#228

Overview Clare Capital Tech Insights 228 - Allbirds IPO - 20211105; Quarterly revenue (US$m); Valuation through time (US$b); Revenue by geography (US$m); Merino shoe manufacturer Allbirds recently listed on the Nasdaq under the ticker BIRD. Allbirds made its name by manufacturing and selling merino shoes predominantly online instead; of instore. The company has expanded its selection of products increased its global presence and saw a nearly 100% share price rise on listing.; -; 50; 100; 150; 200; 250; 2019 2020; US$ millions; International; United States; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21; US$ millions; Marketing; Other; COGS; Net revenue; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; Aug-15 Aug-16 Aug-17 Aug-18 Aug-19 Aug-20 Aug-21; US$ billions; Stores; NZ; USA; Asia; Europe; Series E; IPO at $15; IPO pop; CLARE CAPITAL TECH INSIGHTS; Comparators (US$m); NIKE United States 280 061 43% 8 337 46 192 85% 24% 33.6x 6.1x; Hermès France 172 186 68% 4 209 9 647 88% 41% 40.9x 17.8x; Adidas Germany 68 093 51% 3 263 26 626 91% 18% 20.9x 2.6x; lululemon Canada 60 366 55% 1 348 5 524 44% 43% 44.8x 10.9x; PUMA Germany 20 198 47% 770 7 601 115% 25% 26.2x 2.7x; Prada Italy 19 170 72% 684 3 541 102% 21% 28.0x 5.4x; Levi's United States 11 875 54% 729 5 465 137% 18% 16.3x 2.2x; Under Armour United States 11 261 48% 692 5 558 460% 23% 16.3x 2.0x; Deckers United States 11 197 52% 629 2 866 44% 29% 17.8x 3.9x; Crocs United States 11 055 52% 654 2 138 254% 73% 16.9x 5.2x; Ralph Lauren United States 9 815 63% 947 5 600 121% 19% 10.4x 1.8x; Skechers United States 8 280 48% 720 5 984 135% 30% 11.5x 1.4x; Dr. Martens United Kingdom 5 511 60% 275 1 065 35% 27% 20.1x 5.2x; American Eagle United States 5 372 29% 673 4 553 339% 19% 8.0x 1.2x; ASICS Japan 5 042 47% 388 3 611 166% 12% 13.0x 1.4x; Kathmandu New Zealand 988 58% 62 644 122% 21% 15.9x 1.5x; Allbirds United States 3 884 55% (23) 244 nm 19% nm 15.9x; Mean 43 779 53% 1 524 8 538 146% 28% 21.3x 4.4x; Median 11 229 52% 706 5 495 118% 23% 17.3x 2.6x; *averages do not include Allbirds; Disclaimer; Enterprise; value; LTM; revenue; EV / LTM; EBITDA; 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.; EV / LTM revenue; LTM revenue; growth; LTM EBITDA; growth; LTM gross; margin; LTM; EBITDA; Name Headquarters; CLARE CAPITAL TECH INSIGHTS

#227

Overview Clare Capital Tech Insights 227 - Private company capital raises - 20211029; Canva funding rounds and valuation; Private companies valued over US$20 billion; Company Date Pre-money valuation (US$b); TikTok Dec-20 178.0; Ant Group Jun-18 136.0; Stripe Mar-21 94.4; Jio Platforms May-20 67.1; Reliance Retail Nov-20 62.1; Didi Jul-18 55.5; Facebook Feb-11 52.0; Klarna Jun-21 45.0; Xiaomi Dec-14 44.9; Uber Aug-18 44.2; SpaceX Aug-20 44.1; Canva Sep-21 39.8; Wework Feb-19 38.9; Databricks Aug-21 36.4; Alibaba Jul-12 35.9; Grab Apr-21 35.6; UiPath Feb-21 34.3; Flipkart Jul-21 34.0; Revolut Jul-21 32.5; Airbnb Jul-16 30.0; Maplebear Feb-21 29.6; Roblox Jan-21 29.0; Nu Pagamentos Jan-21 28.9; Epic Games Apr-21 27.7; Meituan Oct-17 26.0; JUUL Labs Dec-18 25.2; Palantir Jul-15 24.8; FTX Trading Oct-21 24.6; DoubleDutch Mar-18 21.3; Australian digital design software provider Canva recently raised US$200m at a US$40b post-money valuation bringing their total funding to over US$570m. This is one of the; largest disclosed valuations of a private company as part of a funding round and follows numerous software capital raises in Australia and New Zealand over the last year.; -; 5000; 10000; 15000; 20000; 25000; 30000; 35000; 40000; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; 41334; 41487; 41640; 41791; 41944; 42095; 42248; 42401; 42552; 42705; 42856; 43009; 43160; 43313; 43466; 43617; 43770; 43922; 44075; 44228; 44378; Valuation US$ millions; Funding size US$ millions; Early funders; CLARE CAPITAL TECH INSIGHTS; Privately held tech funding rounds in New Zealand and Australia over the last year and over NZ$6m; 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.; Flare; Marketplacer; TradeWindow; Prospecta; Shippit; Coviu; Synthetix; InDebted; AgriWebb; Tradify; Linktree $63m; Canva $99m; Enboarder; Moola.co.nz $50m; Shorthand; Octopus Deploy $242m; Halter; SafetyCulture $100m; Portainer; Comestri; Stake $42m; iVvy; Artrya; Ento; Ubco; Quantifi Photonics; Eucalyptus; InDebted; Visionary Machines; IntelligenceBank $52m; LawVu; Quantum Brilliance; Unleash live; SubQuery; Canva $280m; SiteMinder $105m; Immutable $86m; Delegate Connect; Airwallex $280m; Flippa; Ubco; TradeWindow Joyous; Vital; Till Payments $116m; LawPath; Pathzero; Easy Crypto; Reejig; FrankieOne; QuintessenceLabs; Superhero; Sharesies $50m; APLYiD; 5; 10; 15; 20; 25; 30; 35; Nov-20 Dec-20 Feb-21 Mar-21 May-21 Jul-21 Aug-21 Oct-21; Cash raised NZ$ millions; +; Legend:; Australia; New Zealand; CLARE CAPITAL TECH INSIGHTS

