#8

Overview Clare Capital Tech Insights 8 - Rem. vs Performance - 20160909; Remuneration versus Company Performance Definitions; LTM Rev. = Last Twelve Months; LTM Rev. = LTM Revenue; Ann. Rev. = Annualised Revenue; Rev./Emp = Revenue/Employee; Mkt Cap = Market Value; YrΔ AR = 1 Year AR Growth; NPBT % = NPBT Margin; SP = Share Price; WkΔ SP = 1Week Price Change; YrΔ SP = 1Year Price Change; Volume = of Shares Traded; Category ERD FIN GTK GEO IKE OHE PLX PAY RAK SKO SLI SPY TME VGL WYN XRO Value = of Shares Traded; CEO Rem. $000 524 650 401 305 554 508 609 375 908 280 289 492 650 291 662 761 EV/LTM = EV/LTM Revenue; Rem. as % Rev % 2.1% 3.3% 1.0% 33% 6.5% 0.2% 11% 2.5% 0.8% 2.1% 1.0% 2.4% 0.3% 0.4% 2.7% 0.4% EV/AR = EV/AR multiple; % staff >$100k % 32% 40% 27% 25% 43% 51% 52% 20% 22% 21% 34% 14% 24% 22% 46% 44%; LTM Revenue $m 25 20 42 1 9 207 5 15 113 13 28 20 218 65 25 207 Disclaimer; Ann. Revenue $m 28 22 47 5 9 211 5 39 109 13 31 21 225 76 25 258; Employees # 196 95 220 40 56 1 240 52 216 589 140 175 125 464 350 297 1 450; Rev./Employee $000 130 206 190 23 153 167 103 68 191 94 161 163 470 187 83 143; EV $m 121 23 231 13 30 613 19 536 52 41 39 53 2 266 528 26 2 566; Mkt Cap $m 133 22 244 16 36 671 22 548 40 48 44 29 2 164 551 41 2 750; YrΔ AR % 44% 39% 14% 249% 118% 26% 70% 330% (22%) 20% (10%) 0% 9% 28% (20%) 62%; NPBT % % (5%) 20% 23% (305%) (103%) (25%) (123%) (137%) (1%) (43%) (25%) 7% 56% 10% (165%) (39%); SP $ 2.21 2.50 3.35 0.33 0.60 4.20 0.24 2.37 0.21 0.66 0.71 0.17 5.45 6.86 0.23 20.00; Δ Wkly                 ; WkΔ SP % (3%) - 2% 10% (2%) 3% (4%) (7%) - 2% (1%) (11%) (3%) 4% (4%) 1%; YrΔ SP % (39%) (21%) 86% (26%) 20% 20% (31%) 74% (37%) (18%) (19%) 6% 53% 32% (82%) 41%; Volume (week) 000 194 - 2 180 58 46 499 182 154 187 2 153 35 8 942 485 2 402 1 078; Value (week) $000 429 - 7 274 17 27 2 043 45 375 39 1 111 6 50 622 3 300 566 21 701; EV/LTM Rev x 4.7 1.2 5.5 14.4 3.5 3.0 3.6 36.3 0.5 3.1 1.4 2.6 10.4 8.1 1.1 12.4; EV/AR x 4.3 1.0 4.9 2.9 3.5 2.9 3.6 13.8 0.5 3.1 1.2 2.5 10.1 6.9 1.1 9.9; This report compares SaaS remuneration information with Company size & performance. The entities in light green are specific Software-as-a-Service companies green and blue; bubbles represent companies with some SaaS elements and the blue bubbles show other publicly-listed NZ technology companies with a market value of greater than NZD$10M.; 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. This document is; not intended for advice. Clare; Capital is not an Authorised; Financial Adviser. If you are; making investment decisions; you should seek appropriate; personalised financial advice; from a qualified professional to; suit your circumstances.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Size of Bubble represents Enterprise Value (EV); % of Employees Paid >$100k; CLARE CAPITAL TECH INSIGHTS; Share Price Performance; Share price performance against the NZX50 indexed from Jan 2016.; -; 250; 500; 750; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; ERD-NZ; ERD-NZ NZX50; -; 50; 100; 150; 200; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; GEO-NZ; GEO-NZ NZX50; -; 5; 10; 15; 20; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; FIN-NZ; FIN-NZ NZX50; -; 1000; 2000; 3000; 4000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; GTK-NZ; GTK-NZ NZX50; -; 150; 300; 450; 600; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; IKE-NZ; IKE-NZ NZX50; -; 100; 200; 300; 400; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; PAY-NZ; PAY-NZ NZX50; -; 250; 500; 750; 1000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; OHE-NZ; OHE-NZ NZX50; -; 1500; 3000; 4500; 6000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; PLX-NZ; PLX-NZ NZX50; -; 250; 500; 750; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; RAK-NZ; RAK-NZ NZX50; -; 1000; 2000; 3000; 4000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SPY-NZ; SPY-NZ NZX50; -; 50; 100; 150; 200; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SKO-NZ; SKO-NZ NZX50; -; 500; 1000; 1500; 2000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SLI-NZ; SLI-NZ NZX50; -; 2500; 5000; 7500; 10000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; TME-NZ; TME-NZ NZX50; -; 250; 500; 750; 1000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; XRO-NZ; XRO-NZ NZX50; -; 6000; 12000; 18000; 24000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; VGL-NZ; VGL-NZ NZX50; -; 500; 1000; 1500; 2000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; WYN-NZ; WYN-NZ NZX50; CLARE CAPITAL TECH INSIGHTS

#7

Overview Clare Capital Tech Insights 7 - SaaS EBITDA Margins - 20160902; Share Price Movements as at 11 November 2016 Indicator of Profitability - SaaS EBITDA Margin (%) as at 02 September 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.27 (4%) (37%) 147 346; Finzsoft  2.50 9% (22%) 0 1; Gentrack  3.29 (2%) 88% 536 1 769; GeoOp  0.30 13% (36%) 75 20; ikeGPS  0.61 - 22% 61 37; Orion Health  4.09 (3%) 14% 297 1 223; Plexure  0.25 (4%) (26%) 266 68; Pushpay  2.55 0% 79% 183 467; Rakon  0.21 (9%) (36%) 464 101; Serko  0.65 (4%) (19%) 18 12; SLI Systems  0.72 (14%) (24%) 211 156; SmartPay  0.19 (5%) 19% 598 112; Trade Me  5.61 4% 60% 9 713 53 205; Vista  6.61 7% 28% 1 577 9 898; Wynyard  0.24 (14%) (81%) 2 434 626; Xero  19.81 1% 45% 469 9 252; Total 17 045 77 295; Average  (2%) 5%; Weighted Ave  1% 45%; 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 compares EBITDA Margin for global SaaS companies grouped by years since their IPO. Most SaaS companies tend to be unprofitable in their first few years as they seek; growth over profitability. Although the SaaS sector is still relatively immature with very few "steady-state" SaaS businesses long-term EBITDA margins are trending to ~25-35%.; 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.; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 1 5 10 15; EBITDA Margin %; Years Since IPO; 50-75% Percentile 25-50% Percentile; n=105 n=96 n=46 n=34; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 02 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 137 124 28 4.5 44% n/a 34 3.6 34% EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 239 227 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 15 12 5 2.5 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 654 595 211 2.8 26% 78% 252 2.4 22% CFY Rev = Current Financial Years Revenue; Plexure 23 20 5 3.7 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 590 577 39 14.9 330% 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 47 41 13 3.0 20% n/a n/a n/a n/a Disclaimer; SLI Systems 45 39 31 1.3 (10%) 77% 36 1.1 27%; SmartPay 33 57 21 2.7 0% n/a 24 2.4 18%; Trade Me 2 228 2 329 225 10.4 9% 94% 218 10.7 (0%); Vista 531 508 76 6.7 28% n/a 90 5.7 37%; Wynyard 43 28 25 1.1 (20%) 64% 41 0.7 67%; Xero 2 724 2 540 258 9.8 62% 75% 314 8.1 52%; Total & Average 7 405 7 203 1 124 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 02 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 863 5 024 1 048 4.8 17% 50% 1 102 4.6 19%; Box 685 570 383 1.5 30% 65% 395 1.4 31%; Salesforce.com 50 880 52 221 8 146 6.4 25% 71% 8 315 6.3 25%; HubSpot 2 015 1 899 260 7.3 51% 75% 264 7.2 45%; Lifelock 1 569 1 413 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 232 2 052 333 6.2 28% 85% 334 6.1 23% Contact Details; Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner; New Relic 1 910 1 714 234 7.3 54% 80% 255 6.7 40% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 541 12 226 1 365 9.0 38% 70% 1 376 8.9 37%; NetSuite 8 818 8 696 923 9.4 30% 66% 966 9.0 30%; RealPage 2 036 2 036 571 3.6 24% 53% 570 3.6 22%; Shopify 2 914 2 734 347 7.9 93% 52% 366 7.5 79%; Splunk 7 892 6 871 851 8.1 43% 81% 913 7.5 37%; All Global SaaS Companies Median 4.1 20% 66% 4.0 19%; The information provided in this report has been solely; sourced from FactSet. 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 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

