Amended NZX Half Year 2019 & Interim Report Published

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
W ellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

www.nzx.com 1 of 2
13 August 2019

NZX’s 2019 Interim Results – growth opportunities are gaining traction

NZX today announced its financial results for the six months ended 30 June 2019.
1


NZX CEO Mark Peterson commented: “We are pleased to deliver solid operating earnings
growth for the first six months of the year as the company gains traction with a number of its
growth initiatives. Momentum continues to build across the business as we increase our focus
on customers and sales.”
Key financial results:

• Total operating earnings from continuing operations of $14.4 million are 4.3% higher
than 2018;
• Net profit after tax of $6.4 million** is 45.8% higher than 2018; and
• Interim ordinary dividend, fully imputed, of 3.0 cents per share has been declared.
Business highlights

Core Markets
NZX’s revenue is showing solid growth across core markets, with the exception of secondary
markets.


There has been $7.7 billion of capital raised across NZX’s equity, debt and funds markets in the
first half of the year, which is a 73.5% increase. Overall Issuer Relationships delivered revenue
of $12.1 million, which is a 5.3% increase. NZX is looking forward to the listing of Napier Port
which is anticipated later in August 2019. The company is aware of other potential listings.

Although there was a 15.1% increase in the number of trades on NZX, the total value traded
decreased 9.7% to $18.4 billion, resulting in a 17.3% decrease in secondary markets revenue.
The company made changes to its trading and clearing pricing structure in 1 October 2018 to
facilitate increased levels of automation that trading firms are employing, which we expect to
deliver growth over time. The price changes, along with lower periodic re-weightings of NZX
stocks in large global indices, contributed to the fall in revenue.
The proportion of trading on-
market continues to increase reaching a record high of 61.1% in June 2019.


NZX was pleased to welcome Sharesies and BNP Paribas Securities as new participants to the
market. With the price changes implemented and levels of on-market trading improving, the
pipeline for new market participants is strong, as NZX seeks to connect to a wider range of
investors and capital pools.


1
Comparisons are to prior corresponding period in the 2018 financial year
‘** from continuing and discontinued operations

www.nzx.com 2 of 2

The dairy derivatives market continues to grow strongly with volume traded increasing 27.5%. It
means this business is the fastest growing dairy derivatives business globally.
The current year
has seen the highest volume trading day, week and month in the businesses’ history. A new
extended-hours trading session was introduced to capture additional volume from Asia and
Europe and more than 50% of trades have taken place in that session.

Data and Insights revenue increased 13.9% to $6.3 million. Data is an area that is growing for
many stock exchanges globally and NZX is no exception. Royalties from terminals increased
5.6% and subscription and licence revenue has grown 22.9%.

Funds Management
This business comprises Smartshares Exchange Traded Funds (ETF) and SuperLife
superannuation and KiwiSaver funds. Funds under management grew 19.4% to $3.5 billion and
member numbers increased 10.1%. Net cash inflows rose 8.1% to $174.4 million. Operating
revenue (net of fund expenses) increased 17.7%, resulting in operating earnings increasing
27.4%.

Eight new ETFs were listed which now enable New Zealanders to invest based on global
sectors, environmentally and socially responsible factors, and global bonds for the first time.
Further ETFs are planned. Smartshares is also building a presence in the Pacific. The Nauru
Superannuation Scheme has over 3,600 employees and two new funds have been established
to support retirement savings in Tonga.

Wealth Technologies
This business continues to focus on winning new customers and funds under administration
increased 86.4% to $2.1 billion. Revenue increased to $0.8 million.

Dividend
The board declared an interim ordinary dividend, fully imputed, of 3.0 cents per share which will
be paid on 13 September 2019. The dividend reinvestment plan will be available for the 2019
interim dividend at a discount rate of 1.0%.

Guidance
The board reiterates the 2019 full year guidance, NZX expects full year 2019 operating earnings
to be in the range of $28.0 million to $31.0 million. This guidance is subject to market outcomes,
particularly with respect to initial public offerings and secondary capital raising and equity and
derivatives trading volumes. It assumes no material adverse events, significant one-off
expenses or major accounting adjustments. It also assumes no further acquisitions or
divestments.

For further information, please contact:
Media
Hamish Macdonald
Head of External Relations and General
Counsel
T: 09 308 3701
M: 027 704 6377
E: hamish.macdonald@nzx.com
Investors
Graham Law
Chief Financial Officer
T: 04 498 2271
M: 029 494 2223
E: graham.law@nzx.com

---

NZX Interim
Report 2019
CONNECTING CAPITAL SO
NEW ZEALAND CAN GROW

Contents
03
Highlights
04
CEO Report
08
Spotlight on Wealth
Technologies
10
Management
Commentary
17
Financial Statements
23
Notes to the Financial
Statements
40
Auditor's Report
42
Directory
$2.1
86.4%
Funds under administration
billion
$7.7
73.5%
Capital raised (total new capital
and secondary capital raised)
billion
13.9%
Total Data & Insights revenue
19.4%
$3.5
Funds under management
billion
9.7%
$18.4 $6.3
Total value traded
billionmillion
First half results at a glance
* Operating earnings are before net finance expense, income tax, depreciation, amortisation and impairment, adjustment to provision for
earnout, gain and loss on disposal of business and property, plant and equipment.
** From continuing and discontinued operations
The 2019 deliverable targets are detailed in the management commentary section of the 2019 Interim Report
Percentage changes represent the movement from June 2018 to June 2019
27.5%
Dairy derivatives
187,610
lots traded
$14.4
4.3%
Operating earnings from
continuing operations*
million
$6.4
45.8%
Net Profit After Tax**
million
Dividend
3.0
Interim
cents per share

MOMENTUM IS BUILDING
CEO
Report
Group results at a glance
Operating earnings from
continuing operations
$14.4 million, up 4.3%
Net Profit After Tax
$6.4 million, up 45.8%
Capital raised
$7.7 billion, up 73.5%
Value traded
$18.4 billion, down 9.7%
Derivatives lots traded
187,610, up 27.5%
Data & Insights revenue
$6.3 million, up 13.9%
Funds under management
$3.5 billion, up 19.4%
Funds under administration
$2.1 billion, up 86.4%
Nau mai haere mai ki
te Paehoko o Aotearoa.
Welcome to the
2019 interim report of
New Zealand’s Exchange.
The first six months of 2019
demonstrate we remain on track and
are delivering for shareholders.
The overall performance of the
New Zealand market has been strong,
with the S&P/NZX 50 up 17.4% at the
end of June 2019. The S&P/NZX50
reached an all-time high of 10,501 in
June, which has since been surpassed.
NZX Interim Report 2019
04
NZX Interim Report 2019
05
NZX's growth opportunities
are gaining traction
Nau mai haere mai ki te Paehoko o Aoteroa.
NZX’s first half FY2019 result indicates the company
is gaining traction with a number of its growth
initiatives. Furthermore, the changes NZX has
implemented to improve market structure, rules and
pricing are progressively beginning to manifest in
improved operational metrics. As can be seen from
the first half results at a glance on page 3, the
company’s key operational metrics were generally
very positive. Equity markets were strong – the S&P/
NZ50 Gross index increased by 19.3% during the first
six months and hit an all-time high in June 2019 – the
number of trades on NZX increased by 15.1% but this
did not translate through into the value traded on NZX
which declined 9.7%. A number of factors influence
value traded, including periodic re-weightings of NZX
stocks in large global indices, so this metric can be
volatile.
In addition to the changes NZX has introduced to
improve market operations and efficiency, the
company is supporting Capital Markets 2029, an
industry-driven review aimed at removing blockages
to market growth and investor participation. NZX is
one of the key financial infrastructure providers to New
Zealand’s capital markets ecosystem and we expect
Capital Market 2029 initiatives should benefit public
markets and the company.
The company and directors remain extremely focused
on improving shareholder returns through both
revenue growth initiatives and managing costs.
F
inancial Commentary
NZX’s operating earnings from continuing operations
have increased to $14.4 million which is up 4.3% over
the same period last year. The management
commentary provides a breakdown of NZX’s financial
results by business unit.
NZX’s revenue is showing solid growth across all
business units, with the exception of Trading. This was
impacted by two factors. Firstly, as anticipated, the
changes to our fee structure in October 2018 is
facilitating increased levels of automation that trading
firms are employing. We expect this to continue
delivering growth over time as new trading firms, and
trading volumes, are attracted to NZX's markets. The
price changes also support the continued
improvement in the proportion of on-market trading.
Secondly, there was a reduction in overall traded value
over the first six months (as noted in the results at a
glance on page 3) mainly due to fewer large re-
weightings of NZX stocks in large global indices.
Operating expenses have been well managed, with
overhead costs in Corporate Services decreasing.
Expenses have risen in Funds Management to
support growth (new ETFs and investor numbers up
10.1%) and in Secondary Markets as part of meeting
NZX’s regulatory obligations to FMA.
The net result was an increase of 4.3% in operating
earnings, a pleasing result given the revenue
headwind created by the drag from lower trading
value and the changes to trading and clearing fees
made in October 2018. NZX’s amortisation charge is
rising as a result of investments in the Wealth
Technologies' platform and net finance expenses
increased due to the subordinated note (issued in
June 2018 to provide regulatory capital required to
support NZX's Clearing House operation). The
combined effect of the increases in amortisation and
net finance costs resulted in a net profit after tax from
continuing operations of $6.4 million.
D
ividend
An interim dividend of 3.0 cents per share has been
declared by the Board, fully imputed. It will be paid
on 13 September 2019. The dividend reinvestment
plan is available at a discount rate of 1%.
L
isted Issuers
The first half saw an updated market structure and
rule set introduced from 1 January with a six month
transition period. This allowed closure of the NZAX
and NXT boards on 30 June and those companies
migrated to the Main Board, simplifying markets from
both a regulatory and investor perspective. The new
rules facilitated an easier process for raising capital
and this has already been utilised by a broad range
of issuers.
The first half saw buoyant issuance, particularly for debt:

NZX Interim Report 2019
06
• 10 retail debt issues to raise $2.5 billion, including:
• 2 green bonds issued to raise $200 million
• 5 wholesale bonds totaling $1.5 billion, including:
• 1 sustainability bond for $500 million
• 8 funds, all ETFs by Smartshares (with BlackRock)
• 1 equity IPO
• secondary equity capital raised increased 32.6%
The wholesale bond issuance was made possible by
the updated market structure and rule set, an initiative
from NZX’s 2017 strategic plan. The burgeoning
retail debt market provides issuers with a credible
alternative to bank debt and this aspect of the market
is likely to see ongoing growth.
The new ETF issuance has been facilitated by a
bespoke set of rules for funds, which significantly
lowered fund listing costs. The increased range of
ETFs offers investors access to a broader range of
sectors and asset classes. Further new ETF issuance
to extend the current product range is expected.
NZX is looking forward to the listing of Napier Port
which is anticipated later in August 2019. The
company is aware of other potential listings.
NZX's long term goal is to become a diverse capital
raising centre, not just an IPO centre. There has been
$7.7 billion of capital raised across NZX’s equity, debt
and funds markets in the first half of the year. NZX
will continue to market the benefits of listing across
all product classes to support this momentum in the
second half of the year.
T
rading (Secondary Markets)
A key objective for secondary markets has been to
improve on-market liquidity to enhance market
integrity and price transparency. Pricing changes
during 2018, along with broker trading policy
amendments, were aimed at improving the proportion
of value that is traded on-market and these, along
with greater automated computer (algorithmic)
trading, are the main drivers behind the increase in the
number of trades.
The proportion of trading on-market is increasing and
it reached a record high of 61.1% of total market value
traded in the month of June 2019. This assists market
efficiency and price discovery along with providing
improved liquidity for smaller investors.
One aspect of the trading policy change required
brokers to deliver a price improvement for any
crossing below $50,000. This has succeeded with
more than 3,000 trades creating more than $140,000
in price improved outcomes for investors.
Another aspect of the changes was to make NZX’s
markets more attractive to a broader range of
participants and investors. To illustrate this, NZX was
pleased to welcome Sharesies as a trading and
clearing participant in June. We expect Sharesies will
enable wider engagement with a newer generation
of investors and service a market that is different from
that historically reached by existing brokers. BNP
Paribas Securities was accredited as a depository
participant in May. FlexTrade, an independent
software vendor, will improve NZX’s access and
connectivity options for professional traders and
brokers to both the cash and derivatives markets.
The pipeline for new market participants is strong, as
we continue to target and work with prospects that
will connect NZX to a wider range of investors and
capital pools.
Trading includes Dairy Derivatives. Volume growth
of lots traded of 27.5% means NZX’s business is the
fastest growing dairy derivatives business globally. The
current year has seen the highest volume trading day,
week and month in the businesses’ history. A new
extended-hours trading session was introduced to
capture additional volume from Asia and Europe and
more than 50% of trades have taken place in that session.
NZX has undertaken national roadshows to educate
farmers on how milk price risk can be managed, and
has created a series of videos covering derivative
concepts, along with a derivative margin calculator.
Milk price futures and options contracts were
introduced in 2016; volumes have grown 19% and
unique end users have risen 36% annually.
NZX Interim Report 2019
07
Data & Insights
The provision of market information (such as pricing,
depth, company news releases) to domestic and
international users is an important aspect of NZX’s
business. Data is an area that is growing for many
stock exchanges globally and NZX is no exception.
Royalties from terminals increased 5.6% and
subscription and licence revenue has grown 22.9%.
Funds Management
Smartshares’ funds under management grew 19.4%
to $3.5 billion and member numbers increased 10.1%.
Net cash inflows rose 8.1% to $174.4 million. Eight
new ETFs were listed late in the half enabling New
Zealanders to invest based on global sectors,
environmentally and socially responsible factors, and
global bonds for the first time. Further ETFs are planned.
Smartshares is building a presence in the Pacific. The
Nauru Superannuation Scheme has over 3,600
employees and two new funds have been established
to support retirement savings in Tonga.
The major trends that should provide future growth
in funds management are the steady move to low-
cost, passive funds and growth in KiwiSaver.
Additionally, Smartshares should gain additional
revenue growth on top of these trends as it adds
further ETF products, all subject to market
movements affecting funds under management. This
structural growth outlook for funds management will
require ongoing additional investment for product
development, distribution, staffing to manage growing
member numbers, and IT infrastructure to efficiently
service this growth.
W
ealth Technologies
Wealth Technologies is a business that now has
$2.1 billion of funds under administration. The
foundation customer is progressively moving to use
Wealth Technologies’ new platform in a phased
approach and a healthy pipeline of potential
customers exists. The platform is continually being
developed to offer further functionality and
administrative capability in order to take advantage
of the current market opportunity. This business is
highlighted further on page 8.
NZX People
NZX’s engagement level with staff continues to
improve, rising for the sixth successive survey since 2016.
The Wider Investment Community
NZX holds retail investor evenings across New
Zealand. These involve presentations from listed
issuers and are attracting increasing numbers of
attendees. NZX’s objective is to encourage awareness
of capital markets and investment options and
improve investor education. NZX has over 50,000
MyNZX subscribers to whom we regularly supply
market updates, company profiles and news about
NZX, its clients and events.
To recognise that the antecedent stock exchanges in
New Zealand – that developed into NZX – are now
over 150 years old (the first was most likely in
Dunedin in 1866) we have commissioned a book
covering the more recent history of NZX.
NZX looks forward to the release of the Capital
Markets 2029 report to determine the role NZX can
play in implementing the recommendations.
F
Y2019 Earnings Outlook
NZX’s first half results are in line with the board’s
expectations. NZX reiterates its expectation for full
year EBITDA to be in the range of $28 to $31 million.
This guidance is subject to the usual caveats around
market outcomes, particularly market capitalisation,
total capital raised, secondary market value and
derivatives volume traded and funds under
management growth, along with no material adverse
events, significant one-off expenses, major accounting
adjustments, other unforeseeable circumstances or
future acquisitions or divestments.
Mark Peterson, Chief Executive

SPOTLIGHT ON
NZX Wealth
Technologies
Wealth
Technologies
is one of NZX’s
growth engines
Wealth Technologies delivers online platform
functionality to enable New Zealand investment
advisers and providers to efficiently manage,
trade and administer their client’s assets. Wealth
Technologies provides custom built platforms for
larger organisations and a turn-key solution for
boutique organisations. Wealth Technologies also
provides a comprehensive range of web reporting
services and investment administrative services.
Wealth Technologies entered the market in 2018
with a scalable platform that offers comprehensive
functionality and a first class service offering.
This industry is ready for new solutions, and our
team is currently managing a strong sales pipeline
opportunity in excess of $40 billion in funds under
administration.
NZX Wealth Technologies’ Chief Executive Lisa Brock provides an update on the
wealth platform business and its growth over the past 18 months.
NZX Interim Report 2019
08
Our growth so far
2018 was a standout year for Wealth Technologies,
launching its core platform and developing its highly
skilled team with the on-boarding of its foundation
customer.
In 2019, we have continued to build capability to
execute new customer projects going forward.
Growth in funds under administration increased 70%
in 2018 to $1.9 billion, and in the first half of 2019
by 6% to $2.1 billion.
Our competitive advantage
The New Zealand opportunity is significant because
our platform helps to enable capital markets. The key
points of difference include:
• fully integrated New Zealand tax and sole wrap
provider offering KiwiSaver;
• solution flexibility caters to different business
models;
• technology allows for agile development; and
• strong integrated reporting functionality
allows customisation of look and feel for brand
consistency.
Our platform provides wealth managers with
significant efficiencies when maintaining, and
reporting, on their customers’ investment portfolios.
Our offering is unique in New Zealand because we
offer access to the platform via a:
• custody and operations services: we operate the
platform for our customers; or
• technology services: our customers operate the
platform, we support it.
Our growth aspirations
The funds under administration opportunity for Wealth
Technologies is significant. We estimate the total
size of the market is approximated $87 billion, which
provides plenty of potential future growth.
0
10
20
30
40
50
60
2023 target
Active pipeline
2019 FUA
High scenario 2023Low scenario 20232019 Existing and pipeline
35
42
50
$billions
Funds under administration opportunity
NZX Interim Report 2019
09

Management
Commentary
Financial results for the half year ended
30 June 2019
NZX Interim Report 2019
10
NZX Interim Report 2019
11
Overview
A breakdown of NZX’s financial results by business unit (adjusting 2018 fund expenses to be netted against
revenue for comparability - refer to footnote 3 below) is summarised in the following table:
Six months
ended 30 June
2019
$000
Issuer
Relationships
Secondary
Markets
Data &
Insights
Funds
Wealth
Technologies
Corporate
Services
1
Total
continuing
operations
Agri
(discontinued
operations)
Total
Operating
revenue12,1157,0706,3496,30583818632,863-32,863
Operating
expenses(2,667)(3,156)(927)(3,120)(1,024)(7,524)(18,418)-(18,418)
Operating
earnings
2
9,4483,9145,4223,185(186)(7,338)14,445-14,445
FTEs36.629.79.547.536.060.3219.6-219.6
Operating
margin78.0%55.4%85.4%50.5%(22.2%)N/A44.0%-44.0%
Six months
ended 30 June
2018
$000
Issuer
Relationships
Secondary
Markets
Data &
InsightsFunds
3
Wealth
Technologies
Corporate
Services
1
Total
continuing
operations
Restated
4
Agri
(discontinued
operations)
Total
Restated
4
Operating
revenue
11,5008,5465,5745,355483-31,4583,80335,261
Operating
expenses(2,544)(2,640)(850)(2,855)(1,034)(7,679)(17,602)(3,088)(20,690)
Operating
earnings
2
8,9565,9064,7242,500(551)(7,679)13,85671514,571
FTEs36.428.410.045.138.561.9220.318.5238.8
Operating
margin
77.9%69.1%84.8%46.7%(114.1%)N/A44.0%18.8%41.3%
1 Corporate Services provides legal, accounting, IT, HR and communications and marketing support to the other business units. Related costs are currently not recharged to these
businesses.
2 Operating earnings are before net finance expense, income tax, depreciation, amortisation and impairment, adjustment to provision for earnout, gain and loss on disposal of
business and property, plant and equipment.
3 The funds management operating model for Smartshare changed (October 2018) to align with SuperLife; fund expenses are now incurred by the funds and FUM based revenue is
now received net of fund expenses. Consequently June 2018 has been restated in the table above to ensure comparability of operating revenue and expenses (both restated by
$1.965m).
4 The June 2018 financial results have been restated for the adoption of the new accounting standard NZ IFRS16 Leases (operating expense restated for Wealth Technologies
$0.0576m and Corporate Services $0.582m). Refer to Note 5 in the interim financials statements).
Operating Earnings from continuing operations has increased 4.3% to $14.445 million, with:
• operating revenue increasing 4.5% to $32.863 million; and
• operating expenses increasing 4.6% to $18.418 million.
The operating revenue and operating expenses are discussed in the following pages.
The Investor Presentation (refer https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure)
provides a detailed summary of the financial results by business unit.

