#120

Overview Clare Capital Tech Insights 120 - Another Brick in the PayWall - 20190503; Type Year Flag Local cost Cost in NZD / month; NZD 29 / month; USD 15 / four weeks; NZD 5 / week; GBP 2 / week; USD 10 / four weeks; AUD 3.50 / week; 16; 16; AUD 59 / month; USD 39 / month; GBP 30 / month; USD 35 / month; GBP 26 / month; AUD 36 / four weeks; NZD 35 / month; AUD 28 / four weeks; 35; 32; 29; 24; 22; 17; 62; 58; 58; 52; 50; 41; 2013; This Tech Insights report looks at the subscription cost for various digital news subscriptions. Some of these have a 'hard paywall' (where all content is behind the paywall) most; have a 'soft paywall' (where some articles are behind the paywall or you get a certain number of 'free' articles per month without paying). The prices shown are the regular; weekly/monthly prices excluding any special offers and excluding any discounts for buying a year in advance. The price used is that charged to local residents (for example a; subscription to The Times is 80% cheaper if you live outside the UK. The local/UK price is used here).; 2002; 1996; 2002; 2018; 2010; 2011; 2009; 2012; 2017; 2011; 2019; 2013; 2013; : business focussed news. Year: year paywall launched. Flag: Primary country of operations. Conversions to NZD at current spot rates. Herald Sun / Daily Telegraph are 'sister; papers' in Melbourne and Sydney so are shown together as are Sydney Morning Herald / The Age. Subscription to the Australian includes free full access to WSJ.; CLARE CAPITAL TECH INSIGHTS; Comparison of the cost and estimated number of digital subscribers; Disclaimer; The information provided in this report has been sourced and calculated from public information only. 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.; NBR AFR; The Times; The Telegraph; The Australian; Herald Sun; / Daily Telegraph; Sydney Morning Herald; / The Age; -; 100000; 200000; 300000; 400000; - 10 20 30 40 50 60 70; FT; New York Times; Washington Post Wall Street Journal; 500000; 1000000; 1500000; 2000000; 2500000; 3000000; 0 10 20 30 40 50 60 70; axis scale; changes; //; Monthly price NZD; Circle area shows; relative revenue; estimates; Est number; of digital; subscribers; Subscriber numbers are a combination of publicly; released figures and Clare Capital estimates.; CLARE CAPITAL TECH INSIGHTS

#119

Overview Clare Capital Tech Insights 119 - Software ETFs - 20190426; SPDR S&P Software & Services ETF 26-Apr-19; Net Asset Value (NAV) USD 97.96; Assets Under Management (AUM) USD M 243; Outstanding Shares '000s 2 500; Average Daily Value USD '000s 3 737; Average Daily Volume # 39 879; Total Annual Return % 28%; Expense Ratio % 0.35%; Invesco Dynamic Software ETF 26-Apr-19; Net Asset Value (NAV) USD 95.42; Assets Under Management (AUM) USD M 429; Outstanding Shares '000s 4 550; Average Daily Value USD '000s 5 666; Average Daily Volume # 62 876; Total Annual Return % 35%; Expense Ratio % 0.63%; iShares Expanded Tech-Software Sector ETF 26-Apr-19; Net Asset Value (NAV) USD 220.67; Assets Under Management (AUM) USD M 2 933; Outstanding Shares '000s 13 400; Average Daily Value USD '000s 89 579; Average Daily Volume # 428 238; Total Annual Return % 29%; Expense Ratio % 0.47%; This Tech Insights report looks at the metrics and 12 month performance of six specific technology-based Exchange Traded Funds (ETFs). An ETF is a type of fund which owns; shares in a range of companies and usually tracks a particular index. For example the cyber security ETF below owns shares in a range of publicly listed cyber security companies.; XSW tracks an equal-weighted index of software & services; companies as defined by GICS.; PSJ uses a quantitative model to choose US software; companies across the market cap spectrum.; IGV tracks a market-cap-weighted index of US and Canadian; software companies.; -; 50; 100; 150; 200; 250; 300; -; 20; 40; 60; 80; 100; 120; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 100; 200; 300; 400; 500; -; 20; 40; 60; 80; 100; 120; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 1000; 2000; 3000; 4000; -; 50; 100; 150; 200; 250; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); CLARE CAPITAL TECH INSIGHTS; Disclaimer; ETFMG Prime Cyber Security ETF 26-Apr-19; Net Asset Value (NAV) USD 41.51; Assets Under Management (AUM) USD M 1 656; Outstanding Shares '000s 40 000; Average Daily Value USD '000s 9 808; Average Daily Volume # 245 360; Total Annual Return % 15%; Expense Ratio % 0.60%; ETFMG Video Game Tech ETF 26-Apr-19; Net Asset Value (NAV) USD 44.88; Assets Under Management (AUM) USD M 99; Outstanding Shares '000s 2 200; Average Daily Value USD '000s 624; Average Daily Volume # 14 251; Total Annual Return % (3%); Expense Ratio % 0.75%; First Trust Cloud Computing ETF 26-Apr-19; Net Asset Value (NAV) USD 60.67; Assets Under Management (AUM) USD M 2 280; Outstanding Shares '000s 37 600; Average Daily Value USD '000s 14 830; Average Daily Volume # 256 431; Total Annual Return % 25%; Expense Ratio % 0.60%; HACK tracks a tiered equal-weighted index that targets; companies actively involved in providing cyber security.; GAMR tracks an equity index of global firms that support ; create or use video games.; SKYY tracks a tiered equal-weighted index of companies; involved in the cloud computing industry.; 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.; -; 500; 1000; 1500; 2000; 2500; -; 10; 20; 30; 40; 50; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 50; 100; 150; -; 10; 20; 30; 40; 50; 60; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); -; 500; 1000; 1500; 2000; 2500; -; 20; 40; 60; 80; Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19; AUM (USD M); NAV (USD); Net Asset Value (NAV) Assets Under Management (AUM); CLARE CAPITAL TECH INSIGHTS