#226

Overview Clare Capital Tech Insights 226 - USX - 20211015; USX metrics USX constituents; Number of security symbols currently on the USX 21; Total market capitalisation of companies on the USX (NZD millions) 3 350; Total revenue of companies on the USX (NZD millions) 4 711; Total number of shares issued (millions) 3 838; Zespri is a kiwifruit Skyline is a gondola Pharmazen produces Rural Equities invests; USX market caps (NZD millions) grower and marketer cableway operator nutraceuticals in rural property; Rangatira is an Silver Fern Farms Syft Technologies NZ Merino produces; investment company produces lamb beef provides SIFT-MS merino wool; and venison technology; Sports & Education Terra Vitae produces Bluesky markets and Palliser Estate is a; Corp. manages and wine sells meat wine brand; promotes sport brands; Future Mobility Speirs Group is an Seadragon refines Connexionz provide; Solutions is a marine investment company fish oils and fractions intelligent transport; technology group (mostly in food) solutions; Bruce McLaren Senior Trust Capital Crossgate Capital is Aorere Resources; Motorsport Park is invests in retirement a cryptocurrency invest in mineral; a motorsports circuit villages and age care investor projects; This Tech Insights report looks at the USX - a NZ based share-trading platform for small to medium sized companies. The total market capitalisation of the securities traded on the USX is; currently $3.35 billion and there are 20 companies offering shares on this exchange. Zespri and Skyline represent 55% and 19% of the USX market capitalisation respectively.; -; 2000; Market; cap; -; 50; 100; 150; 200; 250; Market cap (NZD millions); 1842; 635; CLARE CAPITAL TECH INSIGHTS; Zespri value traded (USX) (NZD millions) Value traded for comparable NZX listed companies (NZD millions); Skyline value traded (USX) (NZD millions) Value traded for comparable NZX listed companies (NZD millions); Disclaimer; The information provided in this report has been solely sourced and calculated from the USX 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.; 0; 5; 10; 15; 20; 25; 30; Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21; Vista; Serko; 0; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21; Kathmandu; Skellerup; -; 5; 10; 15; 20; 25; 30; Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21; Market cap = $1.84 billion; Market cap = $0.63 billion; Vista market cap = $0.58 billion; Serko market cap = $0.86 billion; Kathmandu market cap = $1.13 billion; Skellerup market cap = $1.19 billion; CLARE CAPITAL TECH INSIGHTS

#225

Overview Clare Capital Tech Insights 225 - Z Energy takeover - 20211008; Z Energy and Ampol share price index Ampol revenue NZ$m and EBITDA margin; Z Energy and Ampol Z Energy revenue NZ$m and EBITDA margin; Unit Z Energy Ampol Combined; LTM Revenue NZ$m 3 520 18 440 21 960; LTM EBITDA NZ$m 220 1 226 1 446; LTM EBIT NZ$m 97 816 913; Enterprise value NZ$m 2 779 9 636 12 415; Total debt NZ$m 1 069 1 913 2 982; Cash NZ$m 162 69 231; Market Cap NZ$m 1 872 7 542 9 414; Dividend per share NZ$ 0.14 0.81; Share price NZ$ 3.60 31.65; Dividend yield % 3.9% 2.5%; Retail stations # *481 **1926 2 407; *Includes Z sites Caltex sites and truck stops; **including approximately 708 Ampol-controlled retail sites; The Z Energy board has unanimously recommended that shareholders approve a takeover by ASX-listed Ampol previously known as Caltex Australia via a Scheme of Arrangement. Z; Energy is now seeking shareholder Overseas Investment Office and Commerce Commission approval. The latter will require Ampol to sell its NZ Gull subsidiary.; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; -; 1000; 2000; 3000; 4000; 5000; 6000; FY16 FY17 FY18 FY19 FY20 FY21 FY22F FY23F FY24F; EBITDA margin; Revenue NZ$m; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; -; 5000; 10000; 15000; 20000; 25000; 30000; FY15 FY16 FY17 FY18 FY19 FY20 FY21F FY22F FY23F; EBITDA margin; Revenue NZ$m; -; 20; 40; 60; 80; 100; 120; 140; Share price index; Z Energy Ampol; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS; Comparators NZ$ millions; Revenue EBITDA; LTM LTM LTM-1 LTM LTM-1 LTM LTM LTM LTM; Imperial Oil Canada 39 744 5 392 34 355 1.3x 7.8x 30 903 31 162 1 858 5 064 14% 1% 173%; DCC Ireland 12 325 582 11 631 0.5x 9.5x 30 908 26 436 1 272 1 295 14% (14%) 2%; Parkland Canada 11 597 4 725 6 482 0.6x 9.1x 18 664 18 797 1 110 1 281 17% 1% 15%; Sunoco United States 9 687 5 009 4 648 0.5x 7.7x 21 345 18 938 864 1 266 10% (11%) 47%; Viva Energy Australia 6 755 2 665 4 141 0.5x 8.6x 16 368 13 918 169 788 14% (15%) 367%; Rubis France 6 280 949 5 153 0.9x 8.0x 9 175 6 627 943 781 32% (28%) (17%); Mean 14 398 3 220 11 068 0.7x 8.4x 21 227 19 313 1 036 1 746 17% (11%) 98%; Median 10 642 3 695 5 818 0.6x 8.3x 20 005 18 867 1 027 1 274 14% (13%) 31%; Ampol Australia 9 636 1 843 7 542 0.5x 7.9x 21 443 18 440 162 1 226 6% (14%) 656%; Z Energy New Zealand 2 779 907 1 872 0.8x 12.7x 4 987 3 520 147 220 14% (29%) 49%; Combined business value NZ$m Offer progression (NZ$ per share) - 14.3% increase from first offer; Disclaimer; EV Multiple; Net debt; Market; Name Headquarters cap; Enterprise; value; Revenue EBITDA; Gross; Margin; Revenue; Growth; EBITDA; Growth; 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.; -; 2000; 4000; 6000; 8000; 10000; 12000; Ampol; market cap; Z Energy; market cap; Ampol; debt; Z Energy; debt; Other Combined EV; NZ$m; 44714; 44743; Unknown; 44796; 44845; 3; 3.2; 3.4; 3.6; 3.8; 4; Offer 1 Offer 2 Offer 3 Offer 4 Offer 5; NZ$ per share; Price / share Dividend / share; 11-Oct share; price: $3.60; CLARE CAPITAL TECH INSIGHTS

