#92

Overview Clare Capital Tech Insights 92 - Portfolio to Staff Ratio - 20180810; Selected venture capital and private equity funds: Number of portfolio companies compared to staff numbers; There is a strong positive relationship between the number of investments a fund makes with the number of staff employed by the fund. While there is a wide variety of funds ; strategies and portfolio structures. There appears to be a clear linear relationship which highlights the nature of being an investor and the difficulty in scaling while owning a large; portfolio. The sample set includes early stage VC funds growth investors corporate venture capital arms and private equity funds based in New Zealand and Australia. We note the; graph is only as accurate as the source data which in this case was fund's websites and LinkedIn.; -; 5; 10; 15; 20; 25; 30; 35; - 2 4 6 8 10 12 14 16 18 20; Number of Current Portfolio Companies; Staff; CLARE CAPITAL TECH INSIGHTS; Ratio of portfolio companies per staff member (wider range indicates variation in staff numbers on website and LinkedIn); Disclaimer; The information provided in this report has been solely sourced and calculated from public 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.; - 1 2 3 4 5 6 7 8 9 10; Darby; NZ Equity Partners; Starfish Ventures; Bailador; MOVAC; Pencarrow; Maui; Blackbird Ventures; Square Peg; Powerhouse; Kestrel Capital; Waterman Capital; Reinventure; Pioneer; Air Tree; Sante Capital; GD1; Black Sheep Capital; Punakaiki; The ratio for almost all funds analysed is between 1 - 4 portfolio; companies per staff member.; Through creating a ratio for the number of portfolio companies compared; to staff members it becomes possible to compare funds of different sizes.; This highlights that even as an investor scales (by number of portfolio) you; still need more staff to manage all the companies. However funds can scale; efficiently by making larger investments and increasing assets under; management. We note the funds chosen range from early stage VC funds to; later stage PE funds and the ratio stays within the 1 - 4 range.; The range in the ratios for individual funds comes about from taking a min; and max for staff numbers based on comparing staff data from fund's; websites and LinkedIn.; CLARE CAPITAL TECH INSIGHTS

#91

Overview Clare Capital Tech Insights 91 - SaaS Acquisition Price to Capital Raise - 20180803; Example; Acquisition Price (USD M) Capital Raised (USD M) Acquisition Price/Capital Raised Multiple; Lower Quartile 49 Lower Quartile 7 Lower Quartile 3.9; Median • 180 Median • 30 Median • 8.1; Upper Quartile 776 Upper Quartile 75 Upper Quartile 16.7; Average p 908 Average p 89 Average p 16.7; Disclaimer; This Tech Insights report looks at over 150 SaaS acquisitions in regards to how much the acquired company raised and the multiple - measured by the acquisition price over the; capital raised. This analysis is strictly evaluating the total quantum of capital raised for an equity stake in each company. It does not measure the relative valuations for each capital; raise f0r each company nor does it include any debt financing.; For example if a SaaS company is acquired for $200 million and raised $20 million in capital over its lifetime - this would be a 10x multiple. This return will not be truly; representative of how much founders shareholders and investors receive when their company is sold given all would have invested at different valuations.; The information provided in this report has been sourced from FactSet and other public websites. 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; -; 2x; 4x; 6x; 8x; 10x; 12x; 14x; 16x; 18x; / =; CLARE CAPITAL TECH INSIGHTS; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; - 10 20 30 40 50 60 70 80 90 100; Acquisition Price (USD M); Capital Raised (USD M); 15x Multiple 10x Multiple; 5x Multiple; 20x Multiple; CLARE CAPITAL TECH INSIGHTS

#90

Overview Clare Capital Tech Insights 90 - Recent Technology IPOs - 20180727; This week's Tech Insights report looks at EV/Revenue multiples relative to growth rates for recent large technology IPOs (2014-2018) from point of listing to current values.; Observations:; =- At IPO there is no obvious relationship between valuation multiple and Growth rate.; =- Over time a relationship between valuation multiple and Growth is observable.; - Post IPO large listed companies trend towards a valuation multiple range of: EV/Revenue = 25 * (LTM Growth Rate%) + 1 ; margin of error +/- 7; SPOT; DBX; AVLR; PVTL; DOCU; ZUO; ADYEN; CLDR; OKTA; MDB; YEXT; ROKU; RDFN; SEND; AYX; FSCT; NTNX; TWLO; APTI; COUP; WTC; SQ; TEAM; ETSY; BOX; HUBS; WK; RUBI; GRUB; TRUE; ZEN; -; 5; 10; 15; 20; 25; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; EV/Revenue Multiple at IPO; LTM Revenue Growth Rate at IPO; SPOT; DBX; AVLR; PVTL; DOCU; ZUO; ADYEN; CLDR; SNAP; OKTA; MDB; YEXT; ROKU; RDFN; SEND; AYX; FSCT; NTNX; TWLO; APTI; COUP; PSTG; SQ; TEAM; ETSY; BOX; SHOP; APX; LC; ONDK; HUBS; WK; NEWR; GRUB; TRUE; ZEN; PPH; -; 5; 10; 15; 20; 25; - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; Current EV/Revenue Multiple; LTM Revenue Growth Rate; Outliers (outside the chart range):; SNAP 67x 590% ; SHOP 15.2x 109% ; LC 17x 490% ONDK 33x 150% ;; NEWR 24x 110% ; PPH 200x 300%+ ; PSTG 16x 308%; Outliers (outside the chart range):; WTC 29x 40% ; RUBI 0.4x (47%); EV/Rev = 25 * GR% + 1 ; +/- 7; At IPO Now; 2018; 2017; 2016; 2014 & 2015; Key:; Size of bubble = Enterprise Value; CLARE CAPITAL TECH INSIGHTS; 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.; Adyen is a global payment company that; allows businesses to accept e-commerce ; mobile and point-of-sale payments.; Alteryx is an American data science and; analytics company.; Appen is a software language and search data; service provider.; Apptio develops technology business; management software as a service; applications.; Atlassian develops products for software; developers project managers and content; management.; Avalara sells automated tax compliance; software for enterprise use.; Box is a cloud content management and file; sharing service for businesses.; Cloudera provides Apache Hadoop and; Apache Spark-based software support and; services and training to business customers; Coupa Software is a global technology; platform for Business Spend Management.; DocuSign provides electronic signature; technology and digital transaction; management services.; Dropbox is a file hosting service.; Etsy is an e-commerce website focused on; handmade or vintage items and supplies as; well as unique factory-manufactured items.; Fore Scout provides IoT Security and Device; Visibility services.; GreenSky is a mobile-enabled experience; that permits a consumer to apply for; financing in less than 60 seconds at the; point of sale.; Grubhub is an online and mobile foodordering; company that connects diners with; local restaurants.; HubSpot is a developer and marketer of; software products for inbound marketing and; sales.; LendingClub is a US peer-to-peer lending; company.; MongoDB develops and provides commercial; support for the open source database; MongoDB.; New Relic is a software analytics company.; Nutanix is a cloud software company that; sells infrastructure appliances and softwaredefined; storage.; Okta provides secure identity management; and single sign-on to any application.; On Deck Capital is an American online small; business lending company.; Pivotal Software is a software company; developing big data products.; Pure Storage is an enterprise data flash; storage company.; Pushpay enables mobile payments between; registered merchants and customers ; predominately in the faith and charity sectors.; Redfin is a full-service real estate brokerage; that uses modern technology to help people; buy and sell homes.; Roku manufactures a variety of digital media players; that allow customers to access Internet streamed; video or audio services through televisions.; Rubicon Project is an online advertising; technology firm.; SendGrid is a Denver Colorado-based customer; communication platform for transactional and; marketing email.; Shopify provides an e-commerce platform for; online stores and retail point-of-sale systems.; Snapchat is a multimedia messaging app.; Spotify is a music streaming service.; Square is a financial services merchant services; aggregator and mobile payment company.; TrueCar is an automotive pricing and information; website for new and used car buyers and dealers.; Twilio is a cloud communications platform; allowing developers to make phone calls and text; messages using its web service APIs.; WiseTechGlobal provide logistics and supply chain; execution software.; Workiva provides cloud-based enterprise financial; and compliance management and auditing; platform.; Yext is a technology company that helps; businesses manage the public facts about their; brands that they want consumers to see online.; Zendesk is a service software company.; Zuora is an enterprise software company that; designs SaaS applications and sells access to these; applications using a subscription business model.; CLARE CAPITAL TECH INSIGHTS

