#183

Overview Clare Capital Tech Insights 183 - Robinhood - 20200925; Top 10 positions held by Robinhood traders; This Tech Insights report looks at Robinhood a US trading platform that recently raised US$660 million on an US$11.2 billion pre-money valuation. Robinhood provides users with the; ability to trade stocks Exchange Traded Funds (ETFs) options and cryptocurrency while charging zero commissions. Focusing on millennials Robinhood currently has over 13 million; accounts. The Covid-19 pandemic has resulted in increased levels of activity on the platform with the second page highlighting some interesting movements in the positions of; Robinhood users.; -; 100000; 200000; 300000; 400000; 500000; 600000; 700000; 800000; 900000; 1000000; Jan - 20 Feb - 20 Mar - 20 Apr - 20 May - 20 Jun - 20 Jul - 20 Aug - 20; Number of positions; Covid-19 declared a; pandemic on 12 March; 2020 by the WHO; Robinhood is a platform that gives people the ability to; invest in stocks ETFs options and crypto. The company; charges no commission and operates entirely online.; Currently the platform has over 13 million users.; Note: This graph shows the number of positions held by users on; the robinhood platform - not the number of shares.; CLARE CAPITAL TECH INSIGHTS; Number of positions on Robinhood vs share price; Disclaimer; The information provided in this report has been sourced and calculated from robintrack 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.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; -; 30000; 60000; 90000; 120000; 150000; 180000; 210000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 50; 100; 150; 200; 250; 300; 350; 400; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 5; 10; 15; 20; 25; -; 50000; 100000; 150000; 200000; 250000; 300000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; -; 10; 20; 30; 40; 50; 60; -; 50000; 100000; 150000; 200000; 250000; 300000; Jan-20 Mar-20 May-20 Jul-20; Share price (USD); Number of positions; Files for bankruptcy; on 22nd May; S&P Oil and Gas 3x leveraged fund; Crude oil futures; price falls below $0; Beats earnings; expectations; Covid-19 declared a; pandemic and travel; bans in force; 1.9; 14.3; 16.1; 1.2; CLARE CAPITAL TECH INSIGHTS

#182

Overview Clare Capital Tech Insights 182 - Australia's major tech companies - 20200918; This Tech Insights report looks at the Australian technology sector. We show how much larger Atlassian a software development and collaboration tool provider is than the next current; 15 largest Australian Information Technology companies based on Capital IQ. The report also tracks the EV growth of the same companies along with providing financial information.; Enterprise Value for Australian Information Technology companies over the last five years; Combined EV for the current 15 largest Australian Information Technology companies (not including Atlassian); -; 10; 20; 30; 40; 50; 60; 70; Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20; Enterprise value AU$b; Atlassian Next 15 largest technology companies in Australia combined; -; 10; 20; 30; 40; 50; 60; 70; Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20; Enterprise value AU$b; WiseTech; Computershare Afterpay; Link; Technology One Nextdc; IRESS; CLARE CAPITAL TECH INSIGHTS; Name Description Market cap EV Last Current Next Last Current Last Current Next EBITDA 40% rule; Afterpay Buy Now Pay Later 20 990 20 845 450 906 1 396 107% 101% 10 89 218 2% 109%; Computershare Stock registration and transfer services 6 545 8 883 3 290 3 050 3 137 (1%) (7%) 798 797 867 24% 23%; WiseTech Logistics industry software 8 624 8 445 429 501 613 23% 17% 101 171 230 24% 47%; NEXTDC Data center outsourcing 5 265 5 247 201 248 306 18% 24% 98 129 168 49% 67%; Appen Machine learning and artificial intelligence 3 831 3 769 536 680 843 47% 27% 84 129 175 16% 63%; Link Record keeping technology 2 026 3 029 1 230 1 267 1 345 (12%) 3% 152 290 337 12% 0%; Technology One Enterprise resource planning 2 459 2 405 285 303 331 13% 6% 79 100 117 28% 40%; Megaport Cloud interconnectivity 2 373 2 227 58 86 123 66% 48% (33) (11) 11 (58%) 8%; IRESS Financial services software 1 853 1 965 509 551 607 10% 8% 115 128 137 23% 32%; Codan Communications and mining technology 1 931 1 869 348 359 390 29% 3% 102 128 143 29% 58%; Tyro Fintech provider of payments technology 1 757 1 650 203 241 300 10% 19% (18) (4) 8 (9%) 1%; Dicker Wholesale distribution of computer products 1 325 1 402 1 759 na na 18% na 73 na na 4% 22%; Nearmap Online aerial photomapping 1 133 1 112 97 112 136 25% 15% (33) 16 24 (34%) (9%); Objective Enterprise content management 1 146 1 108 70 97 110 13% 38% 16 23 29 23% 36%; Hansen Customer care and billing system software 790 925 301 308 318 30% 2% 42 91 94 14% 44%; Total 62 048 64 880 9 766 10% 1 584 16% 26%; Atlassian Project tracking & content creation 57 160 55 650 2 167 2 628 3 219 35% 22% 68 669 839 3% 39%; na: data not provided; Disclaimer; EV multiple and gross profit margin for the 16 largest Information Technology companies in Australia; 16 largest Information Technology companies in Australia (AU$m); 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.; Revenue (financial year) Revenue growth EBITDA (financial year) Margin (last FY); Atlassian; Afterpay (gross profit margin); Computershare; WiseTech NEXTDC; Appen; Link; Technology One; Megaport; IRESS; Codan; Tyro; Dicker; Hansen; Nearmap; Objective; Afterpay (net transaction margin); -; 0.2; 0.4; 0.6; 0.8; 1; - 5x 10x 15x 20x 25x 30x 35x 40x 45x 50x; LTM gross profit margin; EV / LTM revenue; CLARE CAPITAL TECH INSIGHTS