NZX Interim Report 2019
12
Key Metrics
The key metrics for 2019 are summarised in the table below:
External dependencies2019 deliverables2019 YTD Actual
NZX GroupOperating earnings
1
$28 - $31 million$14.4 million (up 4.3%)
Core Markets
Issuer
Relationships
Capital raised (total primary and
secondary capital issued or raised
for Equity, Funds and Debt)
• Listing ecosystem
dependent on others
• No major market
correction
$9.1 billion (average of
two prior years)
$7.7 billion (up 73.5%)
Secondary
Markets
Total value traded
• Participant activity
levels drive value traded
• No major market
correction
$41.0 billion$18.4 billion (down 9.7%)
Dairy Derivatives lots traded
• Participant activity
levels drive lots traded
0.45 million lots187,610 lots (up 27.5%)
Data & Insights
Revenue growth (in
subscriptions, licenses and dairy
subscriptions changing revenue
mix)
• Dependent on core
markets growth
License growth: 10%
Dairy subscription
product growth: 24%
Subscriptions and
license revenue growth:
22.9%
Dairy subscription
revenue growth: 2.3%
Funds
Management
Total Funds Under Management
• Investment market
returns impacts FUM (all
asset classes)
• No major market
correction
Continue three year
rolling average growth:
14%
$3.5 billion (up 19.4%)
Wealth
Technologies
Total Funds Under Administration
• Investment market
returns impacts FUA (all
asset classes)
• No major market
correction
Extending core
platform to allow for
market growth (e.g.
Phase 2 including DIMs
advisor functionality)
$2.1 billion (up 86.4%)
1 Operating earnings are from continuing operations and before net finance expense, income tax, depreciation, amortisation and impairment, adjustment to provision for earnout,
gain and loss on disposal of business and property, plant and equipment.
NZX Interim Report 2019
13
Operating Revenue
Issuer Relationships
Annual listing fees paid by NZX’s equity, debt and
fund issuers are driven by the number of listed issuers
and equity, debt and fund market capitalisations.
Annual listing fees have been positively impacted by
the growth in number and value of debt instruments,
and the growth in equity market capitalisation despite
delistings.
Primary listing fees are paid by all issuers at the time
of listing. The primary drivers of this revenue are the
number of new listings and the value of capital listed.
Primary listing fees in the period have been driven by
strong debt listings (retail and wholesale); with total
new capital listed of $4.05 billion up 140.3% on the
comparative period.
Secondary issuance fees are paid by existing issuers
when the company raises additional capital through
placements, rights issues, the exercise of options,
dividend reinvestment plans, or further debt issues.
The primary drivers for this revenue are the number
of secondary issuances and the value of secondary
capital raised. Secondary issuance fees in the period
have been driven by equity raised; with total
additional capital raised of $3.65 billion up 32.6% on
the comparative period.
Other issuer services revenue arises from time spent
by NZX Regulation reviewing listing and secondary
capital raising documents, requests for listing rule
waivers, and other significant issuer matters.
Contractual and consulting and development revenue
arises from the operation of New Zealand’s electricity
market (under a long term contract with the Electricity
Authority) and the Fonterra Shareholders' Market
(under a long term contract with Fonterra). Earning
consulting and development revenue through systems
enhancements has been a focus post completion of
the electricity market operator upgrade program in
late 2018.
Secondary Markets
Participant services revenue is charged to market
participants (broking, clearing and advisory firms) that
are accredited for NZX’s equity, debt and derivatives
markets. The total number of market participants
remained unchanged, with BNP Paribas Securities
Services Australia becoming accredited for cash
market depository services, Sharesies being accredited
as a cash trading and clearing participant, and the
consolidation of markets (i.e. NZAX and NXT into the
Main Board) resulting in the removal of NZAX
Sponsors and NXT Advisors.
Securities trading revenue comes from the execution
of trades on NZX’s equity and debt markets. Securities
clearing revenue relates to clearing and settlement
activities, and related services such as stock lending
undertaken by NZX’s subsidiary New Zealand Clearing
and Depository Corporation Limited. The largest
component is clearing fees which are based on the
value of settled transactions.
Securities trading and clearing revenue has, as
anticipated, been impacted by the fee changes
effective 1 October 2018; which were implemented
to improve market liquidity and attract new
participants, which in time will deliver growth.
Additionally the total value traded and cleared
($18.4 billion) is 9.7% lower than the comparative
period. Revenue was adversely impacted by trading
patterns which have seen large peaks across index
rebalance periods and lower turnover in-between
relative to the comparative period, resulting in:
• The trading fees cap resulting in greater uncharged
value traded; and
• The clearing fees tiered structure resulting in lower
average clearing fees.
The fee structure has been updated (from 1 July 2019)
to address these issues (e.g. trading fee cap has been
raised).
Dairy derivatives revenue relates to trading, clearing
and settlement fees for trading NZX dairy futures and
options. The fees are largely charged in USD
(reflecting the global nature of the market) per lot

NZX Interim Report 2019
14
traded. Dairy derivatives revenue increased in line
with the 27.5% growth in lots traded.
Data & Insights
Royalties from terminals relate to the provision of
capital markets data to global data resellers who
incorporate the data into their own subscription
products. Royalties from terminals increased revenue
relates to growth in terminal numbers.
Subscription and licences relate to the provision of
capital markets data to other participants in the
capital markets (e.g. non-display applications).The
subscriptions and licences revenue increase of 22.9%
relates to the growth in high value subscription and
licence numbers.
Dairy data subscriptions relate to the sale of dairy
data and analytical products. Dairy data subscription
arrangements have been renegotiated resulting in a
lower number of higher value subscriptions,generating
a 2.3% increase in revenue.
Funds Management
Funds management revenue is generated from:
• Funds under management based revenue which
relates to variable funds under management (FUM)
fees; these are now received net of fund expenses.
Fund expenses include a combination of fixed
costs (principally outsourced fund accounting and
administration costs and registry fees), and variable
costs proportionate to FUM (principally custodian
fees, trustee fees, index fees, settlement costs and
third party manager fees).
• Member based revenue which includes fixed
membership administration fees and other
member services.
FUM based revenue has only been recognised net of
fund expenses since the operating model change in
October 2018 (to align the Smartshares and SuperLife
operating models). The comparable funds FUM based
revenue has increased 23.3% driven by:
• higher average FUM over the period, arising from
a combination of market returns and positive net
cash flows ($175.4 million). FUM at 30 June 2019
has grown to $3.455 billion up 19.4% on the
comparative period; and
• fund expense efficiencies achieved through the
changed operating model and improvements to
supplier arrangements.
Investor numbers (ETFs and SuperLife) have increased
10.1% resulting in an increase in member based revenue.
Wealth Technologies
Wealth Technologies revenue is generated from
administration services provided on both the original
(OE) and new wealth management platforms, and
development fees received for part of the new
platform that is in production. The administration
service fees are based on funds under administration
(FUA) and have been driven by:
• New platform – started earning fees in November
2018 when the foundation customer transitioned
phase one to the new platform, increasing the FUA;
offset by
• OE platform – the number of customers
unchanged, however there has been a decrease in
their FUA.
FUA at 30 June 2019 has grown to $2.109 billion up
86.4% on the comparative period.
NZX Interim Report 2019
15
Operating Expenses
Personnel costs
Personnel costs are made up of:
• Salary costs (including bonuses, commissions, ACC
levies and KiwiSaver contributions); and
• Contractor and other personnel costs (including
training, recruitment and staff benefits); and
• Less capitalised labour (where employees or
contractors are engaged on capital projects).
Personnel costs have increased due to a combination
of wage inflation, short term contractor resources (e.g.
assisting with the delivery of increased energy
consulting activity) and the movement in average FTEs
arising from:
• the vacancy numbers at each period end;
• the additional strategic roles created through 2018;
including the refocus to be client centric, plus
additional FTEs to strengthen cyber security and
marketing capabilities, and address
recommendations set out in the Financial Markets
Authority Annual Market Operator Obligations
Review; and
• Smartshares additional sales resources and to on
board new business; in line with the strategic focus.
Capitalisation of internal development resources
(2019: $2.07 million; 2018: $2.06 million) primarily
relates to Wealth Technologies' core platform and
NZX's trading system upgrade.
Information Technology
Information Technology costs were made up of
software licence fees, hardware support and
maintenance fees, telecommunications and data
network costs, and IT services provided by third parties.
Efficiency gains from prior year projects (e.g. through
modernised and rationalised data centre hosting) have
been used to support further business initiatives (e.g.
increased cyber security) and produced lower costs
in the current period.
Professional Fees
Professional fees, including legal expenses, audit and
assurance costs and advisory / consultancy fees,
include those relating to:
• Smartshares investments for growth e.g. costs
associated with the SuperLife Invest unitisation,
setting up the Blackrock iShare new ETFs and the
extension of the SuperLife Pacific Series;
• the assurance programme – internal audits, energy
audits and consulting obligations under the
Electricity Authority contracts, annual conflicts
review, funds conduct risk assessment review; and
• stock lending and borrowing (SLB) costs and
terminal royalty audit fees, both vary in proportion
to their related revenues; with costs and revenues
recognised on a gross basis.
Marketing
Marketing costs relate primarily to Smartshares, and
the NZX corporate centre (which supports the core
exchange businesses). Smartshares has increased its
marketing campaigns to attract new investors/
members and is assessing its branding awareness. NZX
increased its investor relations deliverables and
broader communications and marketing efforts to
support sales.
Fund Expenditure
The fund expenses (e.g. custodian fees, trustee fees,
index fees, settlement costs and third party manager
fees) are now incurred directly by the funds since the
operating model change in October 2018.

