#12

Overview Clare Capital Tech Insights 12 - Company Spotlight - 20161007; 1. Gentrack (GTK-NZ) as at 07 October 2016 2. Trade Me (TME-NZ) as at 07 October 2016; Mkt Cap (M) 246 Share Price 3.39 Mkt Cap (M) 2 136 Share Price 5.38; EV/AR 5.0 52 Week Change 71% EV/AR 9.9 52 Week Change 47%; EV/Net AR n/a AR/Employee 212 645 EV/Net AR 10.6 AR/Employee 461 922; AR Growth 14% EBITDA/Employee 64 068 AR Growth 9% EBITDA/Employee 291 834; 3. Vista (VGL-NZ) as at 07 October 2016 4. Pushpay (PPH-NZ) as at 07 October 2016; Mkt Cap (M) 511 Share Price 6.36 Mkt Cap (M) 520 Share Price 2.25; EV/AR 6.2 52 Week Change 25% EV/AR 13.1 52 Week Change 24%; EV/Net AR n/a AR/Employee 232 709 EV/Net AR 23.8 AR/Employee 180 326; AR Growth 49% EBITDA/Employee 45 311 AR Growth 330% EBITDA/Employee (88 056); Notes; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Email us if there is anything you would like to see.; This report looks at the top four share price performers out of the NZX tech sector over the last 52 weeks. The yellow highlights emphasise key SaaS metrics for each company.; -; 5000; 10000; 15000; -; 1; 2; Vol ('000s) per day; Share Price Index; TME-NZ NZX50; -; 1000; 2000; 3000; -; 1; 2; Vol ('000s) per day; Share Price Index; GTK-NZ NZX50; -; 500; 1000; -; 1; 2; Vol ('000s) per day; Share Price Index; PAY-NZ NZX50; -; 10000; 20000; 30000; -; 1; 2; Vol ('000s) per day; Share Price Index; VGL-NZ NZX50; CLARE CAPITAL TECH INSIGHTS; Share Price Movements as at 07 October 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; EROAD (ERD-NZ)  1.75 (6%) (35%) 2 252 3 672 105 93 28 3.3 44% n/a 33 2.8 30%; Finzsoft (FIN-NZ)  2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a; Gentrack (GTK-NZ)  3.39 4% 71% 966 3 256 246 234 47 5.0 14% n/a 51 4.6 23%; GeoOp (GEO-NZ)  0.20 (5%) (56%) 41 9 11 8 5 1.7 249% 80% n/a n/a n/a; ikeGPS (IKE-NZ)  0.58 - (21%) 17 10 37 32 9 3.7 118% 65% 16 2.0 87%; Orion Health (OHE-NZ)  3.35 (4%) (4%) 209 720 536 477 211 2.3 26% 78% 244 2.0 18%; Plexure (PLX-NZ)  0.28 (10%) (13%) 1 027 299 26 23 7 3.2 66% n/a n/a n/a n/a; Pushpay (PPH-NZ)  2.25 (12%) 24% 909 2 042 520 508 39 13.1 330% 55% n/a n/a n/a; Rakon (RAK-NZ)  0.22 5% (8%) 247 52 42 54 109 0.5 (22%) n/a n/a n/a n/a; Serko (SKO-NZ)  0.50 (6%) (38%) 133 70 36 30 13 2.2 20% n/a n/a n/a n/a; SLI Systems (SLI-NZ)  0.47 (6%) (40%) 630 294 29 22 31 0.7 (10%) 77% 36 0.6 2%; SmartPay (SPY-NZ)  0.18 - (8%) 4 1 30 54 21 2.6 0% n/a n/a n/a n/a; Trade Me (TME-NZ)  5.38 (4%) 47% 6 135 34 449 2 136 2 238 225 9.9 9% 94% 218 10.3 (0%); Vista (VGL-NZ)  6.36 (2%) 25% 290 1 863 511 502 81 6.2 49% n/a 90 5.6 37%; Wynyard (WYN-NZ)  0.18 (3%) (85%) 2 596 462 31 17 26 0.7 4% 64% 41 0.4 67%; Xero (XRO-NZ)  19.00 (2%) 19% 962 18 718 2 613 2 428 258 9.4 62% 75% 298 8.1 44%; Average  (3%) (8%) 1 026 4 120 433 421 71 4.1 63% 74% 114 4.0 34%; Definitions Disclaimer; Δ = Directional Change in Share Price; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week; Val. '000s = Value of Shares Traded in the Last Week; Mkt Cap = Market Capitalisation; EV = Enterprise Value; AR = Annualised Revenue Contact Details; EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner; YrΔ AR = Annualised Revenue Growth +64-21-470227 mark.clare@clarecapital.co.nz; GM% = Gross Margin %; CFY Rev = Current Financial Years Revenue; EV/CFY = EV/CFY Revenue multiple; YrΔ CFY = CFY Revenue Growth; Clare Capital is a corporate finance advisory firm built on a base of structured fundamental; analysis. We provide creative solutions for both origination and analysis mandates. We have a; strong track record for the successful execution of commercial transactions.; The information provided in this report has been solely sourced from FactSet and company; annual reports. Clare Capital holds no responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of broker forecasts complied by; FactSet.; Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –; not financial advice. If you are making investment decisions you should seek appropriate; CLARE CAPITAL TECH INSIGHTS

