#203

Overview Clare Capital Tech Insights 203 - SaaS company multiples - 20210430; SaaS revenue multiples since 2019 (EV / LTM revenue); Example constituents; This report looks at revenue multiples (Enterprise Value / Last Twelve Months revenue) for a data set of SaaS companies. The companies are split into 10 cohorts by EV at the start of each; graphed period. The primary graph then charts the median EV / LTM revenue multiple for each cohort whilst the smaller graph shows the relationship between each company’s starting; rank in terms of enterprise value and their ending rank.; EV ranking by size - as at; 2019; 309 SaaS companies in; data set; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jan-19 Jul-19 Jan-20 Jul-20 Jan-21; Median EV / LTM revenue; Largest 10%; 80% - 90%; 70% - 80%; 60% - 70%; 50% - 60%; 40% - 50%; 30% - 40%; 20% - 30%; 10% - 20%; Smallest 10%; R² = 0.8924; 123431623478902244668%%%- 1 05678969523045689400224688%%%%%% 111 134562011256784022466880%%% 12 016789023467789002446688% 2 234567012345689022446688% 23 012789012356789002244668% 3 345678123445789002244688% 34 012349001345679002246688% 444 4567897123566897002466884%%% 55555 01234503012345789022668844%%%%% 55656 05678907245678901002266844%%%%% 6 123456012334678002244688% 67 016789023456899002246688% 7 234567012455678002446688% 78 012389012346789022446688% 8 345678013456789002244668% 89 012349012235679002244688% 999 456798123478895002246688%%% 1111100000 01234514013445967002446688%%%%% 111100101 0678907012356789022446688%%%% 11 123456023456789002244668% 112 012789011245689002244688% 12 234567012346778002246688% 123 012389023345689002446688% 13 345678012456789022446688% 134 012349123456789002244668% 1111144544 0567869001578934004468822%%%%% 11115555 0134525012367956004668822%%%% 1115565 0167898122345897004466882%%% 16 123456013456789022446688% 167 012789012345678002244668% 17 234567023467899002244688% 178 012389012455689002246688% 18 456789011234678002446688% 189 012349023456789022446688% 11129909 5678907034567912002244866%%%% 222000 0123453125678893002244886%%% 22220100 017869013478945002248866%%%% 21 234567001235679002446688% 212 012789123456789022446688% 22 345678012345689002244668% 223 012389012456778002244688% 23 456789023346789002246688% 22344 0123494012456899024466880%% 2224454 0567898123456780224466880%%% 22225555 12345614034578912224466800%%%% 2225565 0167897014566793022446880%%% 26 234567122356789002246688% 267 012789013457889002446688% 27 345678012345679022446688% 278 01239012346789002244668% 28 456789023455689002244688% 29 012345011245678002246688% 2232209999 0678958023467978002668844%%%% 3333300000 12345615123456809022668844%%%%% 3330010 067898035791002684%%%; - - - - - - -; EV ranking 2019; Current EV ranking; Smallest; Smallest; Largest; Largest; Appian; Nutanix; Pointerra: 57th largest in 2019; 163rd largest currently; CLARE CAPITAL TECH INSIGHTS; SaaS revenue multiples since 2017 (EV / LTM revenue); Change in EV ranking; 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.; EV ranking by size - as at; 2017; 245 SaaS companies in; data set - all of which are; included in page one; -; 2x; 4x; 6x; 8x; 10x; 12x; Jan-17 Jul-17 Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21; Median EV / LTM revenue; Largest 10%; 80% - 90%; 70% - 80%; 60% - 70%; 50% - 60%; 40% - 50%; 30% - 40%; 20% - 30%; 10% - 20%; Smallest 10%; R² = 0.8049; -; 50; 100; 150; 200; 250; - 50 100 150 200 250; EV ranking 2017; Current EV ranking; Smallest Largest; Serko; Pushpay; Xero; Change in EV ranking; Smallest Largest; Smallest 10%: median EV of $4m; in 2017 - $22m currently; 20%-30%: median EV of $23m; in 2017 - $84m currently; 80%-90%: median EV of $1 241m; in 2017 - $3 881m currently; CLARE CAPITAL TECH INSIGHTS

#202

Overview Clare Capital Tech Insights 202 - Coinbase - 20210416; Coinbase - as at 31 December 2019 2020 Change; Verified users 3 2 43 34%; Monthly transacting users 1.0 2.8 180%; Assets on platform 1 7 90 432%; Trading volume 8 0 193 142%; Total annual revenue 534 1 277 139%; Revenue / trading volume 0.67% 0.66%; Bitcoin 70% 70%; Ethereum 9% 13%; *Other cryptos 15% 13%; *remaining share consists of currencies held by customers; Financial service companies - year founded and market cap US$ billions; 1 Visa 1958 484 16 Goldman Sachs 1869 122; 2 JPMorgan Chase 1799 465 17 Commonwealth Bank 1911 121; 3 Mastercard 1966 384 18 American Express 1850 121; 4 Bank of America 1956 336 19 Toronto-Dominion Bank 1855 120; 5 PayPal 1998 317 20 HSBC 1865 120; 6 China Construct. Bank 1954 213 21 HDFC Bank 1994 106; 7 China Merchants Bank 1987 192 22 U.S. Bancorp 1863 87; 8 Wells Fargo 1852 182 23 Fiserv 1984 86; 9 Agri. Bank of China 1951 176 24 Sberbank of Russia 1841 86; 10 Citigroup 1812 151 25 Truist 1872 78; 11 Morgan Stanley 1924 147 26 Hong Kong Exchange 1891 76; 12 Bank of China 1912 140 27 PNC 1852 76; 13 Royal Bank of Canada 1864 135 28 Bank of Nova Scotia 1832 75; 14 BlackRock 1988 124 29 Westpac 1817 72; 15 Charles Schwab 1971 122 31 Coinbase 2012 68; % of assets; % of assets; % of assets; millions; US$ billions; US$ billions; US$ billions; %; Coinbase is an online platform for buying and selling cryptocurrencies which has gone public via a direct listing. Coinbase’s revenue is predominantly generated from taking a transaction; fee for crypto trades across the platform and is therefore directly related to the value of the assets traded predominantly Bitcoin. It is interesting to note that Coinbase was founded in; 2012 and is now one of the 40 largest financial service companies in the world.; Coinbase quarterly revenue and net income; Bitcoin price; Unit; millions; -50; 250; 550; 850; 1150; 1450; 1750; US$ millions; Revenue Net income; -; 10; 20; 30; 40; 50; 60; 70; US$ 000s; Forecast; -; CLARE CAPITAL TECH INSIGHTS; Coinbase comparators - US$ millions; Growth; FY20 FY21F FY21F FY20 FY21F EBITDA Gross profit FY20 FY21F; Coinbase 68 126 68 006 1 275 4 854 281% 576 2 528 52% 100% 53x 14x; Intercontinental Exchange 67 936 84 408 6 036 6 896 14% 3 704 4 466 61% 100% 14x 12x; MarketAxess 20 326 19 931 689 783 14% 407 452 59% 72% 29x 25x; Cboe Global 11 218 12 229 1 254 1 341 7% 866 846 69% 37% 10x 9x; Median 20 326 19 931 1 254 1 341 14% 866 846 61% 72% 14x 12x; Hong Kong Exchange 76 082 72 376 2 457 3 078 25% 1 794 2 479 73% 96% 29x 24x; LSE* 59 098 60 185 3 337 9 826 194% 1 573 4 560 47% 91% 18x 6x; Deutsche Börse 32 448 37 168 4 547 4 198 (8%) 2 277 2 411 50% 85% 8x 9x; Nasdaq 26 274 29 488 2 903 3 214 11% 1 547 1 731 53% 52% 10x 9x; Brasil Bolsa Balcão 20 093 18 728 1 614 1 643 2% 1 062 1 348 66% 98% 12x 11x; Japan Exchange Group 13 730 12 453 1 149 1 205 5% 767 848 67% 100% 11x 10x; ASX 10 793 9 956 756 729 (4%) 564 537 75% 97% 13x 14x; Singapore Exchange 8 300 7 954 755 807 7% 425 486 56% 88% 11x 10x; Euronext 7 440 8 179 1 082 1 083 0% 593 618 55% 100% 8x 8x; NZX 415 425 56 56 (1%) 20 25 36% 45% 8x 8x; Median 16 912 15 590 1 382 1 424 3% 915 1 098 56% 94% 11x 10x; BlackRock 123 860 125 793 16 205 18 711 15% 6 088 8 236 38% 51% 8x 7x; T. Rowe Price 40 446 40 010 6 207 7 476 20% 2 935 3 705 47% 58% 6x 5x; The Carlyle Group 14 077 21 177 2 935 2 662 (9%) 874 1 828 30% 41% 7x 8x; Median 40 446 40 010 6 207 7 476 15% 2 935 3 705 38% 51% 7x 7x; All comparators median 20 209 20 554 2 036 2 152 7% 968 1 540 56% 87% 10x 9x; *revenue growth due to purchase of Refinitiv; 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.; Market Cap EV; Margin - FY20; Name; Revenue EBITDA EV/Rev; Funds Exchange Platform; CLARE CAPITAL TECH INSIGHTS