NZX Interim Report 2019
16
Other Expenses
Other expenses relate to premises costs, insurance,
directors fees, travel, external audit costs, outsourced
payroll system, corporate memberships, statutory/
compliance costs and non recoverable GST (on the
funds management and Wealth Technologies
businesses). Other expenses have had inflationary
increases.
Capitalised overheads
The portion of all expense categories which relate to
capital activities (e.g. Wealth Technologies core
platform) has decreased slightly.
Non-operating Income and Expenses
Net finance expense comprises interest income (on
cash balances, Clearing House risk capital and
regulatory working capital), interest expenses (on the
subordinated note, loans, overdrafts and lease
liabilities), unrealised fair value gain on investment and
foreign exchange gains/(losses). Increased net finance
costs result from the subordinated notes issued on
20 June 2018.
Depreciation and amortisation expenses have
increased due to the commencement of amortisation
of the Wealth Technologies core platform from
November 2018 when the first customer migrated to
the platform.
The effective tax rate is higher than the statutory rate
of 28% due to non-deductible items.
Discontinued operations relate to the operating
results (including impairment of goodwill and
intangibles) of the non-dairy agri businesses (Farmers
Weekly, AgriHQ and the Australian based Grain
Information Unit Agreements).
NZX Interim Report 2019
17
Financial Statements
Income statement..................................................18
Statement of comprehensive income....................18
Statement of changes in equity.............................19
Statement of financial position..............................20
Statement of financial position (continued)...........21
Statement of cash flows.........................................22
Notes to the Financial Statements
1.Reporting entity and statutory base...............23
2.Segment reporting..........................................24
3.Discontinued operations.................................26
4.Assets and liabilities held for sale, impairment
and disposals..................................................26
5.Leases.............................................................28
6.Operating revenue..........................................34
7.Operating expenses........................................35
8.Net finance expense.......................................35
9.Cash and cash equivalents..............................35
10.Current investment.........................................36
11.Interest bearing liabilities................................36
12.Dividends........................................................37
13.Share based payments....................................37
14.Related party transactions..............................37
15.Contingent liabilities.......................................38
16.Subsequent events.........................................38

NZX Interim Report 2019
18The accompanying notes form an integral part of these financial statements
Income statement
For the six months ended 30 June 2019
Note
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
Restated*
$000
Audited
12 months
ended
31 Dec 2018
Restated*
$000
Operating revenue632,86333,42367,493
Operating expenses7(18,418)(19,567)(38,931)
Earnings before net finance expense, income tax, depreciation,
amortisation and impairment, adjustment to provision for earnout,
loss on disposal of businesses and property, plant and equipment
14,44513,85628,562
Net finance expense8(984)(408)(1,279)
Depreciation and amortisation expense(4,281)(3,509)(7,216)
Loss on disposal of businesses and property, plant and equipment4(91)-(1)
Impairment expense4--(352)
Adjustment to provision for earnout-1515
Profit before income tax9,0899,95419,729
Income tax expense(2,641)(3,006)(6,056)
Profit from continuing operations6,4486,94813,673
Loss from discontinued operations (net of tax)3-(2,524)(2,024)
Profit for the period6,4484,42411,649
Earnings per share
Basic (cents per share)2.41.64.3
Diluted (cents per share)2.31.64.3
Earnings per share - continuing operations
Basic (cents per share)2.42.65.1
Diluted (cents per share)2.32.65.0
Statement of comprehensive income
For the six months ended 30 June 2019
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
Restated*
$000
Audited
12 months
ended
31 Dec 2018
Restated*
$000
Profit for the period6,4484,42411,649
Other comprehensive income recognised through equity
Foreign currency translation differences(2)(125)(170)
Total other comprehensive income(2)(125)(170)
Total comprehensive income for the period6,4464,29911,479
* Restated for the adoption of the new accounting standard NZ IFRS 16 Leases, see Note 5.
NZX Interim Report 2019
The accompanying notes form an integral part of these financial statements19
Statement of changes in equity
For the six months ended 30 June 2019
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Balance at 1 January 2018, as previously reported47,45121,14712568,723
Impact of adoption of NZ IFRS 16 - Leases5-(2,104)-(2,104)
Restated balance at 1 January 201847,45119,04312566,619
Profit for the period-4,424-4,424
Foreign currency translation differences--(125)(125)
Restated total comprehensive income for the period-4,424(125)4,299
Transactions with owners recorded directly in equity:
Dividends paid12-(8,323)-(8,323)
Issue of shares283--283
Share based payments291--291
Cancellation of non-vesting shares(120)120--
Total transactions with owners recorded directly in equity454(8,203)-(7,749)
Restated unaudited closing balance at 30 June 201847,90515,264-63,169
Profit for the period-7,225-7,225
Foreign currency translation differences--(45)(45)
Restated total comprehensive income for the period-7,225(45)7,180
Transactions with owners recorded directly in equity:
Dividends paid12-(12,103)-(12,103)
Issue of shares2,918--2,918
Share based payments243--243
Total transactions with owners recorded directly in equity3,161(12,103)-(8,942)
Restated audited closing balance at 31 December 201851,06610,386(45)61,407
Profit for the period-6,448-6,448
Foreign currency translation differences--(2)(2)
Total comprehensive income for the period-6,448(2)6,446
Transactions with owners recorded directly in equity:
Dividends paid12-(8,424)-(8,424)
Issue of shares2,459--2,459
Share based payments274--274
Cancellation of non-vesting shares(72)72--
Total transactions with owners recorded directly in equity2,661(8,352)-(5,691)
Unaudited closing balance at 30 June 201953,7278,482(47)62,162

NZX Interim Report 2019
20The accompanying notes form an integral part of these financial statements
Statement of financial position
As at 30 June 2019
Note
Unaudited
30 June
2019
$000
Unaudited
30 June
2018
Restated*
$000
Audited
31 Dec 2018
Restated*
$000
Current assets
Cash and cash equivalents15,78518,30725,385
Cash and cash equivalents - restricted920,00020,00020,000
Funds held on behalf of third parties71,30989,37356,705
Current investment1083--
Receivables and prepayments22,25821,9449,217
Assets held for sale4-5,606-
Total current assets129,435155,230111,307
Non-current assets
Property, plant & equipment2,8702,1952,760
Right-of-use lease assets56,4216,6736,277
Goodwill30,22230,22230,222
Other intangible assets36,71634,33536,505
Total non-current assets76,22973,42575,764
Total assets205,664228,655187,071
Current liabilities
Funds held on behalf of third parties71,30989,37356,705
Trade payables4,4896,5083,798
Other liabilities - current15,35516,33211,683
Lease liabilities51,3901,0991,145
Current tax liability8064672,222
Liabilities held for sale4-1,05520
Total current liabilities93,349114,83475,573
* Restated for the adoption of the new accounting standard NZ IFRS 16 Leases, see Note 5.
NZX Interim Report 2019
The accompanying notes form an integral part of these financial statements21
Statement of financial position (continued)
As at 30 June 2019
Note
Unaudited
30 June
2019
$000
Unaudited
30 June
2018
Restated*
$000
Audited
31 Dec 2018
Restated*
$000
Non-current liabilities
Non-current other liabilities242109161
Lease liabilities57,8878,6408,067
Interest bearing liabilities1138,82438,77038,797
Deferred tax liability3,2003,1333,066
Total non-current liabilities50,15350,65250,091
Total liabilities143,502165,486125,664
Net assets62,16263,16961,407
Equity
Share capital53,72747,90551,066
Retained earnings8,48215,26410,386
Translation reserve(47)-(45)
Total equity attributable to shareholders62,16263,16961,407
Net tangible assets per share (cents per share)(1.75)(2.51)(1.97)
* Restated for the adoption of the new accounting standard NZ IFRS 16 Leases, see Note 5.

Approved on behalf of the Board of Directors on 12 August 2019.

J B Miller
Chair of the Board
Lindsay Wright
Chair of the Audit and
Risk Committee

NZX Interim Report 2019
22The accompanying notes form an integral part of these financial statements
Statement of cash flows
For the six months ended 30 June 2019
Note
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
Restated*
$000
Audited
12 months
ended
31 Dec 2018
Restated*
$000
Cash flows from operating activities
Receipts from customers24,69630,49573,782
Net interest paid(902)(421)(1,203)
Payments to suppliers and employees(18,720)(20,319)(42,846)
Income tax paid(3,923)(3,671)(4,800)
Net cash provided by operating activities1,1516,08424,933
Cash flows from investing activities
Lease payments received from finance leases5-98196
Net cash (paid on acquisition)/received on disposal of businesses-(9,419)(5,449)
Payments for investment10(80)--
Payments for property, plant and equipment(494)(209)(1,181)
Payments for intangible assets(3,585)(3,049)(8,204)
Net cash used in investing activities(4,159)(12,579)(14,638)
Cash flows from financing activities
Payment of lease liabilities5(608)(526)(1,053)
Loan facility cancellation11-(20,000)(20,000)
Issue of subordinated note11-40,00040,000
Transaction costs relating to subordinated note11-(1,230)(1,230)
Dividends paid12(5,984)(8,323)(17,508)
Net cash (used in)/provided by financing activities(6,592)9,921209
Net (decrease)/increase in cash and cash equivalents(9,600)3,42610,504
Cash and cash equivalents at the beginning of the year45,38534,88134,881
Cash and cash equivalents at the end of the year35,78538,30745,385
* Restated for the adoption of the new accounting standard NZ IFRS 16 Leases, see Note 5.
NZX Interim Report 2019
23
Notes to the Financial Statements
For the six months ended 30 June 2019
1. Reporting entity and statutory base
Reporting entity
The interim financial statements presented are for NZX Limited (the Company) and its subsidiaries (together
referred to as the Group) as at and for the six months ended 30 June 2019.
The Company is a for-profit entity incorporated and domiciled in New Zealand, registered under the
Companies Act 1993 and is an FMC reporting entity under the Financial Markets Conduct Act 2013 (FMCA).
The Company is listed and its ordinary shares are quoted on the NZX Main Board. The Company also has
listed debt which is quoted on the NZX Debt Market.
The Group operates New Zealand securities, derivatives and energy markets, including building and
maintaining the infrastructure on which they operate. It provides funds management services including
superannuation and exchange traded funds (ETFs), as well as building and operating wealth management
platforms for other providers. It also provides a range of information and data to support market growth and
development in the securities and dairy sectors.
B
asis of preparation
The interim financial statements have been prepared in accordance with New Zealand generally accepted
accounting practice (NZ GAAP), the requirements of the FMCA and the Main Board/Debt Market Listing Rules
of NZX Limited. The interim financial statements comply with New Zealand equivalent to International
Accounting Standards NZ IAS 34 and IAS 34 Interim Financial Reporting.
These interim financial statements do not disclose all the information required for annual financial statements
prepared in accordance with NZ IFRS. Consequently, the interim financial statements should be read in
conjunction with the financial statements and related notes included in the Annual Report for the year ended
31 December 2018.
A
ccounting policies
These interim financial statements have consistently applied the accounting policies set out in the Group's
Annual Report for the year ended 31 December 2018, except as described below.
The Group has initially adopted NZ IFRS 16
Leases from 1 January 2019. As a result, the Group has changed
its accounting policy for lease contracts as detailed in Note 5.