#118

Overview Clare Capital Tech Insights 118 - Lightspeed - 20190412; Gross transaction value / GTV (CAD$b) Financials; 2016 2017 2018 LTM; GTV ($b) 4.6 7.1 10.6 13.6; Revenue ($m) 30.7 42.6 57.1 71.9; Gross profit ($m) 18.3 27.6 39.6 50.4; Operating cash flow (14.9) (10.9) (10.0) (8.2); Rev / GTV 0.67% 0.60% 0.54% 0.53%; GTV growth 54% 49%; Rev growth 39% 34%; • Market cap CAD$1 800m; • Founded 2005 Revenue (CAD$m) Financials adjusted pro-forma with new payments; • $13+ billion of gross transaction value (GTV) growing at 48% 2016 2017 2018 LTM; • $500 000 gross transaction value per customer GTV ($b) 4.6 7.1 10.6 13.6; • $72m revenue Revenue ($m) 138.8 209.5 306.2 391.5; • 47 000+ customer locations Gross profit ($m) 36.7 56.0 82.0 104.8; • ~100 countries Operating cash flow 3.5 17.5 32.4 46.2; • ~90% recurring software and payments revenue; • No single customer >1% revenue Rev / GTV 3.02% 2.95% 2.89% 2.88%; • $200 monthly ARPU GTV growth 54% 49%; • 35% of revenue outside of North America Rev growth 51% 46%; Payments Funding M&A; Date Round US$m; Jun-12 Series A 30; Nov-14 Series B 35; $100 sale Past Launched 2019 Sep-15 Series C 61; Revenue share 0.25% 2.60% Oct-17 Series D 166; Revenue $0.25 $2.60 Apr-19 Debt 55; Margin share 0.25% 0.65% Total 347; Margin $0.25 $0.65; All figures in Canadian dollars except funding rounds that are in US dollars.; Total payment fee of 2.60% received as revenue with 0.65%; expected to be captured as net margin.; Lightspeed is a SaaS company that has recently listed on the Toronto Stock Exchange. The company offers software for retailers and restaurants they are introducing payments; functionality during 2019 with an associated change in their revenue and business model. If successful this will have a meaningful business impact.; Cloud based commerce platform for retailers and restaurants.; Includes point of sale customer loyalty payments inventory; management product and menu management.; Lightspeed's growth is both organic and via M&A. Deals focus on expanding the; customer base accelerating payments growth and additional solutions.; Lightspeed has recently started to offer customers a complete; integrated payments solution as part of their software. This; change will have a material impact on their financials. POSIOS point-of-sale; solution for retailers and; restaurateurs. Acquired in; 41913; Merchant Os is a point-ofsale; and inventory control; system. Acquired Jul-13; ReUp is a digital; platform to build; loyalty programs.; Acquired Dec-18; SEOshop is midmarket; SaaS; e-commerce platform.; Acquired Nov-15.; CLARE CAPITAL TECH INSIGHTS; Selected listed software companies that offer payments functionality or automate workflows which have a payment element; LTM 2019 2020 LTM 2019 2020 LTM 2019 2020 LTM 2019 2020; PayPal 126 132 117 789 8.1 7.0 6.0 31.9 26.7 22.5 18% 16% 18% 44% 42% 44%; ServiceNow 43 981 43 523 16.9 12.8 10.0 64.9 47.5 35.4 35% 31% 28% 61% 58% 57%; Square 24 464 31 429 15.4 10.8 8.1 95.4 58.4 37.4 49% 42% 34% 65% 61% 56%; Adyen 23 222 22 792 59.2 42.7 31.6 113.4 79.3 56.8 63% 39% 35% 115% 92% 91%; Shopify 20 254 21 322 18.9 13.6 10.3 520.7 382.5 190.1 59% 39% 32% 63% 42% 37%; Aspen Technology 7 527 7 780 14.4 13.4 13.4 31.1 26.6 26.7 3% 7% 0% 50% 58% 50%; StoneCo 5 354 9 832 12.8 8.6 6.0 47.8 15.3 9.9 (17%) 49% 44% 10% 105% 104%; Wisetech Global 5 115 5 175 25.2 21.5 16.4 91.8 66.7 49.2 44% 17% 31% 72% 50% 64%; Afterpay 4 253 4 438 37.7 22.7 12.2 176.2 240.3 79.7 397% 66% 87% 419% 75% 102%; Blackbaud 3 995 4 350 4.7 4.5 4.3 19.8 21.7 20.1 8% 5% 5% 31% 25% 26%; ACI Worldwide 3 986 4 527 3.9 3.4 3.0 15.9 11.9 10.5 (1%) 17% 12% 23% 45% 41%; Manhattan Associates 3 672 3 588 6.6 6.4 6.2 22.6 28.3 27.1 (6%) 2% 3% 23% 25% 26%; Descartes Systems 2 995 2 883 11.1 9.1 8.2 31.7 25.3 22.3 17% 23% 10% 52% 59% 47%; Bottomline Technologies 2 123 2 121 5.1 5.1 4.7 22.6 21.4 18.8 13% 1% 8% 35% 25% 33%; SPS Commerce 1 844 1 690 7.4 6.7 6.1 35.9 29.0 24.8 13% 11% 9% 33% 34% 34%; Kinaxis 1 522 1 349 10.4 8.2 6.9 36.8 33.2 26.7 13% 27% 18% 41% 52% 44%; GreenSky 828 726 2.0 1.5 1.2 4.8 3.9 3.2 27% 32% 26% 69% 71% 64%; QAD 825 903 2.5 2.5 2.3 32.2 71.9 38.3 9% 0% 7% 17% 3% 13%; Pushpay 665 657 8.4 5.8 4.7 na 49.2 25.4 64% 46% 23% 43% 58% 41%; Park City Group 162 148 7.0 6.5 5.1 31.4 22.1 17.4 16% 8% 27% 39% 37% 56%; Median 3 991 4 394 9.4 7.6 6.2 32.2 28.7 26.1 17% 20% 21% 44% 51% 46%; Mean 14 146 14 351 13.9 10.6 8.3 75.1 63.1 37.1 41% 24% 23% 65% 51% 52%; Lower quartile 1 763 1 605 6.2 5.6 4.7 26.9 22.0 19.8 9% 8% 9% 33% 37% 37%; Upper quartile 10 709 12 705 15.8 13.0 10.1 78.4 60.5 37.6 45% 39% 31% 64% 59% 58%; Lightspeed 1 350 1 350 19.4 13.2 9.2 na na na 31% 46% 44% 15% 34% 40%; Lightspeed assuming 1 350 1 350 19.4 8.6 4.9 na 92.3 23.8 31% 126% 76% 15% 135% 96%; future growth with new pymt fees; 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.; Company; Market cap; US$m; Enterprise; value; US$m; Multiples Growth rates; EV / Revenue EV / EBITDA Revenue 40% rule; CLARE CAPITAL TECH INSIGHTS

#117

Overview Clare Capital Tech Insights 117 - Start of 2019 Australasian Tech - 20190405; Largest; increases; Company Vista Pushpay Plexure Trade Me Gentrack Other Total; Increase $m 193 85 41 35 31 52 438; Contribution 44% 19% 9% 8% 7% 12% 100%; Largest; decreases; Company ikeGPS Finzsoft GeoOp Enprise Other Total; Decrease $m (13) (2) (2) (1) - (18); Contribution 70% 13% 9% 8% - 100%; Largest; increases; Company Afterpay WiseTech Appen Altium Xero Other Total; Increase $m 3 079 2 161 1 426 1 343 1 183 8 332 17 523; Contribution 18% 12% 8% 8% 7% 48% 100%; Largest; decreases; Company Hansen Tech Freelancer 99 Wuxian BrainChip Praemium Other Total; Decrease $m (105) (65) (58) (56) (35) (448) (767); Contribution 14% 8% 8% 7% 5% 58% 100%; This Tech Insights report looks at the increase in market capitalisation across Australasian listed technology companies so far this year. It's been a strong start with an overall; increase of 22%. This analysis is from 31-Dec-2018 to 5-April-2019 and only includes companies that were listed at both the start and end dates (for example Orion Health which; delisted during March isn't included). Further breakdown on this increase is provided on the second page. A company is shown against its primary index only. All values in NZD.; 83; 100; 17.2; 0.22; -; 20; 40; 60; 80; 100; 31-Dec 5-Apr Change; NZX; ASX; Australasian listed technology companies; Market capitalisation (NZD $bn); NZX;  $420m; ASX;  $16 757m; CLARE CAPITAL TECH INSIGHTS; Breakdown of the NZD $17.2bn increase in total market capitalisation; 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.; -% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; 98% 2%; 93% 7%; 3% 18% 79%; 3% 16% 82%; 4% 50% 47%; 24% 76%; NZX vs ASX; Share price change v share issuance; By market capitalisation (at 31-Dec); By revenue size (LTM); By revenue growth (LTM vs prior LTM); By profitability (measured by EBITDA); ASX NZX; Share price change Share issuance; < $100m 100m - $1bn $1bn +; < $10m $10m - $100m $100m +; Negative 0% - 50% 50% +; Negative EBITDA Positive EBITDA; CLARE CAPITAL TECH INSIGHTS

#116

Overview Clare Capital Tech Insights 116 - Capital Raising Amounts - 20190329; Capital Raised Amount (USD millions) by Industry Capital Raised Amount (USD millions) by Round; Capital Raised Amount (USD millions) by Country Capital Raised Amount (USD millions) by Year; This Tech Insights report looks at ~13 500 technology capital raise amounts since the start of 2014 across different rounds and geographies. The report does not take into account; multiples valuations equity stakes or terms (e.g. preference shares) for any of the capital raises being analysed. The two-pages only looks at the amount of capital raised.; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Seed Round Series A Series B Series C Series D; Lower Quartile Upper Quartile Average; -; 2; 4; 6; 8; 10; 12; 14; 16; Software IT Services Data Processing; Services; Internet Services; Lower Quartile Upper Quartile Average; -; 5; 10; 15; 20; 25; 2014 2015 2016 2017 2018 2019; Lower Quartile Upper Quartile Average; -; 2; 4; 6; 8; 10; 12; Australia Canada New Zealand United; Kingdom; United States; Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Disclaimer; % of All Capital Raises by Industry % of All Capital Raises by Round; % of All Capital Raises by Country % of All Capital Raises by Year; 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.; 0.02; 0.04; 0; 0.1; 0.84; Australia; Canada; New Zealand; United Kingdom; United States; 0.69; 0.1; 0.03; 0.18; Software; IT Services; Data Processing Services; Internet Services; 0.3; 0.36; 0.19; 0.1; 0.05; Seed Round; Series A; Series B; Series C; Series D; 0.19; 0.2; 0.2; 0.21; 0.2; 2014; 2015; 2016; 2017; 2018; CLARE CAPITAL TECH INSIGHTS

