#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

#158

Overview Clare Capital Tech Insights 158 - Zoom - 20200403; Zoom and NASDAQ Composite share price indices compared to global coronavirus cases; The spread of Covid-19 and the subsequent restrictions on travel has forced individuals and organisations to communicate using technology. Zoom a major communications platform provider has; been a benefactor of this shift. In December 2019 the Zoom platform was hosting a maximum of 10 million people daily by March 2020 it was hosting 200 million daily. This has caused some; growing pains for Zoom especially around security which the company is working to address.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 1100; 1200; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; 2.2; 44583; 44585; 44587; 44589; 44591; 44593; 44595; 44597; 44599; 44601; 44603; 44605; 44607; 44609; 44611; 44613; 44615; 44617; 44619; 29-Feb; 44622; 44624; 44626; 44628; 44630; 44632; 44634; 44636; 44638; 44640; 44642; 44644; 44646; 44648; 44650; 44652; 44654; Cases (000s); Share price index; China US Iran Spain Italy Other; Zoom; NASDAQ composite; CLARE CAPITAL TECH INSIGHTS; Zoom 88% United States Provides a video-first communications platform 35 768 34 985 56 82%; BizConf 82% China Provides remote virtual conferencing services 1 165 1 127 15 47%; V-cube 82% Japan Develops and provides visual communication services 261 275 5 36%; RSUPPORT 81% South Korea Provides remote support solutions 217 201 9 na; Cincinnati Bell 40% United States Provides telecommunications and technology services 743 2 852 2 49%; RingCentral 33% United States SaaS that enables communication and connectivity 19 491 19 577 22 74%; Citrix 27% United States Workspace networking and professional services 17 293 17 703 6 86%; Sinch 26% Sweden Provides cloud communications services 2 270 2 365 5 28%; TeamViewer 18% Germany Develops and distributes remote connectivity solutions 8 398 8 987 21 87%; Beijing Transtrue 14% China Multimedia video solutions 388 361 3 24%; Slack 8% United States Business technology software platform 13 508 12 981 21 87%; Note: We have not included popular solutions like Google Meet Microsoft Teams and Skype as they are subsections of larger companies.; Disclaimer; Selected companies in the communications space; Company Overview; Market cap; US$m; Enterprise; value US$m; Increase in share; price 1 Jan-3 Apr; Country; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital is; not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; EV/Revenue Gross margin; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; FY17 FY18 FY19 FY20 FY21 FY22 FY23; 0.4; 0.6; 0.8; 1; 1.2; 1.4; (50) FY18 FY19 FY20 FY21 FY22 FY23; -; 50; 100; 150; 200; 250; 300; 350; 400; FY17 FY18 FY19 FY20 FY21 FY22 FY23; Zoom Revenue US$m EBITDA US$m 40% rule; Forecast Forecast; 40% rule:; EBITDA margin +; revenue growth ; ideally greater than 40%; Forecast; Actual Actual; Actual; CLARE CAPITAL TECH INSIGHTS; O

#157

Overview Clare Capital Tech Insights 157 - S&P/ASX All Technology Index - 20200327; S&P/ASX All Technology Index breakdown by market capitalisation (27 March 2020); This Tech Insights report looks at the new S&P/ASX All Technology Index (XTX) which forms Australia's first dedicated index for listed technology stocks. The index currently consists of; 46 companies including notable businesses such as Xero Afterpay and Wisetech. The index also includes six non-Australian businesses; Fineos (Ireland) Xero Volpara and Pushpay (NZ); and Life 360 and Livetiles (USA).; Re-balancing will take place every three months with no limit on the number of companies but a limit of 25% for a single company’s weighting on the index. In order to join the index ; companies must have a market cap of at least AUD$120 million have at least 30% of their shares as free float and have a minimum trading volume of AUD$120k per day. Tyro Nitro and; Limade which listed in December 2019 are likely to join the index at the next rebalancing (with their recent listings preventing them from joining at inception).; Xero | REA Group | Computershare | Wisetech Global | Altium | Afterpay | Carsales.com | NEXTDC | Technology One | Appen | Pro Medicus | Iress | Link Administration | Megaport | Domain | Pushpay | Codan |; Bravura Solutions | FINEOS | Hansen Technologies | Webjet | Data#3 | Kogan.com | EML Payments | Infomedia | Nearmap | Integrated Research | ELMO Software | Life360 | Audinate Group | Rhipe | Volpara |; Bigtincan | Redbubble | Class | Livetiles | ResApp | Alcidion Group | Catapult | Dubber | Over The Wire | NetLinkz | Citadel Group | Praemium | PainCheck | Atomos; 0.27; 4 Companies; 0.3; 2 Companies; 0.08; 12 Companies; 0.32; 12 Companies; 0.03; 16 Companies; CLARE CAPITAL TECH INSIGHTS; Illustrative performance of the top 10 companies that makeup the S&P/ASX All Technology Index (2010 - 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.; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020; Listed on ASX; 41244; (Listed on NZX; Listed Jan May 2007); 2011; Listed; 42036; Listed; Nov; 2015; Listed; May; 2016; Listed; 42917; 3.86; NEXTDC; Appen; Link; Altium; Carsales; WiseTech; Computer; share; Afterpay; Xero; REA; CLARE CAPITAL TECH INSIGHTS