NZX Interim Report 2019
24
The Group has elected to adopt the full retrospective approach, which means the 2018 comparative
information has been restated. The impact of changes is disclosed in Note 5.
Accounting estimates and judgements
The key sources of estimation uncertainty have not changed from those used in preparing the annual financial
statements for the year ended 31 December 2018.
Functional and presentation currency
These interim financial statements are presented in New Zealand dollars ($), which is the Group's functional
currency, and are rounded to the nearest thousand dollars unless otherwise indicated.
Presentational changes
Certain amounts in the comparative information have been reclassified to ensure consistency with the current
period's presentation.
2. Segment reporting
The Group has five revenue generating segments, as described below, which are the Group‘s strategic
business areas, and a corporate segment which includes all costs that are shared across the organisation. The
reportable segments are:
• Issuer Relationships - provider of issuer services for current and prospective customers and market operator
for Fonterra Co-Operative Group and the Electricity Authority. For segmental reporting purposes
regulatory issuer compliance services are also included in this segment;
• Secondary Markets - provider of trading and post-trade services for securities and derivatives markets
operated by NZX, as well as the provider of a central securities depository. For segmental reporting
purposes regulatory participant compliance and surveillance services are also included in this segment;
• Data & Insights - provider of data services for securities and derivatives markets, and data and analysis for
New Zealand's dairy sector;
• Funds Management - provider of SuperLife superannuation and KiwiSaver funds, and Smartshares exchange
traded funds; and
• Wealth Technologies - funds administration provider.
The Agri segment was recognised as a discontinued operation and disposed of during 2018 (refer Note 3).
The Group’s CEO (the chief operating decision maker) reviews internal management reports for each of these
strategic areas on a regular basis. The Group’s revenue is analysed into each of the reportable segments.
Expenses incurred are allocated to the segments only if they are direct and specific expenses to one of the
segments. The remaining expenses that relate to activities shared across the group are reported in the
Corporate segment.
NZX Interim Report 2019
25
The Group's assets and liabilities are analysed into each of the revenue generating segments, apart from
those assets and liabilities that are utilised on a shared basis, which are allocated to the Corporate segment.
Segmental information for the six months ended 30 June 2019
Unaudited
Issuer
Relationships
$000
Secondary
Markets
$000
Data &
Insights
$000
Funds
$000
Wealth
Technologies
$000
Corporate
$000
Total
continuing
operations
$000
Agri
$000
Total
including
discontinued
operations
$000
Operating revenue12,1157,0706,3496,30583818632,863-32,863
Operating expenses(2,667)(3,156)(927)(3,120)(1,024)(7,524)(18,418)-(18,418)
Total segment result9,4483,9145,4223,185(186)(7,338)14,445-14,445
Segment assets26,906100,3383,74941,44512,53820,688205,664-205,664
Segment liabilities(14,491)(70,218)(875)(5,847)(314)(51,757)(143,502)-(143,502)
Net assets12,41530,1202,87435,59812,224(31,069)62,162-62,162
Restated segmental information for the six months ended 30 June 2018
Unaudited restated
Issuer
Relationships
$000
Secondary
Markets
$000
Data &
Insights
$000
Funds
$000
Wealth
Technologies
$000
Corporate
$000
Total
continuing
operations
Restated
$000
Agri
$000
Total
including
discontinued
operations
Restated
$000
Operating revenue11,5008,5465,5747,320483-33,4233,80337,226
Operating expenses(2,544)(2,640)(850)(4,820)(1,034)(7,679)(19,567)(3,088)(22,655)
Total segment result8,9565,9064,7242,500(551)(7,679)13,85671514,571
Segment assets24,694119,2344,51740,3289,13825,573223,4845,171228,655
Segment liabilities(11,613)(88,405)(791)(5,668)19(57,973)(164,431)(1,055)(165,486)
Net assets13,08130,8293,72634,6609,157(32,400)59,0534,11663,169
Restated segmental information for the twelve months ended 31 December 2018
Audited restated
Issuer
Relationships
$000
Secondary
Markets
$000
Data &
Insights
$000
Funds
$000
Wealth
Technologies
$000
Corporate
$000
Total
continuing
operations
Restated
$000
Agri
$000
Total
including
discontinued
operations
Restated
$000
Operating revenue23,56716,65311,72814,4721,073-67,4934,32971,822
Operating expenses(4,939)(5,682)(1,831)(8,786)(1,999)(15,694)(38,931)(3,483)(42,414)
Total segment result18,62810,9719,8975,686(926)(15,694)28,56284629,408
Segment assets15,10486,2483,96840,95411,26829,439186,98190187,071
Segment liabilities(8,223)(56,248)(1,174)(6,758)(705)(52,556)(125,664)-(125,664)
Net assets6,88130,0002,79434,19610,563(23,117)61,3179061,407

NZX Interim Report 2019
26
3. Discontinued operations
During 2018 management sold Farmers Weekly, AgriHQ and the Grain Information Unit, the combined
operations represented the Agri segment. The results of the Agri segment, which are recognised as
discontinued operations in the income statement, are as follows:
Note
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Total operating revenue-3,8034,329
Total operating expenses-(3,088)(3,483)
Earnings before net finance expense, income tax, depreciation,
amortisation and impairment, and gain on disposal of businesses
and property, plant and equipment
-715846
Net finance expense-(14)(32)
Gain on disposal of businesses and property, plant and equipment--9
Depreciation and amortisation expense-(189)(185)
Impairment expense4-(2,893)(2,662)
Loss before income tax-(2,381)(2,024)
Income tax expense-(143)-
Loss from discontinued operation (net of tax)-(2,524)(2,024)
The cash flows of the discontinued operations for the periods presented in the cash flow statement are as follows:
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Net cash used in operating activities-4801,122
Net cash from investing activities--4,401
-4805,523
4. Assets and liabilities held for sale, impairment and disposals
In prior periods management committed to plans to sell, and have now sold, several business units.
Accordingly the assets and liabilities of the following business units had been recognsied as held for sale in
the period up until sale:
• Farmers Weekly - sold effective 1 July 2018;
• AgriHQ - sold effective 31 August 2018;
• Australian based Grain Information Unit (GIU) - sold effective 31 August 2018; and
• FundSource - sold effective 21 June 2019.
NZX Interim Report 2019
27
a.Impairment losses
There are no impairment losses for the period ended 30 June 2019.
Impairment losses for the period ended 30 June 2018 (discontinued operations: $2,893,000) and for the year
ended 31 December 2018 (continuing operations: $352,000; discontinued operations: $2,662,000) were
recognised to write-down each business unit to the lower of carrying amount and fair value less estimated
costs to sell. The impairment losses were applied to reduce the carrying amount of goodwill and other
intangible assets.
b.Loss on disposal of business and property, plant and equipment
Unaudited
6 months
ended
30 June
2019
$000
Unaudited
6 months
ended
30 June
2018
$000
Audited
12 months
ended
31 Dec 2018
$000
(Loss) on disposal of property, plant and equipment(6)-(1)
(Loss) on disposal of business — Fundsource(85)--
(91)-(1)
During the period the Group disposed of the business and assets of FundSource.
c.Assets and liabilities held for sale
No assets or liabilities were held for sale at 30 June 2019.
As at 30 June 2018 the following assets and liabilities were held for sale:
Unaudited 30 June 2018
GIU
$000
AgriHQ
$000
Farmers
Weekly
$000
Data
Services
$000
Total
$000
Property, plant & equipment3-10-13
Goodwill891-1,4363232,650
Other intangible assets1,5794515831122,725
Receivables and prepayments112106--218
Assets held for sale2,5855572,0294355,606
Trade payables3618--54
Other liabilities56648999-1,154
Current tax liability(130)---(130)
Deferred tax liability(23)---(23)
Liabilities held for sale44950799-1,055
Net Assets held for sale2,136501,9304354,551

NZX Interim Report 2019
28
As at 31 December 2018 the following assets were held for sale:
Audited 31 December 2018
Data
Services
$000
Total
$000
Other current liabilities2020
Liabilities held for sale2020
5. Leases
On entering into a contract, the Group determines whether the contract contains a lease that conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. Determining
whether there is a right of control involves the assessment of whether the contract involves the use of an
identified asset, whether the Group has the right to obtain substantially all of the economic benefits from use
of that asset through the period of use, and whether the Group has the right to direct the use of the asset.
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The right-of-use asset is initially measured at cost net of any lease incentives received and is subsequently
depreciated using the straight-line method from the commencement date to the end of the lease term.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted at the Group’s incremental borrowing rate or the interest rate implicit in the
lease, if this can be determined. The lease liability is measured at amortised cost using the effective interest
method. It is remeasured when there is a change in future lease payments arising from a change in an index
or rate or if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option, with a corresponding adjustment made to the carrying value of the right-of-use asset.
The Group has elected not to recognise right-of-use assets and lease liabilities for short term leases (lease
term less than 12 months) or leases of low-value assets.
Detail of leases for which the Group is a lessee is presented below:
Right-of-use assets
Property
leases
$000
Other leases
$000
Total
$000
Balance at 1 January 2018 (restated)7,021477,068
Depreciation expense for the period (restated)(388)(7)(395)
Balance at 30 June 2018 (restated)6,633406,673
Depreciation expense for the period (restated)(389)(7)(396)
Balance at 31 December 2018 (restated)6,244336,277
Additions during the year-673673
Depreciation expense for the period(485)(44)(529)
Balance at 30 June 20195,7596626,421
NZX Interim Report 2019
29
Other leases includes leases of IT and office equipment.
Lease liabilities
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Maturity analysis - contractual undiscounted cash flows
Up to one year1,7841,5091,533
One to two years1,5871,5571,562
Two to five years3,6883,6453,461
More than five years3,9965,1744,586
Total undiscounted lease liabilities at period end11,05511,88511,142
Lease liabilities included in the statement of financial position at period end9,2779,7399,212
Current1,3901,0991,145
Non-current7,8878,6408,067
As a lessor
On entering into a lease as a lessor, the Group assesses whether the lease transfers to the lessee substantially
all of the risk and rewards of ownership of the underlying asset. Where such a transfer is assessed to occur, the
lease is recognised as a finance lease; otherwise it is recognised as an operating lease.
Where the Group is an intermediate lessor, its interest in the head lease and the sub-lease are accounted for
separately, with the sublease classification assessed with reference to the right-to-use asset arising from the
head lease.
The Group recognises lease payments received under operating leases as income on a straight-line basis over
the lease term as part of other corporate revenue.
The Group sub-leases part of one of its property leases. The current sub-lease is for a short term period and
therefore does not transfer substantially all of the risks and rewards of the underlying asset and has been
classified as an operating lease accordingly. A maturity analysis of operating lease payments, showing the
undiscounted lease payments to be received after the reporting date is set out below:
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Maturity analysis - contractual undiscounted cash flows
Up to one year69--
One to two years---
Total undiscounted lease liabilities at period end69--