#89

Overview Clare Capital Tech Insights 89 - Pushpay top 0.1% - 20180720; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18; Pushpay ACMR (US$m); Actual CCL Estimate; You have a 0.1% chance of reaching US$100m in 5 years ̶ Openviewpartners.com; This Tech Insights report utilises the above observation from OpenView Venture Partners and compares Pushpay's performance to this gold standard. OpenView went on to say; ...in the boardroom you've probably been told that after you hit your first $1m ARR you triple twice then double three times (known popularly as T2D3) ultimately reaching $100m; ARR about 5 years later. But of the ten most recent enterprise SaaS IPOs only two ̶ Nutanix and Cloudera (they collectively burned about $1.4bn) ̶ managed to actually grow at; this breakneck speed... Pushpay is on track to join this club.; By September 2018 Clare Capital estimates that Pushpay will exceed; US$100m ACMR on a consistent basis - US$1m to US$100m in 4 years.; Joining a very elite club.; To achieve this Pushpay will have burnt through approximately US$215m; (measured as Share Capital less Cash in bank plus sum of Revenues to; date). This is considerably more efficient than Nutanix and Cloudera.; ...You know what's even better than MRR/ARR?; POGR Plain Old GAAP Revenue... - Jason Lemkin; For more on this please see next page...; CLARE CAPITAL TECH INSIGHTS; https://www.enterpriseirregulars.com/119641/know-whats-even-better-mrr-pogr-plain-old-gaap-revenue/; EV/Revenue multiples relative to Revenue Growth POGR - Plain Old GAAP Revenue - Pushpay US$1m to $US100m in 4 years; NB: Size of bubble represents Enterprise Value (company size); EV - Nutanix US$9.1bn Pushpay US$750m; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; Nutanix; Twilio; Okta; Coupa Software; BlackLine; Cloudera; Talend; Yext; Apptio Instructure; Pushpay; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; - 10% 20% 30% 40% 50% 60% 70% 80% 90%; EV/Revenue Multiple; LTM Revenue Growth %; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; FY2015 FY2016 FY2017 FY2018 FY2019; Pushpay GAAP Revenue (US$m); Actual CCL Estimate; …what I mean by that is that in an effort to present all different types of revenue as recurring" the whole meaning of MRR has been corrupted… there is nothing wrong; with any of this as long as you do one key thing: Start with real recognized GAAP revenue..." Jason Lemkin; Generally Accepted Accounting Practises (GAAP) refer to a common set of accounting principles standards and procedures that companies must follow when they compile; their financial statements - meaning GAAP revenues have a higher degree of credibility than other measures of revenues such as ARR/ACMR. Therefore US$1m to US$100m; GAAP revenues in less than 5 years is both a tougher standard to achieve and is harder to achieve as it is actual Last Twelve Months revenues not last month revenues * 12.; Pushpay is on track to achieve US$1m to US$100m GAAP revenues in under 5 years - better than being in the top 0.1%; CLARE CAPITAL TECH INSIGHTS

#88

Overview Clare Capital Tech Insights 88 - First Half 2018 Share Price Change - 20180713; % Share Price Change (First Half of 2018) Highlights; 1; 2; 3; 4; 5; Share Price Change Metrics; Disclaimer; Ignoring the 10-25M companies there is a trend upwards as market capitalisations; increase.; This Tech Insights looks at the share price change of Australasian Tech companies over the first half of 2018. Market values are based at the start of the year. NZD 1 to AUD 0.95.; Out of 191 Australasian Tech companies approximately two-thirds saw a decline in; their share price from the start of the year to the middle of this year.; The top 3 highest share price % changes were: BidEnergy (489%) MGM Wireless; (240%) and Animoca Brands (229%).; Large companies (>500M) are the only group to have more businesses whose share; price change is positive rather than negative.; If you bought one share in each of the 191 companies at the start of 1 Jan it would; have cost you NZD $392 you would have made NZD $54 in profit as at 30 June.; Large; Mkt Cap <10M 10-25M 25-100M 100-500M >500M; Definition Small Small-mid Mid Mid-large; Count 35 36 55 41 24; 9; # >0 12 8 18 17 15; # <0 23 28 37 24; 0.38; % >0 34% 22% 33% 41% 63%; % <0 66% 78% 67% 59%; Average 9% (27%) (20%) (4%) 7%; 0.04; Lower Quartile (45%) (59%) (42%) (28%) (13%); Median (30%) (35%) (23%) (9%); 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.; Upper Quartile 8% (10%) 3% 16% 20%; -0.7; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; <10M 10-25M 25-100M 100-500M >500M; % Share Price Change (First Half of 2018); Market Capitalisation as at 1 January 2018 (NZD); Lower Quartile Upper Quartile Median Average; n=35; n=36; n=55; n=41; n=24; CLARE CAPITAL TECH INSIGHTS; Australasian Tech Universe - Share Price Change (ranked horizontally by market values) Share Price Change Parameters between 100% and (100%); WNS; 8CO; PCH; SVT; JHL; TKF; IOD; SRO; TTL; RXH; KNO; LVE; OMT; TOM; DSX; OLV; CGO; TNT; NVO; GCOWOL; CSK; VPC; RD1; S3R; ICU; ADOW18; HT8; GEO; GLH; GGL; COO; IOT; 1ST; XPE; CT1; DCL; SLI; ZYB; IP1; RNT; WGL; BMP; SMA; OPN; ICT; ESH; ENS; THD; CNW; JCS; IAM; PLX; EOL; TNY; SCL; AD1; PPL; TMP; FIN; PIL; IMS; CL8; UBN; YPB; SKHYOK; TSN; CRO; RFN; AHL; VLT; NOR; BIQ; CVT; NET; CA8; PRO; CCG; SKF; DSE; MNW; ALC; IKE; CM8; QFY; TV2; SPY; M7T; MOQ; 9SP; DTS; ICI; LAA; D13; TPW; RAK; SNYOTV; ADJ; RAP; BPS; 3DP; JAN; FCT; SMNDSR; MPW; CCA; DUB; KNM; FZO; ICQ; BTH; EPD; IXU; SFI; DN8; TUP; FGO; SPZ; MYQ; XF1; ISX; VHT; RXP; RHP; MUA; LNU; ONE; AD8; SKO; RUL; OHE; GBT; ESV; RKN; BRN; LVT; ADA; 3PL; ERD; ELO; DWS; FLN; NEA; IFM; ISD; DTL; PPS; CAT; OCL; BUD; CGL; ISU; RBL; LVH; CL1; MP1; BVS; MLB; VGL; GTK; KGN; IRI; GSW; UHPSDN; APX; PME; PPH; WEB; APT; TNE; ALU; NXT; TME; IRE; MYO; CAR; XRO; WTC; LNK; SCEPKU; REA; -1; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; % Share Price Change (First Half of 2018); Small (<10M) Small-mid (10-25M) Mid (25-100M) Mid-large (100-500M) Large (>500M); CLARE CAPITAL TECH INSIGHTS