#11

Overview Clare Capital Tech Insights 11 - ARR & Net ARR Over Time - 20160930; Share Price Movements as at 30 September 2016 Figure 1 - ARR since IPO; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  1.86 (2%) (30%) 1 137 2 017; Finzsoft  2.50 - - - -; Gentrack  3.25 1% 71% 197 632; GeoOp  0.21 8% (48%) 74 15; ikeGPS  0.58 (3%) (18%) 28 16; Orion Health  3.49 (0%) 4% 283 984; Plexure  0.31 19% (6%) 287 84; Pushpay  2.56 2% 71% 203 511; Rakon  0.21 (5%) (9%) 342 72; Serko  0.53 (9%) (34%) 105 55; SLI Systems  0.50 (17%) (37%) 163 87; SmartPay  0.18 - (8%) 90 16; Trade Me  5.62 0% 54% 7 178 40 306; Vista  6.50 (1%) 27% 497 3 235; Wynyard  0.18 (14%) (84%) 9 067 1 907 Figure 2 - Net ARR since IPO; Xero  19.35 (3%) 29% 305 5 965; Total 19 954 55 901; Average  (1%) (1%); Top SaaS firms at the end of 10 years Definitions; ARR Net ARR 1WeekΔ = 1 Week Price Change; Salesforce Salesforce 1YearΔ = 1 Year Share Change; Citrix Systems Citrix Systems; Synchronoss Synchronoss; CSG Systems J2 Global; Manhattan CSG Systems; Notes; This report compares ARR and Net ARR (ARR times Gross Margin %) for SaaS companies over time. The green band represents the upper and lower quartile ARR for global SaaS; companies over time. A high gross margin (70-80>%) results in a greater Net ARR - a key feature of a high-quality SaaS company.; This report outlines company and valuation metrics for NZ-listed; technology companies. Email us if there is anything you would like to see.; Vol. '000s = Volume of Shares; Traded in the Last Week; Val. '000s = Value of Shares; Traded in the Last Week (NZD); -; 50; 100; 150; 200; 250; 300; 350; 400; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38; ARR (NZD M); Quarters since IPO; XRO (EV/ARR 9.6x); SLI (EV/ARR 0.8x); PAY (EV/ARR 15.0x); GEO (EV/ARR 1.8x); PLX (EV/ARR 4.8x); -; 20; 40; 60; 80; 100; 120; 140; 160; - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38; Net ARR (NZD M); Quarters since IPO; XRO (EV/Net ARR 12.6x); SLI (EV/Net ARR 1.0x); PAY (EV/Net ARR 27.2x); GEO (EV/Net ARR 2.3x); PLX (EV/Net ARR 6.3x); CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 30 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 112 100 28 3.6 44% n/a 33 3.0 30% EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 236 224 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 11 8 5 1.8 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 37 32 9 3.7 118% 65% 16 2.0 87% GM% = Gross Margin %; Orion Health 558 499 211 2.4 26% 78% 244 2.0 18% CFY Rev = Current Financial Years Revenue; Plexure 28 26 7 3.6 66% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 592 580 39 15.0 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a; Serko 39 32 13 2.4 20% n/a n/a n/a n/a Disclaimer; SLI Systems 31 24 31 0.8 (10%) 77% 36 0.7 2%; SmartPay 30 54 21 2.6 0% n/a n/a n/a n/a; Trade Me 2 232 2 333 225 10.4 9% 94% 218 10.7 (0%); Vista 522 513 81 6.3 49% n/a 90 5.7 37%; Wynyard 32 18 26 0.7 4% 64% 41 0.4 67%; Xero 2 661 2 476 258 9.6 62% 75% 312 7.9 51%; Total & Average 7 184 6 994 1 131 6.2 74%; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 30 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 962 5 122 1 048 4.9 17% 50% 1 102 4.6 19%; Box 848 734 383 1.9 30% 65% 395 1.9 30%; Salesforce.com 48 326 4 667 8 146 6.1 25% 71% 8 315 6.0 25%; HubSpot 2 037 1 920 260 7.4 51% 75% 264 7.3 45%; Lifelock 1 567 1 411 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 287 2 107 333 6.3 28% 85% 334 6.3 23% Contact Details; New Relic 1 948 1 752 234 7.5 54% 80% 255 6.9 40% Mark Clare Managing Partner; ServiceNow 13 020 12 704 1 365 9.3 38% 70% 1 376 9.2 37% +64-21-470227 mark.clare@clarecapital.co.nz; NetSuite 8 958 8 836 923 9.6 30% 66% 966 9.2 30%; RealPage 2 063 2 063 571 3.6 24% 53% 570 3.6 22%; Shopify 3 170 2 990 347 8.6 93% 52% 367 8.2 79%; Splunk 7 895 6 874 851 8.1 43% 81% 913 7.5 37%; Workday 10 911 9 364 1 510 6.2 34% 68% 1 557 6.0 34%; All Global SaaS Companies Median 3.9 19% 66% 3.9 18%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual and; forecast numbers presented in this report. The forecasts; are an average of broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes back to its; local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS

#10

Overview Clare Capital Tech Insights 10 - NZX Sectors Over Time - 20160923; NZX Sectors (Jan11 - Aug16) NZX Sectors (Jan14 - Aug16); NZX Sectors (Jan15 - Aug16) NZX Sectors (Jan16 - Aug16); This report compares how well the different NZX sectors have performed over time.; 50; 100; 150; 200; 250; 300; 350; 400; 450; 40544; 40634; 40725; 40817; 40909; 41000; 41091; 41183; 41275; 41365; 41456; 41548; 41640; 41730; 41821; 41913; 42005; 42095; 42186; 42278; 42370; 42461; 42552; Mkt Cap Index Jan-11 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 5+ years; 40; 60; 80; 100; 120; 140; 160; 180; 41640; 41699; 41760; 41821; 41883; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; Mkt Cap Index Jan-14 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 2+ years; 80; 90; 100; 110; 120; 130; 140; 150; 42005; 42036; 42064; 42095; 42125; 42156; 42186; 42217; 42248; 42278; 42309; 42339; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; Mkt Cap Index Jan-15 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; 18+ months; 90; 95; 100; 105; 110; 115; 120; 125; 42370; 42401; 42430; 42461; 42491; 42522; 42552; 42583; Mkt Cap Index JAn-16 = 100; Tech Healthcare Wholesale Trade Retail Trade; Manufacturing Utilities Property Finance; Current Calendar Year; CLARE CAPITAL TECH INSIGHTS; Chart Methodology Definitions; Δ = Directional Change in Share Price; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; Chart Commentary 1YearΔ = 1 Year Share Price Change; Invest $1 000 at January 2011 into: Invest $1 000 at January 2016 into: Vol. '000s = Volume of Shares Traded (Last Week); As at 31 August 2016 Profit Return CAGR As at 31 August 2016 Profit Return CAGR Val. '000s = Value of Shares Traded (Last Week); Healthcare 3 046 305% 28% Tech 221 22% 41% Mkt Cap = Market Capitalisation; Tech 1 268 127% 16% Healthcare 210 21% 39% EV = Enterprise Value; Property 1 199 120% 15% Retail Trade 209 21% 38% EV/AR = EV/Annualised Revenue multiple; Utilities 649 65% 9% Manufacturing 191 19% 35% YrΔ AR = Annualised Revenue Growth; Manufacturing 398 40% 6% Utilities 167 17% 30%; Retail Trade 218 22% 4% Wholesale Trade 120 12% 21% Disclaimer; Wholesale Trade 166 17% 3% Property 109 11% 19%; Finance 105 10% 2% Finance (31) (3%) (5%); Share Price Movements as at 23 September 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap AR EV/AR YrΔ AR; EROAD  1.90 (14%) (45%) 68 136 114 28 3.7 44%; Finzsoft  2.50 - (17%) - - 22 22 1.0 39%; Gentrack  3.23 2% 70% 2 570 8 098 235 47 4.8 14%; GeoOp  0.20 - (56%) - - 10 5 1.5 249%; ikeGPS  0.60 2% 3% 222 131 36 9 3.5 118%; Orion Health  3.50 (12%) 2% 700 2 696 560 211 2.4 26%; Plexure  0.26 - (21%) 119 31 24 5 3.9 70%; Pushpay  2.50 - 43% 253 633 578 39 14.6 330%; Rakon  0.22 - (19%) 548 120 42 109 0.5 (22%); Serko  0.58 (3%) (28%) 29 17 42 13 2.6 20% Contact Details; SLI Systems  0.60 (8%) (31%) 95 58 37 31 1.0 (10%) Mark Clare Managing Partner; SmartPay  0.18 3% (8%) 40 7 30 21 2.6 0% +64-21-470227 mark.clare@clarecapital.co.nz; Trade Me  5.61 3% 55% 7 593 41 950 2 228 225 10.4 9%; Vista  6.55 (3%) 26% 9 531 64 196 526 81 6.4 49%; Wynyard  0.21 (5%) (81%) 2 526 535 38 26 0.9 4%; Xero  19.90 (0%) 41% 1 310 26 187 2 736 258 9.9 62%; Total 25 602 144 794 7 257 1 129; Average  (2%) (4%) 4.3 63%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual; numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; Due to new-listing (IPOs) increasing the number of companies in each of the indices through time Clare Capital has; employed the principles of chain-linking to create these indices.; CLARE CAPITAL TECH INSIGHTS