#115

Overview Clare Capital Tech Insights 115 - Scooters - 20190322; Major international scooter companies; Companies selected for Wellington scooter trial; Other micro mobility players; Electric scooter hire companies have experienced amazing growth as demonstrated by the ASYMCO analysis pictured below. Both Lime and Bird have also rasied significant; amounts of venture capital (Lime US$765m Bird US$415m). Wellington has just recently approved a six month trial for Flamingo and JUMP electric scooters.; Note JUMP was acquired by Uber in April 2018 for; a reported US$200m.; Source: Source:; CLARE CAPITAL TECH INSIGHTS; Estimated Financial Performance of Wellington's six month Scooter Trial; Individual scooter cash payback performance Payback sensitivities; Cash payback for 400 scooters; Disclaimer; 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.; -200000; -150000; -100000; -50000; 0; 50000; 100000; 150000; 200000; Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19; -600; -400; -200; 0; 200; 400; 600; 800; Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19; -1x x 1x 2x 3x 4x 5x; Cost of scooter: $300 - $500; Rides per; day: 3 - 5; Fee per ride:; $0.75- $1.25; Fee per; min:; $0.2- $0.4; Avg ride length; (mins): 7 - 11; Overnight; charging; cost: $5-$15; Daily prob of; loss or damage:; 0 - 0.8%; Estimated payback of 2.1x; over the 6 month trial period; Scooter that needs; to be replaced; Scooter that gets; used frequently; Avg scooter; CLARE CAPITAL TECH INSIGHTS

#114

Overview Clare Capital Tech Insights 114 - Strategic v Financial Buyers - 20190315; Strategic Buyer; Type:; Means:; Financial Buyer; Type:; Means:; Transactions by EV Strategic Buyer Transactions by EV Financial Buyer Transactions by EV; This Tech Insights report looks at over 1 200 technology transactions showing the differences in distribution of multiples between strategic and financial buyers of technology; companies across different revenue and enterprise values.; A financial player acquires a company.; A strategic player acquires a company.; A strategic acquirer is more likely to focus on; the target company’s assets products ; people and customer base. At times the; financial performance can play less of a role; in the overall transaction rationale.; While the client and asset base is important ; a financial acquirer is likely to focus strongly; on the underlying financials of the business –; how big the target is how fast it is growing; and how much profit is it making.; -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); Financial Buyer Strategic Buyer 7%; 0.03; 0.07; 0.07; 0.06; 0.09; 0.11; 0.12; 0.2; 0.17; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); 0.06; 0.05; 0.11; 0.1; 0.07; 0.09; 0.13; 0.12; 0.17; 0.09; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV (USD M); -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Median EV/Revenue; EV (USD M); Strategic Buyer Financial Buyer; -; 2; 4; 6; 8; 10; 12; 14; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Median EV/Revenue; Revenue (USD M); Strategic Buyer Financial Buyer; Higher multiple paid; by strategic buyers.; For transactions; over USD $500M ; 28% are completed; by financial buyers.; While 72% are by; strategic buyers.; The EV for 9% of; transactions completed; by financial buyers is; between USD $15-25M.; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Transactions by Revenue Strategic Buyer Transactions by Revenue Financial Buyer Transactions by Revenue; Transactions by Multiple Strategic Buyer Transactions by Multiple Financial Buyer Transactions by Multiple; 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.; -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); Financial Buyer Strategic Buyer 9%; 0.04; 0.07; 0.09; 0.05; 0.09; 0.12; 0.13; 0.23; 0.1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); 0.09; 0.07; 0.14; 0.14; 0.09; 0.1; 0.12; 0.1; 0.12; 0.04; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; Revenue (USD M); -; 0.2; 0.4; 0.6; 0.8; 1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; Financial Buyer Strategic Buyer 37%; 0.21; 0.25; 0.08; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; 0.33; 0.21; 0.23; 0.1; <1; 44593; 44683; 44839; 42278; 15-25; 25-50; 50-100; 100-500; >500; EV/Revenue; CLARE CAPITAL TECH INSIGHTS