#87

Clare Capital SaaS Metrics Cheat Sheet Clare Capital Tech Insights 87 - SaaS Metrics Cheat Sheet - 20180706; Churned MRR; MRR from customers lost; Contraction MRR; Reduced Expansion MRR MRR from existing customers; Additional MRR from existing customers; New MRR; MRR from new customers; 10; 16; 10; 5; -3; -6; 16; 10; 16; 6; MRR; (this month); MRR; (last month); MRR; (this month); MRR; (last month); Net New MRR; Change in MRR; Measures growth efficiency.; A low value suggests that new; revenue is working hard to; replace lost revenue.; A high value suggests that; revenue growth is both high and; stable.; Churned MRR + Contraction MRR; New MRR + Expansion MRR; SaaS Quick Ratio (QR); MRR (Monthly Recurring Revenue); A measure of normalised monthly subscription revenue.; Only includes recorded (P&L) recurring revenues not one-offs; (in the purest form this does not include transactional; revenues but we often see them included in some way).; ASP; (Average Sale Price); New customers; New MRR; MoM%; Month-on-Month MRR growth; Prior MRR; Net New MRR; MRR; (this month); ARR (Annualised Recurring Revenue); = MRR x 12; is not the same as; ACMR (Annualised Committed Monthly Revenue); = (MRR + in-month sales scaled for full month) x 12; ARPU (Average Revenue Per User); =; Total customers; MRR; =; =; QR ≥ 4 efficient; growth; QR 2-4 inefficient; growth due to churn; QR < 2 ; unsustainable; growth revenue; gain barely; outweighs churn; CLARE CAPITAL TECH INSIGHTS; Clare Capital SaaS Metrics Cheat Sheet Clare Capital Tech Insights 87 - SaaS Metrics Cheat Sheet - 20180706; P&L for a SaaS business; MRR Monthly Recurring Revenue See other page; CTS Cost To Serve; Hosting system maintenance and customer; support (including staff); GM Gross Margin MRR – CTS; CAC Customer Acquisition Costs; Sales marketing implementation ; onboarding and discounts (including staff); R&D Research and Development Costs Product development (including staff); G&A General and Administration Costs Everything else (excluding D&A Interest and Tax); EBITDA; Earnings Before Interest Tax ; Depreciation and Amortisation; GM – CAC – R&D – G&A; MRR (last month); Churn % The rate of Churned MRR; cancellations can also be; calculated with customer #s; Net Churn MRR which is lost; through downgrades and; cancellations offset by expansion; Negative Churn When revenue expansion outweighs churn; and downgrades; Annualised Churn % Churn; converted to an annual value; MRR Renewal Rate % The rate at; which MRR is renewed; Customer Retention Rate % The; rate at which customers renew; their subscriptions; Churned MRR; =+ Contraction MRR; – Expansion MRR; (1 + Churn %)12 – 1; MRR up for renewal; MRR of renewals; # customers up for renewal; # renewed customers; DAU/MAU Ratio A measure of; product "stickiness" Monthly Active Users; Daily Active Users; Used Capital Ratio How efficiently; capital is generating ARR Capital Raised + Debt – Cash; ARR; Revenue per Employee; # of Employees; Revenue; CAC : LTV Ratio Used to estimate; the return on investment for; customer acquisition LTV; CAC; (ARPU * GM%); CAC (per addition); Payback Period (CAC; Months) number of months to; recover the acquisition costs; CAC Ratio $ of annual; revenue generated for; every $ of CAC spent CAC; New MRR x 12; LTV Estimated value; of a customer over; their lifetime Churn %; ARPU x GM %; 40% Rule; Rewards growth ; profitability or both; Revenue Growth %; =+ EBITDA %; 40% is generally accepted as a good target; CAC (per addition); Acquisition costs per; addition # of added customers; CAC for the period; LTM (Last Twelve Months) The sum or average; of the last twelve months; L4M (Last Four Months) The sum or average of the; last four months often used as a rolling average to; smooth monthly variability; A ratio of 1:3 generally accepted as a good target; CLARE CAPITAL TECH INSIGHTS

#86

Overview Clare Capital Tech Insights 86 - Payments Companies - 20180629; Take rate for payments companies (percentage of payments volume captured as revenue); Two of the key metrics for a payments technology business are the take rate and growth in overall payments. The take rate for firms varies between less that 1% for established; global payments firms through to 1-3% for firms that target a specific industry or use case. Companies can achieve higher takes rates through offering additional services and; functionality. Total volume in payments is growing at approximately 10%. Firms with a specific focus and relatively low base are experiencing payments growth of 50-100%+.; 0; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; Mastercard Visa Paypal Zuora Wirecard Shopify iZettle Pushpay Square Afterpay; PayPal acquired iZettle just before their; planned IPO. Purchase price was US$2.2b; or 16x revenue and 0.3x total payment; volume. iZettle had previously raised funds; at US$948m and US$500m valuations.; Afterpay offers a laybuy; functionally for retailers.; Afterpay operates over; existing payments; infrastructure while giving; users the option to pay over a; series of installments. This; value added service is part of; Afterpay service offering.; Visa and Mastercard dominate; the global payments industry; they charge low percentage fees; but on a very large volume of; payments.; Please note these numbers are; for the business as a whole.; Small individual merchants may; pay a higher percentage fee.; Large Payments Companies Growing Payments Companies; CLARE CAPITAL TECH INSIGHTS; Annual payment volume over the last two years US$billions; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet and company reports. 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; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 9000; Mastercard Visa Paypal; -; 10; 20; 30; 40; 50; 60; Zuora Wirecard Shopify iZettle Pushpay Square Afterpay; Growth rates in payment volumes and revenue multiples; Company Pymt growth Rev multiple; Visa 9% 15x; Mastercard 13% 16x; PayPal 17% 7x; Zuora 46% 15x; wirecard 28% 11x; Shopify 71% 19x; iZettle 60% n/a; Pushpay 97% 12x; Square 29% 10x; Afterpay 121% 87x; CLARE CAPITAL TECH INSIGHTS