#156

Overview Clare Capital Tech Insights 156 - NZX volatility - 20200320; The month of March has seen a collapse in share prices on the NZX with the share prices for 28 businesses falling by more than 40% between 21 February and 20 March. A fall in prices; has coincided with a surge in trading there was more value traded in the first 18 days of March than during the entirety of February.; Change in weighted share price for different NZX industries (21 Feb - 20 Mar) Change in share price for different NZ companies (21 Feb - 20 Mar); -60% -40% -20% -; Leisure & Tourism 3; Aged Care 6; Technology 11; Retail 9; Financial 5; Transport & Ports 10; Building Materials & Construction 3; Utilities 10; Property 10; Media & Telecommunications 6; Consumer 4; Agriculture & Fishing 12; Health 6; Change in weighted average share price; Industry # of companies; -80% -60% -40% -20% -; Serko; Kathmandu; Tourism Holdings; Air NZ; SKYCITY; Gentrack; Vista; Oceania; Evolve; SKY TV; Summerset; Ryman; Plexure; Heartland; Michael Hill; ANZ; Auckland Airport; Westpac; Restaurant Brands; Pushpay; NZX 50; Vector; Chorus; Fonterra; A2 Milk; Fisher & Paykel Healthcare; Change in share price; 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.; The last time the share price was lower than 20 March 2020 (pre March 2020); 20 March 2020 share price lower than any; pre March share price:; Serko; Air NZ Tourism Holdings Smartpay Holdings; SKYCITY; Hallenstein Vista; Summerset; Ryman; Heartland Plexure; Auckland Airport; ANZ Arvida; Kiwi Property Group; Westpac Burger Fuel; Restaurant Brands; ikeGPS; Fletcher Building Comvita EROAD Mainfreight; Freightways; Briscoes; Rakon Limited; Contact; Allied Farmers; Infratil; Pushpay; NZX; Synlait; Metlifecare; Genesis; The Warehouse; Seeka Spark; -0.8; -0.7; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; Apr-2000 Mar-2002 Mar-2004 Mar-2006 Mar-2008 Mar-2010 Mar-2012 Mar-2014 Mar-2016 Mar-2018 Mar-2020; Change in share price (21 Feb - 20 Mar); Years since previous low; 20 18 16 14 12 10 8 6 4 2; AMP; ArborGen; Evolve; Gentrack; Geo; Kathmandu; Metro Performance; Michael Hill; Moa; Napier Port; NZME; Oceania; PGG Wrightson; SKY TV; Stride; TIL Logistics; Tower; TruScreen; Z Energy; -0.8; -0.7; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; Change in share price (21 Feb - 20 Mar); 0; CLARE CAPITAL TECH INSIGHTS

#155

Overview Clare Capital Tech Insights 155 - ikeGPS - 20200313; This Tech Insights report looks at ikeGPS. The company listed on the NZX in 2014. Since then ikeGPS has transformed from offering hardware that captures geodata (GPS coordinates ; photos specific objects and their dimensions) to offering a suite of hardware software and cloud solutions that allows large utilities to capture track and analyse information about their; physical networks (power poles and 5G network sites).; $-; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; -; $20m; $40m; $60m; $80m; $100m; Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Share price NZ$; Market Cap NZ$m; Market Cap; Share price; CEO and CTO now; based in the US.; Cloud service; offered.; Dual listing on the; ASX.; NZ$5m share; placement.; Contract win; with Bell; Canada.; Major US utility win.; Clare Capital; facilitates off; market block; trade for major; investor to go to; 19.9%.; Acquisition; of; PowerLine; Technology.; Increasing; transaction revenue; from IKE analyse; platform.; CLARE CAPITAL TECH INSIGHTS; Revenue breakdown - 12 month hardware and annualised software revenue Market Cap by estimated hardware and software value; Gross margins and share of software revenue Implied ARR software multiple assuming listed comparable hardware multiple; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -5x; x; 5x; 10x; 15x; 20x; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; -; $20m; $40m; $60m; $80m; $100m; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Market Cap NZ$m; Hardware; Software; -; $1m; $2m; $3m; $4m; $5m; $6m; $7m; Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19; Revenue NZ$m; Hardware LTM revenue Software ARR; -; 0.2; 0.4; 0.6; 0.8; Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19 Nov-19; Gross margin Typical software gross margin; Share of software revenue Trendline; CLARE CAPITAL TECH INSIGHTS

#154

Overview Clare Capital Tech Insights 154 - NZ Technology Acquisitions 2018/2019 - 20200306; This Tech Insights report looks at selected acquisitions of New Zealand technology companies since 2018.; 2018 2019; CLARE CAPITAL TECH INSIGHTS; Seller Estimated # employees Seller Buyer Size Date Industry; Trade Me Trade Me Apax Partners $2.6bn May 19 Marketplace; Seequent Seequent Accel-KKR Sep 18 Software - mining; Paymark Paymark Ingenico Group $190m Jan 19 Payments; Tru-Test Tru-Test Datamars $150m Oct 18 Agriculture; Davanti Consulting Davanti Consulting Dentsu Isobar Jul 19 IT services; Grinding Gear Games Grinding Gear Games Tencent America $100m+ May 18 Gaming; Cin7 Cin7 Rubicon Technology Partners Sep 19 Inventory management; Provoke Solutions Provoke Solutions Bridgewest Group Mar 19 IT services; enterpriseIT enterpriseIT Servian Nov 19 IT services; SLI Systems SLI Systems ESW Capital $41m Jan 19 E-commerce; mkm health mkm health Alcidion Apr 18 Health; Simcro Simcro Datamars $100m+ Apr 18 Agriculture; Snapper Snapper Allectus Capital May 19 Ticketing; TALKINGTECH TALKINGTECH Illion Jun 18 Fintech; Biomatters Biomatters GraphPad Software Apr 19 Software; SwipedOn SwipedOn SmartSpace Software $11m Oct 18 Software; Promapp Promapp Nintex Jul 18 Software; Pro Workflow Pro Workflow Eli Global (Entrust) Sep 18 Software; Pivot Software Pivot Software Elmo Talent Management Feb 18 Software; Konnect Net Konnect Net Clanwilliam Group May 18 IT services; Nimbus Software Nimbus Software JDM Technology Group Feb 18 Software; PartPay PartPay Zip $73m Aug 19 Payments; NOW Consulting NOW Consulting Qrious Sep 19 IT services; The Last Pickle The Last Pickle DataStax Mar 20 IT services; IT Engine IT Engine TPT Group Sep 18 IT services; Solarix Networks Solarix Networks Plan B May 18 IT services; Node40 Node40 HashChain Technology Jan 18 Blockchain; Farmax Farmax AgResearch Jun 18 Agriculture; Pacsoft International Pacsoft International Jonas Software Oct 19 Software; Designertech Designertech Theta Feb 19 IT services; CloudinIT CloudinIT Deloitte Nov 18 IT services; API Talent API Talent Deloitte Mar 18 IT services; CostCon NZ CostCon NZ JDM Technology Group Feb 18 Software; Redbrick Technology Redbrick Technology Lancom Technology Nov 19 IT services; Smartpage (Oncall) Smartpage (Oncall) Alcidion Corporation $3m Feb 18 Health; SEO Elements SEO Elements Pure SEO Jun 18 Advertising; SoundSwitch SoundSwitch Denon DJ May 18 Music; Disclaimer; The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and Crunchbase. Clare Capital holds no responsibility over the actual; numbers. 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; CLARE CAPITAL TECH INSIGHTS