#6

Overview Clare Capital Tech Insights 6 - SaaS Revenue per Employee - 20160826; Share Price Movements as at 26 August 2016 Indicator of Resource Efficiency - SaaS Revenue per Employee as at 26 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.37 2% (32%) 54 126; Finzsoft  2.30 - (28%) - -; Gentrack  3.35 (2%) 72% 576 2 007; GeoOp  0.26 (7%) (40%) 28 7; ikeGPS  0.61 (6%) 22% 186 118; Orion Health  4.22 (5%) 17% 195 850; Plexure  0.26 4% (26%) 322 83; Pushpay  2.54 (2%) 77% 195 502; Rakon  0.23 2% (30%) 394 89; Serko  0.68 3% (15%) 64 43; SLI Systems  0.84 - (5%) 159 131; SmartPay  0.20 11% 33% 311 56; Trade Me  5.39 (0%) 53% 15 578 84 417; Vista  6.20 (5%) 14% 1 393 8 835; Wynyard  0.28 (27%) (77%) 2 962 973; Xero  19.60 (1%) 43% 1 089 21 648; Total 23 506 119 886; Average  (2%) 5%; Weighted Ave  (2%) 41%; 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 revenue per employee. This metric is one of several indicators looking at efficient use of a company's resources. It is expected that the amount of revenue per; employee increases as the company matures. Early-stage companies are often hiring in advance to meet their expansion needs before they reach a certain revenue level.; 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.; -; 50; 100; 150; 200; 250; 300; 1 5 10 15; Revenue per Employee (USD 000s); Years Since IPO; 25-50% Percentile 50-75% Percentile; x XRO; x; x; x; SLI; PAY; PLX; x GEO; n=121; n=32; n=45; n=77; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 26 August 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 143 130 28 4.7 44% n/a 34 3.8 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 244 231 47 4.9 14% n/a 51 4.5 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 13 10 4 2.3 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 675 616 211 2.9 26% 78% 259 2.4 25% 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 587 575 39 14.8 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a; Serko 50 43 13 3.2 20% n/a n/a n/a n/a Disclaimer; SLI Systems 52 47 31 1.5 (10%) 77% 36 1.3 27%; SmartPay 34 58 21 2.8 0% n/a 24 2.4 18%; Trade Me 2 140 2 242 225 10.0 9% 94% 218 10.3 (0%); Vista 498 475 76 6.2 28% n/a 88 5.4 34%; Wynyard 50 35 25 1.4 (20%) 64% 41 0.9 67%; Xero 2 695 2 511 28 9.7 62% 75% 314 8.0 52%; Total & Average 7 305 7 102 1 115 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 26 August 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 803 4 964 1 048 4.7 17% 50% 1 102 4.5 19%; Box 632 504 361 1.4 37% 64% 394 1.3 30%; Salesforce.com 54 220 54 255 7 666 7.1 27% 73% 8 300 6.5 24%; HubSpot 2 007 1 890 260 7.3 51% 75% 264 7.2 45%; Lifelock 1 568 1 412 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 087 1 906 333 5.7 28% 85% 334 5.7 23% Contact Details; Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner; New Relic 1 838 1 642 234 7.0 54% 80% 255 6.4 40% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 091 11 775 1 365 8.6 38% 70% 1 376 8.6 37%; NetSuite 8 816 8 695 923 9.4 30% 66% 966 9.0 30%; RealPage 2 071 2 071 571 3.6 24% 53% 570 3.6 22%; Shopify 2 852 2 672 347 7.7 93% 52% 366 7.3 79%; Splunk 7 776 6 756 851 7.9 43% 81% 913 7.4 37%; All Global SaaS Companies Median 3.9 19% 66% 3.8 19%; 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. 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

#5

Overview Clare Capital Tech Insights 5 - NZ Tech Value Shares Traded - 20160819; This report compares the montly value of shares traded for NZ-listed technology companies since January 2014.; Figure 1.a Monthly value of shares traded - Companies greater than NZD$60M Figure 1.b Monthly value of shares traded - Companies between NZD$60M & $1B; Figure 2. Monthly value of shares traded - Companies less than NZD$60M 19-Aug-16 Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap; EROAD  2.33 6% (37%) 271 597 140; Finzsoft  2.30 - (32%) - - 20; Gentrack  3.43 7% 70% 1 216 3 953 249; GeoOp  0.28 - (36%) - - 14; ikeGPS  0.65 3% - 168 108 39; Orion Health  4.46 (2%) 21% 455 2 073 713; Plexure  0.25 (4%) (29%) 77 20 23; Pushpay  2.59 8% 88% 419 1 084 599; Rakon  0.23 (6%) (34%) 571 137 43; Serko  0.66 - (27%) 2 1 48; SLI Systems  0.84 (7%) 15% 142 121 52; SmartPay  0.18 (20%) 9% 311 55 31; Trade Me  5.40 5% 74% 13 954 73 743 2 144; Vista  6.50 5% 13% 504 3 149 522; Wynyard  0.39 (6%) (72%) 2 233 825 69; Xero  19.79 (2%) 30% 300 5 988 2 721; -; 200; 400; 600; 800; 1000; 1200; SLI SKO RAK IKE SPY VML PLX GEO; Value of Shares Traded (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 52 48 43 39 31 23 20 14; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 713 599 522 249 140 69; -; 20000; 40000; 60000; 80000; 100000; 120000; XRO TME OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 2 721 2 144 713 599 522 249 140 69; CLARE CAPITAL TECH INSIGHTS; Chart Notes; Same as the charts on the previous page but adding in the top and bottom 25% as well as the minimum and maximum monthly trade value for each company.; Figure 3.a Monthly value of shares traded - Companies greater than NZD$60M Figure 3.b Monthly value of shares traded - Companies between NZD$60M & $1B; Figure 4. Monthly value of shares traded - Companies less than NZD$60M Disclaimer; Contact Details; Mark Clare mark.clare@clarecapital.co.nz +64-21-470227; The information provided in this report has been solely sourced from FactSet. 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.; 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.; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; SLI SKO RAK IKE SPY VML PLX GEO; Value of Shares Traded (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 52 48 43 39 31 23 20 14; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; 450000; XRO TME OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 2 721 2 144 713 599 522 249 140 69; -; 20000; 40000; 60000; 80000; 100000; 120000; 140000; OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 713 599 522 249 140 69; CLARE CAPITAL TECH INSIGHTS

#4

Overview Clare Capital Tech Insights 4 - SaaS Gross Margin - 20160812; Share Price Movements as at 12 August 2016 Indicator of Profitability - SaaS Gross Margin (%) as at 12 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.20 5% (41%) 433 942; Finzsoft  2.30 - (32%) - -; Gentrack  3.20 7% 55% 3 586 11 211; GeoOp  0.28 4% (44%) 22 6; ikeGPS  0.63 (9%) (2%) 108 70; Orion Health  4.55 (5%) 15% 321 1 479; Plexure  0.26 (9%) (30%) 263 71; Pushpay  2.40 (8%) 96% 407 1 023; Rakon  0.24 12% (33%) 1 002 222; Serko  0.66 (1%) (18%) 4 3; SLI Systems  0.90 10% 25% 84 75; SmartPay  0.23 - 36% - -; Trade Me  5.14 3% 61% 12 717 63 856; Vista  6.20 (0%) 3% 71 440; Wynyard  0.41 (25%) (72%) 2 273 957; Xero  20.14 0% 24% 367 7 398; Total 21 669 87 751; Average  (1%) 3%; Weighted Ave  (0%) 35%; 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 compares Gross Margin (%) for all global SaaS companies grouped by years since their IPO. Gross Margins for SaaS companies in theory tend to be higher than; traditional firms as the 'server runs the business' meaning lower cost of goods sold/cost of sales.; 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.; -; 0.2; 0.4; 0.6; 0.8; 1; 1 5 10 15; Gross Margin %; Years Since IPO; 25-50% Percentile 50-75% percentile; n=123 n=103 n=46 n=32; x; x x; PAY; SLI XRO; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 12 August 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 34 3.5 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 233 220 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 32 26 9 3.1 118% 65% 16 1.7 n/a GM% = Gross Margin %; Orion Health 728 669 211 3.2 26% 78% 260 2.6 26% 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 555 543 39 14.0 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 46 58 109 0.5 (22%) n/a n/a n/a n/a; Serko 48 41 13 3.1 20% n/a n/a n/a n/a Disclaimer; SLI Systems 56 50 36 1.4 23% 77% 35 1.4 25%; SmartPay 39 63 21 3.0 0% n/a 24 2.6 18%; Trade Me 2 041 2 160 211 10.2 9% 94% 218 9.9 9%; Vista 498 475 76 6.2 28% n/a 93 5.1 43%; Wynyard 73 59 25 2.4 (20%) 64% n/a n/a n/a; Xero 2 769 2 585 258 10.0 62% 75% 312 8.3 51%; Total & Average 7 308 7 122 1 106 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 12 August 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 888 5 048 1 048 4.8 17% 50% 1 102 4.6 19%; Box 604 477 361 1.3 37% 64% 394 1.2 30%; Salesforce.com 55 304 55 339 7 666 7.2 27% 73% 8 304 6.7 25%; HubSpot 2 086 1 969 260 7.6 51% 75% 264 7.5 45%; Lifelock 1 580 1 424 658 2.2 13% 74% 666 2.1 13% Contact Details; LogMeIn 2 098 1 918 333 5.8 28% 85% 334 5.7 23% Mark Clare; Marketo 1 565 1 467 264 5.6 30% 67% 273 5.4 30% Managing Partner; New Relic 1 804 1 608 234 6.9 54% 80% 255 6.3 40% mark.clare@clarecapital.co.nz +64-21-470227; ServiceNow 12 464 12 148 1 365 8.9 38% 70% 1 376 8.8 37%; NetSuite 8 789 8 667 923 9.4 30% 66% 966 9.0 30%; RealPage 2 011 2 011 571 3.5 24% 53% 570 3.5 22%; Shopify 2 666 2 487 347 7.2 93% 52% 366 6.8 79%; Splunk 8 535 7 512 744 10.1 48% 82% 896 8.4 34%; All Global SaaS Companies Median 3.8 19% 66% 3.7 19%; The information provided in this report has been solely; sourced from FactSet. 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 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

#3

Overview Clare Capital Tech Insights 3 - NZ v AU v US Tech Sector - 20160805; NZ v AU v US Tech Sector (Jan11 - Jul16) NZ v AU v US Tech Sector (Jan14 - Jul16); NZ v AU v US Tech Sector (Jan15 - Jul16) NZ v AU v US Tech Sector (Jan16 - Jul16); This report compares Market Capitalisation Indices for New Zealand (NZ) Australia (AU) and United States (US) tech sectors over time.; 50; 100; 150; 200; 250; 300; 350; 400; 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; NZ AU US; 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; NZ AU US; 2+ years; 80; 90; 100; 110; 120; 130; 140; 150; 160; 42005; 42036; 42064; 42095; 42125; 42156; 42186; 42217; 42248; 42278; 42309; 42339; 42370; 42401; 42430; 42461; 42491; 42522; 42552; Mkt Cap Index Jan-15 = 100; NZ AU US; 18+ months; 80; 90; 100; 110; 120; 130; 140; 42370; 42401; 42430; 42461; 42491; 42522; 42552; Mkt Cap Index Jan-16 = 100; NZ AU US; Current Calendar Year; CLARE CAPITAL TECH INSIGHTS; Chart Methodology Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Chart Commentary Vol. '000s = Volume of Shares Traded (Last Week); Invest $1 000 at January 2011 into: Invest $1 000 at January 2014 into: Val. '000s = Value of Shares Traded (Last Week); As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR Mkt Cap = Market Capitalisation; NZ Tech Sector 1 268 127% 16% NZ Tech Sector (302) (30%) (13%) EV = Enterprise Value; AU Tech Sector 2 656 266% 27% AU Tech Sector 543 54% 19% EV/AR = EV/Annualised Revenue multiple; US Tech Sector 938 94% 13% US Tech Sector 292 29% 11% YrΔ AR = Annualised Revenue Growth; Invest $1 000 at January 2015 into: Invest $1 000 at January 2016 into: Disclaimer; As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR; NZ Tech Sector 279 28% 18% NZ Tech Sector 221 22% 49%; AU Tech Sector 470 47% 29% AU Tech Sector 262 26% 59%; US Tech Sector 159 16% 10% US Tech Sector 123 12% 26%; Share Price Movements as at 05 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap AR EV/AR YrΔ AR; EROAD  2.10 - (42%) 859 1 789 127 28 4.1 44%; Finzsoft  2.30 - (32%) - - 20 14 1.5 (12%); Gentrack  2.99 - 48% 530 1 590 217 47 4.4 14%; GeoOp  0.27 (5%) (46%) 45 12 13 4 2.5 204%; ikeGPS  0.69 (3%) 5% 144 101 35 9 3.4 118%; Orion Health  4.77 (2%) 24% 470 2 281 763 211 3.3 26%; Plexure  0.29 (11%) (19%) 242 72 26 5 4.3 70% Contact Details; Pushpay  2.61 1% 120% 247 640 603 39 15.2 330% Mark Clare; Rakon  0.22 (4%) (41%) 657 144 41 109 0.5 (22%) Managing Partner; Serko  0.67 - (22%) 54 36 49 13 3.1 20% mark.clare@clarecapital.co.nz; SLI Systems  0.82 4% 2% 91 74 51 36 1.3 23% +64-21-470227; SmartPay  0.23 - 32% - - 39 21 3.0 0%; Trade Me  5.00 (2%) 47% 10 852 54 871 1 985 211 10.0 9%; Vista  6.21 (1%) 3% 488 3 054 499 76 6.2 28%; Wynyard  0.55 (7%) (62%) 523 301 99 25 3.4 (20%); Xero  20.09 2% 15% 545 10 830 2 762 258 10.0 62%; Total & Average  (2%) 2% 15 746 75 793 7 329 1 106 4.8; 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.; 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.; The information provided in this report has been solely; sourced from FactSet.; 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.; CLARE CAPITAL TECH INSIGHTS

