NZX Q1 2018 Revenues & Shareholder Metrics

Q1 OPERATING REVENUE
Q1 2018
NZ $000
Q1 2017
NZ $000
Change YoY
Issuer Relationships
Annual listing fees2,5502,5500.0%
Intial listing fees1201118.1%
Secondary issuance fees245370-33.8%
Other issuer fees141193-26.9%
Development revenue1,3691,3402.2%
Contractual revenue9141,316-30.5%
Total Issuer Relationships revenue5,3395,880-9.2%
Secondary Markets
Participant services revenue9649046.6%
Securities trading revenue1,4271,29110.5%
Securities clearing revenue1,4931,30214.7%
Dairy derivatives revenue2442411.2%
Total Secondary Markets revenue4,1283,73810.4%
Data & Insights
Royalties from terminal1,5901,623-2.0%
Subscriptions and licenses7727197.4%
Dairy data subscriptions
1
161168-4.2%
Other111303-63.4%
Total Data & Insights revenue2,6342,813-6.4%
Funds Services
Funds Management3,6082,98920.7%
Wealth Technologies246376-34.6%
Total Funds Services revenue3,8543,36514.5%
Agri
Total Agri revenue
1, 2
1,9041,909-0.3%
TOTAL REVENUE17,85917,7090.8%
1
Dairy data subscriptions revenue has been reclassified from Agri revenue to be consistent with NZX's updated corporate sturcture
2
2017 Agri revenue includes advertising sold on behalf of NZ Farm Life Media which ceased on 31 January 2018
NZX LIMITED - QUARTERLY OPERATING REVENUE
Q1 2018

Markets
NZX Listed Issuers31.03.18Change YoY Cash Market TradingQ1 2018Change YoY
Total Equity Securities 157-5.4%Total Trades740,44976.4%
Total Listed Debt Securities1154.5%Daily Average Trades12,13979.3%
Total Other Securities23-14.8%Total Trades < $50k717,21181.0%
Total Listed Securities295-2.6%Total Value Traded$9.3 b3.0%
Daily Average Value Traded$153 m4.6%
Total NZX Main Board Issuers156-4.9%
Total NZAX Issuers16-5.9%Total Equity Transactions
Total NXT Issuers40.0%Total Trades733,25078.5%
Total NZDX Issuers454.7%Value Traded $9.1 b4.1%
Capital RaisingQ1 2018Change YoY Total Debt Transactions
New Capital ListedTotal Trades7,199-21.0%
IPOs and compliance listings$0.01 bn/aValue Traded$290 m-23.6%
New debt issues$0.33 b-49.2%
Clearing House / DepositoryQ1 2018Change YoY
Secondary Capital RaisingsGross Value of Cleared Trades over period$9.4 b3.1%
Total Capital Raised By All Issuers$246 m-56.2%Collateral Held at period end$46.6 m-11.6%
Depository transactions over period6,0972.4%
Total Equity Raised - Primary Issuers$98 m-35.2%Assets under custody in depository at period end$564 m48.2%
Total Equity Raised - Dual & Secondary Issuers$27 m-87.3%Value of stock lent over period$1,280 m9.7%
Total Debt Raised$121 m-38.9%
Wholesale Data31.03.18Change YoY
Number of Capital Raising Events3715.6%Terminal Numbers - Professional*6,053-4.2%
Capital Raised < $0.5m12140.0%Terminal Numbers - Retail*1,1575.2%
Capital Raised > $0.5m < $10m1926.7%Licences - Value > $20k pa3413.3%
Capital Raised > $10m < $100m6-45.5%Licences - Value < $20k pa630.0%
Capital Raised > $100m0-100.0%
* 3 month average
Market Capitalisation31.03.18Change YoY % of GDPDirect Data Products31.03.18Change YoY
All Equity$127.6 b8.4%45.0%Proprietary Security Subscription Products4042.3%
All Debt$26.7 b1.1%9.4%- Products >= $3,000 p.a.1585.3%
- Products < $3,000 p.a.2460.4%
NZX Indices Performance31.03.18Change YoY Energy Contracts31.03.18
S&P/NZX 50 Index8,31915.6%Operating / Technology Contracts16
S&P/NZX 50 Portfolio Index5,15115.5%- Contracts < $500k p.a.12
S&P/NZX A-Grade Bond Index5,1934.7%- Contracts > = $500k p.a.4
S&P/NZX All Swap Index2044.5%
NZX LIMITED - QUARTERLY SHAREHOLDER METRICS
Q1 2018
These Shareholder Metrics represent the key features of NZX's operations in each of its core businesses. The Metrics focus on what drives the
revenue performance of NZX, so as to give a consistent and transparent comparison across time periods.

