 80; 100; 120; 140; 160; 180; 41640; 41699; 41760; 41821; 41883; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; Mkt Cap Index Jan-14 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 2+ years; 80; 90; 100; 110; 120; 130; 140; 150; 42005; 42036; 42064; 42095; 42125; 42156; 42186; 42217; 42248; 42278; 42309; 42339; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; Mkt Cap Index Jan-15 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 18+ months; 90; 95; 100; 105; 110; 115; 120; 125; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; Mkt Cap Index JAn-16 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; Current Calendar Year; CLARE CAPITAL TECH INSIGHTS; Chart Methodology Definitions; Δ = Directional Change in Share Price; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; Chart Commentary 1YearΔ = 1 Year Share Price Change; Invest $1 000 at January 2011 into: Invest $1 000 at January 2016 into: Vol. '000s = Volume of Shares Traded (Last Week); As at 31 August 2016 Profit Return CAGR As at 31 August 2016 Profit Return CAGR Val. '000s = Value of Shares Traded (Last Week); Healthcare 3 046 305% 28% Tech 221 22% 41% Mkt Cap = Market Capitalisation; Tech 1 268 127% 16% Healthcare 210 21% 39% EV = Enterprise Value; Property 1 199 120% 15% Retail Trade 209 21% 38% EV/AR = EV/Annualised Revenue multiple; Utilities 649 65% 9% Manufacturing 191 19% 35% YrΔ AR = Annualised Revenue Growth; Manufacturing 398 40% 6% Utilities 167 17% 30%; Retail Trade 218 22% 4% Wholesale Trade 120 12% 21% Disclaimer; Wholesale Trade 166 17% 3% Property 109 11% 19%; Finance 105 10% 2% Finance (31) (3%) (5%); Share Price Movements as at 23 September 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap AR EV/AR YrΔ AR; EROAD  1.90 (14%) (45%) 68 136 114 28 3.7 44%; Finzsoft  2.50 - (17%) - - 22 22 1.0 39%; Gentrack  3.23 2% 70% 2 570 8 098 235 47 4.8 14%; GeoOp  0.20 - (56%) - - 10 5 1.5 249%; ikeGPS  0.60 2% 3% 222 131 36 9 3.5 118%; Orion Health  3.50 (12%) 2% 700 2 696 560 211 2.4 26%; Plexure  0.26 - (21%) 119 31 24 5 3.9 70%; Pushpay  2.50 - 43% 253 633 578 39 14.6 330%; Rakon  0.22 - (19%) 548 120 42 109 0.5 (22%); Serko  0.58 (3%) (28%) 29 17 42 13 2.6 20% Contact Details; SLI Systems  0.60 (8%) (31%) 95 58 37 31 1.0 (10%) Mark Clare Managing Partner; SmartPay  0.18 3% (8%) 40 7 30 21 2.6 0% +64-21-470227 mark.clare@clarecapital.co.nz; Trade Me  5.61 3% 55% 7 593 41 950 2 228 225 10.4 9%; Vista  6.55 (3%) 26% 9 531 64 196 526 81 6.4 49%; Wynyard  0.21 (5%) (81%) 2 526 535 38 26 0.9 4%; Xero  19.90 (0%) 41% 1 310 26 187 2 736 258 9.9 62%; Total 25 602 144 794 7 257 1 129; Average  (2%) (4%) 4.3 63%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual; numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; Due to new-listing (IPOs) increasing the number of companies in each of the indices through time Clare Capital has; employed the principles of chain-linking to create these indices.; CLARE CAPITAL TECH INSIGHTS

#9

Overview Clare Capital Tech Insights 9 - Capital Used vs Recurring Revenue - 20160916; Share Price Movements as at 16 September 2016 Indicator of Resource Efficiency - Capital Used per Recurring Revenue; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.20 (0%) (38%) 216 477; Finzsoft  2.50 - (17%) - -; Gentrack  3.18 (5%) 72% 1 930 6 417; GeoOp  0.20 (40%) (59%) 59 14; ikeGPS  0.59 (2%) 13% 138 82; Orion Health  3.97 (5%) 24% 491 2 003; Plexure  0.26 8% (19%) 148 37; Pushpay  2.50 5% 68% 357 870; Rakon  0.22 5% (36%) 596 123; Serko  0.60 (9%) (24%) 10 6; SLI Systems  0.65 (8%) (28%) 215 144; SmartPay  0.17 - 5% 63 11; Trade Me  5.46 0% 52% 4 459 24 278; Vista  6.75 (2%) 30% 5 209 34 896; Wynyard  0.22 (4%) (82%) 2 038 460; Xero  19.99 (0%) 45% 1 151 22 624; Total 17 081 92 443; Average  (4%) 0%; Weighted Ave  (0%) 42%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report looks at the amount of capital used (Share Capital + Debt - Cash) to generate a $1 million in recurring revenue another measure of resource efficiency. The international; median for SaaS companies is $1 million capital used to generate $1 million in recurring revenue (i.e. a 1:1 ratio).; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.; Note: Some NZ Tech companies above have elements of non-recurring revenue as part of their total; revenue.; -; 500000; 1000000; 1500000; 2000000; 2500000; 3000000; 3500000; 4000000; 4500000; 5000000; ERD GTK GEO IKE OHE PLX PAY SKO SLI SPY VGL WYN XRO; Capital Used to Generate $1M Recurring Revenue; Clare Capital's SaaS High Performance Threshold; Global SaaS International Median; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 16 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 133 120 28 4.3 44% n/a n/a n/a n/a EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 231 219 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 10 7 5 1.5 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 35 30 9 3.5 118% 65% 16 1.9 87% GM% = Gross Margin %; Orion Health 635 576 211 2.7 26% 78% 252 2.3 22% CFY Rev = Current Financial Years Revenue; Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 578 566 39 14.6 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 42 54 109 0.5 (22%) n/a n/a n/a n/a; Serko 44 37 13 2.7 20% n/a n/a n/a n/a Disclaimer; SLI Systems 40 35 31 1.1 (10%) 77% 36 1.0 27%; SmartPay 29 53 21 2.5 0% n/a n/a n/a n/a; Trade Me 2 168 2 270 225 10.1 9% 94% 218 10.4 (0%); Vista 542 534 81 6.6 49% n/a 90 5.9 37%; Wynyard 39 25 26 1.0 4% 64% 41 0.6 67%; Xero 2 749 2 564 258 9.9 62% 75% 312 8.2 51%; Total & Average 7 321 7 132 1 129 6.3; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 16 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 864 5 024 1 048 4.8 17% 50% 1 102 4.6 19%; Box 794 679 383 1.8 30% 65% 395 1.7 31%; Salesforce.com 49 654 50 995 8 146 6.3 25% 71% 8 315 6.1 25%; HubSpot 1 975 1 858 260 7.2 51% 75% 264 7.0 45%; Lifelock 1 490 1 334 658 2.0 13% 74% 667 2.0 13%; LogMeIn 2 294 2 114 333 6.3 28% 85% 334 6.3 23% Contact Details; New Relic 1 880 1 684 234 7.2 54% 80% 255 6.6 40% Mark Clare Managing Partner; ServiceNow 12 714 12 398 1 365 9.1 38% 70% 1 376 9.0 37% +64-21-470227 mark.clare@clarecapital.co.nz; NetSuite 8 837 8 715 923 9.4 30% 66% 966 9.0 30%; RealPage 2 023 2 024 571 3.5 24% 53% 570 3.6 22%; Shopify 3 064 2 885 347 8.3 93% 52% 366 7.9 79%; Splunk 7 946 6 926 851 8.1 43% 81% 913 7.6 37%; Workday 10 583 9 036 1 510 6.0 34% 68% 1 557 5.8 34%; All Global SaaS Companies Median 3.9 19% 66% 3.8 18%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual and; forecast numbers presented in this report. The forecasts; are an average of broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes back to its; local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS