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| CONSENSUS REPORT | FEB 17 2017

NSQ:CMPR
Cimpress NV How does this report work?
The ResearchTeam Consensus Report
aggregates ratings from multiple research
10 Ratings Providers 87 days DOWNGRADED -4.40% providers to provide a single rating that is more
0 BUY At current rating From Hold on 11/22/16 Total return since downgrade dynamic than any single provider.
Sell 3 HOLD
Find out more about our methodology on page 2.
7 SELL 83.18 2.59B 79.51 - 104.18
Last Close Price Market Cap 52 Wk Range

Performance & Ratings History Cimpress NV Performance S&P 500 INDEX Performance
Unauthorized redistribution of this report is prohibited. This report is intended for bbhia@mas.gov.sg (Markit Hub ID: 467419).

(Benchmark scaled to equity % change over the period for comparison)

FEB 2015 2016 2017 FEB 17

$100

$90
$83.18

$80

$70

BUY HOLD SELL Correct Rating Incorrect Rating ResearchTeam's rating was correct 100.0% of the time, and incorrect 0.0% of the time.

Provider Ratings Distribution = 1 providers rating


SELL HOLD BUY

FEB 2015 2016 2017

10

Consensus Rating

Consensus Total Return


Consensus Total Return compares the total return of the ResearchTeam ratings versus a stock's total return.
It measures the performance of the BUY and HOLD ratings, and excludes the performance of the SELL ratings. Consensus Total Return Cimpress NV Total Return

FEB 2015 2016 2017 30%

20%

10%

-10%

-20%

Since February 17, 2015, ResearchTeam Consensus ratings earned 4.1%, which is 4.8% more than the equitys total return of -0.7%.
| CONSENSUS REPORT | FEB 17 2017

NSQ:CMPR
Cimpress NV
FEB 2015 2016 FEB 17

Detailed Ratings History


Equity Equity Rating
Rating Change Rating Period Price at change ($) Days at rating Performance Total Return Accuracy

SELL Nov 22, 2016 87.01 87 -4.40% -4.40%


HOLD Nov 18, 2016 - Nov 22, 2016 85.78 4 1.43% 1.43%
SELL Nov 11, 2016 - Nov 18, 2016 85.97 7 -0.22% -0.22%
HOLD Mar 30, 2015 - Nov 11, 2016 84.38 592 1.88% 1.88%
BUY Mar 3, 2015 - Mar 30, 2015 83.42 27 1.15% 1.15%
HOLD Feb 6, 2015 - Mar 3, 2015 81.19 25 2.75% 2.75%

How does ResearchTeam work?

BUY

The rating is generated based on a weighted


ResearchTeam is composed of highly composite of all the providers ratings.
regarded, independant ratings providers,
each with their own ratings, criteria, and The providers are analyzed and evaluated As a result, the ResearchTeam rating
ratings system. for their strengths and weaknesses. is smarter and more accurate than any
individual provider.

Rating Methodology Rating Accuracy


Research provider ratings are uniquely averaged together to maximize their strengths and Stock total return over the rating period
minimize their weaknesses. The current team rule requires 7 research providers to provide a determines rating accuracy. An increase in
rating in order for ResearchTeam to issue a rating. The rating that is then issued is a smart average the stock return over the entire period of a
of all the research provider ratings that leverages providers strengths and minimizes providers BUY or HOLD rating is considered a correct
weaknesses based on historical performance and accuracy. rating. If a SELL is issued and the stock
price goes down, this is also a correct rating.
| CONSENSUS REPORT | FEB 17 2017

NSQ:CMPR
Cimpress NV
Top Ratings Providers
There are multiple Ratings Providers that contribute to the Consensus. The following 5 providers were the most accurate for this stock over the last
year.

1 New Constructs, LLC


http://www.newconstructs.com/

Who We Are:
New Constructs is an independent research firm that provides clients with consulting, advisory and research services. The firm specializes in
quality-of-earnings and discounted cash flow valuation analyses for all U.S. public companies. To support its proprietary database of financial
data, the company leverages expertise in analyzing the Notes to the Financial Statements and extracting data directly from SEC filings. New
Constructs translates accounting data from 10Ks and Annual Reports into economic financial statements, i.e. NOPAT, Invested Capital, and
WACC, to create economic earnings models, which are necessary to understand the true profitability and valuation of companies.

Our Value Proposition:


New Constructs improves the efficiency of the capital markets by helping clients make intelligent capital allocation decisions. We perform this
service by more accurately identifying companies that are the most undervalued relative to their profit potential and those companies that are
the most overvalued relative to their profit potential.

Our Mission:
We aim to help restore the integrity of our capital markets to ensure that the United States remains the most prosperous country in the world
(see our blog for more detail on Why Integrity Matters and Why The US Capital Markets Are Important). Every part of our organization is focused
on determining the true profitability and valuation of as many companies as we can cover.

Our Philosophy about financial analysis:


Accounting data was not designed for equity investors, but for debt investors. Accordingly, accounting data must be translated into economic
earnings in order to understand the profitability and valuation relevant to equity investors. Respected investors (e.g. Adam Smith, Warren Buffett
and Ben Graham) have repeatedly emphasized that accounting results should not be used to value stocks. Economic earnings are what matter.

2 MarketGrader
www.marketgrader.com

MarketGrader.com is a quantitative system that analyzes publicly-traded companies based on a strict fundamental analysis. The system is
designed to help you do your homework on the companies you're considering as investments in a cost-effective way. It is best used when in
combination with qualitative analysis. MarketGrader's research currently covers approximately 5,500 U.S listed companies, including 400 ADRs
(American Depositary Receipts) of foreign companies. Our research covers ten economic sectors and almost 150 sub-industries.
MarketGrader.com is designed for accuracy and speed to provide you an instant yet comprehensive analysis of a company in only seconds.
While it should not be your only source of information on a stock, MarketGrader.com is a very good place to start as well as a good place to
monitor the stocks you own, follow or are considering for future investments.

3 Gradient Analytics, Inc


http://www.gradientanalytics.com/

Gradient Analytics is an independent equity research firm with expertise in financial analysis, forensic accounting, executive compensation, and
executive behavior. Our mission is to provide our clients with academically rigorous, unbiased, objective insight into the financial performance
and equity values of publicly traded companies. Our research is relied upon by mutual fund, hedge fund, and other professional money
managers.

4 Sabrient
www.sabrient.com

Sabrient Systems LLC is an independent equity research firm based in Santa Barbara, CA. We provide unbiased, fundamentals-based
quantitative research on nearly 6,000 U.S.-traded stocks and ADRs to institutions, portfolio managers, investment advisors, and hedge funds.
The company also offers various products to retail investors, both directly on its website, and through online brokers and investment banking
firms.
| CONSENSUS REPORT | FEB 17 2017

NSQ:CMPR
Cimpress NV
5 Validea.com
www.validea.com

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