#72

Overview Clare Capital Tech Insights 72 - M&A and Market Cap - 20180309; Summary; ELMO Software - Market Cap and Value of M&A (AUD M); Seek - Market Cap and Value of M&A (AUD M); ELMO Software - Selected Acquisitions (AUD); Date Acquisition Price EV/Rev; Feb-2018 Pivot Software $8.8m 2.0; 120 customers 93% revenue retention.; Revenue of $4.5m and 30% EBITDA margins.; Nov-2017 PeoplePulse & Live Salary $10.0m 2.4; Over 300 customer licenses.; Revenue of $4.1m over 90% recurring.; Mergers and acquisitions (M&A) can form a key part of a company's growth strategy. A number of ASX listed technology companies have consistently made acquisitions. Our; analysis of Seek REA Carsales and Webjet show M&A transactions as a percentage of market cap range from 10% to 40%. This analysis and associated graphs highlight how; acquisitions can be used to build business value over time.; Seek has made a number of M&A transactions. As the graph below illustrates this appears to; have supported Seek's market cap over time. Carsales REA and Webjet follow a similar trend.; Smaller companies can also benefit from a strategy that includes acquisitions. ELMO software; is an ASX listed SaaS business focused on HR Tech. M&A helped build out their product; portfolio. They recently acquired NZ company Pivot Software. ELMO's market cap has; recently increased by more than A$150m during the same time period the company spent; A$20m on acquisitions.; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; 8000; 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018; -; 50; 100; 150; 200; 250; 300; 350; Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18; Market Cap; Cumulative value of M&A; Market Cap; Cumulative value of M&A; CLARE CAPITAL TECH INSIGHTS; M&A as a percentage of Market Cap over time Carsales - Market Cap and Value of M&A (AUD M); REA - Market Cap and Value of M&A (AUD M) Webjet - Market Cap and Value of M&A (AUD M); 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.; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 2010 2011 2012 2013 2014 2015 2016 2017 2018; -; 2000; 4000; 6000; 8000; 10000; 12000; 2010 2011 2012 2013 2014 2015 2016 2017 2018; -; 500; 1000; 1500; 2000; 2500; 3000; 3500; 4000; 2010 2011 2012 2013 2014 2015 2016 2017 2018; Market Cap; Cumulative value of M&A; Market Cap; Cumulative value of M&A; Market Cap; Cumulative value of M&A; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 2014 2015 2016 2017 2018; Carsales Seek REA Webjet ELMO; CLARE CAPITAL TECH INSIGHTS

#71

Overview Clare Capital Tech Insights 71 - Spotlight on Dropbox - 20180302; Dropbox at a Glance - metrics and history Listed Peer group Valuation Multiples relative to size and 40% rule; With Dropbox filing for a public listing on the US NASDAQ exchange this Tech Insights puts a spotlight on Dropbox's metrics comparing these to a likely peer grouping of highprofile ; high-performing listed SaaS companies. While Box is the most closely aligned to Dropbox in terms of service provision Dropbox has levels of revenues and performance; metrics more closely aligned with others within the peer group.; >US$1b LTM Revenue; 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017; CRM; SQ; WDAY; NOW; ATHN; SPLK; DATA; TEAM; SHOP; BOX; ZEN; TWLO; HUBS; NEWR; XRO; 2; 4; 6; 8; 10; 12; 14; 16; 18; 20; (20%) - 20% 40% 60% 80% 100%; EV/Revenue Multiple; 40% Rule (Revenue Growth + EBITDA Margin); US$1.1b; GAAP; Revenue; 0.31; Annual; Growth; -0.1; EBITDA; Margin; 11m; Paying; Users; US$9.33; ARPU; 1858; Employees; US$596k; Rev/Emp; Sign ups;

#70

Overview Clare Capital Tech Insights 70 - Illustrative DCF Valuation - 20180223; Methodology Single Point One Year DCF Valuation; =+ Operating revenue; =- Operating Expenses; = EBITDA; =- Corporate Tax; =- Capital Expenditure; = Free Cash Flow; / (Discount Rate - Terminal Growth Rate); Notes = Enterprise Value; =+ Cash; =- Debt; = market Capitalisation; / Number of Shares; = Share Price; Trade Me Actual Forecast; Financial Performance FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25; Operating Revenue 114 125 142 163 180 200 218 235 252 270 288 306 324 341 359 377; Operating Expenses (24) (27) (36) (41) (51) (64) (63) (68) (76) (81) (86) (92) (97) (102) (108) (113); EBITDA 70% 90 98 107 123 129 135 155 167 177 189 202 214 227 239 252 264; Depreciation & Amortisation (8%) (21) (3) (4) (5) (9) (12) (15) (19) (20) (22) (23) (24) (26) (27) (29) (30); EBIT 69 95 103 117 120 123 140 148 156 168 179 190 201 212 223 234; DCF Valuation FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25; EBITDA 177 189 202 214 227 239 252 264; Corporate Tax (28%) (44) (47) (50) (53) (56) (59) (62) (65); Capital Expenditure (10%) (25) (27) (29) (31) (32) (34) (36) (38); Free Cash Flow 108 115 123 130 138 146 153 161; Discount Rate 9% 0.92 0.84 0.77 0.71 0.65 0.60 0.55 0.50; Discounted Free Cash Flow 99 97 95 92 90 87 84 81; Present Value of FCF in Forecast 724; This report looks at an example of how a Discounted Cash Flow (DCF) valuation works by calculating the present value of a company's forecasted cash flows.; The DCF valuation method requires an estimate of the future post-tax cash flows that the company will generate and a discount; rate reflecting the company's cost of capital. This analysis can also provide insight into the sensitivity of a valuation to key inputs; as shown on the following page. As this method requires an estimate of future cash flows it is most suitable for companies that; have a history of stable financial performance.; We have used Trade Me (NZX:TME) for this example given its historically stable growth rate and margins. As this is illustrative; only (and not a viewpoint on Trade Me's value) we have used inputs that mean the DCF calculation is equal to the current share; price ($4.36). Key inputs include an 8-year linear revenue forecast EBITDA margin at 70% across an 8-year forecast period a; discount rate of 9% and a 1.5% terminal growth rate. Net working capital has not been included. Yellow cells are inputs.; The steps below provide a quick DCF; valuation for one years' worth of results.; This is an illustrative example not an equity research report designed to value Trade Me. This report shows how to conduct a highlevel; DCF valuation using Trade Me as an example. Clare Capital is not implying that Trade Me is either under or overvalued given; the output of the example. A DCF valuation requires a detailed financial model as a starting point rather than a single point; revenue forecast and constant EBITDA margin. We have not independently verified any of the inputs below.; CLARE CAPITAL TECH INSIGHTS; DCF Valuation Sensitivity Analysis Revenue and Growth; Terminal Value; Free Cashflow in Final Period 161; Plus: Inflation Uplift 2; Annual CF Post Forecast Period 163; Multiplier (1/r-g) 13.33; TV @ Final Year of Forecast Period 2 176; Discount Factor in Final Period 0.50; Present Value of Terminal Value 1 092; Discount Rate Share Price; Enterprise Value 7% 6.12; Present Value of Free Cashflows 724 8% 5.10; Present Value of Terminal Value 1 092 9% 4.36; Enterprise Value 1 816 10% 3.80; 11% 3.35; Equity Value (Market Capitalisation); Enterprise Value 1 816 EBITDA Margin Share Price; Plus: Cash 53 60% 3.59; Less: Debt 136 65% 3.98 EBITDA and Margin; Market Capitalisation 1 733 70% 4.36; 75% 4.75; Share Price 80% 5.13; Market Capitalisation 1 733; Number of Shares 397 Capital Expenditure Share Price; Share Price 4.36 (8%) 4.58; (9%) 4.47; Disclaimer (10%) 4.36; (11%) 4.25; (12%) 4.15; Terminal Growth Rate Share Price; 0.5% 4.01; 1.0% 4.18; 1.5% 4.36; 2.0% 4.57; 2.5% 4.82; A sensitivity analysis shows the impact of; changing one input on the valuation of a; company by keeping all other variables; constant. The share prices on the right; show the output of changing a single; input on the left and keeping all other; variables constant.; 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.; -; 0.05; 0.1; 0.15; 0.2; -; 100; 200; 300; 400; FY10; FY11; FY12; FY13; FY14; FY15; FY16; FY17; FY18; FY19; FY20; FY21; FY22; FY23; FY24; FY25; Revenue Growth; Revenue (NZD Million); Operating Revenue Revenue Growth; Actual Forecast; -; 0.15; 0.3; 0.45; 0.6; 0.75; 0.9; -; 50; 100; 150; 200; 250; 300; FY10; FY11; FY12; FY13; FY14; FY15; FY16; FY17; FY18; FY19; FY20; FY21; FY22; FY23; FY24; FY25; EBITDA Margin; EBITDA (NZD Million); EBITDA EBITDA Margin; Actual Forecast; -; 0.05; 0.1; 0.15; -; 100; 200; 300; Revenue Growth; Revenue (NZD Million); -; 0.15; 0.3; 0.45; 0.6; 0.75; -; 50; 100; 150; 200; 250; EBITDA Margin; EBITDA (NZD Million); CLARE CAPITAL TECH INSIGHTS

#69

Overview Clare Capital Tech Insights 69 - 2017 ASX & NZX Tech Liquidity - 20180216; Highlights Notes; Lower Q Median Upper Q Upper Q Median Lower Q; 2.5 14.0 69 59% 29% 13%; 1.9 14.3 95 22% 13% 10%; 2.5 13.7 64 62% 30% 15%; Lower Q Median Upper Q Upper Q Median Lower Q # of Stocks % of Stocks; 0.5 1.3 2.6 30% 13% 8% 42 23%; 2.5 6.5 13 45% 30% 13% 41 22%; 6.1 15 28 45% 30% 17% 43 23%; 40 86 165 63% 33% 21% 43 23%; 1 045 1 441 2 900 89% 70% 46% 17 9%; Lower Q Median Upper Q Upper Q Median Lower Q # of Stocks % of Stocks; 1.5 5.2 23 70% 30% 11% 38 22%; 1.3 4.9 15 30% 19% 10% 36 21%; 1.4 4.7 15 33% 19% 11% 20 12%; 6.2 32 108 47% 23% 11% 44 26%; 86 516 1 487 80% 60% 40% 31 18%; Lower Q Median Upper Q Upper Q Median Lower Q # of Stocks % of Stocks; 2.0 6.6 30 45% 28% 10% 24 15%; 1.3 10 73 40% 23% 11% 50 31%; 14 107 1 155 79% 49% 25% 28 17%; 3.3 12 97 40% 22% 14% 23 14%; 3.0 18 79 74% 31% 15% 36 22%; This Tech Insights report looks at the total value of on market shares traded (on market volume of shares traded multiplied by the share price) for the whole of 2017 by ASX and; NZX Tech companies as a measure of liquidity. While looking at the absolute value of share traded is important the second column in looks at the relative value of shares traded as; a % of market capitalisation. This shows how much of a company's market capitalisation got traded showing the ability for investors to trade shares in any given stock.; Total Value Traded in 2017 % of Market Cap Traded in 2017; For a large proportion of NZX and ASX; Tech stock there is very low liquidity:; - 50% of all NZX and ASX Tech stocks had; less than NZD $14 million [AUD $13; million] worth of shares traded for the; annual period (i.e. the median value traded; in 2017 was NZD $14 million).; - 25% of all NZX and ASX Tech stocks had; less than NZD $2 million worth of shares; traded (i.e. the lower quartile was NZD; $2.5 million [AUD $2.3 million]).; Therefore making it difficult for investors; to exit substantial positions.; Low liquidity also impacts change in; ownership with 50% of all companies had; less than 30% of their market capitalisation; change hands.; Interestingly most of the very high; revenue growth companies with high; multiples (25x+) don't necessarily correlate; with high value of trades. The sweet spot; for both absolute and relative values is; around the 5-10x multiple - probably a; function of strong growth and/or margins.; Given there are ~190; Australasian Tech; companies with only 15; (in 2017) on the NZX;; most of the overall; metrics will be weighted; heavily towards the; ASX.; ALL; NZX; ASX; Revenue; NZD 1-5 Million; NZD 5-10 Million; The tables below show the total value traded (in NZD millions) on the left-hand side and % of market; capitalisation traded on the right-hand side for five different market capitalisation revenue and; multiple increments.; Total Value Traded in 2017 % of Market Cap Traded in 2017; Market Capitalisation; NZD <10 Million; NZD 10-25 Million; NZD 25-100 Million; NZD 100-1000 Million; NZD >1000 Million; NZD <1 Million; NZD >100 Million; EV/Revenue; <1 Multiple; 1-5 Multiple; 5-10 Multiple; 10-25 Multiple; >25 Multiple; NZD 10-100 Million; CLARE CAPITAL TECH INSIGHTS; Definitions NZX Tech: Total Value Traded in 2017 NZX Tech: % of Market Cap Traded in 2017; Value = Total Value of Trades in 2017 TCK Name Value EV/Rev #Rank %Rank TCK Name %Traded Mkt Cap #Rank %Rank; EV/Rev = Current EV/Revenue Multiple TME Trade Me 1 104 8.0 12 94% TME Trade Me 57% 1 788 51 74%; #Rank = Rank in NZX & ASX Sector XRO Xero 516 13.5 16 92% ERD EROAD 27% 220 104 46%; %Rank = Percentile in Tech Sector PPH Pushpay 157 14.8 28 86% VGL Vista 23% 448 110 43%; %Traded = % of Market Cap Traded VGL Vista 108 4.4 38 81% IKE ikeGPS 22% 29 115 40%; Mkt Cap = Current Market Capitalisation GTK Gentrack 82 7.5 45 77% GTK Gentrack 22% 523 116 40%; ERD EROAD 41 6.1 61 69% PPH Pushpay 22% 1 084 117 39%; Highlights OHE Orion Health 24 0.9 79 59% SKO Serko 16% 149 135 30%; SKO Serko 14 8.9 96 50% XRO Xero 13% 4 151 143 26%; IKE ikeGPS 5.1 3.5 126 35% GEO GeoOp 13% 6 145 25%; RAK Rakon 4.9 0.5 129 33% SLI SLI Systems 12% 13 149 23%; SLI SLI Systems 2.2 0.2 148 23% OHE Orion Health 11% 170 152 21%; GEO GeoOp 1.6 1.8 154 20% RAK Rakon 10% 48 156 19%; PLX Plexure 1.4 2.0 160 17% PLX Plexure 9.4% 19 163 15%; SPY SmartPay 1.2 2.7 166 14% SPY SmartPay 3.5% 30 181 6%; FIN Finzsoft 0.1 1.1 188 2% FIN Finzsoft 0.3% 21 188 2%; Disclaimer; Trade Me (TME) made up more than half (54%); of the total value of trades amongst NZX; technology companies in 2017.; Comparatively also more than half of its; market capitalisation was traded - again top in; the NZX Tech.; Only Trade Me makes it into the top half of the; Australasian Tech sector for % of market cap; traded.; It will be interesting to see the difference in; Xero on the NZX in 2017 and Xero on the ASX; in 2018 after the company solely moved to the; ASX in February this 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.; -; 200; 400; 600; 800; 1000; 1200; TME; XRO; PPH; VGL; GTK; ERD; OHE; SKO; IKE; RAK; SLI; GEO; PLX; SPY; FIN; Value (NZD Millions); -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; TME; ERD; VGL; IKE; GTK; PPH; SKO; XRO; GEO; SLI; OHE; RAK; PLX; SPY; FIN; % of Market Value Traded; CLARE CAPITAL TECH INSIGHTS

#68

Overview Clare Capital Tech Insights 68 - 2017 Share Price Change - 20180209; 2017 Share Price Change - Australasian Tech Note: three letter initials are stock tickers; MBE; IOT; AB1; CVT; ONE; JHL DSX; SMA BPF; TKF GOO; ENZ ESH; TSN ALC; KNO OLV NEA; PPL HT8 THD FIN; WGL GLH M7T EPD VHT; ADJ SYT ICU TME SFI; IOD COO CNW CL1 RKN; LVE NOR DSE IRE SPY; TNT PRO ISU D13 LNK; XPE SLI GBT MNW MYO CGO; BID VPC GGL 1ST MWR IFM; IAM PLX FCT TTL WEB DTL TMP RHP KGN SKO; OMT BPS BRN ICQ WNS DUB ACX TV2 SHO BUD 3DP KNM GSW BIG MYQ; RAP SRO GEO KBU CR8 BVS CM8 CL8 360% 400% 500% 660% 1 140% 1 480% 2 580%; YPB OHE MOQ KYK HSN CA8 CPU MOT SKF; AD1 ISD NWZ DTS ADA XF1 RUL PIL RBL; PCH TOM MUA SPZ VGL CGL MDR PPS ICT TUP; NVO FLN RXP VLT AO1 CAR REA NET NOV BIQ; UBN DCL CAT TNE RFN SEK IRI ALU PME GTK WTC APX; RXH 9SP AHL ISX RAK DWS MP1 NXT OCL MLB ZYB JCS LVT; SP1 8CO COM RNT OPN IKE 3PL CCA XRO ESV EOL ERD TPW PPH UPD FZO LVH LNU; (100%) (80%) (60%) (40%) (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% 260% 280% 300%; This Tech Insights report looks at the 2017 share price performance of the Australasian Tech sector (on the first page) and the NZX stock exchange (on the second page). Companies; have been grouped into share price change increments - 20% on the first page and 10% on the second page. Green coloured tickers represent NZX Tech.; -; 5; 10; 15; 20; 25; 30; 35; -1; -0.2; 0.6; 1.4; 2.2; 3; 3.8; 4.6; 5.4; 6.2; 7; 7.8; 8.6; 9.4; 10.2; 11; 11.8; 12.6; 13.4; 14.2; 15; 15.8; 16.6; 17.4; 18.2; 19; 19.8; 20.6; 21.4; 22.2; 23; 23.8; 24.6; 25.4; # of Companies in each bracket; 2017 Share Price Change; CLARE CAPITAL TECH INSIGHTS; Disclaimer; 2017 Share Price Change - NZX Stock Exchange Note: three letter initials are stock tickers; SKC; ZEL; TLT; CNU; MLN; SPK; NZX; FSF; PFI; VCT; WTL ARG; FFW IKE NZX-listed Benchmark Index Funds; BRM AMP DIV NZ Dividend Fund (NS) 5%; TME CMO FNZ NZ Top 50 Fund (NS) 18%; KFL IPL MDZ NZ Mid Cap Fund (NS) 29%; WDT SPN NPF NZ Property Fund (NS) 9%; SML ANZ VHP TRU NZB NZ Bond Fund (NS) 2%; CGF SPG MET FMS NZC New Zealand Cash Fund (NS) (0%); ERD JWI NTL PPH CRP ATM TRS SKO SDL TWR MCK SUM TNZ NZ Top 10 Fund (NS) 8%; 120% 130% 180% 200% 230% 280% 300% 660% LIC WBC AUG CEN; BGP KPG NZO GNE; ONL MWE SCY ARV EBO IFT; CSM GXH CGL STU NZR MEL PGW; PLX PEB TLS RBC MHJ AFI SKL TPW GFL; OHE GEO EVO AWF VGL GMT SAN POT SCL; PIL MOA TGH FIN TGG PCT MFT HLG DGL AIR SCT; SNC AOR FBU MVN TRA CVT FRE CDI RYM HBL PGC FPH; SNK MYK BLT MPG BFW WHS AFT TIL AIA MCY ABA ALF SEK NZM BGI NWF XRO TTK; MAD VIL AFC SLI CAV SKT SEA CBL NPT RAK SPY KMD MGL RBD MMH THL TLL NZK GTK ENS; (100%) (90%) (80%) (70%) (60%) (50%) (40%) (30%) (20%) (10%) - 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%; 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; -1; -0.6; -0.2; 0.2; 0.6; 1; 1.4; 1.8; 2.2; 2.6; 3; 3.4; 3.8; 4.2; 4.6; 5; 5.4; 5.8; 6.2; 6.6; 7; # of Companies in each bracket; 2017 Share Price Change; Inclusions and Exclusions; Only publicly-listed companies from the; NZX Main Board NXT Market and NZX; Alternative Market have been included in; the chart. This excludes any Warrant-based; stocks Unit (NS) Trusts and Investment; Trust-based stocks. Overseas based; companies (e.g. Westpac or AMP from; Australia) have been included.; CLARE CAPITAL TECH INSIGHTS

#67

Clare Capital's Tech Insights Distribution Universe Clare Capital Tech Insights 67 - Spotlight on Tech Insights Report - 20171215; CLARE CAPITAL TECH INSIGHTS; Overview; This Insights report puts the spotlight on itself highlighting the make up and number of suscribers that receive Clare Capital's Tech Insights report on a weekly basis.; Clare Capital Tech Insights Subscriber Distribution; 0; 10; 20; 30; 40; 50; 60; 70; 80; 90; 100; SaaS 0 10 20 30 40 50 60 70 80 90 100; Software; Investor; Advisor; Fund; IT Services; Government; Department; Bank; Lawyer; Education; Other; 0.44; 0.24; -; 100; 200; 300; 400; 500; 600; 700; Jul-16 Nov-17; # Subscribers; Subscriber Count and Growth; CLARE CAPITAL TECH INSIGHTS

#66

Overview Clare Capital Tech Insights 66 - Change in Revenue Multiples - 20171208; Top 15 Multiples Top 20 - Change in EV/Revenue Multiple (EV/Rev); CA8 109.7; BIG 38.0; NOV 26.9; PME 24.5; MP1 23.0; REA 15.3; NXT 13.3; PPH 12.9; XRO 12.1; ALC 11.8; ALU 10.9; ONE 10.6; CL1 10.6; MNW 10.3; CAR 10.1; Top 20 - Change in Revenue (Rev) Top 20 - Change in Enterprise Value (EV); Disclaimer; This report looks at the change in EV/Revenue multiples for Australasian listed Tech companies comparing them with this time last year. We have only included companies with; revenues greater than $2 million. The EV/Revenue multiple is a metric which shows how the market is valuing each dollar of revenue generated by the company.; There are four components which make up the metric:; The numerator represents the Enterprise Value = Market; Capitalisation + Debt - Cash. We remove the capital structure; from the equity value (Market Capitalisation) to generate the; Enterprise Value. The change in multiple is illustrated by:; This can be somewhat counter-intuitive if the rate of; revenue growth is faster than the rate of value growth then; a company's multiple will fall.; 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; EOL; SKO; BIG; AHL; BPG; JCS; ICT; ESV; APX; KGN; SMA; MLB; SKF; GTK; ERD; LNK; PME; OCL; Change in EV/Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; EOL; SKO; NOV; BPG; AHL; JCS; APX; KGN; CA8; SKF; ESV; PPH; GTK; MLB; ICT; ERD; NXT; XRO; OCL; Δ in Enterprise Value; Outlier: ASX:BIG has had a; ~2 200% change in EV over; the last twelve months.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; BIG; MP1; CAT; HT8; PPH; CNW; BPS; PPL; MOQ; MUA; PLX; GTK; XRO; SKF; KGN; NEA; BPG; NXT; APX; RUL; Δ in Revenue; %change in multiple =; (1 + % 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝐸𝑉); (1 + % 𝑐ℎ𝑎𝑛𝑔𝑒 𝑖𝑛 𝑟𝑒𝑣𝑒𝑛𝑢𝑒); -1; EV/Revenue =; 𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛 + 𝐷𝑒𝑏𝑡 − 𝐶𝑎𝑠ℎ; 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 Outliers: ASX:CA8 and ASX:NOV; have had a ~1 900% and ~900%; change in multiple respectively over; the last twelve months.; CLARE CAPITAL TECH INSIGHTS; EV/Rev Change in Change in Change in EV/Rev Change in Change in Change in EV/Rev Change in Change in Change in; Ticker Multiple Multiple EV Revenue Ticker Multiple Multiple EV Revenue Ticker Multiple Multiple EV Revenue; ERD 5.4 67% 116% 29% CL1 10.6 (26%) (6%) 28% MYO 6.5 (9%) 5% 15%; FIN 1.2 (7%) (13%) (6%) CM8 0.8 (4%) 14% 19% NEA 5.3 (34%) (12%) 32%; GTK 7.9 69% 141% 43% CNW 0.2 (63%) 3% 176% NOV 26.9 927% 482% (43%); IKE 2.8 8% 23% 14% COM 0.6 (19%) (13%) 8% NWZ 1.1 (603%) (551%) (10%); OHE 0.9 (22%) (34%) (16%) CPU 3.7 19% 23% 4% NXT 13.3 43% 88% 32%; PLX 1.5 (51%) (30%) 43% DTL 0.2 20% 34% 12% OCL 4.3 43% 79% 26%; PPH 12.9 (12%) 144% 178% DWS 1.4 11% 6% (5%) OLV 2.2 (27%) (30%) (3%); RAK 0.5 (8%) (11%) (4%) ENZ 0.8 (63%) (57%) 17% ONE 10.6 (64%) (67%) (7%); SKO 8.0 520% 639% 19% EOL 3.5 536% 654% 18% PME 24.5 43% 64% 15%; SLI 0.3 (59%) (63%) (10%) EPD 0.5 16% 21% 5% PPL 0.5 (69%) (40%) 93%; SPY 3.1 23% 19% (3%) ESV 9.1 180% 150% (11%) PPS 6.7 22% 47% 20%; TME 8.5 (9%) (2%) 8% FCT 7.4 (38%) (37%) 1% PRO 2.6 (14%) (46%) (37%); VGL 4.3 (28%) (11%) 24% FLN 4.1 (54%) (50%) 10% RBL 1.6 29% 59% 23%; XRO 12.1 33% 83% 38% GBT 1.7 (27%) (41%) (19%) REA 15.3 32% 41% 7%; 3PL 3.5 3% 10% 6% GLH 1.8 (31%) (45%) (20%) RHP 0.6 30% 42% 10%; 8CO 0.9 (60%) (60%) (1%) HSN 4.0 (10%) 6% 17% RKN 2.7 29% (1%) (23%); AB1 0.5 (67%) (67%) 0% HT8 0.3 (65%) 2% 187% RUL 1.7 7% 40% 31%; ACX 6.4 (6%) 23% 31% ICQ 7.6 (30%) (18%) 17% RXP 0.8 (27%) (19%) 11%; ADA 4.1 17% 4% (11%) ICT 8.6 207% 122% (28%) SEK 6.5 18% 28% 9%; ADJ 5.2 (64%) (63%) 3% ICU 0.8 11% (15%) (23%) SKF 6.4 86% 155% 37%; AHL 3.3 284% 252% (8%) IFM 3.3 5% 9% 4% SMA 4.6 118% (46%) (75%); ALC 11.8 (45%) (54%) (16%) IRE 5.1 (6%) 0% 6% SPZ 3.0 16% (10%) (22%); ALU 10.9 40% 60% 14% IRI 6.8 32% 42% 8% TMP 0.3 55% 78% 15%; APX 6.1 159% 241% 31% ISD 1.9 (48%) (48%) (1%) TNE 5.5 (16%) (8%) 10%; BIG 38.0 306% 2 229% 473% JCS 0.8 218% 250% 10% TNT 0.8 (82%) (74%) 45%; BPF 0.4 (47%) (45%) 4% KGN 1.5 126% 206% 36% TOM 3.3 28% 2% (20%); BPG 5.1 225% 330% 32% LNK 5.9 59% 60% 1% UBN 3.4 5% (41%) (44%); BPS 0.6 (71%) (40%) 105% MBE 0.4 (51%) (57%) (13%) VHT 42.6 12% (10%) (20%); BVS 1.9 (14%) (11%) 4% MLB 2.7 116% 128% 5% VLT 9.3 39% 40% 0%; CA8 109.7 1 872% 183% (86%) MNW 10.3 (16%) (7%) 10% WEB 5.0 (17%) 8% 31%; CAR 10.1 28% 39% 8% MOQ 0.6 (59%) (33%) 62% WTC 22.4 48% 121% 50%; CAT 3.7 (86%) (49%) 250% MP1 23.0 (68%) 29% 298% YPB 9.2 (28%) (37%) (12%); CGL 3.1 20% 41% 17% MUA 3.5 (54%) (32%) 47%; CGO 0.2 4% (2%) (6%) MWR 2.5 37% 40% 2%; CLARE CAPITAL TECH INSIGHTS

#65

Overview Clare Capital Tech Insights 65 - NZ Tech Bull Run - 20171201; Top 52-week share price performer - SKO-NZ 52-week positive share price performers (Mkt Cap >NZD$100m); 52-week negative share price performers (Mkt Cap >NZD$100m); SKO-NZ 375% 128 7.6 16 19% 3% 22% 17%; PPH-NZ 106% 959 13.0 71 178% (47%) 131% 124%; ERD-NZ 76% 190 5.3 37 29% 15% 44% 6%; XRO-NZ 79% 4 418 12.5 346 38% 1% 38% 24%; GTK-NZ 81% 527 6.4 75 44% 25% 69% 65%; TME-NZ (3%) 1 875 8.3 235 8% 71% 79% 70%; VGL-NZ (8%) 451 4.4 98 24% 23% 47% 44%; OHE-NZ (46%) 180 1.0 176 (16%) (25%) (41%) (45%); 40% Rule - Annual Revenue Growth (%) + EBITDA (%); 40% Rule* - Annual Revenue Growth (%) + EBIT (%); Ticker ΔSP Mkt Cap EV/Rev LTM Rev; Several New Zealand technology stocks have had a 'bullish' run this year particularly since September. This Insights report summarises their 52-week share price performance and; looks at the valuation metrics (EV/Revenue multiple) relative to how fast the company is growing and how profitable (or not) the company is.; Revenue; Growth; EBITDA; %; 0.4; Rule; 0.4; Rule*; -1; -; 1; 2; 3; 4; 5; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; SKO-NZ; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; ERD-NZ; GTK-NZ; PPH-NZ; XRO-NZ; -0.6; -0.5; -0.4; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 16; 42705; 42736; 42736; 42767; 42795; 42826; 42826; 42856; 42887; 42887; 42917; 42948; 42948; 42979; 43009; 43009; 43040; OHE-NZ; TME-NZ; VGL-NZ; Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; SKO-Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; ERD-GTK-PPH-XRO-Nov-Jan-17; 42795; 42856; 42917; 42979; 43040; OHE-TME-VGL-www.clarecapital.co.nz; CLARE CAPITAL TECH INSIGHTS; Valuation multiples (EV/Revenue) relataive to "40% Rule*" EBITDA vs EBIT; ERD-NZ 15% (23%) (38%); FIN-NZ 27% 21% (7%); GEO-NZ (103%) (134%) (32%); GTK-NZ 25% 21% (3%); IKE-NZ (90%) (121%) (31%); OHE-NZ (25%) (29%) (4%); PLX-NZ (11%) (34%) (23%); PPH-NZ (47%) (54%) (7%); RAK-NZ 2% (4%) (5%); SKO-NZ 3% (2%) (5%); SLI-NZ (5%) (6%) (1%); SPY-NZ 45% 16% (29%); TME-NZ 71% 62% (9%); VGL-NZ 23% 20% (3%); XRO-NZ 1% (14%) (14%); Median 2% (6%) (7%); Disclaimer; Ticker; LTM; EBITDA%; LTM; EBIT%; Variance; 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.; ERD-NZ; FIN-NZ GTK-NZ; OHE-NZ; PLX-NZ; PPH-NZ; RAK-NZ; SLI-NZSKO-NZ; SPY-NZ; TME-NZ; VGL-NZ; XRO-NZ; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 0.8; (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%; EBIT Margin (%); Annual Revenue Growth (%); Size of Bubble represents; valuation multiple; (EV/Revenue); 40% Rule*; Not all "Profits" are created equal - within accounting; practices for technology companies a proportion of; software development can be capitalised but not all; companies do so. Comparing EBIT (Earnings before; Interest and Tax) is step towards a more consistent; view of "Operating Profit".; The variance between EBITDA% and EBIT% for; technology companies can provide an indication of the; degree to which a company capitalises software; development costs. NB: depreciation of tangible assets; will also influence this variance.; CLARE CAPITAL TECH INSIGHTS

#64

Overview Clare Capital Tech Insights 64 - Software Acquisition Revenue Multiples - 20171124; EV/Revenue Acquisition Multiples (revenue in USD millions) Chart; Highlights; Revenue <2.5M 2.5-5M 5-10M 10-25M 25-50M 50-100M 100-250M 250-500M 500-1000M >1000M; Count 130 107 108 176 91 90 80 51 27 19; % of Count 15% 12% 12% 20% 10% 10% 9% 6% 3% 2%; Average 4.5 4.6 3.8 3.2 3.1 3.1 3.4 2.5 3.5 2.4; Lower Q 0.9 1.0 0.9 1.3 0.8 1.1 1.0 0.9 1.1 0.5; Median 2.0 1.6 1.9 2.2 1.7 2.3 2.6 1.9 2.4 2.9; Upper Q 4.7 3.1 4.0 3.8 3.1 4.1 4.2 3.2 3.1 3.5; Across 880 publicly known software; acquisitions highlights include:; 1. The median multiple is 2.1x across all; acqusitions.; 2. The mean multiple is closer to the; upper quartile across most of the revenue; ranges. This is especially true for the; lower revenue ranges. This implies that; while the median is around 2.0x there; are acqusitions being made at higher; multiples.; 3. Capital raising multiples do not always; correlate with acqusition multiples.; Capital raising multiples tend to be; higher and are not usually the multiple; that a company gets acquired on.; 4. 70% of the acqusitions are made when; the company has less than USD $50; million in revenue with 40% less than; USD $10 million in revenue.; The chart on the left looks at the; EV/Revenue acquisition multiples across; 10 revenue ranges. For example the first; revenue range is companies being; acquired with less than USD 2.5 million in; revenue. The median multiple out of 130; acquisitions is just over 2.0x. Note:; revenue ranges are not linear.; This report looks at the Enterprise Value revenue and multiples of 880 acquisitions of software companies since 2010. Note: there will be selection bias in the data as it only includes; acqusitions where both the Enterprise Value and Revenue are publicly released - there will be thousands of smaller transactions where no details have been disclosed.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; 4.5; 5; <2.5M 2.5-5M 5-10M 10-25M 25-50M 50-100M 100-250M 250-500M 500-1000M >1000M; EV/Revenue; Lower Quartile Upper Quartile Average (Mean); CLARE CAPITAL TECH INSIGHTS; Number of M&A deals by exit multiple (880 acqusitions of software companies since 2010); Value of M&A deals by exit multiple (880 acqusitions of software companies since 2010); 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.; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 20; 40; 60; 80; 100; 120; 140; 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x 9.0x 9.5x 10.0x; EV/Revenue Multiple; Total number of M&A deals; Number of M&A deals; USD <5M USD 5-10M USD 10-25M; USD 25-50M USD 50-100M USD >100M; Total count; Number of M&A deals Total number of M&A deals; Target Company Revenue; -; 20; 40; 60; 80; 100; 120; 140; -; 5000; 10000; 15000; 20000; 25000; 30000; 35000; 40000; 45000; 50000; 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x 8.5x 9.0x 9.5x 10.0x; EV/Revenue Multiple; Number of M&A deals; Deal value (USD M); Number of M&A deals Deal Value (USD M); CLARE CAPITAL TECH INSIGHTS

#63

Overview Clare Capital Tech Insights 63 - Spotlight on Plexure - 20171117; Performance Highlights; • Annual loss narrows from NZD $7.1 million to NZD $3.0 million. Last six months loss was NZD $195k.; • EBITDA margin improved from (101%) to (9%) - Plexure is looking to "establish a platform for profitable growth in the year ahead."; • Annual revenue (GAAP) growth of >40% - currently NZD $9 million.; • 40% Rule (which is Revenue Growth + EBITDA Margin) improved from (58%) to 34% - Xero also operates in the mid-to-late 30s.; • Revenue per Employee has more than doubled from NZD $120k to NZD $270k - total employees have fallen 37% to 33.; • Monthly cash burn down from NZD $600k to NZD $15k on the previous six monthly period (six months to 30 Sept 17 versus six months to 30 Sept 16).; THEN: NOW:; LTM Profit & Loss Statement - 30 September 2016 LTM Profit & Loss Statement - 30 September 2017; What does Last Twelve Months mean?; Unlike most US listed companies which report their results every quarter most NZX and ASX companies report their results every six months (an interim and annual report) so the; LTM data is the previous two half year results. Most NZX companies have their annual results 12 months to 31 March where their interim results are the six months to 30; September. Most ASX have their annual results to 30 June six-month interim results to 31 December. To calculate the LTM results for NZX companies like Plexure who report their; six month interim results to 30 September this is the second half of the previous financial year plus the first half of this financial year (H2 [1 October to 31 March] + H1 [1 April to 30; September]). ASX companies will be the same just three months ahead. A company's annual results will be the same as their LTM result.; This week with the recent release of their results we are putting a spotlight on Plexure. This page compares Plexure's Last Twelve Months (LTM) financial performance (in the form; of a visual Profit & Loss Statement) against the previous LTM performance along with key before and after performance metrics. The back page reproduces a summary of; company released information as at 30th September 2017.; CLARE CAPITAL TECH INSIGHTS; Metrics - 30 September 2016 versus 30 September 2017; THEN: NOW:; Metrics - 30 September 2016 Unit Plexure Median Tech Score Metrics - 30 September 2017 Unit Plexure Median Tech Score; LTM Revenue NZD 6 184 000 4 818 329  LTM Revenue NZD 8 864 000 5 618 581 ; LTM EBITDA NZD (6 226 000) (1 696 064)  LTM EBITDA NZD (821 000) (2 277 732) ; Revenue Growth % 43% 24%  Revenue Growth % 43% 11% ; EBITDA Margin % (101%) (25%)  EBITDA Margin % (9%) (49%) ; 40% Rule (Growth + Margin) % (58%) 29%  40% Rule (Growth + Margin) % 34% (3%) ; Revenue per Employee NZD 118 923 193 421  Revenue per Employee NZD 268 606 186 691 ; Balance Sheet as at 30 September 2017 LTM Revenue (GAAP) Profile; Disclaimer; The table below compares the some high-level metrics for Plexure over the last two twelve month periods and against the median metrics for Australasian Tech companies. The; score column in each represents Plexure's performance against the median Australasian Tech metrics - green meaning Plexure's metric is above; orange meaning below. There are; approximately 190 Australasian Tech companies although employee numbers are only available for 75 Tech companies.; The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an; Authorised Financial Adviser. This document is intended as analysis. If you are making investment decisions you should seek appropriate personalised financial advice.; Equity ; 5452000; Other; Liabilities ; 2945000; Payables ; 2038000; Intangibles ; 5244000; Receivables ; 2603000; Cash 2 372 000; Equity = Share Capital 26 852 000 +; Reserves 1 098 000 + Retained; Earnings -22 498 000; Assets; Liabilities + Equity; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; 10; Sep-12 Sep-15; LTM Revenue (NZD M); Sep-Sep-13 Sep-14 Sep-15 Sep-16 Sep-17; CLARE CAPITAL TECH INSIGHTS

#62

Overview Clare Capital Tech Insights 62 - Xero Molecule - 20171110; This report provides a visual representation of Xero's key metrics relative to ~190 listed Australian and New Zealand technology companies (this page). A visual representation of; Xero's financial statements is included over the page. Metrics and financials are for the last twelve months.; The Xero Molecule; Key:; Top 25%; Upper Quartile; Lower Quartile; Bottom 25%; The Xero Molecule is a visual; representation of Xero's key comparable; metrics and the position of these metrics; relative to listed Australian and New; Zealand technology companies.; The colour of the bubble surrounding the; metric indicates the position of the; metric - for example black/grey bubbles; place in the top 25% of companies.; Revenue; $346m; Δ Rev; $94m; Rev/Emp; $187k; 1853; # Emp; 0.38; 40% Rule; 0.37; EBITDA % Rev Growth; 0.01; Mkt Cap; $4.4b; $2.0b; Δ Mkt Cap; 0.81; Δ SP; 0.66; CAC Ratio; S&M; Spend; $173m; Cash; $84m; EBITDA; $3m; Δ EBITDA; $55m; EBITDA; Growth; 1.05; CLARE CAPITAL TECH INSIGHTS; Xero LTM Income Statement and Balance Sheet; 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.; Liabilities; Intangibles Equity; 136219; Receivables; Cash; 84331; Current; Asssets; Fixed; Assets; Equity = 525 845 Share; Capital + (328 078); Retained Earnings +; 18 734 Reserves; Income Statement; Last Twelve Months; Balance Sheet; as at 30 September 2017; Note: Last Twelve Months = Interim FY18 + Annual FY17 - Interim FY17; CLARE CAPITAL TECH INSIGHTS

#61

Overview Clare Capital Tech Insights 61 - Atlassian Spotlight - 20171103; This Insight report puts a spotlight on Atlassian Corporation Plc an Australian headquartered US-Listed (TEAM-US) technology company. Atlassian provides a range of software; products to help improve; software development project management collaboration and code quality for start-ups through to enterprise customers.; -; 2000; 4000; 6000; 8000; 10000; 12000; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; 42614; 42644; 42675; 42705; 42736; 42767; 42795; 42826; 42856; 42887; 42917; 42948; 42979; 43009; Mkt Cap US$m; Compunding; Monthly Mkt Cap; Growth 6.2%; US$10.7b; Mkt Cap; 0.36; Ann. Revenue; Growth; US$620m; Revenue; US230k; Revenue per; Employee; 0.81; Gross Margin; 1.2; CAC Ratio; 0.35; 40%Rule; US$4.4b; AnnualMkt Cap; Growth; -; 100; 200; 300; 400; 500; 600; 700; 800; 2013 2014 2015 2016 2017; Revenue US$m; Subscription Maintenance Perpetual License Other; 0.45; 0.49; 0.43; 0.36; CLARE CAPITAL TECH INSIGHTS; Atlassian Financial Statements FY2017 (Year End 30 June); 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.; Liabilities; 389810; Equity; Other; Fixed; Assets; 238681; Goodwill; 311900; Intangibles ; Investments &; Receivables; 368068; Cash; 244420; Current; Asssets; Fixed; Assets; Equity = Share Capital; and Reserves 917 277 +; Retained Earnings; -23229; Income Statement; Balance Sheet; Total Assets = US$1 283m; Total LIabilties + Equity = US$1 283m; CTS - Cost to Serve; S&M - Sales and Marketing; R&D - Research and Development; G&A - General and Administration; CLARE CAPITAL TECH INSIGHTS

#60

Overview Clare Capital Tech Insights 60 - Constellation Software M&A - 20171027; M&A Deals per Quarter; Constellation - Enterprise Value (USD Millions) Constellation - EBITDA (USD Millions) Constellation - EV/EBITDA Multiple; 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.; Constellation Software has followed a strategy of growth by acquisition. Constellation purchases on average four companies each quarter. This is achieved through a decentralised; structure with each business unit making their own acquisitions. While the company has had a modest uplift in valuation multiple over time the majority of returns have come from; the acquisition of EBITDA.; -; 2; 4; 6; 8; 10; 12; 2008 2009 2010 2012 2013 2014 2016 2017; M&A Deals per Quarter; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 16000; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 5; 10; 15; 20; 25; Size of the bubble represents estimated average; quarterly deal value per acquistion; 39% CAGR or 28x incr over ~10 years 34% CAGR or 18x incr over ~10 years; US$15m; avg deal; size; CLARE CAPITAL TECH INSIGHTS; Selected Software Acquistions made by Constellation Software subsidaries; Company Location Buyer Date Description; Constellation Software Parent Company; Amazing Charts United States Constellation Software Sep-17 Electronic health records management software solutions.; Gary Jonas Computing - designs and develops software to eliminate double entry of information streamlining workflow processes; Club Solutions United States Gary Jonas Computing Mar-13 Enterprise software and payment solutions for the fitness industry.; Retention Management United States Gary Jonas Computing Jan-14 Software and services to fitness market.; Outbound Software United States Gary Jonas Computing Mar-15 Web based ticketing and reservation software solutions.; MembersFirst United States Gary Jonas Computing Aug-15 Back office automation and marketing campaigns.; PAR Springer-Miller Systems United States Gary Jonas Computing Nov-15 Hospitality management solutions.; Innovative Computer Solutions United States Gary Jonas Computing Apr-17 Software for retail and POS market.; Kitomba New Zealand Jonas Nov-14 Booking software for spas and salons.; N Harris - software solutions for customers in utility public sector and schools group and healthcare businesses; Softinfo Canada N. Harris Computer Apr-17 Medical recordkeeping medical billing and diagnostic imaging services.; CareTracker United States N. Harris Computer Dec-14 Practice management solutions for physician practices.; digiChart United States N. Harris Computer Aug-16 Healthcare information technology solutions.; CoCENTRIX United States N. Harris Computer Aug-16 Health record practice management and case management solutions.; Ormed Information Systems Canada N. Harris Computer Sep-16 Information management software.; Trapeze - software solutions and services for transportation agencies.; Sigtec Holdings Australia Trapeze Software Jul-14 Transport management software and services.; GreenRide Solutions United States Trapeze Software Oct-13 Software solutions for transportation problems.; Fare Logistics Corp. Canada Trapeze Software Apr-14 Fare Logistics provides software.; Vela acquires manages and builds mission-critical vertical market software businesses; Datamine Corporate United Kingdom Vela Software Jul-15 Develops and supplies software tools and services to the mining industry.; Alford Mining Systems Australia Vela Software Feb-16 Software for underground mine design.; Shoplogix Canada Vela Software Mar-17 Performance management software solutions.; Volaris focus is on acquiring strengthening and growing vertical market technology companies.; Active Broadband Networks United States Volaris Group Jun-16 Operations support system solutions for broadband providers.; PLANit Sweden Volaris Group Mar-14 Software solutions for transport services.; Kinetic Solutions United Kingdom Volaris Group Jan-15 Solutions for student accommodation and event management.; Tarantula Global Singapore Volaris Group Jan-17 Software for wireless infrastructure markets.; Telepin Software Canada Volaris Group Feb-17 Software solutions.; Systemtechnik Germany Volaris Group May-17 E-ticketing and transportation software.; Smartrak Holdings New Zealand Volaris Group May-17 Fleet management and location based software solutions.; BBT Software Switzerland Volaris Group Aug-17 Insurance software solutions.; Furlong Business Solutions United Kingdom Volaris Group Sep-17 School management information systems.; CLARE CAPITAL TECH INSIGHTS

#59

Overview Clare Capital Tech Insights 59A - ASX Tech Revenue & Multiples - 20171013; Webjet (WEB) EV/Revenue 5.9 Aconex (ACX) EV/Revenue 5.3; Mkt Cap 240 445 688 1 038 1 215 Mkt Cap 516 870 1 366 1 004 742; Rhipe (RHP) EV/Revenue 0.4 iSentia Group (ISD) EV/Revenue 2.7; Mkt Cap 195 202 121 69 71 Mkt Cap 750 966 694 574 430; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 1; 2; 3; 4; 5; 6; 7; -; 50; 100; 150; 200; 250; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 2; 4; 6; 8; 10; 12; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; -; 20; 40; 60; 80; 100; 120; 140; 160; 180; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; Appen (APX) EV/Revenue 4.2 BPS Tech. (BPS) EV/Revenue 0.8; Mkt Cap 65 159 251 276 390 Mkt Cap 49 67 58 84 70; GBST (GBT) EV/Revenue 1.3 Reckon (RKN) EV/Revenue 2.4; Mkt Cap 381 290 279 255 202 Mkt Cap 244 269 165 180 187; 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.; -; 0.5; 1; 1.5; 2; 2.5; 3; -; 20; 40; 60; 80; 100; 120; 140; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; 1.8; -; 20; 40; 60; 80; 100; 120; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 20; 40; 60; 80; 100; 120; 140; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 20; 40; 60; 80; 100; 120; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 59B - ASX Tech Revenue & Multiples - 20171013; Objective Corp. (OCL) EV/Revenue 3.6 Mobile Embrace (MBE) EV/Revenue 0.4; Mkt Cap 189 173 163 165 203 Mkt Cap 95 151 133 66 22; Nearmap (NEA) EV/Revenue 5.5 Smart Parking (SPZ) EV/Revenue 2.9; Mkt Cap 210 139 146 253 235 Mkt Cap 27 72 84 99 97; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 5; 10; 15; 20; 25; 30; 35; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; ComOps (COM) EV/Revenue 0.5 Energy One (EOL) EV/Revenue 2.5; Mkt Cap 9 13 14 10 9 Mkt Cap 6 7 6 7 8; Global Health (GLH) EV/Revenue 2.1 Mint Payments (MNW) EV/Revenue 9.1; Mkt Cap 12 7 14 15 11 Mkt Cap 26 57 51 33 42; 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; 1.2; 1.4; 1.6; -; 2; 4; 6; 8; 10; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; -; 1; 2; 3; 4; 5; 6; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 1; 2; 3; 4; 5; 6; 7; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 5; 10; 15; 20; 25; -; 1; 2; 3; 4; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 59B - ASX Tech Revenue & Multiples - 20171013; Objective Corp. (OCL) EV/Revenue 3.6 Mobile Embrace (MBE) EV/Revenue 0.4; Mkt Cap 189 173 163 165 203 Mkt Cap 95 151 133 66 22; Nearmap (NEA) EV/Revenue 5.5 Smart Parking (SPZ) EV/Revenue 2.9; Mkt Cap 210 139 146 253 235 Mkt Cap 27 72 84 99 97; This report looks at the last twelve months (LTM) revenue and EV/LTM revenue multiple for eight selected ASX Tech companies across the last five semi-annual financial years. The; revenue multiple has been calculated by dividing the Enterprise Value (EV) at each semi-annual end by the sum of the last two half-yearly reported revenues. All $ in AUD millions.; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 10; 20; 30; 40; 50; 60; 70; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 1; 2; 3; 4; 5; 6; 7; 8; 9; -; 5; 10; 15; 20; 25; 30; 35; 40; 45; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; 4; -; 5; 10; 15; 20; 25; 30; 35; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Disclaimer; ComOps (COM) EV/Revenue 0.5 Energy One (EOL) EV/Revenue 2.5; Mkt Cap 9 13 14 10 9 Mkt Cap 6 7 6 7 8; Global Health (GLH) EV/Revenue 2.1 Mint Payments (MNW) EV/Revenue 9.1; Mkt Cap 12 7 14 15 11 Mkt Cap 26 57 51 33 42; 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; 1.2; 1.4; 1.6; -; 2; 4; 6; 8; 10; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; -; 1; 2; 3; 4; 5; 6; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 0.5; 1; 1.5; 2; 2.5; 3; 3.5; -; 1; 2; 3; 4; 5; 6; 7; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; -; 5; 10; 15; 20; 25; -; 1; 2; 3; 4; Jun-15 Dec-15 Jun-16 Dec-16 Jun-17; EV/LTM Revenue Multiple; LTM Revenue (AUD M); LTM Revenue (AUD M) EV/LTM Revenue Multiple; CLARE CAPITAL TECH INSIGHTS; Overview Clare Capital Tech Insights 60 - Constellation Software M&A - 20171027; M&A Deals per Quarter; Constellation - Enterprise Value (USD Millions) Constellation - EBITDA (USD Millions) Constellation - EV/EBITDA Multiple; 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.; Constellation Software has followed a strategy of growth by acquisition. Constellation purchases on average four companies each quarter. This is achieved through a decentralised; structure with each business unit making their own acquisitions. While the company has had a modest uplift in valuation multiple over time the majority of returns have come from; the acquisition of EBITDA.; -; 2; 4; 6; 8; 10; 12; 2008 2009 2010 2012 2013 2014 2016 2017; M&A Deals per Quarter; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; 16000; -; 100; 200; 300; 400; 500; 600; 700; 800; 900; -; 5; 10; 15; 20; 25; Size of the bubble represents estimated average; quarterly deal value per acquistion; 39% CAGR or 28x incr over ~10 years 34% CAGR or 18x incr over ~10 years; US$15m; avg deal; size; CLARE CAPITAL TECH INSIGHTS; Selected Software Acquistions made by Constellation Software subsidaries; Company Location Buyer Date Description; Constellation Software Parent Company; Amazing Charts United States Constellation Software Sep-17 Electronic health records management software solutions.; Gary Jonas Computing - designs and develops software to eliminate double entry of information streamlining workflow processes; Club Solutions United States Gary Jonas Computing Mar-13 Enterprise software and payment solutions for the fitness industry.; Retention Management United States Gary Jonas Computing Jan-14 Software and services to fitness market.; Outbound Software United States Gary Jonas Computing Mar-15 Web based ticketing and reservation software solutions.; MembersFirst United States Gary Jonas Computing Aug-15 Back office automation and marketing campaigns.; PAR Springer-Miller Systems United States Gary Jonas Computing Nov-15 Hospitality management solutions.; Innovative Computer Solutions United States Gary Jonas Computing Apr-17 Software for retail and POS market.; Kitomba New Zealand Jonas Nov-14 Booking software for spas and salons.; N Harris - software solutions for customers in utility public sector and schools group and healthcare businesses; Softinfo Canada N. Harris Computer Apr-17 Medical recordkeeping medical billing and diagnostic imaging services.; CareTracker United States N. Harris Computer Dec-14 Practice management solutions for physician practices.; digiChart United States N. Harris Computer Aug-16 Healthcare information technology solutions.; CoCENTRIX United States N. Harris Computer Aug-16 Health record practice management and case management solutions.; Ormed Information Systems Canada N. Harris Computer Sep-16 Information management software.; Trapeze - software solutions and services for transportation agencies.; Sigtec Holdings Australia Trapeze Software Jul-14 Transport management software and services.; GreenRide Solutions United States Trapeze Software Oct-13 Software solutions for transportation problems.; Fare Logistics Corp. Canada Trapeze Software Apr-14 Fare Logistics provides software.; Vela acquires manages and builds mission-critical vertical market software businesses; Datamine Corporate United Kingdom Vela Software Jul-15 Develops and supplies software tools and services to the mining industry.; Alford Mining Systems Australia Vela Software Feb-16 Software for underground mine design.; Shoplogix Canada Vela Software Mar-17 Performance management software solutions.; Volaris focus is on acquiring strengthening and growing vertical market technology companies.; Active Broadband Networks United States Volaris Group Jun-16 Operations support system solutions for broadband providers.; PLANit Sweden Volaris Group Mar-14 Software solutions for transport services.; Kinetic Solutions United Kingdom Volaris Group Jan-15 Solutions for student accommodation and event management.; Tarantula Global Singapore Volaris Group Jan-17 Software for wireless infrastructure markets.; Telepin Software Canada Volaris Group Feb-17 Software solutions.; Systemtechnik Germany Volaris Group May-17 E-ticketing and transportation software.; Smartrak Holdings New Zealand Volaris Group May-17 Fleet management and location based software solutions.; BBT Software Switzerland Volaris Group Aug-17 Insurance software solutions.; Furlong Business Solutions United Kingdom Volaris Group Sep-17 School management information systems.; CLARE CAPITAL TECH INSIGHTS