#2

Overview Clare Capital Tech Insights 2 - NZ Tech EVAR Over Time - 20160729; Share Price Movements as at 29 July 2016 Valuation Chart as at 29 July 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.10 2% (42%) 134 279; Finzsoft  2.30 - (32%) 0 0; Gentrack  2.99 1% 36% 178 529; GeoOp  0.29 2% (43%) 33 9; ikeGPS  0.71 9% 8% 377 263; Orion Health  4.85 1% 23% 316 1 528; Plexure  0.32 (6%) (17%) 167 55; Pushpay  2.58 12% 121% 666 1 676; Rakon  0.23 (2%) (38%) 688 156; Serko  0.67 (11%) (23%) 47 34; SLI Systems  0.79 (1%) (1%) 78 62; SmartPay  0.23 - 32% - -; Trade Me  5.12 (2%) 53% 3 625 18 951; Vista  6.25 3% 11% 451 2 810; Wynyard  0.59 (5%) (61%) 364 218; Xero  19.79 3% 10% 566 11 216; Total 7 691 37 785; Average  0% 2%; Weighted Ave  2% 17%; 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 compares the EV/Annualised Revenue multiple for Pushpay (NZX:PAY) Trade Me (NZX:TME) and Xero (NZX:XRO) at the end of their financial years since their IPO.; Clare Capital has included semi-annual information for Pushpay as the company has only been listed since 2013.; 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 company comparator data. Email us if there is anything you would like to see.; -; 20; 40; 60; 80; 100; 120; - 1 2 3 4 5 6 7 8 9 10; EV/Annualised Revenue; Financial Years since IPO; Trade Me Pushpay Xero; Size of the bubble; represents Enterprise Value.; 15% 7% 13% 9%; 366% 532% 210% 109% 82%; 1 149% 446%; 102% 81% 71% 62%; Trade Me; Pushpay; Xero; Annualised Revenue Growth Rate; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 29 July 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 127 114 28 4.1 44% n/a 34 3.4 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 217 205 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 30 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 776 717 211 3.4 26% 78% 260 2.8 26% CFY Rev = Current Financial Year Revenue; Plexure 29 27 5 4.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 596 584 39 15.1 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 43 55 109 0.5 (22%) n/a n/a n/a n/a; Serko 49 42 13 3.1 20% n/a n/a n/a n/a Disclaimer; SLI Systems 49 44 36 1.2 23% 77% 35 1.2 25%; SmartPay 39 63 21 3.0 - n/a 24 2.6 18%; Trade Me 2 033 2 152 211 10.2 9% 94% 219 9.8 9%; Vista 502 479 76 6.3 28% n/a 93 5.1 43%; Wynyard 106 91 25 3.7 (20%) 64% n/a n/a n/a; Xero 2 712 2 527 258 9.8 62% 75% 312 8.1 51%; Total & Average 7 348 7 162 1 036 6.5; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 29 July 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 5 028 5 188 1 048 5.0 17% 50% 1 102 4.7 19%; Box 564 437 361 1.2 37% 64% 394 1.1 30%; Salesforce.com 55 420 55 454 7 666 7.2 27% 73% 8 300 6.7 24%; HubSpot 1 908 1 801 236 7.6 54% 75% 258 7.0 42%; Lifelock 1 574 1 372 637 2.2 18% 75% 667 2.1 13%; LogMeIn 2 174 1 994 333 6.0 28% 85% 334 6.0 23% Contact Details; Marketo 1 584 1 491 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner; New Relic 1 744 1 553 210 7.4 57% 79% 252 6.2 39% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 208 11 892 1 365 8.7 38% 70% 1 376 8.6 37%; NetSuite 8 756 8 656 866 10.0 31% 67% 966 9.0 30%; RealPage 2 013 1 994 514 3.9 16% 53% 570 3.5 22%; Shopify 2 320 2 131 289 7.4 93% 52% 345 6.2 69%; Splunk 8 310 7 288 744 9.8 48% 82% 895 8.1 34%; All Global SaaS Companies Median 3.7 18% 66% 3.4 19%; The information provided in this report has been solely; sourced from FactSet. 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. 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 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