#153

Overview Clare Capital Tech Insights 153 - SaaS Quick Ratio - 20200228; 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% 4.0%; 4.0% 1.9 2.0 2.1 2.2 2.3 2.5 2.7 3.0 3.4 4.0 2.0%; 3.8% 2.0 2.0 2.1 2.3 2.4 2.6 2.8 3.1 3.6 4.3 1.8%; 3.6% 2.0 2.1 2.2 2.3 2.5 2.7 2.9 3.3 3.9 4.8 1.6%; 3.4% 2.0 2.1 2.2 2.4 2.5 2.8 3.1 3.5 4.2 5.3 1.4%; 3.2% 2.1 2.2 2.3 2.4 2.6 2.9 3.2 3.7 4.5 6.0 1.2%; 3.0% 2.1 2.2 2.3 2.5 2.7 3.0 3.4 4.0 5.0 7.0 1.0%; 2.8% 2.1 2.3 2.4 2.6 2.8 3.1 3.6 4.3 5.6 8.5 0.8%; 2.6% 2.2 2.3 2.5 2.7 2.9 3.3 3.9 4.8 6.5 11.0 0.6%; 2.4% 2.2 2.4 2.5 2.8 3.1 3.5 4.2 5.3 7.7 16.0 0.4%; 2.2% 2.3 2.4 2.6 2.9 3.2 3.7 4.5 6.0 9.6 31.0 0.2%; 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%; Churned MRR; Three ways of achieving the same growth SaaS Quick Ratio heat map - 6% monthly growth/100% annual growth; The SaaS Quick Ratio is effective for examining the efficiency of a company’s net Monthly Recurring Revenue (MRR) growth.; New MRR; 10 14; 8; -6; -2; 4; Churned MRR; MRR from customers lost; Contraction MRR; Reduced MRR from existing customers; Expansion MRR; Additional MRR from existing customers; New MRR; MRR from new; customers; MRR; (this month); MRR; (last month); Measures growth efficiency.; A low value suggests that new revenue is; working hard to replace lost revenue.; A high value suggests that revenue; growth is both high and stable.; Churned MRR + Contraction MRR; New MRR + Expansion MRR; SaaS Quick Ratio (QR); QR ≥ 4 efficient; growth; QR 2-4 inefficient; growth due to; churn; QR < 2 ; unsustainable; growth revenue; gain barely; outweighs churn; Expansion MRR; 10; 10; 2; -6; 16; Efficient growth ; SaaS Quick Ratio: 5; Inefficient growth ; SaaS Quick Ratio: 3; Unsustainable; growth ; SaaS Quick; Ratio: 1.5; 10 14; 4; 1; -1; 10 14; 4; 1; -0.5; -0.5; Contraction MRR; 4.2=; 5.5 + 2.4; 1.5 + 0.4; 2.1=; 8.5 + 2.8; 4.6 + 0.8; CLARE CAPITAL TECH INSIGHTS; EFFICIENT BUSINESS: average SaaS Quick Ratio of 4.90; UNSUSTAINABLE BUSINESS: average SaaS Quick Ratio of 1.68; Two businesses that both have 6% Monthly Recurring Revenue (MRR) growth - MRR of $100 000 to $814 725 over three years; Note: The change in MRR in both scenarios is generated using a random normal distribution with a standard deviation of 20% of the change in each variable. Data is therefore ; randomly generated and is not intended to reflect a particular organisation.; Monthly change in revenue MRR and cumulative lost MRR; Monthly change in revenue MRR and cumulative lost MRR; -100000; -50000; -; 50000; 100000; 150000; New MRR Expansion MRR Churned MRR Contraction MRR; -100000; -50000; -; 50000; 100000; 150000; New MRR Expansion MRR Churned MRR Contraction MRR -; 500000; 1000000; 1500000; $2 000 000 MRR Cumulative lost MRR; -; 500000; 1000000; 1500000; 2000000; MRR Cumulative lost MRR; MRR would be $1 137 000 higher if; not for churn and contraction; Year 1 Year 2 Year 3; Year 1 Year 2 Year 3; SaaS Quick Ratio: 1.71 SaaS Quick Ratio: 1.31; SaaS Quick Ratio: 6.08 SaaS Quick Ratio: 5.63; CLARE CAPITAL TECH INSIGHTS