#85

Overview Clare Capital Tech Insights 85 - SaaS Jobs - 20180622; This week we compare SaaS job listings in New Zealand and Sydney – both a population of about 5 million.; This information is a snapshot taken from seek.co.nz and seek.com.au last week.; SaaS Job by Category; The Clare Capital team had a theory that New Zealand SaaS firms generally have a smaller focus on sales and a larger focus on development compared to Australian SaaS firms.; Based on this snapshot:; ▪ Sydney has 1.4 sales jobs for every 1 development job.; ▪ New Zealand has 0.3 sales jobs for every 1 development job.; Our sales figures include jobs advertised as either Sales or Business Development Managers (BDMs) or Sales Development Reps (SDRs) roles.; 134; jobs; advertised; 528; jobs; advertised; CLARE CAPITAL TECH INSIGHTS; Job Titles; Note that the relative word sizes do not reflect job frequency.; 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.; Regional Sales Manager; Renewals Sales Manager; Senior Account Manager; Account Manager; Sales Manager; Software Sales Associate; Strategic Account Manager; Entry Level Sales Consultant; Enterprise Account Manager; Renewals Account Manager; Graduate Sales Executive; Sales Executive; Account Executive; Graduate Sales Rep; Inside Sales; Sales Director; Sales Coordinator; Sales Development Rep; Graduate SDR; Graduate BDM; Business Development Manager; Junior BDM; Sales Business Development Manager; Pre-Sales Consultant; Events; Marketing Manager Digital Marketing Manager; Product Marketing Manager Digital Marketing Coordinator; Events Manager; Senior Consultant; Senior Project Manager; Full Stack.Net; Front End Developer; Senior Developer; Team Lead PHP; DevOps Engineer; Infrastructure Architect; Senior iOS Developer; Head of Software Engineering; Application Architect; Network & Security Engineer; Solutions Architect; PHP Developer; Software Test Engineer; Software Engineer; Automation DevOps; Systems Engineer; Cloud Specialist; Senior C/C++ Engineer; UX/UI Developer; Full Stack Web Developer; Revenue Accountant; CEO/COO; Senior Business Analyst; HR Manager; Payroll; Customer Support Manager; Customer Success Manager; Support; Software Support Engineer; Head of Customer Support; Customer Success Consultant; Client Success Manager; Development; Sales; Marketing; Support; G&A; CLARE CAPITAL TECH INSIGHTS

#84

Overview Clare Capital Tech Insights 84 - To sell or not to sell - 20180615; Definitions Analysis Chart 1: Case Study Example Calculations on the back page; PV = Present Value of Cash Flows; EV = Enterprise Value of Company; Case Study; Enterprise Value AUD M 8.8; Revenue AUD M 4.5; EBITDA AUD M 1.4; EBITDA Margin % 30%; EV/Revenue Multiple x 2.0 Chart 2: Case Study Example - Changing EBITDA Multiple; EV/EBITDA Multiple x 6.5; Employees # 22; Revenue per Employee AUD 204 545; Recurring Revenue % 86%; Revenue Retention % 93%; Churn % 7%; Customers # 120; Recurring Revenue AUD M 3.9; Monthly ARPU AUD 2 688; This Tech Insights report looks at the acquisition of private businesses and the difference between weighing up how much you receive now for your company (Enterprise Value of; Company) versus if you were to not sell and how many years it would take to earn the same amount through the company's cash flows or dividends (Present Value of Cash Flows).; While the ELMO Software; acquisition of Pivot Software was; completed at a 6.5x EV/EBITDA; multiple based on our; calculations/assumptions it would; have taken the shareholders of; Pivot nine years to have generated; the same level of cummulative; cash flows to match the acquisition; price (Chart 1).; Chart 2 shows the impact of a; change in the EBITDA multiple on; the number of years it would take; for the cash flows to be greater; than the acquisition price.; Two key elements that are; important to understanding this; analysis: 1) EBITDA is a pre-tax; measure and 2) there is a time; value of money.; It is important to note that this; analysis does not include any; terminal valuation calculations.; Should you choose not to sell and; after nine years cash is greater; than the implied EV as well as the; cash received you are also still the; owner of the company.; In February 2018 ASX-listed ELMO Software; acquired Christchurch-based (NZ) Pivot; Software for AUD $8.8 million. Pivot Software; is a SaaS company specialising in cloud-based; remuneration software. Details of the; transaction were disclosed:; The details above are a mixture of publicly; available information from an ELMO Software; ASX announcement (e.g. revenue EBITDA; margin customers) and some Clare Capital; assumptions (e.g. churn monthly ARPU).; -; 5; 10; 15; 20; 25; 30; 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20; AUD Millions; PV > EV (# of Years); PV EV; -; 5; 10; 15; 20; 25; 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20; EV/EBITDA Multiple; PV > EV (# of Years); Changing Multiple Pivot Multiple; CLARE CAPITAL TECH INSIGHTS; Case Study (all numbers in AUD '000s) 1 2 3 4 5 6 7 8 9 10 11; Revenue 20% Growth 4 500 5 400 6 480 7 776 9 331 11 197 13 437 16 124 19 349 23 219 27 863; EBITDA 30% Margin 1 350 1 620 1 944 2 333 2 799 3 359 4 031 4 837 5 805 6 966 8 359; Corporate Tax (28%) Rate (378) (454) (544) (653) (784) (941) (1 129) (1 354) (1 625) (1 950) (2 340); Capital Expenditure - Margin - - - - - - - - - - -; Free Cash Flow 972 1 166 1 400 1 680 2 016 2 419 2 902 3 483 4 179 5 015 6 018; Discount Rate 15% Rate 0.87 0.76 0.66 0.57 0.50 0.43 0.38 0.33 0.28 0.25 0.21; Discounted Free Cash Flow 845 882 920 960 1 002 1 046 1 091 1 139 1 188 1 240 1 294; Cumulative Discounted FCF (PV) 845 1 727 2 647 3 608 4 610 5 656 6 747 7 885 9 073 10 313 11 607; Enterprise Value (EV) 8 800 8 800 8 800 8 800 8 800 8 800 8 800 8 800 8 800 8 800 8 800; PV > EV (# of Years) 9 FALSE FALSE FALSE FALSE FALSE FALSE FALSE FALSE TRUE TRUE TRUE; Sensitivity Analysis - # of Years for PV > EV; Disclaimer; The charts on the right illustrate; how changing the inputs can affect; the results of the case study.; The key premise is that the EBITDA; multiple (in this scenario 6.5x); doesn't equate to how long it will; take to receive the same value; today. In future cash flows (in this; scenario is takes 9 years); given; that tax is taken off and a discount; rate applied.; We have also assumed that 100% of; free cash flow is distributed to the; shareholders each year. This is an; optimistic assumption as it will; only increase the number of years; for the PV to be greater than EV.; 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.; -; 5; 10; 15; 20; 25; 30; 35; 5% 10% 15% 20% 25% 30% 35% 40% 45%; PV > EV (# of Years); Revenue Growth; -; 5; 10; 15; 20; 25; 30; 35; 5% 10% 15% 20% 25% 30% 35% 40% 45%; PV > EV (# of Years); EBITDA Margin; -; 5; 10; 15; 20; 25; 30; 35; - (1%) (2%) (3%) (4%) (5%) (6%) (7%) (8%); PV > EV (# of Years); Capital Expenditure; -; 5; 10; 15; 20; 25; 30; 35; 8% 9% 10% 11% 12% 13% 14% 15% 16%; PV > EV (# of Years); Discount Rate; CLARE CAPITAL TECH INSIGHTS

