#140

Overview Clare Capital Tech Insights 140 - RedShield - 20190927; -; 20; 40; 60; 80; 100; 120; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025; ARR NZ$m (Annual Recurring Revenue); Valuation NZ$m; RedShield - Revenue and Funding Rounds; Pre-money valuation Investment Revenue; Historic Illustrative forecasts and funding to reach $100m ARR; Series A; $6m investment; $25m valuation; Series B; $14m investment; $50m valuation; $10m ARR; RedShield is a cyber-security SaaS business.; The company recently raised $14m on a $50m; pre-money valuation.; The NZ Herald article mentioned "the next; stage of our journey will be from $10m ARR to; $100m" and "Series C and D rounds are also on; the table".; Graphically the journey would resemble the; following funding and finanical performance.; Best in class SaaS companies typically achieve a; 1:1 ratio of capital raised to ARR.; Source: NZ Herald NBR; Series C; Series D; $100m ARR; CLARE CAPITAL TECH INSIGHTS; Illustrative forecast financials: $10m to $100m ARR Sector multiples; Financials 2019 2020 2021 2022 2023 2024 2025 Listed Market cap EV Revenue EV/Rev Ev/Fwd rev EV/EBITDA; NZ$m US$m US$m US$m x x x; ARR 10 15 22 32 46 68 100 Verisign 2 2 109 2 2 680 1 226 18.5 18.4 27.1; Revenue 9 12 18 27 39 57 84 Palo Alto 2 0 123 1 8 750 2 900 6.5 5.4 148.0; Gross profit 7 10 15 21 31 46 68 Checkpoint 1 6 163 1 4 548 1 956 7.4 7.3 15.9; Customer acquistion costs 6 9 14 20 30 44 64 Symantec 1 4 443 1 7 415 4 822 3.6 3.6 17.4; General and admin 2 3 5 7 10 14 21 Okta 1 1 954 1 1 835 487 24.3 21.0 NM; Research and development 2 2 3 5 7 10 15 ProofPoint 7 018 6 893 800 8.6 7.8 NM; Zscaler 6 275 5 910 303 19.5 14.7 NM; Investment 14 30 50 Venustech 4 297 4 134 388 11.0 9.3 57.0; Pre-money valuation 50 160 340 Qualys 2 903 2 644 300 8.8 8.2 28.8; Post-money valuation 64 190 390 Sophos 2 474 2 596 711 3.8 3.4 34.1; Mimecast 2 245 2 296 361 6.4 5.5 81.7; Cash balance 14 10 3 23 7 35 2 Carbon Black 1 944 1 813 230 7.9 7.4 NM; Sailpoint 1 766 1 716 270 6.4 6.1 135.3; Metrics ForeScout 1 671 1 608 324 5.0 4.3 NM; ARR growth 25% 47% 47% 47% 47% 47% 47% Digital Arts 943 883 54 16.1 14.4 27.6; Churn 2% 2% 2% 2% 2% 2% 2% Firstwave 42 36 6 6.1 NM NM; Cost to serve 80% 80% 80% 80% 80% 80% 80% Average 10.0 8.6 57.3; CAC months 15 15 15 15 15 15 15 Median 7.9 7.4 34.1; Used capital to ARR 1.4 0.9 0.6 1.4 1.0 1.4 0.9 M&A; Ownership Date Target Acquirer EV/Rev; Founders 63% 63% 63% 54% 54% 47% 47% Jul-13 Stonesoft McAfee 6.9; Series A 16% 16% 16% 14% 14% 12% 12% Sep-10 ArcSight HP 6.9; Series B 22% 22% 22% 19% 19% 16% 16% Jan-16 FireEye iSight 6.4; Series C - - - 14% 14% 12% 12% Jul-13 SourceFire Cisco 8.9; Series D - - - - - 13% 13% Aug-10 McAfee Intel 3.4; Total 100% 100% 100% 100% 100% 100% 100% Aug-19 Carbon Black VMW 9.0; Aug-19 Symantec Broadcom 4.6; Average 6.6; Disclaimer Median 6.9; 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.; CLARE CAPITAL TECH INSIGHTS

#139

Overview Clare Capital Tech Insights 139 - SaaS(y) people - 23092019; Marking 20 years since the release of the original this week's Tech Insight's report is a re-write of a classic late '90's song. While many may not immediately recognise the song it is often; quoted an example being: "Don't be reckless with people's hearts don't put up with people who are reckless with yours "; Ode to all the SaaS(y) people; Ladies and Gentlemen of the class of ‘19; Wear Sunscreen; If I could offer you only one tip for the future ; Sunscreen would be it; The long term benefits of sunscreen have been proved by scientists; Whereas the rest of my advice has no basis more reliable than my own meandering; experience…; I will dispense this advice now…; Enjoy the power and beauty of your life; Oh nevermind; You will not understand the power and beauty of your youth until they have faded; But trust me in 20 years time you’ll look back at yourself; And recall in a way you can’t grasp now how much possibility lay before; you and how fast you could actually code; Sing; Don’t take too much money from investors ; and don’t put up with investors who meddle too much.; Floss; Don’t worry how much money Tom/Jane/Sally/Harry have raised and on what; valuation ; the race is long and in the end exits are half chance…; but are a lot more likely if you haven’t bloated your cap table at high valuations; Remember the 5-star reviews you receive; forget the zeroes; If you succeed in doing this you are a better person than I am; Keep your old business plans ; throw away your old projections ; they are made up anyway!; Scale efficiently; Pay attention to your org structure product features and architecture; It may all work now ; But will it work when you have 1 000 10 000 100 000 customers; Stretch; Don’t feel guilty that you have to pivot your company ; the most interesting companies didn’t know what they wanted to be at year 5; some of the most interesting 20 year old companies still don’t; Enjoy your mind ; Use it everyway you can ; It’s the greatest instrument you’ll ever own; but look after it don’t be afraid to ask for help; Life as an entrepreneur is tough seek support ; don’t let your cheese slide right off your cracker; Don’t present a forecast of ; 2m 8m 20m the world the universe ; Everyone does this ; No-one achieves it ; You will only end up looking silly; Really get to know your co-workers ; You never know when they will be gone; Be nice to your co-founders; they are the best link to the past and the most likely to tell you that you need to pull; your head in; Understand that customers come and go ; But work hard to reduce churn ; It can bring on the top of the s-curve far too quickly; 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.; Accept certain alienable truths; Focus on the metrics that matter growth margins churn and burn ; Do NOT get caught up in vanity metrics they only provide a false sense of security; Don’t expect anyone else to support you ; Maybe you have a cornerstone customer ; Maybe you have a friendly high-net-worth ; But you never know when either might run out; Don’t drink too much Coke ; Or by the time you’re 40 your liver will look 85; Add to that ; Stay away from high-end rum and low-end vodka; Both are nail polish remover in disguise; Be careful whose advice you buy ; but be patient with those that supply it ; Advice is a form of nostalgia ; dispensing it is a way of fishing the past from the disposal wiping it off; painting over the ugly parts and recycling it for more than it’s worth; But trust me on the sunscreen; 0; 20; 40; 60; 80; 100; 120; 140; 1 2 3 4 5 6; ARR $m; Year; CLARE CAPITAL TECH INSIGHTS