#152

Overview Clare Capital Tech Insights 152 - Corporate Venture Capital Teams - 20200221; Ratio of Parent Company Revenue : Venture Capital Team Size Venture Capital Team Size; This Tech Insights report looks at venture capital arms of some of the biggest corporate firms in the world and the size of their teams. A total of 41 teams are analysed over a range of sectors including; technology healthcare and energy. Corporate venture capital arms invest at various stages with a strong focus on early stage start-ups and have invested tens of billions of dollars over the last three decades.; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Revenue US $ Billion / Investment Professionals Ratio; Median; Average; The size of corporate venture capital teams does not heavily correlate with the revenue generated with team; sizes varying for both high and low revenue organisations. Many chase the next "big thing" others look to; expand their business and some look to identify and mitigate threats to their business. 100; 90; 80; 70; 60; 50; 40; 30; 20; 10; Total # Investment Professionals; CLARE CAPITAL TECH INSIGHTS; New Zealand Based Corporate Venture Capital Investments Corporate Venture Capital Teams with 60+ Investments; Founded; Team; Size; Investments Exits; Parent Market; Cap US $ B; Investments; / Exit Ratio; Value; US $ B; Intel Capital 1991 79 1 554 387 273 4.0 12.4; Google Ventures 2009 91 678 140 1 005 4.8 2.4; Salesforce Ventures 2009 17 407 78 162 5.2 0.9+; Qualcomm Ventures 2000 66 358 74 98 4.8 0.5+; Johnson & Johnson 1973 12 340 139 392 2.4 1.0+; Comcast Ventures 1999 16 301 67 197 4.5 0.7+; Softbank Capital 1995 16 277 94 87 2.9 1.7+; Samsung Ventures 1999 43 221 49 314 4.5 2.1+; Dell Tech Capital 2012 16 173 42 356 4.1 0.6+; GE Ventures 2013 77 169 28 109 6.0 0.5+; Mitsui & Co. GI 1996 12 141 45 313 3.1 1.0+; SR One 1985 7 138 39 90 3.5 0.8+; Deutsche Telekom Capital 2014 22 137 43 85 3.2 1.7+; Nokia Growth Partners 2005 27 135 38 219 3.6 1.2; NTT DoCoMo Ventures 2008 10 124 35 94 3.5 0.6+; Verizon Ventures 1990 15 121 28 246 4.3; Unilever Ventures 2003 9 120 31 151 3.9 0.7+; Cisco Investments 1993 42 114 29 195 3.9 1.0+; Microsoft M12 2016 28 109 11 1 358 9.9; Time Warner Investments 2003 16 94 51 277 1.8; Pfizer Venture Investments 2004 11 93 28 198 3.3 0.6+; Citi Ventures 2009 54 91 18 161 5.1 1.0+; DSM Venturing 2001 9 88 31 21 2.8; Swisscom Ventures 2007 11 86 26 30 3.3 0.1+; Bosch Venture Capital 2007 4 86 12 6 7.2; Chevron Tech Ventures 1999 7 73 17 205 4.3 0.2+; Telstra Ventures 2011 18 73 16 29 4.6 0.35+; Shell Ventures 1996 41 69 9 192 7.7; Dow Venture Capital 1994 11 68 32 36 2.1; American Express Ventures 2011 15 63 10 109 6.3; BMW i Ventures 2011 14 61 6 45 10.2 0.5+; Sony Innovation Fund 2016 33 61 0 82 NA 0.2+; Average 27 207 52 223 4.6; Median 16 121 32 161 4.1; Disclaimer; Series A/B; Seed; Series B; Series B/C; Series A-C; Series A; Series C; Series A/B; Series A/B; Series A; Series A/B; Series B; Series B/C; Series B; Series B/C; Series A; Series A-C; Series A/B; Series B/C; Series A/B; Series A; Series A/B; Series B/C; Series A/B; Series B; The information provided in this report has been sourced and calculated from Crunchbase Pitchbook and company websites where available. 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.; Seed/Angel; Series B; Series A/B; Series A; Series A; Key Stage; Series A-D; Series C; $4.0 Million Invested; 43313; At valuation of $24.4M; Current valuation $44.3M (+82%); Source: NBR Dec 2019; $7.7 Million Invested; 42005; At valuation of $55M; Current valuation $100M (+82%); Source: NBR Oct 2019; $4.0 Million Invested; 41883; At valuation of $40M; Current valuation $100M (+150%); Source: NBR Oct 2019; $4.0 Million Invested; 41883; At valuation of $40M; Series B raise of $57m; 43831; 5 investors including salesforce; $5.0 Million Invested; 41518; At valuation of $40M; Bought by Apple for $100M+ in 2017; $90 Million Invested; 43497; Series A; $38 Million Invested; 43160; Venture round; Homes - 22.5% ownership; Mycare - 9.8% ownership; Now - 36.5% ownership; Parkable - 10.6% ownership; Jupl - 14.0% ownership; Kan Technologies - 37.7% ownership; =+ Others; =+ Others; CLARE CAPITAL TECH INSIGHTS

#151

Overview Clare Capital Tech Insights 151 - Buy Now Pay Later - 20200214; FY17A FY18A FY19A FY20F FY21F FY22F; Revenue 24 124 228 520 859 1 253; Revenue growth 1561% 418% 83% 128% 65% 46%; Gross margin 77% 75% 73% 74% 72% 71%; EBITDA (13) 8 (22) 61 135 232; EBITDA margin (54%) 6% (10%) 12% 16% 19%; 40% rule 1 507% 424% 74% 140% 81% 64%; Customers 0.8 2.0 4.6; Revenue/customer 30 62 49; Active merchants 6.0 16.0 32.3; Revenue/merchant 4 001 7 771 7 048; Merchant sales 0.6 2.3 5.5; Employees on Linkedin 547; Revenue per employee 416; Afterpay's share price (NZ$) and EV/revenue multiple since 29 June 2017 IPO; NZ$; %; NZ$ 000s; Afterpay founded in 2014 offers a "buy now pay later" (BNPL) service for shoppers. The company listed on the ASX in June 2017 with the share prices increasing 14.2x in the subsequent; two and a half years. Although the largest ASX listed BNPL company Afterpay is one of a handful of companies offering this service. New Zealand's Laybuy funded in part by Pioneer; Capital recently announced its intention to list on the ASX.; NZ$; Afterpay revenue growth Units; NZ$ millions; NZ$ millions; millions; 000s; NZ$ billions; %; %; %; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; 80x; 90x; 100x; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19; EV/revenue; Share price NZ$; Share price NZ$ EV/revenue; -; 200; 400; 600; 800; 1000; 1200; 1400; FY15A FY16A FY17A FY18A FY19A FY20F FY21F FY22F; Revenue NZ$ millions; Forecast; 364% Compound; annual revenue; growth; 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.; Share price index LTM; Metrics for ASX listed "buy now pay later" providers; Sezzle; Openpay; Splitit na 130; 161; 404; 1837; 2238; 2251; Afterpay 10 467; Zip; Tyro; EML; 1.33; 0.87; 0.94; 0.27; 0.58; 0.92; Company; Forecast; revenue; growth; FY19-FY20; EV NZ$; millions; EV/revenue; -; 0.2; 0.4; 0.6; 0.8; 1; - 40% 80% 120% 160% 200% 240%; Gross margin; Revenue growth FY18-FY19; 8.5; Axis break; 100; 200; 300; 400; 500; Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20; Share price index; Afterpay EML Splitit Zip ASX 200 Index ASX 200 Information Technology Sector Index; EML Afterpay; Openpay; Sezzle*; Tyro; Zip; Note: Openpay Tyro and; Sezzle went public in the; last 6 months; 10x; 25x; 50x; 100x; *Forecast revenue growth due to December year end; Splitit*; CLARE CAPITAL TECH INSIGHTS