DerivativesQ1 2018Change YoY Derivatives Total Lots Traded 2016 / 2017 / 2018
Futures - Total Lots Traded49,599-23.8%
Options - Total Lots Traded
11,19531.7%
Open Interest as at 31.03.1837,453-25.5%
Funds Services
SuperLife31.03.18Change YoY
Funds Under Management - KiwiSaver$742 m16.0%
Funds Under Management - Other$1,239 m11.0%
Total$1,981 m12.8%
Smartshares31.03.18Change YoY
Funds Under Management - External$721 m34.8%
Funds Under Management - SuperLife funds$1,502 m16.2%
Total$2,223 m21.7%
Units on Issue888 m10.8%
NZX Wealth Technologies31.03.18Change YoY
Funds Under Administration$1,102 m-13.6%
Agri
Direct Data Products31.03.18Change YoY
Subscriptions - NZ Agri Data Products
3,63545.5%
Subscriptions - Australian Agri Data Products
1,5102.5%
Total Paid Advertising Page Equivalents Q1 17*
3031.8%
Notes
Renamed from Apteryx
* Total paid advertising page equivalents relates to Farmers Weekly only.
1. All operational statistics are measured at the end of the last trading day of the month. Change refers to the change since the same period last year unless otherwise stated
i.e. Change YoY is change versus the same period last year.
2. All Equity Market Capitalisation includes all securities quoted on the NZX Main Board, NZX Alternative Market, and NXT Market.
3. Market Capitalisation for the NZX Debt market is the total nominal (face) value of all quoted securities excluding New Zealand Government Stock.
4. NZX Limited wishes to remind readers that the above operational statistics and operating revenues are based on the Group's internal records, which are unaudited.
Differences may arise between this data and that disclosed in subsequent audited financial statements.
To enquire about NZX products or services, please contact: NZX Data on +64-4-471 4390
or email: data@nzx.com
To enquire about information listed on this sheet, please email productoperations@nzx.com
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NZX Limited – Quarterly Regulation Metrics
Q1 2018
These Regulation Metrics represent the key features of NZX’s activities in regulating its markets. The metrics focus
on key activities so as to provide transparency and a means of comparison across periods.

ISSUERS – KEY METRICS


Q1 2017 Q1 2018
Total announcements released 4029 3604
Trading halts at request of Issuer or NZXR¹ 8 9
Documents approved and waivers² granted to Issuers 31 36
Complaints received concerning Issuers 2 2
Price enquiries concerning Issuers 1 2
Investigations³ begun in relation to Issuers 15 23
Investigations ongoing at the end of the quarter/period in relation to Issuers 9 12

PARTICIPANTS – KEY METRICS

Waivers², Exemptions and Rulings granted to Participants 10 2
Inspections commenced
4 0
Complaints received concerning Participants 0 0
Investigations³ begun in relation to Participants 8 8
Investigations ongoing at the end of the quarter/period in relation to Participants 4 6

NZX RULES AND POLICY

Information on consultations carried out by NZX during the period can be found here. NZX is seeking feedback on
the next stage of the listing rule review. In September 2017, a discussion document commencing the first stage of
the review was released. We received extensive feedback to the first stage of the review with almost 70
submissions. NZX is also seeking feedback on transitional arrangements to the updated listing rules. Feedback is
due by 8 June 2018. NZX has released a targeted consultation paper on areas for review of its secondary market
rule settings under the participant rules. The aim of the review is to promote increased liquidity and support price
transparency. Feedback is due on the proposed changes by 5.00pm, Friday 11 May 2018. Finally, following
updates to the participant rules, the participant procedures and the derivatives market rules coming into effect on 1
December 2017, three further guidance notes have been published to accompany the updated rules. These can be
viewed here.

NOTES
The metrics are derived from NZX’s internal records.
1. Trading halts imposed routinely, for example on release of price-sensitive information or in the context of
corporate actions are excluded.
2. Details of waivers granted by NZX are released to the Market, and available on https://nzx.com/ and through
i-Search except where the decisions are confidential.
3. NZX will commence an investigation when it identifies a possible breach of rules.
To enquire about any information on this sheet, please email regulation@nzx.com