FTSE COMPANY REPORT Share price analysis relative to sector and index performance Corero Network Security CNS Software and Computer Services — GBP 0.1275 at close 16 April 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 21-Apr-2015 1D WTD MTD YTD Absolute - - - - Rel.Sector - - - - Rel.Market - - - - VALUATION Data unavailable Trailing PE -ve EV/EBITDA -ve PB 4.8 PCF -ve Div Yield 0.0 Price/Sales 8.1 Net Debt/Equity 0.2 Div Payout 0.0 ROE -ve DESCRIPTION Data unavailable The Company principal activity is network security and business software provider. Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Corero Network Security 16 April 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-Mar-2021 31-Mar-2021 1 6 0.9 5 0.8 0.7 4 0.6 +1SD 0.5 3 0.4 2 Avg 0.3 0.2 1 -1SD 0.1 0 ‖ ‖ 0 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Aveva Group 120.0 Just Eat Takeaway.com 100.0 Auto Trader Group 25.0 Kainos Group 98.1 Kainos Group 67.7 Kainos Group 25.0 NCC Group 58.9 Ascential 51.4 Softcat 25.0 Aptitude Software Group 56.1 Aveva Group 41.1 Bytes Technology Group 18.1 Aptitude Software Group Future 51.9 Softcat 36.3 7.8 Corero Network Security 4.8 Funding Circle Holdings -5.0 Software and Computer Services 17.3 Ascential 3.6 Kin and Carta Moneysupermarket.com Group -9.3 13.3 NCC Group 3.4 Ascential -9.9 Computacenter 9.4 Software and Computer Services 3.0 Corero Network Security -12.0 Micro Focus International 5.6 Funding Circle Holdings 2.5 Software and Computer Services -24.5 Funding Circle Holdings 0.0 Just Eat Takeaway.com 1.4 Just Eat Takeaway.com -77.3 Corero Network Security 0.0 Micro Focus International 0.7 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 5 10 15 20 25 30 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-Mar-2021 31-Mar-2021 1 9 0.9 8 0.8 7 0.7 +1SD 0.6 6 0.5 5 Avg 0.4 4 0.3 3 0.2 -1SD 0.1 2 0 1 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Aveva Group 80.0 Moneysupermarket.com Group 4.4 Auto Trader Group 14.5 Kainos Group 74.2 Sage Group 2.8 Aveva Group 11.8 Just Eat Takeaway.com 66.0 Avast 2.6 Kainos Group 10.2 Softcat 56.2 Computacenter 2.1 Corero Network Security 8.1 Auto Trader Group 28.3 Micro Focus International 2.0 Aptitude Software Group 6.9 Software and Computer Services 21.0 Software and Computer Services 1.2 Software and Computer Services 3.2 Avast 14.1 Future 0.1 NCC Group 2.7 Computacenter 11.7 Kin and Carta 0.0 Bytes Technology Group 2.6 Micro Focus International 3.5 Just Eat Takeaway.com 0.0 Kin and Carta 2.2 Corero Network Security -94.3 Corero Network Security 0.0 Micro Focus International 0.8 Ascential -100.0 Ascential 0.0 Computacenter 0.5 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: Corero Network Security 16 April 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-Mar-2021 0.21 +1SD 0.9 0.8 0.15 0.7 0.6 0.10.5 Avg 0.4 0.3 0.05 0.2 0.1 0 ‖ ‖ ‖ ‖ Apr-2016 Apr-2017 Apr-2018 Apr-2019 Apr-2020 Funding Circle Holdings 2.4 Alfa Financial Software Holdings 100.0 Auto Trader Group 50.0 Auto Trader Group 2.3 NCC Group 100.0 Softcat 50.0 Micro Focus International 1.5 Aveva Group 100.0 Bytes Technology Group 50.0 Kin and Carta 1.3 Avast 97.1 Kainos Group 34.6 Ascential 0.9 Moneysupermarket.com Group 90.6 Moneysupermarket.com Group 34.0 Software and Computer Services 0.5 Kin and Carta 0.0 Software and Computer Services -14.0 Corero Network Security 0.2 Just Eat Takeaway.com Ascential Kainos Group 0.1 0.0 -30.0 Just Eat Takeaway.com 0.1 Corero Network Security 0.0 Corero Network Security -36.9 Aptitude Software Group 0.0 Ascential 0.0 Funding Circle Holdings -40.4 Aveva Group 0.0 Micro Focus International 0.0 Kin and Carta -43.7 Bytes Technology Group 0.0 Software and Computer Services 0.0 Micro Focus International -50.0 0 0.5 1 1.5 2 2.5 3 0 20 40 60 80 100 120 -60 -40 -20 0 20 40 60 ROE vs. PB — sector Du Pont Analysis 31-Mar-2021 2 1.2 30 1 0.9 1.5 0.8 1 25 KNOS AUTOSCT 0.7 1 0.6 0.5 0.5 0.8 20 0.4 0.3 BYIT 0 0.6 PB 0.2 15 0.1 -0.5 0 Apr-2016 Apr-2017 Apr-2018 Apr-2019 -1 Apr-2020 0.4 10 -1.5 APTD ALFA MONY 0.2 FUTR -2 5 KCT AVV AVST CNS CCC ASCL SGE Software andNCC Com FCH -2.5 0 JET MCRO 2017 2018 2019 2020 2021 0 0 10 20 30 40 50 60 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: Corero Network Security 16 April 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage.