#248

Overview Clare Capital Tech Insights 248 - 2022 market turn - 20220527; NZ/AUS tech companies by market cap since 30 November 2021 Selected global tech companies by market cap since 30 November 2021; There has been a significant fall in technology share prices over the last six months. The combined market value of Meta Apple Alphabet Amazon Tesla and Microsoft has fallen by; US$2.5 trillion since 30 November 2022. This period has also included the war in Ukraine which has driven up oil prices and inflation. Whilst tech stocks are down the price of Brent; Crude has risen 60% over the last six months. Note: over the last six months the NZ$ has fallen 5% relative to the US$.; -; 50; 100; 150; 200; 250; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; NZ$ billion; -; 2; 4; 6; 8; 10; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; US$ trillion; Atlassian (49%); Xero (36%); All other tech companies (28%); Meta (41%); Amazon (34%); Tesla (32%); Alphabet (21%); Apple (11%); WiseTech (16%); Computer; share 25%; Microsoft (18%); Percentage change; over period; Last 6 months total; change (23%); CLARE CAPITAL TECH INSIGHTS; Market cap of selected top performing companies since 30 November 2021 Index performances since 30 November 2021; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 65; 70; 75; 80; 85; 90; 95; 100; 105; 110; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; -; 0.5; 1; 1.5; Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22; US$ trillion; Merck & Co; 0.24; AbbVie 30%; Philip Morris; 0.24; Chevron 61%; Exxon Mobil 62%; Shell 39%; US Large value; index 5%; ASX 200; -0.01; NZX50; -0.14; NASDAQ; Composite; -0.22; US large; Growth index; -0.22; S&P 500; -0.09; Note: the market cap of Saudi; Aramco has increased from US$1.85t; to US$2.39t over this same period.; Percentage change; over period; CLARE CAPITAL TECH INSIGHTS

#247

Overview Clare Capital Tech Insights 247 - Costco comes to NZ - 20220520; Costco operating income break down (FY21) Costco locations globally (as at Dec 2021); Location Store count New stores (2021); United States and Puerto Rico 572 14; Canada 105 3; Mexico 40 1; Japan 30 3; United Kingdom 29 -; South Korea 16 -; Taiwan 14 -; Australia 13 1; Spain 4 1; China 2 1; France 2 1; Iceland 1 -; Total 828 25; Costco revenue (by geographic segment) EBITDAR margin comparison of local Costco competitors; 25 warehouses opened in 2021 and 30 new stores are planned for 2022; (including in NZ). Costco owns 79% of the land and buildings globally.; One of the world's biggest retail chains is coming to New Zealand. Last month Costco opened a petrol station in West Auckland the store is due to open later this year. Costco is a; member-only retail store and is expected to be at least 20% cheaper than local competition. This Tech Insights report looks at the history of Costco.; -; 50; 100; 150; 200; 250; 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD ($b); Other; International; Canada; United States; -; 0.02; 0.04; 0.06; 0.08; 0.1; 2015 2016 2017 2018 2019; EBITDAR margin (%); Woolworths (NZ); Foodstuffs (NI); Foodstuffs (SI); Costco; Data from Commerce Commission NZ Retail Grocery report; 7; -19; -171; 196; 4; 32; 27; 56; 77; - 50 100 150 200; Operating income; SG&A; Merchandise costs (COGS); Total revenue; Membership fees; Ancillary and Other; Fresh Foods; Non-Foods; Food and Sundries; USD ($b); Increase Decrease Total; *EBITDAR - earnings before interest tax depreciation amortisation & rent; CLARE CAPITAL TECH INSIGHTS; Costco share price and number of stores; Selected competitors; USD ($b); Company Name Overview Stores (#) Market Cap EV Revenue EV / EBITDA GM % EBITDA %; Walmart Inc. Hypermarket retail and wholesale 1 1 443 328.1 392.1 576.0 10.3 25% 6.1%; Costco Wholesale Corporation Membership warehouse retailer 828 184.6 182.1 210.2 17.5 13% 4.7%; Target Corporation General merchandise retailer 2 200 72.0 88.2 107.0 8.0 28% 10.0%; The Kroger Co. Supermarket and multi-department retailer 2 863 35.1 53.7 137.9 7.2 23% 4.8%; BJ's Wholesale Club Holdings Inc. Membership warehouse retailer 221 7.1 10.1 17.3 8.5 18% 4.9%; Five Below Inc. Specialty value retailer 1 190 6.5 7.5 2.8 10.3 36% 16.3%; International median 1 695 53.6 71.0 122.4 9.4 24% 5.5%; Woolworths Group Limited Supermarket retailer 3 418 30.0 41.0 42.2 11.9 30% 6.2%; Coles Group Limited Supermarket retailer 2 480 16.8 22.8 28.5 10.2 26% 5.9%; Briscoe Group Limited Homeware and sporting goods retailer 90 0.8 0.9 0.5 8.9 46% 19.1%; The Warehouse Group Limited General merchandise retailer 252 0.7 1.2 2.2 5.5 36% 7.3%; KMD Brands Limited Outdoor clothing and equipment retailer 320 0.5 0.7 0.6 7.5 58% 7.5%; Adairs Limited Specialty home and furnishing retailer 170 0.3 0.5 0.4 5.9 58% 15.9%; Myer Holdings Limited Department store retailer 58 0.3 1.3 1.6 5.6 47% 9.3%; AUS / NZ median 252 0.7 1.2 1.6 7.5 46% 7.5%; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; AUS / NZ International; 592 608 634 663 686 715 741 762 782 795 815; -; 200; 400; 600; 800; 1000; -; 100; 200; 300; 400; 500; 600; 700; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Number of Costco stores; USD $; Store count as at end of financial year; CLARE CAPITAL TECH INSIGHTS

#246

Overview Clare Capital Tech Insights 246 - History of the NZ stock exchange - 20220516; Timeline of the NZX; The New Zealand stock exchange originated from the 1870s goldrush when the four biggest gold mines served as financial centres. A number of regional exchanges operated for over; 100 years until the New Zealand Stock Exchange was officially formed in 1983.; This report looks at the history of the NZX (Te Paehoko o Aotearoa) and how the exchange has evolved over the past 150+ years. The first page displays key events which formed the; exchange and the second page looks at listed and delisted equities on the NZX since 1992 (both primary and secondary listings).; 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020; 2002; New Zealand Stock Exchange; rebrands to NZX and publicly; lists. Board of directors elected; by shareholders; 2015; NZX acquires SuperLife; and Apteryx (now; NZXWT); 1933; Government float to; establish the Reserve; Bank of New Zealand; 1929; Monthly journal (New; Zealand Stock Exchange; Gazette) created to list; all public shares; 1991; Trading floors closed and all stock; trading was done via computer; systems; 1987; Black Tuesday ; NZ market fell; nearly 60%; over 4 months; 1983; Regional exchanges; amalgamated to form one; national stock exchange based; in Wellington; 1915; Stock Exchange Association of; New Zealand was formed setting; rules for the exchange (up until; 1915 all local exchanges operated; independently); 1900; Local exchange; established in; Christchurch; 1882; Local exchange; established in; Wellington; 1870s; Local exchanges established in; Auckland Thames and; Reefton establishing an; official market; 1866; First local stock; exchange established; in Dunedin; 2020; Trading halt; due to cyberattack; post-trading system (chalkies) electronic call-over (auction) trading system trading system; CLARE CAPITAL TECH INSIGHTS; Number of listed equities on the NZX (companies that have since delisted are shaded); Industry breakdown of listed and delisted NZX equities (since 1992); Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and other relevant articles. Clare Capital holds no responsibility over the; actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Delisted equities; Currently listed equities; % of total; Consumer Staples Consumer Discretionary Industrials Health Care Information Technology Real Estate Energy & Utilities Financials Materials Communication Services; -; 20; 40; 60; 80; 100; 120; 140; 160; 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22; Number of NZX listings; Currently listed Delisted; CLARE CAPITAL TECH INSIGHTS

#245

Overview Clare Capital Tech Insights 245 - SaaS revenue per employee - 20220506; Revenue per employee for 50 of the largest SaaS companies in FY21; This report looks at revenue per employee for publicly-listed SaaS companies. The graphs compare the largest global SaaS companies New Zealand SaaS companies and SaaS; companies based on different revenue levels.; Adobe; Trade Desk; GoDaddy; Zoom; Juniper Shopify; F5; Akamai; ResMed; RingCentral; Aspen; Twilio; salesforce.com; Agilent; ServiceNow; Workday; Splunk; Datadog; Veeva Atlassian; WEX; Fortive; TransUnion; Oracle; CommScope; Okta; ZoomInfo; NICE; Cloudflare; Dynatrace; DocuSign; CrowdStrike; MercadoLibre; Tyler Tech; Black Knight; Zendesk; Anaplan; Qualtrics; MongoDB; HubSpot; Zscaler; Change Healthcare; WiseTech; Coupa; Paycom; Manhattan Associates; Bill.com; Xero; Paylocity; Ceridian; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; NZ$000s; -400; -300; -200; -100; -; 100; 200; 300; 400; NZ$000s; Adobe EBITDA per employee - FY21; Xero; Revenue per employee NZ$000s; Upper quartile = 521; Median = 416; Lower quartile = 327; Mean; 442; Red dot = negative EBITDA; CLARE CAPITAL TECH INSIGHTS; Revenue per employee at five of the largest global SaaS companies Revenue per employee at selected NZ SaaS companies; Revenue per employee for 309 SaaS companies - split by revenue size FY21; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 100; 200; 300; 400; 500; 600; 700; 800; <$20m $20m-$100m $100m-$250m $250m-$500m $500m-$1 000m $1 000m-$2 000m $2 000m+; NZ$000s; Legend; n =Number of companies; Upper quartile; Median; Lower quartile; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; FY15 FY16 FY17 FY18 FY19 FY20 FY21; NZ$000s; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; FY15 FY16 FY17 FY18 FY19 FY20 FY21; NZ$000s; Adobe; Shopify; salesforce.com; Oracle; Atlassian; Pushpay; EROAD; Xero; Serko; FY21 revenue NZ$; Mean; n=38 n=55 n=38 n=50 n=51 n=35 n=42; CLARE CAPITAL TECH INSIGHTS

#244

Overview Clare Capital Tech Insights 244 - Elon Musk bids for Twitter - 20220429; Twitter revenue and net income; The deal; FY 2021; Total revenue • On 25 April 2022 Twitter announced its acceptance of a US $44 billion; $5 077 million all-cash offer made by Elon Musk.; • Famously in 2018 Musk tweeted he would take Tesla private for; FY 2021 US $420 a share. Musk and Tesla subsequently paid US $20 million each; Net income to settle charges that he misled investors.; $(221) million • The per-share purchase price for Twitter is US $54.20. Financing; documents Elon Musk submitted in support of his bid were signed on; April 20 (4/20).; Number of Twitter users Deal financing; Musk has secured $46.5 billion to finance the deal.; On 25 April 2022 Twitter accepted Elon Musk's US $44 billion offer for the company. The offer followed his acquisition of a 9.2% stake in Twitter a few weeks earlier and prior to this ; comments by US regulators that Elon Musk's tweets should be regulated. The offer is for an all-cash deal financed through a mixture of debt and equity.; 21; Equity commitment from; Elon Musk; 13.0 Debt financing from; various banks; 12.5; Margin loan secured by; his equity stake in Tesla; -; 10; 20; 30; 40; 50; USD billion; -; 50; 100; 150; 200; 250; Q1; 17; Q2; 17; Q3; 17; Q4; 17; Q1; 18; Q2; 18; Q3; 18; Q4; 18; Q1; 19; Q2; 19; Q3; 19; Q4; 19; Q1; 20; Q2; 20; Q3; 20; Q4; 20; Q1; 21; Q2; 21; Q3; 21; Q4; 21; Millions; -2000; -1000; -; 1000; 2000; 3000; 4000; 5000; 6000; FY2017 FY2018 FY2019 FY2020 FY2021; USD millions; 217 million; users; CLARE CAPITAL TECH INSIGHTS; Twitter share price (USD); As at 1 April:; Share price (USD) 39.31; Enterprise value (USD millions) 30 560; On 4 April Elon Musk took a 9.2% stake in Twitter.; As at 5 April:; Share price (USD) 50.98; Enterprise value (USD millions) 39 884; On 25 April the acquisition of Twitter was announced.; As at 26 April:; Share price (USD) 49.68; Enterprise value (USD millions) 37 010; As per the deal:; Share price (USD) 54.20; Acquisition price (USD millions) 44 000; Share price index of listed social media platforms; FY 2021; Market cap EV / Rev Revenue; USD million USD million; Comparable listed social media platforms; Twitter 37 857 7.2x 5 077; Meta 491 194 4.4x 117 929; Snap 46 946 10.5x 4 117; Pinterest 12 729 4.3x 2 578; Other companies owned by Elon Musk; Tesla 907 980 14.5x 53 823; Neuralink Private Private Private; Space X Private Private Private; The Boring Company Private Private Private; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -0.5; 0.5; 1.5; 2.5; -; 25; 50; 75; Nov 13 Nov 14 Nov 15 Nov 16 Nov 17 Nov 18 Nov 19 Nov 20 Nov 21; Hypothetical return; USD; Share price Return; -; 1; 2; 3; 4; 5; 6; 7; 8; Apr 19 Oct 19 Apr 20 Oct 20 Apr 21 Oct 21 Apr 22; Share price index; Twitter Meta Snap Pinterest; The graph below shows the Twitter share price and the hypothetical return on investment in Twitter at; each point in time. The blue line shows the return on investment in Twitter shares at each point in time; if these shares were held until now. For example an investment in May-16 (share price all time low of; US $14) would have returned an investor 251% today.; -; CLARE CAPITAL TECH INSIGHTS

#243

Overview Clare Capital Tech Insights 243 - SaaS Index as of 31 March 2022 - 20220408; NTM Revenue Multiple Index Public SaaS Companies Listed in the US and ANZ; Note: NTM = Next 12 months 12MMA = 12 month moving average; This report looks at valuation metrics for SaaS (Software-as-a-Service) companies publically listed in the United States Australia and New Zealand. The index consists of 93 companies in the; United States (US) and 50 companies in Australia/New Zealand (ANZ). Keeping in mind the significant size difference in comparing the two indices with the median enterprise values of the; US SaaS Index at $9.8b NZD versus $0.9b NZD in the ANZ SaaS Index. The analysis shows that top performers ANZ performers are able to match the valuation multiples seen in the US; markets.; 19.6x; 6.6x; -; 2.0x; 4.0x; 6.0x; 8.0x; 10.0x; 12.0x; 14.0x; 16.0x; 18.0x; 20.0x; 31-Dec-17 30-Jun-18 31-Dec-18 30-Jun-19 31-Dec-19 30-Jun-20 31-Dec-20 30-Jun-21 31-Dec-21; 8.7x; 3.8x; 13.1x; 5.0x; ANZ SaaS Index; (Median); US SaaS Index; (Median); ANZ SaaS Index; (12MMA); US SaaS Index; (12MMA); CLARE CAPITAL TECH INSIGHTS; NTM Revenue Multiple Index for SaaS Companies Listed in the US NTM Revenue Multiple Index for SaaS Companies Listed in ANZ; US SaaS Index 25th 75th 90th ANZ SaaS Index 25th 75th 90th; 31-Mar-22 Percentile Median Percentile Percentile 31-Mar-22 Percentile Median Percentile Percentile; EV ($m NZD) 3 470 9 608 31 301 68 556 EV ($m NZD) 1 40 3 89 9 27 2 875; EV / NTM Rev 4.9x 8.7x 12.8x 23.1x EV / NTM Rev 2.3x 3.8x 6.0x 13.7x; Revenue Growth (NTM) 17% 26% 34% 48% Revenue Growth (NTM) 13% 25% 49% 129%; EV / LTM Rev 6.0x 10.8x 16.5x 32.5x EV / LTM Rev 2.8x 4.9x 9.2x 22.9x; Revenue Growth (LTM) 22% 34% 50% 67% Revenue Growth (LTM) 6% 21% 41% 90%; Gross Margin 66% 74% 79% 88% Gross Margin 42% 60% 85% 97%; Operating Margin (37%) (17%) (0%) 15% Operating Margin (38%) (12%) 16% 32%; FCF Margin 7% 17% 27% 35% FCF Margin (12%) 4% 23% 34%; Note: The percentiles for each metric are calculated individually.; EV = Enterprise Value LTM = Last 12 months NTM = Next 12 months FCF = Unlevered free cash flow; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10.0x; 20.0x; 30.0x; 40.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; -; 4.0x; 8.0x; 12.0x; 16.0x; 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21; 25th Percentile Median 75th Percentile; 6.0x; 3.8x; 2.3x; 12.8x; 8.7x; 4.9x; 19.6x; 6.6x; CLARE CAPITAL TECH INSIGHTS