#138

Overview Clare Capital Tech Insights 138 - Japan - 13092019; Metric Japan New Zealand; Population (million) 126 5; Nominal USD GDP $5.2 trillion; Nominal GDP per capita; Driving side Left Left; Area km squared; Tallest peak Mt Cook (3 724m); Ethnic groups; Nobel Laureate winners 27 3; Medals at the 2016 Olympics 41 18; Largest company Toyota Fonterra; $41 000 $41 500; Japan is well known as the home of major car manufacturers (Toyota Honda Mitsubishi) and major electrical manufacturers (Sony Panasonic Nintendo). Japan and New Zealand share; similarities in that they are both comprised of a collection of islands they are both in the Pacific they are both earthquake prone and the inhabitants enjoy rugby. Major dissimilarities are; that the Japanese population is 25x that of New Zealand and New Zealand’s economy is based on agricultural production. Since the first Rugby World Cup in 1987 the Japanese; population has increased by 3.3% whilst the New Zealand population has increased by 49%. Interestingly Toyota manufactures nearly as many cars per year in Japan (4.2 million) as there; are milking cows in New Zealand (4.8 million).; Largest public companies in Japan by market cap Spread of public companies throughout Japan; NZ & Japan country comparators; $206 billion; 1% other 7.4% Pacific 2.9% other; Players born in country they are; representing at the World Cup; 15 out of 31 27 out of 31; 377 000 268 000; Mt Fuji (3 776m); 98.1% Japanese 0.5%; Korean 0.4% Chinese ; 74% European 14.9%; Maori 11.8% Asian ; All Blacks vs Italy; Toyota: 12 Oct; All Blacks vs Canada; Oita: 2 Oct; All Blacks vs SA; Yokohama: 21 Sept; All Blacks vs Namibia; Tokyo: 6 Oct; More information; on page 2; CLARE CAPITAL TECH INSIGHTS; SoftBank; Disclaimer; With the help of Crunchbase.com we looked at 52 funding rounds that featured SoftBank as an investor. These funding rounds were for 28 companies (logos below) in the ride share ; personal delivery and autonomous vehicle technology industries. More than USD$46.5 billion dollars was invested during these funding rounds.; Of these 52 funding rounds SoftBank led 35 times SoftBank was the sole investor on 7 occasions worth over USD$3.5 billion and the median number of investors per funding round was; 4. Through dividing the number of investors per round by the total invested SoftBank can be assumed to have invested a minimum of USD$15 billion over these three industries. It is; probable given the number of times SoftBank was a lead investor that their share of the total invested is significantly higher.; Delivery services Autonomous vehicle technology Ride share businesses; Accumulated value of funding rounds participated in by SoftBank in the ride share personal delivery and autonomous vehicle technology industries; The information provided in this report has been solely sourced and calculated from Crunchbase.com. 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.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; 06/2014 12/2014 06/2015 12/2015 06/2016 12/2016 06/2017 12/2017 06/2018 12/2018 06/2019; USD billions; 5; 5.5; 2; 4; 7; 4.5; 2; 1.5; 2; 3.5; 8; 7.7; 36495; Legend; Funded company; # of investors; Total raised (USD billion); 3; 0.3; CLARE CAPITAL TECH INSIGHTS