#113

Overview Clare Capital Tech Insights 113 - Share Price Correlation - 20190308; The level of correlation between two firm's share prices can vary from 1 (perfectly correlated) to zero (no relationship) to -1 (perfectly correlated but movement in the opposite; direction). The table below illustrates the level of correlation between selected technology companies. Some companies appear highly correlated with the indices and other; companies while others (typically smaller) companies do not appear to move inline with their peers. The data uses daily share price movement for the last two years.; S&P500; Nasdaq; NZX-all; ASX200; Atlassian; MYOB; ELMO; Enprise; 9 Spokes; Straker; Volpara; PaySauce; Plexure; Rakon; Finzsoft; Serko; Orion Health; GeoOp; ikeGPS; Trade Me; Vista; Gentrack; Xero; SmartPay; EROAD; Pushpay; Pushpay 0.09 0.08 0.36 0.27 0.18 -0.02 0.05 0.06 0.02 0.06 0.11 0.05 0.15 0.08 -0.03 0.10 0.05 0.07 0.03 0.10 0.08 0.12 0.22 0.05 0.17 1.00; EROAD 0.09 0.07 0.23 0.07 0.08 0.01 0.07 0.03 0.09 0.02 0.08 0.00 0.12 0.16 -0.01 0.21 -0.05 0.03 0.00 0.03 0.06 0.08 0.18 0.10 1.00; SmartPay -0.02 -0.02 0.01 0.00 -0.04 0.01 0.09 0.04 0.03 -0.17 -0.08 -0.05 0.01 -0.05 -0.06 -0.03 -0.01 -0.05 0.01 0.01 0.06 -0.06 0.02 1.00; Xero 0.10 0.09 0.39 0.44 0.15 0.14 0.12 -0.01 0.06 0.20 0.22 0.05 0.01 0.04 0.00 0.12 0.05 -0.01 0.09 0.00 0.09 0.16 1.00; Gentrack 0.09 0.10 0.28 0.22 0.04 0.02 -0.01 0.07 0.00 0.08 0.13 0.01 0.06 -0.01 -0.11 0.19 -0.02 0.09 0.01 -0.02 0.07 1.00; Vista 0.00 -0.02 0.22 0.05 -0.04 0.03 -0.02 -0.16 0.01 -0.01 -0.03 -0.05 0.05 0.00 -0.07 0.03 0.02 -0.04 -0.07 0.08 1.00; Trade Me 0.00 0.02 0.21 0.12 0.08 -0.07 0.00 0.02 0.05 0.02 0.00 -0.03 -0.04 0.01 -0.06 0.00 0.13 0.04 0.02 1.00; ikeGPS 0.18 0.15 0.08 0.12 0.11 0.06 -0.03 0.03 0.04 -0.11 0.03 0.07 0.02 -0.02 -0.09 0.00 -0.01 0.11 1.00; GeoOp 0.06 0.05 0.05 0.03 0.11 -0.03 0.05 -0.04 -0.02 0.12 -0.05 0.12 0.01 -0.05 -0.05 0.05 0.07 1.00; Orion Health -0.09 -0.09 0.22 0.12 -0.04 0.01 0.01 0.02 -0.11 0.00 -0.01 0.02 -0.03 0.02 0.01 0.02 1.00; Serko -0.02 -0.02 0.21 0.10 -0.01 0.06 0.03 0.07 0.01 0.29 0.12 0.02 0.03 0.00 -0.08 1.00; Finzsoft 0.01 0.03 -0.07 -0.05 0.10 -0.03 -0.03 -0.32 0.00 -0.01 -0.05 0.01 -0.02 -0.06 1.00; Rakon 0.11 0.10 0.08 0.17 0.01 0.06 -0.02 0.06 -0.05 0.02 0.06 0.00 0.11 1.00; Plexure 0.07 0.07 0.09 0.07 0.14 0.04 0.08 -0.04 0.03 -0.05 0.03 0.01 1.00 Highlighted correlations:; PaySauce 0.06 0.07 -0.04 -0.05 0.14 -0.04 0.11 0.00 -0.02 0.02 0.02 1.00; Volpara -0.01 -0.01 0.21 0.28 0.01 0.01 0.08 0.11 0.05 0.11 1.00 Xero & Pushpay 0.22 MYOB & Atlassian -0.11; Straker 0.10 0.04 0.11 0.20 0.04 -0.16 0.02 -0.06 0.10 1.00 EROAD & Serko 0.21 Smartpay & Straker -0.17; 9 Spokes 0.01 -0.01 0.08 0.10 -0.08 -0.06 0.17 0.00 1.00 Straker & Serko 0.29 Xero & Volpara 0.22; Enprise 0.01 -0.01 -0.04 0.02 -0.07 -0.03 -0.03 1.00; ELMO -0.06 -0.07 0.03 0.02 -0.02 -0.02 1.00; MYOB -0.05 -0.05 0.07 0.13 -0.11 1.00 Disclaimer; Atlassian 0.54 0.64 0.18 0.04 1.00; ASX200 0.10 0.06 0.51 1.00; NZX-all 0.13 0.10 1.00; Nasdaq 0.96 1.00; S&P500 1.00; 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.; CLARE CAPITAL TECH INSIGHTS; Selected groups of companies to illustrate colleration between peers; Large SaaS companies Large cap technology companies; S&P500; Nasdaq; Box; Dropbox; Xero; Ultimate; Atlassian; Twilio; Splunk; ServiceNow; Workday; salesforce; S&P500; Nasdaq; Oracle; IBM; Red Hat; Tesla; Apple; Microsoft; Amazon; Netflix; Google; Facebook; salesforce 0.76 0.84 0.50 0.51 0.10 0.65 0.70 0.66 0.76 0.80 0.78 1.00 Facebook 0.56 0.65 0.38 0.32 0.09 0.25 0.46 0.51 0.57 0.46 0.63 1.00; Workday 0.63 0.72 0.57 0.46 0.07 0.60 0.64 0.61 0.75 0.78 1.00 Google 0.82 0.88 0.56 0.54 0.08 0.32 0.68 0.81 0.76 0.64 1.00; ServiceNow 0.65 0.74 0.52 0.50 0.18 0.61 0.68 0.64 0.71 1.00 Netflix 0.67 0.74 0.43 0.42 0.13 0.37 0.53 0.65 0.72 1.00; Splunk 0.55 0.65 0.54 0.43 0.07 0.57 0.68 0.60 1.00 Amazon 0.76 0.85 0.45 0.46 0.07 0.34 0.66 0.76 1.00; Twilio 0.56 0.64 0.46 0.51 0.10 0.49 0.58 1.00 Microsoft 0.86 0.89 0.62 0.58 0.16 0.36 0.71 1.00; Atlassian 0.54 0.64 0.44 0.42 0.15 0.54 1.00 Apple 0.75 0.80 0.50 0.48 0.11 0.32 1.00; Ultimate 0.58 0.64 0.39 0.43 0.00 1.00 Tesla 0.37 0.39 0.27 0.22 0.14 1.00; Xero 0.10 0.09 -0.02 0.09 1.00 Red Hat 0.19 0.19 0.13 0.02 1.00; Dropbox 0.44 0.51 0.47 1.00 IBM 0.66 0.62 0.48 1.00; Box 0.52 0.58 1.00 Oracle 0.68 0.64 1.00; Nasdaq 0.96 1.00 Nasdaq 0.96 1.00; S&P500 1.00 S&P500 1.00; ASX companies Payments companies; Nasdaq; ASX200; Hansen; Appen; Redbubble; NextDC; Altium; Wisetech; Seek; Webjet; Carsales; REA; S&P500; Nasdaq; Just Eat; Zuora; Afterpay; Grub Hub; Paypal; Wirecard; Adyen; Pushpay; Shopify; Square; REA 0.05 0.46 0.06 0.24 0.06 0.29 0.26 0.26 0.44 0.25 0.45 1.00 Square 0.67 0.75 0.28 0.40 0.15 0.50 0.66 0.29 0.34 0.14 0.62 1.00; Carsales 0.08 0.43 0.16 0.28 0.06 0.28 0.46 0.32 0.46 0.12 1.00 Shopify 0.60 0.69 0.26 0.41 0.21 0.43 0.62 0.22 0.30 0.12 1.00; Webjet 0.07 0.34 0.09 0.26 0.09 0.19 0.26 0.21 0.27 1.00 Pushpay 0.09 0.08 0.09 0.12 0.13 0.10 0.04 0.09 0.15 1.00; Seek 0.00 0.53 0.18 0.27 0.01 0.29 0.23 0.26 1.00 Adyen 0.39 0.35 0.34 0.06 0.24 0.18 0.30 0.40 1.00; Wisetech 0.11 0.37 0.20 0.33 0.04 0.44 0.60 1.00 Wirecard 0.23 0.26 0.23 0.12 0.12 0.13 0.25 1.00; Altium 0.07 0.39 0.19 0.39 0.09 0.41 1.00 Paypal 0.71 0.77 0.21 0.38 0.09 0.36 1.00; NextDC 0.06 0.46 0.16 0.36 0.03 1.00 Grub Hub 0.38 0.44 0.15 0.31 0.15 1.00; Redbubble -0.02 0.09 0.18 0.09 1.00 Afterpay 0.15 0.15 0.10 0.07 1.00; Appen 0.12 0.37 0.18 1.00 Zuora 0.39 0.44 0.16 1.00; Hansen 0.03 0.22 1.00 Just Eat 0.22 0.25 1.00; ASX200 0.06 1.00 Nasdaq 0.96 1.00; Nasdaq 1.00 S&P500 1.00; CLARE CAPITAL TECH INSIGHTS

#112

Overview Clare Capital Tech Insights 112 - G&A and D&A SaaS Expenses - 20190301; General & Administration; General & Administration (% of Revenue) - USD Millions General & Administration (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Obs. Avg. Med.; USD $<20M 160 52% 34%; USD $20-30M 165 29% 28%; USD $30-40M 108 25% 24%; USD $40-50M 62 20% 17%; USD $50-75M 250 16% 16%; USD $75-100M 293 16% 15%; USD $100-115M 139 17% 15%; USD $115-125M 98 19% 16%; USD $125-150M 224 16% 15%; USD $150-175M 213 16% 14%; USD $175-200M 192 15% 14%; USD $200-225M 180 15% 14%; USD $225-250M 176 15% 14%; USD $250-275M 157 16% 14%; USD $275-300M 112 15% 13%; USD $300-350M 173 13% 12%; USD $350-400M 133 13% 12%; USD $400-450M 125 14% 12%; USD $450-500M 111 13% 12%; USD $500-600M 138 11% 11%; USD $600-700M 86 11% 10%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M USD $700-800M 96 10% 9%; Observations 495 543 1 222 811 696 USD $800-1000M 109 10% 9%; Average 30% 16% 16% 14% 10% USD $1000-1500M 104 10% 9%; Lower Quartile 32% 19% 18% 17% 13% USD $>1500M 163 9% 9%; Median 26% 15% 14% 13% 9%; Upper Quartile 20% 12% 12% 10% 7%; This report looks at the general & administration (G&A) and depreciation & amortisation (D&A) expenses for publicly-listed SaaS companies. The two pages below show the costs; split over the same revenue brackets.; For SaaS companies G&A expenses generally relate to any overhead and corporate costs not related to servicing or hosting the customer nor any sales & marketing expenditure.; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; General & Administration (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Depreciation & Amortisation; Depreciation & Amortisation (% of Revenue) - USD Millions Depreciation & Amortisation (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Obs. Avg. Med.; USD $<20M 160 6% 6%; USD $20-30M 165 12% 7%; USD $30-40M 108 10% 10%; USD $40-50M 62 7% 5%; USD $50-75M 250 5% 5%; USD $75-100M 293 6% 5%; USD $100-115M 139 7% 7%; USD $115-125M 98 6% 6%; USD $125-150M 224 6% 6%; USD $150-175M 213 5% 5%; USD $175-200M 192 5% 5%; USD $200-225M 180 6% 5%; USD $225-250M 176 6% 5%; USD $250-275M 157 6% 5%; USD $275-300M 112 5% 4%; USD $300-350M 173 5% 5%; USD $350-400M 133 5% 4%; USD $400-450M 125 6% 5%; USD $450-500M 111 5% 4%; USD $500-600M 138 5% 4%; USD $600-700M 86 6% 5%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M USD $700-800M 96 6% 4%; Observations 495 543 1 222 811 696 USD $800-1000M 109 6% 5%; Average 9% 6% 6% 5% 6% USD $1000-1500M 104 7% 7%; Lower Quartile 12% 8% 8% 8% 9% USD $>1500M 163 8% 7%; Median 7% 5% 5% 5% 6%; Upper Quartile 3% 3% 4% 3% 3%; 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.; As SaaS companies typically have minimal fixed assets and significant intangible assets a large proportion of D&A costs are related to the amortisation of software over time.; -; 0.02; 0.04; 0.06; 0.08; 0.1; 0.12; 0.14; Depreciation & Amortisation (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS

#111

Overview Clare Capital Tech Insights 111 - Australasian Tech Wages & Salaries Costs - 20190222; Highlights; Revenue (NZD M) - Staff Costs (% of Costs) from the Profit & Loss Statement - excluding capitalised development costs; This Tech Insights report looks at staff costs (primarily wages and salaries for employees of a company) as a percentage of total costs for Australasian Tech companies given it is; usually the largest expense for technology companies.; Regardless of the market capitalisation of a company or how much revenue it is generating staff costs (as a % of total costs) tend to be between 40-50% for ASX and NZX; technology companies. Clare Capital's own experience in dealing with technology companies also shows this 40-50% staff costs (as a % of total costs) trend.; n=194; n=30; n=49; n=44; n=18; n=26 n=27; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ALL <1M 1-5M 5-20M 20-50M 50-150M 150M>; Staff Costs (% of Costs); Revenue (NZD M); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Definitions; Market Capitalisation (NZD M) - Staff Costs (% of Costs) from the Profit & Loss Statement - excluding capitalised development costs; 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.; Only staff costs which have been expensed (i.e. employee costs on the Profit & Loss statement) have been included. This does not include any staff costs which have capitalised (i.e.; capitalised development costs on the Cash Flow statement). For example some Tech companies capitalise the salaries of developers working on the product/platform (i.e.; Research & Development). This will not be included in the staff costs below and will undervalue the 'actual' staff costs as a % of Costs.; Staff Costs represents the total compensation to employees for services. These exclude for example directors remuneration agent sales commissions and fees paid for third-party; professionals for services.; n=194; n=28; n=30 n=19; n=34; n=33; n=50; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; ALL <5M 5-10M 10-20M 20-50M 50-150M 150M>; Staff Costs (% of Costs); Market Capitalisation (NZD M); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS

#110

Overview Clare Capital Tech Insights 110 - SaaS M&A - 20190215; Large listed SaaS companies have been attractive acquisition candidates during the last 12 months. Selected transactions are featured below. Financial buyers have been paying; approx. 4x to 10x revenues with an average of 6.5x revenue. Strategic buyers illustrate a larger range of 4x to over 20x revenue.; -; 5; 10; 15; 20; 25; ConvergeOne / CVC; Web.com / SIRIS Capital; Raet BV / Cinven; GlobalLogic / Partners Group; Fidessa / Carlyle; Imperva / Thoma Bravo; Intralinks / SS&C; MYOB / KKR; athenahealth / Elliott; Ellie Mae / Thoma Bravo; Apptio / Vista; MINDBODY / Vista; SUSE / EQT; QuickBase / Vista; CommerceHub / GTCR; IRIS / Intermediate Capital; Vendor Credentialing / Landmark; Scout24 / Blackstone; Ultimate Software / Blackstone; Softvision / Cognizant; CA / Broadcom; Basware / Tradeshift; Solium Capital / Morgan Stanley; Red Hat / IBM; ClickSoftware / salesforce.com; X.commerce / Adobe; SendGrid / Twilio; Marketo / Adobe; Adaptive Insights / Workday; Qualtrics / SAP; Revenue multiple; Marketo purchased by; Adobe for US$4 750m at; 12.4x revenue from Vista; Equity Partners.; Average 6.5x revenue; Average 10.1x revenue; Target / Acquirer; Thoma Bravo announced; a takeover offer on 12th; Feb for Ellie Mae at 6.7x; revenue.; Blackstone have; launched two buyouts ; US$6b for Scout24 in Jan; and US$12b for Ultimate; Software in Feb. Both at; approx. 10x revenue.; Vista announced three; software buyouts over the; last three months:; Apptio: US$1.5b 7.0x; Mindbody: US$1.7b 7.3x; Quickbase: US$1b 8.0x; Financial Buyers Strategic Buyers; CLARE CAPITAL TECH INSIGHTS; Marketo - History of ownership from being publicly listed to private equity ownership then strategic sale to large corporate; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 9000; 2013 2014 2015 2016 2017 2018 2019 2020; Valuation US$m; Taken private by; Vista for US$1 500m; at 6.6x revenue.; Sold to Adobe for; US$4 750m at 12.4x; revenue.; Revenue increased 26% CAGR; under Vista's ownership via; organic growth and acquisitions.; Gain from; uplift in; multiple; 6.6x to 12.4x.; Adobe benefits from buying; revenue at 12.4x while trading; at 16.4x along with an increase; in market cap post deal; announcement.; Adobe; gain; from; uplift in; multiple; 12.4x to; 16.4x.; Adobe market; cap increase on; announcement.; Publicly listed Private Equity owned Strategic sale; Marketo was taken private by Vista Equity Partners on 31-May-15 then sold to to; Adobe on 20-Sept-18. The company's history illusrates the opportuntiy for both; finanical and strategic buyers of software companies.; Marketing automation software; CLARE CAPITAL TECH INSIGHTS

#109

Overview Clare Capital Tech Insights 109 - Spotlight on Orion Health - 20190208; Company Overview Market Capitalisation (NZD Millions); Market Valuation; Share Price NZD 1.21; Market Capitalisation NZD M 110; Enterprise Value NZD M 106; Last Twelve Months (LTM); Revenue NZD M 171; EBITDA NZD M (33); Revenue Growth % (3%); EBITDA Margin % (19%); 40% Rule % (22%); Revenue per Employee ('000s) NZD 214; EV/LTM Revenue x 0.6; EV/LTM EBITDA x (3.2); Volumes & Values; (All on-market trades); IPO Price NZD 5.70; Listed Months # 50; Share Price %Δ (from IPO) % (79%); Monthly CGR (from IPO) % (3.1%); Daily Average Trade Value ('000s) NZD 233; Daily Average Trade Volumes ('000s) # 80; Daily Average Number of Trades # 20; % of Days Traded % 98%; Daily Average Value per Trade NZD 9 747; Daily Average Vol. per Trade # 4 000; This Tech Insights report looks at the financial performance (including market capitalisation and key metrics) of Orion Health (NZX:OHE). The company announced a takeover offer; last week which includes a plan to take the company private after previously selling off parts of the business in 2018. Orion Health listed on the NZX in November 2014.; 43503; Orion Health Group Ltd (OHE-NZ) engages in the; software development for clinical workflow and; integration technology to the healthcare sector.; 43503; 43373; -; 200; 400; 600; 800; 1000; 1200; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; 42614; 42675; 42736; 42795; 42856; 42917; 42979; 43040; 43101; 43160; 43221; 43282; 43344; 43405; 43466; Market Capitalisation (NZD Millions); $125m raised at; IPO; Hg; acquires/invests; in Rhapsody; and Population; Health. Implied; OHE value of; NZD $255m; Takeover; notice at a; cash price of; NZD $1.224; per share; Signed an; agreement; with a major; U.S.; healthcare; insurer; $32m; raised via; rights; offer; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Revenue (NZD Millions) EV/Revenue Multiple; EBITDA (NZD Millions); 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.; -; 1; 2; 3; 4; 5; 6; 7; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; 42614; 42675; 42736; 42795; 42856; 42917; 42979; 43040; 43101; 43160; 43221; 43282; 43344; 43405; 43466; EV/Revenue Multiple; 96; 109; 153; 164; 207 199; 168; FY12 FY13 FY14 FY15 FY16 FY17 FY18; 6; -3; -9; -49; -45; -33; -45; FY12 FY13 FY14 FY15 FY16 FY17 FY18; Annual; Results; FY18; Annual; Results; FY17; Annual; Results; FY16; Annual; Results; FY15; Interim; Results; FY16; Interim; Results; FY17; Interim; Results; FY18; Interim; Results; FY19; CLARE CAPITAL TECH INSIGHTS

#108

Overview Clare Capital Tech Insights 108 - 2018 Christmas Crossword - 20181207; 1 2 3 4 5; 6; 7 8; 9; 10 11 12 13; 14 15; 16 17; 18; 19; 20; 21 22; All clues refer to events from 2018 all amounts in NZD.; Across; 6. NZX-listed mobile app company reported its maiden profit in October.; 7. NZ Hi-Tech Company of the Year develops self-service payment solutions.; 8. Successfully raised over $200m and had its first commercial launch from Mahia; Peninsula this year ( _____ Lab).; 10. Software company currently subject to a takeover offer from a Texas company offering; over a 10o% premium to the pre-announcement price.; 14. Moved from the ASX to the USX and has since had total value traded of $760 (Martin; _____ ).; 16. Auckland game developer that sold a majority stake for over $100m to Tencent; (Grinding ___ Games).; 17. Stock exchange which has 58 NZ company listings opening an Auckland office.; 19. UK online tax/accounts filing company acquired by Xero for $10m.; 20. Translation company IPO'd on the ASX in November ( _____ Translations).; 21. The meeting place of intelligent business?; 22. NXT-listed company which was suspended from trading in December for failing to; provide its financial results update to the market ( _____ Media).; Down; 1. NZ cannabis research and manufacturing firm raised $15m from; Guy Haddleton ( _____ Therapeutics).; 2. Underwent a highly-debated transition to a sole ASX listing.; 3. Wellington-based company that helps people mange chronic illnesses ; raised $3.3m this year ( _____ Health).; 4. Surname of US CEO who announced he was looking to take a company private at USD; $420 per share then forced to settle with the SEC.; 5. NZX-listed software company acquired Evolve Analytics and raised $90m.; 9. The ticker of the NZX-listed company which invested $46m in Flick Electric.; 11. E-scooter company that launched in Auckland and Christchurch.; 12. Trade Me took a 16% stake in this tech start-up for $4m.; 13. Pencarrow-backed geo-mapping company sold 70% to Accel-KKR.; 15. NZX & ASX listed SaaS company successfully completed a $100m bookbuild of the cofounder's; stake as he exited the business.; 17. Enterprise cloud platform IPO'd on the NYSE for $4bn+ Kiwi co-founder.; 18. Salon/spa software company 'Tabatha Takes Over' star joined the Board.; 19. NZX-listed technology company raised $5m ( _ _ _ GPS).; For our last Tech Insights report of the year we've put together a quick crossword ; largely based on Australiasian companies who were in the news over 2018.; Answers are provided on page 2 as well as figures on historical Christmas Day temperatures.; CLARE CAPITAL TECH INSIGHTS; Historical Christmas Day temperatures (from timeanddate.com); Disclaimer; The information provided in this report has calculated from FactSet and other information sources. Clare Capital holds no responsibility over the actual numbers. Clare Capital is; not an Authorised Financial Adviser. This document is intended as a bit of pre-Christmas fun. If you thought it was investment advice you really need a holiday.; Crossword answer:; 20°c 21°c; 25°c; 2015 2016 2017; Auckland; 23°c; 20°c 21°c; 2015 2016 2017; Taupo; 23°c; 17°c; 31°c; 2015 2016 2017; 23°c 21°c Christchurch; 17°c; 2015 2016 2017; Queenstown; 18°c 17°c; 21°c; 30°c; 2015 2016 2017 2018 F; Wellington; H X M M G; E P L E X U R E U E; L R L S N; I N V E N C O R O C K E T; U Z N R; S L I S Y S T E M S A; I H L E C; M A J E T P A C K; G E A R A S X Q U; E N U S T; I N S T A F I L E H I; K I P N P M; E E L S T R A K E R; S A Y L; N B R S N A K K Y; 1 2 3 4 5; 6; 7 8; 9; 10 11 12 13; 14 15; 16 17; 18; 19; 20; 21 22; CLARE CAPITAL TECH INSIGHTS

#107

Overview Clare Capital Tech Insights 107 - NZ Tech Revenue Performance - 20181130; All in NZD; 9 Spokes; Enprise; EROAD; Gentrack; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SmartPay; Straker; Volpara; Xero; EROAD (ERD-NZ) Gentrack (GTK-NZ) ikeGPS (IKE-NZ) Orion Health (OHE-NZ); 236 57.5 0.77 1.32 72%; 5 960 13.4 35.56 42.40 19%; 34 2.8 0.20 0.20 -; 82 4.7 1.55; 64 0.6 0.20 0.28 40%; 238 10.7 2.45 2.96 21%; 26 1.5 0.21 0.23 10%; 907 7.6 4.30 3.30 (23%); 59 6.2 0.42 0.65 55%; 229 1.3 0.70 1.17 67%; 178 3.1 3.83 2.61 (32%); 591 5.6 6.53 6.00 (8%); 12 1.2 0.06 0.02 (58%); 9 1.1 1.10 0.91 (17%); This Tech Insights looks at the revenue performance for NZ listed technology companies which have reported their results over the past two months. The report compares the first; half of FY19 (April 18 to Sept 18) against the first half of FY18 (April 17 to Sept 17). We have added ASX-listed only companies which were founded in NZ to increase the sample set.; Enprise (ENS-NZ); 30-Nov 30-Nov 1-Apr 30-Nov Change; Value (M) EV/Revenue Price ($) Price ($) Price 9 Spokes (9SP-AU); 2.3; 0.97; 2.2 4.5; H1 FY18 Change H1 FY19; H1 Revenue (NZD M); 3.3; -0.01; 3.2; H1 FY18 Change H1 FY19; 19; 0.49; 9 28; H1 FY18 Change H1 FY19; 46; 0.14; 6 52; H1 FY18 Change H1 FY19; 3.5; 0.27; 0.9 4.4; H1 FY18 Change H1 FY19; 81; 0.03; 2; 83; H1 FY18 Change H1 FY19; Half-year; Revenue; Growth; CLARE CAPITAL TECH INSIGHTS; Disclaimer; SmartPay (SPY-NZ) Straker (STG-AU) Volpara (VHT-AU) Xero (XRO-AU); 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.; Plexure (PLX-NZ) Pushpay (PPH-NZ) Rakon (RAK-NZ) Serko (SKO-NZ); 5.2; 0.56; 2.9 8.1; H1 FY18 Change H1 FY19; 40; 0.56; 22 62; H1 FY18 Change H1 FY19; 48; 0.1; 5 53; H1 FY18 Change H1 FY19; 9.1; 0.25; 2.3 11.4; H1 FY18 Change H1 FY19; 10.4; -0.03; 10.1; H1 FY18 Change H1 FY19; 8.6; 0.39; 3.4 12.0; H1 FY18 Change H1 FY19; 1.3; 0.83; 1.0 2.3; H1 FY18 Change H1 FY19; 188; 0.37; 69 257; H1 FY18 Change H1 FY19; CLARE CAPITAL TECH INSIGHTS

#106

Trade Me - Share Price NZ$ and EV/EBITDA ratio Clare Capital Tech Insights 106 - Trade Me Takeover Offer - 20181123; x; 1x; 2x; 3x; 4x; 5x; 6x; 7x; 8x; 9x; 10x; 11x; 12x; 13x; 14x; 15x; 16x; 17x; 18x; 19x; 20x; $-; 0.4; 0.8; 1.2; 1.6; 2; 2.4; 2.8; 3.2; 3.6; 4; 4.4; 4.8; 5.2; 5.6; 6; 6.4; 6.8; 7.2; 7.6; 8; 8.4; 8.8; Comparable listed companies; EBITDA Fcst EBITDA; Seek 19x 16x; REA 21x 18x; Webjet 17x 12x; eBay 11x 9x; RightMove 20x 19x; Carsales.com 15x 14x; Expedia 11x 10x; Booking 15x 15x; Zillow 41x 26x; Recruit Hldngs 17x 16x; Median 17.0x 15.5x; Trade Me 15.6x 14.7x; Trade Me has received a preliminary non-binding indicative proposal from Apax Partners to; acquire 100% of the shares in Trade Me at a cash price of NZ$6.40 per share.; An offer of 15.6x FY18 EBITDA and 14.7x FY19 EBITDA.; Comparable transaction; EBTIDA; Silver Lake / ZPG 26x; In May 2018 Silver Lake a large tech focused PE firm took private ZPG; Group a UK online classifieds business. The purchase price was £2.2bn ; a 30% premium to ZPG's prior share price. The transaction value was; 9.0x FY17 revenue and 25.9x FY17 EBITDA.; Trade Me share price; Trade Me; EV/EBITDA; ratio; 2011 2012 2013 2014 2015 2016 2017 2018; CLARE CAPITAL TECH INSIGHTS; Trade Me - Illustrative Buyout Analysis NZ$m; Sources and Uses Equity 55% Actuals Forecasts; Debt 45% Forecasts FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26; Sources; Equity 1 500 Internet classifieds 174 195 219 245 274 307 344 385; Senior debt 800 @ 6% Marketplace 98 103 108 113 119 125 131 138; Mezz debt 446 @ 8% Total Revenue 218 235 250 272 298 327 358 393 432 475 523; Overdraft 0 @ 10% EBITDA 142 167 164 179 198 221 246 274 302 333 366; Sale of minority stakes 10 @ BV Capex -25 -25 -28 -25 -25 -25 -25 -25 -25 -25 -25; Total 2 756; Revenue growth 9.2% 7.8% 6.6% 8.7% 9.5% 9.6% 9.7% 9.8% 9.9% 10.0% 10.1%; Uses EBITDA margin 65.2% 71.1% 65.7% 65.6% 66.6% 67.6% 68.6% 69.6% 70.0% 70.0% 70.0%; Purchase price 2 541 Net debt 101 83 64 1 208 1 207 1 182 1 133 1 059 963 842 693; Debt repayment 114; Fees 102 Senior debt 800 800 800 800 800 800 800 800; Total 2 756 Mezz debt 402 357 313 268 223 179 134 89; Overdraft 6 50 69 65 36 -16 -92 -196; Debt to EBITDA 6.8x 6.1x 5.4x 4.6x 3.9x 3.2x 2.5x 1.9x; IRR Sensitivities; IRR Exit Year; FY21 FY22 FY23 FY24 FY25 FY26; EBITDA 15x 15% 16% 17% 17% 17% 17%; Exit 18x 28% 25% 23% 22% 21% 20%; Multiple 20x 36% 30% 27% 25% 23% 22%; 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.; 0.1; 0.2; 0.3; 0.4; Base case Incr int rate by; 0.02; Incr in rev; growth by 3%; Recap Split up $6.75 offer; price; CLARE CAPITAL TECH INSIGHTS

#105

Overview Clare Capital Tech Insights 105 - Revenue and Salary per Employee - 20181116; Revenue per Employee (NZD '000s); This report looks at revenue and salary per employee for global publicly-listed technology companies based on different revenue levels. Revenue per employee rises as revenue; increases meaning revenue is growing faster than the number of employees. However salary per employee generally stays around NZD $100 000 regardless of size.; n=632; n=536; n=315 n=554; n=543 n=505; n=772 n=502 n=369; n=922; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 550; 600; 650; <1M; 1-5M; 5-10M; 10-25M; 25-50M; 50-100M; 100-250M; 250-500M; 500-1000M; 1000M>; Revenue (NZD); Lower Quartile Upper Quartile Median; n=5650; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; 500; 550; 600; 650; ALL; Revenue per Employee (NZD '000s); Legend:; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Salary per Employee (NZD '000s); 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.; n=632; n=536; n=315; n=554; n=543; n=505; n=772; n=502; n=369; n=922; -; 25; 50; 75; 100; 125; 150; 175; 200; 225; 250; <1M; 1-5M; 5-10M; 10-25M; 25-50M; 50-100M; 100-250M; 250-500M; 500-1000M; 1000M>; Revenue (NZD); Lower Quartile Upper Quartile Median; n=2238; -; 25; 50; 75; 100; 125; 150; 175; 200; 225; 250; ALL; Salary per Employee (NZD '000s); Legend:; CLARE CAPITAL TECH INSIGHTS

#104

Overview Clare Capital Tech Insights 104 - Anaplan Returns by Investment Tranche - 20181109; This Tech Insights report looks at Anaplan which recently listed on the New York Stock Exchange. Anaplan raised USD $564m over seven funding rounds (including the IPO).; This gives us an interesting look at how the shareholding diluted over time and to see how the returns from different tranches of investment compare.; The analysis presented is in USD and looks at returns assuming that all investments made were held until the IPO.; Series A; Q3 2010; Series B; Q1 2012; Series C; Q2 2013; Series D; Q2 2014; Series E; Q1 2016; Series F; Q4 2017; IPO; Q4 2018; Founders: $540m; Series A: $405m; Series B: $612m; Series C: $378m; Series D: $331m; Series E: $204m; Series F: $110m; IPO: $377m; $6m $11m; $33m; $100m; $90m; $60m; $264m; Day 1 close: $2 956m; $0m; $500m; $1 000m; $1 500m; $2 000m; $2 500m; $3 000m; Anaplan engages in the provision of cloud platform which addresses the connected; planning need of all organizations with focus on largest global enterprises.; It also offers professional services including consulting implementation and training.; The company was founded by Michael Gould John David Guy Haddleton and Sue; Haddleton in 2006 and is headquartered in San Francisco CA.; This chart shows the; capital raised over time:; Post-money; valuation; Pre-money; valuation; Funds; raised; Series A lead; investors:; Sam Morgan ; Craig Winkler; USD $m; CLARE CAPITAL TECH INSIGHTS; Anaplan return analysis by investment tranche; Founders Series A Series B Series C Series D Series E Series F IPO Day 1 close Total; Date Jul 2010 Jan 2012 Apr 2013 May 2014 Jan 2016 Nov 2017 Oct 2018 Oct 2018; Raise (USD $m) 6 11 33 100 90 60 264 - 564; Pre-money valuation (USD $m) 8 17 136 585 1 000 1 350 1 804 2 956; Post-money valuation (USD $m) 14 28 169 685 1 090 1 410 2 068 2 956; New investor's equity 43% 39% 20% 15% 8% 4% 13% -; Valuation change (USD $m) 8 3 108 416 315 260 394 888 2 392; Valuation uplift 21% 386% 246% 46% 24% 28% 43%; % after IPO 18% 14% 21% 13% 11% 7% 4% 13% - 100%; Value after IPO (USD $m) 540 405 612 378 331 204 110 377 - 2 956; Multiple of capital invested 67.5x 55.6x 11.4x 3.3x 2.3x 1.8x 1.4x; Years from investment 8.3 6.8 5.5 4.5 2.8 1.0; Annualised return (IRR) 66% 81% 55% 31% 34% 88%; Disclaimer; The information provided in this report has calculated from FactSet and other information sources. 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.; 0.57; 0.35; 28% 24% 22% 21% 18% Founders; 0.43; 0.26; 0.21; 0.18; 16% 16%; 14% Series A; 0.39; 0.32; 0.27; 25% 24%; 21% Series B; 0.2; 0.17; 0.15; 0.15; 13% Series C; 0.15; 0.13; 0.13; 11% Series D; 0.08; 0.08; 7% Series E; 0.04; 4% Series F; 13% IPO; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; This chart shows the; impact of dilution on; existing shareholders; after each new round; of funding:; CLARE CAPITAL TECH INSIGHTS