#181

Overview Clare Capital Tech Insights 181 - Mediaworks Discovery - 20200911; Announced investments by Discovery since 2015 vs Discovery share price; This Tech Insights report looks at Mediaworks' soon to be owners Discovery a company with a track record of large media investments. Discovery is well known for its "Discovery; Channel" which features a range of documentary television programming focused primarily on popular science technology and history.; Acquisition - US$508m; Business and entertainment; channel operated in Turkey by; CNBC Europe; Series B - US$12m; Cloud graphics company; Acquisition - US$60m ; Broadcast network in Chile; Series B - US$19m; Venture - US$100m; American cybersecurity; company; Series B - US$18m Digital; entertainment studio; Venture various cycling; networks; Series B - US$12m Sports; prediction platform; Here Be Dragons Series A -; US$10m VR studio; Acquisition - US$15.5b American; mass media company; Venture - US$40m ; Digital media provider; Acquisition - US$70m; Series C - US$41m TV subscription; provider; Series A - US$2.4m Supply chain; management for media; Acquisition - US$41m ; Further 50% stake; Acquisition - US$35m; Series C - US$47.2m ; Subscription sports broadcaster; Venture - US$50m JV with; Axel Springer; Acquisition of 24-hour pay-; TV channel; Acquisition of Freeto-; air TV business; -; 5; 10; 15; 20; 25; 30; 35; 40; 0.1; 1.1; 2.1; 3.1; 4.1; 5.1; 6.1; 7.1; 8.1; Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19 Mar-20 Jul-20; Share price US$; Growth - US$9m Digital; media in Hispanic market; Acquisition -; Eurosport France; Partial stake; CLARE CAPITAL TECH INSIGHTS; Debt/EV and EV/LTM revenue multiple for TV content providers; Comparable companies (US$ millions); Name Country Market Cap EV 5 year 1 year FY2019 FY2020 FY2021 FY2020 FY2021 FY2019 FY2020 FY2021; Disney USA 238 081 297 038 26% (3%) 69 570 65 542 72 522 (6%) 11% 16 113 9 044 11 934; Netflix USA 212 583 223 138 394% 67% 20 156 24 850 29 199 23% 17% 2 708 4 759 6 203; ViacomCBS USA 1 8 168 38 714 (33%) (33%) 27 812 25 853 27 771 (7%) 7% 4 837 4 988 5 275; Fox USA 1 7 018 21 215 na (17%) 11 389 12 303 11 993 8% (3%) 2 681 2 779 2 306; WWE USA 3 220 3 473 109% (42%) 9 60 9 85 1 141 3% 16% 1 67 2 85 3 18; ITV UK 3 309 4 348 (78%) (47%) 4 381 3 649 4 037 (17%) 11% 9 38 6 55 7 60; Nine AUS 2 095 2 680 12% (12%) 1 378 1 510 1 588 10% 5% 3 24 2 09 3 08; SKY TV NZ 175 2 43 (97%) (86%) 5 34 4 83 4 59 (10%) (5%) 1 43 84 92; Seven AUS 134 5 94 (83%) (71%) 9 99 8 41 8 56 (16%) 2% 1 47 ( 18) 1 07; Discovery USA 1 4 665 30 413 (15%) (20%) 11 144 10 383 11 149 (7%) 7% 4 630 3 982 4 100; Disclaimer Note: Some FY data is forecast; 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.; Discovery financial performance; Share price Revenue Revenue growth EBITDA; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; -; 1; 2; 3; 4; 5; 6; 7; 8; 08 09 10 11 12 13 14 15 16 17 18 19; EBITDA margin; Revenue US$b; U.S. International; U.S. EBITDA margin International EBITDA margin; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; -; 2x; 4x; 6x; 8x; 10x; Net debt / EV; EV / LTM revenue; Purchase Scripps; Networks; CLARE CAPITAL TECH INSIGHTS

#180

Overview Clare Capital Tech Insights 180 - Preference shares - 20200904; Cap table through time for a company with different preference shares; This Tech Insight compares how preference shares impact pay outs for different exits. Preference shares are uncommon in New Zealand but are used widely throughout North America ; where investors seek more protections for their investments.; Liquidation preference: investors can get their money back first ahead of other kinds of shareholders.; Participating preferred: investors get their liquidation preference ahead of other common equity holders and then participate on a pro-rata basis.; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; Valuation $m; Founder Series A Series B Series C; Founder - common; equity (year 0); Series A - 2x participating; preferred (year 1); Series C- liqudation preference; (year 3); Exit (year 10); {; Post-money valuation; Economic returns if; there was an exit at the; capital raising valuation; to the various investor; classes; Series B - 1x participating; preferred (year 2); 10; valuation; $15m pre; $20m post; $30m pre; $40m post; $60m post; $50m pre; $100m; exit; Pre-money valuation; Ownership per the cap table; CLARE CAPITAL TECH INSIGHTS; Returns assuming a 10% preferred return; This graph assumes each of the Series A B and C investors also have a 10% preferred return on their investment. A preferred return is a minimum annual rate of return on an investment.; Minimum payout to new investors assuming preference shares and a 10% preferred return; Split of a $100m payout following different investment rounds with a 10% preferred return; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10; Minimum exit to clear the preferred; returns $m; Year; Series C Series B Series A; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10; Payout to investors $m; Year; Series C Series B Series A Founder; Exit must be greater than the top of the; curve for the founder to receive any payout; Founder receives $32m; Founder receives $20m; CLARE CAPITAL TECH INSIGHTS