#9

Overview Clare Capital Tech Insights 9 - Capital Used vs Recurring Revenue - 20160916; Share Price Movements as at 16 September 2016 Indicator of Resource Efficiency - Capital Used per Recurring Revenue; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.20 (0%) (38%) 216 477; Finzsoft  2.50 - (17%) - -; Gentrack  3.18 (5%) 72% 1 930 6 417; GeoOp  0.20 (40%) (59%) 59 14; ikeGPS  0.59 (2%) 13% 138 82; Orion Health  3.97 (5%) 24% 491 2 003; Plexure  0.26 8% (19%) 148 37; Pushpay  2.50 5% 68% 357 870; Rakon  0.22 5% (36%) 596 123; Serko  0.60 (9%) (24%) 10 6; SLI Systems  0.65 (8%) (28%) 215 144; SmartPay  0.17 - 5% 63 11; Trade Me  5.46 0% 52% 4 459 24 278; Vista  6.75 (2%) 30% 5 209 34 896; Wynyard  0.22 (4%) (82%) 2 038 460; Xero  19.99 (0%) 45% 1 151 22 624; Total 17 081 92 443; Average  (4%) 0%; Weighted Ave  (0%) 42%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report looks at the amount of capital used (Share Capital + Debt - Cash) to generate a $1 million in recurring revenue another measure of resource efficiency. The international; median for SaaS companies is $1 million capital used to generate $1 million in recurring revenue (i.e. a 1:1 ratio).; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.; Note: Some NZ Tech companies above have elements of non-recurring revenue as part of their total; revenue.; -; 500000; 1000000; 1500000; 2000000; 2500000; 3000000; 3500000; 4000000; 4500000; 5000000; ERD GTK GEO IKE OHE PLX PAY SKO SLI SPY VGL WYN XRO; Capital Used to Generate $1M Recurring Revenue; Clare Capital's SaaS High Performance Threshold; Global SaaS International Median; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 16 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 133 120 28 4.3 44% n/a n/a n/a n/a EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 231 219 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 10 7 5 1.5 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 35 30 9 3.5 118% 65% 16 1.9 87% GM% = Gross Margin %; Orion Health 635 576 211 2.7 26% 78% 252 2.3 22% CFY Rev = Current Financial Years Revenue; Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 578 566 39 14.6 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 42 54 109 0.5 (22%) n/a n/a n/a n/a; Serko 44 37 13 2.7 20% n/a n/a n/a n/a Disclaimer; SLI Systems 40 35 31 1.1 (10%) 77% 36 1.0 27%; SmartPay 29 53 21 2.5 0% n/a n/a n/a n/a; Trade Me 2 168 2 270 225 10.1 9% 94% 218 10.4 (0%); Vista 542 534 81 6.6 49% n/a 90 5.9 37%; Wynyard 39 25 26 1.0 4% 64% 41 0.6 67%; Xero 2 749 2 564 258 9.9 62% 75% 312 8.2 51%; Total & Average 7 321 7 132 1 129 6.3; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 16 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 864 5 024 1 048 4.8 17% 50% 1 102 4.6 19%; Box 794 679 383 1.8 30% 65% 395 1.7 31%; Salesforce.com 49 654 50 995 8 146 6.3 25% 71% 8 315 6.1 25%; HubSpot 1 975 1 858 260 7.2 51% 75% 264 7.0 45%; Lifelock 1 490 1 334 658 2.0 13% 74% 667 2.0 13%; LogMeIn 2 294 2 114 333 6.3 28% 85% 334 6.3 23% Contact Details; New Relic 1 880 1 684 234 7.2 54% 80% 255 6.6 40% Mark Clare Managing Partner; ServiceNow 12 714 12 398 1 365 9.1 38% 70% 1 376 9.0 37% +64-21-470227 mark.clare@clarecapital.co.nz; NetSuite 8 837 8 715 923 9.4 30% 66% 966 9.0 30%; RealPage 2 023 2 024 571 3.5 24% 53% 570 3.6 22%; Shopify 3 064 2 885 347 8.3 93% 52% 366 7.9 79%; Splunk 7 946 6 926 851 8.1 43% 81% 913 7.6 37%; Workday 10 583 9 036 1 510 6.0 34% 68% 1 557 5.8 34%; All Global SaaS Companies Median 3.9 19% 66% 3.8 18%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet and company annual reports.; Clare Capital holds no responsibility over the actual and; forecast numbers presented in this report. The forecasts; are an average of broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes back to its; local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS

#8

Overview Clare Capital Tech Insights 8 - Rem. vs Performance - 20160909; Remuneration versus Company Performance Definitions; LTM Rev. = Last Twelve Months; LTM Rev. = LTM Revenue; Ann. Rev. = Annualised Revenue; Rev./Emp = Revenue/Employee; Mkt Cap = Market Value; YrΔ AR = 1 Year AR Growth; NPBT % = NPBT Margin; SP = Share Price; WkΔ SP = 1Week Price Change; YrΔ SP = 1Year Price Change; Volume = of Shares Traded; Category ERD FIN GTK GEO IKE OHE PLX PAY RAK SKO SLI SPY TME VGL WYN XRO Value = of Shares Traded; CEO Rem. $000 524 650 401 305 554 508 609 375 908 280 289 492 650 291 662 761 EV/LTM = EV/LTM Revenue; Rem. as % Rev % 2.1% 3.3% 1.0% 33% 6.5% 0.2% 11% 2.5% 0.8% 2.1% 1.0% 2.4% 0.3% 0.4% 2.7% 0.4% EV/AR = EV/AR multiple; % staff >$100k % 32% 40% 27% 25% 43% 51% 52% 20% 22% 21% 34% 14% 24% 22% 46% 44%; LTM Revenue $m 25 20 42 1 9 207 5 15 113 13 28 20 218 65 25 207 Disclaimer; Ann. Revenue $m 28 22 47 5 9 211 5 39 109 13 31 21 225 76 25 258; Employees # 196 95 220 40 56 1 240 52 216 589 140 175 125 464 350 297 1 450; Rev./Employee $000 130 206 190 23 153 167 103 68 191 94 161 163 470 187 83 143; EV $m 121 23 231 13 30 613 19 536 52 41 39 53 2 266 528 26 2 566; Mkt Cap $m 133 22 244 16 36 671 22 548 40 48 44 29 2 164 551 41 2 750; YrΔ AR % 44% 39% 14% 249% 118% 26% 70% 330% (22%) 20% (10%) 0% 9% 28% (20%) 62%; NPBT % % (5%) 20% 23% (305%) (103%) (25%) (123%) (137%) (1%) (43%) (25%) 7% 56% 10% (165%) (39%); SP $ 2.21 2.50 3.35 0.33 0.60 4.20 0.24 2.37 0.21 0.66 0.71 0.17 5.45 6.86 0.23 20.00; Δ Wkly                 ; WkΔ SP % (3%) - 2% 10% (2%) 3% (4%) (7%) - 2% (1%) (11%) (3%) 4% (4%) 1%; YrΔ SP % (39%) (21%) 86% (26%) 20% 20% (31%) 74% (37%) (18%) (19%) 6% 53% 32% (82%) 41%; Volume (week) 000 194 - 2 180 58 46 499 182 154 187 2 153 35 8 942 485 2 402 1 078; Value (week) $000 429 - 7 274 17 27 2 043 45 375 39 1 111 6 50 622 3 300 566 21 701; EV/LTM Rev x 4.7 1.2 5.5 14.4 3.5 3.0 3.6 36.3 0.5 3.1 1.4 2.6 10.4 8.1 1.1 12.4; EV/AR x 4.3 1.0 4.9 2.9 3.5 2.9 3.6 13.8 0.5 3.1 1.2 2.5 10.1 6.9 1.1 9.9; This report compares SaaS remuneration information with Company size & performance. The entities in light green are specific Software-as-a-Service companies green and blue; bubbles represent companies with some SaaS elements and the blue bubbles show other publicly-listed NZ technology companies with a market value of greater than NZD$10M.; The information provided in this; report has been solely sourced; from FactSet and company; annual reports. Clare Capital; holds no responsibility over the; actual numbers presented in; this report. This document is; not intended for advice. Clare; Capital is not an Authorised; Financial Adviser. If you are; making investment decisions; you should seek appropriate; personalised financial advice; from a qualified professional to; suit your circumstances.; -; 0.1; 0.2; 0.3; 0.4; 0.5; 0.6; 0.7; Size of Bubble represents Enterprise Value (EV); % of Employees Paid >$100k; CLARE CAPITAL TECH INSIGHTS; Share Price Performance; Share price performance against the NZX50 indexed from Jan 2016.; -; 250; 500; 750; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; ERD-NZ; ERD-NZ NZX50; -; 50; 100; 150; 200; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; GEO-NZ; GEO-NZ NZX50; -; 5; 10; 15; 20; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; FIN-NZ; FIN-NZ NZX50; -; 1000; 2000; 3000; 4000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; GTK-NZ; GTK-NZ NZX50; -; 150; 300; 450; 600; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; IKE-NZ; IKE-NZ NZX50; -; 100; 200; 300; 400; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; PAY-NZ; PAY-NZ NZX50; -; 250; 500; 750; 1000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; OHE-NZ; OHE-NZ NZX50; -; 1500; 3000; 4500; 6000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; PLX-NZ; PLX-NZ NZX50; -; 250; 500; 750; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; RAK-NZ; RAK-NZ NZX50; -; 1000; 2000; 3000; 4000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SPY-NZ; SPY-NZ NZX50; -; 50; 100; 150; 200; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SKO-NZ; SKO-NZ NZX50; -; 500; 1000; 1500; 2000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; SLI-NZ; SLI-NZ NZX50; -; 2500; 5000; 7500; 10000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; TME-NZ; TME-NZ NZX50; -; 250; 500; 750; 1000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; XRO-NZ; XRO-NZ NZX50; -; 6000; 12000; 18000; 24000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; VGL-NZ; VGL-NZ NZX50; -; 500; 1000; 1500; 2000; -; 0.5; 1; 1.5; 2; Vol ('000s) per day; Share Price Index; WYN-NZ; WYN-NZ NZX50; CLARE CAPITAL TECH INSIGHTS