#137

Overview Clare Capital Tech Insights 137 - Gaming - 06092019; Games Platforms; Activision Blizzard 35% United States Call of Duty - 288 million sales; Candy Crush- 2.7 billion downloads Console PC Mobile; Electronic Arts (EA) 32% United States FIFA - 260 million sold; Madden NFL; Battlefield; The SIMS; Plants vs Zombies Console PC Mobile; Take-Two 24% United States Grand Theft Auto - 290 million sales; NBA 2k - 90 million sales Console PC Mobile; NEXON 41% Japan A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Ncsoft 32% South Korea A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Ubisoft 50% France Assassin's Creed Film Book PC Console; Konami 25% Japan Yu-Gi-Oh!; Various Pachinko games; Pro Evolution Soccer Card Cosole PC Mobile; Zynga 21% United States Farmville - 350 million daily crop harvests Social; Perfect World 29% China A range of MMORPGs (massively multiplayer online role playing games). Mainly PC; Square Enix 12% Japan Final Fantasy - 140 million sales Console PC Mobile; Capcom 25% Japan Resident Evil; Street Fighter Console PC Mobile; Total; USD billions; Activision Blizzard revenue Electronic Arts (EA) revenue and EBITDA margin and EBITDA margin; This Tech Insights looks at the gaming industry both internationally and in New Zealand focusing on game development studios like Electronic Arts (EA) (rather than console; manufacturers like Sony and Microsoft). We look at the 10 largest publicly traded game development studios focusing on the change in revenue composition of the two largest; developers EA and Activision Blizzard. Over the last 10 years these two companies have shifted from receiving the majority of their revenue from upfront physical game; purchases to receiving the majority from ongoing subscriptions live services and in game payments options.; 4.6; Company Headquarters; EBITDA; margin; 41.9; 29; 2.9; 2.7; 2.5; 134.2; 14; Market cap; 11.8; 9.6; 8.8; 6.4; 0.05; 0.15; 0.25; 0.35; -; 2; 4; 6; 13' 14' 15' 16' 17' 18' 19'; EBITDA margin; Revenue USD billions; Packaged goods and other Full game downloads; Live services Mobile; EBITDA margin; 0.05; 0.15; 0.25; 0.35; -; 2; 4; 6; 8; 10' 11' 12' 13' 14' 15' 16' 17' 18'; EBITDA margin; Revenue USD billions; Subscription licensing and other revenues; Product sales; EBITDA margin; CLARE CAPITAL TECH INSIGHTS; Tencent; Disclaimer; Select gaming studios in New Zealand; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence and Crunchbase.com. 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.; Cumulative value of gaming studio funding rounds participated in by Tencent; Using Crunchbase.com we look at the funding rounds that Tencent has been part of in the gaming; industry where a dollar amount has been published. The total value of these 37 transactions was; USD5.2 billion. For interest 20 of the transactions featured solely Tencent worth a combined USD3.6; billion.; -; 1; 2; 3; 4; 5; 5 10 15 20 25 30 35; USD billions; Transactions; | Pre 2014 | 2014-2017 | 2018-2019 |; • Tencent is a Chinese holding company ranked 8th in the world by market capitalisation.; • Tencent has made significant investments across a range of industries.; • The five funding rounds of Uber Didi and Ola participated in by Tencent were worth over; USD15 billion dollars with Tencent’s share of these investments estimated at USD2.2 billion.; • In 2012 Tencent bought a 40% stake in Epic Games for USD330 million. Epic Games is now; valued at over USD15 billion following the success of Fortnite.; • Tencent completed an 80% purchase of Auckland gaming developers Grinding Gear Games in; 2018. This transaction was worth at least NZD100 million as Tencent required OIO approval.; CLARE CAPITAL TECH INSIGHTS

#136

Overview Clare Capital Tech Insights 136 - Datadog - 20190830; Highlights History; Revenue US$m and cohort analysis Product; Datadog's cloud monitoring tools provide a single view of a company's cloud infrastructure. The US company has recently released information and metrics before their IPO.; Product; • Infrastructure monitoring; • Application performance monitoring; • Log management; • User experience monitoring; • Network performance monitoring; Datadog currently monitors more than 10; trillion events per day.; Financial metrics; • US$333m revenue; • 82% revenue growth; • 40% rule of 77%; • 590+ customers with US$100k+ ARR; • 40+ customers with US$1m+ ARR; • 146% dollar based retention rate; • 9 month payback ratio; Growth examples; ARR from the top 25 customers increased by a median multiple of 34x from their first month of; being a customer.; Customer cohort from 2014 generated ARR of US$5m this grew to US$19m by 2018.; CLARE CAPITAL TECH INSIGHTS; Selected public SaaS companies: net revenue retention payback period and valuation; EV/Rev EV/ARR 3 yr CAGRNet expn 40% rule; Disclaimer; The information provided in this report has been solely sourced and calculated from company documents 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.; Zoom; Datadog; Crowdstrike; Elastic; PagerDuty; Mongo DB; Smartsheet; Anaplan; Zuora; 1; 1.1; 1.2; 1.3; 1.4; 1.5; 1.6; - 10 20 30 40 50 60; Net revenue retention; Payback period (months); 40x ARR; 20x ARR; 5x; ARR; Forward looking ARR multiples based on consensus revenue estimates; 2020 2021 2022 2023 2024 2025 2026 2027; Zuora 4.6x 3.9x 3.3x; Elastic 13.8x 10.0x 7.3x; PagerDuty 12.9x 10.2x 8.1x; Anaplan 16.2x 13.0x 10.4x; Zoom 35.8x 25.8x 18.6x 13.5x 9.7x 7.0x 5.1x; Smartsheet 18.4x 14.4x 11.3x 8.9x 7.0x 5.5x 4.3x 3.4x; Mongo DB 18.3x 14.5x 11.5x 9.1x 7.2x 5.7x 4.5x 3.6x; Crowdstrike 36.6x 28.7x 22.5x 17.7x 13.9x 10.9x 8.5x 6.7x; Payback period is the number of months required to payback the inital; customer acquistion costs.; Net revenue retention is the dollar amount after upgrades downgrades; and churn for a given set of customers.; A 12 month payback period and 140% net revenue retention means $100; can return $140 in year 1 then $196 in year 2 $274 in year 3 etc.; Note: Datadog annualised recurring revenue (ARR) multiple is estimated based on comparables.; Bubble size key:; CLARE CAPITAL TECH INSIGHTS

#135

Overview Clare Capital Tech Insights 135 - Tech funding rounds - 23082019; This Tech Insights looks at 770 capital raising rounds worth USD$1.85 billion. The sample includes businesses from Crunchbase.com in the information technology software ; internet and e-commerce industries across New Zealand and Australia since 2012. The data compares the number of capital raises at different funding stages along with the; amount raised. 28 of the companies included in this sample raised more capital than the other 472 companies combined. Most of the organisations that have raised upwards of; USD$20 million have had two or more funding rounds. For instance Canva raised USD$156 million over seven rounds.; $75m; $358m; $332m; $810m; $280m; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; USD$1.85 billion raised by 500 companies:; 3 companies each raised USD$50m+; 39 companies each raised USD$10-50m; 50 companies each raised USD$5-10m; 151 companies each raised USD$1-5m; 257 companies each raised