NZX Interim Report 2019
30
Prior property sub-leases had longer terms, and were assessed as finance leases. The following table sets out
a maturity analysis of finance lease receivables, showing the undiscounted lease payments to be received
after the reporting period:
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Maturity analysis - contractual undiscounted cash flows
Up to one year-102-
One to two years---
Total undiscounted lease payments receivable-102-
Unearned finance income-(4)-
Net investment in the lease-98-
Impact of initial application on financial statements
The Group has undertaken an assessment of existing operating leases on initial application of NZ IFRS 16
Leases and determined that property leases and certain IT and office equipment leases meet the right-of-use
definitions.The Group has elected to adopt the full retrospective approach, and the 2018 comparative
information has therefore been restated. The Group has recognised the cumulative historic effect of initially
applying the standard as an adjustment to equity as at 1 January 2018.
The Group has recognised leases subject to NZ IFRS 16 in the Statement of Financial Position through
recognising a right-to-use asset and a corresponding lease liability. This has resulted in changes to the Income
Statement, recognising an interest expense as the liability is unwound over the term of the lease and
depreciation of the right of use asset (over the remaining term of the lease). These expenses replace the
previous reported operating rental expense in the restated financial statements.
The following tables summarise the impacts of adopting IFRS 16 on the Group's consolidated financial statements:
NZX Interim Report 2019
31
Statement of financial position
30 June 201831 December 2018
$000
Previously
reportedAdjustmentsRestated
Previously
reportedAdjustmentsRestated
Right-of-use lease assets-6,6736,673-6,2776,277
Receivables and prepayments21,8469821,9449,217-9,217
Others assets200,038-200,038171,577-171,577
Total assets221,8846,771228,655180,7946,277187,071
Lease liabilities - current-1,0991,099-1,1451,145
Lease liabilities - non-current-8,6408,640-8,0678,067
Deferred tax liability3,945(812)3,1333,873(807)3,066
Other liabilities152,681(67)152,614113,439(53)113,386
Total liabilities156,6268,860165,486117,3128,352125,664
Net assets65,258(2,089)63,16963,482(2,075)61,407
Retained earnings17,353(2,089)15,26412,461(2,075)10,386
Other47,905-47,90551,021-51,021
Net equity attributable to
shareholders
65,258(2,089)63,16963,482(2,075)61,407

NZX Interim Report 2019
32
Income statement and Other Comprehensive Income
30 June 201831 December 2018
$000
Previously
reportedAdjustmentsRestated
Previously
reportedAdjustmentsRestated
Operating revenue33,423-33,42367,493-67,493
Operating expenses(20,206)639(19,567)(40,210)1,279(38,931)
Earnings before net finance
expense, income tax, depreciation,
amortisation and impairment,
adjustment to provision for earnout,
loss on disposal of businesses and
property, plant and equipment
13,21763913,85627,2831,27928,562
Net finance expense(184)(224)(408)(831)(448)(1,279)
Loss on disposal of businesses and
property, plant and equipment
---(1)-(1)
Depreciation and amortisation
expense
(3,114)(395)(3,509)(6,425)(791)(7,216)
Impairment expense---(352)-(352)
Adjustment to provision for earnout15-1515-15
Profit before income tax9,934209,95419,6894019,729
Income tax expense(3,001)(5)(3,006)(6,045)(11)(6,056)
Profit from continuing operation6,933156,94813,6442913,673
Loss from discontinued operations
(net of tax)(2,524)-(2,524)(2,024)-(2,024)
Profit for the Period4,409154,42411,6202911,649
Total other comprehensive income(125)-(125)(170)-(170)
Total comprehensive income for the
period4,284154,29911,4502911,479
NZX Interim Report 2019
33
Statement of cash flows
30 June 201831 December 2018
$000
Previously
reportedAdjustmentsRestated
Previously
reportedAdjustmentsRestated
Cash flows from operating activities
Payments to suppliers and employees(20,957)638(20,319)(44,124)1,278(42,846)
Net interest paid(211)(210)(421)(782)(421)(1,203)
Other cash flows from operating
activities26,824-26,82468,982-68,982
Net cash provided by operating
activities5,6564286,08424,07685724,933
Cash flows from investing activities
Lease payments received from finance
leases-9898-196196
Other cash flows from investing
activities(12,677)-(12,677)(14,834)-(14,834)
Net cash used in investing activities(12,677)98(12,579)(14,834)196(14,638)
Cash flows from financing activities
Payment of lease liabilities-(526)(526)-(1,053)(1,053)
Other cash flows from financing
activities10,447-10,4471,262-1,262
Net cash provided by/(used in)
financing activities10,447(526)9,9211,262(1,053)209
Net increase in cash and cash
equivalents3,426-3,42610,504-10,504
There is no material impact on the Group's basic or diluted earnings per share for the six months ended 30 June
2018 or year ended 31 December 2018.

NZX Interim Report 2019
34
6. Operating revenue
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Listing fees7,0666,67413,720
Other issuer services223313774
Market operations4,8264,5139,073
Total Issuer Relationships revenue12,11511,50023,567
Participant services1,8511,9353,915
Securities trading1,7632,9625,311
Securities clearing2,7133,1056,032
Dairy derivatives7435441,395
Total Secondary Markets revenue7,0708,54616,653
Securities information5,9985,23110,991
Dairy data subscriptions351343737
Total Data & Insights revenue6,3495,57411,728
Funds Management revenue6,3057,32014,472
Wealth Technologies revenue8384831,073
Other Corporate revenue186--
Total operating revenue32,86333,42367,493
Effective 1 October 2018, the funds management operating model for Smartshares changed to align with
SuperLife resulting in FUM based revenue now being received net of fund expenses (refer to Note 7).
NZX Interim Report 2019
35
7. Operating expenses
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
Restated
$000
Audited
12 months
ended
31 Dec 2018
Restated
$000
Operating expenses
Gross personnel costs(14,302)(13,625)(27,321)
Less capitalised labour2,0702,0654,376
Personnel costs(12,232)(11,560)(22,945)
Information technology(3,456)(3,702)(7,336)
Professional fees(1,009)(936)(2,239)
Marketing(421)(205)(532)
Funds expenditure-(1,965)(2,934)
Other expenses(1,714)(1,694)(4,025)
Capitalised overheads4144951,080
Total operating expenses(18,418)(19,567)(38,931)
Effective 1 October 2018, the funds management operating model for Smartshares changed to align with
SuperLife resulting in FUM based revenue now being received net of fund expenses (refer to Note 6).
8. Net finance expense
Note
Unaudited
6 months
ended
30 June
2019
$000
Unaudited
6 months
ended
30 June
2018
Restated
$000
Audited
12 months
ended
31 Dec 2018
Restated
$000
Interest income500382986
Interest on lease liabilities(200)(215)(429)
Other interest expense(1,237)(608)(1,867)
Unrealised fair value gain on investment103--
Net gain/(loss) on foreign exchange(50)3331
Net finance expense(984)(408)(1,279)
A subordinated note was issued in June 2018 resulting in an increase to interest expense (refer to Note 11).
9. Cash and cash equivalents
The restricted cash and cash equivalents balance relates to Clearing House balances held for risk capital
purposes and are not available for general cash management use by the Group.

NZX Interim Report 2019
36
10. Current investment
During the period the Group has invested $80,000 as short term seed capital for the 8 new ETF's launched
by Smartshares in June 2019.
This investment has been classified as a financial asset at fair value with changes in fair value being recognised
through profit and loss. The investment has been revalued based on quote prices on the NZX Main Board as
at 30 June 2019 and a fair value gain of $3,000.
11. Interest bearing liabilities
Unaudited
as at
30 June 2019
$000
Unaudited
as at
30 June 2018
$000
Audited
as at
31 Dec 2018
$000
Subordinated note40,00040,00040,000
Capitalised borrowing costs(1,176)(1,230)(1,203)
Net interest bearing liabilities38,82438,77038,797
a.Subordinated notes
On 20 June 2018 NZX raised $40 million through a subordinated note issue. The terms of the subordinated
note offer are set out in the Group's Annual Report for the year ended 31 December 2018 and include a
financial covenant that has been met throughout the period.
The subordinated note is measured at amortised cost using the effective interest method, as required by NZ
IFRS 9.
b.Bank overdraft and revolving credit facilities
The Group has access to an overdraft facility with a limit of $5.0 million (30 June 2018: $5.0 million, 31 December
2018: $5.0 million). The effective interest rate of the facility at 30 June 2019 was 4.14% (30 June 2018: 4.43%,
31 December 2018: 4.28%).
The Group also has a revolving credit facility with a limit of $5.0 million. No amount was drawn down at 30 June
2019 (none at 30 June 2018 and 31 December 2018).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2018.
Both facilities are unsecured and contain financial covenants which have been met throughout the period.
NZX Interim Report 2019
37
12. Dividends
Unaudited
6 months ended
30 June 2019
Unaudited
6 months ended
30 June 2018
Audited
12 months ended
31 Dec 2018
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and
paid
March 2018 - Final31 Dec 173.108,3233.108,323
September 2018 -Interim31 Dec 183.008,069
September 2018 - Special31 Dec 181.504,034
March 201931 Dec 183.108,424
Total dividends paid
during the year
3.108,4243.108,3237.6020,426
Refer to note 16 for details of the 2019 interim dividend.
13. Share based payments
During the period, there were no changes in the CEO Long Term Incentive Plan.
Shares that were issued, transferred to NZX employees or redeemed under the NZX Limited employee share
plan - Team and Results, and rights that were issued or redeemed under the NZX Employee Long Term
Incentive Plan during the period were on terms consistent with the prior period.
During the period $1,000 worth of NZX ordinary shares (gross) were issued to new employees to encourage
staff engagement and shareholder alignment.
14. Related party transactions
a.Transactions with key management personnel
Key management personnel comprises the Group’s senior management team. Key management personnel
compensation comprised the following:
Unaudited
6 months
ended
30 June 2019
$000
Unaudited
6 months
ended
30 June 2018
$000
Audited
12 months
ended
31 Dec 2018
$000
Short-term employee benefits2,3741,9124,047
Long-term employee benefits8178161
Share-based payments143158239
2,5982,1484,447

NZX Interim Report 2019
38
b. Transactions with directors and other entities NZX directors are associated with
The Company regularly enters into transactions under normal commercial terms and conditions with other
entities that some NZX directors may sit on the board of or are employed by.
Directors fees for the six month period to 30 June 2019 were $194,000 (30 June 2018: $208,000, 31 December
2018: $399,000) and have been included in other expenses.
c.Transactions with managed funds
Management fees are received from the funds managed by wholly owned subsidiary Smartshares Limited and
are shown in the Income Statement as funds management revenue.
In addition Smartshares Limited has invested $80,000 as short term seed capital for the 8 new ETF's launched
in June 2019.
15. Contingent liabilities
In the normal course of business the company may be subject to actual or possible claims and court
proceedings. There are no contingent liabilities as at 30 June 2019 (none at 30 June 2018 and 31 December
2018).
16. Subsequent events
Dividend
Subsequent to balance date the Board declared an interim dividend of 3.00 cents per share (fully imputed),
to be paid on 13 September 2019 (with a record date of 30 August 2019).
NZX Interim Report 2019
39

© 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member
firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Independent Review
Report
To the shareholders of NZX Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the interim consolidated
financial statements on pages 18 to 38 do not:
i. present, in all material respects the Group’s
financial position as at 30 June 2019 and its
financial performance and cash flows for the 6
month period ended on that date and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position as
at 30 June 2019;
— the consolidated income statement, statements of
other comprehensive income, changes in equity and
cash flows for the 6 month period then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance engagement. The auditor
performs procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of
the annual financial statements.
Our firm has also provided other services to the group in relation to regulatory assurance. Subject to certain restrictions,
partners and employees of our firm may also deal with the group on normal terms within the ordinary course of trading
activities of the business of the group. These matters have not impaired our independence as reviewer of the group. The
firm has no other relationship with, or interest in, the group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we might state to
the shareholders those matters we are required to state to them in the Independent Review Report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
shareholders as a body for our review work, this report, or any of the opinions we have formed.
NZX Interim Report 2019
40







Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ IAS 34
Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial statements that is
free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless they either intend to liquidate or to cease operations,
or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated financial
statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We conducted our
review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything has come to our attention
that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with
NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand). Accordingly we do not express an audit opinion on these interim
consolidated financial statements.
This description forms part of our Independent Review Report.