#150

Overview Clare Capital Tech Insights 150 - 2019 SaaS Share Price Performance - 20200210; This Tech Insights report looks at the average performance of SaaS companies around the world throughout 2019. The first graph outlines the performance of the top and bottom 20% of; companies (ranked by market capitalisation at the start of 2019) compared to the industry average performance. Two companies of interest - ikeGPS and Serko - are also plotted on the; axes below.; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019 Jun 2019 Jul 2019 Aug 2019 Sep 2019 Oct 2019 Nov 2019 Dec 2019; Revenue Multiple; SaaS Revenue Multiple 2019; Clare Capital SaaS Index Revenue Multiple Clare Capital SaaS Index Revenue Multiple 2019 average; Top 20% Market Cap in Jan 2019 Serko; Bottom 20% Market Cap in Jan 2019 ikeGPS; 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.; Selected NZX and ASX listed SaaS companies with 2019 share price increase broken down into revenue growth and multiple expansion.; -; 0.5; 1; 1.5; 2; 2.5; Smartpay; Holdings; Plexure Catapult Group Xero Serko Nearmap Volpara Health; Technologies; WiseTech; Global; Pushpay; Holdings; EROAD Elmo Software; Share Price Increase; Revenue Growth Multiple Expansion Each company's return is a combination of multiple expansion and revenue growth.; In the case of Volpara and Elmo the revenue growth more than compensates for the; negative impact of a multiple compression; CLARE CAPITAL TECH INSIGHTS

#149

Overview Clare Capital Tech Insights 149 - Spurious Correlations 2019 - 20191206; CLARE CAPITAL TECH INSIGHTS; -; 20; 40; 60; 80; 100; 120; -; 0.2; 0.4; 0.6; 0.8; 1; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 100; 200; 300; 400; 500; 600; 700; 800; -; 0.1; 0.2; 0.3; 0.4; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 20; 40; 60; 80; 100; 120; -; 20; 40; 60; 80; 100; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; -; 1; 2; 3; 4; 5; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; 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.; Disclaimer; Rakon share price (NZD) v Steel (Domestic Hot Rolled Coil USD per Short Ton) PaySauce share price (NZD) v Coal (Newcastle USD per Ton); Xero share price (AUD) v Kuwait Real Estate Company share price (KWF) Serko share price (NZD) v Wheat (Feed HUF per Metric Ton); CLARE CAPITAL TECH INSIGHTS

#148

Overview Clare Capital Tech Insights 148 - Dual listing - 20191129; Share price performance relative to the NZX50 for the 12 months following ASX dual listing; Several NZX technology companies maintain a dual listing on the ASX and NZX. Below we outline share price performance relative to the NZX50 index for the 12 months post an ASX; dual listing. Three of the five companies went on to outperform the index in the 12 months after achieving an ASX listing. Both Serko and Pushpay achieved an approximate 20%; outperformance 12 months on from the date of their dual listing. Xero outperformed the index following their ASX listing and separately following their delisting from the NZX. We note; EROAD is currently considering an ASX listing and may look to replicate this level of performance.; 0; 1.5; 3; 4.5; 6; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; 1.4; 0 1 2 3 4 5 6 7 8 9 10 11 12; Share price performance relative to NZX50 index; Months on from ASX dual listing; Listing on ASX; Delisting from; NZX; 3; 4.5; 6; CLARE CAPITAL TECH INSIGHTS; EV/Revenue multiples and share prices over the six months pre and six months post dual listing or NZX delisting; 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 share price and EV/Revenue multiple; Xero share price and EV/Revenue multiple Serko share price and EV/Revenue multiple; Xero share price and EV/Revenue multiple; -; 10; 20; 30; 40; 50; -; 4x; 8x; 12x; 16x; 20x; Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18; Share price NZ$; EV/Revenue; Share price Pre (NZX & ASX) Post (ASX); NZX delisting; 44594; -; 4; 8; 12; 16; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44873; -; 1; 2; 3; 4; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44737; -; 1; 2; 3; -; 10x; 20x; 30x; 40x; 50x; 60x; 70x; Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17; Share price NZ$; EV/Revenue; Share price Pre (NZX) Post (NZX & ASX); ASX listing; 44846; CLARE CAPITAL TECH INSIGHTS; NZ Company Asset Correlation; Plexure Bitcoin 95%; Vista Angry Birds 89%; Xero Kuwait Real Estate Co. 96%; Serko Wheat 92%; Rakon Steel 91%; PaySauce Coal 90%; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 1; 2; 3; 4; 5; 6; 7; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; Plexure share price (NZD) v Bitcoin (USD) Vista share price (NZD) v Angry Birds (Rovio Entertainment share price EUR); This Christmas edition of our Tech Insights report looks at unlikely correlations for New; Zealand technology companies against a range of assets in 2019. Inspired by a recent tweet; by Bloomberg Executive Editor Tracy Alloway (@tracyalloway) showing the high correlation; between avocado prices and Bitcoin we tested over half a million different correlations to see; what random relationships we could find. All charts shown are for the 2019 year using weekly; data points.; To state the obvious this is done for amusement only. All these examples are good; reminders that correlation does not imply causation. We would not recommend using Bitcoin; futures to predict Plexure's share price (but if you do please let us know how you get on).; 2019 Clare Capital Highlights; It has been a busy year at Clare Capital. Highlights include:; ▪ Advising Snapper on its sale to Allectus; ▪ Advising NZX on the sale of its FundSource business unit; ▪ Advising Ranqx on its capital raise; ▪ Advising Proactive Rehab on its acquisition of Fit For Work; ▪ Welcoming Eliot Brown to the team; With the upcoming New Zealand summer break our last office day; for the year is Friday 20 December 2019 and we reopen on Monday; 13 January 2020. We are contactable throughout if needed; urgently. Tech Insights reports will resume from February 2020.