#201

Overview Clare Capital Tech Insights 201 - IPO Transaction Costs - 20210409; *new capital + shares sold down; Transaction fees for New Zealand IPOs; This Tech Insights report looks at the associated transaction fees for companies listing via an Initial Public Offering (IPO). Typical expenses include underwriting accounting legal and; registration. The report compares recent listings of New Zealand companies on the NZX with some of these companies dual listing on the ASX at the same time. The second page; shows the size of transaction fees for major international technology IPOs and how the fees are distributed between the different advisors.; My Food Bag; Napier Port; Oceania; Investore; Evolve; Gentrack; Vista; Arvida; King; Salmon; Rural Land Co.; EROAD; AFT; ikeGPS; Rua Serko; Cannasouth; -; 0.02; 0.04; 0.06; 0.08; 0.1; - 1% 2% 3% 4% 5% 6% 7%; Transaction fees as a % of gross proceeds*; Transaction fees as a % of enterprise value; Legend:; Enterprise value at time; of IPO - NZ$ million; 50; 250; 500; CLARE CAPITAL TECH INSIGHTS; Disclaimer *new capital + shares sold down; 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.; IPO transaction fees for selected tech companies; Uber; AirBnB; Snowflake; Facebook; DoorDash; Lyft; Zoom; Crowdstrike; Datadog; Dropbox; Rackspace; Docusign; Atlassian; Square; Medallia; Anaplan; Bill.com; Okta; salesforce.com; Cloudera; Shopify; MongoDB; Hubspot; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; - 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6%; Transaction fees as a % of gross proceeds*; Transaction fees as a % of enterprise value; Total Underwriting Accounting Legal Registration Printing Other; < 8 000 27.4 20.2 2.8 2.8 0.0 0.5 1.1; 8 000 - 85 000 63.9 55.4 2.6 3.3 0.2 0.8 1.7; > 85 000 170.0 153.8 5.8 4.9 1.2 1.4 3.0; Enterprise value; (NZ$ million); Average transaction fees (NZ$ millions); CLARE CAPITAL TECH INSIGHTS

#200

Overview Clare Capital Tech Insights 200 - 200x - 20210326; When should you have invested to get a 200x return today?; This is the 200th edition of our weekly Tech Insights report. The first report was produced in July 2016 initially going out to 20 individuals. This number has grown to over 1 300; subscribers at an average monthly CAGR of 8%. For this report we look at when you needed to invest to achieve a 200 times (200x) return today. The list is not exhaustive but includes; many notable names particularly from the technology sector. Tesla Xero and a2 Milk narrowly miss out due to their recent share price falls. The second page includes a 20 x 20 grid of all; 200 Tech Insights reports to date.; 16% 17%; Returns are adjusted for cash dividends (not reinvested) and based on achieving a 200x return today. This list is illustrative only and not exhaustive. The information provided in; this report has been sourced and calculated from S&P Global Market Intelligence and Crunchbase. Clare Capital holds no responsibility over the actual numbers.; 1978; 1979; 1980; 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 2016; 2017; 2018; 2019; 2020; 2021; Approx. IRR; 0; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; Tech Insights #1; Seed funding round; A Kazakhstan; based; financial; services firm; with a 200x; return; 0.21; 0.25; 0.41; 0.59; 0.34; CLARE CAPITAL TECH INSIGHTS; The last 200 Tech Insights reports in a 20 x 20 grid; 1978; 1979; 1980; 1981; 1982; 1983; 1984; 1985; 1986; 1987; 1988; 1989; 1990; 1991; 1992; 1993; 1994; 1995; 1996; 1997; 1998; 1999; 2000; 2001; 2002; 2003; 2004; 2005; 2006; 2007; 2008; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 2016; CLARE CAPITAL TECH INSIGHTS

#199

Overview Clare Capital Tech Insights 199 - Vend and Seequent - 20210319; Vend capital raising pre-money valuations and exit revenue (NZ$ m); effect on market cap*; recent transactions (2019 - 2021); Acquired Deal value Rev multiple 1 day share price ▲; Vend US$350 m 10.3x +11.8%; Upserve US$430 m 10.8x +10.4%; Shopkeep US$606 m 12.1x +16.3%; GASTROFIX US$120 m 9.0x +8.6%; Kounta US$43 m 6.8x -5.8%; Chronogolf US$10 m - +12.5%; iKentoo US$31 m - +0.8%; Shappz US$0.2 m - Not listed; This Tech Insights report looks at two recent transactions in the New Zealand technology space. Vend has been sold to Lightspeed in a NZ$484 million deal and Seequent to Bentley; Systems in a NZ$1.46 billion deal. We look at each company's valuation over time based on publicly available information and Clare Capital estimates alongside some comparable; transactions. Both transactions involve several local investors including Movac Pencarrow Milford Punakaiki and several well known High Net Worth (HNW) individuals in the New; Zealand investor ecosystem.; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; Seed '11 Series A '12 Series B '13 Series B '14 Series C '15 Series D '16 Transaction; Valuation (NZ$ m); Transaction; VCs; Funds; Other; HNW; Vend sold to Lightspeed Founder; Deal value: NZ$484m; Cash: NZ$266m; Equity: NZ$218m; -; 50; 100; 150; 200; 250; 300; 350; 400; 2017 2018 2019 2020 2021 2021+Vend; Trading at 44x; revenue multiple; 0.16; Valuation; range; Vend is a cloud-based point of sale; and retail management software; company founded in 2010.; Lightspeed is a point-of-sale and; e-commerce software provider; based in Canada.; Lightspeed; increase in; market cap:; NZ$1.7 billion Price paid NZ$484m; Multiple uplift paying; 10.3x and rerated to 44x; *Indicative only deal has not completed and is influenced by market volatility.; Round IRR (estimated); Multiple on; cash invested; Seed '11 50% 48.6x; Series A '12 42% 21.2x; Series B '13 31% 8.5x; Series B '14 18% 3.2x; Series C '15 23% 3.2x; Series D '16 32% 3.2x; CLARE CAPITAL TECH INSIGHTS; Seequent capital raising pre-money valuation and transactions; Comparable transactions; Acquirer Target Deal value Rev multiple Cash; Trimble Viewpoint US$1 200 m 7.7x 100%; Bentley Seequent US$1 040 m ~12x 87%; AutoDesk Innovyze US$1 000 m - 100%; AutoDesk PlanGrid US$875 m - 100%; Ansys Livermore US$765 m - 60%; Ansys Analytical Gphs US$722 m - 67%; Dassault IQMS US$430 m 7.6x 100%; Dassault Centric Software US$350 m 9.1x 100%; AutoDesk Spaemaker US$240 m - 100%; Nemetschek Bluebeam US$100 m 4.5x 100%; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence press releases and media outlets. Clare Capital holds no responsibility over; the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; revenue (NZ$ m); -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; Investment '14 Transaction '18 T; Valuation (NZ$ m); PE; Other; Management; Valuation; range*; Transaction; Seequent sold to Bentley Systems; Deal value: NZ$1 445m; Cash: NZ$1 250m; Equity: NZ$145m; Valuation; range**; *Estimated based on Pencarrow investment mandate of investing between $10-30m per investment.; **Estimated based on Accel-KKR transacting at a revenue multiple of between 6 - 14x.; -; 200; 400; 600; 800; 1000; 1200; 1400; Revenue (US$ m); 2018 2019 2020 2020+Seequent; 0.1; Trading at 16x revenue multiple; 0.07; 0.09; Seequent provides data visualisation; software to the civil engineering ; environmental mineral mining and; energy sectors.; Bentley Systems is a; listed infrastructure; engineering software; company.; Pencarrow originally; invested through Fund IV ; maintaining a 10% stake; through Fund V in the; Accel-KKR transaction.; CLARE CAPITAL TECH INSIGHTS

#198

Overview Clare Capital Tech Insights 198 - Analyst Coverage - 20210312; Total coverage; 16; 12; 12; 11; 11; 10; 9; 9; 8; 8; 8; 7; 7; 7; 7; 7; 7; 6; 6; 6; 6; 6; 6; 6; 6; 6; 5; 5; 5; 5; 5; 5; 4; 4; 4; 4; 4; 4; 4; 60; Forsyth Barr Group 63 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 27 24 12; Macquarie Research 46 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # - # # # # # # 12 22 12; UBS Investment Bank 36 # # # # # # # # # # # # # # # # # - # # # # # - # # # # # # # # # # - - # # # # 6 18 12; Jarden NZ 30 - # - # # # # # - # - - # # # # # # # # # - # # - # - - - - - # # # # - - # # # 11 12 7; Marktfeld S.A. 29 # # # # # # # # # # # # - - # # # # # # # - # - # # # - - - - # - - # - - - - # 6 10 13; Goldman Sachs 22 # # - # # # - # # # # - # - - - # - - - - # # - # - # # # # # - - - - # - - - # 3 11 8; Morningstar 18 # # # # # - # # # # - - # # # # # - # - # - - - # # - - - - - - - - - - - - - - 1 7 10; Deutsche Bank 14 - - - - - - - # - - - # - - # - - # - # - # - - - - - # # # # - - - - # # - - # 2 10 2; S&P Global Ratings 7 - - - # # - - # - - - # # # - - - - - - - - - - - - - - - - - - - - - - - - - # - 4 3; Citigroup 6 # # # - - - # - # - - - - - - - - # - - - - - - - - - - - - - - - - - - - - - - - 2 4; Morgan Stanley 6 # - # - # - - - # - - - - - - # - - - - - - - # - - - - - - - - - - - - - - - - 2 - 4; CLSA 5 # - # # - # - - - - - - - - - - - - - - - - - # - - - - - - - - - - - - - - - - 2 1 2; Barclay Pearce Capital 4 # # # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # - - - - - - - 1 3; BofA Global Research 4 # # # - # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 4; Bell Potter 4 # - - - - # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3 - 1; J.P. Morgan 4 # # # # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 3; CGS-CIMB / CIMB Research 3 # - - - - # # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1; Canaccord Genuity 3 - - - - - - - - - - - - - - - - - - - - - - - # - - - - - - - - - - - - - - - # 3 - -; Edison Investment Research 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3 - -; Ord Minnett 3 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3 - -; Moody’s 3 - - - - - - - - - # - # - - - - - - - - - # - - - - - - - - - - - - - - - - - - - 3 -; Morgans Financial 3 # - - - - # # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1 1; New Street Research 2 - - - - # - - - - - - - - # - - - - - - - - - - - - - - - - - - - - - - - - - - - 1 1; Wilsons Advisory 2 # # - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2; Other 8 - - # # - - - - - - # - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 3 4 1; This Tech Insights report looks at companies with primary listings on the NZX and ASX that get the most analyst coverage (those that have the most analysts observing their stocks).; A green box indicates that there is an analyst associated with the research firm who covers the company. This data is solely sourced through S&P Global Market Intelligence.; Total covered; Other; Market Cap; (NZ$B); Vector; Genesis Energy; Chorus; Trustpower; SKY Network; a2 Milk; Fisher & Paykel; Fletcher Building; SkyCity; Spark; Synlait Milk; EBOS Group; Contact Energy; Auckland Airport; Air New Zealand; Pushpay; 0-1; 44682; 43952; Oceania; Vista Group; Summerset Group; Tilt Renewables; Restaurant Brands; Property For Industry; Heartland Group; Precinct Properties; Kiwi Property Group; Argosy Property; Stride Stapled Group; Fonterra; Freightways; Kathmandu; Meridian Energy; Z Energy; Mainfreight; The Warehouse; Ryman Healthcare; Infratil; Port of Tauranga; Goodman Property; Mercury NZ; -; 5; 10; 15; 20; - 10 20; Market Cap (NZ$B); # of analysts; CLARE CAPITAL TECH INSIGHTS; ASX; Total coverage; 28; 23; 21; 22; 20; 19; 19; 19; 19; 20; 18; 20; 19; 19; 18; 18; 17; 18; 17; 17; 15; 17; 16; 15; 17; 17; 17; 15; 17; 18; 19; 17; 16; 16; 16; 16; 16; 16; 15; 2334; Macquarie Research 207 # # # # # # # # # # # # # # # # # # # # # # # # # - # # # # # # # # # # # # # # 74 98 35; Morgans Financial 202 # # # # # # # # # # # # # # # # # # # # # # # - # # # # # # # # - # - # # # # # 1 01 68 33; CGS-CIMB / CIMB Research 183 # # # # # # # # # # # # # # # # # # # # # # # - # # # # # # # # - # - # # # # # 84 66 33; Bell Potter 149 - # # - - # - # - # - - # - - - - - - # # - - # - # - # - - # - # # - # - - - # 95 44 10; Canaccord Genuity 144 - - - - - - # - - # - - - - - - - - - - # - - # - - - # - - - - - - # - - - - # 1 08 35 1; Credit Suisse 136 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 26 77 33; UBS Investment Bank 136 # # # # # # # # # # # # # # # # # # # # - # # # # # # # # # # # # # # # # # # # 30 70 36; Morgan Stanley 133 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # 36 62 35; Goldman Sachs 127 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # - # 22 69 36; J.P. Morgan 127 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # - # # # # # # # # # 18 74 35; Citigroup 126 # # # # # # # # # # # - # # # # # # # # # # # # # # # # # # # # # # # # # # # # 24 67 35; Morningstar 119 # # # # # # - # # # # # # # # # # # # # # # # - # # # - # # # # # # - # # # # # 16 68 35; Marktfeld S.A. 116 # # - # # - # - # # # # - # # # # # # - # # - # # - # # # # # # - # # # # # # # 28 64 24; CLSA 103 - - # # # # # # # # # # # - # # # # # # # # # - # # # - # # # # # # # - # # # # 21 53 29; BofA Global Research 87 # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # # - # # # # 5 47 35; Ord Minnett 85 - - - - - - - - - # - - - - - - - - - - - - - # - - - - - - # - - - - - - - - # 53 30 2; Jefferies 76 # # # - - # # # - # - # # # # # # # - # - # # - # # - - # # # - # # # # # # # # 13 37 26; Barclay Pearce Capital 72 # # # # # # # # # # # # # - # # - # # - - # # # - # # - # # - # # # - - - # - # 15 30 27; Shaw and Partners 69 # # # # - - # - - # - - - - - - - - - - - - - # - - - # - - - - - - # - - - - # 47 17 5; Wilsons Advisory 67 - - - - - - - - - - - - - - # # - - - - - - - - - - - - - - # - - - - # # - - # 49 13 5; Moelis Australia Securities 63 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 46 17 -; RBC Capital Markets 63 # # - # # - # - # # # - - - - - - - # - # - - # - - # # # - # - - - # - - - - # 19 33 11; RaaS Advisory 43 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 41 2 -; PAC Partners Securities 40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - # 36 4 -; 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.; Total covered; Other; 0-1; 44835; 5-350; Market Cap; (NZ$B); JB Hi-Fi; Northern Star; Nufarm; Ramsay Health Care; Sonic Healthcare; Adbri; Afterpay; Aristocrat Leisure; Bendigo and Adelaide Bank; Macquarie Group; Oil Search; Sandfire Resources; Transurban Group; Treasury Wine Estates; Beach Energy; Coca-Cola Amatil; Coles Group; IGO; Incitec Pivot; CSL; Wesfarmers; Woolworths Group; AGL Energy; Bank of Queensland; Santos; Telstra Corporation; Westpac; Amcor; Cochlear; CommBank; Evolution Mining; NAB; Origin Energy; OZ Minerals; South32; Fortescue Metals; ANZ; Newcrest Mining; Woodside Petroleum; CLARE CAPITAL TECH INSIGHTS

#197

Overview Clare Capital Tech Insights 197 - Data Centres - 20210305; Data centres are physical facilities which house servers and other computer and telecommunications equipment. In recent years they have become independent entities in which; companies and individuals store their electronic data remotely. Some data centre companies are embedded within companies; AWS within Amazon Azure within Microsoft Ravera; within Spark. Some are independent and several are listed. All seem to have experienced an explosion of demand and value over the last few years. This includes CDC Data Centres the; company Infratil bought into in 2016 which based on Infratil’s published valuation now represents approximately 25% of Infratil’s enterprise value.; Share price index for selected data centre companies since 2019; Equinix: one of the world's largest data centre providers NextDC: one of Australia's largest data centre providers; 0.5; 1; 1.5; 2; 2.5; 3; Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21; Share price index; 3.1; 5; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; FY12 FY14 FY16 FY18 FY20 FY22; EBITDA margin; Revenue (NZ$ millions); NextDC revenue NextDC EBITDA margin; Forecast; CyrusOne; Equinix; Switch; NextDC; CoreSite Realty; QTS Realty; SUNeVision Rackspace Digital Realty; 21Vianet; GDS; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 2000; 4000; 6000; 8000; 10000; 12000; FY12 FY14 FY16 FY18 FY20 FY22; EBITDA margin; Revenue (NZ$ millions); Equinix revenue Equinix EBITDA margin; Forecast; 3; Axis break; CLARE CAPITAL TECH INSIGHTS; Selected data centre companies; FY20 FY21 F FY20 FY21 F FY19 FY20 FY21 F FY19 FY20 FY21 F FY21 F FY22 F FY20 FY21 F; Equinix United States 93 621 11x 10x 27x 21x 8 133 8 286 9 277 3 527 3 486 4 375 25% 11% 42% 47%; Digital Realty United States 75 266 14x 12x 28x 23x 4 772 5 344 6 048 2 583 2 662 3 267 23% 8% 50% 54%; GDS China 27 408 22x 16x 50x 34x 878 *1222 1 733 340 *552 805 46% 37% 45% 46%; CyrusOne United States 15 917 11x 10x 23x 20x 1 456 1 436 1 577 733 701 815 16% 11% 49% 52%; Rackspace United States 11 439 3x 3x 13x 10x 3 616 3 762 4 239 997 893 1 106 24% 8% 24% 26%; CoreSite Realty United States 9 380 11x 10x 22x 20x 850 843 907 435 429 479 12% 9% 51% 53%; QTS Realty United States 8 809 12x 10x 27x 19x 711 747 851 292 327 470 44% 13% 44% 55%; 21Vianet China 7 051 7x 5x 25x 19x 807 *1023 1 343 210 *277 375 35% 43% 27% 28%; SUNeVision Hong Kong 7 263 21x 21x 37x 29x 298 343 354 192 197 247 26% 14% 57% 70%; Switch United States 6 518 9x 8x 18x 16x 686 *715 774 300 *367 401 9% 12% 51% 52%; NEXTDC Australia 5 289 25x 20x 51x 37x 177 215 269 77 104 141 35% 24% 49% 53%; Mean * Forecast 24 360 13x 11x 29x 23x 2 035 2 176 2 488 880 909 1 135 27% 17% 44% 49%; Median 9 380 11x 10x 27x 20x 850 1 024 1 343 340 429 479 25% 12% 49% 52%; Disclaimer; Revenue (NZ$m) EBITDA growth; Name; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; CDC Data Centres - growth CDC Data Centres - valuation; Rev multiple EBITDA multiple EBITDA margin; Headquarters; Enterprise value; (NZ$m); EBITDA (NZ$m); -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; Time of; purchase; FY17 FY18 FY19 FY20 FY21 F; Enterprise value (NZ$ millions); Infratil acquired 48.2% of CDC equity; in August 2016 for NZ$411m with; NZ$43m paid two years later.; Equity; -; 20; 40; 60; 80; 100; 120; 140; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; FY17 FY18 FY19 FY20 FY21 F; Operational capacity (MW); EBITDAF (NZ$ millions); Forecast; Debt; Independent; midpoint; 40x valuation; 20x; EBITDAF; multiple; CLARE CAPITAL TECH INSIGHTS

#196

Overview Clare Capital Tech Insights 196 - Sports Valuations - 20210226; Sports - Enterprise value and revenue multiples; This Tech Insights Report looks at public company valuations and M&A prices in the sports sector. Recently there have been a number of high profile transactions including the reports; of Silver Lake Partners buying a stake in the NZ Rugby Union. Premium sporting assets are often valued by the public markets and in private M&A transactions in the billions.; x; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; -; 2000; 4000; 6000; 8000; 10000; 12000; Formula One Group; Madison Square Garden Sports; World Wrestling Entertainment; Manchester United; The Liberty Braves Group; Juventus; Borussia Dortmund; A.S. Roma; AFC Ajax; FC Porto; Sporting Lisbon; Benfica; S.S. Lazio; Celtic; Williams Grand Prix; Brisbane Broncos; Xtreme Fighting; Major League Football Inc.; Braga; Proposed IPO / Endeavour; Endeavour / UFC; Bridgepoint / MotoGP; CVC / Six Nations; Steve Cohen / NY Mets; Silverlake / NZ Rugby Union; CVC / Premier Rugby; Investors / Ironman; CVC / Pro14 Rugby; Revenue multiple; Enterprise value US$m; -; 200; 400; 600; 800; Listed Companies M&A Transactions; Minority investment and implied; total value.; Your price my terms.; Many minority investments made by; financial investors are typically not for; common equity and are often structured; to combine debt like protection and; equity upside for example preference; shares with 15% min return and; conversion rights. Frequently referred to; as "your price my terms".; Revenue multiple; Madison Square Garden (16.6x rev) and The Liberty; Braves (11.5x rev) entities contain significant real estate assets.; CLARE CAPITAL TECH INSIGHTS; Sports M&A transactions for 38 of the top 50 most valuable sports teams through time; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and Forbes. Clare Capital holds no responsibility over the actual; numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 500; 1000; 1500; 2000; 2500; 3000; 3500; 1968 1970 1973 1976 1978 1981 1984 1987 1989 1992 1995 1998 2000 2003 2006 2009 2011 2014 2017 2020; Transaction value US$m; Premium sporting assets are frequently valued at US$3b to US$5b at present. However a simple 12.5% growth rate; through time accurately fits 38 observed sale transactions over the last 45 years when compared to current Forbes; valuations (selected data points in table below) and market price (where available).; Source: https://www.forbes.com/sites/kurtbadenhausen/2020/07/31/the-worlds-most-valuable-sports-teams-2020; Team Purchase date Price US$ Forbes est value US$ Return % p.a.; Chicago Bulls 1985 $16 million $3.2 billion 16%; Dallas Cowboys 1989 $150 million $5.5 billion 12%; Dallas Mavericks 2000 $280 million $2.4 billion 11%; Boston Red Sox 2002 $380 million $3.3 billion 12%; Boston Celtics 2002 $360 million $3.1 billion 12%; Chelsea 2003 $233 million $2.6 billion 14%; Manchester City 2008 $385 million $2.7 billion 16%; Golden State Warriors 2010 $450 million $4.3 billion 23%; Arsenal 2011 $1.1 billion $2.3 billion 8%; CLARE CAPITAL TECH INSIGHTS

#195

Overview Clare Capital Tech Insights 195 - SaaS Heatmap - 20210219; 2021; Grouping Constituents Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Total; Large market cap (>US$20 billion) # 24 8% (0%) (10%) 24% 31% 8% 5% 7% (7%) (3%) 21% 6% 3% 130%; Small market cap (US$250k) # 38 5% (5%) (14%) 22% 27% 6% 2% 5% (6%) (4%) 19% 8% 6% 85%; Rev per employee (25%) # 32 6% (1%) (11%) 26% 35% 10% 5% 6% (7%) (5%) 22% 7% 7% 139%; Forecasted revenue growth (<25%) # 40 5% (8%) (20%) 26% 23% (0%) (1%) 5% (9%) (3%) 18% 11% 4% 47%; CAC months < 20 # 17 9% 2% (10%) 24% 35% 10% 3% 4% (6%) (2%) 21% 6% 2% 142%; CAC months > 20 # 37 5% (5%) (17%) 29% 27% 2% 1% 6% (10%) (5%) 20% 13% 8% 87%; This Tech Insights report looks at the SaaS universe of 72 listed companies. Groupings based on different parameters are shown below. Each cell represents the average share price; performance for the constituents in that month. The best performing SaaS categories included the communications sector companies with high revenue multiples and companies with; forecasted growth greater than 25%. The categories are defined as at Feb-2020. The best and worst performers over 2020 are also illustrated on the second page.; 2020; Best Worst performer of the month performer of the month; CLARE CAPITAL TECH INSIGHTS; Share price performance (average) of top and bottom three groups; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and LinkedIn. 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; 300; 350; XX Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21; Revenue multiple; 40x+ companies; Communication; companies; Forecasted rev growth; >25% companies; EBITDA positive companies; Forecasted rev growth; <25% companies; Revenue multiple; 1-10x companies; XX Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Jan 21; EV (Feb 21) / forecasted revenue; CLARE CAPITAL TECH INSIGHTS

#194

Overview Clare Capital Tech Insights 194 - 2020 share price performance - 20210212; This Tech Insights report looks at the share price performance of the NZX50 and the lower and upper percentiles of its constituents over 2020. We also look at the top three Tech; companies listed on the NZX as well as two of the largest SaaS companies on other exchanges Xero and Salesforce. The second page of this Tech Insights report looks at the revenue; multiples of these five companies over the same time frame.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; January February March April May June July August September October November December; Share price index; 2020; Xero EROAD Pushpay Serko Salesforce NZX 50 Gross Index value; 90th; The NZX50 indexed at 100 at the start of 2020 ; reached a low of 83 on 23 March but recovered; to 114 at the end of 2020.; percentile; 75th; 25th; 10th; CLARE CAPITAL TECH INSIGHTS; Revenue multiples; 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.; -; 5x; 10x; 15x; 20x; 25x; 30x; 35x; 40x; January February March April May June July August September October November December; Revenue multiple; 2020; 17x; Xero 29x; 3x; EROAD 4x; 6x; Pushpay 8x; 17x; Serko 36x; 9x; Salesforce 9x; The revenue multiple of a company is calculated as Enterprise Value/Revenue.; While the revenue of a company is a certain value at a point in time the theoretical; discounted cash flow valuation is affected by the discount rate (r) used in the valuation of the; company which in turn decreases with a decrease in risk and uncertainty:; EV =; 𝐶𝐹1; (1+𝑟)1 +; 𝐶𝐹2; (1+𝑟)2 + ... +; 𝐶𝐹𝑛; (1+𝑟)𝑛 +; 𝑇𝑉; (1+𝑟)𝑛; Using Capital IQ analyst consensus numbers a high level DCF analysis of Xero suggests that ; with all other factors kept equal a 3-5% decrease in the discount rate used could explain 30-; 100% of the increase in in share price and respective revenue multiple throughout 2020.; CLARE CAPITAL TECH INSIGHTS

#193

Overview Clare Capital Tech Insights 193 - 20201211 - Clare Capital's Christmas Alpha; Share price change for companies featured in a Tech Insights report; For our annual Christmas report we have gone through the archives to “analyse” the share price performance of companies after they appear in Tech Insights reports. We have included; all companies which have their name in the title of a report for the period July 2016 to August 2020. It must be noted that we pick companies for Tech Insights solely based on our; general interest or items in the news and this analysis is for amusement purposes only.; Xero May-17; Pushpay May-17; Trade Me Aug-17; Atlassian Nov-17; Plexure Nov-17; Dropbox Mar-18; Anaplan Nov-18; Orion Health Feb-19; Lightspeed Apr-19; World Wrestling Entertainment Jul-20; LSE Aug-19; Sky Aug-19; Datadog Sep-19; Peloton Oct-19; Serko Nov-19; Bill.com Dec-19; IkeGPS Mar-20; Zoom Apr-20; Fisher & Paykel Healthcare Jul-20; Aroa Biosurgery Aug-20; -1; -; 1; 2; 3; 4; 5; 6; 20%) (15%) (10%) (5%) - 5% 10% 15% 20% 25%; Annualised share price change (when Tech Insights was published to now); One month share price change from when Tech Insights was published; Nikola Jul-20; Tesla Jul-20; Alpha; -0.5; 8.5; Note: Orion Health and Trade Me annualised share; price change is calculated to when they delisted.; CLARE CAPITAL TECH INSIGHTS; What would happen if you invested $100 in each company that had its own Tech Insights report?; 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.; -; 1000; 2000; 3000; 4000; 5000; 6000; May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20; Portfolio value $; Date of Tech Insights report; -; 1000; 2000; 3000; 4000; 5000; 6000; May-17 May-18 May-19 May-20; Portfolio value $; The $2 200 investment would now be; worth $6 000 with a 70% IRR.; IRR comparators for the same period:; - NZX 50: 18%; - S&P 500: 17%; - Nasdaq Composite: 29%; Xero; Pushpay; Atlassian; Plexure; Dropbox; Anaplan; Lightspeed; World Wrestling Entertainment; LSE; SKY; Datadog; Peloton; Serko; Bill.com; IkeGPS; Zoom; Tesla; Nikola; Fisher & Paykel Healthcare; Aroa Biosurgery; Investment; Trade Me (delisted May-19); Orion Health (delisted Mar-19); Relative performance; Tech Insights Index; Nasdaq; composite; NZX 50; S&P 500; Investment; CLARE CAPITAL TECH INSIGHTS

#192

Overview Clare Capital Tech Insights 192 - Drug companies - 20201204; Share price index for major companies trialing Covid-19 vaccines Share price index for other companies trialing Covid-19 vaccines; EV for major companies trialing Covid-19 vaccines vs. the entire NZX EV for smaller companies trialing Covid-19 vaccines; This Tech Insights report compares some of the largest companies that are currently trialing Covid-19 vaccines. The purpose is to show the scale of these businesses three of which are; larger than all the companies on the NZX combined. It also shows the share price performance of a group of smaller companies that are trialing vaccines. This follows the recent news; that several vaccines appear highly effective and are awaiting authorisation before mass distribution.; -; 100; 200; 300; 400; J&J Pfizer Merck NZX AZ Sanofi GSK; Enterprise value US$ B; 60; 70; 80; 90; 100; 110; 120; Share price index; -; 200; 400; 600; 800; Share price index; 1000; 2000; 3000; 4000; 5000; Axis change; GlaxoSmithKline; J&J; AstraZeneca; Sanofi; Merck; Pfizer; Vaxart; Moderna; BioNTech; Novavax; Arcturus; Inovio; Note: BioNTech and Pfizer are partnered in; their development of a vaccine.; -; 2; 4; 6; 8; Moderna BioNTech Novavax Inovio Arcturus Vaxart; Enterprise value US$ B; 10; 20; 30; 40; 50; All Index; Axis change; 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.; Annual R&D spending Revenue EBITDA and R&D; Revenue and operating profit for different business segments (US$ B); -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Consumer Health Pharmaceuticals Medical Devices; Johnson & Johnson; AstraZeneca; GlaxoSmithKline; Johnson &; Merck Johnson; Pfizer; Sanofi; -; 2; 4; 6; 8; 10; 12; 14; - 20 40 60 80 100; FY19 R&D US$ B; FY19 Revenue US$ B; Legend:; Bubble size; represents; EBITDA; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Consumer Health Pharmaceuticals Vaccines; GlaxoSmithKline; Revenue Operating profit before tax; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Consumer Health Pharmaceuticals Vaccines; Sanofi; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19; US$ B; Sanofi; Pfizer; Merck; J&J; GSK; AstraZeneca; CLARE CAPITAL TECH INSIGHTS

#191

Overview Clare Capital Tech Insights 191 - ERP multiples - 20201127; Enterprise Resource Planning (ERP) revenue multiples; Mkt Cap 20-Jun-19 01-Nov-20 27-Nov-20; Salesforce 122 211 225; Slack 19 15 23; Slack / Combined 13.7% 6.5% 9.3%; Enterprise Resource Planning (ERP) software encompasses a shared database that supports multiple functions used by different business units. These can include inventory order; management accounting human resources customer relationship management and more. The software provides organisations with a real-time view of their data alongside increased; efficiency. This Tech Insights report looks at the revenue multiples for several listed ERP vendors and how they compare to different Enterprise SaaS businesses. Multiples for various; transactions are also highlighted including Unleashed Software a New Zealand based inventory management platform which has recently been sold to Access UK for over NZD $100m+.; SaaS Enterprise DCF; 4x 8x 12x 16x 20x 24x 28x 32x; ERP DCF; ERP M&A transactions; Enterprise SaaS; ERP; Revenue multiple; $7.1 billion | 9.7x $17.3 billion | 13.7x; $100 million+ | >5.5x*; $1.8 billion | 3.0x; Median; Outliers excluded | Values in USD | *Estimated NZD; $340 million | 10.8x; Illustrative DCF M&A comparables Public comparables; Lower quartile Uppper quartile; Salesforce is looking to buy Slack; in a deal valued at over $20 billion |; 26x (attempted pre-IPO in 2019 ; but at the time it was too; expensive).; Terminal value cashflow weighting: 86%; Terminal value cashflow weighting: 60%; CLARE CAPITAL TECH INSIGHTS; EV Revenue Trend; USD m USD m 2018 2019 2020 Nov-20 FY2021 FY2022 2018 - 2020; ERP; IBM 165 721 75 030 2.0x 2.1x 2.2x 2.2x 2.2x 2.2x; Oracle 203 021 39 217 4.7x 5.0x 5.0x 5.1x 5.1x 5.0x; SAP 150 178 32 691 4.8x 5.4x 5.4x 4.4x 4.6x 4.4x; Kingdee 11 215 457 8.0x 7.8x 13.6x 24.6x 17.2x 13.3x; Sage 9 094 2 461 4.2x 4.4x 4.0x 3.5x 3.6x 3.5x; Cornerstone 4 045 684 5.4x 6.1x 4.6x 5.8x 4.8x 4.5x; TOTVS 2 786 442 2.2x 3.6x 5.3x 5.7x 5.0x 4.4x; Digiwin Software 1 080 217 2.5x 2.6x 3.4x 4.7x 3.3x 2.6x; Average 4.2x 4.6x 5.4x 7.0x 5.7x 5.0x; Median 4.5x 4.7x 4.8x 4.9x 4.7x 4.4x; Enterprise SaaS; Salesforce 222 248 19 380 8.7x 9.2x 9.7x 11.4x 10.7x 9.1x; ServiceNow 102 136 4 221 13.8x 16.4x 20.0x 23.8x 18.2x 14.6x; Workday 53 192 4 163 12.0x 13.8x 11.4x 12.3x 12.4x 10.6x; Splunk 33 335 2 343 10.4x 9.7x 12.2x 13.9x 14.4x 11.5x; CrowdStrike 32 081 654 24.6x 35.6x 48.7x 38.9x 28.4x; Datadog 28 501 540 12.1x 48.1x 51.2x 35.5x 26.8x; RingCentral 26 957 1 102 10.4x 14.3x 23.7x 24.1x 18.8x 15.3x; Paycom 23 915 814 14.2x 19.9x 21.9x 28.7x 23.8x 19.3x; Coupa 23 443 458 15.1x 25.6x 37.3x 51.2x 47.0x 37.2x; Zscaler 19 626 431 19.4x 27.0x 32.1x 44.6x 33.4x 25.8x; Zendesk 15 582 976 11.1x 12.9x 11.3x 15.9x 12.2x 9.8x; Dynatrace 11 118 618 6.2x 18.9x 17.9x 16.5x 13.5x Average 8.1x; Five9 9 848 399 9.4x 11.7x 19.0x 23.5x 19.7x 16.7x Median 8.5x; Anaplan 9 360 423 3.5x 20.8x 17.5x 22.6x 21.1x 17.0x; Smartsheet 6 407 327 14.6x 23.0x 19.3x 19.0x 17.3x 13.4x; LivePerson 3 876 344 5.0x 7.7x 8.6x 10.8x 8.6x 7.0x; Average 11.4x 15.9x 21.7x 26.2x 21.8x 17.2x; Median 11.1x 14.0x 19.1x 23.1x 18.5x 14.9x; Disclaimer; Revenue multiples M&A Transaction multiples; The information provided in this report has been sourced and calculated from Interbrand 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.; Cin7 (NZ firm) was sold to Rubicon in 2019 for an; undisclosed amount over $100m (NZD). Based on; a valuation of $150m (USD) 150 employees and; revenue of $200k per employee the implied; revenue multiple is 7.1x.; - 5.0x 10.0x 15.0x; H&F Capital; Oracle; Infor; Access UK; Oracle; Cornerstone; Oracle; Sage; Oracle; NetApp; SAP; Salesforce; Unleashed; Acquirer Target; Tableau; hybris GmbH; Spot; Intacct; NetSuite; Evolv; Textura; GT Nexus; OPOWER; Kronos; Aconex; 12.4x; 13.7x; 10.8x; 9.7x; 9.7x; 9.7x; 7.3x; 6.7x; >5.5x*; 5.0x; 3.7x; 3.0x; CLARE CAPITAL TECH INSIGHTS

#190

Overview Clare Capital Tech Insights 190 - Airbnb - 20201120; Revenue vs costs (annual) Revenue vs costs (quarterly); Where a guest's payment goes (illustrative) Revenue by region (annual) Bookings (monthly); Airbnb is poised to go public in one of the largest Tech IPOs of 2020. The Covid-19 pandemic has had a significant effect on Airbnb’s revenue with an increase in cancelled or altered; bookings. Prior to the pandemic Airbnb had high revenue growth a high gross margin a strong global market presence and good customer retention. Demand seems to have bounced; back in the third quarter of 2020.; Restructuring; charges; General and; administrative; Sales and; marketing; Product; development; Operations and; support; Cost of revenue; Revenue; -; 500; 1000; 1500; 43160; 43252; 43344; 43435; 43525; 43617; 43709; 43800; 43891; 43983; 44075; US$ millions; Forecast without covid; Total paid by; guest; Airbnb fee Tax Host; Payment flow; -10; -; 10; 20; 30; 40; 43739; 43770; 43800; 43831; 43862; 43891; 43922; 43952; 43983; 44013; 44044; 44075; Millions; Gross Cancellations and alterations Net; -; 0.2; 0.4; 0.6; 0.8; 1; 2017 2018 2019; United States International; Note: No international country makes up; more than 10% of total revenue; 20% paid by host ; 80% by guest; General and; administrative; Sales and; marketing; Product; development; Operations and; support; Cost of revenue; Revenue; -; 1000; 2000; 3000; 4000; 5000; 6000; 2015 2016 2017 2018 2019; US$ millions; CLARE CAPITAL TECH INSIGHTS; Guest cohort revenue retention Host cohort revenue retention Cumulative funding; Year 1 Year 2 Year 3 Year 4 Year 5 Year 1 Year 2 Year 3 Year 4 Year 5; 2014 100% 36% 41% 45% 47% 2014 100% 93% 95% 98% 100%; 2015 100% 40% 44% 45% 2015 100% 95% 93% 93%; 2016 100% 39% 41% 2016 100% 90% 88%; 2017 100% 36% 2017 100% 90%; 2018 100% 2018 100%; Selected technology companies in the travel industry; LTM Previous 20-Feb 20-Nov; Hostelworld Group Online hostel-booking platform 0.1 (37%) na (32%) (8%) 1.5x 1.5x; Lastminute.com Search and compare transport and accommodation 0.3 (34%) 79% (21%) 14% 1.3x 0.9x; Adventure Online reservation platform in Japan 0.3 29% 26% (22%) 163% 0.5x 0.8x; Trivago* Hotel and accommodation search platform 0.4 (40%) 99% (53%) (14%) 0.8x 0.9x; Despegar.com Provides flights and holiday packages 0.4 1% 66% (56%) (6%) 1.5x 1.8x; Serko Solutions for online travel bookings and expense mgmt. 0.4 34% 35% (36%) 22% 16.4x 34.6x; On the Beach Online retailer of short-haul beach holidays 0.8 (12%) 60% (23%) 26% 3.6x 6.1x; eDreams Online travel company in Europe 1.1 (4%) 84% (41%) 1% 1.6x 2.9x; Corporate Travel Mgmt. Manages travel services for the corporate market 2.0 5% 49% (30%) 14% 3.7x 8.5x; MakeMyTrip Air ticketing hotels and packages and bus ticketing 2.5 2% 44% (45%) (12%) 5.2x 8.9x; Trainline Independent rail and coach travel platform 3.2 8% 77% (25%) 53% 11.1x 14.6x; Tripadvisor Online travel company 3.6 (7%) 94% (48%) (1%) 2.4x 4.3x; Sabre Provides tech solutions to the travel and tourism industry 6.3 (55%) 24% (50%) 3% 2.3x 3.2x; Trip.com Travel service provider based in China 24.1 9% 79% (23%) 15% 4.6x 6.4x; Expedia Facilitates the booking of accommodation and transport 24.4 27% 82% (41%) 8% 1.7x 3.5x; Booking Holdings Connects travelers with accomodation and transport 82.9 8% na (40%) 6% 5.4x 9.3x; *Expedia is a major shareholder in Trivago; Average 9.5 (4%) 64% (37%) 18% 4.0x 6.7x; Median 1.5 2% 71% (38%) 7% 2.4x 3.9x; Airbnb Online marketplace for property rentals 30** 75% (20%) ~35% 6.2x 8.3x; **Possible valuation at IPO; Disclaimer; Overview; Current EV; US$b; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 12 Month share; price change; Pre-covid gross; margin; Revenue growth EV / revenue; Name; -; 3; 6; 2009; 2010; 2011; 2012; 2013; 2014; 2015; 2016; 2017; 2018; 2019; 2020; US$ billions; Raised US$120m three years after; founding; CLARE CAPITAL TECH INSIGHTS

#189

Overview Clare Capital Tech Insights 189 - Brand Value - 20201113; Top 25 companies by brand value 2020; This Tech Insights report looks at some of the most valuable brands in the world. Interbrand a leading New York based brand consultancy publishes a list of the Top 100 brands each; year featuring some of most well-known names across the globe. The rankings are based on three key components – financial forecasts the role of the brand and the strength of the; brand based on consumer preferences. A decade ago Coca-Cola IBM Microsoft Google and GE represented the most valuable brands in the world. In 2020 Google and Microsoft retain; their positions Apple has replaced IBM as the most valuable technology brand and the others have fallen lower down the order – signalling changing dynamics and consumer; preferences.; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; - 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 11x 12x; Brand value multiple (EV / brand value); Revenue multiple (EV / revenue); IKEA Chanel J.P. Morgan and American Express excluded.; Calculations for Mercedes based on Daimler (parent company).; Brand value based on analysis by Interbrand. The full list can be found here.; 50; Size of bubble represents; brand value (USD millions); 200; most valuable technology brand; most valuable beverage brand; most valuable automobile brand; most valuable apparel; most valuable luxury goods brand; CLARE CAPITAL TECH INSIGHTS; Industry split for Top 100 brands 2020 Top 25 2010 Years since 2020 brand EV Brand value Revenue Revenue Share price; (number of companies) Brands rank founded value USD bn USD bn multiple multiple USD bn change (LTM); 1 Apple 17 43 323 1958 6.1x 7.1x 275 80%; 2 Amazon 36 26 201 1598 8.0x 4.6x 348 78%; 3 Microsoft 3 45 166 1582 9.5x 10.8x 147 47%; 4 Google 4 22 165 1095 6.6x 6.4x 172 37%; 5 Samsung 19 82 62 294 4.7x 1.5x 202 27%; 6 Coca Cola 1 134 57 263 4.6x 7.9x 33 2%; 7 Toyota 11 87 52 345 6.7x 1.4x 247 (4%); 8 Mercedes-Benz 12 134 49 214 4.3x 1.2x 182 5%; 9 McDonald's 6 80 43 207 4.8x 10.8x 19 9%; 10 Disney 9 97 41 305 7.5x 4.7x 65 (7%); 11 BMW 15 104 40 164 4.1x 1.4x 116 3%; 12 Intel 7 52 37 204 5.5x 2.6x 78 (21%); 13 Facebook/Instagram NA 16 35 744 12.2x 9.4x 79 43%; Top 100 brands* vs S&P 500 (LTM) 14 IBM 2 109 35 159 4.6x 2.1x 75 (13%); 15 Nike 25 56 34 205 6.0x 5.5x 37 41%; 16 Cisco 14 36 34 159 4.7x 3.3x 48 (15%); 17 Louis Vuitton 16 97 32 307 9.7x 5.8x 53 26%; 18 SAP 26 48 28 150 5.4x 4.6x 33 (11%); 19 Instagram NA 10 26 NA NA NA NA NA; 20 Honda 20 74 22 97 4.5x 0.8x 123 (6%); 21 Chanel 99+ 110 21 NA NA NA NA NA; 22 JP Morgan 29 221 20 NA NA NA 98 (11%); 23 American Express 24 170 19 NA NA NA 32 (4%); 24 UPS 31 113 19 161 7.4x 1.8x 80 33%; 25 IKEA 28 77 19 NA NA NA NA NA; Average 82 63 511 6.7x 4.7x 116 15%; Median 80 35 238 5.7x 4.6x 80 4%; Disclaimer; The information provided in this report has been sourced and calculated from Interbrand 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.; LTM: Last twelve months.; *Illustrative only. Not all 100 brands are publicly listed - only 80 companies are included within the sample set. Assumes equal investment in each company.; 80; 90; 100; 110; 120; 130; Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20; Top 100 brands S&P500 NZX50; Technology; Automobile; Financial; services; Fashion and; luxury goods; Food/beverages; Other; Industrial; 26; 16; 15; 14; 12; 5; 12; CLARE CAPITAL TECH INSIGHTS

#188

Overview Clare Capital Tech Insights 188 - Sony vs Microsoft - 20201106; Sony and Microsoft Enterprise Values; Sony and Microsoft are the two largest gaming console manufacturers in the world and were about equal in value when Sony released its PlayStation One in 1994. Since then however ; Microsoft has grown to be worth more than 12x Sony due to its focus on high margin scalable software products as opposed to Sony’s focus on retail hardware products. The twodecade; long debate of PlayStation vs Xbox is still disputed whilst Microsoft’s outperformance of Sony is not.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Enterprise value US$ billions; Microsoft; Sony; 3/12/94:; PlayStation; One; released.; Microsoft; worth 1.1x; Sony.; 2000: change in EV; throughout year; Microsoft: (65%); Sony: (72%); 15/11/01: first; Xbox launch.; November 2013: Xbox one; (3rd gen.) and PlayStation 4; released. Microsoft worth; 8.6x Sony.; November; 2020: Xbox; Series X and; PlayStation 5; released.; Microsoft worth; 13.4x Sony.; 21/09/20:; Microsoft buy; game developer; ZeniMax for; US$7.5 billion.; 09/07/20: Sony; invest US$250; million in Epic; Games; (developer of; Fortnite).; -; 50; 100; 150; 200; 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; Revenue US$ billions; Microsoft Sony; CLARE CAPITAL TECH INSIGHTS; Sony and Microsoft EBITDA Sony and Microsoft FY2020 profit margin by business segment; Sony revenue by geography Microsoft revenue by geography; 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.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 10; 20; 30; 40; 50; 60; 70; 1994 1998 2002 2006 2010 2014 2018; EBITDA margin; EBITDA US$ million; Microsoft Sony; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; Japan United States Europe Other Areas Asia-Pacific China; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020; United States Other Countries; -; 0.1; 0.2; 0.3; 0.4; CLARE CAPITAL TECH INSIGHTS

#187

Overview Clare Capital Tech Insights 187 - E-commerce - 20201030; Selected E-commerce transactions; This Tech Insights report looks at the E-commerce sector which has seen accelerated growth due to the COVID-19 pandemic. New Zealand's online retail market is projected to grow; from NZ $4.8 billion (2019) to NZ $8.1 billion by 2024 (CAGR 11%) with the pandemic adding ~NZ $1.0 billion to pre-pandemic projections (Adore Beauty IPO prospectus). Growth in the; E-commerce sector has brought additional success to some of the largest online retailers in the world including Amazon and Alibaba alongside specialist players such as HelloFresh.; Many have experienced exceptional growth with a corresponding rise in their share price.; Warehouse acquired Noel; Leeming for NZ $65m in 2012.; Warehouse acquired Torpedo7; for NZ $15m in 2014.; Petsmart acquired Pet360; for US $160m in 2014.; Boohoo acquired PrettyLittleThing; for US $400m in 2020.; Amazon acquired SOUQ.com; for US $586m in 2017.; Petsmart acquired Chewy; for US $3 400m in 2017.; Alibaba (and others) sold Zulily; for US $2 495m in 2015 to QVC.; Alibaba acquired; Shoprunner for US $75m; Walmart acquired Jet.com; for US $3 300m in 2016.; Amazon acquired Zappos for; US $1 112m in 2009.; Bricks and mortar Click and collect/online store E-commerce; Wallgreens acquired drugstore.com; for US $403m in 2011.; Food Healthcare Fashion Pets General retailers; HelloFresh acquired; Chefs plate in 2018.; Drugstore.com acquired Skinstore; for US $39m in 2010.; Online only platform launched; by the Warehouse in late 2019.; Acquirer Target EV / Revenue; Walmart Jet.com 3.3 x; Amazon Zappos 1.5 x; Walgreens drugstore.com 0.9 x; drugstore.com SkinStore 0.9 x; Warehouse Noel Leeming 0.1 x; NZ based online; only retailer.; AUS based online fashion; and sports retailer.; AUS based online; only cosmetics; retailer.; NZ based meal; kit delivery; service providers.; CLARE CAPITAL TECH INSIGHTS; Company Market cap Revenue EBITDA Gross EV/revenue EV/revenue EV/EBITDA Share price Share price Share price Inventory NZ / AUS; USD m USD m USD m margin forward 7-Jan-20 23-Mar-20 current turnover equivalents; Groupon 557 1 878 (9) 49% 0.2 x 0.3 x NM $47.0 $12.4 $19.4 -; VIP Shop 14 466 13 000 942 22% 1.0 x 0.8 x 14.1 x $15.0 $15.0 $21.4 14.1 x; MySale Group 126 108 (16) 9% 1.2 x - NM $0.1 $0.0 $0.1 6.0 x; The RealReal 1 103 311 (116) 64% 3.1 x 2.6 x NM $18.1 $5.5 $12.6 6.7 x; Farfetch 9 553 1 334 (320) 45% 7.1 x 5.3 x NM $11.2 $7.4 $28.1 7.6 x; Revolve Group 1 257 591 52 51% 1.9 x 1.7 x 21.8 x $19.4 $7.3 $18.1 3.3 x; Adore Beauty 378 81 3 31% 5.1 x - 112.8 x - - $4.0 -; ASOS 5 683 4 362 245 47% 1.3 x 1.1 x 22.7 x $44.8 $12.6 $57.1 3.2 x; boohoo.com 4 392 1 987 176 54% 2.0 x 1.7 x 22.5 x $4.0 $1.9 $3.5 5.2 x; Zalando 23 506 7 952 297 41% 2.9 x 2.3 x 76.9 x $50.7 $31.7 $93.4 4.4 x; Stitch Fix 3 590 1 712 (29) 44% 2.0 x 1.7 x NM $23.6 $13.4 $34.4 7.9 x; Global Fashion Gp 1 751 1 520 (84) 41% 1.0 x 0.9 x NM $2.1 $1.3 3.9 x; SRP Groupe 152 694 (13) 34% 0.2 x 0.2 x NM $1.6 $0.6 $1.3 6.6 x; Blue Apron 75 427 (25) 38% 0.3 x 0.2 x NM $6.0 $12.3 $4.3 9.6 x; HelloFresh 9 288 2 952 236 65% 3.0 x 2.1 x 37.6 x $21.8 $27.2 $53.5 18.3 x; Ocado 21 748 2 420 74 34% 8.9 x 6.6 x 289.7 x $17.4 $14.5 $29.5 27.2 x; Naked Wines 442 252 (1) 38% 1.5 x 1.0 x NM $2.9 $2.9 $6.0 1.3 x; Amazon 1 523 392 347 945 43 708 40% 4.5 x 3.6 x 35.5 x $1 906.9 $1 902.8 $3 036.2 9.8 x; Alibaba 824 380 77 649 20 963 45% 10.4 x 7.6 x 38.5 x $217.6 $176.3 $304.7 -; Kogan 1 532 344 32 25% 4.2 x 3.0 x 45.2 x $5.3 $2.4 $14.5 3.9 x; JD.com 127 212 92 406 2 072 8% 1.3 x 1.0 x 57.1 x $38.3 $38.6 $81.5 12.0 x; Chewy 25 363 5 906 (195) 24% 4.3 x 3.4 x NM $29.2 $32.1 $61.6 12.1 x; Zooplus 1 150 1 870 17 26% 0.6 x 0.5 x 66.4 x $89.1 $128.9 $160.8 9.5 x; Overtstock.com 2 399 2 237 30 22% 0.9 x 0.8 x 66.4 x $8.1 $4.6 $56.1 -; Wayfair 23 660 11 474 (360) 26% 2.1 x 1.7 x NM $95.7 $30.4 $248.0 -; Casper Sleep 266 478 (83) 49% 0.5 x 0.4 x NM - $3.5 $6.6 6.5 x; Oponeo 106 259 9 19% 0.4 x - 10.4 x $5.9 $4.5 $7.6 6.0 x; Delticom 51 652 (15) 23% 0.2 x - NM $5.1 $2.8 $4.1 5.5 x; Average (excl. outliers) 39% 3.7 x 3.2 x 33.4 x - - - 7.1 x; Median 39% 1.6 x 1.6 x 37.6 x - - - 6.0 x; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Adore Beauty IPO prospectus. 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

#186

Overview Clare Capital Tech Insights 186 - Ant Group - 20201016; Alibaba revenue and EBITDA Alibaba revenue segments; This Tech Insights report looks at Ant Group a Chinese fintech company. Ant Group is poised to go public in what could be the largest IPO of all time; in terms of funds raised. The; company was originally established as ‘Alipay’ an escrow provider for Alibaba purchases. Ant Group has expanded with The Economist describing its current offering as “a combination; of Apple Pay for offline pay PayPal for online pay Venmo for transfers Mastercard for credit cards JPMorgan Chase for consumer financing and iShares for investing with an insurance; brokerage thrown in for good measure all in one mobile app”. It is interesting to compare the growth of Ant Group and Alibaba and how they compare to other major Chinese; companies and global fintech providers. Note: Alibaba has a 33% equity stake in Ant Group.; Ant Group revenue and EBITDA Ant Group revenue segments; -5; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22; US$ billions; Total Revenue EBITDA; -; 50; 100; 150; 200; Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23; US$ billions; Total Revenue EBITDA; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Dec-17 Dec-18 Dec-19; US$ billions; Innovation initiatives and; others; Insurance tech; Investment tech; Credit tech; Digital payment and; merchant services; -; 10; 20; 30; 40; 50; 60; 70; 80; Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20; US$ billions; Innovation initiatives and; others; Digital media and; entertainment; Cloud computing; Core commerce; Forecast; Forecast; CLARE CAPITAL TECH INSIGHTS; Ant Group metrics as at June 2020 - (Alipay is the name of Ant Group's app); Ant Group comparators; Alibaba E-commerce platform 831 814 74% 78 30% 10x 21.0; Tencent Investment holding company in FinTech and other industries 684 697 70% 59 22% 12x 21.8; Kweichow Moutai Produces and sells wine and liquor products 321 318 55% 13 10% 25x 8.6; I&C Bank of China Industrial and commercial banking services 250 NA (18%) 35 (8%) NA NA; Meituan Dianping Investment holding company that provides E-commerce 202 194 197% 14 17% 14x 0.6; Ping An Insurance Provides financial products and services for multiple industries 212 415 (10%) 164 5% 3x 32.5; China Construction Bank Banking and related financial services 182 NA (10%) 27 3% NA NA; Agricultural Bank of China Products and services for corporate and retail banking 163 NA (14%) 19 (3%) NA NA; China Life Insurance Life health business and accident insurance 172 181 (0%) 100 13% 2x 10.7; China Merchants Bank Wholesale and retail finance 147 NA 14% 15 10% NA NA; Visa Payments technology company 426 436 13% 23 3% 19x 15.5; Mastercard Payments technology company 340 341 22% 16 3% 21x 9.6; PayPal Technology platform and digital payments company 240 237 98% 19 18% 12x 3.7; Fidelity Financial technology for merchant banking and capital markets 89 108 9% 12 45% 9x 4.3; Square Payment and point-of-sale solutions 83 83 196% 6 49% 14x (0.0); Fiserv Financial services technology 68 90 (5%) 14 141% 6x 4.5; Adyen Gateway risk mgmt processing acquiring and settlement services 58 55 171% 3 45% 16x 0.3; Global Payments Payment technology and software solutions 53 61 7% 7 88% 9x 2.5; Shift4 Payments Payment processing and technology 2 3 NA 1 NA 3x 0.0; Ant Group* Various fintech services 150-300 137-287 NA 21 35% 6-14x 6.7; *IPO expected for late 2020 - valuations are estimates.; 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.; Company Overview; Market Cap; (US$b); LTM share; price; change; LTM; revenue; (US$b); LTM; revenue; growth; LTM; EBITDA; (US$b); EV (US$b); EV /; LTM; revenue; Global fintech companies 10 largest Chinese companies; 1 000+ million; Alipay app; Annual active; users; 2 000+; Partner financial; institutions; US$17.7 trillion; Digital payments; in china; US$615 billion; Investment tech; Assets under managment; 80+ million; Alipay app; Monthly active merchants; 729 million; Alipay app; Digital finance; annual active users; CLARE CAPITAL TECH INSIGHTS

#185

Overview Clare Capital Tech Insights 185 - SaaS Landscape - 20201009; Company EV (USD m) Revenue (USD m) LTM share price 40% rule1 Rev growth Rev / FTE2 (USD) EV / revenue Share price; Salesforce $238 947 $19 380 81% 42% 32% $395 510 12 x; Zoom $138 643 $1 347 576% 209% 190% $350 021 103 x; Shopify $129 730 $2 080 249% 59% 60% $269 787 62 x Zoom 576%; ServiceNow $96 408 $3 955 94% 44% 31% $301 225 24 x Shopify 249%; Square $83 033 $5 885 201% 49% 49% $1 173 641 14 x DocuSign 237%; Workday $52 918 $3 995 30% 22% 23% $302 816 13 x Slack 26%; Atlassian $48 205 $1 614 57% 36% 33% $288 245 30 x Xero 75%; twilio $44 175 $1 392 176% 39% 58% $386 239 32 x Dropbox 7%; Veeva $42 923 $1 283 97% 60% 32% $334 171 33 x Average Return 195%; DocuSign $41 787 $1 164 237% 29% 41% $214 691 36 x; Splunk $34 682 $2 343 78% (6%) 15% $357 912 15 x; datadog $33 071 $481 204% 83% 81% $228 393 69 x; CrowdStrike $30 487 $654 128% 71% 86% $234 172 47 x Shopify 249%; Okta $29 714 $704 100% 19% 45% $220 794 42 x Alteryx 39%; RingCentral $25 888 $1 032 65% 31% 32% $241 280 25 x Avalara 108%; Coupa $21 102 $458 103% 34% 44% $242 268 46 x Coupa 103%; Paycom $21 023 $792 70% 54% 21% $218 887 27 x Appian 61%; Zscaler $19 731 $431 215% 24% 42% $188 409 46 x MongoDB 94%; Slack $17 016 $768 26% 17% 51% $280 856 22 x Average Return 109%; Wix $15 694 $853 138% 12% 26% $201 042 18 x; MongoDB $15 317 $502 94% 14% 45% $212 802 31 x; Tyler $15 282 $1 112 47% 30% 11% $210 143 14 x; HubSpot $14 289 $762 100% 25% 29% $163 953 19 x Bottomline 13%; Zendesk $12 949 $924 51% 20% 31% $225 595 14 x Cloudera 34%; Dynatrace $12 409 $579 126% 15% 27% $238 173 21 x New Relic 5%; Avalara $12 303 $434 108% 24% 34% $172 460 28 x Dropbox 7%; Xero $11 656 $427 75% 36% 30% $126 860 23 x CarGurus (24%); Elastic $10 233 $467 43% 26% 53% $230 395 22 x Square 201%; Alteryx $10 075 $465 39% 55% 50% $165 696 22 x Average Return 39%; Paylocity $9 794 $561 87% 36% 20% $177 864 17 x; This Tech Insights report looks at a selection of the world's largest 60 SaaS companies and some key metrics. The largest SaaS companies have performed incredibly well over the Last; Twelve Months (LTM) with Zoom Shopify ServiceNow and Square more than doubling their share price. We also create a number of small portfolios based on various metrics and; highlight their share price performance over the LTM.; Work from; home portfolio; Annual; LTM return; 2019 top; performers; Annual; LTM return; 2019 bottom; performers; Annual; LTM return; CLARE CAPITAL TECH INSIGHTS; Company EV (USD m) Revenue (USD m) LTM share price 40% rule1 Rev growth Rev / FTE2 (USD) EV / revenue Share price; Change $9 601 $891 24% - - $119 739 11 x; Aspen $9 146 $590 9% 42% (1%) $287 193 15 x; Five9 $9 121 $371 154% 31% 28% $314 306 25 x Zoom 576%; Guidewire $8 955 $742 10% 6% 3% $285 047 12 x datadog 204%; Anaplan $8 513 $398 28% 4% 36% $175 690 21 x CrowdStrike 128%; SolarWinds $8 438 $981 18% 34% 12% $274 160 9 x Veeva 97%; Dropbox $8 401 $1 797 7% 28% 18% $160 037 5 x Shopify 249%; RealPage $6 566 $1 072 (4%) 32% 15% $238 707 6 x Alteryx 39%; Manhattan $6 391 $605 20% 22% 3% $273 237 11 x Paycom 70%; Proofpoint $6 167 $979 (14%) 21% 22% $176 896 6 x J2 (23%); Smartsheet $6 073 $327 35% 17% 49% $353 277 19 x Square 201%; AppFolio $5 694 $289 72% 38% 31% $191 669 20 x Qualys 29%; BlackLine $5 390 $321 107% 23% 26% $242 922 17 x ServiceNow 94%; Appian $5 188 $280 61% 2% 16% $204 895 19 x Aspen 9%; Medallia $4 443 $441 17% (4%) 24% $281 022 10 x Salesforce 81%; J2 $4 357 $1 413 (23%) 49% 12% $246 973 3 x Average Return 135%; Jamf $4 190 $234 - 11% - $245 117 18 x; LivePerson $3 832 $324 52% 2% 21% $238 379 12 x; Cornerstone $3 599 $629 (32%) 23% 13% $247 070 6 x; New Relic $3 551 $621 5% 13% 21% $186 184 6 x; Qualys $3 530 $342 29% 48% 14% $299 322 10 x Shopify 249%; SVMK $3 339 $343 26% 8% 24% $231 779 10 x Square 201%; Cloudera $3 172 $835 34% 11% 29% $652 373 4 x Wix 138%; Mimecast $3 056 $443 22% 33% 23% $165 747 7 x twilio 176%; Box $2 986 $737 8% 8% 12% $86 966 4 x Average Return 191%; SPS Commerce $2 813 $293 79% 32% 11% $363 608 10 x; CarGurus $2 457 $561 (24%) 17% 7% $242 223 4 x; Pluralsight $2 257 $359 16% (8%) 31% $221 385 6 x; Bottomline $2 012 $442 13% 13% 5% $318 148 5 x; PagerDuty $1 990 $189 11% 5% 33% $101 294 11 x; Average - - 76% 30% 31% $262 994 - 2. FTE = full time equivalent; Disclaimer; Annual; LTM return; 1. 40% rule = EBITDA margin +; ddddddddd revenue growth; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and LinkedIn. 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.; Companies; above 40% rule; Annual; LTM return; Revenue driven; by transaction; volume; CLARE CAPITAL TECH INSIGHTS

#184

Overview Clare Capital Tech Insights 184 - Holding period for private equity companies - 20201002; Current investments; This Tech Insights report looks at selected New Zealand private equity firms and the estimated holding time for their investments. The first page looks at current investments and how; long they have been owned by the private equity firms to date  while the second page looks at prior investments and their estimated holding period.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Skin Institute; Seequent 2; Avanti Finance; RedShield; New Zealand Frost Farms; The Collective; Mix; Netlogix; MMC; Solarzero; Umbrellar; BeGroup; TR Group; Mondiale; Caci; Qestral Corporation; Beca; Exact Radiology; Perpetual Guardian; AS Colour; PF Olsen; Bayleys; Tracplus; Revolution Fibres; Mobi2Go; Cortex; Mint innovation; ParkHelp; Timely; Unleashed; Vend; AuthorIT; Modlar; Adminis; Shift72; YikeBike; Zeosoft; Ponoko; Flossie; agilityCIS; Laybuy; The Rees Hotel; Smartfoods; Tom & Luke; Molemap; Rockit; Lifestream; Magic Memories; Waikato Milking Systems; Natural Pet Food Group; Southern Cross Horticulture; Intermede; Mrs Higgins; Magritek; Rainbows End; PartnersLife; Greenfield; Auckland Packaging (APC); Polynesian Spa; Number of years; Average holding period by investor Auckland Packaging and Polynesian Spa; have been part of Rangatira's portfolio; for 21 and 48 years respectively.; CLARE CAPITAL TECH INSIGHTS; Prior investments; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and company 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.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; BJ Ball; BrewGroup; Phil & Teds; Seequent 1; CS Company; Home Ideas; NZ Crane Hire; Rishworth Aviation; Marvel Packers; Innovair; Bluestar; Ryman Healthcare; Max; Scales Corporation; Energyworks; Tasman Building Products; Moore Australasia; Eftpos; Express Logistics; Triton Hearing; TSG; Go Bus; Nobilo; PCDirect; Hiway Group; George H Investments; Rodd & Gunn; New Zealand King Salmon; Cavalier Woolscourers; Airwork; Robinhood; Fishpond; NZ Pharmaceuticals; Stratex; eCargo; Ecentric; Education Plus NZ; Kiwi Semiconductor; Trademe; Pacific Fibre; Maven; Minimonos; Givealittle; eBUS; GreenButton; Power by Proxi; Kahne Animal Health; Inspire Group; migco; Partstrader; Aroa; WhereScape; Inro; KonnectNet; Orion; Yikebike; Pukeko pictures; Omni; Moa; SLISystems; Contact Resources; Hellers; Number of years; Average holding period by investor; CLARE CAPITAL TECH INSIGHTS pencarrow private equity direct capital movac pioneer capital rangatira investments