KPMG
Wellington
12 August 2019


NZX Interim Report 2019
41

NZX Interim Report 2019
42
Directory
Registered office
NZX Limited
Level 1, NZX Centre 11 Cable Street
PO Box 2959
Wellington
Tel: +64 4 472 7599
info@nzx.com
www.nzxgroup.com
Auditors
KPMG
10 Customhouse Quay
Wellington
Tel: +64 4 816 4500

Board of Directors
Frank Aldridge
Nigel Babbage
Richard Bodman
Elaine Campbell
Jon Macdonald
John McMahon
James Miller (Chair)
Lindsay Wright (Lead Independent Director)
Future Director
Anna Scott
Share registry
Link Market Services Limited
Level 8, 80 Queen Street
PO Box 91976
Auckland 1142
Investor Enquiries +64 9 375 5998
enquiries@linkmarketservices.co.nz
www.linkmarketservices.co.nz
NZX Interim Report 2019
43

---

NZX HALF YEAR 2019 RESULTS
INVESTOR PRESENTATION
13 AUGUST 2019
Connecting capital so
New Zealand can grow

Today’sagenda
Highlights from
the first half
NZX HALF YEAR 2019 RESULTS
2
Importantnotice
This full year investor presentation should be read in
conjunction with the financial statements in the 2019
interim report, which provides additional information on
many areas covered in this presentation.
This presentation contains forward looking information,
statements and targets. These reflect our current
assumptions, which are subject to market outcomes,
particularly with respect to market capitalisation, total capital
raised, secondary market value and derivatives volumes
traded, and funds undermanagement growth.
Additionally they assume no material adverse events,
significant one-off expenses, major accounting adjustments,
other unforeseeable circumstances, or future acquisitions or
divestments.
Actual outcomes could be materially different. W e give no
warranty or representation as to our future performance
(financial or otherwise) or any future matter. Except as
required by law or NZX listing rules, we are not obliged to
update this presentation after its release.
Financial
performance
AppendicesQuestions

Highlights from the first half
NZX HALF YEAR 2019 RESULTS
3

First half results at a glance
NZX HALF YEAR 2019 RESULTS
4
* Operating earnings are before net finance expense, income tax, depreciation, amortisation and impairment, adjustment to provision for earnout, gain and loss on disposal of business and property, plant and equipment.
**From continuing and discontinued operations
The 2019 deliverable targets are detailed in the management commentary section of the 2019 Interim Report
Percentagechanges represent the movement from June 2018 to June 2019

Growth drivers are starting to gain traction.
Proof points are...
IN 2018 WE FOCUSED ON REMOVING BLOCKAGES TO GROWTH, IN 2019 IT IS ABOUT DELIVERING ON THE PROOF POINTS
NZX HALF YEAR 2019 RESULTS
5
Customer engagement
•Focus on customers across all products, aligned customer service proposition with other areas of NZX
•Held 6 retail investor evenings, and enhanced communications, to showcase current customers and the benefits of listing on NZX
Framework
•Implemented revisedmarket structure and rule set, supporting customer transition to new rules
•Positioning to secure new revenue opportunities in the energy and emissions markets
•Awaiting the Capital Markets 2029 report to determine the role NZX can play in implementing the recommendations
Product suite
•Introduction of new products, including wholesale debt, with $1.5 billion listed in H1-19
•New rules allow for simplified listing of fund securities, 8 new funds listed in H1-19
Issuer Relationships
Capital raised YTD
$7.7 billion (2019 FY
target $9.1 billion)
Secondary Markets
Total value traded YTD
$18.4 billion (2019 FY
target $41.0 billion)
Marketing the market &
participation
•Focuson customers, embedded relationship management programme for participants and institutional investors
•Growing trading, clearing and depository participant numbers (e.g. BNP Paribas Securities Services Australia and Sharesiesaccredited).
Strong pipeline building
Increase on-market
liquidity
•Record on-market trading activity in June 2019 at 61.1% for the month of June 2019
•Price improved crossings generated over $150K benefit for investors
Functionality
•Optimised NZX fees architecture (new fees effective 1 July 2019)
•Engaged with market for input on trading tools and system upgrade commenced in 2019, target for delivering in 2020
•SW IFT upgrade completed to enhance service for depository business and achieve global best practise
Commercial
•Moving revenue mix from relianc e on terminal royalties to recurring revenue products (e.g. licenses)
•Capturing new revenue opportunities associated with changes in trading behaviours
Insights
•Continued delivery of internal business insights to support core markets growth
•Delivery of deep insights into dairy market with focus on New Zealand milk production
•Exploring further growth opportunities for deeper insight into core markets
Platform
•Continued work with IT function to ensure database management architecture is fit for purpose
•Delivered subscription management platform and implementing customer relationship management platform
•Delivery of first components of proprietary data platform (e.g. website widgets)
Data & Insights
Subscription & Licence
growth YTD 22.9%
(2019 FY target 10%)
Dairy subscription
growth YTD 2.3%
(2019 FY target 24%)

Growth drivers are starting to gain traction.
Proof points are...
IN 2018 WE FOCUSED ON REMOVING BLOCKAGES TO GROWTH, IN 2019 IT IS ABOUT DELIVERING ON THE PROOF POINTS
NZX HALF YEAR 2019 RESULTS
6
Expand global access
•Undertaking review of derivatives market rules and market hours, changes to be implemented in H2-19
Boost sales and
marketing
•Transformed online offering – charting, margin calculator, investor videos
•Building industry reach globally via untouched trading regions and with key domestic partners
Extend product set
•Exploring partnerships to improve participation
Dairy Derivatives
Lots traded YTD 187,610
growth YTD 27.5% (2019
FY target: 400,000 –
500,000 lots)
Smartshares
FUM growth YTD 19.4%
(2019 FY target 14%)
Wealth Technologies
(2019 FY target: win
significant new customer)
Lead in systematic
investment management
•Investment team in place with the hiring of a Chief Investment Officer
•Launched eight new ETFs including first thematic funds
•Brands refresh progressing for launch in H2-19
Expand offer for
institutional investors
•Built institutional investor client service offering and sales capability
•First institutional investor reporting delivered
Develop financial well-
being for customers
•Cross-selling KiwiSaverwith voluntary savings. 19 investor seminars in 2019 YTD
Develop Corporate Super
Master Trust
•Three corporate superannuation scheme wins in H1-19 (including extending the SuperLifePacific Series to other pacific nations)
•Building employer relationships and brand. Improve service quality, automation and cost efficiency
Accelerate growth
•Continuing to explore inorganic opportunities to accelerate growth
Grow customer pipeline
•Foundation client preparing for phase two
•Managing prospective customer pipeline, embedded sales culture
•Transition current customers to new platform dependent on timing of prospective new clients
Widen platform offering
•Extending core platform to facilitate future growth opportunities (e.g. DIMs functionality)
Efficiency improvements
to fund investment for
growth
•Continuing the automation of operational processes and further progression on IT infrastructure programme
•Reinvesting efficiency savings into revenue growing activities and system enhancements

Our people are critical to our delivery
NZX HALF YEAR 2019 RESULTS
7
Culture & Engagement
•Engagement of our staff continues to
climb, with a sixth successive
increase in our latest survey
•NZX now ranks in the top half of New
Zealand companies for staff
engagement (in Gallup’s survey)
•Strong focus on values and
performance is driving collaboration
across functions
•Performance culture is being
supported by a new performance
management system
Resourcing
•Continued focus on making
operational teams more efficient and
automating processes
•Continued progress in reallocating
resources to customer-facing roles
•Resourcing in progress will lift
capability in value-creating roles in H2
Diversity & Inclusion
•Diversity & Inclusion objectives for
2019 focus on attracting and
measuring a diverse recruitment
pipeline; exploring engagement by
ethnicity; and expanding the reach of
our unconscious bias training
•Inclusion is also shown by similar
levels of engagement between
employees by age or gender
WE HAVE TRANSFORMED OUR CULTURE AND BUILT A REPUTATION THAT IS OUTWARD ORIENTED
AND CUSTOMER CENTRIC. IN 2019 WE ARE STRENGTHENING OUR SALES AND MARKETING

Financial performance
NZX HALF YEAR 2019 RESULTS
8

Income Statement
Operating Earnings from continuing operations are 4.3% higher than
2018.
The decreases in operating revenue and operating expenses are primarily
driven by Smartshares’ FUM based revenue which is now received net of
fund expenses (since the operating model change in October 2018). The
comparable movements (with fund expenses netted against revenue in
both periods – refer slide 12) is:
•operating revenue increasing 4.5%; and
•operating expenses increasing 4.6%
The operating earnings from continuing operations are discussed in detail
on the following slides.
Non-operating expenses have changed by factors foreshadowed at our
FY18 full year results, including:
•net finance expenses increased due to subordinated note interest; and
•amortisation expenses increased due to commencement of
amortisation of Wealth Technologies core platform.
Net Profit After Tax is higher due to the prior year including the disposal of
non core businesses (i.e. discontinued operations) and the increase in
non-operating expenses noted above.
NZX HALF YEAR 2019 RESULTS
9
The June 2018 Income Statement has been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.
Consequently operating lease expenses (i.e. property leases) have been reclassified to a ‘right of use asset’ (which is
depreciated i.e. depreciation expense) and a lease liability (which includes an interest unwind i.e. interest expense). Referto
the financial statements in the Interim Report for details
June 2019
$000
June 2018
$000
Change
Fav/(unfav)
Operating revenue
32,863
33,423 (1.7%)
Operating expenses
(18,418)(19,567)
5.9%
Operating earnings
14,445
13,856 4.3%
Net finance expense
(984)(408)
(141.2%)
Loss on disposal of business and property, plant
and equipment
(91)-
N/A
Depreciation and amortisationexpense
(4,281)(3,509)
(22.0%)
Adjustment to provision for earnout
-
15 (100.0%)
Incometax expense
(2,641)(3,006)
12.1%
Profit from continuing operation
6,448
6,948 (7.2%)
Loss from discontinued operations (net of tax)
-(2,524)
100.0%
Profit for the period
6,448
4,424 45.8%
Operating margin from continuing operation
44.0%41.5%
6.0%