#58

Overview Clare Capital Tech Insights 58 - Target Share Price - 20171006; Disclaimer; This report compares the current share prices of Australasian listed Tech companies against the target share price estimates from equity research analysts (average; minimum; three estimates). Positive outcomes mean the target share price is above the current share price and negative outcomes below. The target share prices in this report are not Clare; Capital's or FactSet's guidance or estimates for any of the companies. Clare Capital doesn't currently produce independent equity research reports. Rather they are the average low; and high target share prices produced by equity research providers and brokers. Interestingly only half of NZX Tech and two-fifths of ASX Tech companies are being covered by; brokers or equity research providers.; 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; 3; 3 4 3; 7; 7 3; 7 4 9 3 7 12 5 3 7 10 3 6 8 3 3 16 3 7 7 14; 15; 14 5; 6 5 5; 7; -0.3; -0.2; -0.1; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; CAT RBL RXP PPS FLN ISU WEB EPD RKN NEA NXT IFM GBT MYO HSN MLB LNK ACX IRI TNE IRE VGL CGL CAR OHE TME CL1 REA SEK CPU ALU ISD APX XRO WTC; Number of Broker estimates; NZX Tech ASX Tech; CLARE CAPITAL TECH INSIGHTS; Selected Companies Ticker Mkt Cap Target Price Variance #Estimates Low High EV/Rev Growth EBITDA% 40% Rule; Carsales.com CAR 3 079 13.54 12.72 6% 16 12.46 15.02 8.7 8% 47% 56%; Seek SEK 5 768 16.48 16.45 0% 15 13.15 20.00 5.8 9% 34% 43%; Computershare CPU 7 848 14.14 14.40 (2%) 14 11.68 16.22 3.3 4% 23% 27%; REA Group REA 8 623 67.68 65.47 3% 14 51.00 80.00 13.0 7% 57% 63%; MYOB MYO 2 038 3.94 3.36 17% 12 3.38 4.45 6.1 15% 45% 60%; Aconex ACX 793 4.50 3.96 14% 10 3.50 5.50 4.7 31% 9% 39%; Nextdc NXT 1 288 5.33 4.47 19% 9 4.90 6.03 10.3 32% 41% 73%; IRESS IRE 1 959 12.63 11.44 10% 8 10.70 14.95 5.2 6% 25% 31%; Class CL1 401 3.53 3.41 3% 7 3.21 3.80 13.2 28% 52% 80%; GBST GBT 129 2.25 1.90 19% 7 1.80 3.67 1.3 (19%) 13% (5%); Link Admin LNK 3 636 8.48 7.41 14% 7 7.50 9.05 5.0 1% 28% 29%; Reckon RKN 140 1.49 1.24 20% 7 1.20 1.70 2.3 (23%) 43% 20%; Trade Me TME 1 763 4.64 4.44 5% 7 4.15 6.00 7.9 8% 71% 79%; Webjet WEB 1 231 12.91 10.42 24% 7 10.94 15.00 5.5 31% 22% 53%; WiseTech Global WTC 2 705 7.17 9.30 (23%) 7 5.20 8.50 17.0 50% 36% 86%; iSelect ISU 354 2.11 1.61 31% 7 1.70 2.45 1.5 8% n/a n/a; iSentia Group ISD 385 1.74 1.93 (10%) 6 1.45 2.20 2.8 (1%) 30% 30%; Technology One TNE 1 492 5.26 4.73 11% 6 4.16 5.75 5.5 17% 21% 38%; Altium ALU 1 415 10.49 10.87 (3%) 5 9.26 14.34 9.2 14% 35% 50%; Appen APX 534 4.90 5.46 (10%) 5 4.30 5.88 3.9 31% 21% 52%; Catapult Group CAT 238 2.77 1.42 96% 5 2.00 3.97 3.7 250% 4% 254%; Hansen Tech. HSN 653 3.89 3.33 17% 5 3.60 4.50 3.7 17% 29% 46%; Xero XRO 4 408 25.00 31.85 (22%) 5 23.00 27.20 14.5 43% (9%) 34%; Nearmap NEA 235 0.73 0.61 20% 4 0.56 0.82 5.1 32% 17% 50%; Praemium PPS 180 0.65 0.45 43% 4 0.55 0.90 5.0 20% 10% 31%; Citadel Group CGL 287 6.37 5.91 8% 3 6.26 6.50 2.7 17% 29% 47%; Empired EPD 104 0.79 0.65 22% 3 0.75 0.88 0.7 5% 10% 14%; Freelancer FLN 214 0.66 0.47 42% 3 0.53 0.75 3.4 10% (0%) 10%; Infomedia IFM 239 0.92 0.77 19% 3 0.90 0.95 3.2 4% 36% 40%; Integrated Research IRI 596 3.91 3.47 13% 3 3.75 4.00 6.4 8% 42% 49%; Melbourne IT MLB 346 3.40 2.95 15% 3 3.25 3.68 2.2 5% 19% 24%; Orion Health OHE 203 1.10 1.04 5% 3 0.90 1.27 1.0 (4%) (16%) (20%); RedBubble RBL 152 1.39 0.73 90% 3 1.20 1.70 0.9 23% (5%) 18%; RXP Services RXP 139 1.25 0.86 45% 3 1.15 1.39 1.0 11% 15% 25%; Vista VGL 470 6.20 5.70 9% 3 5.70 7.00 4.6 24% 23% 47%; CLARE CAPITAL TECH INSIGHTS

#57

Overview Clare Capital Tech Insights 57 - Australasian Tech Q3 Performance - 20170929; NZX v ASX - Market Value % Change Q3 2017 (1 Jan - 30 Sep) Metrics Definitions; NZX Value % $ Value = Market Value; 31 Dec 16 6 087; 31 Mar 17 6 690 10% 603; 30 Jun 17 7 441 22% 1 354; 30 Sep 17 8 243 35% 2 156 % = Market Value % Change; ASX Value % $; 31 Dec 16 48 209; 31 Mar 17 49 243 2% 1 033 $ = Market Value $ Change; 30 Jun 17 52 916 10% 4 706; 30 Sep 17 54 296 13% 6 087; Top 10 Market Value Percentage Change - minimum $100 million Market Value Top 10 Market Value Dollar Change - in local currency; Disclaimer; This report looks at the market value performance for Australasian Tech companies over the last three quarters (1 Jan to 30 Sep of 2017). We have excluded any depository interest; companies and companies which went public (i.e. IPO) during the year. Note: all dollars are in local currency.; The total market value or; capitalisation of the NZX/ASX.; The market value percentage; change from one date to the next.; The market value dollar change; from one date to the next.; 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; -; 0.1; 0.2; 0.3; 0.4; Dec-16 Mar-17 May-17 Jul-17 Sep-17; Market Value % Change; NZX Tech ASX Tech; -; 2; 4; 6; 8; 10; 12; GSW BIG BUD LVH KGN XF1 PPH APX XRO MLB; Market Value % Change; -; 200; 400; 600; 800; 1000; 1200; 1400; 1600; 1800; 2000; XRO REA CPU LNK WTC SEK CAR GSW ALU PPH; Market Value $ Change; CLARE CAPITAL TECH INSIGHTS; Ticker Value % $ Ticker Value % $ Ticker Value % $ Ticker Value % $ Ticker Value % $; SHO-AU 12 1 223% 11 LNK-AU 3 694 36% 971 VGL-NZ 470 2% 11 COM-AU 8 (21%) (2) RXH-AU 5 (47%) (4); GSW-AU 403 971% 365 SPY-NZ 40 35% 10 SYT-AU 71 1% 1 DSE-AU 24 (22%) (7) PCH-AU 1 (47%) (1); BIG-AU 210 661% 183 ALU-AU 1 408 34% 354 NEA-AU 254 0% 1 VPC-AU 9 (22%) (3) GOO-AU 11 (47%) (10); FZO-AU 80 576% 68 GEO-NZ 16 30% 4 RFN-AU 5 0% 0 GLH-AU 12 (22%) (3) SMA-AU 14 (48%) (13); KNM-AU 25 369% 19 RHP-AU 88 28% 19 OPN-AU 19 0% 0 RKN-AU 139 (23%) (41) JHL-AU 4 (49%) (3); BUD-AU 197 308% 149 TV2-AU 19 28% 4 DUB-AU 39 (1%) (0) LVE-AU 7 (23%) (2) NVO-AU 11 (50%) (11); CM8-AU 50 222% 35 RUL-AU 146 27% 31 RXP-AU 135 (1%) (2) ACU-AU 8 (23%) (2) 8CO-AU 3 (50%) (3); LVH-AU 205 197% 136 MDR-AU 42 27% 9 DSX-AU 9 (2%) (0) MOQ-AU 42 (24%) (13) PLX-NZ 15 (51%) (15); KGN-AU 360 188% 235 LNU-AU 37 24% 7 SKF-AU 14 (3%) (0) OMT-AU 3 (25%) (1) GBT-AU 126 (51%) (130); CA8-AU 49 165% 30 MOT-AU 5 24% 1 PPS-AU 172 (3%) (5) MWR-AU 4 (25%) (1) OLV-AU 6 (51%) (6); CL8-AU 20 140% 12 ESV-AU 83 24% 16 SRO-AU 5 (3%) (0) MUA-AU 138 (25%) (47) UBN-AU 19 (52%) (20); SKO-NZ 49 130% 28 PME-AU 610 24% 117 IRE-AU 1 951 (3%) (67) BID-AU 15 (26%) (5) CVT-AU 31 (53%) (35); TPW-AU 41 129% 23 IRI-AU 590 24% 112 GGL-AU 14 (4%) (1) TKF-AU 6 (26%) (2) FLN-AU 212 (54%) (249); JCS-AU 11 120% 6 MYQ-AU 6 23% 1 MYO-AU 2 086 (5%) (108) PRO-AU 32 (26%) (12) AHL-AU 6 (55%) (7); XF1-AU 118 120% 64 WEB-AU 1 274 23% 236 NOV-AU 18 (7%) (1) THD-AU 11 (27%) (4) AB1-AU 7 (55%) (8); 3DP-AU 16 102% 8 REA-AU 8 825 21% 1 550 HSN-AU 656 (8%) (56) FIN-NZ 18 (27%) (7) MTL-AU 3 (56%) (3); LVT-AU 92 102% 46 CL1-AU 405 21% 71 MP1-AU 196 (8%) (18) ICU-AU 7 (31%) (3) TNT-AU 7 (57%) (9); TMP-AU 20 101% 10 NXT-AU 1 257 20% 212 TME-NZ 1 814 (9%) (176) ICI-AU 22 (32%) (10) AD1-AU 26 (57%) (34); PPH-NZ 674 92% 323 BVS-AU 352 18% 55 MNW-AU 30 (10%) (3) 1ST-AU 9 (32%) (4) M7T-AU 23 (59%) (33); APX-AU 509 85% 233 RAK-NZ 49 17% 7 RBL-AU 160 (10%) (18) BRN-AU 153 (32%) (73) IOD-AU 3 (59%) (4); XRO-NZ 4 276 78% 1 868 ADA-AU 227 17% 32 TNE-AU 1 584 (11%) (187) OHE-NZ 215 (33%) (105) MBE-AU 26 (61%) (40); MLB-AU 335 77% 146 CR8-AU 55 16% 8 1PG-AU 25 (11%) (3) TTL-AU 3 (33%) (2) WGL-AU 9 (61%) (15); GTK-NZ 438 73% 185 CPU-AU 7 886 16% 1 079 RNT-AU 15 (11%) (2) ESH-AU 14 (36%) (8) ICT-AU 2 (63%) (4); NWZ-AU 7 68% 3 CGL-AU 270 15% 35 SPZ-AU 88 (11%) (11) ISD-AU 356 (38%) (218) IOT-AU 7 (69%) (17); NET-AU 23 67% 9 CAR-AU 3 105 13% 365 ICQ-AU 71 (12%) (9) COO-AU 10 (38%) (6) BPF-AU 12 (70%) (28); EOL-AU 12 66% 5 SEK-AU 5 824 13% 649 DTS-AU 38 (12%) (5) FCT-AU 49 (39%) (31) ENZ-AU 4 (72%) (10); EPD-AU 104 63% 40 DTL-AU 264 12% 28 ZYB-AU 4 (13%) (1) PPL-AU 27 (39%) (17) TSN-AU 15 (73%) (40); SFI-AU 91 61% 35 VLT-AU 20 12% 2 ISX-AU 92 (13%) (14) HT8-AU 8 (40%) (5) YPB-AU 13 (74%) (36); TOM-AU 6 59% 2 IFM-AU 246 8% 19 BPS-AU 72 (15%) (12) ALC-AU 32 (40%) (21) VRI-AU 5 (78%) (19); WTC-AU 2 530 54% 888 CNW-AU 17 7% 1 IKE-NZ 21 (15%) (4) KNO-AU 6 (41%) (5) IAM-AU 15 (80%) (58); CCA-AU 55 53% 19 PIL-AU 13 7% 1 9SP-AU 54 (16%) (10) SLI-NZ 16 (43%) (12) XPE-AU 13 (80%) (53); ERD-NZ 134 39% 38 CGO-AU 6 7% 0 KYK-AU 21 (18%) (5) DCL-AU 13 (44%) (10) RAP-AU 44 (82%) (196); OCL-AU 229 39% 64 3PL-AU 166 4% 6 D13-AU 55 (19%) (13) CAT-AU 218 (44%) (171) KBU-AU 1 (83%) (5); AO1-AU 11 38% 3 DWS-AU 177 3% 6 ISU-AU 355 (19%) (85) NOR-AU 19 (44%) (15) SP1-AU 2 (87%) (14); ASY-AU 5 36% 1 VHT-AU 93 3% 3 ACX-AU 799 (20%) (205) ADJ-AU 67 (46%) (58); CLARE CAPITAL TECH INSIGHTS

#56

Overview Clare Capital Tech Insights 56 - Australasian FANG Stocks - 20170922; New Zealand's Southern Cross [Xero Pushpay TradeMe Vista Gentrack]; Southern Cross; - Employs 3 471 people; - Generates US$0.5b in total revenues; - Generates US$0.3b in export revenues; - Pays US$35m in taxes; =- Has a total market value of US$5.4b; - Average revenue per employee of US$155k; - Weighted Average 40% rule of 50%; - Trading on an EV/Revenue multiple of 9.8x; Definitions Notes; 40% Rule = Revenue Growth + EBITDA Margin; EV = Enterprise Value; Disclaimer; This week we are looking at the "stars" of the listed New Zealand and Australian technology sectors. Where North America has their FANG stocks - an acronym for four high; performing technology stocks - Facebook Amazon Netflix and Google (now Alphabet Inc.) Clare Capital has coined the Southern Cross for New Zealand and Orion and Orion's; Shield for Australia. These groupings make up some of the largest fastest growing and highest profile listed technology companies in the Australasian market - a very notable; omission is Atlassian (TEAM-US) who is certainly a high-performing Australian company but isn't listed on the NZ and Australian markets. We have also excluded share registery; platforms & associated software and predominately IT service-based companies.; Logo Company 52 week ΔSP; Gentrack  53%; Xero  42%; Pushpay  (2%); Vista  (12%); Trade Me  (18%); The companies making up Orion's Shield (over the; page) are collectively Australia's version of New; Zealand's TradeMe (excluding Webject).; 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 Southern Cross - aka the; constellation Crux is one of the; best known groupings of stars in; the Southern Hemisphere night; sky.; CLARE CAPITAL TECH INSIGHTS; Australia's Orion [Aconex Appen MYOB Hansen Technologies Altium Nextdc WiseTech Global] and Orion's Shield [CarSales.com Seek Rea Group Webjet]; Orion; - Employs 5 560 people; - Generates US$1.0b in total revenues; - Generates US$0.5b in export revenues; - Pays US$34m in taxes; =- Has a total market value of US$7.2b; - Average revenue per employee of US$184k; - Weighted Average 40% rule of 57%; - Trading on an EV/Revenue multiple of 7.2x; Orion's Shield; - Employs 4 343 people; - Generates US$1.8b in total revenues; - Generates US$0.6b in export revenues; - Pays US$188m in taxes; =- Has a total market value of US$15.4b; - Average revenue per employee of US$419k; - Weighted Average 40% rule of 51%; - Trading on an EV/Revenue multiple of 8.6x; WiseTech Global  58%; Logo Company 52 week ΔSP; Appen  54%; Nextdc  4%; Altium  12%; MYOB  (7%); Hansen Tech.  (28%); Aconex  (42%); Logo Company 52 week ΔSP; REA Group  22%; Seek  8%; Carsales.com  10%; Webjet  3%; Orion - the Orion constellation is; one of the brightest and best; known constellations in the; night sky. In Australia the stars; forming Orion's Belt and Sword; are sometimes called the Pot.; Orion's Shield; CLARE CAPITAL TECH INSIGHTS