#134

Overview Clare Capital Tech Insights 134 - SKY - 20190816; SKY and Netflix enterprise values (EVs) NZ$ billions; This Tech Insights compares SKY TV with other major providers of entertainment content. The number of SKY subscribers the revenue per user and the enterprise value peaked; five years ago. Interestingly over the last five years the average monthly revenue per SKY customer has been $78 NZD whereas the average monthly revenue per Netflix customer; has been less than $14 NZD.; SKY EV/EBITDA; SKY subscribers and monthly residential ARPU; -; 2; 4; 6; 8; 10; 12; 14; 2006 2008 2010 2012 2014 2016 2018; 55; 60; 65; 70; 75; 80; 600000; 650000; 700000; 750000; 800000; 850000; 900000; Subscribers LHS Monthly ARPU NZD RHS; 2006 2014 2021; Forecast; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; SKY Netflix; Netflix launches streaming; serivce; SKY Go; launch; Neon launch; Fan Pass rebranded; at SKY Sports Now; 10; 50; 90; 130; 170; 210; 250; Netflix NZ + AUS; launch; Netflix starts streaming House; of Card its first original content; Netflix's EV 400x; Sky's EV; Change in axis; CLARE CAPITAL TECH INSIGHTS; Price comparator; 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.; A large portion of entertainment subscriptions are less than $15 per month at the entry level. In comparison the SKY Starter pack which is required to purchase SKY Sports and; other SKY channels costs $26 per month. The SKY bundle of Starter Movies Entertainment and Sport is $104 per month. For the same amount of money you could have Amazon; Prime Lightbox Netflix Standard Spotify Apple Music Spark Sport and an Xbox Live subscription.; Price comparison (NZD/month) for different entertainment options; -; 10; 20; 30; 40; 50; 60; Amazon Prime; Light Box; Light Box Premium; Netflix Basic; Netflix Standard; Netflix Premium; Starter; Hindi Channel; SoHo; Rialto; Arts; The Filipino Channel; Country TV; Movies; Entertainment; NEON; NEON & Movies; Playstation Plus; Xbox Live; Apple Music; Spotify Premium; YouTube Premium; NFL Game Pass; SKY Sports Now 12 month contract; SKY Sports Now (Fan Pass); SKY Sport; Spark Sport; UFC Fight Pass; Spark Netflix SKY SKY Spark; Entertainment; Music; Gaming; Sport; $15 $15; CLARE CAPITAL TECH INSIGHTS

#133

The London Stock Exchange Group's acquisition of Refintiv Clare Capital Tech Insights #133 - LSE - 20190809; -; 10; 20; 30; 40; 50; 60; 70; 80; 2011 2012 2013 2014 2015 2016 2017 2018 2019; Share price GBP; Acquisition of FTSE; Acquisition of Frank; Russell; Sale of Frank Russell; Asset Management; business. Note LSE; retained the index; business.; Acquisition of; Proquote; Acquisition of; Mergent; Partial acquisition of; LCH (London; Clearing House); Full acquisition of; LCH (London; Clearing House); Acquisition of; Euroclear; Acquisition; of Beyond; Ratings; Acquisition of; Refintiv; The London Stock Exchange Group recently acquired Refintiv. The company; provides data analytics and financial markets solutions. Refintiv was; originally part of Thomson Reuters. Blackstone and associated investors; took a 55% stake in Refintiv in October 2018.; The deal transforms LSE from a business with 40% recurring revenue to an; enlarged business with 70% of recurring revenue and focus on data and; information services.; The purchase price was an enterprise value of approx. US$27b which; represents an adjusted EBITDA mutiple of 11.9x.; CLARE CAPITAL TECH INSIGHTS; Additional Selected Information; Disclaimer; The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers.; Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 5; 10; 15; 20; 25; 30; 35; Refintiv acquistion US$b; -; 0.1; 0.2; 0.3; 0.4; LSE ASX Nasdaq NZX; Selected Exchanges % of revenue from capital markets; -; 0.1; 0.2; 0.3; 0.4; 0.5; -; 5x; 10x; 15x; 20x; 25x; 2011 2012 2013 2014 2015 2016 2017 2018 2019; LSE - EV/EBITDA multiple vs % of revenue from capital markets; Equity; Debt; $20b; Blackstone; transaction; $27b; acquistion by; LSE; Growth in; EBITDA; Increase in; multiple; Equity and; estimated; carry /; profit share; to private; equity; sponsor; Debt; Oct-2018 Aug-2019; CLARE CAPITAL TECH INSIGHTS