#83

Overview Clare Capital Tech Insights 83 - NZ Private SaaS Investor Universe - 20180608; New Zealand Private SaaS Investor Universe; This Tech Insights report explores the New Zealand private SaaS investor universe. It is not an exhaustive list of companies and investors but it shows the common links between; various investors. All of the data has been taken from the NZ Companies Office website as at 25th of May 2018.; CLARE CAPITAL TECH INSIGHTS; Fund Constellations; 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.; K One W One; NZVIF; Milford; GD1; Punakaiki Fund; Jasmine; AngelHQ; Hoku Group; Movac; JML Capital; CLARE CAPITAL TECH INSIGHTS

#82

Overview Clare Capital Tech Insights 82 - Board Count and Composition - 20180525; Board Members for ASX and NZX Tech Companies Board Members for ASX versus NZX Tech Companies; Highlights of the chart above Highlights of the chart above; 1. 1.; 2. 2.; 3. 3.; 4. 4.; Over the last few years there has been a greater emphasis on increasing the gender diversity on boards. This week's Tech Insights looks at the gender representation on the boards; of ASX and NZX Tech companies.; There are 941 board members on 206 companies which is an average of 4.5; members per board.; There is no difference between the total split of men and women for ASX versus; NZX Tech companies. Both have around 90% men : 10% women.; Almost 90% of the board members are men which means only 10% or 107 out of; the 941 board members are women.; The average NZX Tech board member total is 5.3 with 4.7 men and 0.6 women.; ASX Tech is 4.5 total with 4.0 men and 0.5 women.; The median board composition across ASX and NZX Tech companies is 4 men and; no women.; There is currently 9 women board members across 15 NZX Tech companies.; Seven boards have no women and seven other boards have only 1 woman.; The weighted average board composition is only slightly better with a typical; board made up of 4.0 men and 0.5 women.; For the 19 NZ founded companies there are 100 board members with 87 men and; 13 women - a similar ratio to NZX and ASX Tech companies.; 0.89; 0.11; Men Women; 0.89; 0.11; NZX; Men Women; 0.89; 0.11; ASX; Men Women; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Board Composition for ASX and NZX Tech Companies Gender Count for ASX and NZX Tech Companies; 10; 9; 8; 7; 6; 5; 4 1; 3 2 2; 2 1 5 4 7 1; 1 7 8 21 16 2 1; 0 5 42 42 25 11 3; 0 1 2 3 4 5 6 7 8 9 10; Highlights of the chart above Highlights of the chart above; 1. 1.; 2. 2.; 3. 3.; 4. 4.; Men; 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.; Number of Boards (Count = 206); Women; More than 80% of boards have a board composition of 80% or more men; members on the board.; Around 10% of boards have six or more men. Out of those 19 companies four; have at least one woman on the board.; The two most common types of board compositions are 4 men and no women ; and 3 men and no women.; 62% or 128 boards out of the 206 in the population have no women board; members.; No company has more women board members than men. Only 3 out of 206 have; an even 50:50 board split between the two genders.; There are only five companies that have 3 or more women with only one board; having four women. No company has five women board members.; The next most common type of board composition with around 10% of the; population is 80% men and 20% women board members.; Around 85% of boards have 3 to 5 men. Around 90% of boards have either no; women or only one.; -; 20; 40; 60; 80; 100; 120; 140; 0 1 2 3 4 5 6 7 8 9 10; Number of Boards; # of Board Members on each Board by Gender; Men Women; 2.11805555555556; split; CLARE CAPITAL TECH INSIGHTS

#81

Overview Clare Capital Tech Insights 81 - Tech Stocks by Exchange - 20180518; Chart: EV/Revenue Multiple Range Tech Stocks by Exchange (>US$5m Revenue) Table: EV/Revenue Multiple Range Tech Stocks by Exchange (>US$5m Revenue); LQ Median UQ LQ Median UQ; ASX 56 18 106 496 0.7 2.9 5.2; London 99 30 97 424 1.1 2.5 4.7; NYSE 77 1 710 4 045 11 045 2.7 5.7 9.4; NASDAQ 208 137 1 138 4 305 1.7 3.5 6.5; New Zealand 14 16 31 331 1.0 2.4 7.7; Toronto 21 81 218 1 406 1.0 2.1 4.4; NYSE NASDAQ; This Insights report explores EV/Revenue multiples of Tech Stocks by exchange (NZX ASX TSX LSE NYSE & NASDAQ); Exchange Count; Mkt Cap US$m EV/Revenue; n = 56; n = 99; n = 77; n = 208; n = 14; n = 21; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; ASX LSE NYSE NASDAQ NZX TSX; EV/Revenue Multiple; Range: 25% - 75% percentile; Median; AYX; BKI; BOX; CRM; HUBS; NEWR NOW SHOP; SMAR; SNAP; TWTR TWLO; VEEV; ZEN; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; ADBE; ASUR; CERN; CHUBA; FB; NTCT; NTWK; PYPL; SYMC; TIVO; UEPS; VDSI; XELB; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; CLARE CAPITAL TECH INSIGHTS; NZX ASX; TSX LSE; 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.; ENS; FIN; GTK; IKE; OHE; PLX; PPH; RAK; SDL; SKO; SLI; SPY; TME; VGL; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; AD8; ALU; APX; ELO; NXT; WTC; XRO; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; CMG; KXS; DSG; ENGH CSU; OTEX; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; ALFA; AVV; BGO; CRW; LOOP; NKTN; PHD; RMV; WAND; ZPG; -; 5; 10; 15; 20; 25; 30; (40%) (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; Annual Revenue Growth; CLARE CAPITAL TECH INSIGHTS