#55

Overview Clare Capital Tech Insights 55 - NZX & ASX Tech Breakdown of Shareholders - 20170915; NZX & ASX Tech Breakdown of Shareholders Highlights; Definitions; Selected NZX Institutions Insiders Mutual Funds Others; EROAD ERD 24% 46% 5% 25%; Gentrack GTK 24% 42% 9% 24%; Orion Health OHE 1% 67% 0% 32%; Metrics NZX ASX NZX & ASX Pushpay PPH - 57% - 43%; Institutions 23% 16% 16% Trade Me TME 45% 0% 16% 38%; Insiders 35% 39% 38% Vista VGL 49% 27% 9% 14%; Mutual Funds 7% 5% 5% Xero XRO 19% 38% 6% 37%; Others 35% 41% 40% Average 23% 40% 6% 31%; Disclaimer; Others = All remaining shareholders not included in the first three categories. These are; usually retail investors including "Mum & Dad"-type investors.; 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 how many shares are owned in NZX and ASX Tech companies by institutional investors insiders of the company mutual funds and all remaining shareholders.; Note: shareholder data isn't available for all NZX and ASX Tech companies.; The chart below shows how many shares are owned by each of the different types of; shareholders across the NZX and ASX Tech sector (an aggregate of all of outstanding; shares across both exchanges). As the ASX Tech sector is 7-8x larger than NZX Tech ; the NZX & ASX is more weighted to the ASX.; 1. The number of shares owned by insiders and mutual funds is fairly even across both; NZX and ASX.; 2. However institutional investors proportionally own more shares in NZX Tech; compared to their ASX counterparts. This in turn means more retail/non-affiliated; investors ("Others") own more shares in ASX Tech compared to NZX Tech.; 3. The next step in a Tech Insights report would be to look at the amount of market; value owned by each type of shareholder (i.e. # of shares x the share price).; Institutions = Includes financial institutions banks insurance companies and soverign; funds (e.g. ACC NZ Super Fund).; Insiders = Individuals directly related to the company (e.g. founder/s that hold shares in; the company after listing).; Mutual Funds = A pool of funds collected and run by a fund manager to invest in assets; (e.g. Milford Asset Management Fisher Funds).; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; 0.8; 0.9; 1; NZX ASX NZX & ASX; Institutions Insiders Mutual Funds Others; CLARE CAPITAL TECH INSIGHTS; Selected ASX Institutions Insiders Mutual Funds Others Selected ASX Institutions Insiders Mutual Funds Others; 3P Learning 3PL 74% 23% 3% 0% iSelect ISU 65% 26% 9% 1%; Aconex ACX 41% 22% 13% 25% iSentia Group ISD 56% 14% 9% 21%; Adacel ADA 42% 30% 5% 23% iSignthis ISX - 60% - 40%; Adslot ADJ 6% 29% - 66% Kogan.com KGN 3% 80% 2% 15%; Afterpay APT 8% 37% 8% 47% Kyckr KYK - 67% - 33%; Altium ALU 15% 10% 10% 65% Link Admin LNK 54% 6% 9% 31%; Appen APX 33% 21% 4% 41% LiveTiles LVT 7% 52% 0% 41%; Bigtincan BTH - 34% - 66% Megaport MP1 - 47% - 53%; BPS Tech. BPS 11% 66% - 23% Melbourne IT MLB 30% 14% 7% 48%; BrainChip BRN 0% 64% - 36% Mitula Group MUA 11% 53% 1% 34%; Bravura Solutions BVS 21% 56% 7% 16% MYOB MYO 16% 43% 10% 31%; Bulletproof BPF 7% 29% - 64% Nearmap NEA 10% 24% 0% 66%; Carsales.com CAR 31% 18% 16% 35% Nextdc NXT 44% 21% 11% 23%; Catapult Group CAT 3% 78% 2% 17% Novatti Group NOV - 42% - 58%; ChimpChange CCA 13% 64% - 22% Objective Corp. OCL 4% 84% 4% 8%; Citadel Group CGL 17% 45% 4% 35% Praemium PPS 12% 23% 2% 64%; Class CL1 7% 57% 7% 30% Pro Medicus PME 10% 64% 4% 22%; CoAssets CA8 - 82% - 18% REA Group REA 15% 62% 7% 15%; Computershare CPU 20% 15% 16% 49% Reckon RKN 51% 21% 6% 22%; Covata CVT 9% 35% 8% 48% RedBubble RBL 14% 59% 0% 27%; Data#3 DTL 21% 16% 6% 57% ResApp Health RAP 10% 23% 8% 59%; DomaCom DCL - 34% - 66% Rhipe RHP 15% 39% - 46%; Dragontail Systems DTS - 58% - 42% RungePincockMinarco RUL 44% 27% 15% 14%; DWS DWS 4% 45% 2% 49% RXP Services RXP 14% 21% 3% 62%; ELMO Software ELO - 75% - 25% Seek SEK 47% 7% 19% 28%; Empired EPD 20% 16% 1% 64% ServTech Global SVT - 35% - 65%; eServGlobal ESV 70% 0% 27% 3% Smart Parking SPZ - 33% - 67%; Freelancer FLN 0% 85% 0% 15% Syntonic SYT 0% 54% 0% 46%; GBST GBT 34% 15% 3% 48% Technology One TNE 24% 24% 13% 39%; GetSwift GSW 12% 35% - 54% Temple & Webster TPW 16% 21% 6% 57%; Hansen Tech. HSN 10% 21% 10% 59% Tinybeans Group TNY - 46% - 54%; iCar Asia ICQ 11% 46% 11% 32% Volpara VHT - 63% - 37%; Infomedia IFM 25% 21% 3% 51% Webjet WEB 34% 15% 9% 42%; Integrated Research IRI 0% 53% 0% 46% Wisetech Global WTC 10% 75% 6% 9%; IRESS IRE 39% 19% 13% 29% Average 18% 39% 5% 38%; CLARE CAPITAL TECH INSIGHTS

#54

Overview Clare Capital Tech Insights 54 - CAC Ratio - 20170908; This report explores the SaaS metric of CAC Ratio for; listed US SaaS companies - where:; This metric is interpreted as:; For each dollar of Sales and Marketing (CAC) spend x; dollars of recurring revenue is generated. For example a; ratio of 1 represents $1 in recurring revenue generated for; each $1 of spend. A ratio of 1.5 means $1.5 in recurring; revenue generated for each $1 of spend.; This metric has greater transparency than the SaaS metric; of CAC months of ARPU as it can be derived directly from; a company's financial statements. There are no issues; with which ARPU period is employed and more; importantly it includes all aspects of expansion revenue ; downgrades additions and churn.; It is commonly expected that growing SaaS companies; will have a CAC ratio of less than 1 as they spend the; money to acquire customers in advance of receiving; revenue from them. But within this dataset there are; notable exceptions with ratios >1.; The chart to the right presents a summary of this; information splitting the companies into four quadrants; based on size (revenues) and growth rates.; The charts over the page show the US listed SaaS; companies' specific results ranked by CAC ratio.; CAC Ratio =; 𝐴𝑛𝑛𝑢𝑎𝑙 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝐼𝑛𝑐𝑟𝑒𝑎𝑠𝑒; 𝐴𝑛𝑛𝑢𝑎𝑙 𝑆𝑎𝑙𝑒𝑠 𝑎𝑛𝑑 𝑀𝑎𝑟𝑘𝑒𝑡𝑖𝑛𝑔 𝑆𝑝𝑒𝑛𝑑; < US$250m Revenue; > US$250m Revenue; > 30% Annual Revenue Growth; < 30% Annual Revenue Growth; CLARE CAPITAL TECH INSIGHTS; Selected CAC Ratio for US listed SaaS companies; 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.; -; 0.5; 1; 1.5; 2; 2.5; EBIX-US; ELLI-US; TEAM-US; WAGE-US; ALRM-US; LOGM-US; VEEV-US; SHOP-US; FNGN-US; GDDY-US; PCTY-US; WDAY-US; ULTI-US; RP-US; PAYC-US; JCOM-US; MDSO-US; GWRE-US; PFPT-US; NOW-US; WIX-US; ZEN-US; ATHN-US; HUBS-US; NEWR-US; CRM-US; SPLK-US; RNG-US; BSFT-US; BOX-US; BLKB-US; DATA-US; EGHT-US; CSOD-US; QADA-US; TRUE-US; AZPN-US; FEYE-US; CAC Ratio; -; 0.2; 0.4; 0.6; 0.8; 1; 1.2; 1.4; 1.6; TDOC-US; APPF-US; QTWO-US; MIXT-US; UPLD-US; MB-US; CARB-US; BNFT-US; FIVN-US; CSLT-US; INST-US; MIME-US; QLYS-US; TWOU-US; RPD-US; HSTM-US; SPSC-US; CALD-US; ARIS-US; WK-US; HDP-US; OOMA-US; MATR-US; AMBR-US; ZIXI-US; DWCH-US; CYRN-US; ECOM-US; BCOV-US; MOBL-US; MXPT-US; ATTU-US; BV-US; CAC Ratio; Companies with revenues US$250m; CLARE CAPITAL TECH INSIGHTS

#53

Overview Clare Capital Tech Insights 53 - Sales & Marketing Expenses - 20170901; Sales & Marketing Expense (% of LTM Revenue) - USD Millions Sales & Marketing (% of LTM Revenue); LTM Revenue <50M 50-100M 100-250M 250-500M >500M Revenue Coys Obs. Avg. Med.; <20M 4 31 45% 40%; 20-30M 7 59 37% 36%; 30-40M 8 54 59% 58%; 40-50M 6 23 41% 33%; 50-75M 15 72 39% 34%; 75-100M 28 90 39% 38%; 100-115M 30 68 38% 36%; 115-125M 29 51 35% 34%; 125-150M 35 95 42% 38%; 150-175M 40 89 42% 38%; 175-200M 36 74 38% 37%; 200-225M 36 73 35% 36%; 225-250M 34 65 31% 24%; 250-275M 31 66 33% 25%; 275-300M 27 45 29% 24%; 300-350M 30 79 32% 25%; 350-400M 27 53 29% 22%; 400-450M 25 58 28% 21%; 450-500M 24 47 25% 20%; 500-600M 19 55 24% 19%; LTM Revenue <50M 50-100M 100-250M 250-500M >500M 600-700M 18 36 32% 23%; Companies 13 31 65 49 27 700-800M 14 47 33% 22%; Observations 167 162 515 348 247 800-1000M 10 36 26% 21%; Average 48% 39% 38% 30% 28% 1000-1500M 9 37 24% 21%; Lower Quartile 62% 51% 48% 45% 42% >1500M 5 36 34% 41%; Median 44% 35% 37% 24% 22% Median 34% 33%; Upper Quartile 31% 25% 27% 18% 18% Average 35% 31%; This report explores Sales and Marketing (S&M) expenses for SaaS companies specifically as a percentage of revenue in relation to company size (revenue). Chart 1 (this page); shows the distribution and trend for the population of US listed SaaS companies. There are outliers as expected but there is a very strong trend with the median S&M% reducing as; revenues increased. S&M% was observed to trend from a median of 40% for the smaller companies to a median of 21% for the large companies. Note: the raw data for this; population set includes multiple observations for each company over a five year period. Chart 2 (over the page) explores how listed NZ-Tech companies' S&M% has trended as they; have grown.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Sales & Marketing (% of LTM Revenue); Lower Quartile Upper Quartile Average; CLARE CAPITAL TECH INSIGHTS; Sales & Marketing Expense (% of LTM Revenue) - NZD Millions; <1M 1-5M 5-10M 10-20M 20-50M 50-100M 100-150M 150-200M 200-250M 250-500M >500M; -; 0.04; 0.08; 0.12; 0.16; 0.2; 0.24; 0.28; 0.32; 0.36; 0.4; 0.44; 0.48; 0.52; 0.56; 0.6; 0.64; 0.68; 0.72; 0.76; 0.8; 0.84; 0.88; 0.92; 0.96; 1; Disclaimer; Sales & Marketing (% of LTM Revenue); 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