#179

Overview Clare Capital Tech Insights 179 - SaaS EBIT margins - 20200828; Profile of all 1 000+ observations Xero (ASX:XRO) EBIT margin Pushpay (NZSE:PPH) EBIT margin; Class (ASX:CL1) EBIT margin Wisetech (ASX:WTC) EBIT margin; This Tech Insights report looks at the EBIT margins of 200+ publicly-listed SaaS companies over the last five financial years to highlight SaaS profitability. The companies with the highest; profitability generate 25-35% EBIT margins with some hitting the 40-50% range.; We have used EBIT (rather than EBITDA) as SaaS companies can and do capitalise their development costs (e.g. engineer/developer salaries). Using EBIT as the measure of profitaibilty; includes amortisation of these capitalised development costs.; -0.35; -0.3; -0.25; -0.2; -0.15; -0.1; -0.05; -; 0.05; 0.1; Annual EBIT margins; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; LFY-4 LFY-3 LFY-2 LFY-1 LFY; Upper quartile; Lower quartile; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; LFY-4 LFY-3 LFY-2 LFY-1 LFY; -1.6; -1.4; -1.2; -1; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; LFY-4 LFY-3 LFY-2 LFY-1 LFY; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; LFY-4 LFY-3 LFY-2 LFY-1 LFY; Median; Average; The story of SaaS.; Grow fast and then; shift to profitability.; The story of SaaS.; Grow fast and then; shift to profitability.; Or just have really good margins all the time. Or just have good margins all the time.; CLARE CAPITAL TECH INSIGHTS; Distribution of EBIT margins for 200+ publicly-listed SaaS companies over the last five financial years; 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.; -3; -2.5; -2; -1.5; -1; -0.5; -; 0.5; 1; 20; 39; 58; 77; 96; 115; 134; 153; 172; 191; 210; 229; 248; 267; 286; 305; 324; 343; 362; 381; 400; 419; 438; 457; 476; 495; 514; 533; 552; 571; 590; 609; 628; 647; 666; 685; 704; 723; 742; 761; 780; 799; 818; 837; 856; 875; 894; 913; 932; 951; 970; 989; 1008; Annual EBIT margins; Number of observations (200+ publicly-listed SaaS companies over the last five financial years); Highlights; 1. 61% of observations have a negative EBIT margin.; 2. 63% of companies in the last financial year had a; negative EBIT margin.; 3. The highest EBIT margin across all obersations is 50%.; 4. 55% of companies have never had a positive EBIT; margin (across the last five financial years).; 5. 6% of observations have an EBIT margin above 25%.; 6. Only 8 companies have an EBIT margin above 25% for; the last financial year.; -; 0.05; 0.1; 0.15; 0.2; 0.25; Annual EBIT margins; Profile of all positive EBIT observations only; Upper quartile; Lower quartile; Median; Average; CLARE CAPITAL TECH INSIGHTS

#178

Overview Clare Capital Tech Insights 178 - Cohort Retention Analysis - 20200821; Revenue by monthly cohort over 18 months - EXAMPLE COMPANY; 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18; Jan-19 1 000 100 58 100% 98% 94% 93% 93% 93% 88% 83% 78% 78% 78% 78% 74% 72% 69% 66% 63% 60% 58%; Feb-19 994 100 63 100% 96% 92% 91% 87% 85% 81% 80% 80% 76% 73% 70% 70% 67% 66% 67% 66% 63%; Mar-19 1 018 99 89 100% 96% 94% 94% 92% 88% 87% 88% 87% 87% 88% 87% 88% 87% 89% 90% 90%; Apr-19 986 95 83 100% 101% 102% 100% 101% 101% 100% 98% 97% 96% 94% 92% 89% 87% 89% 87%; May-19 1 019 95 86 100% 99% 97% 99% 100% 102% 100% 99% 98% 96% 98% 96% 96% 94% 91%; Jun-19 985 96 93 100% 100% 99% 97% 98% 99% 98% 98% 98% 97% 97% 98% 97% 97%; Jul-19 1 007 100 99 100% 98% 100% 99% 98% 101% 99% 97% 96% 95% 96% 98% 99%; Aug-19 1 018 98 113 100% 103% 104% 105% 108% 108% 108% 109% 109% 109% 112% 115%; Sep-19 995 95 100 100% 103% 102% 101% 100% 101% 100% 100% 100% 101% 105%; Oct-19 1 009 103 125 100% 101% 104% 107% 111% 112% 113% 117% 119% 121%; Nov-19 1 020 96 120 100% 105% 108% 109% 114% 119% 121% 121% 125%; Dec-19 991 105 131 100% 104% 109% 111% 114% 117% 122% 125%; Jan-20 992 99 116 100% 103% 106% 111% 115% 116% 117%; Feb-20 1 009 99 114 100% 102% 105% 107% 111% 115%; Mar-20 1 010 102 114 100% 105% 107% 110% 112%; Apr-20 987 105 122 100% 106% 109% 116%; May-20 993 98 111 100% 108% 113%; Jun-20 980 103 109 100% 106%; Jul-20 1 008 103 103 100%; This Tech Insights report looks at Monthly Recurring Revenue (MRR) retention. It compares how the MRR from new customers for a given month changes over time. MRR retention is an; important SaaS metric as it shows whether a company is able to increase MRR from a cohort of customers. The MRR retention rate for a cohort can be increased through expansions; (higher average revenue per customer) and decreased through customer churn or MRR contractions (lower average revenue per customer).; Percentage of MRR from a cohort of new customers that is retained in each additional period; Month; # of new; customers; MRR from; new; customers; ($000s); Ending MRR; from cohort; ($000s); The 1 000 new; customers from; January 2019 paid; $100k MRR after; 18 months they are; paying $58k; The 992 customers that joined in January; 2020 are paying 17% more than they were; when they first joined; 12 month MRR; retention rate; CLARE CAPITAL TECH INSIGHTS; MRR through time for the cohorts on page one - EXAMPLE COMPANY; 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.; -; 500; 1000; 1500; 2000; 2500; - 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30; MRR ($000s); Months since cohort joined; Early cohorts exhibit high churn; and contraction; MRR from later cohorts; increases due to expansion; Forecast; Not including new cohorts; CLARE CAPITAL TECH INSIGHTS

#177

Overview Clare Capital Tech Insights 177 - Women in NZ leadership - 20200814; This Tech Insights report looks at leadership teams of NZX-listed companies. Of the 876 different professional individuals (CEOs Chairs and Directors) named on the Company; Overview pages of the NZX approximately 20% are women. About the same number of men share the ten most common names in the same positions. Interestingly there are; more men named John than female CEOs and Chairs combined. The same is true for men named Mark David Peter Paul and Michael.; 455 Director; 168 Director; 118 CEO; 5 CEO; 114 Chair; 16; Chair; 0; 100; 200; 300; 400; 500; 600; 700; Men Women; 38 John; 29 Mark; 24 David; 23 Peter; 22 Paul; 15 Michael; 12 Richard; 12 Simon; 11 11 James; Graeme; Name; 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Director; CEO; Chair; Men Women; CLARE CAPITAL TECH INSIGHTS; Some women in leadership teams and on Boards of Directors in New Zealand business; CEO / Chair Title Company name(s) Primary industry; Pip Dunphy Chair Abano Healthcare Group Healthcare; Dame Therese Walsh Chair Air New Zealand Airline; Dame Rosanne Meo Chair Briscoe Group Retail; Elizabeth Coutts Chair x3 Ebos Group Oceania Helathcare Skellerup Healthcare Industrials; Barbara Chapman Chair x2 NZME Genesis Publishing Utilities; Fiona Oliver Chair (acting) Gentrack Group Application Software; Rachael Newfield CEO Green Cross Health Healthcare; Mary Devine Managing Director Hallenstein Glasson Holdings Retail; Prue Flacks Chair Mercury NZ Utilities; Emma Jane Hill Chair Michael Hill International Retail; Naomi James CEO The New Zealand Refining Company Oil and Gas; Jolie Hodson CEO Spark New Zealand Telecommunication Services; Justine Smyth Chair Spark New Zealand Telecommunication Services; Susan Paterson Chair Steel & Tube Holdings Steel; Victoria Potarina CEO TruScreen Healthcare; Dame Alison Paterson Chair Vector Utilities; Joan Withers Chair Warehouse Group Retail; Abby Foote Chair Z Energy Utilities; A few examples of NZX-listed companies with all-male Boards of Directors; Strong female representation Company name Number of board members; AFC Group Holdings 5; Augusta Capital 4; Burger Fuel Group 5; Blackwell Global Holdings 6; Evolve Education Group 6; Geo Limited 3; ikeGPS Group 7; NZ Windfarms 4; Turners Automotive Group 7; 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.; Spark New Zealand was the first NZX-listed; business to have women as the CEO and Chair.; Justine Smyth is the Chair of Spark and since 1 July; 2019 Jolie Hodson has been Spark's CEO.; CLARE CAPITAL TECH INSIGHTS

#176

Overview Clare Capital Tech Insights 176 - Aroa Biosurgery - 20200807; Revenue and EBITDA Share price; Aroa cap table Pre IPO (millions) Post IPO (millions) Aroa overview - 7 August 2020; Series A preference shares 81 - Market cap NZ$m; Series B preference shares 60 - Enterprise value NZ$m 482; Series C preference shares 61 - EV/Revenue; Warrants 4 - Amount raised at IPO NZ$m 32; Ordinary shares (unpaid) 4 - Gross margin 75%; Ordinary shares (fully paid) 50 260 Revenue from USA 96%; Ordinary shares issued under the Offer - 4 0 Revenue from the rest of world 4%; Total ordinary shares on issue at IPO - 300 Employees per Linkedin 90; Options - NZ$0.10 exercise prices 3 3 Headquarters Auckland; Options - NZ$0.11 exercise price 1 1; Options - AU$0.75 exercise price - 6 Notable shareholders: Movac NZ Growth Capital Partners Sparkbox Investments K1W1 ; Total fully diluted share capital 2 65 3 11 Phil McCaw Cure Kids Ventures; Aroa Biosurgery listed on the ASX on the 24th of July at an 85% premium to the IPO price. Aroa develops Endoform® a proprietary soft tissue regeneration technology platform that can; temporarily replace damaged tissue by acting as a scaffold in the wound or the soft tissue to grow new tissue. They primarily sell into the USA. It is interesting to compare the cap table; pre and post IPO noting the range of preference shares warrants and options.; 18x; 462; -10; -; 10; 20; 30; 40; 50; FY18 FY19 FY20 FY21 FY22 FY23; NZ$ millions; Revenue EBITDA; 0.8; 0.9; 1; 1.1; 1.2; 1.3; 1.4; 1.5; 1.6; 1.7; 1.8; 23-Jul 25-Jul 27-Jul 29-Jul 31-Jul 02-Aug 04-Aug 06-Aug; NZ$; IPO price; First day closing price; Forecast; CLARE CAPITAL TECH INSIGHTS; Total wound care market global and US 2015 to 2020; Selected companies in the wound care industry; Market Cap EV; NZ$m NZ$m EV/Rev EV/EBITDA FY2018 FY2019 FY2020; Zimmer Biomet USA Treats bones joints or supporting soft tissues disorders 4 1 314 52 535 5x 19x 8% 0% (13%); Smith & Nephew UK Medical devices joint replacement products 2 6 463 30 130 4x 19x 9% 4% (8%); Cochlear Australia Provides implantable hearing solutions 1 3 564 13 925 9x 32x 13% 0% (9%); Convatec UK Advanced wound dressings and skin care 7 852 9 647 4x 16x 10% (1%) 3%; Integra LifeSciences USA Surgical implants and medical instruments 6 092 8 237 4x 14x 31% 3% (11%); Guanhao Biotech China Regenerative medicine from animal tissue 1 760 1 781 21x NM (0%) (6%) NM; PolyNovo Australia Medical devices for treatment of burns and wounds 1 605 1 599 81x NM 89% 105% 71%; MiMedx USA Regenerative biologics utilizing human placental tissue 994 1 020 2x 20x 18% (17%) NM; Organogenesis USA Wound care and surgical and sports medicine 615 710 2x NM 3% 34% (2%); Amplitude Surgical France Knee and hip prostheses and implants for the foot and ankle 181 371 2x 9x 19% 1% (4%); Aroa Biosurgery NZ Complex wounds and soft tissue reconstruction 4 62 482 18x NM NM 118% 4%; NM: not material; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; Multiples Revenue growth; Company Country Overview; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 2015 2016 2017 2018 2019 2020; US$ millions; United States Rest of world Source: Frost & Sullivan Market Report; CLARE CAPITAL TECH INSIGHTS

#175

Overview Clare Capital Tech Insights 175 - $1m to $100m ARR - 20200731; Years from $1m to $100m ARR; This week’s Tech Insights report looks at Annual Recurring Revenue (ARR) growth from $1 to $100 million (USD) for a selection of prominent SaaS businesses. The future value of; recurring SaaS revenue streams is a key driver for investors valuing such businesses. We also look at revenue multiples and growth over the Last Twelve Months (LTM) for various SaaS; companies. While Covid-19 has impacted all industries to varying degrees a large majority of the businesses illustrated are trading at all-time highs as people change the way they work ; interact and communicate with others.; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; - 1 2 3 4 5 6 7 8 9 10 11 12; ARR (USD millions); Years; Note: Growth rate for Cornerstone OnDemand assumed to be 60% for first 5 years.; Note: Assuming it takes 24 months from founding to $1m ARR if no actual data available.; CLARE CAPITAL TECH INSIGHTS; Revenue multiple vs Last Twelve Month (LTM) revenue growth for listed SaaS businesses; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Bessemer Venture Partners. 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.; Xero; Pushpay; Twilio (2019); Shopify (2019) Twilio; Shopify; ServiceNow; Dropbox; DocuSign; DocuSign (2019); Datadog; Splunk; Zscaler; HubSpot; Square; GoDaddy; Bill.com; Atlassian; Zoom; Zoom (2019); Cornerstone OnDemand; Slack; Salesforce; Smartsheet; Plexure; Workday; -; 10; 20; 30; 40; 50; 60; 70; 80; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110%; Enterprise value / LTM revenue; LTM revenue growth; Size of bubble represents LTM revenue (USD); 20 billion 5 billion 1 billion; Revenue based on Mar/April 2019 and 2020 figures.; CLARE CAPITAL TECH INSIGHTS

#174

Overview Clare Capital Tech Insights 174 - Smartshares - 20200724; Smartshares top five and bottom five performing ETFs over the last 12 months; Smartshares offer a range of Exchange Traded Funds (ETFs) on the NZX. The different ETFs are comprised of holdings from selected industries or geographies. Below we compare the; performances of the five best and five worst performing Smartshares ETFs over the last 12 months. On the second page we consider how the composition of two selected ETFs change; over time. Note Smartshares is owned by the NZX.; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Apr-2020 May-2020 Jun-2020 Jul-2020; Share price index (July 2019); Smartshares overview; ETFs: 35; Market Cap of listings: NZ$3.55 billion; July 2020 new listings:; - ASX 200; - NZX 50; =- NZ Govt. Bond; - Total World (NZ$ Hedged); Aus Top 20; Aus Dividend; NZ Dividend; Aus Property; Aus Financials; Healthcare Innovation; US Large Growth; Automation & Robotics; US Equities; NZX 10 Fund; CLARE CAPITAL TECH INSIGHTS; Breakdown of US Large Growth ETF - 15 largest holdings Change in Automotion and Robotics ETF top 50% composition; 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.; Each graph shows how many companies (boxes) are required to make up 50% of the; ETF. In mid 2019 66 companies made up 50% of the ETF (top chart) while in mid 2020 ; 26 companies made up 50% of the ETF (bottom chart). Only 12 companies are in both; graphs.; 2019; 2020 -; 0.02; 0.04; 0.06; 0.08; 0.1; Microsoft; Apple; Amazon; Google; Facebook; Visa; Home Depot; Mastercard; McDonald's; Netflix; PayPal; Adobe; Boeing; Comcast; Disney; % of US Large Growth ETF made up by the 15 largest holdings; 2019 2020; 0.42; 0.43; 0.44; 0.45; 0.46; 0.47; 0.48; 0.49; 0.5; 2019; 2020; 15 largest holdings as a % of the total ETF; CLARE CAPITAL TECH INSIGHTS

#173

Overview Clare Capital Tech Insights 173 - Fisher & Paykel Healthcare - 20200717; A brief history of Fisher & Paykel Healthcare and its share price index; This Tech Insights report looks at the history of Fisher & Paykel Healthcare - the first NZX-listed company to be valued over NZ $20 billion. The company's share price has more than; doubled in the past 12 months demonstrating exceptional growth both before and during the Covid-19 Pandemic.; -; 2; 4; 6; 8; 10; 12; 2010 2012 2014 2016 2018 2020; Share price index (2010 =1.0); NZX 50 share price index Fisher & Paykel Healthcare share price index; 1934 1954 1974 1994; 2019-2020: The share price more; than doubles in 12 months.; 2020: Fisher & Paykel Healthcare becomes the; first NZ company to be valued over NZ $20b.; 2001: Fisher & Paykel Healthcare; and Fisher & Paykel Appliances; become two separately listed; companies as a result of the; healthcare sector driving more; than 50% of profits.; 2012: Haier a Chinese appliances; manufacturer acquires over 90% of; Fisher & Paykel Appliances and delists; the company from the ASX and NZX.; Fisher & Paykel Appliances remains a; major appliances manufacturer.; 1934: Fisher & Paykel is formed; to sell imported refrigerators.; 1938 - 1949: Deemed as; an essential company the; firm is granted some; protection against closure; during WW2 allowing it; to expand.; 1938: Fisher & Paykel is forced; to start manufacturing due to; import restrictions. The; company starts producing; washing machines.; 1979: Fisher &; Paykel goes public; with authorised; capital of $40m.; 17/07/2020:; Share price of NZ $35.95; 17/07/2019:; Share price of NZ $15.46; CLARE CAPITAL TECH INSIGHTS; Total Revenue and EBITDA year ending 31 March NZ $m Operating Revenue breakdown NZ $m; Selected companies in the Healthcare and Respiration System industries; Revenue EV EV; today Revenue EBITDA; US $b; Johnson & Johnson Research development and manufacture of healthcare products 80.5 5.0 14.8 26.3; Roche Holding AG Prescription pharmaceuticals and diagnostics business 65.8 4.8 12.6 22.5; Merck & Co. Provision of a range of healthcare solutions 43.8 3.3 11.7 15.6; Pfizer Manufacture and sale of healthcare products 48.1 4.6 11.7 20.2; GlaxoSmithKline Research development and manufacture of healthcare products 50.7 4.8 11.9 13.0; ResMed Medical devices and software solutions for respiratory disorders 2.9 10.4 32.7 56.5; Teleflex Incorporated Medical devices for procedures in critical care and surgical applications 2.6 7.6 27.3 32.7; Fisher & Paykel Healthcare Medical device products and systems 0.8 18.0 53.5 79.9; Lepu Medical Technology Medical devices and equipment 1.1 11.1 36.7 52.0; Ambu A/S Visualisation anesthesia patient monitoring & diagnostics 0.5 19.9 120.4 226.1; Disclaimer; 9.1; 4.2; 392.6; 289.2; 119; 231.6; 13.5; Overview; Market Cap; 6 months ago; US $b US $b; 224.2; 23.1; 17.8; 8.5; 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.; P/E ratio; Market Cap; today; 393.5; 309.1; 103.6; 201.6; 201.4; 11.2; 9; Company Name; 28.8; 17.7; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023; NZ $m; Total revenue EBITDA Expon. (Total revenue) Expon. (EBITDA); -; 200; 400; 600; 800; 1000; 1200; 1400; 2016 2017 2018 2019 2020; NZ $m; Hospital products; Homecare products; Primary industry:; Healthcare; Trend; Actuals Forecast; Primary industry:; Respiration Systems; Trend; CLARE CAPITAL TECH INSIGHTS

#172

Overview Clare Capital Tech Insights 172 - Stuff for a $1 - 20200710; Stuff financials (NZD millions); This Tech Insights report looks at Stuff a New Zealand media company. It was purchased from Nine Entertainment in May 2020 by Stuff CEO Sinead Boucher for $1. In 2015 Stuff had; revenues of NZD ~$400 million and EBITDA of NZD $63 million. Recently media revenues and profitability have taken a material hit worldwide. That said the sale of Stuff for $1 raised; eyebrows here in New Zealand. We take a look at how Stuff could only be worth $1 and how some similar transactions have played out internationally.; FY20 FY21 FY22 FY23 FY24; -50; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; FY15 FY16 FY17 FY18 FY19; Revenue Expenses EBITDA Forecast; How can a business with hundreds of millions in revenue be worth $1?; The answer is all about the cash flows of the business. It strongly appears that; Stuff is on a trajectory to constantly losing money without a clear path back to; profitability. Businesses in this situation aren’t worth much if anything.; The previous owner Nine Entertainment was faced with a material restructuring; task. This would likely have involved both a significant investment and; management focus. With challenges in their core Australian business these were; resources that are scarce in the current environment. Hence the sale for $1.; *Based on revenue CAGR: -9.0% and expense CAGR: -6.6% (calculated on previous four years).; Note: This is a simplistic analysis ignoring factors such as COVID-19 that may have accelerated existing trends.; Forecast; FY15 FY16 FY17 FY18 FY19 FY20* FY21* FY22* FY23* FY24*; Revenue 391.4 355.5 333.7 305.6 268.7 244.6 222.6 202.6 184.4 167.9; EBITDA 63.2 43.9 39.7 26.5 18.6 20.1 12.9 6.6 1.3 -3.3; CLARE CAPITAL TECH INSIGHTS; Companies sold for or and now worth millions or billions; 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.; Chelsea was sold to Ken Bates for £1 in 1982 £1.5 million in debt.; The introduction of the EPL and greatly increased broadcasting rights in 1992 completely changed the; business model for football clubs and created a large revenue stream. In 2003 Ken Bates sold Chelsea to; Roman Abramovich for £140 million.; Chelsea is estimated by Forbes to be worth over £2.5 billion (2019).; Reader's Digest once the biggest selling magazine in the world was; sold for £1 to entrepreneur Mike Luckwell in 2014.; Mike Luckwell shifted the magazine's focus from print to digital ; significantly increasing its readership and restoring the viability of; the business.; Currently the publication has over 24 million readers of both its; printed and digital publications and can be found in over 70; different countries.; Newsweek was sold for $1 to Sidney Harman in 2010. Harman took; on liabilities of over USD $47 million.; The print edition was discontinued in 2012 with declining; advertising and subscriptions alongside increasing printing costs.; IBT Media purchased Newsweek in 2013 making significant; changes and turning the business to profitability in late 2014. Using; IBT's resources content output was increased while still retaining; quality journalism.; The print magazine resumed in 2014 but at a higher cost. Currently; Newsweek has an estimated circulation of 100 000.; Renault bought 90% of the Lotus Formula 1 team for £1 in 2015.; The team has since materially increased its revenue while retaining a similar cost base to; achieve breakeven and requiring minimal investment from the parent company.; The team is estimated by Forbes to be worth over £340 million (2019) and races under; the "Renault F1" team.; -50; 50; 150; 2015 2016 2017 2018; Revenue Operating expenses Net Income; All figures in GBP millions. | *estimated.; All figures in GBP millions.; -; 1000; 2000; 3000; 4000; 5000; 1992-1997* 1997-2001* 2001-2004* 2004-2007* 2007-2010 2010-2013 2013-2016 2016-2019; Premier League payments to football clubs (excluding Chelsea); Premier League payments to Chelsea; £440 million | ~9%; The businesses below have been turned around for two key reasons - being in the "right place at the right time" (Chelsea) or being fundamentally restructured.; CLARE CAPITAL TECH INSIGHTS

#171

Overview Clare Capital Tech Insights 171 - Nikola Tesla - 20200703; Tesla revenue and cars sold Nikola market cap and value traded since going public on June 4; Tesla and Nikola revenue growth; Nikola Tesla was an inventor electrical engineer mechanical engineer and futurist who is best known for his contributions to the design of the modern alternating current electricity; supply system. His legacy has been carried on by American Electric Vehicle (EV) companies Nikola and Tesla. Nikola is an American hybrid truck design and manufacturing company that; is yet to sell a car. Tesla is the largest car manufacturer in the world by market cap.; -; 1; 2; 3; 4; 5; 6; -; 5; 10; 15; 20; 25; 30; 35; 04-Jun 11-Jun 18-Jun 25-Jun 02-Jul; Daily value of shares traded US$; billions; Market cap US$ billions; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; -; 20; 40; 60; 80; 100; 120; 140; Cars sold (000s); Revenue US$ billions; Revenue Annual car sales Forecast annual car sales; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7; Revenue US$ billions; Tesla Nikola (forecast); Forecast; Nikola's FY20 revenue is forecast as $0 ; growing to US$1.4 billion in FY23 and; US$7.7 billion in FY26. Tesla Year 1 is; FY10; US$1 billion of Nikola shares are; traded each day; CLARE CAPITAL TECH INSIGHTS; New electric and hybrid car sales by country and as a % of total global motor vehicle production; Share of US$2.2 trillion global automobile industry; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence the International Organization of Motor Vehicle Manufacturers and; the Global EV Outlook 2020. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions; you should seek appropriate personalised financial advice.; -; 0.005; 0.01; 0.015; 0.02; 0.025; -; 0.5; 1; 1.5; 2; 2011 2012 2013 2014 2015 2016 2017 2018 2019; % of total motor vehicle; production; EV and hybrid car sales (millions); China USA Europe Others Scandinavia UK Japan & Korea % of total motor vehicle production; -; 50; 100; 150; 200; 250; 300; 350; Value US$ billions; Market Capitalisation Net Debt; Total enterprise value; Tesla; sales; Note: where net; debt is negative the; market cap is; reduced by excess; cash held.; CLARE CAPITAL TECH INSIGHTS

#170

Overview Clare Capital Tech Insights 170 - Change in Revenue Forecasts vs Share Price Movements - 20200626; 50 largest SaaS companies; Example: Afterpay; Share price: 50% since Covid (Y-axis); FY21 forecast revenue: 9% since Covid (X-axis); Pre-Covid revenue growth forecast: 47% (bubble size for F21 to FY22); This report compares share price performance since the Covid pandemic relative to changes in revenue forecasts. Many global SaaS companies have seen a rise in their share price despite a fall in forecast; revenue. Companies with higher pre-Covid revenue growth forecasts (larger bubbles in charts) have outperformed companies with lower pre-Covid growth forecasts. The first page looks at the 50 largest; SaaS companies in the world per Tech Insights report #145 (Afterpay replacing Sophos). The second page looks at the 50 largest New Zealand NZX-listed companies. Note: Paycom AppFolio and LogMeln; use FY20 to FY21 growth forecasts.; Afterpay has seen a material share price increase despite a fall in; forecast revenue.; salesforce.com; ServiceNow; Workday; Atlassian Square; Veeva; Zoom; Splunk; Citrix; Akamai; RingCentral; SS&C; Twilio; Okta; Paycom; Slack; DocuSign; GoDaddy; Tyler; Datadog; Guidewire; Coupa; Dropbox; Aspen; Zendesk; PTC; MongoDB; Xero; HubSpot; Proofpoint; Nemetschek; Elastic; Nutanix; Zscaler; Manhattan Associates; New Relic Smartsheet; Medallia; Afterpay; Cornerstone OnDemand; Five9; AppFolio; Descartes; LogMeIn; TOTVS; LiveRamp; BlackLine; Box; Mimecast; SVMK; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; (25%) (20%) (15%) (10%) (5%) - 5% 10% 15% 20% 25%; Change in share price (Feb vs Jun); Change in FY21 revenue forecast (Feb vs Jun); Bubble size: Pre-covid forecast revenue; growth from FY21 to FY22; 0.5; 0.3; 0.1; 0.77; 1.5; 1.05; CLARE CAPITAL TECH INSIGHTS; 50 largest New Zealand NZX listed 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.; Pushpay; F&P Healthcare; a2 Milk; Synlait; EBOS; Scales Corp.; Meridian; AFT; Delegat Group; Metlifecare; Vector; Investore Property; Ryman; Oceania; Mercury; Heartland; NZX; Spark; Contact; Restaurant Brands; Property For Industry; Skellerup; Arvida; Precinct Properties; Freightways; The Warehouse; Port of Tauranga; Vital Healthcare; Sanford; Summerset; Trustpower; Mainfreight; Argosy; Napier Port; Goodman Property; Fletchers; Briscoes; Kiwi Property; Kathmandu; Tilt; Auckland Int. Airport (56%); Infratil (27%); SKYCITY (28%); Air NZ (48%); Z Energy (45%); Stride (32%); Vista (28%); Serko (61%); -0.7; -0.5; -0.3; -0.1; 0.1; 0.3; (25%) (20%) (15%) (10%) (5%) - 5% 10% 15% 20% 25%; Change in share price (Feb vs Jun); Change in FY21 revenue forecast (Feb vs Jun); Off axis as less than; negative 20% change in; forecast revenue (change in; FY21 revenue forecast); Bubble size: Pre-covid forecast revenue; growth from FY21 to FY22; 0.5; 0.3; 0.1; 1.08; Negative; 0.2; CLARE CAPITAL TECH INSIGHTS

#169

Overview Clare Capital Tech Insights 169 - Leverage - 20200619; Debt / enterprise value for selected NZX-listed companies; This Tech Insights report looks at leverage (debt as a percentage of enterprise value) for selected NZX-listed companies pre Covid-19 (figures shown are from the latest balance sheet and; share price information available as of the 31st of January 2020).; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Leverage; Net debt / enterprise value Gross debt / enterprise value; Enterprise value = market capitalisation + net debt; (Gross debt - cash); Net debt / enterprise value; 4(Tech companies); Plexure; Hallenstein Glasson; a2 Milk; Pushpay; Gentrack; TruScreen; Serko; Air New Zealand; F&P Healthcare; Kathmandu; Fletcher Building; NZX; The Warehouse; Meridian Energy; Steel & Tube; EROAD; Ryman; Metlifecare; Contact Energy; Auckland Airport; SKYCITY; Spark New Zealand; Smartpay; Summerset; Genesis Energy; Tourism Holdings; SKY TV; Vector; Z Energy; Fonterra; Chorus; Burger Fuel; Seeka; CLARE CAPITAL TECH INSIGHTS; Net debt as a percentage of enterprise value for selected NZX-listed 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.; Plexure; Hallenstein; Glasson; Pushpay; Gentrack; TruScreen; Serko Kathmandu; NZX; The Warehouse; Steel & Tube; EROAD; Metlifecare; Smartpay; Tourism Holdings; SKY TV; Burger Fuel; Seeka; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; - $500 $1 000 $1 500 $2 000; Net debt / enterprise value; a2 Milk; Air New Zealand F&P Healthcare; Fletcher Building; Ryman Meridian Energy; Contact Energy; Auckland Airport; SKYCITY; Spark New; Zealand; Summerset; Genesis Energy; Z Energy Vector; Fonterra; Chorus; $$22 000000 $7 000 $12 000 $17 000; Tech companies; Non-tech companies; Enterprise value NZ$milions; CLARE CAPITAL TECH INSIGHTS

#168

Overview Clare Capital Tech Insights 168 - Working Capital Analysis - 20200612; This Tech Insights report looks at certain components of working capital for New Zealand businesses. It is interesting to compare these items for different industries with special focus on; New Zealand's Tech industry. Data is retrieved from each company's most recent balance sheet.; Working capital analysis; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; % of revenue; Receivables / revenue Payables / revenue Inventory / revenue Unearned revenue / revenue Net / revenue; Definitions; Receivables: money owed to a company by its customers.; Payables: money owed by a business to its suppliers.; Inventory: goods available for sale and raw materials used to produce goods.; Unearned revenue: money received for a service or product that has yet to be provided or delivered.; Net = receivables + inventory - payables - unearned revenue; 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.; Positive and negative working capital analysis; Air NZ; SKY TV; Argosy Property Limited; Plexure; Paysauce; EROAD; Vector; Pushpay; Restaurant Brands; a2 Milk; NZME; Briscoes; Napier Port; Xero; Gentrack; EBOS; Synlait; Z Energy; The Warehouse; Hallenstein Glasson; BLIS; Fonterra Co-op; Micheal Hill; F&P Healthcare; Vista; Serko; ikeGPS; Millennium & Copthorne; Rakon; Comvita; -; 0.1; 0.2; 0.3; 0.4; 10% 20% 30% 40% 50% 60% 70% 80%; (Payables + unearned revenue) / revenue; (Receivables + inventory) / revenue; Key; Net positive NZ tech companies; Other NZ companies; Net negative; CLARE CAPITAL TECH INSIGHTS

#167

Overview Clare Capital Tech Insights 167 - V Shaped Recovery - 20200605; Change in share price vs index; This Tech Insights report looks at the change in share price (%) of several technology companies listed on the NZX and ASX since the start of February. Subsequent to market lows in late; March we have seen a rapid recovery in the share price of many companies. The technology sector has been no different with companies such as Xero Afterpay and Pushpay reaching alltime; highs.; -1; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Afterpay; -0.4; -0.3; -0.2; -0.1; -; 0.1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Xero; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; NZX50 Pushpay; -0.9; -0.75; -0.6; -0.45; -0.3; -0.15; -; 0.15; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Bigtincan Holdings; CLARE CAPITAL TECH INSIGHTS; Change in share price vs index; 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.; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Altium; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Elmo Software; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Tyro Payments; -0.75; -0.6; -0.45; -0.3; -0.15; -; 0.15; 0.3; 01-Feb 21-Feb 12-Mar 01-Apr 21-Apr 11-May 31-May; ASX200 Wisetech Global; CLARE CAPITAL TECH INSIGHTS

#166

Overview Clare Capital Tech Insights 166 - Shares Outstanding - 20200529; This Tech Insights report looks at the number of shares outstanding for international and New Zealand technology companies over time. The three general ways that impact the number; of shares outstanding are by issuing new shares buying back existing shares or issuing new shares to employees.; Shares outstanding - NZ technology Cash proceeds since 2015 / Current; market cap; - 20% 40% 60% 80% 100%; Xero; Gentr; ack; Push; pay; Vista; Serko; ikeGP; S; Plexu; re; 100; 120; 140; 160; 180; 200; 220; 240; 260; 280; 300; 2015 2016 2017 2018 2019 2020; Shares outstanding index; NZ$5.4m McDonalds; investment; NZ$45m Booking.com investment; NZ$65m equity raise; Note: Cash proceeds; estimated as monthly change; in shares outstanding x; historic share price.; Plexure; Xero; Vista; Serko; Gentrack; ikeGPS; Pushpay; 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.; Shares outstanding - Visa and Mastercard Shares outstanding - FAANG stocks; 60; 70; 80; 90; 100; 110; 120; 130; 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Shares outstanding index; Visa Mastercard; 60; 70; 80; 90; 100; 110; 120; 130; 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Shares outstanding index; Facebook Amazon Apple Netflix Google; Indexed at 31 May 2012; =- Facebook IPO.; Since 2009 Visa and Mastercard have used; share buybacks to return more than US$80; billion to investors. The share buybacks; have reduced the number of shares; outstanding in each company by more; than 20%.; CLARE CAPITAL TECH INSIGHTS

#165

Overview Clare Capital Tech Insights 165 - Revenue Cohorts - 20200522; WIX revenue cohorts (USD); This Tech Insights report looks at the revenue cohort breakdown for Wix Xero and Pushpay. A revenue cohort consists of all the users that have joined the platform in a particular year; and gives a good representation of the portion of revenue provided by those customers over time. The revenue generated by individual cohorts each year is based on the combined; effect of the change in the Average Revenue Per User (ARPU) and churn.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Revenue (millions); A cloud based platform to design; and build websites; US $10 billion market capitalisation; US $739 million ARR; 3.2 million users; 100; 120; 140; 160; 180; 200; Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4; 2017 2018 2019; WIX Average Revenue Per User (ARPU); Increased ARPU ARR Churn ARR; Cohort ARR; -2015; Cohort ARR; -2016; 2019; 2018; 2017; 2016; 2015; 2014; 2013; 2012; 2011; 2010; Cohorts; CLARE CAPITAL TECH INSIGHTS; Disclaimer; The information provided in this report has been sourced and calculated from annual reports for each respective company 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Revenue (millions); Xero revenue cohorts - estimated (NZD) Pushpay revenue cohorts - estimated (USD); Revenue retention assumed to be constant across; each cohort for Pushpay as per annual reports.; 20; 22; 24; 26; 28; 30; 32; 34; 2010 2012 2014 2016 2018 2020; ARPU; ARPU; 2019; 2018; 2017; 2016; 2015; 2014; 2013; 2012; 2011; 2010; Cohorts; -; 20; 40; 60; 80; 100; 120; 140; 2014 2015 2016 2017 2018 2019 2020; Revenue (millions); Cohorts; USD; 2020; 2019; 2018; 2017; 2016; 2015; 250; 450; 650; 850; 1050; 1250; 1450; 2014 2016 2018 2020; ARPU; Church Community; Builder acquisition; Assumes constant Average Revenue Per User (ARPU) and churn across each cohort for Xero.; Cohort revenue is estimated based on revenue and number of users reported as of 31 March of each year.; CLARE CAPITAL TECH INSIGHTS

#164

Overview Clare Capital Tech Insights 164 - Largest Companies by Market Capitalisation - 20200515; Largest public New Zealand based companies by market capitalisation; This report looks at a selection of the largest companies in Australasia by market cap from 2000 to 2020. The first page looks at companies with headquarters in New Zealand and the; second page looks at companies with headquarters in Australia.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 2000 2005 2010 2015 2020; Market cap NZD billions; Carter Holt; Harvey; The Warehouse; Group; Vector; Fletcher; Building; Fisher &; Paykel; Xero; Meridian; Energy; Auckland; Aiport; Spark; Fonterra; Contact; Energy; The a2 Milk; Company; Spark (formerly Telecom); and Chorus separated in; December 2011.; Spark; CLARE CAPITAL TECH INSIGHTS; Largest public Australia based companies by market capitalisation; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 50; 100; 150; 200; 250; 300; 350; 2000 2005 2010 2015 2020; Market cap NZD billions; Telstra; National; Australia; Bank; ANZ; Westpac; Commonwealth; Bank Australia; CSL; BHP; group; CLARE CAPITAL TECH INSIGHTS