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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

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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

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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