#103

SLI Systems - Share Price NZ$ and Cash Per Share NZ$ Clare Capital Tech Insights 103 - SLI Systems & Takeover Premiums - 20181102; 0; 0.5; 1; 1.5; 2; 2.5; 3; 2013 2014 2015 2016 2017 2018; Pioneer and NZVIF; exit via an off; market trade.; ESW Holdings makes a takeover bid at $0.63.; The offer values SLI Systems at:; 0.9x revenue; 5.1x EBITDA (adjusted for listing costs and one off expenses); 5.5x EBITDA; 7.4x reported EBIT; IPO of shares to raise; $27m $15m of new; capital and $12m to; existing investors.; Demand was; approximately 2.5x the; money sought.; Shares jump 15%; on first half; revenue increase ; slowing cash burn.; SLI Systems posts; first profit.; Cash per share; Cloud-based search tools for online retailers; CLARE CAPITAL TECH INSIGHTS; Recent Takeover Premiums Achieved; 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.; -0.1; 0; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; 1.1; 1.2; 1.3; Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18; CLARE CAPITAL TECH INSIGHTS

#102

Overview Clare Capital Tech Insights 102 - Acquisitions by Technology Acquirers - 20181026; Highlights Median Average Acquisition Metrics by Technology Acquirers; Cost of Acquisitions (NZD M) 37 206; Number of Acquisitions 1.0 2.1; Cost per Acquisition (NZD M) 21 79; Cost of Acquisitions (NZD M); Number of Acquisitions; 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.; 13; 13; 25; 471; 1816; 140; 154; 109; 140; 72; 1830; 935; 317; 6; The total cost of acquisitions represents the total; amount of cash used to acquire any businesses; within the acquiring company's last annual financial; period. This will not include any deferred payment; nor the value of stock if equity was a part of the; transaction. The cash component has been retrieved; via FactSet from the company's cash flow; statement. For example if Company X buys; Company Y for $10 million with 60% cash and 40%; equity. Only the $6 million will be included.; 8; The number of acquisitions represents how many; acquisitions a company has completed over the last; annual financial period retrieved via FactSet. FactSet; is unlikely to include all transactions especially the; smaller deals; therefore the total number of; acquisitions is likely to be understated.; 9; 6; 5; 3; 5; 4; 462; 543; 561; 10898; 698; 172; 2406; 4238; 34; 601; 623; 5; 4; This report looks at acquisitions by 340 technology acquirers including how much they spent how many transactions and the average size of the deal over their last financial year.; 404 14 29; Cost per Acquisition; (NZD M); Number of Acquisitions; Cost of Acquisitions; (NZD M); 1243; 461; 113; 58; 11; 305; 3 115 5; CLARE CAPITAL TECH INSIGHTS; Cost of Acquisitions (NZD M) 340 Companies over an Annual Period; % of Companies with $1M+ in Acquisitions: 100%; % of Companies with $5M+ in Acquisitions: 85%; % of Companies with $10M+ in Acquisitions: 74%; % of Companies with $25M+ in Acquisitions: 57%; % of Companies with $50M+ in Acquisitions: 44%; % of Companies with $100M+ in Acquisitions: 30%; % of Companies with $250M+ in Acquisitions: 15%; % of Companies with $500M+ in Acquisitions: 8%; % of Companies with $1000M+ in Acquisitions: 4%; % of Companies with $2500M+ in Acquisitions: 1%; Number of Acquisitions 340 Companies over an Annual Period; % of Companies with 1+ Acquisitions: 100%; % of Companies with 2+ Acquisitions: 48%; % of Companies with 3+ Acquisitions: 25%; % of Companies with 4+ Acquisitions: 13%; % of Companies with 5+ Acquisitions: 8%; % of Companies with 6+ Acquisitions: 4%; % of Companies with 7+ Acquisitions: 3%; % of Companies with 8+ Acquisitions: 2%; % of Companies with 9+ Acquisitions: 2%; % of Companies with 10+ Acquisitions: 1%; Cost per Acquisition (NZD M) 340 Companies over an Annual Period; % of Companies with $1M+ per Acquisition: 100%; % of Companies with $5M+ per Acquisition: 80%; % of Companies with $10M+ per Acquisition: 66%; % of Companies with $25M+ per Acquisition: 46%; % of Companies with $50M+ per Acquisition: 32%; % of Companies with $100M+ per Acquisition: 19%; % of Companies with $150M+ per Acquisition: 12%; % of Companies with $250M+ per Acquisition: 7%; % of Companies with $500M+ per Acquisition: 3%; % of Companies with $1000M+ per Acquisition: 1%; -; 2000; 4000; 6000; 8000; 10000; 12000; - 25 50 75 100 125 150 175 200 225 250 275 300 325; NZD M; Individual Tech Acquirers; -; 5; 10; 15; 20; 25; 30; - 25 50 75 100 125 150 175 200 225 250 275 300 325; # of Acquisitions; Individual Tech Acquirers; -; 500; 1000; 1500; 2000; - 25 50 75 100 125 150 175 200 225 250 275 300 325; NZD M; Individual Tech Acquirers; CLARE CAPITAL TECH INSIGHTS

#101

Overview Clare Capital Tech Insights 101 - SaaS Costs - 20181012; Definitions; SaaS Costs (% of Costs) - Based on different Revenues; Disclaimer; This Tech Insights report looks at the four SaaS cost categories as % against one another - each one is divided against the sum of all four including itself with the sum of all four; SaaS cost categories adding up to 100%. Data has been taken from international public SaaS companies. Salaries have been included in each of the four SaaS cost categories.; 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.; COS (% of Costs); S&M (% of Costs); G&A (% of Costs); R&D (% of Costs); Cost of Sales (COS) or Cost to Serve (CTS) as it is commonly referred to in SaaS terms is an expense related to servicing hosting and supporting; the customer.; Sales & Marketing (S&M) or Customer Acquisition Costs (CAC) as it is commonly referred to in SaaS terms is an expense related to acquiring the; customer which includes for example sales salaries marketing initiatives.; General & Administration (G&A) is an expense related to any overhead and corporate costs not related to servicing or hosting the customer and; any sales & marketing expenditure.; Research & Development (R&D) is an expense related to the development of the software product and/or platform specifically the wages &; salaries of engineers and developers.; =; =; =; =; 28% 30% 32% 33% 35%; 0.28; 34% 35% 34% 34%; 27% 16% 15% 16% 12%; 17% 19% 18% 17% 19%; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <50M 50-100M 100-250M 250-500M 500M>; Revenue (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 0.32; 0.34; 0.16; 0.18; -; 0.2; 0.4; 0.6; 0.8; 1; ALL; Revenue (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); CLARE CAPITAL TECH INSIGHTS; SaaS Costs (% of Costs) - Based on different Costs; Xero (% of Costs) Pushpay (% of Costs) Wisetech Global (% of Costs); 29% 32% 31% 34% 34%; 0.28; 33% 35% 34% 35%; 27% 16% 16% 15% 12%; 16% 19% 18% 17% 19%; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; <50M 50-100M 100-250M 250-500M 500M>; Costs (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 0.32; 0.34; 0.16; 0.18; -; 0.2; 0.4; 0.6; 0.8; 1; ALL; Costs (USD M); COS (% of Costs) S&M (% of Costs) G&A (% of Costs) R&D (% of Costs); 18% 17% 19% 17%; 47% 50% 45% 44%; 12% 10% 10% 11%; 23% 23% 25% 27%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; 0.09; 0.24; 0.32; 0.39; 0.3; 0.43; 0.37; 0.31; 0.42; 25% 15% 16%; 0.2; 0.08; 16% 13%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; 21% 16%; 23% 24%; 0.21; 0.23; 15% 15%; 23% 30% 30% 33%; 35% 31% 32% 29%; -; 0.2; 0.4; 0.6; 0.8; 1; FY2015; FY2016; FY2017; FY2018; Financial Years; CLARE CAPITAL TECH INSIGHTS