#7

Overview Clare Capital Tech Insights 7 - SaaS EBITDA Margins - 20160902; Share Price Movements as at 11 November 2016 Indicator of Profitability - SaaS EBITDA Margin (%) as at 02 September 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.27 (4%) (37%) 147 346; Finzsoft  2.50 9% (22%) 0 1; Gentrack  3.29 (2%) 88% 536 1 769; GeoOp  0.30 13% (36%) 75 20; ikeGPS  0.61 - 22% 61 37; Orion Health  4.09 (3%) 14% 297 1 223; Plexure  0.25 (4%) (26%) 266 68; Pushpay  2.55 0% 79% 183 467; Rakon  0.21 (9%) (36%) 464 101; Serko  0.65 (4%) (19%) 18 12; SLI Systems  0.72 (14%) (24%) 211 156; SmartPay  0.19 (5%) 19% 598 112; Trade Me  5.61 4% 60% 9 713 53 205; Vista  6.61 7% 28% 1 577 9 898; Wynyard  0.24 (14%) (81%) 2 434 626; Xero  19.81 1% 45% 469 9 252; Total 17 045 77 295; Average  (2%) 5%; Weighted Ave  1% 45%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report compares EBITDA Margin for global SaaS companies grouped by years since their IPO. Most SaaS companies tend to be unprofitable in their first few years as they seek; growth over profitability. Although the SaaS sector is still relatively immature with very few "steady-state" SaaS businesses long-term EBITDA margins are trending to ~25-35%.; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.; -0.8; -0.6; -0.4; -0.2; -; 0.2; 0.4; 0.6; 1 5 10 15; EBITDA Margin %; Years Since IPO; 50-75% Percentile 25-50% Percentile; n=105 n=96 n=46 n=34; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 02 September 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 137 124 28 4.5 44% n/a 34 3.6 34% EV = Enterprise Value; Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 239 227 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 15 12 5 2.5 249% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 654 595 211 2.8 26% 78% 252 2.4 22% CFY Rev = Current Financial Years Revenue; Plexure 23 20 5 3.7 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 590 577 39 14.9 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a; Serko 47 41 13 3.0 20% n/a n/a n/a n/a Disclaimer; SLI Systems 45 39 31 1.3 (10%) 77% 36 1.1 27%; SmartPay 33 57 21 2.7 0% n/a 24 2.4 18%; Trade Me 2 228 2 329 225 10.4 9% 94% 218 10.7 (0%); Vista 531 508 76 6.7 28% n/a 90 5.7 37%; Wynyard 43 28 25 1.1 (20%) 64% 41 0.7 67%; Xero 2 724 2 540 258 9.8 62% 75% 314 8.1 52%; Total & Average 7 405 7 203 1 124 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 02 September 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 863 5 024 1 048 4.8 17% 50% 1 102 4.6 19%; Box 685 570 383 1.5 30% 65% 395 1.4 31%; Salesforce.com 50 880 52 221 8 146 6.4 25% 71% 8 315 6.3 25%; HubSpot 2 015 1 899 260 7.3 51% 75% 264 7.2 45%; Lifelock 1 569 1 413 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 232 2 052 333 6.2 28% 85% 334 6.1 23% Contact Details; Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner; New Relic 1 910 1 714 234 7.3 54% 80% 255 6.7 40% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 541 12 226 1 365 9.0 38% 70% 1 376 8.9 37%; NetSuite 8 818 8 696 923 9.4 30% 66% 966 9.0 30%; RealPage 2 036 2 036 571 3.6 24% 53% 570 3.6 22%; Shopify 2 914 2 734 347 7.9 93% 52% 366 7.5 79%; Splunk 7 892 6 871 851 8.1 43% 81% 913 7.5 37%; All Global SaaS Companies Median 4.1 20% 66% 4.0 19%; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet. Global SaaS; company data has been converted to USD and will move; with exchange rate changes back to its local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#6

Overview Clare Capital Tech Insights 6 - SaaS Revenue per Employee - 20160826; Share Price Movements as at 26 August 2016 Indicator of Resource Efficiency - SaaS Revenue per Employee as at 26 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.37 2% (32%) 54 126; Finzsoft  2.30 - (28%) - -; Gentrack  3.35 (2%) 72% 576 2 007; GeoOp  0.26 (7%) (40%) 28 7; ikeGPS  0.61 (6%) 22% 186 118; Orion Health  4.22 (5%) 17% 195 850; Plexure  0.26 4% (26%) 322 83; Pushpay  2.54 (2%) 77% 195 502; Rakon  0.23 2% (30%) 394 89; Serko  0.68 3% (15%) 64 43; SLI Systems  0.84 - (5%) 159 131; SmartPay  0.20 11% 33% 311 56; Trade Me  5.39 (0%) 53% 15 578 84 417; Vista  6.20 (5%) 14% 1 393 8 835; Wynyard  0.28 (27%) (77%) 2 962 973; Xero  19.60 (1%) 43% 1 089 21 648; Total 23 506 119 886; Average  (2%) 5%; Weighted Ave  (2%) 41%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report looks at revenue per employee. This metric is one of several indicators looking at efficient use of a company's resources. It is expected that the amount of revenue per; employee increases as the company matures. Early-stage companies are often hiring in advance to meet their expansion needs before they reach a certain revenue level.; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.; -; 50; 100; 150; 200; 250; 300; 1 5 10 15; Revenue per Employee (USD 000s); Years Since IPO; 25-50% Percentile 50-75% Percentile; x XRO; x; x; x; SLI; PAY; PLX; x GEO; n=121; n=32; n=45; n=77; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 26 August 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 143 130 28 4.7 44% n/a 34 3.8 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 244 231 47 4.9 14% n/a 51 4.5 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 13 10 4 2.3 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 675 616 211 2.9 26% 78% 259 2.4 25% CFY Rev = Current Financial Years Revenue; Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 587 575 39 14.8 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a; Serko 50 43 13 3.2 20% n/a n/a n/a n/a Disclaimer; SLI Systems 52 47 31 1.5 (10%) 77% 36 1.3 27%; SmartPay 34 58 21 2.8 0% n/a 24 2.4 18%; Trade Me 2 140 2 242 225 10.0 9% 94% 218 10.3 (0%); Vista 498 475 76 6.2 28% n/a 88 5.4 34%; Wynyard 50 35 25 1.4 (20%) 64% 41 0.9 67%; Xero 2 695 2 511 28 9.7 62% 75% 314 8.0 52%; Total & Average 7 305 7 102 1 115 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 26 August 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 803 4 964 1 048 4.7 17% 50% 1 102 4.5 19%; Box 632 504 361 1.4 37% 64% 394 1.3 30%; Salesforce.com 54 220 54 255 7 666 7.1 27% 73% 8 300 6.5 24%; HubSpot 2 007 1 890 260 7.3 51% 75% 264 7.2 45%; Lifelock 1 568 1 412 658 2.1 13% 74% 667 2.1 13%; LogMeIn 2 087 1 906 333 5.7 28% 85% 334 5.7 23% Contact Details; Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner; New Relic 1 838 1 642 234 7.0 54% 80% 255 6.4 40% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 091 11 775 1 365 8.6 38% 70% 1 376 8.6 37%; NetSuite 8 816 8 695 923 9.4 30% 66% 966 9.0 30%; RealPage 2 071 2 071 571 3.6 24% 53% 570 3.6 22%; Shopify 2 852 2 672 347 7.7 93% 52% 366 7.3 79%; Splunk 7 776 6 756 851 7.9 43% 81% 913 7.4 37%; All Global SaaS Companies Median 3.9 19% 66% 3.8 19%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet. Global SaaS; company data has been converted to USD and will move; with exchange rate changes back to its local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS

#5

Overview Clare Capital Tech Insights 5 - NZ Tech Value Shares Traded - 20160819; This report compares the montly value of shares traded for NZ-listed technology companies since January 2014.; Figure 1.a Monthly value of shares traded - Companies greater than NZD$60M Figure 1.b Monthly value of shares traded - Companies between NZD$60M & $1B; Figure 2. Monthly value of shares traded - Companies less than NZD$60M 19-Aug-16 Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap; EROAD  2.33 6% (37%) 271 597 140; Finzsoft  2.30 - (32%) - - 20; Gentrack  3.43 7% 70% 1 216 3 953 249; GeoOp  0.28 - (36%) - - 14; ikeGPS  0.65 3% - 168 108 39; Orion Health  4.46 (2%) 21% 455 2 073 713; Plexure  0.25 (4%) (29%) 77 20 23; Pushpay  2.59 8% 88% 419 1 084 599; Rakon  0.23 (6%) (34%) 571 137 43; Serko  0.66 - (27%) 2 1 48; SLI Systems  0.84 (7%) 15% 142 121 52; SmartPay  0.18 (20%) 9% 311 55 31; Trade Me  5.40 5% 74% 13 954 73 743 2 144; Vista  6.50 5% 13% 504 3 149 522; Wynyard  0.39 (6%) (72%) 2 233 825 69; Xero  19.79 (2%) 30% 300 5 988 2 721; -; 200; 400; 600; 800; 1000; 1200; SLI SKO RAK IKE SPY VML PLX GEO; Value of Shares Traded (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 52 48 43 39 31 23 20 14; -; 2000; 4000; 6000; 8000; 10000; 12000; 14000; OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 713 599 522 249 140 69; -; 20000; 40000; 60000; 80000; 100000; 120000; XRO TME OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 2 721 2 144 713 599 522 249 140 69; CLARE CAPITAL TECH INSIGHTS; Chart Notes; Same as the charts on the previous page but adding in the top and bottom 25% as well as the minimum and maximum monthly trade value for each company.; Figure 3.a Monthly value of shares traded - Companies greater than NZD$60M Figure 3.b Monthly value of shares traded - Companies between NZD$60M & $1B; Figure 4. Monthly value of shares traded - Companies less than NZD$60M Disclaimer; Contact Details; Mark Clare mark.clare@clarecapital.co.nz +64-21-470227; The information provided in this report has been solely sourced from FactSet. Clare; Capital holds no responsibility over the actual numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This document is intended as; analysis – not financial advice.; If you are making investment decisions you should seek appropriate personalised; financial advice from a qualified professional to suit your circumstances.; Clare Capital is a corporate finance advisory firm built on a base of structured; fundamental analysis. We provide creative solutions for both origination and; analysis mandates. We have a strong track record for the successful execution of; commercial transactions.; -; 1000; 2000; 3000; 4000; 5000; 6000; 7000; SLI SKO RAK IKE SPY VML PLX GEO; Value of Shares Traded (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 52 48 43 39 31 23 20 14; -; 50000; 100000; 150000; 200000; 250000; 300000; 350000; 400000; 450000; XRO TME OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 2 721 2 144 713 599 522 249 140 69; -; 20000; 40000; 60000; 80000; 100000; 120000; 140000; OHE PAY VGL GTK ERD WYN; Value of Shares Traded; (Monthly); NZD (000s); 50-75% Quartile; 25-50% Quartile; Mkt Cap; NZDm; 713 599 522 249 140 69; CLARE CAPITAL TECH INSIGHTS

#4

Overview Clare Capital Tech Insights 4 - SaaS Gross Margin - 20160812; Share Price Movements as at 12 August 2016 Indicator of Profitability - SaaS Gross Margin (%) as at 12 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.20 5% (41%) 433 942; Finzsoft  2.30 - (32%) - -; Gentrack  3.20 7% 55% 3 586 11 211; GeoOp  0.28 4% (44%) 22 6; ikeGPS  0.63 (9%) (2%) 108 70; Orion Health  4.55 (5%) 15% 321 1 479; Plexure  0.26 (9%) (30%) 263 71; Pushpay  2.40 (8%) 96% 407 1 023; Rakon  0.24 12% (33%) 1 002 222; Serko  0.66 (1%) (18%) 4 3; SLI Systems  0.90 10% 25% 84 75; SmartPay  0.23 - 36% - -; Trade Me  5.14 3% 61% 12 717 63 856; Vista  6.20 (0%) 3% 71 440; Wynyard  0.41 (25%) (72%) 2 273 957; Xero  20.14 0% 24% 367 7 398; Total 21 669 87 751; Average  (1%) 3%; Weighted Ave  (0%) 35%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report compares Gross Margin (%) for all global SaaS companies grouped by years since their IPO. Gross Margins for SaaS companies in theory tend to be higher than; traditional firms as the 'server runs the business' meaning lower cost of goods sold/cost of sales.; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.; -; 0.2; 0.4; 0.6; 0.8; 1; 1 5 10 15; Gross Margin %; Years Since IPO; 25-50% Percentile 50-75% percentile; n=123 n=103 n=46 n=32; x; x x; PAY; SLI XRO; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 12 August 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 133 120 28 4.3 44% n/a 34 3.5 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 233 220 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 32 26 9 3.1 118% 65% 16 1.7 n/a GM% = Gross Margin %; Orion Health 728 669 211 3.2 26% 78% 260 2.6 26% CFY Rev = Current Financial Years Revenue; Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 555 543 39 14.0 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 46 58 109 0.5 (22%) n/a n/a n/a n/a; Serko 48 41 13 3.1 20% n/a n/a n/a n/a Disclaimer; SLI Systems 56 50 36 1.4 23% 77% 35 1.4 25%; SmartPay 39 63 21 3.0 0% n/a 24 2.6 18%; Trade Me 2 041 2 160 211 10.2 9% 94% 218 9.9 9%; Vista 498 475 76 6.2 28% n/a 93 5.1 43%; Wynyard 73 59 25 2.4 (20%) 64% n/a n/a n/a; Xero 2 769 2 585 258 10.0 62% 75% 312 8.3 51%; Total & Average 7 308 7 122 1 106 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 12 August 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 888 5 048 1 048 4.8 17% 50% 1 102 4.6 19%; Box 604 477 361 1.3 37% 64% 394 1.2 30%; Salesforce.com 55 304 55 339 7 666 7.2 27% 73% 8 304 6.7 25%; HubSpot 2 086 1 969 260 7.6 51% 75% 264 7.5 45%; Lifelock 1 580 1 424 658 2.2 13% 74% 666 2.1 13% Contact Details; LogMeIn 2 098 1 918 333 5.8 28% 85% 334 5.7 23% Mark Clare; Marketo 1 565 1 467 264 5.6 30% 67% 273 5.4 30% Managing Partner; New Relic 1 804 1 608 234 6.9 54% 80% 255 6.3 40% mark.clare@clarecapital.co.nz +64-21-470227; ServiceNow 12 464 12 148 1 365 8.9 38% 70% 1 376 8.8 37%; NetSuite 8 789 8 667 923 9.4 30% 66% 966 9.0 30%; RealPage 2 011 2 011 571 3.5 24% 53% 570 3.5 22%; Shopify 2 666 2 487 347 7.2 93% 52% 366 6.8 79%; Splunk 8 535 7 512 744 10.1 48% 82% 896 8.4 34%; All Global SaaS Companies Median 3.8 19% 66% 3.7 19%; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet. Global SaaS; company data has been converted to USD and will move; with exchange rate changes back to its local currency.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#3

Overview Clare Capital Tech Insights 3 - NZ v AU v US Tech Sector - 20160805; NZ v AU v US Tech Sector (Jan11 - Jul16) NZ v AU v US Tech Sector (Jan14 - Jul16); NZ v AU v US Tech Sector (Jan15 - Jul16) NZ v AU v US Tech Sector (Jan16 - Jul16); This report compares Market Capitalisation Indices for New Zealand (NZ) Australia (AU) and United States (US) tech sectors over time.; 50; 100; 150; 200; 250; 300; 350; 400; 40544; 40634; 40725; 40817; 40909; 41000; 41091; 41183; 41275; 41365; 41456; 41548; 41640; 41730; 41821; 41913; 42005; 42095; 42186; 42278; 42370; 42461; 42552; Mkt Cap Index Jan-11 = 100; NZ AU US; 5+ years; 40; 60; 80; 100; 120; 140; 160; 180; 41640; 41699; 41760; 41821; 41883; 41944; 42005; 42064; 42125; 42186; 42248; 42309; 42370; 42430; 42491; 42552; Mkt Cap Index Jan-14 = 100; NZ AU US; 2+ years; 80; 90; 100; 110; 120; 130; 140; 150; 160; 42005; 42036; 42064; 42095; 42125; 42156; 42186; 42217; 42248; 42278; 42309; 42339; 42370; 42401; 42430; 42461; 42491; 42522; 42552; Mkt Cap Index Jan-15 = 100; NZ AU US; 18+ months; 80; 90; 100; 110; 120; 130; 140; 42370; 42401; 42430; 42461; 42491; 42522; 42552; Mkt Cap Index Jan-16 = 100; NZ AU US; Current Calendar Year; CLARE CAPITAL TECH INSIGHTS; Chart Methodology Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Chart Commentary Vol. '000s = Volume of Shares Traded (Last Week); Invest $1 000 at January 2011 into: Invest $1 000 at January 2014 into: Val. '000s = Value of Shares Traded (Last Week); As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR Mkt Cap = Market Capitalisation; NZ Tech Sector 1 268 127% 16% NZ Tech Sector (302) (30%) (13%) EV = Enterprise Value; AU Tech Sector 2 656 266% 27% AU Tech Sector 543 54% 19% EV/AR = EV/Annualised Revenue multiple; US Tech Sector 938 94% 13% US Tech Sector 292 29% 11% YrΔ AR = Annualised Revenue Growth; Invest $1 000 at January 2015 into: Invest $1 000 at January 2016 into: Disclaimer; As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR; NZ Tech Sector 279 28% 18% NZ Tech Sector 221 22% 49%; AU Tech Sector 470 47% 29% AU Tech Sector 262 26% 59%; US Tech Sector 159 16% 10% US Tech Sector 123 12% 26%; Share Price Movements as at 05 August 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s Mkt Cap AR EV/AR YrΔ AR; EROAD  2.10 - (42%) 859 1 789 127 28 4.1 44%; Finzsoft  2.30 - (32%) - - 20 14 1.5 (12%); Gentrack  2.99 - 48% 530 1 590 217 47 4.4 14%; GeoOp  0.27 (5%) (46%) 45 12 13 4 2.5 204%; ikeGPS  0.69 (3%) 5% 144 101 35 9 3.4 118%; Orion Health  4.77 (2%) 24% 470 2 281 763 211 3.3 26%; Plexure  0.29 (11%) (19%) 242 72 26 5 4.3 70% Contact Details; Pushpay  2.61 1% 120% 247 640 603 39 15.2 330% Mark Clare; Rakon  0.22 (4%) (41%) 657 144 41 109 0.5 (22%) Managing Partner; Serko  0.67 - (22%) 54 36 49 13 3.1 20% mark.clare@clarecapital.co.nz; SLI Systems  0.82 4% 2% 91 74 51 36 1.3 23% +64-21-470227; SmartPay  0.23 - 32% - - 39 21 3.0 0%; Trade Me  5.00 (2%) 47% 10 852 54 871 1 985 211 10.0 9%; Vista  6.21 (1%) 3% 488 3 054 499 76 6.2 28%; Wynyard  0.55 (7%) (62%) 523 301 99 25 3.4 (20%); Xero  20.09 2% 15% 545 10 830 2 762 258 10.0 62%; Total & Average  (2%) 2% 15 746 75 793 7 329 1 106 4.8; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; Due to new-listing (IPOs) increasing the number of companies in each of the indices through time Clare Capital has; employed the principles of chain-linking to create these indices.; The information provided in this report has been solely; sourced from FactSet.; Clare Capital holds no responsibility over the actual; numbers presented in this report.; Clare Capital is not an Authorised Financial Adviser. This; document is intended as analysis – not financial advice.; If you are making investment decisions you should seek; appropriate personalised financial advice from a; qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS

#2

Overview Clare Capital Tech Insights 2 - NZ Tech EVAR Over Time - 20160729; Share Price Movements as at 29 July 2016 Valuation Chart as at 29 July 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.10 2% (42%) 134 279; Finzsoft  2.30 - (32%) 0 0; Gentrack  2.99 1% 36% 178 529; GeoOp  0.29 2% (43%) 33 9; ikeGPS  0.71 9% 8% 377 263; Orion Health  4.85 1% 23% 316 1 528; Plexure  0.32 (6%) (17%) 167 55; Pushpay  2.58 12% 121% 666 1 676; Rakon  0.23 (2%) (38%) 688 156; Serko  0.67 (11%) (23%) 47 34; SLI Systems  0.79 (1%) (1%) 78 62; SmartPay  0.23 - 32% - -; Trade Me  5.12 (2%) 53% 3 625 18 951; Vista  6.25 3% 11% 451 2 810; Wynyard  0.59 (5%) (61%) 364 218; Xero  19.79 3% 10% 566 11 216; Total 7 691 37 785; Average  0% 2%; Weighted Ave  2% 17%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report compares the EV/Annualised Revenue multiple for Pushpay (NZX:PAY) Trade Me (NZX:TME) and Xero (NZX:XRO) at the end of their financial years since their IPO.; Clare Capital has included semi-annual information for Pushpay as the company has only been listed since 2013.; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.; -; 20; 40; 60; 80; 100; 120; - 1 2 3 4 5 6 7 8 9 10; EV/Annualised Revenue; Financial Years since IPO; Trade Me Pushpay Xero; Size of the bubble; represents Enterprise Value.; 15% 7% 13% 9%; 366% 532% 210% 109% 82%; 1 149% 446%; 102% 81% 71% 62%; Trade Me; Pushpay; Xero; Annualised Revenue Growth Rate; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 29 July 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 127 114 28 4.1 44% n/a 34 3.4 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 217 205 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 36 30 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %; Orion Health 776 717 211 3.4 26% 78% 260 2.8 26% CFY Rev = Current Financial Year Revenue; Plexure 29 27 5 4.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 596 584 39 15.1 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 43 55 109 0.5 (22%) n/a n/a n/a n/a; Serko 49 42 13 3.1 20% n/a n/a n/a n/a Disclaimer; SLI Systems 49 44 36 1.2 23% 77% 35 1.2 25%; SmartPay 39 63 21 3.0 - n/a 24 2.6 18%; Trade Me 2 033 2 152 211 10.2 9% 94% 219 9.8 9%; Vista 502 479 76 6.3 28% n/a 93 5.1 43%; Wynyard 106 91 25 3.7 (20%) 64% n/a n/a n/a; Xero 2 712 2 527 258 9.8 62% 75% 312 8.1 51%; Total & Average 7 348 7 162 1 036 6.5; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 29 July 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 5 028 5 188 1 048 5.0 17% 50% 1 102 4.7 19%; Box 564 437 361 1.2 37% 64% 394 1.1 30%; Salesforce.com 55 420 55 454 7 666 7.2 27% 73% 8 300 6.7 24%; HubSpot 1 908 1 801 236 7.6 54% 75% 258 7.0 42%; Lifelock 1 574 1 372 637 2.2 18% 75% 667 2.1 13%; LogMeIn 2 174 1 994 333 6.0 28% 85% 334 6.0 23% Contact Details; Marketo 1 584 1 491 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner; New Relic 1 744 1 553 210 7.4 57% 79% 252 6.2 39% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 12 208 11 892 1 365 8.7 38% 70% 1 376 8.6 37%; NetSuite 8 756 8 656 866 10.0 31% 67% 966 9.0 30%; RealPage 2 013 1 994 514 3.9 16% 53% 570 3.5 22%; Shopify 2 320 2 131 289 7.4 93% 52% 345 6.2 69%; Splunk 8 310 7 288 744 9.8 48% 82% 895 8.1 34%; All Global SaaS Companies Median 3.7 18% 66% 3.4 19%; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes. Clare Capital; is not an Authorised Financial Adviser.; This document is intended as analysis – not financial; advice. If you are making investment decisions you; should seek appropriate personalised financial advice; from a qualified professional to suit your circumstances.; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; CLARE CAPITAL TECH INSIGHTS

#1

Overview Clare Capital Tech Insights 1 - NZ Tech EVAR v 1Y% v EV - 20160722; Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.05 (4%) (44%) 114 244; Finzsoft  2.30 - (32%) - -; Gentrack  2.97 (1%) 33% 156 654; GeoOp  0.28 (10%) (40%) 58 17; ikeGPS  0.65 14% (4%) 170 103; Orion Health  4.82 (1%) 23% 1 136 5 523; Plexure  0.34 - (11%) 199 67; Pushpay  2.30 (6%) 100% 172 417; Rakon  0.23 - (37%) 1 237 284; Serko  0.75 7% (14%) 42 30; SLI Systems  0.80 (1%) (2%) 2 479 1 990; SmartPay  0.23 41% 32% 16 3; Trade Me  5.23 6% 56% 4 744 24 129; Vista  6.05 1% 8% 200 1 201; Wynyard  0.62 - (59%) 163 100; Xero  19.14 6% 7% 550 10 177; Total 11 437 44 752; Average  3% 1%; Weighted Ave  4% 28%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.; This report compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a-; Service companies while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.; EROAD; Finzsoft; Gentrack; GeoOp; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SLI Systems; SmartPay; Trade Me; Vista; Wynyard; Xero; -; 2; 4; 6; 8; 10; 12; 14; 16; (50%) - 50% 100% 150% 200% 250% 300% 350% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise Value.; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin %; Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue; Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a; Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer; SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25%; SmartPay 39 63 21 3.0 - n/a 24 2.6 18%; Trade Me 2 077 2 195 211 10.4 9% 94% 219 10.0 9%; Vista 486 463 76 6.1 28% n/a 93 5.0 43%; Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a; Xero 2 623 2 438 258 9.5 62% 75% 312 7.8 n/a; Total & Average 7 224 7 038 1 106 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 915 5 075 1 048 4.8 17% 50% 1 103 4.6 19%; Box 519 391 361 1.1 37% 64% 394 1.0 30%; Salesforce.com 55 928 55 962 7 666 7.3 27% 73% 8 300 6.7 24%; HubSpot 1 836 1 729 236 7.3 54% 75% 258 6.7 42%; Lifelock 1 541 1 339 637 2.1 18% 75% 667 2.0 13%; LogMeIn 1 612 1 438 319 4.5 30% 86% 331 4.3 22% Contact Details; Marketo 1 581 1 489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner; New Relic 1 718 1 526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 11 841 11 423 1 224 9.3 44% 68% 1 368 8.4 36%; NetSuite 6 815 6 715 866 7.8 31% 67% 966 7.0 30%; RealPage 2 008 1 989 514 3.9 16% 53% 570 3.5 22%; Shopify 2 226 2 036 289 7.1 93% 52% 345 5.9 69%; Splunk 7 893 6 871 744 9.2 48% 82% 895 7.7 34%; Workday 9 516 7 950 1 381 5.8 38% 68% 1 553 5.1 34%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes. Clare Capital; is not an Authorised Financial Adviser.; This document is intended as analysis – not financial; advice. If you are making investment decisions you; should seek appropriate personalised financial advice; from a qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS