13D Filing: Great Point Partners and Connecture Inc (CNXR)

That stock price performance, moreover,
represents an 87% loss of value from the Company’s stock price high of $13.82 per share on April 16, 2015. Since that time,
Connecture’s financial results have significantly underperformed versus the objectives you discussed with the investment
community.

CNXR Stock Price Performance Since IPO

We believe these poor results are the product
of a series of management operational missteps, poor managerial judgement, and miscommunications with the public. Unfortunately
these mistakes happened under both previous and current executive leadership.

Failure to Achieve your
Own Forecasts and Destruction of Value

While the Company initially achieved its
financial and operational targets through the first three quarters of reporting after the IPO (FYE 2014, Q1’15, Q2’15),
subsequent results have materially underperformed stated targets. In addition, management has continued to display an inability
to achieve its own benchmarks set with public investors, which clearly and significantly, impair management’s and the Company’s
credibility. That loss of reliability, in our view, has eroded investor confidence. The first instance of this occurred on August
6, 2015, within eight months of the IPO, when management revised its 2015 revenue and EBITDA guidance downward by approximately
four percent (4%) and nine percent (9%), respectively. Following this announcement, the Company’s share price fell by 22.2%
in one day, and continued on a downward trend in the ensuing weeks. Since that time management has continued to both obfuscate
its historical financial performance with unclear but continuous “one-time adjustments” and has provided nebulous and
inconsistent perspective on its financial prospects.

Worse, management repeatedly failed even
to achieve the lowered reset targets that the Company previously announced. For example, shortly after management guided
2015 estimates down, Connecture reported disappointing full year 2015 revenue and Adjusted EBITDA figures of $95.8M and $8.3M,