#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

#163

Overview Clare Capital Tech Insights 163 - Private Investment in Public Equity - 20200508; Private Investment in Public Equity and selected placements; This week's Tech Insight looks at a number of recent Private Investment in Public Equity (PIPE) transactions. PIPE allows public companies to raise capital through a secondary offering ; often in a shorter space of time and with fewer regulatory hurdles compared to a traditional share offering. A PIPE can be structured in numerous ways including convertible preference; securities common shares warrants or other equity or debt securities. Two recent large transactions include Silver Lake’s investments into Twitter and Expedia.; Broadcom; ArborGen; Motorola Solutions; CommScope; Agiliti; AMC Entertainment; Wayfair; Verint Systems; Cornerstone OnDemand; 8x8; 1Life Healthcare; Afterpay; EVO Payments; Redfin; WiseTech Global; NextDC GetSwift; MoneyGram; ELMO software; Appen; Inseego; Dragontail Systems; Pivotal Systems; EROAD; Smartpay; Buddy Technologies; Plexure; Netlinkz; Oct-15 Apr-16 Nov-16 Jun-17 Dec-17 Jul-18 Jan-19 Aug-19 Feb-20 Sep-20; Equity; Debt Size of bubble represents; investment size (USD millions); 1 000 500 100; Silver Lake Investments; -; 30; 60; 90; 120; Potential payoff for investment (preference shares + warrants); into EXPE; 20% IRR; 15% IRR; 10% IRR; -; 0.5; 1; 1.5; 2; (100%) - 100% 200% 300%; Change in share price; Silver Lake's potential return after 1 year (times); Investment has potential for equity upside but also debt protection; on the downside.; Twitter; Expedia; Airbnb*; CLARE CAPITAL TECH INSIGHTS; PIPEs and selected placements; Company Investor(s); Investment; (USD million); Transaction; date; Transaction date; share price; Broadcom Silver Lake 5 000 May-18 231.30 USD Convertible debt issued; Expedia Silver Lake Apollo Global Mgt 1 176 May-20 64.08 USD Preference shares 9.5% interest rate conversion price of $72 per share; Twitter Silver Lake 1 000 Mar-20 26.78 USD Convertible senior notes 0.38% interest rate conversion price of $41.50 per share; Motorola Solutions Silver Lake 1 000 Sep-19 173.57 USD Convertible senior notes 1.75% interest rate conversion price of $203.50 per share; CommScope Carlyle Group 1 000 Nov-18 19.56 USD Preference shares 5.5% interest rate conversion price of $27.50; Airbnb* Silver Lake TPG Sixth Street 1 000 Apr-20 - USD Equity + debt (non-convertible); Airbnb* Silver Lake Owl Rock + others 1 000 Apr-20 - USD Senior debt interest rate of 7.5% above risk free rate; NCR Corporation Blackstone 820 Dec-15 26.47 USD Preference shares 5.50% interest rate conversion price of $30 per share; Agiliti Thomas H. Lee Partners 750 Jan-19 10.11 USD Common shares issued at a price of $8.50; AMC Entertainment Silver Lake 600 Sep-18 19.80 USD Convertible senior notes 2.95% interest rate conversion price of $20.50 per share; Wayfair CBEP Investments + others 535 Apr-20 71.50 USD Convertible senior notes 2.50% interest rate conversion price of $72.50 per share; Verint Systems Apax Partners 400 Apr-20 42.74 USD Preference shares 5.2% interest rate conversion price of $53.50; Cornerstone OnDemand Silver Lake 294 Dec-18 53.72 USD Convertible notes 5.75% interest rate conversion price of $42 per share; Afterpay Coatue Management 200 Nov-19 31.60 AUD Common shares issued at a price of $28.50; EVO Payments Madison Dearborn 152 Apr-20 14.45 USD Preference shares 6.0% interest rate conversion price of $15.80 per share; WiseTech Global Capital Research + others 101 May-18 14.38 AUD Common shares issued at a price of $13.30; Redfin Durable Capital 110 Apr-20 13.50 USD Common shares issued at $15.61 + convertible pref shares with conversion price of $19.51; GetSwift LDA Capital 67 - 0.42 AUD Common shares to be issued in the event Put option is exercised; MoneyGram Ripple Labs 50 Nov-19 3.07 USD Common shares and warrants issued at a price of $4.10; Inseego MIC Capital + others 25 Mar-20 5.88 USD Preference shares 9.0% interest rate; Dragontail Systems Alceon Liquid + others 19 Mar-20 0.09 AUD Preference shares issued at a price of $0.13; ArborGen Knott Partners Libra Advisors 17 Jun-17 0.23 NZD Common shares issued at a price of $0.2178; Smartpay Anacacia Capital + others 8 Jul-18 0.20 NZD Convertible senior notes 8.0% interest rate conversion price of $0.25 per share; 8x8 Institutional 250 Feb-19 20.06 USD Convertible senior notes 0.50% interest rate conversion price of $25.68 per share; NextDC Institutional 50 Sep-16 4.06 AUD Common shares issued at a price of $4.06; ELMO software Institutional 45 Apr-18 5.31 AUD Common shares issued at a price of $5.40; Appen Institutional 25 Nov-17 7.14 AUD Common shares issued at a price of $5.80; EROAD Institutional 11 Jun-18 3.60 NZD Common shares issued at a price of $3.04; Plexure McDonald's 5 Apr-19 0.42 NZD Common shares issued at a price of $0.3905; Disclaimer; Transaction details; 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.; *Airbnb is not publicly listed but has been included as a data point; CLARE CAPITAL TECH INSIGHTS

#162

Overview Clare Capital Tech Insights 162 - Shorted shares - 20200501; 8x8 New Relic Fitbit; This Tech Insights report looks at businesses where there has been a change in the number of shorted shares. The higher the percentage of shorted shares the greater the sentiment; that a business is overvalued.; Shorting Tesla share price and % of shares sold short since IPO; When an investor borrows; shares and then; immediately sells them ; purchasing new shares at; the end of the borrowing; period to be returned. The; investor makes a profit if; the share price falls; between when they sold; the borrowed shares and; when they purchased; shares to be returned.; -; 5; 10; 15; 20; 25; 30; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 20; 40; 60; 80; 100; 120; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; Jan-19 Jun-19 Nov-19 Apr-20; Share price US$; % of total shares sold short; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Share price US$; % of total shares sold short; Google's buyout of Fitbit at; 7.35; CLARE CAPITAL TECH INSIGHTS; Changes in shares sold short due to Covid-19; Disclaimer; Domino's Pizza Slack; 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.; Royal Carribean United Airlines Live Nation; Expedia; -; 20; 40; 60; 80; 100; 120; 140; 160; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 10; 20; 30; 40; 50; 60; 70; 80; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 20; 40; 60; 80; 100; 120; 140; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 5; 10; 15; 20; 25; 30; 35; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; -; 0.03; 0.06; 0.09; 0.12; 0.15; Jan Feb Mar Apr; Share price US$; % of total shares sold short; CLARE CAPITAL TECH INSIGHTS

#161

Overview Clare Capital Tech Insights 161 - Recent Capital Raises - 20200424; This Tech Insights report looks at ASX/NZX-listed companies which raised capital recently. The first page demonstrates the amounts raised and the discounts at which shares were issued.; The second page looks at metrics around the capital raises.; Recent capital raises for NZX and ASX-listed companies; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; - 200 400 600 800 1 000 1 200 1 400; Discount at which shares were issued; Amount raised (NZD millions); CLARE CAPITAL TECH INSIGHTS; Southern Cross Media; Ooh!Media; Kathmandu; Webjet; G8 Education; Eos; Flight Centre; Oil Search; Vista Group International; NEXTDC; Auckland Airport; Invocare; Rhipe; Bapcor; Centuria Industrials REIT; Carbon Revolution; Shopping Centres Australia; Metcash; QBE; Cochlear; Ramsay; Volpara; Reece; IDP Education; Megaport; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and ASX/NZX 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.; - 0.2 0.4 80% 60% 40% 20% - 0.6 0.8 1.0 1.2 1.4; Volpara: 3.1; NEXTDC: 3.8; Auckland Airport: 1.6; Shares issued; Total shares post issue; Amount raised; Total revenue; CLARE CAPITAL TECH INSIGHTS

#160

Overview Clare Capital Tech Insights 160 - Exchange value traded - 20200417; Monthly trading levels by exchange; The value traded on stock exchanges around the world has surged due to fears over the impact of Covid-19 around the world. Both February and March 2020 have seen a large increase; in the value traded across exchanges although not quite to the levels seen during the financial crisis of 2008. Times of uncertainty can increase the value traded on stock exchanges as; investors evaluate their positions and risk exposure.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Nasd NYSE DB.. SSE. ASX. NZX; Monthly value traded of all; companies listed on the exchange; Market capitalisation of all; companies listed on the exchange; Monthly trading level =; CLARE CAPITAL TECH INSIGHTS; Jan 09 Jan 19 2004 2007 2010 2013 2016 2019; New York Stock Exchange USA New York City 9 363 22 464 11 504 29 114 17 796 13 700 17 318 12 248; Nasdaq USA New York City 2 101 10 662 8 603 13 766 12 659 9 585 11 071 15 910; Japan Exchange Group Japan Tokyo 2 148 5 628 - - - - 5 342 5 099; Shanghai Stock Exchange China Shanghai 1 557 4 194 320 4 182 4 602 3 785 7 194 7 790; London Stock Exchange UK London 1 758 4 160 1 678 4 279 1 261 - - -; Euronext EU 1 863 4 102 2 077 4 790 2 056 1 722 1 687 1 920; Hong Kong Stock Exchange Hong Kong Hong Kong 1 238 4 084 404 2 020 1 495 1 324 1 351 1 877; TMX Group Canada Toronto 998 2 176 707 1 765 1 423 1 333 1 181 1 445; Bombay Stock Exchange India Mumbai 613 1 993 123 359 264 80 107 89; Deutsche Borse Germany Frankfurt 937 1 867 1 227 3 572 1 659 1 383 1 248 1 507; Korea Exchange Korea Seoul 470 1 529 526 1 918 1 641 1 334 1 636 1 944; SIX Swiss Exchange Switzerland Zurich 762 1 527 600 1 465 879 704 844 977; Australian Securities Exchange Australia Sydney 588 1 351 556 1 433 1 187 822 825 881; Brasil Bolsa Balcao Brazil Sao Paulo 612 1 068 114 648 918 744 573 1 048; Taiwan Stock Exchange Taiwan Taipei 323 975 754 1 018 969 622 522 872; Johannesburg Stock Exchange South Africa Johnannesburg 432 958 120 352 375 318 406 350; New Zealand Exchange New Zealand Wellington 21 90 5 6 4 9 11 13; Total annual trading value (USD billions)*; Disclaimer; The information provided in this report has been solely sourced and calculated from World Federation of Exchanges. 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.; Name Country; Total value (USD billions) Annual value traded (USD billions); Market headquaters; Paris Oslo (+others); -; 15000; 30000; 45000; 60000; 75000; 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; *Excludes LSE and JPX due to incomplete dataset; CLARE CAPITAL TECH INSIGHTS

#159

Overview Clare Capital Tech Insights 159 - Company Cash Balance - 20200409; Number of monthly operating expenses companies have in cash and cash equivalents on their balance sheets (9 April 2020); This Tech Insights report compares cash with operational expenses. A large amount of cash on balance sheet is often seen as inefficient use of capital. Alternative uses for cash include; investing it in the business expanding the business through acquisition or using it for a “share buyback”. In times of difficultly however cashflow can quickly become an issue for a; business’s viability and is one instance where a strong cash balance can be important.; -; 6; 12; 18; 24; 30; 36; # Months; Average; Average; Average; NZ listed AU listed US listed; Cash of NZ$42m (market; update April 3); Operating expenses have been calculated; using numbers form the last 12 months.; Firms may have a variable cost structure ; which would change the values illustrated; in this figure.; CLARE CAPITAL TECH INSIGHTS; Cash as a percentage of market capitalisation (9 April 2020); 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.; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; AU listed; US listed; NZ listed; *Cash of NZ $42m (market update April 3); **Cash excludes Fulfiller payables and Artist payables; NZ listed AU listed US listed; CLARE CAPITAL TECH INSIGHTS