#224

Overview Clare Capital Tech Insights 224 - Crowdfunding - 20211001; PledgeMe revenue (New Zealand company only) March year end NZD 000s Snowball Effect revenue March year end NZD 000s; PledgeMe raises as per website NZD 000s Snowball Effect raises as per website NZD 000s; Average raise Average raise; This Tech Insights report looks at New Zealand crowdfunding platforms PledgeMe and Snowball Effect. Over the last 5 years they have jointly raised over $110m for New Zealand companies; across c.100 investment rounds. The revenues presented on the first page are taken from the financial statements of the companies while all other metrics are a summary of the information; available on the respective websites.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2017 2018 2019 2020 2021; NZD 000s; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 2017 2018 2019 2020 2021; NZD 000s; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 2017 2018 2019 2020 2021 2022 YTD; Number of raises; Total rasied (NZD 000s); -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; -; 5000; 10000; 15000; 20000; 25000; 2017 2018 2019 2020 2021 2022 YTD; Number of raises; Total raised (NZD 000s); 845 1 007 726 937 847 737 914 1 278 1 878 1 955 1 764 3 463; CLARE CAPITAL TECH INSIGHTS; PledgeMe raises as per website NZD 000s Snowball Effect raises as per website NZD 000s; Disclaimer; The information provided in this report has been solely sourced and calculated from various financial statements and websites. 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.; 44409; 44378; 44348; 44287; 44256; 44228; 44228; 44136; 44105; 44075; 44013; 43952; 43800; 43800; 43770; 43739; 43678; 43647; 43617; 43586; 43525; 43435; 43435; 43374; 43344; 43221; 43191; 43160; 43132; 43070; 43070; 43009; 42979; 42856; 42736; 42614; 42614; - 500 1 000 1 500 2 000; Happy Cow Milk; Hunt and Gather Bee Co.; Henrys Skincare; Puro New Zealand; Invisible Urban Charging; Tuipoint; Phytotecnia; Again Again; Collett's Corner; Medical Kiwi; GPSOS; Downlights; Happy Cow Milk Co.; Puro New Zealand; Container Door; Waitakaruru Honey; Angel Food Ltd; Behemoth Brewing; Eat My Lunch; Little Yellow Bird; Collett's Corner; SleepDrops; The New Zealand Whisky Collection; The Dust Palace Productions; PledgeMe; Waiapu Investments | Hikurangi Cannabis; Eagle Brewing NZ; little bird organics; Riot Foods; Parrotdog Brewing; OCHO and Own the Factory; Ethique; The Module Project; Thankyou Payroll; Sushi Ninja; Thought-Wired; ParrotDog Brewery; 44440; 44409; 44378; 44317; 44287; 44166; 44166; 44136; 43983; 43952; 43862; 43831; 43770; 43647; 43556; 43556; 43405; 43344; 43344; 43282; 43191; 43040; 42887; 42795; 42795; 42736; 42705; 42675; 42644; 42583; 42491; 42461; - 500 1 000 1 500 2 000 2 500 3 000 3 500; OurCrowd: OC50 Series V Fund; Batchwell; GoodFor; Natural Paint Co; UBCO; OurCrowd: OC50 Series IV Fund; Zoom Health; Bootleggers; Behemoth Brewing Company; Little Island; SuiteFiles; Reefton Distilling Co.; UBCO; BePure; Ossis; Chapter2; UBCO - Utility Electric Vehicle; SuiteFiles; Link Business Brokers; Invivo; Zeffer Cider; Veriphi; ableX healthcare; Designer Wardrobe; Zeffer Cider; UBCO; Roholm; Punakaiki Fund Limited; Veriphi - Top Up Round; Balex Marine; Andrea Moore; Veriphi; Squirrel; 13.8m; CLARE CAPITAL TECH INSIGHTS

#223

Overview Clare Capital Tech Insights 223 - NZ headquarter locations - 20210924; Auckland Auckland CBD; This Tech Insights report shows the headquarters of publicly listed New Zealand businesses. Of the 126 companies headquartered in New Zealand 110 are primarily listed on the NZX 14; on the ASX one on the LSE and one on the TSX Venture Exchange.; Wellington; CLARE CAPITAL TECH INSIGHTS; 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.; New Zealand; Christchurch; NZ Windfarms; CLARE CAPITAL TECH INSIGHTS

#222

Overview Clare Capital Tech Insights 222 - Iwi - 20210917; Total assets as per most recent annual reports (NZD millions) / Te tōpū o ngā rawa e ai ki ngā ripoata ā-tau; Ngāpuhi 65 Ngāti Awa 156; Fishing related / Kaupapa hī ika 44 Land & farming /; Other / Kaupapa anō 21 Ngā whenua me te mahi pāmu 42; Forestry - related /; Waikato-Tainui 1 428 Kaupapa mahi ngahere 31; Properties & land / Kiwifruit orchards /; Ngā rawa me te whenua 608 Uru huarākau huakiwi 15; Other / Kaupapa anō 820 Other / Kaupapa anō 69; Ngāti Mutunga 29 Ngati Porou 244; Managed funds / Equities / Whai pānga 152; Ngā pūtea e whakahaerehia ana 26 Fishing / Mahi hī ika 44; Other / Kaupapa anō 3 Forestry / Ngahere 27; Other / Kaupapa anō 22; Ngā Rauru 46; Managed funds /; Ngā pūtea e whakahaerehia ana 41 Ngāti Kahungunu 81; Other / Kaupapa anō 5 Fishing - related / Kaupapa hī ika 42; Other / Kaupapa anō 39; Ngāti Mutunga o Wharekauri 37; Ngāi Tahu 1 830 Fishing related / Kaupapa hī ika 25; Property / Rawa 668 Other / Kaupapa anō 12; Farming & Forestry /; Ngā mahi pāmu me te ngahere 415; Seafood / Kaimoana 173; Other / Kaupapa anō 574; This Tech Insights report looks at some of New Zealand's iwi and the asset holdings of these iwi. On the second page we take closer look at Ngāi Tahu which is New Zealand's largest; iwi both geographically and financially. / E titiro ana tēnei rīpoata ki ētehi o ngā iwi o Aotearoa me ō rātou rawa. I te whārangi tuarua ka tātari mātou i a Ngāi Tahu te iwi tino nui o; Aotearoa ā-whenua nei whai rawa nei anō hoki.; CLARE CAPITAL TECH INSIGHTS; Ngāi Tahu - New Zealand's largest iwi / Te iwi tino nui o Aotearoa; Land owned by Ngāi Tahu (hectares) / FY20 asset allocation / Tuwhanga rawa; Te whenua o Ngāi Tahu FY2020; Ngāi Tahu Farming 102 200; Ngāi Tahu Property 137; Oha Honey 3 467; Total / Te Tōpū 105 804; Disclaimer; The information provided in this report has been solely sourced and calculated from various 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.; Ngāi Tahu is both; geographically and financially; New Zealand's biggest iwi. / Ko; Ngāi Tahu te iwi tino nui o; Aotearoa ā-whenua nei whai; rawa nei anō hoki.; Ngāi Tahu has a portfolio in a; diverse range of assets. In 2020; its holdings in the tourism; industry was especially affected; by Covid-19. / He maha ngā; momo rawa o Ngāi Tahu. I te tau; 2020 i tino raru ōna rironga i te; ahumahi tāpoi i te Covid-19.; Tourism / Ahumahi tāpoi; Honey / Mīere; Forestry / Ngahere; Seafood / Kaimoana; Farming / Mahi pāmu; Capital / Haupū rawa; Property / Rawa; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1348; 1504; 1676; 1 924 1 930; 1830; -; 500; 1000; 1500; 2000; 2500; 2015 2016 2017 2018 2019 2020; NZD millions; Net assets Total liabilities; Total Assets (NZD millions) / Te tōpū o ngā rawa; -; 20000; 40000; 60000; 80000; 2015 2016 2017 2018 2019 2020; Number of registered Ngāi Tahu whānau /; Te tōpū o ngā tangata o Ngāi Tahu kua rēhitatia; CLARE CAPITAL TECH INSIGHTS

#221

Overview Clare Capital Tech Insights 221 - Merger of Plexure and TASK - 20210910; Plexure (NZX:PX1 ASX:PX1) recently announced a merger with TASK Retail a transaction management platform (including point-of-sale online ordering loyalty kiosk mobile apps).; The merger will diversify Plexure's customer base. TASK's high FY22 forecast growth (100%+ YOY) would appear to be a key factor in the deal valuation.; Plexure share price and weekly value traded; Cash Equity Total; Deal valuation (NZD $m) 32 94 126; Plexure Task Combined; Revenue FY21 actual (NZD $m) 29.3 14.0 43.3; EBITDA FY21 actual (NZD $m) (3.9) 2.4 (1.5); Revenue FY22 forecast (NZD $m) 30.3 28.7 59.0; Platform/software revenue 63% 59% 62%; Services revenue 37% 20% 31%; Hardware revenue - 21% 7%; Plexure revenue (NZD $m) TASK revenue (NZD $m) Revenue multiples (EV / revenue); Note: Plexure figures are March year end TASK figures are June year end.; -; 1; 2; 3; 4; 5; 6; 7; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21; Value traded ($m); Share price (NZD); 17; 25; 29 30; -; 5; 10; 15; 20; 25; 30; 35; FY19 FY20 FY21 FY22 (F); 18; 14 14; 29; -; 5; 10; 15; 20; 25; 30; 35; FY19 FY20 FY21 FY22 (F); CAGR: -12%; 1.8x 1.7x; 9.0x; 4.4x; FY21 FY22 (F) FY21 FY22 (F); Plexure Task; CAGR: +32%; CLARE CAPITAL TECH INSIGHTS; Equity (NZD $m @ 60c/share) Cash (NZD $m) Total value (equity less cash NZD $m); Note: capital raise has already been partially complete.; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Plexure 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.; 105; 24; 94; 223; - 50 100 150 200 250; Plexure; Capital; raise; TASK; merger; Post; deal; 42; 21; -32; 31; - 50 100; Plexure; Capital; raise; TASK; merger; Post; deal; 63; 3; 126; 192; - 50 100 150 200; Plexure; Capital; raise; TASK; merger; Post; deal; Comprised of: Original Plexure shareholders = 47%; New capital raise = 11%; TASK interests = 42%; Total value paid; for TASK; approximately 2x; Plexure's value; $21m raise contributes to the; $32m cash payable; $94m of equity is; issued to TASK; (including advisors; and LTI scheme for; senior staff vesting; over 3 years); CLARE CAPITAL TECH INSIGHTS

#220

Overview Clare Capital Tech Insights 220 - Paralympics (Tokyo 2020) - 20210903; This Tech Insights report looks at the Tokyo 2020 performance of New Zealand's Paralympians as well as New Zealand's performance at past Paralympic summer games.; New Zealand medals at Summer Paralympic Games; Paralympic medals by sport (all time); Paralympic medals by gender (all time); 12; 21; 17; 12; 10; 18; 18; 6; 17; 25; 19; 13; 9; 4; 2020 Tokyo; 2016 Rio; 2012 London; 2008 Beijing; 2004 Athens; 2000 Sydney; 1996 Atlanta; 1992 Barcelona; 1988 Seoul; 1984 Mandeville & New York; 1980 Arnhem; 1976 Toronto; 1972 Heidelberg; 1968 Tel Aviv; Gold Silver Bronze; 101; 71; 12; 5; 3; 2; 2; 2; 2; 1; Athletics; Swimming; Cycling; Shooting; Archery; Equestrian; Lawn bowls; Powerlifting; Wheelchair rugby; Boccia; Gold Silver Bronze; Breakdown; by sport; provided; on page 2; 100; 91; 10; Female; Male; Mixed; Gold Silver Bronze; 6 3 3; CLARE CAPITAL TECH INSIGHTS; 1 1; 1; 1; 1; 1 1; 1; 1 1; 1; 1; 1; 1; Athletics 1 1 1; 1; 1; 1; Athletics; 1 1 1; 1; 1 1; 1 1 1 1 2 1 1; 1 1 1 2 1 1; 1 1 2 1 1; 1 1 2 1; 1 2 1 2 1; 2 2 2 1 2 2; 2 2; Swimming 2; 2 2 2 2 2 2; 2 2 Swimming; 2 2 2 2; 2 2; 2 2; 2 2 2 2; 2 2; 2 2; 2 2; 2 2 2; 2; 2 2; 2 2 2; 2; 2; 2; 3 2 2; 2; 3; 3 2; 7 2; 6 3; 3 2; 7 2 6 3; 3; 2; 2 9 9 4 3; 3 Cycling; 10 4 3; Disclaimer; The information provided in this report has been compiled from paralympics.org.nz and paralympic.org. Clare Capital holds no responsibility over the actual numbers.; Lawn; bowls; 1; 2; 1; 3 1; 3; 1; 3; 2; 3 3; 1; 3; 1; 1; 1; 2; 2; 2; 3; 3; 3; 3; 3; 3; 1; 1; 3; 3; 3; 3; 3; 1; 1; 1; 1; 2; 2; 2; 3; 1; 1; 1; 1; 1; 1; 1; 3; 3; 2; 2; 2; 2; 3; 3; 2; 3; 3; 3; 3; 2; 2; 1; 1; 1; 1; 1; 1; 1; 1; 1; 2; 2; 2; 3; 3; 3; 3; 1; 1; 1; 1; 1; 1; 1; 2; 2; 3; 3; 3; Other; = Shooting; = Wheelchair rugby; = Boccia; = Equestrian; CLARE CAPITAL TECH INSIGHTS

#219

Overview Clare Capital Tech Insights 219 - Marketplace Gross Merchandise Volume - 20210827; GMV ratios for E-commerce marketplace companies; Gross Merchandise Volume (GMV) measures the total volume of sales transacting through a platform. GMV is not a standard financial metric like revenue and EBITDA but can be useful; for showing the size of the marketplace a company is creating. It is interesting to compare the % of GMV monetisation by E-commerce platform providers and how it changes over time.; Note: some of these companies also provide conventional indirect retail sales alongside the marketplace.; -; 5; 10; 15; 20; 25; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; GMV US$ b; % of GMV; Revenue/GMV Gross margin/GMV EBITDA/GMV GMV; -; 200; 400; 600; 800; 1000; 1200; 1400; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; Alibaba JD.com Shopify eBay; GMV US$ b; % of GMV; Revenue/GMV Gross margin/GMV EBITDA/GMV GMV; CLARE CAPITAL TECH INSIGHTS; JD.com Etsy; Shopify eBay; 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; -; 100; 200; 300; 400; 500; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; FY14 FY15 FY16 FY17 FY18 FY19 FY20; GMV US$b; % of GMV; Revenue Gross margin EBITDA GMV; -20; -; 20; 40; 60; 80; 100; 120; -0.005; -; 0.005; 0.01; 0.015; 0.02; 0.025; 0.03; FY16 FY17 FY18 FY19 FY20; GMV US$b; % of GMV; Revenue Gross margin EBITDA GMV; -; 20; 40; 60; 80; 100; 120; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; FY14 FY15 FY16 FY17 FY18 FY19 FY20; GMV US$b; % of GMV; Revenue Gross margin EBITDA GMV; -; 2; 4; 6; 8; 10; 12; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; 0.16; 0.18; FY14 FY15 FY16 FY17 FY18 FY19 FY20; GMV US$b; % of GMV; Revenue Gross margin EBITDA GMV; CLARE CAPITAL TECH INSIGHTS

#218

Overview Clare Capital Tech Insights 218 - Revenue efficiency - 20210820; Xero # of employees and revenue per employee Plexure # of employees and revenue per employee; Pushpay # of employees and revenue per employee EROAD # of employees and revenue per employee; A common metric for SaaS companies is the ratio of revenue to employees. This ratio is an effective way of measuring a firm’s efficiency. This report looks at employee growth and; revenue/employees for four New Zealand listed SaaS companies along with comparing revenue/employees for a number of global SaaS companies in 2021.; -; 50; 100; 150; 200; 250; -; 500; 1000; 1500; 2000; 2500; 3000; 3500; 4000; FY16 FY17 FY18 FY19 FY20 FY21; Revenue (NZ$ 000s) / employees; Employees; -; 50; 100; 150; 200; 250; 300; 350; -; 20; 40; 60; 80; 100; 120; 140; 160; FY16 FY17 FY18 FY19 FY20 FY21; Revenue (NZ$ 000s) / employees; Employees; -; 100; 200; 300; 400; 500; 600; 700; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; FY16 FY17 FY18 FY19 FY20 FY21; Revenue (NZ$ 000s) / employees; Employees; -; 50; 100; 150; 200; 250; 300; -; 50; 100; 150; 200; 250; 300; 350; 400; FY16 FY17 FY18 FY19 FY20 FY21; Revenue (NZ$ 000s) / employees; Employees; CLARE CAPITAL TECH INSIGHTS; FY2021 Revenue / employees for selected SaaS companies; 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.; Datasection; Catapult; Ooma; EROAD; Redcentric; Pushpay; mdf commerce; Generix; PagerDuty; MiX; nCino; Zuora; Yext; 8x8; Mimecast; Lightspeed; Anaplan; Smartsheet; QAD; Box; Medallia; New Relic; Elastic; MongoDB; Coupa; Commvault; SecureWorks; Cloudera; Dynatrace; Okta; CrowdStrike; Xero Paylocity; Zoom; Veeva; Atlassian; Splunk; Workday; salesforce.com; Oracle; -; 100; 200; 300; 400; 500; 600; 700; - 1 000 2 000 3 000 4 000 5 000 6 000 7 000; Revenue (US$ 000s) / employees; Employees; (12k employees); (56k); (132k); CLARE CAPITAL TECH INSIGHTS

#217

Overview Clare Capital Tech Insights 217 - Gross margin multiples - 20210813; Gross margin for 50 of the largest SaaS companies (LTM); For comparison: Gross margin for major global companies; A company’s gross margin is the sales revenue it retains after incurring the direct costs associated with delivering the product or service it sells. One of the benefits of SaaS companies is; that they tend to have high gross margins with a majority of the direct costs associated with cloud hosting fees. Traditional technology companies can have much lower gross margins; due to significant costs associated with providing direct hardware.; CommScope; Ceridian; Black Knight; Tyler; Twilio; Agilent; Shopify; Coupa; Fortive; Five9; ResMed; Akamai; Wix; Twitter; GoDaddy; Paylocity; WEX; NICE TransUnion; MongoDB; RingCentral; Avalara; Pegasystems; Veeva; Workday Elastic; CrowdStrike; Okta; Splunk; salesforce.com; Proofpoint; Qualtrics; DocuSign; Datadog; Cloudflare; Zscaler; ServiceNow; Zendesk; Dropbox; Oracle; HubSpot; Trade Desk; F5 Networks; Atlassian; Citrix; Dynatrace Xero; Adobe; Glodon; Paycom; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; LTM gross margin; Tesla; Samsung; Alibaba; Amazon; Apple; Taiwan Semiconductor Manufacturing; Google; NVIDIA; J&J Microsoft; Facebook; Visa; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; LTM gross margin; CLARE CAPITAL TECH INSIGHTS; Gross margin multiple and revenue growth for 50 of the largest SaaS companies; 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.; CommScope; Ceridian; Black Knight Tyler; Twilio; Agilent; Shopify; Coupa; Fortive; Five9; ResMed; Akamai; Wix; Twitter; GoDaddy; Paylocity; WEX; NICE; TransUnion; MongoDB; RingCentral Avalara; Pegasystems; Veeva; Workday; Elastic; CrowdStrike; Okta; Splunk; salesforce.com; Proofpoint; Qualtrics; DocuSign; Datadog; Cloudflare; Zscaler; ServiceNow; Zendesk; Dropbox; Oracle; HubSpot; Trade Desk; F5 Networks; Atlassian; Citrix; Dynatrace; Xero; Adobe; Glodon; Paycom; R² = 0.5977; -0.15; 0.05; 0.25; 0.45; 0.65; 0.85; 1.05; - 20x 40x 60x 80x 100x; LTM revenue growth; Gross margin multiple; Trendline formula; Gross margin multiple = (LTM revenue growth - 6%) / 0.74%; Gross margin multiple = Enterprise Value / Gross Profit; CLARE CAPITAL TECH INSIGHTS

#216

Overview Clare Capital Tech Insights 216 - Olympics (Tokyo 2020) - 20210806; New Zealand has just completed its most successful Summer Olympic Games. This Tech Insights report looks at the Tokyo 2020 performance as well as the performance at past games.; New Zealand medals at Summer Olympic Games; Tokyo 2020 medals by sport; Tokyo 2020 medals by gender; 1; 1; 1; 1; 1; -; 3; 2; 3; 5; 3; 3; 4; -; 11; 13; 10; 6; 4; 5; 9; 13; 18; 20; 1920 Antwerp; 1924 Paris; 1928 Amsterdam; 1932 Los Angeles; 1936 Berlin; 1948 London; 1952 Helsinki; 1956 Melbourne; 1960 Rome; 1964 Tokyo; 1968 Mexico City; 1972 Munich; 1976 Montreal; 1980 Moscow; 1984 Los Angeles; 1988 Seoul; 1992 Barcelona; 1996 Atlanta; 2000 Sydney; 2004 Athens; 2008 Beijing; 2012 London; 2016 Rio de Janeiro; 2020 Tokyo; Gold Silver Bronze; 5; 3; 2; 2; 1; 2; 1; 1; 1; 1; Rowing; Canoeing; Rugby sevens; Cycling; Sailing; Athletics; Boxing; Golf; Trampoline; Tennis; Gold Silver Bronze; Breakdown; by sport; provided; on page 2; 9; 11; Male; Female; Gold Silver Bronze; 7 6 7; CLARE CAPITAL TECH INSIGHTS; Boxing Boxing; Swimming Triathlon; Equestrian Golf; Shooting Rugby sevens; Tennis; Athletics Trampoline; Athletics; Cycling Cycling; Sailing; Sailing; Canoeing; Canoeing; Rowing; Rowing; Disclaimer; The information provided in this report has been solely compiled from the most credible of sources Wikipedia. Clare Capital holds no responsibility over the actual numbers.; 3; 3; 1; 1; 2; 1; 1; 1; 1; 1; 1; 3; 3; 3; 3; 1; 3; 3; 3; 1; 3; 2; 2; 3; 1; 2; 3; 2; 3; 1; 2; 2; 3; 1; 1; 1; 2; 3; 2; 1; 3; 3; 3; 1; 2; 1; 3; 3; 3; 1; 1; 1; 1; 3; 3; 1; 2; 3; 3; 3; 1; 2; 1; 1; 1; 2; 2; 3; 3; 3; 2; 2; 2; 2; 1; 2; 2; 3; 3; 2; 1; 1; 1; 1; 2; 2; 1; 1; 1; 2; 2; 2; 3; 3; 3; 3; 3; 3; 3; 1; 2; 1; 1; 2; 2; 3; 3 1 2; CLARE CAPITAL TECH INSIGHTS

#215

Overview Clare Capital Tech Insights 215 - Square acquires Afterpay - 20210730; Afterpay share price (AU$) and EV / LTM revenue multiple; Afterpay revenue growth Units FY18 FY19 FY20 FY21F FY22F FY23F FY24F; Square revenue AU$ m 4 679 6 709 12 311 27 201 30 885 34 877 39 669; Afterpay revenue AU$ m 114 218 477 936 1 564 2 288 3 230; Square GM % 40% 40% 29% 22% 29% 32% 28%; Afterpay GM % 75% 73% 72% 74% 73% 73% 75%; Square EBITDA AU$ m 20 119 59 1 213 1 699 2 422 3 446; Afterpay EBITDA AU$ m 7 (14) 10 108 236 460 820; Square 40% rule % 65% 45% 84% 125% 19% 20% 22%; Afterpay 40% rule % 403% 85% 120% 108% 82% 66% 67%; Afterpay customers m 2.0 4.6 9.9 16.0; Afterpay merchants 000s 16.0 32.3 55.4 90.0; Rev/customers AU$ 56.9 47.4 48.1 58.5; Rev/merchant AU$ 7 119 6 753 8 602 10 401; It has been announced that American payments facilitator Square intends to buy Australian Buy Now Pay later provider Afterpay for AU$39 billion. This would represent a 30% premium; to the previous closing price but a 20% discount to the price in February. The Australian Buy Now Pay Later space has experienced significant growth and number of new entrants on; the ASX over the last few years with Afterpay having only been founded in 2015. Square will pay for the acquisition via shares issued to Afterpay shareholders.; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; 80x; 90x; 100x; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21; EV / LTM revenue; Share price AU$; Afterpay Share price AU$ Afterpay EV / LTM revenue Square EV / LTM revenue; Afterpay IPO; Tech Insights 151: "Buy; Now Pay Later" 20200214; -; 500; 1000; 1500; 2000; 2500; 3000; 3500; FY17 FY18 FY19 FY20 FY21F FY22F FY23F FY24F; Afterpay revenue AU$ m; Forecast; 103% compound; annual revenue; growth; CLARE CAPITAL TECH INSIGHTS; Share price index: Buy Now Pay Later & Square; ASX Buy Now Pay Later by EV; Disclaimer *Market cap used for Humm EV used for all others; 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; 250; Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21; Share price index; Laybuy; Splitit Openpay; Zip; Square; Afterpay; Sezzle; Humm; Splitit; Openpay; Laybuy; *Humm; CLARE CAPITAL TECH INSIGHTS

#214

Overview Clare Capital Tech Insights 213 - Robinhood IPO - 20210723; Expenses by quarter US$ million Revenue by quarter US$ million; In September 2020 Clare Capital produced a Tech Insights report on the trading platform Robinhood where we examined the 10 companies with the largest positions held by Robinhood; users. Robinhood is expected to IPO in the coming week and we are therefore able to provide a financial snapshot of Robinhood and see how it relates to the previous Tech Insight. It is; interesting to note the level of growth in customers and the increase in revenue from cryptocurrencies.; -; 100; 200; 300; 400; 500; Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21; 50; 150; 250; 350; 450; Mar-20 Mar-21; Cryptocurrencies; Equities; Options; Transaction-based revenues; Quarterly; -; 100; 200; 300; 400; 500; Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21; US$ millions; General and administrative; Marketing; Operations; Technology and development; Brokerage and transactions; Transactions-based revenues Net interest revenue Other revenues; CLARE CAPITAL TECH INSIGHTS; Monthly active users (millions) Cumulative net deposits by annual cohort US$b; Comparators US$ millions; Growth; FY20 FY21F FY21F FY20 FY21F FY20 FY21F; Intercontinental Exchange 67 936 84 408 6 036 6 896 14% 3 704 4 466 14x 12x; MarketAxess 20 326 19 931 689 783 14% 407 4 52 29x 25x; Cboe Global 11 218 12 229 1 205 1 341 11% 866 8 46 10x 9x; Coinbase 68 126 68 006 1 275 4 854 281% 576 2 528 53x 14x; Median 44 131 43 968 1 240 3 097 14% 721 1 687 21x 13x; Robinhood 35 000 959 2 236 133% 14 36x 16x; Anticipated valuation; 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.; EBITDA; 0.61; 0.59; 0.72; 0.45; 0.6; 0.01; Name Market Cap EV; Revenue EBITDA Margin - FY20 EV/Rev; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 2017 2018 2019 2020; The customers who; joined in 2020 deposited; US$18b in 2020; Cohort; 2020; 2019; 2018; 2017; CLARE CAPITAL TECH INSIGHTS

#213

Overview Clare Capital Tech Insights 213 - EROAD and Coretex - 20210716; Cap table EROAD payment to Coretex; NZX listed fleet management company EROAD has announced its intention to acquire New Zealand telematics company Coretex. There is a plethora of financial information on the deal; specifics as EROAD is a publicly listed company and will require shareholder support to complete the transaction. The Coretex shareholders will receive a mixture of cash and shares with; both an upfront component and a contingent component based on financial and customer targets.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Total payment Payment at completion Customer retention New connections; NZ$m; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; Shareholding; Cofounders; CEO; Milford; Movac; ESOP; Other; Shares Shares; Shares; Shares; Cash; Cash; Cash; Cash; Institutional; capital raise; Share Purchase Plan; Cash on Balance Sheet; Shares held in escrow; 6 months: 40%; 12 months: 20%; 18 months: 40%; Must retain 60%; of North; American and; Australian; customers over; 12 months; 5 000 more units; used by customers; over 12 months.; They currently; have 64 000 units; Earnout; $14.2m; $16.4m; $157.7m; $188.3m; Total payment as a portion of EROAD's preannouncement; Enterprise Value: 38%; Movac and; Milford; invested; $14.1m at a; 2.3x revenue; multiple in; 2019. Coretex; was sold at a; 4.6x revenue; multiple.; Milford also; previously; invested in; 2015; CLARE CAPITAL TECH INSIGHTS; Selection of largest M&A transactions by NZX listed companies of NZ companies / assets; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; NGC; MFL Mutual; Fund (17; properties) Urbus; Wrightson; NZ Dairy Foods; Kapiti Fine Foods; & United Milk; Hanover Finance; Meridian Energy Tekapo A and B; Power Stations; LynnMall; Shopping; Centre; Antipodean Supermarket (19; stores); The Base; National Petroleum; & other entities; Nova Retail LPG Business; Bethlehem &; other entities; Pacific Radiology; Retail Business of TrustPower; Coretex; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; Contact ; 2002; Argosy ; 2003; Argosy ; 2005; PGG ; 2005; Fonterra ; 2005; Fonterra ; 2005; Allied; Farmers ; 2009; Genesis ; 2010; Kiwi; Property ; 2010; Investore ; 2015; Kiwi; Property ; 2016; Genesis ; 2016; Genesis ; 2017; Arvida ; 2019; Infratil ; 2021; Mercury ; 2021; EROAD ; 2021; Transaction value NZ$m; Acquirer year of deal; Company /; assets acquired; Some deals such as Infratil’s acquisition of Vodafone are excluded as 50% of the; company was acquired by Canada's Brookfield and the seller was from overseas.; CLARE CAPITAL TECH INSIGHTS

#212

Overview Clare Capital Tech Insights 212 - My Food Bag - 20210709; Share price and volume traded since IPO; FY21 financial metrics (March year end) Meals delivered p/a (millions); IPO date 5 March 2021 Total revenue (NZD m) 191; Revenue growth 24%; Offer price $1.85; Share price now $1.33 Pro forma EBITDA (m) 29; Contribution margin % 25.6%; Market capitalisation (NZD millions) 322.4; Active customers 66 492; Customer growth 6.0%; The New Zealand company My Food Bag began trading in 2013 and in March this year listed on the New Zealand stock exchange. This Tech Insights report looks at its performance; since the IPO as well as some comparable listed companies.; -; 1; 2; 3; 4; 5; 6; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; 44625; 44630; 44635; 44638; 44643; 44646; 44651; 44656; 44659; 44664; 44667; 44672; 44677; 44680; 44685; 44688; 44693; 44698; 44701; 44706; 44709; 44714; 44719; 44722; 44727; 44730; 44735; 44740; 44743; 44748; 44751; 44756; Volume traded (mllions); Share price; Volume traded (millions); Share price (NZD); -; 5; 10; 15; 20; 25; 2013 2014 2015 2016 2017 2018 2019 2020 2021; Meals delivered (millions); CLARE CAPITAL TECH INSIGHTS; Enterprise value (NZD m) - comparable companies Active customers - comparable companies EV per active customer (NZD); EV / EBITDA - comparable companies; 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.; -60; -50; -40; -30; -20; -10; -; 10; 20; 30; 40; 50; 60; 2019 2020 2021 2022 2023 2024; HelloFresh; Marley Spoon; Goodfood Market; My Food Bag; Blue Apron; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; Forward looking multiples; -; 200; 400; 600; 800; 1000; 23 100 7 280 000; -; 1000; 2000; 3000; 4000; 5000; 6000; CLARE CAPITAL TECH INSIGHTS

#211

Overview Clare Capital Tech Insights 211 - Suez Canal Obstruction - 20210702; How many "things" do we need to move the Evergreen? Dragging the Evergreen; Lifting the Evergreen; On 23 March the one year anniversary of the S&P500 hitting its Covid-19 low the container ship ‘Evergreen’ became trapped in the Suez Canal. While several factors played a part ; travelling 25kph almost double the canal’s speed limit of 14kph seemed to a critical element. The Suez Canal is one of the world's most important trade routes with an estimated; US$400m of trade passing through it each hour. After six days of effort a combination of diggers tugboats and dredgers helped free the ship. This Tech Insights report looks at some; hypothetical back of the envelope calculations on alternative ways that could have been used to free the ship.; - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000; Hot air balloons; Hellicopters; SpaceX Falcon 9; Ford F150; Airbus A380; SpaceX Falcon 9; Commercial Hot Air Balloon; Maximum weight hot air balloon can lift: 500 kg; Number of hot air balloons required: 400 000; Number of standard helium balloons required: 14.3 billion; Helicopter (M-26); Maximum weight helicopters can lift: 19 950 kg; Number of helicopters required: 10 020; Ford F150; Maximum towing capacity: 5 900kg; Co-efficient of friction between tyres and surface: 0.7; Maximum force generated: 40.5kN; Number of Ford F150s required: 12 450; Airbus A380; Maximum thrust per engine: 348kN; Thrust required for cruising at constant speed: 650kN; Number of A380s required: 680; SpaceX Falcon Heavy rocket; Maximum thrust per merlin engine: 7 610kN; Number of Falcon 9 rockets required: 66; SpaceX Falcon Heavy rocket; Maximum weight that could be lifted (est): 600 000kg; Number of Falcon 9 rockets required: 335; Force required to drag the Evergreen; Weight: 1 962 000 000 Newtons (N) | Acceleration: 0.01 m/s2; Co-efficient of friction on sand/water: 0.4/0.24 (10%/90%); Force required: 504 000 kilonewtons (kN); Mass: 200 000 tonnes; Length: 400m; Number of containers: 20 000; Days ship was stuck: 6; Sky tower: 328m; 400000; 66; 680; LIFT DRAG; CLARE CAPITAL TECH INSIGHTS; Biggest trade routes and bottlenecks in the world; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and the Internet. 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.; Suez Canal; $400m of trade per hour; 12% of global trade passes through the canal; Panama Canal; 5% of global trade passes through the canal; Strait of Hormuz; 2-4% of global trade passes through the strait; 25%+ of global oil trade; Malacca Strait; 40% of global trade passes through the strait; CLARE CAPITAL TECH INSIGHTS

#210

Overview Clare Capital Tech Insights 210 - Softbank - 20210625; This Tech Insights report looks at listed companies with ownership stakes in other listed companies. In particular we take a look at the Softbank Group with its CEO Masayoshi Sun ; having taken huge bets on technology companies over the last two decades including the US$100bn+ Vision Funds (SVFI and SVFII). His most successful bet however has been his; US$20m investment in Alibaba in 1999 which is now worth over US$140bn+ (7 250x return). The second page looks at several notable companies with ownership stakes in listed; companies including Dell Naspers and Spotify. It is important to note that we are comparing the market cap of companies.; -; 5; 10; 15; 20; 25; 30; Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21; Market Cap (JPY billions); Public holdings + Vision Fund I and II net asset value; Softbank Group market cap; Last six month average; trading discount: -40%; COVID-19; Incomplete data - includes estimates; 0; 0.2; 0.4; 0.6; 0.8; 1; Alibaba SVF I + SVF II Others; Targeting; US$67bn+ IPO; Softbank Group NAV breakdown; 0.32; 0.25; 0.43; Alibaba market value; CLARE CAPITAL TECH INSIGHTS; Listed companies with large ownership stakes in other listed companies; Disclaimer; The information provided in this report has been 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.; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; Portfolio company market cap / investor company market cap; *Non-listed companies illustrative only.; 2.54; The value of Naspers' and Softbank Group's; holdings of Tencent and Alibaba exceed their; entire market caps.; Illustrative - based; on bid from Ares; Capital for AMP's; Capital Private; Markets business.; Tilt Renewables is currently; under offer from a; consortium including AGL; Energy and Mercury.; Illustrative only - Fairfax was; sold to Nine Entertainment for; NZ$2.3bn in 2018. Trademe; was sold to Apax Partners for; NZ$2.6bn in 2019.; Dell has annonced a; planned VMware spin-off.; CLARE CAPITAL TECH INSIGHTS