#242

Overview Clare Capital Tech Insights 242 - Shortfalls in share issues - 20220401; Share issues on the NZX Non-underwritten share issues on the NZX that had shortfalls; We look at 70 share issues on the NZX in the past two years - in total NZ$5 671 million.; Of this NZ$4 728 million was underwritten and NZ$943 million was not.; 2% of underwritten rights issues were shortfalls; 4% of non-underwritten rights issues were shortfalls; Underwritten share issues on the NZX that had shortfalls; This Tech Insights report looks at share issues by selected NZX-listed companies in the past couple of years. Specifically we look at whether or not these placements were underwritten; and if there was shortfall. For underwritten raises a shortfall becomes a call on the underwriters. For non-undewritten shortfalls this money is simply not raised.; - 10 20 30 40 50 60 70; Cooks Global Foods; Serko; Cannasouth; New Zealand Rural Land Company; Z Energy *; NZD millions; Shortfall; Amount sought; Amount received; - 50 100 150 200; Arvida Group; Asset Plus; SkyCity Entertainment Group; SKY Network Television; Vista Group International; KMD Brands; NZX; NZD millions; 0.02; 0.04; - 20% 40% 60% 80% 100%; Underwritten; Not underwritten; Percentage of total money sought; Shortfall; - 1 000 2 000 3 000 4 000 5 000; Underwritten; Not underwritten; Total money sought (NZD millions); Shortfall; *note this is the SPP component only. There was an additional $290 million fully; underwritten placement.; CLARE CAPITAL TECH INSIGHTS; Share issues on the NZX; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and NZX announcements. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; - 20 40 60 80 100 120 140 160 180 200; Shortfall (NZD millions); Amount sought (NZD millions); Key: Issues with red; outlines were not; underwrittem; CLARE CAPITAL TECH INSIGHTS

#241

Overview Clare Capital Tech Insights 241 - The Sale of Chelsea FC - 20220325; Chelsea FC revenue (£m); Notable acquisitions of football clubs (£m); ACH (Achievement): Under Abramovich's leadership the club has won 21 trophies; in 19 years. Prior to 2003 Chelsea had only won just one major league title in 1995. Target Club Acquirer Price Revenue Sqd MV P/Rev P/Sqd MV Date; SQD (Squad): Chelsea's squad market value ranks 3rd within the Premier League and Newcastle United PIF consortium 305 153 239 2.0 1.3 2021; 4th globally. Key players include: Lukaku Kante Havertz Mount Arsenal S. Kroenke 1 833 389 583 4.7 3.1 2018; and Silva . PSG QSI 81 82 171 1.0 0.5 2012; GWT (Revenue growth): Chelsea has had limited revenue growth between 2017 to Liverpool NESV 300 185 285 1.6 1.1 2010; 2021 at a compounded annual growth rate of just under 5%. Manchester City S. Mansour 210 82 120 2.6 1.8 2008; GBL (Global presence): Chelsea ranks 6th globally with c. 110M fans across its Manchester United Glazer Family 790 222 201 3.6 3.9 2005; social media following. Chelsea R. Abramovich 140 109 225 1.3 0.6 2003; CPX (Capex requirement): Large capex hurdle requirement for the expansion of Benchmarks; its existing stadium from a capacity of 40 834 to 60 000. Mean 523 174 261 2.4 1.7; MGT (Management): The turnover of management team has been high under High 1 833 389 583 4.7 3.1; Abramovich's leadership with a change of over 10 managers during this period Low 81 82 171 1.0 0.5; averaging at around one year per tenure. Sqd MV = Squad Market Value Note: some are partial acquisitions; This Tech Insights report centres around the recent sale announcement of Chelsea Football Club. This has had a rippling effect in the sporting industry due to its potential of being the; most expensive sports team ever to be sold with a proposed sale price of £3bn. Putting politics aside we take a dive into Chelsea's figures to date as well as comparable club valuations; and acquisition transactions in the football industry. All figures in £m unless otherwise stated.; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 2017 2018 2019 2020 2021; Revenue (£m); Broadcasting Matchday Commercial; 361; 92 GBL; 88 MGT; 70 CPX; 94 ACH; 77 GWT; 92 SQD; Owner Roman Abramovich; Manager Thomas Tuchel; Ground Stamford Bridge; Capacity 40 834; Sqd Value £733m; Valuation; Asking Price: £3bn; EV/Rev: 6.9x; EV/Sqd MV: 4.1x; 443 447; 407; 435; CLARE CAPITAL TECH INSIGHTS; Valaution metrics for a selection of global football clubs (£m) - publicly listed clubs are sourced from S&P Global Market Intelligence and KPMG for private clubs; Team EV Revenue EV/Rev; Benchmarks (excl. Chelsea); Mean 1 084 337 2.7; High Manchester United 2 260 524 4.3; Low Lazio 78 139 0.6; EV Revenue EV/Rev M-o-M Return; Chelsea comparison; 2003 acquisition 140 109 1.3; 2022 proposed 3 000 435 6.9 21.4x; *Note the return excludes Abramovich's £1.5bn in loans; provided over his period of ownership. It has been reported these are; being written off.; Disclaimer; The information provided in this report has been sourced and calculated from third parties such as KPMG and S&P Global Market Intelligence. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1; 2; 3; 4; 5; 6; 7; 8; - 500 1 000 1 500 2 000 2 500 3 000 3 500; EV/Revenue multiple; EV; 2022; 2003; Money-on-Money return; multiple for original purchase; vs proposed sale; Manchester United; NYSE: MANU; Mkt cap: £1 759m; EV: £2 260m; EV/Rev: 4.3x; AS Roma; BIT: ASR; Mkt cap: £159m; EV: £414m; EV/Rev: 2.9x; Juventus; BIT: JUVE; Mkt cap: £677m; EV: £733m; EV/Rev: 2.0x; CLARE CAPITAL TECH INSIGHTS

#240

Overview Clare Capital Tech Insights 240 - 2021 Tech Listings in the US - 20220318; Indexed performance of 59 US technology IPOs or direct listings in 2021; This report charts the performance of 59 IPOs or direct listings in the US by technology companies during the 2021 calendar year. The story of 2021 was record valuations and over the; past five months the story appears to have changed with all but one company below their first close price. The median change in share price is down 63% compared to the S&P 500 ; up 12% over the same time period. Time will tell how this will play out in the private markets over 2022.; -; 50; 100; 150; 200; 250; 300; 350; 1-Jan-21 1-Mar-21 1-May-21 1-Jul-21 1-Sep-21 1-Nov-21 1-Jan-22 1-Mar-22; Index; S&P 500: 12%; NZX 50: (10%); Median: (63%); Key performances; Largest all time high: Digital Ocean 206%; Largest all time low: Poshmark (89%); Upper quartile: (53%); Median: (63%); Lower quartile: (65%); S&P 500: 12%; NZX 50: (10%); 8th November 2021 is the beginning of; the downward slide for US technology; listings in 2021.; Upr. Qtr: (53%); Lwr. Qtr: (65%); DigitalOcean; Poshmark; CLARE CAPITAL TECH INSIGHTS; Performance of US technology IPOs or direct listings in 2021 (all currencies are in USD); Share price as of % change as of Valuation metrics as of listing ($m) Current valuation metrics ($m); Top 5 companies Current ATH Listing ATH Listing EV LTM Rev EV/LTM Rev EV LTM Rev EV/LTM Rev; DigitalOcean 47.76 130.26 42.50 (63%) 12% 4 808 318 15x 6 059 429 14x; ZipRecruiter 19.60 32.15 21.10 (39%) (7%) 2 261 430 5x 2 393 741 3x; SentinelOne 30.89 76.30 42.50 (60%) (27%) 11 201 112 100x 9 188 205 45x; Sweetgreen 35.70 53.00 49.50 (33%) (28%) 5 781 303 19x 3 452 340 10x; AppLovin 45.96 114.85 65.20 (60%) (29.5%) 25 129 1 795 14x 22 305 2 793 8x; Bottom 5 companies; Poshmark 11.14 101.50 101.50 (89%) (89%) 7 405 262 28x 399 312 1x; DiDi Global 1.80 16.40 14.14 (89%) (87%) 93 369 27 949 3x 13 920 27 892 0x; Kaltura 1.78 13.61 12.00 (87%) (85%) 1 741 145 12x 139 165 1x; Remitly Global 8.37 48.45 48.45 (83%) (83%) 8 042 354 23x 1 196 459 3x; Allbirds 5.28 28.89 28.89 (82%) (82%) 4 283 260 17x 640 277 2x; Other notable companies; Rivian Automotive 37.00 172.01 100.73 (78%) (63%) 88 066 1 na 24 454 55 445x; Coinbase Global 155.98 357.39 328.28 (56%) (52%) 65 273 2 887 23x 37 595 7 837 5x; Robinhood Markets 11.04 70.39 34.82 (84%) (68%) na 1 675 na na 1 815 na; Benchmarks; Top Quartile 56.39 131.88 120.32 (15%) (53%) 13 590 664 30x 8 038 850 12x; Median 37.07 109.10 100.00 (48%) (63%) 5 942 318 17x 2 748 415 5x; Lower Quartile 28.67 88.89 81.97 (58%) (65%) 2 707 186 10x 975 211 3x; S&P 500 4 262.45 4 796.56 3 809.84 (11%) 12%; NZX 50 11 801.73 13 399.10 13 120.28 (12%) (10%); ** Current = 15 March 2022 ATH = all time high Mth = Month EV = Enterprise Value LTM = Last Twelve Months Rev = Revenue; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Valuation multiples have taken a huge hit; despite trailing revenue increasing over; the period.; The median share price of the 59; companies is down 63% since the first; close price whilst the S&P is up.; Only one company of the 59 has a current; share price that is trading above their first; close price.; CLARE CAPITAL TECH INSIGHTS

#239

Overview Clare Capital Tech Insights 239 - Covid affected industries - 20220311; Tourism Technology share price index Air Travel share price index; Hospitality share price index Entertainment share price index; New Zealand has been substantially cut off from global travel since the outbreak of Covid-19 in March 2020. Two years later and New Zealand’s border has partially re-opened allowing; Kiwis to travel abroad without having to quarantine or spend time in a MIQ facility on return. It is interesting to look at how businesses that are aligned to travel have faired over the last; two years noting the pandemic’s effect on revenue and share price.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Skycity Vista Crown resorts Formula 1 Live Nation; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Serko Corporate Travel Mgmt.; Tripadvisor Expedia; Booking Holdings Airbnb; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Air NZ Auckland Airport; Qantas Singapore Airlines; Ryanair Lufthansa; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Jan-20 Jul-20 Jan-21 Jul-21 Jan-22; Share price index; Millennium & Copthorne Hyatt; Royal Caribbean Carnival; Marriott; CLARE CAPITAL TECH INSIGHTS; Name Overview; L24M L12M 1/01/2020 4/03/2022 1/01/2020 4/03/2022; Serko Solutions for online travel bookings and expense mgmt. 0.5 (34%) 8% 16.8x 29.1x 214.7x NM; Corporate Travel Mgmt. Manages travel services for the corporate market. 3.1 (39%) 82% 4.8x 10.6x 16.0x NM; Tripadvisor Online travel company. 5.1 (43%) 57% 2.2x 3.6x 13.1x NM; Expedia Facilitates the booking of accommodation and transport. 48.5 (30%) 74% 1.5x 3.8x 11.9x 53.7x; Booking Holdings Connects travellers with accommodation and transport. 117.2 (28%) 70% 5.6x 7.2x 13.9x 23.9x; Airbnb Global platform for stays and experiences. 126.2 143% 87% NM 14.1x NM 134.5x; Median 26.8 (32%) 72% 4.8x 8.9x 13.9x 53.7x; Air NZ Flagship airline. 4.8 (59%) (21%) 0.8x 2.0x 5.5x 46.0x; Auckland Airport New Zealand's largest airport. 12.0 (64%) (15%) 17.5x 45.3x 22.9x 86.2x; Qantas Flagship airline. 15.9 (63%) (7%) 0.8x 2.2x 4.9x NM; Singapore Airlines Flagship airline. 18.7 (72%) (48%) 1.1x 3.5x 6.7x 52.6x; Lufthansa Flagship airline. 27.3 (54%) 21% 0.4x 0.9x 3.0x 36.0x; Ryanair European discount airline. 27.7 (56%) 35% 2.0x 4.6x 9.5x 105.1x; Median 17.3 (61%) (11%) 1.0x 2.8x 6.1x 52.6x; Millennium & Copthorne Manages hotels and other accommodation in NZ and Australia. 0.3 (28%) (4%) 2.4x 1.8x 6.1x 5.3x; Hyatt International hospitality company. 19.2 (44%) 95% 4.1x 9.1x 13.3x 63.5x; Royal Caribbean Operates as a cruise company worldwide. 53.5 (86%) (27%) 3.7x 24.0x 10.5x NM; Carnival Leisure travel company. 65.7 (91%) (65%) 2.2x 23.5x 8.4x NM; Marriott International hospitality company. 92.0 (37%) 69% 11.5x 18.1x 21.0x 28.3x; Median 53.5 (44%) (4%) 3.7x 18.1x 10.5x 28.3x; Vista Software solutions to the film industry worldwide. 0.4 (32%) 12% 4.4x 4.4x 25.1x NM; Skycity Gaming entertainment hotel convention and hospitality. 2.8 (24%) 13% 3.9x 4.7x 11.5x 18.9x; Crown resorts Australia's largest gaming and entertainment group. 9.9 (41%) 34% 2.8x 5.3x 9.1x NM; Formula 1 Commercial rights for the world championship. 22.6 4% 96% 7.8x 7.3x 35.3x 34.0x; Live Nation Concerts and ticketing. 40.8 (47%) 254% 1.6x 4.6x 16.7x 90.8x; Median 9.9 (32%) 34% 3.9x 4.7x 16.7x 34.0x; L24M = Current revenue vs 24 months earlier; Disclaimer L12M = Current revenue vs 12 months earlier; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Current EV; NZ$b; Revenue growth EV / LTM revenue EV / LTM EBITDA; Entertainment Hospitality Air Travel Tourism Tech; CLARE CAPITAL TECH INSIGHTS

#238

Overview Clare Capital Tech Insights 238 - Meta Platforms - 20220304; Meta Platforms share price; Quarterly revenue and LTM revenue multiple Number of Daily Active Users (millions); On 3 February 2022 the Meta Platforms (previously Facebook) share price fell 26% wiping US$230BN off the market cap. Since the all-time high in September 2021 the share price is; down 47%. This recent drop followed the release of Q4 financials and operating metrics. While revenues were up 20% on the previous year some underlying unit economics were down ; and most importantly – for the first time Meta reported a decline in Daily Active Users from the previous quarter. When your business model is driven by attention that’s a problem.; -; 5; 10; 15; 20; 25; -; 5; 10; 15; 20; 25; 30; 35; 40; 2013 2014 2015 2016 2017 2018 2019 2020 2021; EV / LTM revenue; Quarterly revenue (USD billions); Total revenue EV / LTM revenue; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 41030; 41153; 41275; 41395; 41518; 41640; 41760; 41883; 42005; 42125; 42248; 42370; 42491; 42614; 42736; 42856; 42979; 43101; 43221; 43344; 43466; 43586; 43709; 43831; 43952; 44075; 44197; 44317; 44440; 44562; Share price (USD); Acquired; 41122; for USD 1 billion; Acquired; October 2014 for; USD 20 billion; Acquired; 41821; for USD 2 billion; Rebranded from; to xxxxxxxxxxxx; 44470; Between; 44440; and March 2022; Meta's share price; dropped by 47%.; 42369; LTM Revenue USD 18 billion; 43100; LTM Revenue USD 41 billion; 43830; LTM Revenue USD 71 billion; 44561; LTM Revenue USD 118 billion; -; 500; 1000; 1500; 2000; 2500; 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; CLARE CAPITAL TECH INSIGHTS; The Big Five american technology companies; Market cap Market cap Market cap Market cap Market cap Market cap Market cap Market cap; USD billions % of S&P 500 USD billions % of S&P 500 USD billions % of S&P 500 USD billions % of S&P 500; Meta Platforms 545 1% 3% 411 2% n/a n/a; Apple 2 663 7% 6% 754 4% 559 4%; Amazon.com 1 482 4% 5% 423 2% 92 1%; Microsoft 2 173 6% 5% 509 3% 271 2%; Alphabet 1 745 5% 4% 580 3% 208 2%; Total 8 608 23% 23% 2 676 13% 1 130 9%; S&P 500 3 6 973 100% 100% 2 0 276 100% 1 2 730 100%; Disclaimer; Ten years ago; 7 618; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 839; 2051; 1558; 1778; 1392; 33498; Now One year ago Five years ago; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; -; 2000; 4000; 6000; 8000; 10000; 12000; Apr; 11; Oct; 11; Apr; 12; Oct; 12; Apr; 13; Oct; 13; Apr; 14; Oct; 14; Apr; 15; Oct; 15; Apr; 16; Oct; 16; Apr; 17; Oct; 17; Apr; 18; Oct; 18; Apr; 19; Oct; 19; Apr; 20; Oct; 20; Apr; 21; Oct; 21; Combined Big Five market cap as percentage of S&P; 500; Market cap (USD billions); Amazon.com; Alphabet; Microsoft; Apple; Meta Platforms; Combined Big Five; CLARE CAPITAL TECH INSIGHTS

#237

Overview Clare Capital Tech Insights 237 - Potential Pushpay acquirers - 20220225; Pushpay timeline - EV / LTM revenue; Pushpay financial metrics; This report charts Pushpay’s EV/revenue multiple since the start of 2019 highlighting significant events during that time period. The second page looks at Pushpay’s largest investor ; various competitors and recent transactions of comparable listed businesses.; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22; Enterprise value / LTM revenue; 23/3/21: Huljich family; sells NZ$362m of shares ; bringing holding to; 0.04% compared to; 21.8% in July 2020; 23/8/21: Pushpay acquires Resi; Media for NZ$218m; 14/7/20: Huljich; Family sells; NZ$124m of shares; 6/5/20: Announce FY21; revenue growth of 32%.; 21% increase in share price; -100; -; 100; 200; 300; 400; FY18 FY19 FY20 FY21 FY22 FY23; NZ$ m; Revenue EBITDA; Forecast; CLARE CAPITAL TECH INSIGHTS; New investor Competitors in similar industries; Blackbaud; Sixth Street Partners investments in 'similar' companies: Provides cloud software solutions to various sectors including the faith sector.; AvidXchange: provides Accounts Payable automation software and payment solutions. Comparison NZ$m; AvePoint: offers a SaaS solutions to migrate manage and protect data.; Sprinklr: a unified platform for all customer-facing functions.; Go Fund Me / Classy; GoFundMe operates a social fundraising platform for personal and charity causes.; Classy operates an online fundraising platform for non-profit organisations.; Merger: Classy raised NZ$261m before merging with GoFundMe in January 2022.; NZ$7.5 billion in donations was raised on the GoFundMe and Classy platforms in 2021.; Tithe.ly; Develop a gifting platform for churches. Have raised NZ$29.6m to date.; Recent announced and closed public tech company acquisitions (NZ$m); Company Date Description Acquirer Description Implied EV EV/revenue; MoneyGram Feb-22 Cross-border peer-to-peer payments and money transfer services. Madison Dearborn Private Equity firm. 2 612 1.3x; Link Dec-21 Provides technology-enabled administration solutions. Dye & Durham Provide cloud-based software technology. 4 173 3.4x; Bottomline Dec-21 Solutions for the banking financial services and other industries. Thoma Bravo Private Equity firm. 3 872 5.4x; Aspen Oct-21 Asset optimisation solutions. Emerson Electric Agreement to acquire 55% stake. 15 821 15.1x; GreenSky Sep-21 Enables promotional financing at the point of sale for merchants. Goldman Sachs Global investment bank. 3 350 4.5x; Instructure Dec-19 Cloud-based learning assessment and development systems. Thoma Bravo Private Equity firm. 3 027 7.6x; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Sixth Street Partners: is a gobal investment firm with NZ$90b in AUM. It purchased 17.8% of; Pushpay at NZ$1.85 per share from the Huljich family in March 2021.; -; 20; 40; 60; 80; 100; 120; 140; Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22; Share price index; Pushpay; AvidXchange; AvePoint; Sprinklr; Note: Sprinklr and AvidXchange; indexed to date of listing; Blackbaud Pushpay; EV 6 049 1 180; LTM revenue 1 356 270; EV/LTM revenue 4.5x 4.4x; US revenue split 85% 100%; LTM EBITDA margin 12% 31%; Forward EBITDA margin 26% 29%; Debt 1 475 130; CLARE CAPITAL TECH INSIGHTS

#236

Overview Clare Capital Tech Insights 236 - Xero to Hero - 20220218; Xero EV/LTM revenue multiple; Stock details (as at 18 Feb 2022); Market capitalisation $16 445 million; Cash $1 008 million; Debt $987 million; Enterprise value $16 424 million; Total shares outstanding 149 million; Xero Last 12 Months (LTM) revenue NZ$m Xero Enterprise Value (EV) NZ$m; This report looks at some of Xero's key financial metrics and performance to date specifically their revenue multiple over time. The first page looks at the company since it listed on the NZX in 2007; while the second page dives into its recent data in more detail. Forecast revenue and EBITDA numbers are based on consensus analyst estimates and the subscriber numbers are a Clare Capital; interpolation. Figures in NZ$ unless stated otherwise.; -; 20; 40; 60; 80; 100; 120; 140; Year; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21; LTM revenue (NZ$m); Year; -; 5000; 10000; 15000; 20000; 25000; 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21; EV (NZ$m); Year; -; 200; 400; 600; Latest multiple on; the graph at 24x; CLARE CAPITAL TECH INSIGHTS; Xero subscriber numbers Xero revenue NZ$m and EBITDA margin; *Subscriber forecast numbers are interpolated assuming a flat ARPU figure; Xero key metrics Xero's acquisitions made; Metrics Units FY17 FY18 FY19 FY20 FY21 LTM Acquired company Country Date announced Acquisition price; NZ$ millions; Employee number # 1 721 2 021 2 531 3 055 3 642 4 187 Trilogy Software Canada Dec 21 86; Gross Profit $m 226 330 462 612 730 819 FBP United States Nov 21 27; ARR $m 363 484 638 821 964 1 219 Tickstar Sweden Mar 21 25; Gross Margin % 77% 81% 84% 85% 86% 87% Planday Denmark Mar 21 304; MRR churn % 1.15% 1.10% 1.10% 1.13% 1.01% 0.78% Waddle Loans Australia Aug 20 88; ARPU (monthly) $ 29.0 29.1 29.3 29.9 29.3 30.8 Instafile United Kingdom Nov 18 10; CAC payback # mnths 12.8 12.9 13.6 14.0 14.8 14.1 Hubdoc Canada Jul 18 103; LTV $m 2 200 3 200 4 400 5 500 7 600 9 900 Monchilla United States Nov 14 9; LTV/CAC x 5.7 6.1 6.0 5.8 6.4 8.1 Spotlight workpapers New Zealand Jul 12 0.8; LTV/subscriber $ 2 121 2 310 2 398 2 422 2 789 3 572 WorkflowMax New Zealand Feb 12 6; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and Xero's annual reports. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1000; 2000; 3000; 4000; 5000; 6000; FY17 FY18 FY19 FY20 FY21 FY22F FY23F FY24F FY25F; Subscriber numbers (000s); RoW; North; America; United; Kingdom; New; Zealand; Australia; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; -1500; -1000; -500; -; 500; 1000; 1500; 2000; FY17 FY18 FY19 FY20 FY21 FY22F FY23F FY24F FY25F; EBITDA margin; Revenue NZ$m; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS

#235

Overview Clare Capital Tech Insights 235 - LTM share price performance - 20220211; NZ tech companies by share price index - highest performing NZ tech companies by share price index - second highest performing; NZ tech companies by share price index - second lowest performing NZ tech companies by share price index - lowest performing; In the first Tech Insights report of 2022 we look at share price performance over the last twelve months for New Zealand and international tech companies. We break the New Zealand; companies down by performance whilst splitting the international companies by industry and geography. The current Enterprise Value in NZ$ is also included.; -; 50; 100; 150; 200; 250; 300; 350; 400; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Rakon $434m Geo $25m; Trade Window $200m Vista $493m; -; 50; 100; 150; 200; 250; 300; 350; 400; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Enprise $18m Gentrack $161m; EROAD $424m PaySauce $20m; -; 50; 100; 150; 200; 250; 300; 350; 400; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Serko $581m Solution Dynamics $36m; Smartpay $186m Xero $18 549m; -; 50; 100; 150; 200; 250; 300; 350; 400; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Pushpay $1 328m Plexure $106m; 9 Spokes $8m Laybuy $27m; 245; 136; 97; 80; 114; 103; 58; 10; Current EV; Note: Trade Window listed in November; Index perforrmance; Indexed at 11/02/21; CLARE CAPITAL TECH INSIGHTS; Largest American tech companies Largest Chinese tech companies; Largest SaaS companies Largest payment platforms; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 50; 100; 150; 200; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Google $2 558b Apple $4 056b Microsoft $3 302b; Tesla $1 378b Meta $873b; -; 50; 100; 150; 200; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Tencent $916b Xiaomi $67b; Meituan $258b Alibaba $467b; -; 50; 100; 150; 200; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Oracle $408b Adobe $345b; salesforce.com $326b Shopify $157b; -; 50; 100; 150; 200; Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22; Share price index; Mastercard $554b Visa $715b; Coinbase $62b PayPal $207b; 142; 88 70; 48; 136; 65; 117; 45; Note: Coinbase listed in March; CLARE CAPITAL TECH INSIGHTS

#234

Clare Capital Tech Insights 234 - NZ M&A-opoly - 20211217; CHANCE; Pay a working capital adjustment of $200K.; CHANCE; You have received a Callaghan Innovation grant.; Collect $1M.; CHANCE; You sold an original Martin Jetpack prototype on; Trade Me. Collect $158 200.; JUST; Education; Perfect; Coretex; COMMUNITY; Vend CHEST; CHANCE Pencarrow; Seequent; PAY $1M; GST; Weta Digital; SmoothPay Stuff; PAY $2M; INCOME; TAX; Icehouse; Business ventures; Desk; The Optima; Corporation; COMMUNITY; CHEST; CHANCE; The Last; Pickle; Palace Seekom; K1W1; Hatch Homes StarNow; NZTE; Builders; crack; Cardlink Timely; Movac; Mighty Ape Ninja Kiwi ezyVet; CHANCE; Callaghan; Innovation; EdPotential; COMMUNITY; CHEST; VISITING $1; Completed by; CHANCE; You have hit your earnout target. Collect $10M.; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Clare Capital employees did not receive $1K incentives to get vaccinated. Clare Capital holds no responsibility over the actual numbers (although we claim some responsibility for the; deals we completed). If you are making investment decisions you should seek appropriate personalised financial advice; if you are making M&A decisions you should get in touch.; CHANCE; Advance to the nearest venture capital / private; equity firm. Pay the manager 2 and 20.; CHANCE; There has been media on your profitability after; you claimed the Covid wage subsidy. Repay the; subsidy.; CHANCE; You try to claim that services revenue is ARR. Go; to Jail. Go directly to jail do not pass Go do not; collect $2M.; COMMUNITY CHEST; You have won second prize at the NZ Hi-Tech; Awards. Collect $10.; COMMUNITY CHEST; You killed another deal. Advance to Go.; Do not collect $2M or any gin donuts.; COMMUNITY CHEST; Incentivise your employees to get the Covid; vaccination by paying each player $1K.; COMMUNITY CHEST; You receive an R&D Tax Incentive.; Claim a 15% tax credit on R&D costs.; COMMUNITY CHEST; Your company sells for $100M but you agreed to a; 5x Liquidation Preference. Collect $0.; COMMUNITY CHEST; You invest $10K in Punakaiki Fund. Advance to; either Timely or Vend.; COMMUNITY CHEST; Pay for earthquake strengthening:; $40K per house; $1M per hotel; COMMUNITY CHEST; You received your Christmas bonus.; Buy two giant inflatable unicorns.; CHANCE; FMA regulators have noticed your non-compliance; with New Zealand Security law.; Pay a fine of $100K.; CLARE CAPITAL TECH INSIGHTS

#233

Overview Clare Capital Tech Insights 233 - NZX & ASX SaaS multiples - 20211210; This report looks at ASX and NZX listed SaaS company valuations relative to revenue growth. The graph on the first page illustrates the correlation between historic revenue multiples and; revenue growth. The second page expands on this relationship with a range of multiples and financial data for the largest 28 of the 39 companies shown on page one. Only companies; with an enterprise value greater than NZ$100m and current financial year estimates are included.; NZX and ASX revenue multiples; Xero; WiseTech; Altium; Technology One; Objective; Life360; Dubber; Nitro; Serko; Bigtincan; ReadyTech; Family Zone; Pointerra; Tesserent; ikeGPS; R² = 0.4762; -; 10x; 20x; 30x; 40x; 50x; (5%) 45% 95% 145% 195% 245% 295% 345% 395%; EV / LTM revenue; Revenue growth (current financial year); Iress; Pushpay; FINEOS; Hansen; Praemium; Nearmap; Nuix; Bravura Solutions; Vista; EROAD Infomedia; Class Elmo; Janison; Envirosuite; Integrated Research; Smartpay; Whispir; Energy One; Gentrack; Plexure Ansarada; DUG; -; 1x; 2x; 3x; 4x; 5x; 6x; 7x; 8x; 9x; 10x; (5%) 5% 15% 25% 35%; Growth Lower Q Median Upper Q Count; less than 15% 1.9x 3.1x 5.8x 11; 15% - 30% 4.6x 5.5x 8.9x 13; 30% - 50% 4.9x 8.3x 12.6x 8; 50% + 10.5x 35.4x 44.3x 7; Key: Primary listing; ASX; NZX; CLARE CAPITAL TECH INSIGHTS; GM; LTM Multiple LFY CFY CAGR LFY CFY LFY LFY CFY LFY CFY; Xero Accounting 21 732 914 24x 828 1 084 31% 74 207 86% 26x 20x 295x 105x; WiseTech Logistics 16 811 545 31x 545 659 21% 192 288 83% 31x 26x 88x 58x; Altium Electronics design 5 439 258 21x 258 306 19% 77 107 47% 21x 18x 71x 51x; Technology One Enterprise business software 3 982 326 12x 326 365 12% 107 152 54% 12x 11x 37x 26x; Iress Financial services 2 687 604 4x 582 634 9% 116 152 29% 5x 4x 23x 18x; Objective Document management 1 784 102 17x 102 116 13% 25 99 94% 17x 15x 71x 18x; Life360 Mobile applications 1 727 130 13x 112 165 47% (22) (36) 81% 15x 10x nm nm; Pushpay Donor management 1 635 270 6x 256 297 16% 78 85 68% 6x 5x 21x 19x; FINEOS Policy management 1 428 184 8x 184 212 15% (14) 23 67% 8x 7x nm 63x; Hansen Billing system software 1 203 330 4x 330 315 (5%) 89 107 44% 4x 4x 13x 11x; Dubber Call recording 969 22 44x 22 47 116% (31) (11) (59%) 44x 21x nm nm; Praemium Accounts/investment platform 695 70 10x 70 87 26% 10 22 33% 10x 8x 72x 31x; Nitro Document productivity 682 65 11x 56 74 32% (9) (17) 91% 12x 9x nm nm; Serko Online travel booking 680 17 41x 12 23 85% (31) (26) (119%) 55x 30x nm nm; Nearmap Geospatial 600 122 5x 122 148 22% (16) 24 48% 5x 4x nm 25x; Nuix Analytics and intelligence 591 189 3x 189 186 (2%) 67 60 89% 3x 3x 9x 10x; Bravura Solutions Administration management 561 260 2x 260 280 8% 67 64 34% 2x 2x 8x 9x; Vista Movie theatre management 511 88 6x 88 101 15% (25) 8 37% 6x 5x nm 66x; Bigtincan Sales 496 47 11x 47 113 140% (10) (9) 85% 11x 4x nm nm; Infomedia Data analytics 493 105 5x 105 128 22% 22 62 100% 5x 4x 23x 8x; EROAD Fleet management 456 94 5x 92 112 22% 16 33 29% 5x 4x 29x 14x; ReadyTech Education 430 54 8x 54 77 43% 9 28 46% 8x 6x 48x 15x; Elmo HR/payroll management 413 74 6x 74 99 33% (34) 3 83% 6x 4x nm 135x; Family Zone Cyber safety 341 10 35x 10 44 353% (21) (14) 22% 35x 8x nm nm; Class Accounting/investment reporting 324 59 6x 59 69 17% 14 26 56% 6x 5x 24x 12x; Janison e-learning 277 32 9x 32 44 35% (5) 5 52% 9x 6x nm 59x; Pointerra 3D data analysis 236 4 55x 4 15 253% (1) 6 92% 55x 16x nm 41x; Envirosuite Environmental management 236 52 5x 52 60 16% (10) (4) 42% 5x 4x nm nm; Sum 67 419 5 027 4 871 5 859 731 1 445; Median 640 98 8x 97 114 22% 9 25 53% 8x 6x 29x 25x; NZX companies in bold *The largest 28 companies by EV from page one only; Disclaimer **LFY = last financial year CFY = current financial year LTM = last 12 months. Financial year end varies by firm.; Company (NZ$; millions); Description / Industry EV; EBITDA Rev multiple EBITDA multiple; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; LTM revenue FY revenue; CLARE CAPITAL TECH INSIGHTS

#232

Overview Clare Capital Tech Insights 232 - New Zealand's Technology Boom - 20211203; New Zealand technology M&A Listed New Zealand technology companies; New Zealand's technology sector has grown exponentially in the last 15 years and M&A activity with it. This Tech Insights report looks at the value of listed New Zealand technology; companies in 5-year intervals since March 2006 and an approximation of the total value of notable M&A deals since "The Big Bang" - the sale of Trade Me to Fairfax in 2006.; 15; 20; 25; 30; 35; X; -; 2; 4; 6; 8; 10; 12; 14; Mar 06 Mar 10 Mar 15 Nov 21; NZD billions; Listed NZ SaaS companies Other listed NZ tech companies; -; 2; 4; 6; 8; 10; 12; Mar 06 Mar 10 Mar 15 Nov 21; NZD billions; NZ SaaS M&A Other NZ tech M&A; The Big Bang for; technology M&A in New; Zealand was the sale of; Trade Me by Fairfax in; 2006 for $765 million.; The Big Bang; ~$15 million in NZ tech; M&A between March 2006; and March 2010.; GFC Impact; ~$307 million in NZ tech; M&A between March 2005; and March 2015.; Take-off; ~$11.3 billion in Tech; M&A since March 2015.; Acceleration; CLARE CAPITAL TECH INSIGHTS; The New Zealand technology industry; Comments and disclaimer; This analysis is an abstraction we are capturing partial data to show a trend. At Clare Capital we view “The Big Bang” of NZ technology wealth creation as the acquisition of Trade Me by; Fairfax in 2006. There is a long history of technology in NZ – but that is when the dollars got serious and is our starting point. We have only looked at two types of companies in this; analysis: 1) NZ headquartered listed (ASX/NZX) technology companies and 2) NZ Technology M&A transactions. We have made some inclusion/exclusion calls (e.g. FPH is not included); and is not an exhaustive inclusion of M&A deals. Privately held companies are only included in the numbers where an M&A sale occurred. The information provided in this report has; been sourced and calculated from S&P Global Market Intelligence and press releases. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised; Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; CLARE CAPITAL TECH INSIGHTS

#231

Overview Clare Capital Tech Insights 231 - Early Stage NZX Technology Listings - 20211126; TradeWindow completed a compliance listing (where no capital is raised) on the NZX on Monday 22 November with revenue for March FY21 of $1.6m. This report looks at historical; NZX technology listings where the company had less than c$3m of revenue at listing and the share price performance since listing.; Name Listed Type Years Share price Enterprise Value (NZD $m) Revenue (NZD $m); (cash raised) listed change At listing Now At listing Now; Xero Jun 07 IPO ($15m) 14.5 + 147.1x 55 21 584 0.0 944.6; Diligent Dec 07 IPO ($24m) 8.3 + 6.8x 94 521 2.2 144.9; Plexure Aug 12 Backdoor listing 9.3 - 0.8x 0 95 0.1 28.4; Geo Oct 13 IPO ($10m) 8.1 - 1.0x 25 26 0.2 3.1; ikeGPS Jul 14 IPO ($25m) 7.4 - 0.0x 57 145 2.2 9.3; Pushpay Aug 14 Compliance listing 7.3 + 20.1x 49 1 669 1.0 270.4; PaySauce Dec 18 Backdoor listing 2.9 - 0.7x 129 40 0.4 2.5; TradeWindow Nov 21 Compliance listing 0.0 + 0.9x 80 156 1.6 1.6; Note: For Diligent values from when acquired by Insight Venture Partners in 2016. Many of these companies have had multiple rounds of capital raising since listing.; Share price change vs Years listed; Pushpay; + 20.1x; Plexure; - 0.8x; PaySauce; - 0.7x; ikeGPS; - 0.0x; Geo; - 1.0x; Diligent; + 6.8x; Xero; + 147.1x; TradeWindow; + 0.9x; - 1.0x; - 0.5x; -; + 0.5x; + 1.0x; - 2 4 6 8 10 12 14 16; Share price change; Years listed; +150x; CLARE CAPITAL TECH INSIGHTS; Share price performance for select NZX technology stocks with less than $3m of revenue on listing; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and NZX market announcements. Clare Capital holds no responsibility; over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; - 1.0x; - 0.8x; - 0.6x; - 0.4x; - 0.2x; -; + 0.2x; + 0.4x; + 0.6x; + 0.8x; + 1.0x; Jun 07 Jun 08 Jun 09 Jun 10 Jun 11 Jun 12 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21; Xero; Diligent; Plexure; Geo; Pushpay; ikeGPS; PaySauce; Currently; +147x; Currently; +20x; Sold at; +6.8x; >; >; >; CLARE CAPITAL TECH INSIGHTS

#230

Overview Clare Capital Tech Insights 230 - Rideshare and delivery - 20211119; The nine publicly listed rideshare and delivery companies in this report are worth a combined NZ$750 billion and are forecast to generate NZ$140 billion in revenue this calendar year.; New Zealand owned Deliver Easy and private international companies like Ola Grab and Rappi also operate in this industry. None of the publicly listed companies in this report are yet to; generate significant profits.; Combined enterprise value of selected rideshare and delivery companies (NZ$ billions); Revenue and gross margin for selected rideshare and delivery companies (NZ$ billions); -; 100; 200; 300; 400; 500; 600; 700; 800; Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21; Combined enterprise value NZ$ billions; Meituan; Uber; DoorDash; DiDi; Other; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; Didi Meituan Uber; Gross margin; Revenue NZ$ billions; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 2; 4; 6; 8; 10; 12; Delivery Hero Just Eat DoorDash Lyft Deliveroo Zomato; Gross margin; Revenue NZ$ billions; Legend: bars and lines are for FY18-FY21; Note: December year end FY21 is forecast ; Zomato uses FY19-FY22 as March year end.; CLARE CAPITAL TECH INSIGHTS; Current Actual Forecast Actual Forecast Forecast Forecast Forecast Forecast Forecast; Name Country EV; Revenue; (Dec-20); Revenue; (Dec-21); EBITDA; (Dec-20); EBITDA; (Dec-21); Gross margin; (Dec-21); EBITDA margin; (Dec-21); Revenue growth; (Dec-21); Revenue multiple; (Dec-21); Gross margin; multiple (Dec-21); Meituan China 299 736 24 244 40 338 186 (2 941) 25% (7%) 66% 7.4x 29.6x; Uber United States 129 516 15 478 24 183 (5 133) (1 162) 49% (5%) 56% 5.4x 10.9x; DoorDash United States 99 030 4 010 6 931 (432) 445 54% 6% 73% 14.3x 26.4x; DiDi* China 92 911 30 166 43 391 (1 813) na 15% na 44% 2.1x 14.2x; Delivery Hero Germany 53 442 4 201 9 565 (1 374) (1 185) 26% (12%) 128% 5.6x 21.4x; Just Eat Netherlands 22 986 3 471 8 271 30 (582) 38% (7%) 138% 2.8x 7.4x; Zomato** India 21 939 390 797 (97) (218) 76% (27%) 105% 27.5x 36.4x; Lyft United States 21 128 3 286 4 532 (2 224) 129 54% 3% 38% 4.7x 8.7x; Deliveroo United Kingdom 7 800 2 259 3 561 (409) (307) 28% (9%) 58% 2.2x 7.7x; Median 53 442 4 010 8 271 (432) (445) 38% (7%) 66% 5.4x 14.2x; Mean 83 165 9 723 15 730 (1 252) (728) 41% (7%) 78% 8.0x 18.1x; *No DiDi forecast for EBITDA **Zomato data is for Mar-21 and Mar-22; Uber revenue breakdown (NZ$ millions); Disclaimer; Comparator metrics for selected rideshare and delivery companies (NZ$ millions); The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Meituan revenue breakdown (NZ$ millions); -; 5000; 10000; 15000; 20000; 25000; 30000; 35000; 40000; 2017 2018 2019 2020 2021; Freight; Mobility; Delivery; -; 5000; 10000; 15000; 20000; 25000; 30000; 35000; 40000; 2017 2018 2019 2020 2021; New Initiatives; and Other; In-Store Hotel; & Travel; Food Delivery; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS

#229

Overview Clare Capital Tech Insights 229 - Weta Digital acquired by Unity Software - 20211112; Weta Digital acquisition Unity Software selected acquisitions since 2017; Unity Software has acquired the tech division of Weta Digtal.; The Weta visual-effects team itself will remain as a standalone entity known as WetaFX.; Weta Digital's visual effects business Weta Digital's tools pipeline technology; and engineering talent; =- a new standalone entity called WetaFX; that is expected to become Unity - 275 engineers; Software's largest customer - Dozens of industry-leading tools; - Approx. 1 200 employees - Foundational data platform for; interoperable 3D art creation; Majority ownership by Sir Peter Jackson - A library of thousands of digital Acquired company Country Date announced Acquistion price; and Fran Walsh assets which the WetaFX team will USD millions; CEO: Prem Akkaraju continue to accumulate Weta Digital New Zealand Nov 21 1 625; OTO Systems United States Aug 21 n/a; Purchased by Unity for: Parsec Cloud United States Aug 21 333; Cash USD $1 billion Metaverse Technologies France France Jun 21 46; Common stock USD $0.625 billion Visual Live 3D United States Mar 21 25; Total USD $1.625 billion Finger Food Studios Canada May 20 33; Artomatix Ireland Dec 19 59; Weta Digital will eventually be made deltaDNA UK Sep 19 53; available to game developers artists and Vivox United States Jan 19 123; consumer creators as a SaaS subscription Digital Monarch Media Canada Oct 18 est. 2; model. Multiplay UK Nov 17 25; Wellington-based Weta Digital has sold its tech unit including its tools pipeline technology and engineering talent to Unity Software in a USD $1.625 billion deal. Unity estimates that; the acquisition of Weta Digital will increase its total market opportunity by over USD $10 billion bringing its total market opportunity to approximately USD $45 billion.; WetaFX; Graph of acquisitions; Multiplay; Vivox; deltaDNA; Artomatix; Finger Food; Studios; Visual Live; 3D; Metaverse; Technologies; France; Parsec Cloud; Weta Digital; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; Acquisition value (USD millions); Acquired company; Acquired by; CLARE CAPITAL TECH INSIGHTS; Unity Software revenue Unity Software enterprise value; Comparable company metrics; Company name Ticker Market Enterprise Revenue EV / Description; cap value Revenue; USD $bn USD $bn; Unity Software NYSE:U 56 55 54.3x Real-time 3D development platform; Roblox NYSE:RBLX 62 61 36.5x An online game platform and game creation system; Dassault Systèmes SE ENXTPA:DSY 83 74 13.5x Software for 3D design and innovation; Autodesk Inc. NasdaqGS:ADSK 72 74 18.2x 3D design engineering and entertainment software; AppLovin Corporation NasdaqGS:APP 42 43 17.1x Software-based platform for mobile app developers; Adobe Inc. NasdaqGS:ADBE 313 311 20.6x Diversified software company providing a range of applications; SAP SE XTRA:SAP 169 157 4.9x Enterprise application software; DocuSign Inc. NasdaqGS:DOCU 52 52 29.1x Cloud-based e-signature software solution; VMware Inc. NYSE:VMW 53 53 4.3x Digital solutions that power apps services and experiences; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 15; 32; 3; 4; 5; 1; 12; USD $bn; 2; 2; -; 10000; 20000; 30000; 40000; 50000; 60000; Sep; 2020; Oct; 2020; Nov; 2020; Dec; 2020; Jan; 2021; Feb; 2021; Mar; 2021; Apr; 2021; May; 2021; Jun; 2021; Jul; 2021; Aug; 2021; Sep; 2021; Oct; 2021; Enterprise value (USD millions); -; 200; 400; 600; 800; 1000; 1200; 2018 2019 2020 2021 YTD; Total revenue (USD millions); CLARE CAPITAL TECH INSIGHTS