#132

Overview Clare Capital Tech Insights 132 - e-Commerce growth - 20190802; Creators of virtual marketplaces such as Amazon Alibaba and Trade Me have experienced higher earning margins than traditional retailers such as Walmart and The Warehouse ; which have historically invested in physical marketplaces. The mixture of high profit margins and continued growth has forced traditional retailers to shift their focus to online; platforms. The Warehouse for instance has recently launched an online sales platform (TheMarket) that features local and international brands.; EBITDA margin Enterprise Value/EBITDA; Total revenue EBITDA; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD billion; Amazon Alibaba Ebay JD.com Walmart; -; 20; 40; 60; 80; 100; 120; 140; 160; 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021; USD billions; Amazon Alibaba Ebay JD.com Walmart; Forecast; Forecast; Forecast; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Trade Me; Briscoes; Warehouse; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; Trade Me; Briscoes; Warehouse; CLARE CAPITAL TECH INSIGHTS; Over the last 20 years Alibaba and Amazon have become two of the largest 10 companies in the world by market capitalisation; 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.; 200; 400; 600; 800; 1000; 1999 2009 2019; USD billions; Market Cap; Largest companies by market cap in 2009; 1 PetroChina; 2 Exxon Mobil; 3 ICBC; 4 Microsoft; 5 China Mobile; 6 Walmart; 7 China Construction Bank; 8 Petrobras; 9 Johnson & Johnson; 10 Royal Dutch Shell; Largest companies by market cap in 1999; 1 Microsoft; 2 General Electric; 3 NTT DoCoMo; 4 Cisco; 5 Walmart; 6 Intel Corporations; 7 Nippon Telegraph and Telephone; 8 Exxon Mobil; 9 Lucent Technologies; 10 Deutsche Telekom; Largest companies by market cap in 2019; 1 Microsoft; 2 Amazon.com; 3 Apple Inc.; 4 Google; 5 Facebook; 6 Berkshire Hathaway; 7 Alibaba Group; 8 Tencent; 9 Johnson & Johnson; 10 JP Morgan Chase; General Electric; Exxon Mobil; Apple Inc.; PetroChina; Microsoft; Facebook; Walmart; Johnson & Johnson; Google; Alibaba Group; Berkshire; Hathaway; Amazon.com; CLARE CAPITAL TECH INSIGHTS

#131

Overview Clare Capital Tech Insights 131 - Food Delivery - 20190726; Selected M&A Transactions and Market Leaders by Approximate Location; This Tech Insights report looks at food delivery technology companies. The sector has grown quickly with Deliveroo and Uber Eats becoming two of the major global companies.; M&A is a significant factor among companies looking to be largest within their geography. Meaningful network effects mean the #1 or #2 in a given city creates a winner takes; most dynamic.; Buyer; Target(s); M&A Transaction; UK; New Zealand; CLARE CAPITAL TECH INSIGHTS; Selected M&A Transaction Multiples Relative Market Cap Performance from July-17; Year Target Description Buyer EV/GMV EV/Rev; 2019 Zomato #1 buying #2 Delivery Hero 1.3x 8.2x; 2018 Delivery Hero DE #1 buying #2 Takeway.com 1.5x 9.0x; 2018 10bis Leader in Israel Takeway.com 1.1x 11.4x; 2017 Hungryhouse #1 buying #2 JustEat 1.2x 7.7x; 2016 SkipTheDishes #1 platform in Canada JustEat 1.4x 4.7x; 2017 Carriage Platform in Kuwait Delivery Hero 1.7x 6.2x; 2016 FoodPanda Leader in Sout East Asia Delivery Hero 0.8x 4.7x; 2015 Menulog Leader in Australia JustEat 2.0x 20.2x; 2015 Yemeksepeti Leader in Turkey Delivery Hero 1.6x 16.0x; 2015 eFood.gr Leader in Greece Delivery Hero 9.5x; 2015 Talabat Leader in Middle East and Delivery Hero 10.4x; North Africa; 2014 Pizza.de Leader in Germany Delivery Hero 11.0x; 2013 Seamless Merger to create Grubhub 7.5x; leading US marketplace; Mean 1.4x 9.7x; GMV = gross merchandise value or total food sales Median 1.4x 9.0x; Disclaimer; The information provided in this report has been solely sourced and calculated from Crunchbase UBS company information and S&P Global Market Intelligence. Clare Capital; holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis. If you are making investment; decisions you should seek appropriate personalised financial advice.; -; 50; 100; 150; 200; 250; 300; 350; Jul-17 Dec-17 May-18 Oct-18 Mar-19; Takeway.com Grubhub; Delivery Hero Just Eat; CLARE CAPITAL TECH INSIGHTS

#130

Overview Clare Capital Tech Insights 130 - Employee remuneration at tech companies - 20190719; This Tech Insights looks at employee remuneration at different NZX listed tech companies based on their most recent annual report. The first graph shows the number of staff in; different remuneration bands over $100 000 pa. It also shows the % of the total work force that earns over $100 000 pa and the salary of the highest earner at the company (the; midpoint in the highest remuneration band). NOTE: Vista's highest salary band is significantly wider than any other company ($500 000- $1 100 000).; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; Finzsoft Smartpay Vista Geo PaySauce Rakon Gentrack Serko Enprise ikeGPS EROAD Plexure NZX Pushpay; % of employees earning over 100K; # of employees; Number of employees in different remuneration bands; 100-150K 150-200K 200-250K 250-300K 300K+ % of employees earning over 100K; $395 $455 $805 $665; Highest salary ( 000's); $295 $285 $800 $225 $465 $675 $595 $435 $205 $575; CLARE CAPITAL TECH INSIGHTS; Employee remuneration at tech 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.; The graph on the left-hand side looks at the growth in employee remuneration at Xero comparing the number of employees in different remuneration bands with the % of; employees that earn over $100 000 pa. The graphs on the right-hand side compare growth in employees number at different tech companies.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; -; 200; 400; 600; 800; 1000; 1200; 1400; 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019; % of employees earning over 100K; # of employees; Xero employees in different remuneration bands; 100-150K 150-200K 200-250K 250-300K 300K+ % over 100K; -; 500; 1000; 1500; 2000; 2500; 3000; 2013 2014 2015 2016 2017 2018 2019; Total employees at Xero and Trade Me; Trade Me Xero; -; 100000; 200000; 300000; 400000; 500000; 600000; 700000; 2013 2014 2015 2016 2017 2018; Total employees at major US tech companies; Apple Amazon Microsoft; IBM Facebook Google; CLARE CAPITAL TECH INSIGHTS

#129

Overview Clare Capital Tech Insights 129 - World Wrestling Entertainment - 20190712; Overview Key Statistics Notes; Market Capitalisation USD Millions 5 711; Enterprise Value USD Millions 5 623; LTM Revenue USD Millions 925; LTM Gross Profit USD Millions 306; LTM EBIT USD Millions 91; EV/LTM Revenue Multiple x 6.1; EV/LTM EBIT Multiple x 61.6; LTM Revenue Growth % 16%; LTM Gross Margin % 33%; LTM EBIT Margin % 10%; Disclaimer; WWE's Market Capitalisation (USD Billions); 43555; Currency; US Dollars (USD); Attitude Era Ruthless Aggression Era PG Era Reality Era New Era; This Tech Insights report looks at the financial performance operating metrics and multiples of the World Wrestling Entertainment (WWE).; World Wrestling Entertainment (WWE) is an integrated media and entertainment; company that engages in the sports entertainment business in North America Europe ; the Middle East Africa Asia Pacific and Latin America. It operates in three segments:; Media Live Events and Consumer Products.; The Media segment engages in the production and monetisation of long-form and shortform; media content across various platforms including WWE Network pay television ; and digital and social media as well as filmed entertainment.; The Live Events segment is involved in the sale of tickets including primary and; secondary distribution provision of event services and sale of travel packages related to; its live events.; The Consumer Products segment engages in merchandising of WWE branded products ; such as video games toys apparels and books through licensing arrangements and; direct-to-consumer sales as well as through e-commerce platforms.; 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.; 43658; Valuation Date; Annual Date; 43465; LTM Date; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018; John Cena; becomes WWE; Champion; The Rock becomes; WWE Champion; Randy Orton becomes; WWE Champion; Triple H; becomes WWE; Champion; The Miz; becomes WWE; Champion; Brock Lesnar becomes; WWE Champion; Stone Cold; becomes WWE; Champion; The Undertaker; becomes WWE; Champion; Bray Wyatt; becomes WWE; Champion; CLARE CAPITAL TECH INSIGHTS; WWE FY18 Costs; USD Millions; % of Revenue; WWE's FY18 Revenue Streams Breakdown of WWE's Revenues FY16-18 (USD Millions); Breakdown of WWE's Revenues FY16-18 (Margin %); USD Millions % of Revenue; 603; 96; 85; 25; 0.21; 0.29; 0.07; 0.16; 0.11; 0.02; 0.05; 0.04; 0.02; 199; 270; 70; 145; 105; 22; 46; 35; 22; 477 536; 683; 144; 152; 144; 108; 114; 103; 673 720; 809; 56; 81; 121; FY16 FY17 FY18 FY16 FY17 FY18; Media Live Events Consumer Products Expenses EBIT; 65% 67%; 0.73; 20% 19%; 0.16; 15% 14% 11%; 92% 90% 87%; 8% 10% 13%; FY16 FY17 FY18 FY16 FY17 FY18; Media Live Events Consumer Products Expenses EBIT; Network (including PPV); Core Content Rights Fees; Advertising & Sponsorship; North American Ticket Sales; Other Media; International Ticket Sales; Consumer Product; eCommerce; Venue Merchanise; Cost of Sales; Depreciation; Sales &; Marketing; General &; Admin; 0.65; 0.1; 0.09; 0.03; Cost of Sales; Depreciation; Sales &; Marketing; General &; Admin; CLARE CAPITAL TECH INSIGHTS

#128

Overview Clare Capital Tech Insights 128 - World Map by Tech Transactions - 20190705; Graphical distribution of the last 10 000 tech M&A transactions by country.; This Tech Insights report looks at the selling company (sellers) locations for the last 10 000 technology (defined as software and IT services) merger & acquisition (M&A); transactions. There is an element of bias in the data as the source is more likely to pick up publicly disclosed transactions in the US than in the smaller countries such as NZ.; ~40% of the; sellers have come; from the US; Not a lot of tech M&A; activity happens in; Antarctica; Just under 2.5% of; tech transactions; each are from Latin; America/Caribbean; and Africa/Middle; East 2.5%; 0.025; Australia accounts for 2.7% and NZ; 0.5% of the last 10 000 tech M&A; transactions; India (269) just; beats China; and Japan (236; each) in the; number of; tech deals; done between; 2.4-2.7% of all; M&A deals; each; 84 (0.8%) tech; companies; from; Singapore; have been; acquired; UK (866) Germany (547) and France (477) in; total make up ~19% of all tech transactions; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Comparison between the number of M&A tech deals in NZ (49) and Australia (268) For every 1 tech transaction in NZ there are 5.5 tech transactions in Australia; Comparison between the number of M&A tech deals in NZ (49) and Canada (461) For every 1 tech transaction in NZ there are 9.4 tech transactions in Canada; Comparison between the number of M&A tech deals in NZ (49) and UK (866) For every 1 tech transaction in NZ there are 17.7 tech transactions in United Kingdom; Comparison between the number of M&A tech deals in NZ (49) and US (3918) For every 1 tech transaction in NZ there are 80 tech transactions in United States; 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.; 15% 85%; New Zealand Australia; 10% 90%; New Zealand Canada; 5% 95%; New Zealand United Kingdom; 0.99; New Zealand United States; CLARE CAPITAL TECH INSIGHTS

#127

Overview Clare Capital Tech Insights 127 - Australasian Tech Balance Sheets - 20190628; Definitions and Legend for Charts Median Balance Sheet (NZD millions); ID Name Examples & Calculation; CA Current Assets Cash + Accounts Receivables + Marketable Securities; NCA Non-Current Assets Fixed Assets + Intangible Assets; TA Total Assets Current Assets + Non-Current Assets; CL Current Liabilities Accounts Payable + Accrured Expenses & Leave; NCL Non-Current Liabilities Long-Term Debt + Deferred Tax Liabilities; TL Total Liabilities Current Liabilities + Non-Current Liabilities; NA Net Assets Total Assets - Total Liabilities; SC Share Capital Capital Raised from Share Issue; RE Retained Earnings Accumulated Profits and/or Losses over time; TE Total Equity Share Capital + Retained Earnings; Total Balance Sheet (NZD millions) Average Balance Sheet under NZD $100 million in Total Assets; This Tech Insights report looks at the latest Balance Sheets for ASX and NZX-listed technology companies breaking down the financial statements into 10 high-level totals. All of; the data has been taken from S&P Global Market Intelligence.; The table shows examples of how the balance sheet is calculated and what can be; included in each heading. The list is not exhaustive.; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Distribution of Current Assets and Non-Current Assets (NZD millions) Distribution of Current Liabilities and Non-Current Liabilities (NZD millions); Distribution of Total Assets and Total Liabilities (NZD millions) Distribution of Share Capital and Total Equity (NZD millions); 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.; -; 5; 10; 15; 20; 25; 30; Current Assets Non-Current Assets; Lower Quartile Upper Quartile; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Current Liabilities Non-Current Liabilities; Lower Quartile Upper Quartile; -; 10; 20; 30; 40; 50; 60; 70; Total Assets Total Liabilities; Lower Quartile Upper Quartile; -; 10; 20; 30; 40; 50; 60; 70; 80; Share Capital Total Equity; Lower Quartile Upper Quartile; CLARE CAPITAL TECH INSIGHTS

#126

Overview Clare Capital Tech Insights 126 - Analyst Revenue Expectations - 20190621; This Tech Insights looks at the relationship between analyst forecasts and share prices using Xero Pushpay Gentrack and Vista as examples. Analysts regularly publish forecasts; illustrating their expectations for the future. It does appear these can impact share prices with significant changes to forecasts happening alongside major share price movements.; -; 10; 20; 30; 40; 50; 60; 70; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price A$; Revenue A$; Xero - Share Price Historical and Analyst Forecast Revenue; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; -; 50; 100; 150; 200; 250; 300; 350; 400; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue US$; Pushpay - Share Price Historical and Analyst Forecast Revenue; FY20 revenue; analyst forecast; through time.; CLARE CAPITAL TECH INSIGHTS; Analyst Revenue Expectations; 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.; -; 1; 2; 3; 4; 5; 6; 7; -; 100; 200; 300; 400; 500; 600; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue NZ$; Vista - Share Price Historical and Analyst Forecast Revenue; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 50; 100; 150; 200; 250; 300; 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022; Share price NZ$; Revenue NZ$; Gentrack - Share Price Historical and Analyst Forecast Revenue; CLARE CAPITAL TECH INSIGHTS

#125

Overview Clare Capital Tech Insights 125 - Application v Systems Software - 20190614; Industry Descriptions Number of Public Companies in each Industry; Disclaimer; Median EV/Revenue Multiple Median EV/EBITDA Multiple; 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. This document is; intended as analysis. If you are making investment decisions you should seek; appropriate personalised financial advice.; Most software companies can be defined as part of either the application software or systems software industries. This Tech Insights report looks at the operating margins and; multiples for publicly-listed companies in the application software and systems software industries. Industry definitions and classifications are from S&P Global Market Intelligence.; The application software industry includes companies engaged in developing and; producing specialised applications for the business or consumer market including; enterprise and technical software. The systems software industry includes companies; engaged in developing and producing systems and database management software.; -; 1; 2; 3; 4; 5; 6; 7; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 200; 400; 600; 800; 1000; 1200; 1400; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 5; 10; 15; 20; 25; 30; 35; 2015 2016 2017 2018 2019; Application Software Systems Software; CLARE CAPITAL TECH INSIGHTS; Median Revenue Growth Median EBITDA Margin; Median Return on Capital Median Return on Equity; -; 0.05; 0.1; 0.15; 0.2; 0.25; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; 0.16; 0.18; 0.2; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 2015 2016 2017 2018 2019; Application Software Systems Software; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; 2015 2016 2017 2018 2019; Application Software Systems Software; CLARE CAPITAL TECH INSIGHTS

#124

Overview Clare Capital Tech Insights 124 - Private NZ Software Shareholders & Directors - 20190607; Highlights; 1. On average companies have between 17-20 shareholders.; 2. There are 4 companies with over 50 shareholders.; 3. On average companies have around 4 directors.; 4. Of the 389 directors across the 108 companies 87% are men and 13% are women.; 5. Only 5 companies have more women then men as directors.; 6. 68% of companies don’t have any women as directors.; 7. There are 8 companies with an even 50:50 split between men & women directors.; Distribution of Directors (out of 108 companies); Directors; - 1 2 3 4; Shareholders per Company Shareholders & Directors; This Tech Insights report analyses key high-level metrics on the distribution of shareholders and directors of private NZ software companies. While all companies operate in the; SaaS and software space they are different sizes (e.g. different revenue levels number of employees and how much capital they have raised). There will be directors who serve on; multiple boards and shareholders who hold equity in several companies. Therefore the number of individual directors and shareholders will be lower. All of the information has; been taken from the NZ Companies office website.; 1 1 1; 1 -; 15; 22; 22; 10; 1; -; - - -; - - 1 -; 1 1 -; Men; 5; -; -; -; -; -; -; -; -; 2; 1; -; 1 -; -; Women; 6; 5; 4; 3; 7; 7; 3 7; 6 - - -; - -; - 20% 40% 60% 80% 100%; Median; Average; Men % Women %; -; 5; 10; 15; 20; 25; Median Average; Shareholders Directors; CLARE CAPITAL TECH INSIGHTS; Click on a company's logo to visit its website. Logos and links are from the company's LinkedIn page.; CLARE CAPITAL TECH INSIGHTS

#123

Overview Clare Capital Tech Insights 123 - EBITDA Margins & Multiples - 20190524; The Theory of EBITDA Margins Cumulative Distribution of Tech Companies; Multiples of All Public Companies Count Distribution of Tech Companies; This Tech Insights report looks at how EBITDA margins affect EV/Revenue and EV/EBITDA multiples. The dataset looks at all publicly-listed companies globally and then splits into; looking at technology-based public companies only and its three sub-sectors. All data points refer to the median multiple.; EBITDA margins are calculated by dividing EBITDA by revenue and is a measure of; profitability.; EBITDA itself is calculated by revenue minus operating expenses. The higher the; margin the higher profitability.; In theory the maximum margin a company could possibly have is 100% whereby the; company wouldn't have any operating expenses as revenue would become EBITDA.; High EBITDA margins are difficult to achieve; which is why there are less companies at; the top of the range.; All else being equal a higher EBITDA margin will generate a higher multiple given; there is greater profitability and a higher level of free cash flow.; -; 0.2; 0.4; 0.6; 0.8; 1; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; Internet and Data Services Software IT Services; -; 5; 10; 15; 20; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Multiples of Public Technology Companies Multiples of Public Internet and Data Services Companies; Multiples of Public Software Companies Multiples of Public IT Services Companies; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 10; 20; 30; 40; 50; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 10; 20; 30; 40; 50; 60; 70; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 5; 10; 15; 20; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; -; 5; 10; 15; 20; 25; 30; 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%; EBITDA Margin; EV/Revenue Multiple EV/EBITDA Multiple; CLARE CAPITAL TECH INSIGHTS

#122

Overview Clare Capital Tech Insights 122 - Public Cyber Security Industry - 20190517; EV/Revenue Multiple Revenue per Employee (USD '000s) Time-Series of Median EV/Revenue Multiple of Public Cyber Security Companies; Annual Revenue Growth Annual EBITDA Margin Share Price Performance (USD $) of Two Cyber Security Exchange Traded Funds; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; This Tech Insights report looks at the cyber security industry specifically at the multiples growth rates and margins of publicly-listed cyber security companies.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; 42186; 42278; 42370; 42461; 42552; 42644; 42736; 42826; 42917; 43009; 43101; 43191; 43282; 43374; 43466; 43556; -; 10; 20; 30; 40; 50; 42186; 42278; 42370; 42461; 42552; 42644; 42736; 42826; 42917; 43009; 43101; 43191; 43282; 43374; 43466; 43556; Cyber Security ETF (HACK) Cyber Security ETF (CIBR); Lower; Quartile; Upper; Quartile; Average; Median; CLARE CAPITAL TECH INSIGHTS; Public Cyber Security Universe Size of the bubble represents EV/Revenue multiple. The bubbles are labelled with the company's stock ticker.; CHKP; PANW; FEYE; FTNT; ZS; CYBR; FSCT; PFPT; QLYS; RDWR; RPD; SAIL; SCWX; OSPN; CYRN; ZIXI; CBLK; OKTA; MIME; TENB; TNT; FSC1V; 2326; SPLK; 300352; SOPH; CNS; 4704; CLAV; FLX; 50; 53800; INTZ; VRNT; NCC; BLTG; GSB; ABT; ECSC; MOBL; ATEN FFIV; MITK; VRNS; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; 0.5; (60%) (40%) (20%) - 20% 40% 60%; Annual Revenue Growth; Annual EBITDA Margin; High Growth High Profitability; Low Growth Low Profitability Low Growth High Profitability; High Growth Low Profitability; CLARE CAPITAL TECH INSIGHTS

#121

Overview Clare Capital Tech Insights 121 - Investor Ownership - 20190510; This Tech Insights looks at the percentage level of ownership held by funds in New Zealand companies. Typically early stage and growth investors have an average shareholding of; 10% to 30%  with later stage private equity funds having an ownership of 20% to 80%. Note some companies will have multiple investors.; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Vend; Coretex; Timely; Mobi2go; Parking Sense; Author-IT; 1Above; Unleashed; Modlar; Vend; Timely; Raygun; TD Limited; Coherent Solutions; Populate; Mobi2go; OA Tech; Mindfull; Hayload; NZ Artesian Water; Influx HQ; Onceit; Melon Health; EverEdge IP; Boardingware; Weirdly; Redseed; Devoli; Magic Memories; Laybuy; Rockit; Tom and Luke; Wherescape; Smartfoods; Molemap; K9 Natural; Lifestream; The Rees Hotel; Partners Life; Healthcare Holdings; My Food Bag; Provincial Education; PBT; TRG Imaging; Fiordland Lobster; Partners Life; Magritek; Mrs Higgins; Polynesian Spa; Domett Properties; Bio-strategy; Rainbow's End; Auckland Packaging; Straker; Partstrader; Vend; Magic Memories; Unleashed; Coretex; Equipment  Leasing & Finance; Shareholding; CLARE CAPITAL TECH INSIGHTS; Selected investors and shareholding levels; Disclaimer; The information provided in this report has been solely sourced and calculated from the NZ Companies Register. Clare Capital holds no responsibility over the actual numbers. Clare; Capital is not an Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; Farm Quality; Parrot Analytics; Merlot Aero; Lan Global; Waitohi; Enring; Fishpond; Qestral; CWS; AS Colour; Bayleys; PF Olsen; George H; Energy Works; Seequent; Netlogix; Solarzero; BeGroup; MMC; Mix; Umbrellar; Ripetime; Upside; Footfalls and Heartbeats; Objective Acuity; Appmatic; Quivervision; Humble Bee; Shuttlerock; Spotlight Reporting; WIP App; Modlar; Vesper Marine; Mish Guru; Qotient; Nyraid; Parrot Analytics; Atomic; Cloud Cannon; Common Ledger; Property NZ; SRL Investment; Private Flight; Eventfinda; Real Time Genomics; Aspect; Sunfed; Predict HQ; Sharesies; Mevo; Shareholding; Evander Holdings; CLARE CAPITAL TECH INSIGHTS movac punakaiki fund pioneer capital waterman private capital rangatira investments milford