#80

Overview Clare Capital Tech Insights 80 - Selected SaaS Expenses - 20180511; Research & Development; Research & Development (% of Revenue) - USD Millions Research & Development (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Coys Obs. Avg. Med.; <20M 14 85 29% 19%; 20-30M 16 108 19% 16%; 30-40M 12 61 23% 25%; 40-50M 11 30 21% 21%; 50-75M 31 140 21% 21%; 75-100M 40 175 21% 19%; 100-115M 41 83 22% 20%; 115-125M 35 61 21% 19%; 125-150M 51 132 21% 20%; 150-175M 51 132 20% 19%; 175-200M 51 124 18% 17%; 200-225M 49 113 16% 16%; 225-250M 46 97 14% 14%; 250-275M 40 83 15% 15%; 275-300M 37 60 15% 14%; 300-350M 35 89 16% 15%; 350-400M 35 71 16% 15%; 400-450M 33 75 14% 14%; 450-500M 35 75 14% 14%; 500-600M 28 86 14% 12%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M 600-700M 25 58 16% 13%; Companies 29 47 90 67 42 700-800M 18 59 17% 14%; Observations 284 315 742 453 423 800-1000M 19 68 16% 14%; Average 22% 21% 19% 15% 16% 1000-1500M 13 64 15% 14%; Lower Quartile 29% 24% 22% 18% 18% >1500M 8 88 18% 18%; Median 20% 20% 18% 14% 14% Median 17% 16%; Upper Quartile 12% 16% 13% 11% 12% Average 18% 17%; This report looks at the research & development (R&D) costs and capital expenditure (CAPEX) for publicly-listed SaaS companies. A key difference between the two costs is; whether the developing/maintaining of the software product/platform is expensed (R&D shown on the P&L statement) or capitalised (CAPEX shown on the cash flow statement).; For SaaS companies R&D expenses relate primarily to the development of the software product and/or platform specifically the wages & salaries of engineers and developers.; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; Research & Development (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Capital Expenditure; Capital Expenditure (% of Revenue) - USD Millions Capital Expenditure (% of Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Coys Obs. Avg. Med.; <20M 14 85 2% 2%; 20-30M 16 108 3% 2%; 30-40M 12 61 5% 5%; 40-50M 11 30 6% 7%; 50-75M 31 140 6% 2%; 75-100M 40 175 5% 4%; 100-115M 41 83 6% 5%; 115-125M 35 61 7% 6%; 125-150M 51 132 7% 6%; 150-175M 51 132 5% 4%; 175-200M 51 124 5% 5%; 200-225M 49 113 6% 5%; 225-250M 46 97 7% 6%; 250-275M 40 83 6% 4%; 275-300M 37 60 6% 5%; 300-350M 35 89 7% 5%; 350-400M 35 71 6% 4%; 400-450M 33 75 6% 5%; 450-500M 35 75 4% 3%; 500-600M 28 86 5% 3%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M 600-700M 25 58 6% 6%; Companies 29 47 90 67 42 700-800M 18 59 5% 4%; Observations 284 315 742 453 423 800-1000M 19 68 5% 5%; Average 5% 6% 6% 6% 5% 1000-1500M 13 64 5% 4%; Lower Quartile 9% 6% 8% 7% 7% >1500M 8 88 7% 5%; Median 2% 4% 5% 4% 4% Median 6% 5%; Upper Quartile 2% 1% 3% 3% 3% Average 5% 4%; 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.; For SaaS companies capital expenditure relate primarily to the development of the software product and/or platform specifically the wages & salaries of engineers and developers.; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 0.1; Capital Expenditure (% of Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS

#79

Overview Clare Capital Tech Insights 79 - Selected SaaS Acquisitions - 20180504; Metrics Metrics Metrics Metrics Metrics; Count 116 Count 43 Count 72 Count 36 Count 79; Lower Quartile 2.1 Lower Quartile 2.2 Lower Quartile 1.8 Lower Quartile 1.7 Lower Quartile 2.6; Median 3.8 Median 3.8 Median 3.7 Median 2.3 Median 4.5; Upper Quartile 7.0 Upper Quartile 8.0 Upper Quartile 6.7 Upper Quartile 4.4 Upper Quartile 8.2; Average l 6.1 Average l 6.2 Average l 4.8 Average l 3.1 Average l 6.3; 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 report looks at 100+ selected SaaS acquisitions and compares their revenue multiple across private vs public target companies as well as financial vs industry acquirers.; Revenue multiples paid by any; acquirer to any company; Revenue multiples paid by any; acquirer to private companies; Revenue multiples paid by any; acquirer to public companies; Revenue multiples paid by; financial acquirers for any; company; Revenue multiples paid by; industry acquirers for any; company; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; EV/Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; 1000; - 20 40 60 80 100 120 140 160 180 200; Enterprise Value (USD M); Revenue (USD M); Multiples paid by Industry; Acquirers; Multiples paid by Financial; Acquirers; Size of the bubble; represents the; EV/Revenue Multiple; 4x Multiple; 5x Multiple; 6x Multiple; CLARE CAPITAL TECH INSIGHTS

#78

Overview Clare Capital Tech Insights 78 - Online Marketplace Metrics - 20180427; Enterprise Value / GMS Multiple vs Take Rate; Online marketplaces can be attractive investments with strong business models. Key metrics include GMS or gross merchandise sales (total value of platform transactions) and the; take rate (percentage of activity captured as revenue). The graph below illustrates that online marketplaces tend to be valued at approximately 0.5x - 1.5x gross merchandise sales ; with a higher GMS valuation multiple correlated with higher take rate. The current revenue multiples provide an extremely wide range that does not tend to accurately explain the; relative valuation and the relationship between key metrics and market capitalisation.; -; 0.5; 1; 1.5; 2; 2.5; - 5% 10% 15% 20% 25% 30%; Take rate (revenue generated as a percentage of total platform activity); Valuation multiples; EV / rev EV / GMS; Shopify 16x 0.4x; Freelancer 4x 0.3x; eBay 5x 0.5x; Just Eat 8x 1.1x; Etsy 7x 0.9x; Grubhub 12x 2.2x; Redbubble 5x 1.2x; Enterprise Value / Gross Merchandise Sales (ratio of value to platform size); Independent artist print on; demand marketplace; Online and mobile; food-ordering; Online food order; and delivery service; Multinational marketplace for consumer-toconsumer; and Global crowdsourcing business-to-consumer sales; marketplace; Ecommerce platform; for online stores; Marketplace for; handmade or; vintage items; CLARE CAPITAL TECH INSIGHTS; Enterprise Value / GMS Multiple vs Take Rate - Time Series from 30 September 2016 to 31 December 2017; Disclaimer; The information provided in this report has been solely sourced and calculated from FactSet and Company Reports. 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; -; 0.5; 1; 1.5; 2; 2.5; - 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%; Enterprise Value / Gross Merchandise Sales (ratio of value to platform size); Take rate (revenue generated as a percentage of total platform activity); Both Shopify and Grubhub materially increased their market cap and enterprise value over the; observed time period. Shopify US$2b to US$9b. Grubhub US$1b to US$5b. In the case of Shopify; almost all the increase in valuation is related to the continued growth of their GMS ($9b to $26b).; Grubhub has benefited from an increase in GMS and the public markets placing a higher value on; each dollar of GMS (~$1 -> $2 of market cap for each $1 of Grubhub GMS).; Each of the observed companies tend to maintain a very stable take rate only varying a couple of; percentage points at most. eBay the more mature of the companies demonstrates a very narrow; take rate range of between 10.6% to 11.1%.; 43100; 42643; CLARE CAPITAL TECH INSIGHTS

#77

Overview Clare Capital Tech Insights 77 - Private SaaS Metrics - 20180420; Total Capital Raised by Company Size Capital Raised Ratio by Company Size; This Tech Insights report makes use of a database of 300+ private international SaaS companies looking at the (1) amount of capital raised (2) the Capital Raised Ratio (3); monthly churn and (4) ARR per Employee for different levels of Annual Recurring Revenue (ARR).; -; 5; 10; 15; 20; 25; 30; 35; 0-250k; 250K - 500k; 500K - 1m; 1m - 2m; 2m - 5m; 5m - 10m; 10m - 20m; 20m - 50m; Capital Raised USD $m; ARR USD; 50% Range (25-75th Percentile); Median; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 0-250k; 250K - 500k; 500K - 1m; 1m - 2m; 2m - 5m; 5m - 10m; 10m - 20m; 20m - 50m; ARR to Capital Raised Ratio; ARR USD; 50% Range (25-75th Percentile); Median; There is a significant increase in the amount of capital raised post achieving; US$2m to US$5m in ARR. Prior to these ARR levels capital is less; frequently deployed.; Up until >US$10m in ARR the median Capital Raised Ratio sits at or below; 1:1 - that is the amount raised is equal to or less than current levels of ARR; (NB: there is considerable variability in this metric).; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Monthly Churn % by Company Size ARR per Employee by Company Size; 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.; -; 100000; 200000; 300000; 400000; 500000; 600000; 0-250k; 250K - 500k; 500K - 1m; 1m - 2m; 2m - 5m; 5m - 10m; 10m - 20m; 20m - 50m; 50m - 100m; ARR per Employee USD; ARR USD; 50% Range (25-75th Percentile); Median; -; 0.01; 0.02; 0.03; 0.04; 0.05; 0.06; 0.07; 0.08; 0.09; 0.1; 0-250k; 250K - 500k; 500K - 1m; 1m - 2m; 2m - 5m; 5m - 10m; 10m - 20m; 20m - 50m; 50m - 100m; Monthly Churn %; ARR USD; 50% Range (25-75th Percentile); Median; Monthly churn improves dramatically with increased levels of ARR ; following the stages of Minimum Viable Product Product-Market-Fit to; Scalable Product. While median churn for the larger companies is 1-2% per; month the best companies i.e. top 25% are recording monthly churn; levels of <1%.; ARR per Employee flattens off between US$1m to US$5m at around; US$100 000 per employee accelerating further as the company scales through; this ARR threshold.; CLARE CAPITAL TECH INSIGHTS

#76

Overview Clare Capital Tech Insights 76 - FY18 Revenue Forecasts - 20180413; Description Name (Ticker) Enterprise Value (NZD M) Name (Ticker) Enterprise Value (NZD M); 9 Spokes (9SP) 11 Pushpay (PPH) 1 044; Enprise (ENS) 11 Rakon (RAK) 44; EROAD (ERD) 256 Serko (SKO) 183; ikeGPS (IKE) 36 SmartPay (SPY) 59; Orion Health (OHE) 133 Volpara (VHT) 99; Plexure (PLX) 20 Xero (XRO) 5 036; Estimate FY2018 Revenue (NZD millions) Blue dots in charts = FY18 Revenue actuals; 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.; The first page shows the estimates for FY18 revenue ; while the top of the second page compares the FY18; estimates to FY17 actual revenue results to generate an; estimated FY18 revenue growth rate. The bottom of the; second page shows how these FY18 revenue estimates; are used to generate an EV/Revenue multiple based on; the current Enterprise Value of each company.; Over the course of the next few weeks a dozen Australasian Tech companies will be reporting their annual results for the year ended 31 March 2018. This report looks at estimating; a FY18 revenue range for each of the 12 companies using a mathematical formula based on historical results. The FY18 revenue figures are not company revenue guidance equity; research broker or Clare Capital estimates but rather an algorithmic equation. Note: The different chart axes.; -; 50; 100; 150; 200; 250; 300; 350; 400; 450; XRO; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; 200; OHE PPH RAK; -; 2; 4; 6; 8; 10; 12; PLX ENS IKE 9SP VHT; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; 50; 0 ERD SPY SKO; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; CLARE CAPITAL TECH INSIGHTS; Estimate FY2018 Revenue Growth Blue dots in charts = FY18 Revenue actuals; EV/FY18 Revenue Multiples Blue dots in charts = FY18 Revenue actuals; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 9SP; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; VHT PPH PLX XRO ERD SKO; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; IKE ENS SPY RAK OHE; -; 5; 10; 15; 20; 25; 30; 35; 40; VHT; -; 2; 4; 6; 8; 10; 12; 14; XRO PPH SKO ERD IKE; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; SPY 9SP PLX ENS OHE RAK; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 0; 0.5; 1; 1.5; 2; 2.5; 3; CLARE CAPITAL TECH INSIGHTS

#75

Q1 2018 shareholder return of Australasian Tech Companies (% change) Clare Capital Tech Insights 75 - Q1 2018 Shareholder Return 2018 - 20180406; Q1 2018 shareholder return of Australasian Tech Companies (% change); All Small Small-mid Mid Mid-large Large; Top performers <10M 10-25M 25-100M 100-500M >500M; First Animoca Brands (271%) Intiger Group (167%) CoAssets (93%) Nearmap (61%) Altium (50%); Second BidEnergy (189%) SLI Systems (60%) Smart Parking (83%) Bravura Solutions (56%) Kogan.com (26%); Third Otherlevels (169%) Rent.com.au (55%) ResApp Health (54%) ELMO Software (44%) Xero (17%); Fourth Tesserent (75%) Plexure (40%) SkyFii (52%) Audinate (34%) NEXTDC (9%); Fifth 8Common (69%) SportsHero (25%) Prophecy Intl. (51%) RedBubble (22%) Afterpay (8%); Count 192 35 42 49 41 25; % of Count 100% 18% 22% 26% 21% 13%; Upper Quartile 7% 25% 3% 7% 6% 6%; Median (9%) (2%) (21%) (11%) (10%) (0%); Lower Quartile (28%) (20%) (38%) (30%) (21%) (8%); Simple average (3%) 15% (12%) (7%) (7%) (3%); This Tech Insights report looks at the Q1 (to 31 Mar) shareholder return for the Australasian Tech companies grouped by market capitalisation (NZD) at the start of the quarter. The; first page shows high level metrics for each grouping while the second page shows the performance distribution. Australian values converted at NZD 1 to AUD 0.95; + 15c; - 12c; - 7c; - 5c; - 1c; - 3c; - 2c - 2c; - 5c; -15c; -10c; -5c; -; +5c; +10c; +15c; Small; (<10M); Small-mid; (10-25M); Mid; (25-100M); Mid-large; (100-500M); Large; (>500M); NZ; Tech; Total; Tech; NZX50 ASX200; It has been a reasonably tough first quarter for both the market; generally and Australasian Tech Companies. Across the 192; Australasian Tech Companies analysed only 34% achieved a; positive return with 61% producing a negative return.; The small Tech Companies did well to buck the trend with; several showing strong price appreciation (see table above).; These figures show the total return for every $1 invested and; assume you invest in each company based on their relative; market cap at the start of the quarter and dividends are; reinvested.; Quarterly returns from every $1 invested; CLARE CAPITAL TECH INSIGHTS; Q1 2018 shareholder return of Australasian Tech Companies (% change); Small (<10M) Small-mid (10-25M) Mid (25-100M) Mid-large (100-500M) Large (>500M); 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.; GSW; BIG; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; (100%) - 100%; CSK; DW8; S3R; GEO; RD1; AO1; LVE; VPC; TKF; TOM; OMT; RXH; SVT; HT8; CWL; GLH; CGO; ICU; COM; JHL; MTL; PCH; SRO; WNS; DSX; IOD; TTL; NVO; KNO; MWR; 8CO; TNT; OLV; BID; AB1; (100%) - 100%; RFN; TMP; YPB; IOT; WGL; IMS; THD; SCL; CL8; UBN; GGL; OPN; ICT; IP1; COO; PPL; XPE; TSN; ENS; GOO; JCS; CT1; BMP; 1ST; CNW; AD1; KYK; ESH; DCL; FIN; ZYB; BPF; CRO; SMA; EOL; PIL; TNY; SHO; PLX; RNT; SLI; IAM; (100%) - 100%; 3DP; BIQ; FGO; CM8; IXU; NOR; NOV; QFY; DN8; VLT; SYT; KNM; 9SP; DUB; DSE; BPS; ADJ; CCG; MPW; TV2; ALC; MNW; RAK; AHL; SFI; FZO; BTH; CVT; LAA; CCA; EPD; IKE; D13; MDR; SPY; SNS; M7T; JAN; FCT; DTS; ICQ; NET; MOQ; TPW; PRO; SKF; RAP; SPZ; CA8; (100%) - 100%; MYQ; BUD; ISD; LNU; MUA; LVH; CAT; ISU; RXP; OHE; ADA; RKN; XF1; DWS; PPS; CL1; RUL; DTL; BRN; ESV; GBT; MLB; OCL; IFM; LVT; VGL; 3PL; FLN; ONE; VHT; CGL; ISX; ERD; RHP; MP1; SKO; RBL; AD8; ELO; BVS; NEA; (100%) - 100%; 2.71; 1.89; 1.67; 1.69; NZ listed companies in bold; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; BVS; (100%) (50%) - 50% 100%; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; BVS; (100%) (50%) - 50% 100%; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; BVS; (100%) (50%) - 50% 100%; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; BVS; (100%) (50%) - 50% 100%; WTC; IRE; MYO; UPD; TME; CAR; PME; SEK; GTK; LNK; IRI; PPH; REA; TNE; HSN; WEB; CPU; APX; APT; NXT; XRO; KGN; ALU; BVS; (100%) (50%) - 50% 100%; CLARE CAPITAL TECH INSIGHTS