#209

Overview Clare Capital Tech Insights 209 - Illustrative Vocus LBO - 20210618; LBO example: Vocus; AU$ millions Historical June year end; Assumptions/inputs Year FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Exit analysis; Purchase date Jun-21 Revenue 1 778 1 790 1 831 1 885 2 025 2 091 2 353 Financial investment $2 626m; Sell date Jun-26 Revenue Growth Rate (%) (6%) 1% 2% 3% 7% 3% 13% EBITDA at exit $515m; Current EV $4 484m EBITDA 317 390 408 433 457 472 515 EBITDA multiple 11.5x; EV / 2021 EBITDA 11.5x EBITDA Margin (%) 18% 22% 22% 23% 23% 23% 22% Exit $5 922m; Transaction costs 2.0% Interest expense (60) (60) (47) (43) (39) (35) (30) Debt repayment $965m; Debt / 2021 EBITDA 4.8x Capex ( 138) ( 163) ( 163) ( 163) ( 163) ( 163) ( 163) Exit $4 956m; Debt borrowed for LBO $1 860m Tax (13) (50) (60) (68) (77) (82) (97) IRR 12.8%; Interest rate p.a. 2.5% Cashflow 136 117 139 159 179 192 226; FCF Margin (%) 8% 7% 8% 8% 9% 9% 10%; Net debt 1 088 1 015 1 721 1 562 1 383 1 191 965; Vocus value flows (AU$); A leveraged buyout (LBO) is an acquisition of a company using a significant amount of borrowed capital. In February it was announced that Macquarie and an Australian superannuation; fund were looking to acquire Vocus for AU$5.50 per share using AU$1.86 billion in debt. In this Tech Insights report we analysis the deal assuming that it is an LBO and completed at; the end of this financial year (June 2021). The key considerations for an LBO are the terms of the loan (interest rate and size) and the required return (IRR) for the financial investor. This; analysis is illustrative only. Forecast numbers come from Capital IQ.; Forecast; -; 1000; 2000; 3000; 4000; 5000; 6000; Pre Deal EV Post Deal EV Change from; 2021 to 2026; EV at exit in 2026 Cashflows over; period; Interest CAPEX Tax Debt pay down Investor return; Debt Debt; Equity Equity; Debt; Equity; 2626; 1860; With an exit EV of AU$5 922m and a debt repayment of AU$965; there will be a flow to the investors of $4 956 in 2026; CLARE CAPITAL TECH INSIGHTS; Premium to share price based on varying debt and interest levels Premium to share price based on varying debt and exit multiples; Interest rate 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x Exit multiple 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x; 1.0% (4.9%) (2.4%) 0.1% 2.5% 5.0% 7.5% 10.0% 12.5% 9.0x (26.6%) (24.2%) (21.9%) (19.6%) (17.3%) (15.0%) (12.7%) (10.4%); 1.5% (5.2%) (2.8%) (0.3%) 2.1% 4.5% 6.9% 9.4% 11.8% 9.5x (22.4%) (20.1%) (17.8%) (15.5%) (13.2%) (10.8%) (8.5%) (6.2%); 2.0% (5.5%) (3.1%) (0.8%) 1.6% 4.0% 6.4% 8.7% 11.1% 10.0x (18.2%) (15.9%) (13.6%) (11.3%) (9.0%) (6.7%) (4.4%) (2.1%); 2.5% (5.8%) (3.5%) (1.2%) 1.1% 3.4% 5.8% 8.1% 10.4% 10.5x (14.1%) (11.8%) (9.5%) (7.2%) (4.9%) (2.5%) (0.2%) 2.1%; 3.0% (6.1%) (3.8%) (1.6%) 0.7% 2.9% 5.2% 7.4% 9.7% 11.0x (9.9%) (7.6%) (5.3%) (3.0%) (0.7%) 1.6% 3.9% 6.2%; 3.5% (6.4%) (4.2%) (2.0%) 0.2% 2.4% 4.5% 6.7% 8.9% 11.5x (5.8%) (3.5%) (1.2%) 1.1% 3.5% 5.8% 8.1% 10.4%; 4.0% (6.7%) (4.6%) (2.5%) (0.3%) 1.8% 3.9% 6.1% 8.2% 12.0x (1.6%) 0.7% 3.0% 5.3% 7.6% 9.9% 12.2% 14.5%; 4.5% (7.0%) (5.0%) (2.9%) (0.8%) 1.2% 3.3% 5.4% 7.4% 12.5x 2.5% 4.8% 7.1% 9.5% 11.8% 14.1% 16.4% 18.7%; 5.0% (7.4%) (5.4%) (3.4%) (1.4%) 0.6% 2.7% 4.7% 6.7% 13.0x 6.7% 9.0% 11.3% 13.6% 15.9% 18.2% 20.5% 22.9%; 5.5% (7.7%) (5.8%) (3.8%) (1.9%) 0.1% 2.0% 3.9% 5.9% 13.5x 10.8% 13.1% 15.5% 17.8% 20.1% 22.4% 24.7% 27.0%; 6.0% (8.0%) (6.2%) (4.3%) (2.4%) (0.5%) 1.3% 3.2% 5.1% 14.0x 15.0% 17.3% 19.6% 21.9% 24.2% 26.5% 28.9% 31.2%; Note: the above two table assumes the criteria on page one including an IRR of 12.8%; IRR for varying debt and interest levels; Interest rate 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x; 1.0% 11.6% 12.2% 12.8% 13.5% 14.3% 15.2% 16.3% 17.5% 19.0% 20.8%; 1.5% 11.5% 12.1% 12.7% 13.4% 14.2% 15.0% 16.1% 17.3% 18.7% 20.4%; 2.0% 11.4% 12.0% 12.6% 13.2% 14.0% 14.9% 15.9% 17.0% 18.4% 20.1%; 2.5% 11.4% 11.9% 12.5% 13.1% 13.8% 14.7% 15.6% 16.8% 18.1% 19.8%; 3.0% 11.3% 11.8% 12.3% 13.0% 13.7% 14.5% 15.4% 16.5% 17.8% 19.4%; 3.5% 11.2% 11.7% 12.2% 12.8% 13.5% 14.3% 15.2% 16.2% 17.5% 19.0%; 4.0% 11.1% 11.6% 12.1% 12.7% 13.3% 14.1% 15.0% 16.0% 17.2% 18.6%; 4.5% 11.1% 11.5% 12.0% 12.5% 13.2% 13.9% 14.7% 15.7% 16.9% 18.3%; 5.0% 11.0% 11.4% 11.8% 12.4% 13.0% 13.7% 14.5% 15.4% 16.5% 17.9%; 5.5% 10.9% 11.3% 11.7% 12.2% 12.8% 13.5% 14.2% 15.1% 16.2% 17.5%; 6.0% 10.8% 11.2% 11.6% 12.1% 12.6% 13.2% 14.0% 14.8% 15.8% 17.1%; 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.; Debt to EBITDA at time of acquisition Debt to EBITDA at time of acquisition; Debt to EBITDA at time of acquisition; The investor would be willing to; pay an 19.6% premium to the; current share price or an extra; AU$1.08 above the AU$5.50 offer.; CLARE CAPITAL TECH INSIGHTS