#147

Overview Clare Capital Tech Insights 147 - Bill.com - 20191122; 30-Sep-18 30-Sep-19 Difference; Subscription and transaction fees (US$m) 73 114 57%; Interest on funds held for customers (US$m) 17 27 56%; Total revenue 90 141 57%; EBITDA (US$m) (1.2) (6.3) (414%); Gross margin 72% 74% 2%; EBITDA margin (5%) (18%) (12%); 40% rule 66% 39% (27%); CAC per addition (US$) 1 541 2 240 45%; Payback period 19.4 21.0 8%; Customers 67 511 81 374 21%; ARPU - recurring revenue (US$) 90 117 30%; ARPU - total revenue (US$) 111 144 30%; Revenue per employee (US$) 200 000+; Note: payback period uses "ARPU - total revenue".; Employee numbers estimated from Linkedin.; Bill.com offers cloud-based accounts payable and accounts receivable solutions for businesses accounting firms and banks. The company’s platform helps businesses to automate bill; approvals and payments protect against fraud simplify check approval and signing tasks maintain a comprehensive audit trail and reduce bookkeeping tasks by automatically syncing; with accounting software. Bill.com has strategic partnerships with American Express and Mastercard. The company has filed to list on the NYSE in the coming months with the aim of; raising US$100m.; Annualised revenue and gross margin Annualised three month data; 0.62; 0.64; 0.66; 0.68; 0.7; 0.72; 0.74; 0.76; -; 20; 40; 60; 80; 100; 120; 140; 160; Sep-17 Mar-18 Sep-18 Mar-19 Sep-19; Gross margin; Annualised revenue (US$m); Subscription and transaction fees Interest on funds held for customers; Product overview Integrations; Capture: drop invoices in and Bill.com; auto-enters the data for your review; Approve: set up workflows and rules for; faster easier approvals from any device; Pay: send bill payments to domestic or; international vendors in just a few clicks; Reconcile: sync with your accounting; system for fast reconciliation and less data; entry; CLARE CAPITAL TECH INSIGHTS; We look at Bill.com funding rounds and evaluate investor returns compared to subsequent funding rounds or at possible IPO prices.; Funding round Series A Series B Series C Series D Series E Series F Series G Series H; Date 31/03/2006 31/07/2009 16/07/2010 8/12/2011 8/11/2013 4/12/2014 21/07/2017 2/04/2019; Funding amount US$m 2.11 15.79 8.50 15.50 38.00 30.00 82.50 88.12; Aggregate funding US$m 2.11 17.90 26.40 41.90 79.90 109.90 192.40 280.51; Implied share price $0.39 $0.73 $0.92 $1.25 $2.01 $3.05 $4.88 $8.31; Date Stage Series A Series B Series C Series D Series E Series F Series G Series H; 31/03/2006 Series A; 31/07/2009 Series B 1.87x; 16/07/2010 Series C 2.36x 1.26x; 8/12/2011 Series D 3.20x 1.71x 1.35x; 8/11/2013 Series E 5.15x 2.75x 2.17x 1.60x; 4/12/2014 Series F 7.81x 4.17x 3.29x 2.43x 1.51x; 21/07/2017 Series G 12.52x 6.69x 5.28x 3.90x 2.42x 1.60x; 2/04/2019 Series H 21.30x 11.37x 8.98x 6.64x 4.13x 2.72x 1.70x; 12/12/2019* IPO @ US$10 25.64x 13.69x 10.82x 8.00x 4.97x 3.27x 2.04x 1.20x; 12/12/2019* IPO @ US$12 30.76x 16.43x 12.98x 9.60x 5.97x 3.93x 2.45x 1.44x; Date Stage Series A Series B Series C Series D Series E Series F Series G Series H; 31/03/2006 Series A; 31/07/2009 Series B 21%; 16/07/2010 Series C 22% 28%; 8/12/2011 Series D 23% 26% 24%; 8/11/2013 Series E 24% 27% 26% 28%; 4/12/2014 Series F 27% 31% 31% 35% 48%; 21/07/2017 Series G 25% 27% 27% 27% 27% 20%; 2/04/2019 Series H 26% 29% 29% 30% 30% 26% 37%; 12/12/2019* IPO @ US$10 27% 29% 29% 30% 30% 27% 35% 31%; 12/12/2019* IPO @ US$12 28% 31% 31% 33% 34% 31% 46% 70%; *Assumed IPO date; Disclaimer; Return on investment at different funding rounds; IRR on investment at different funding rounds; 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.; Bill.com funding rounds; 9.60x =; ....................Time: years; (1+IRR) =; ^ IPO share price $; Series D share price $; ............8.02; 1.33 =; 12; 1.25; ^; IPO share price: $12; Series D share price: $1.25; CLARE CAPITAL TECH INSIGHTS

#146

Overview Clare Capital Tech Insights 146 - Value traded - 20191115; The following graphs compare the market capitalisation of listed software companies in NZ$m (left axis) with the daily % of shares traded on selected exchanges (right axis). The average; % of shares traded per trading day since 2015 is also included.; Microsoft market cap and daily % traded on the Nasdaq Pushpay market cap and daily % traded on the NZX and ASX; Xero market cap and daily % traded on the NZX and ASX Vista market cap and daily % traded on the NZX and ASX; -; 0.005; 0.01; 0.015; 0.02; -; 400000; 800000; 1200000; 1600000; 2000000; 2015 2016 2017 2018 2019; Market cap NASDAQ; -; 0.005; 0.01; 0.015; 0.02; -; 2000; 4000; 6000; 8000; 10000; 12000; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 1000; 1200; 1400; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 1000; 1200; 2015 2016 2017 2018 2019; Market cap NZX ASX; 2.0% +; 2.0% +; 2.0% +; 2.0% +; Average daily trade; NZX ASX; 0.129% 0.166%; Average daily trade; NZX ASX; 0.155% 0.003%; Average daily trade; NZX ASX; 0.104% 0.054%; Average daily trade; NASDAQ; 0.00377; CLARE CAPITAL TECH INSIGHTS; Market cap in NZ$m (left axis) and daily % of shares traded on select exchanges (right axis).; 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 market cap and daily % traded on the NZX IkeGPS market cap and daily % traded on the NZX and ASX; Serko market cap and daily % traded on the NZX and ASX Gentrack market cap and daily % traded on the NZX; -; 0.005; 0.01; 0.015; 0.02; -; 20; 40; 60; 80; 100; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 100; 200; 300; 400; 500; 2015 2016 2017 2018 2019; Market cap NZX ASX; -; 0.005; 0.01; 0.015; 0.02; -; 200; 400; 600; 800; 2015 2016 2017 2018 2019; Market cap NZX ASX; =; 5% +; -; 0.005; 0.01; 0.015; 0.02; -; 30; 60; 90; 120; 150; 2015 2016 2017 2018 2019; Market cap NZX; 2.0% + 2.0% +; 2.0% + 2.0% +; Average daily trade; NZX ASX; 0.119% 0.051%; Average daily trade; NZX ASX; 0.054% 0.001%; Average daily trade; NZX ASX; 0.055% 0.031%; Average daily trade; NZX; 0.00067; CLARE CAPITAL TECH INSIGHTS

#145

Overview Clare Capital Tech Insights 145 - Largest 50 SaaS companies - 20191108; The graph below shows the 50 largest listed Software as a Service (SaaS) companies in the world as at November 2019 by market capitalisation. We look at how they each compare to; the 40% rule (annual revenue growth + EBITDA margin). We use forward looking numbers; the forecast EBITDA margin for 2020 and the revenue compound annual growth rate (CAGR); between 2018 and 2021. The size of each company's bubble relates to their Enterprise Value / 2020 forecast revenue. What stands out is that revenue CAGR is valued greater than; profitability.; 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; Smartsheet; New Relic; Medallia; Sophos; Cornerstone OnDemand; Five9; AppFolio; Descartes; LogMeIn; TOTVS; LiveRamp; BlackLine; Box; Mimecast; SVMK; -0.3; -0.2; -0.1; 0; 0.1; 0.2; 0.3; 0.4; 0.5; 10% 20% 30% 40% 50% 60% 70% 80% 90%; EBITDA margin 2020; Revenue CAGR 2018-2021; 10x 20x 30x; EV/ forecast revenue 2020; Forward looking 40% rule for 50 largest listed SaaS companies; Revenue CAGR + EBITDA margin; is less than 40%; Revenue CAGR + EBITDA margin; is more than 40%; CLARE CAPITAL TECH INSIGHTS; Index share price change during 2019 for 50 largest SaaS companies; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; 2; Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov; Index share price; Top 10; median; All companies; median; Bottom 10; median; Median change from 01/01/19 to 06/11/19; ssss; Companies Share price Revenue EV/revenue; Top 10 72% 24% 47%; All 31% 18% 11%; Bottom 10 (7%) 18% (14%); Note: does not include Zoom Datadog Slack or; Medallia due to their listing during 2019; CLARE CAPITAL TECH INSIGHTS

#144

Overview Clare Capital Tech Insights 144 - Serko - 20191101; Serko offers travel management software to corporates with the majority of revenue coming from transaction fees on bookings. Booking.com one of the largest online travel platforms; in the world recently aquired a stake in the business at NZ$4.04 per share. This saw the share price increase from NZ$3.42 to NZ$4.54. This represents a 4.7x increase from the June 2014; IPO price of NZ$0.95 cents and an 18.1x increase from the April 2017 price of NZ$0.25 cents. Serko is forecast to more than double revenue by 2022 with forecast EBITDA of NZ$10m.; Share price 26/06/14- 30/09/19 Share price October 2019; EBITDA and Revenue ($m) EV/Revenue; -10; -; 10; 20; 30; 40; 50; 60; 2014 2015 2016 2017 2018 2019 2020 2021 2022; EBITDA Revenue; -; 1; 2; 3; 4; 5; Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Jun-2019; Forecast; -; 1; 2; 3; 4; 5; 1-Oct 8-Oct 15-Oct 22-Oct 29-Oct; IPO @ NZ0.95; Low @ NZ0.25; Announcement; of deal with; Booking.com; Trading halt; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jun-2014 Jun-2015 Jun-2016 Jun-2017 Jun-2018 Jun-2019; CLARE CAPITAL TECH INSIGHTS; Selected companies in the travel and human resource management (HRM) industries; EV / Revenue EV / EBITDA; Hostelworld Group Online hostel-booking platform 223 186 1.3 5.2 -1.0%; Adventure Online reservation platform in Japan 281 370 0.5 30.5 247.6%; Lastminute.com Search and compare transport and accommodation 697 569 1.0 5.4 14.7%; eDreams Online travel company in Europe 765 1 287 1.5 6.6 -0.5%; On the Beach Online retailer of short-haul beach holidays 1 172 1 175 4.0 15.5 42.2%; Despegar.com Provides flights and holiday packages 1 173 721 0.9 18.6 0.7%; Webjet Compare combine and book accomodation and transport 1 663 1 672 4.3 12.9 -52.9%; Trivago Hotel and accommodation search platform 1 857 1 661 1.1 12.4 -3.9%; Corporate Travel Mgmt. Manages travel services for the corporate market 2 089 2 008 4.2 12.8 16.8%; MakeMyTrip Air ticketing hotels and packages and bus ticketing 3 723 3 356 3.4 nm 5.0%; Trainline Independent rail and coach travel platform 4 017 5 019 12.3 72.0 20.3%; Trip Advisor Online travel company 8 738 7 502 3.0 10.3 4.4%; Sabre Provides tech solutions to the travel and tourism industry 9 674 14 306 2.3 9.6 7.4%; 2 Ctrip An agent for hotel transactions and selling air tickets 30 870 32 419 4.1 19.6 17.2%; Expedia Facilitates the booking of accommodation and transport 34 872 36 419 1.9 10.4 12.8%; Booking Holdings Connects travelers with accomodation and transport 134 121 138 004 5.8 15.0 9.0%; Median 2.6 12.8; KNT-CT Provides travel services in Japan 597 -452 nm nm 3.5%; Helloworld Travel Operates retail travel brands 607 449 1.2 5.6 3.2%; Flight Centre Retail service for leisure corporate and wholesale travel 4 665 4 560 1.4 10.3 0.9%; Median 1.3 8.0; Paylocity Human capital management software solutions 8 527 8 456 12.2 43.0 24.3%; Paycom Software Cloud-based human capital management service for SMEs 19 185 19 110 16.8 39.5 35.2%; Median 14.5 41.2; Serko Software solutions for expense management and online travel 431 416 17.8 169.1 28%; Disclaimer; Revenue; growth; Company Overview; Market cap; NZ$m; Enterprise value; NZ$m; Multiples; 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.; HRM Retail Online; CLARE CAPITAL TECH INSIGHTS

#143

Overview Clare Capital Tech Insights 143 - Peloton - 20191018; Peloton who went public on the 26th of September sell exercycles and subscriptions to an online streaming service that allows users to live-stream exercycle classes. The company has; experienced strong subscription growth over the last two years increasing from 120 000 to 510 000 subscribers with sub 1% monthly churn. The majority of Peloton's revenue however ; is driven from hardware sales. Peloton has total revenue of US$900M (80% from exercycle sales and 20% from subscriptions).; LTM revenue from exercycle sales vs subscriptions; LTM Costs (stacked bar) Peloton daily share price vs LTM revenue (line); Subscriber growth and churn; -; 0.002; 0.004; 0.006; 0.008; 0.01; -; 200000; 400000; 600000; Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; Subscribers Monthly churn; -; 50; 100; 150; 200; -; 200; 400; 600; 800; Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; Subscriptions US$ M; Exercycles US$ M; Exercycles Subscriptions; 20; 21; 22; 23; 24; 25; 26; 27; 28; 26-Sep 30-Sep 4-Oct 8-Oct 12-Oct 16-Oct 20-Oct; US$; -; 200; 400; 600; 800; 1000; 1200; Jun-18 Sep-18 Dec-18 Mar-19 Jun-19; US$ M; Sales and; marketing; R&D costs; G&A costs; Subscription; costs; Exercycle; costs; Total; Revenue; IPO; CLARE CAPITAL TECH INSIGHTS; Selected companies in the health fitness and fitness technology industries; EV / Revenue EV / EBITDA; Planet Fitness Franchises and operates fitness centers. 5 082 6 042 8.8 21.9 28.7%; Premier Inc Operates as a healthcare improvement company. 2 090 1 983 1.3 3.6 33.7%; Basic Fit Operates fitness clubs in Europe. 1 717 3 100 5.5 10.4 23.2%; Tivity Health Provides fitness and health improvement programs. 754 1 867 1.6 8.1 87.0%; The gym group Operate health and fitness facilities in the UK. 477 854 4.4 14.1 22.6%; Gaia Inc Operates a digital yoga focused video subscription service. 116 117 2.2 nm 22.7%; Viva Leisure Operates health clubs in Australia. 83 78 3.4 15.5 374.1%; Town Sports International Owns and operates fitness clubs in the United States. 52 856 1.8 4.7 5.5%; Median 2.8 10.4; Garmin Manufactures high-end navigational smart watches. 16 626 15 627 4.3 16.4 7.7%; Fitbit Manufactures low/mid-end fitness watches. 997 533 0.4 nm -4.0%; GoPro Develops cameras drones and mountable accessories. 523 611 0.5 7.1 6.9%; Daktronics Manufactures electronic display systems. 324 301 0.5 12.8 -3.8%; Median 0.5 12.8; Shimano Manufactures bicycle components and rowing equipment. 13 344 11 074 3.3 13.5 6.2%; Giant Manufactures bicycles and related parts worldwide. 2 682 2 905 1.4 14.2 6.3%; Technogym Sells fitness equipment worldwide. 2 353 2 411 3.2 14.6 4.9%; Merida Manufactures bicycles and related components. 1 698 1 619 1.7 23.6 9.7%; Vista Outdoor Manufactures outdoor sports and recreation products. 366 1 181 0.6 7.9 -11.4%; Globeride Manufactures sports goods. 286 481 0.6 8.3 -0.9%; Nautilus Develops cardio and strength fitness products. 37 74 0.2 nm -14.6%; Median 1.4 13.9; Peloton Provides interactive fitness products 6 571 7 134 7.8 -37.8 110%; 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.; Revenue; growth; Market cap Multiples; US$m; Enterprise value; US$m; Company Overview; If the portion of Peloton's revenue from exercycle sales trades at 4x the portion of revenue from subcriptions trades at 23.5x; Equipment Tech Fitness and health; CLARE CAPITAL TECH INSIGHTS

#142

Overview Clare Capital Tech Insights 142 - SaaS Single Day Price Movement - 20191011; Pivotal Share Price Pivotal Revenue Multiple; Vista Group Share Price Vista Group Revenue Multiple; This Tech Insights illustrates four SaaS companies that have had large one day share price movements. Two of the four companies subsequently received buyout offers after a meaningful; decline in their quoted market value. Share price movements typically stemmed from earning announcements and adjusted guidance.; 5; 10; 15; 20; 25; 30; 35; Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 1x; 3x; 5x; 7x; 9x; 11x; 13x; 15x; Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 2; 3; 4; 5; 6; 7; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 3x; 4x; 5x; 6x; 7x; 8x; 9x; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; Buyout offer from; VMW at previous; IPO price.; 41% drop based on; revised guidance.; Revenue growth; reported at just; below 20%; Insider buying.; Vista was trending above their average multiple. It now; trades at 4.6x revenue below the medium term average; of 5.8x.; While the buyout is at the IPO price the; revenue multiple of 4.8x is below the; average 7.2x and listing multiple of 7.6x.; IPO at $15.; Pivotal is a multi-cloud platform to run; enterprise applications.; Vista provides analytics and management; sofware to the cinema industry.; CLARE CAPITAL TECH INSIGHTS; New Relic Share Price New Relic Revenue Multiple; Mindbody Share Price Mindbody Revenue Multiple; 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.; 40; 60; 80; 100; 120; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; 20x; Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19; 20; 25; 30; 35; 40; 45; 50; Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19; 4x; 5x; 6x; 7x; 8x; 9x; 10x; 11x; Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19; Earnings; announcement; with 30% revenue; growth but; increased losses.; Company presents at; conference and quarterly; financial results released.; Buyout from PE fund Vista Partners.; Acquistion offer at 7.3x revenue just; below average multiple of 7.6x.; Post the earnings announcement; decline New Relic is now trading at; 6.4x revenue vs an average of 11.9x.; New Relic; provides; tools for; software; developers.; Mindbody provides; management software; for the wellness industry.; CLARE CAPITAL TECH INSIGHTS