#74

Overview Clare Capital Tech Insights 74 - Value-to-Used Capital Ratio - 20180323; Definitions Share Capital = Capital Raised; Value-to-Used Capital Ratio = Enterprise Value (EV) divided by Used Capital (UC); Enterprise Value = Market Capitalisation plus debt minus cash; Used Capital = Issued Capital plus debt minus cash; Distribution of EV/UC across different Share Capital increments Highlights; Share Capital ALL <10M 10-25M 25-50M 50-100M >100M; Count 185 21 47 55 34 28; %Count 100% 11% 25% 30% 18% 15%; Lower Quartile 0.5 0.7 0.4 0.4 0.8 1.0; Median 1.2 1.3 0.9 0.9 1.4 3.3; Upper Quartile 3.5 2.6 2.4 2.8 3.9 5.8; Average 3.6 2.8 2.3 3.9 4.4 5.0; This Tech Insights report looks at how much value is created for every $1 of used capital by Australasian Tech companies - the Value-to-Used Capital Ratio. Used Capital is; calculated as Issued Capital or Share Capital less cash on the balance sheet as it hasn't been consumed plus debt. Ratios will change as share prices move. This report does not take; into account the time period of how long it takes to create value.; As a proxy for the amount of capital raised we have used the Issued Capital or Share; Capital figure on a company's balance sheet. The capital raised does not take into; account the relative valuations the capital was raised at nor the terms of raise.; 1. The median ratio across all; companies is 1.2x. This means that; for every $1 in used capital there is; $1.20 in value that has been created.; 2. There is an apparent U-shape in; the ratio as companies move across; how much capital has been raised.; This is to be expected as companies; mature less capital is required; (assuming profitability).; 3. The Top 15 companies have a ratio; greater than 10x meaning for every; $1 in used capital there is $10 in; value that has been created.; 4. There has been around NZD $15; billion of capital invested to; generate around NZD $80 billion in; value.; 5. One-third of companies have; raised more than NZD $50 million.; -; 1; 2; 3; 4; 5; 6; 7; ALL <10M 10-25M 25-50M 50-100M >100M; Enterprise Value/Used Capital; Share Capital; Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; % Distribution of Australasian Tech Companies - up to 10x EV/UC Multiple Distribution of Share Capital across different EV/UC Multiple increments; % Distribution of Australasian Tech Companies - 10x; Count 185 25 61 68 16 15; %Count 100% 14% 33% 37% 9% 8%; Lower Quartile 19 24 18 19 24 27; Median 33 32 27 35 50 55; Upper Quartile 70 92 49 72 153 109; Average 81 57 43 117 91 102; 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.; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; 0.5; 0.55; 0.6; 0.65; 0.7; 0.75; 0.8; 0.85; 0.9; 0.95; 1; EV/UC Multiple; % of Companies; 50% of companies have; created less than $1.2 in value; for every $1 of capital raised.; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; ALL <0.25x 0.25-1x 1-5x 5-10x >10x; Share Capital (NZD M); EV/UC Multiple; Lower Quartile Upper Quartile Average; -; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; -; 0.05; 0.1; 0.15; 0.2; 0.25; 0.3; 0.35; 0.4; 0.45; 0.5; 0.55; 0.6; 0.65; 0.7; 0.75; 0.8; 0.85; 0.9; 0.95; 1; Share Capital (NZD M); % of Companies; 50% of companies have raised; less than NZD $33 million.; CLARE CAPITAL TECH INSIGHTS

#73

Overview Clare Capital Tech Insights 73 - Listed SaaS Universe - 20180319; Distribution of Global Listed SaaS Companies - Count by Category Valuation Multiple (EV/Rev) by Category; This report takes a closer look at global listed SaaS companies creating a distribution based on "category". There is no definitive source for what is actually a SaaS company or which; category they belong to. We have utilised multiple sources in determining if a listed company is SaaS and used a best estimate for what category they belong to - judgement calls; have been made.; Marketing/Media/Ad.; Fintech; Healthcare; Communications; Data Analytics; Security; HR/Payroll; Asset; Management; eCommerce/CR; M; Project/Workforc; e Mng.; Logisitcs/Invento; ry/POS; Collaboration; Tools; Payments; Education; Other; #209 Listed SaaS; Companies; -; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; Logisitcs/Inventory/POS; Other; Data Analytics; HR/Payroll; Fintech; Education; Project/Workforce Mng.; Marketing/Media/Ad.; Healthcare; Security; Payments; Collaboration Tools; Communications; eCommerce/CRM; Asset Management; EV/Revenue; Lower Quartile Upper Quartile; 5.2; Listed SaaS Median; CLARE CAPITAL TECH INSIGHTS; Distribution of Global Listed SaaS Companies - Revenue by Category Revenue Growth Rates by Category; 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.; Marketing/Media/Ad.; Fintech; Healthcare; Communications; Data Analytics; HR/Payroll Security; Asset Management; eCommerce/CRM; Project/Workforc; e Mng.; Logisitcs/Inventory; /POS; Collaboration Tools; Payments; Education Other; US$97.4b; revenue; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; Logisitcs/Inventory/POS; Other; Data Analytics; HR/Payroll; Fintech; Education; Project/Workforce Mng.; Marketing/Media/Ad.; Healthcare; Security; Payments; Collaboration Tools; Communications; eCommerce/CRM; Asset Management; LTM Revenue Growth; Lower Quartile Upper Quartile; 0.22; Listed SaaS Median; CLARE CAPITAL TECH INSIGHTS