#1

Overview Clare Capital Tech Insights 1 - NZ Tech EVAR v 1Y% v EV - 20160722; Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.05 (4%) (44%) 114 244; Finzsoft  2.30 - (32%) - -; Gentrack  2.97 (1%) 33% 156 654; GeoOp  0.28 (10%) (40%) 58 17; ikeGPS  0.65 14% (4%) 170 103; Orion Health  4.82 (1%) 23% 1 136 5 523; Plexure  0.34 - (11%) 199 67; Pushpay  2.30 (6%) 100% 172 417; Rakon  0.23 - (37%) 1 237 284; Serko  0.75 7% (14%) 42 30; SLI Systems  0.80 (1%) (2%) 2 479 1 990; SmartPay  0.23 41% 32% 16 3; Trade Me  5.23 6% 56% 4 744 24 129; Vista  6.05 1% 8% 200 1 201; Wynyard  0.62 - (59%) 163 100; Xero  19.14 6% 7% 550 10 177; Total 11 437 44 752; Average  3% 1%; Weighted Ave  4% 28%; 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 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 company comparator data. Email us if there is anything you would like to see.; This report compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a-; Service companies while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.; EROAD; Finzsoft; Gentrack; GeoOp; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SLI Systems; SmartPay; Trade Me; Vista; Wynyard; Xero; -; 2; 4; 6; 8; 10; 12; 14; 16; (50%) - 50% 100% 150% 200% 250% 300% 350% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise Value.; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin %; Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue; Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a; Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer; SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25%; SmartPay 39 63 21 3.0 - n/a 24 2.6 18%; Trade Me 2 077 2 195 211 10.4 9% 94% 219 10.0 9%; Vista 486 463 76 6.1 28% n/a 93 5.0 43%; Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a; Xero 2 623 2 438 258 9.5 62% 75% 312 7.8 n/a; Total & Average 7 224 7 038 1 106 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 915 5 075 1 048 4.8 17% 50% 1 103 4.6 19%; Box 519 391 361 1.1 37% 64% 394 1.0 30%; Salesforce.com 55 928 55 962 7 666 7.3 27% 73% 8 300 6.7 24%; HubSpot 1 836 1 729 236 7.3 54% 75% 258 6.7 42%; Lifelock 1 541 1 339 637 2.1 18% 75% 667 2.0 13%; LogMeIn 1 612 1 438 319 4.5 30% 86% 331 4.3 22% Contact Details; Marketo 1 581 1 489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner; New Relic 1 718 1 526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 11 841 11 423 1 224 9.3 44% 68% 1 368 8.4 36%; NetSuite 6 815 6 715 866 7.8 31% 67% 966 7.0 30%; RealPage 2 008 1 989 514 3.9 16% 53% 570 3.5 22%; Shopify 2 226 2 036 289 7.1 93% 52% 345 5.9 69%; Splunk 7 893 6 871 744 9.2 48% 82% 895 7.7 34%; Workday 9 516 7 950 1 381 5.8 38% 68% 1 553 5.1 34%; 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. 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. 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