Operating earnings from continuing operations
of $14.4 million (2018: $13.9 million)
NZX HALF YEAR 2019 RESULTS
10
Total operating earnings from
continuing operations $14.4
million (2018: $13.9 million)
Operating Margin has improved
to 44.0% (2018: 41.5%). The
increase is due to funds
management revenue is now
being received net of fund
expenses (refer to slide 12)
FOCUS WAS ON IMPLEMENTING THE INITIAL STAGES OF OUR FIVE-YEAR STR AT EG Y
All prior years operatingearnings have been restated for the adoption of the new accounting standard NZ IFRS 16 Leases
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
$-
$2,000,000
$4,000,000
$6,000,000
$8,000,000
$10,000,000
$12,000,000
$14,000,000
$16,000,000
2013 H12014 H12015 H12016 H12017 H12018 H12019 H1
Operating earnings (LHS) Operating margin (RHS)

8,000
10,000
12,000
14,000
16,000
2018 HY
Operating
Earnings
Listing Fees
(Annual,
Primary,
Secondary)
Consulting &
Development
Trading /
Clearing
Fees
Dairy
Derivatives
Data &
Insights
Funds
Management
(net of Fund
Costs)
Wealth
Technologies
Personnel
costs (net)
IT costsProfessional
fees
MarketingOther
expenses
2019 HY
Operating
Earnings
Expenses
Revenue
Operating earnings (from continuing
operations) waterfall
NZX HALF YEAR 2019 RESULTS
11
A high level summary of operating earnings from continuing operations:
•Revenue movements due to an increase in listing fees, consulting, funds management (net of fund expenses), dairy derivatives anddata revenues, partially offset by decreases in trading and clearing fees; and
•Expense movements include a reduction in IT offset by additional personnel and marketing costs
$000

Operating earnings (from continuing operations)
The Funds Management operating model for Smartshares changed
in October 2018 to align with SuperLife. Fund expenses are now
incurred directly by the funds and funds management revenue is
now received net of fund expenses. The following table restates
June 2018 to ensure comparability of operating revenue and
operating expenses:
The Group’s revenue and expenses are discussed in the following
slides
NZX HALF YEAR 2019 RESULTS
12
June 2019
$000
June 2018
$000
Change
Fav/(unfav)
Operating revenue
Issuer Relationships
12,115 11,500 5.3%
Secondary Markets
7,070 8,546 (17.3%)
Data & Insights
6,349 5,574 13.9%
Funds Management
6,305 7,320 (13.9%)
Wealth Technologies
838 483 73.5%
Corporate
186 -N/A
Total operating revenue (continuing operations)
32,863 33,423 (1.7%)
Operating expenses
Gross personnel costs
(14,302)
(13,625)(5.0%)
Less capitalised labour
2,070 2,065 0.2%
Personnel costs
(12,232)
(11,560)(5.8%)
Information technology
(3,456)
(3,702)6.6%
Professional fees
(1,009)
(936)(7.8%)
Marketing
(421)
(205)(105.4%)
Funds expenditure
-
(1,965)100.0%
Other expenses
(1,714)
(1,694)(1.2%)
Capitalisedoverheads
414 495 (16.4%)
Total operating expenses (continuing operations)
(18,418)(19,567)5.9%
Operating earnings(continuing operations)
14,445 13,856 4.3%
June 2019
$000
June 2018
$000
Change
Fav/(unfav)
Total operating revenue (continuing operations)32,86333,423
Less fund expenses-(1,965)
Total operating revenue (net of fund expenses)
32,86331,4584.5%
Total operating expenses (continuing operations)
(18,418)(19,567)
Less fund expenses-(1,965)
Total operating expenses (net of fund expenses)
(18,418)(17,602)(4.6%)
Operating earnings(continuing operations)
14,445
13,856 4.3%
The June 2018 Operating Earnings has been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.

Operating earnings (from continuing operations)
Issuer Relationships:
•Annual listing fees have been positively impacted by the
growth in number and value of debt instruments, and the
growth in equity market capitalisationdespite delistings.
Primary listing fees driven by strong debt listings (retail and
wholesale). Secondary issuance fees driven by equity
raised; and
•Earning consulting and development revenue through
systems enhancements has been a focus post completion
of the electricity market operator upgrade program in late
2018
Secondary Markets:
•Securities trading and clearing revenue has, as anticipated,
been impacted by the fee changes effective 1 October 2018;
which were implemented to improve market liquidity and
attract new participants, which in time will deliver growth.
Additionally the total value traded and cleared is 9.7% lower,
and revenue was also adversely impacted by trading
patterns which have seen large peaks across index
rebalance periods and lower turnover in-between, resulting
in:
–The trading fees cap resulting in greater uncharged
value traded; and
–The clearing fees tiered structure resulting in lower
average clearing fees
The fee structure has been updated (from 1 July 2019) to
address these issues (e.g. trading fee cap has been raised)
•Dairy derivatives revenue increased with growth in lots
traded (27.5%)
Data & Insights:
•Royalties from terminal revenue increase relates to growth
in terminal numbers;
•Subscriptions and licencesrevenue increase relates to the
growth in high value subscriptions and licencesnumbers;
and
•Dairy data subscription arrangements have been
renegotiated resulting in a lower number of higher value
subscriptions and generating an increase in revenue.
Funds Management
•FUM based revenue is recognisednet of fund expenses
(since the operating model change in October 2018). The
comparable funds FUM based revenue has increased
23.3% driven by:
–higher average FUM over the period, arising from a
combination of market returns and positive net cash
flows ($175.4m); and
–fund expenses efficiencies achieved through the
changed operating model and improvements to supplier
arrangements.
•Member based revenue has increased as investor numbers
increase over the period by 10.1%
Wealth Technologies
•Administration (FUA based) fees driven by:
–New platform – started earning fees in November 2018
when the foundation customer transitioned phase one
to new platform, increasing the FUA; off set by
–OE platform – number of customers unchanged,
however there has been a decrease in their FUA
Corporate Services
•Other corporate revenue primarily relates to the short term
sub lease of part of the Wellington premises and NZX.com
advertising revenue
NZX HALF YEAR 2019 RESULTS
13
OPERATING REVENUE

NZX HALF YEAR 2019 RESULTS
14
Operating earnings (from continuing operations)
Personnel costs
•Personnel costs are driven by the average FTEs in the
period and the capitalisationof internal development
resources
•Personnel costs have increased due to a combination of
wage inflation, short term contractor resources (e.g.
assisting with the delivery of increased energy consulting
activity) and the movement in average FTEsarising from:
–movements in vacancy numbers at period end;
–The additional strategic roles created through 2018;
including the refocus to be client centric and additional
FTEs to strengthen cyber security and marketing
capabilities, and address recommendations set out in
the Financial Markets Authority Annual Market Operator
Obligations Review; and
–Smartsharesadditional sales resources and to on
board new business in line with the strategic focus
•Capitalisationof internal development resources (2019:
$2.07 million; 2018: $2.06 million) primarily relates to Wealth
Technologies' core platform and NZX’s trading system
upgrade
Information Technology
•IT costs are lower than the comparable period due to the
efficiency impacts from prior year projects (e.g. through
modernisedand rationaliseddata centrehosting)
Marketing
•Marketing costs increases relate to an enhanced investor
relations programme(to support strategic initiative to market
the market domestically) and increased marketing of funds
management products (including a branding assessment)
Professional Fees
•Professional fees include those relating to:
–Smartsharesinvestments for growth e.g. SuperLife
Invest unitization, setting up the Blackrock iSharenew
ETFs, extension of the SuperLifePacific Series;
–the assurance programme– internal audits, energy
audits and consulting obligations under the Electricity
Authority contracts, annual conflicts review, funds
conduct risk assessment review; and
–stock lending and borrowing (SLB) costs and terminal
royalty audit fees both vary in proportion to their related
revenues; with costs and revenues recognisedon a
gross basis
Fund Expenditure
•The fund expenses are now incurred directly by the funds
since the operating model change in October 2018.
Other Expenses
•Other expenses have had inflationary increases; these costs
relate to premises costs, insurance, directors fees, travel,
external audit costs, outsourced payroll system, corporate
memberships, statutory/compliance costs and non
recoverable GST (on the funds management and Wealth
Technologies businesses)
Capitalised overheads
•The portion of all expense categories which relate to capital
activities (e.g. Wealth Technologies core platform) has
decreased slightly
OPERATING EXPENSES

Non-operating income and expenses
•Increased net finance costs result from the Subordinated notes
issued on 20 June 2018
–interest income on cash balances, Clearing House risk capital
and regulatory working capital
–interest expenses on the subordinated notes, loans,
overdrafts, lease liabilities and earn out
•Amortisationincreased due to the commencement of
amortisationof the Wealth Technologies core platform from
November 2018 when first customer migrated to the platform.
•Effective tax rate is higher than statutory rate of 28% due to non-
deductible items.
•Discontinued operations relate to operating results (including
impairment of goodwill and intangibles) of the agribusinesses
(Farmers Weekly, AgriHQand the Australian based Grain
Information Unit)
NZX HALF YEAR 2019 RESULTS
15
The June 2018 Other Income and Expenses has been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.
June 2019
$000
June 2018
$000
Change
Fav/(unfav)
Interest income
500 382 30.9%
Other interest expense
(1,237)
(608)(103.5%)
Interest onlease liabilities
(200)
(215)7.0%
Unrealisedgain on investment
3 -N/A
Net gain/(loss) on foreign exchange
(50)
33 (251.5%)
Net finance expense
(984)
(408)(141.2%)
Depreciation of PP&E
(379)
(257)(47.5%)
Amortisationof lease assets
(529)
(395)(33.9%)
Amortisation of other intangibles
(3,373)
(2,857)(18.1%)
Total depreciation and amortisation
(4,281)
(3,509)(22.0%)
Loss on disposal of business and property, plant
and equipment
(91)
-N/A
Adjustment to provision for earnout
-
15 (100.0%)
Tax expense
(2,641)
(3,006)12.1%
Total net other expenses (from continuing
operations)
(7,997)
(6,908)(15.8%)
Loss from discontinued operations
(net of tax)
-
(2,524)100.0%

CAPEX activity
NZX HALF YEAR 2019 RESULTS
16
•Capex driven by specific system
life cycles which result in large
multi-year projects
•Wealth Technologies continues
product refinement and
extension of core platform to
allow for market growth, for
example DIMs functionality
including pre and post trade
compliance.
•Trading system upgrade required
in 2019/2020. Total spend will be
comparable to 2012, with most to
be incurred in 2019
•Normal life cycle replacements
for IT equipment and software
are expected in 2019.
Additionally we expect some
system changes, for example
with the updated listing rules
•2019 CAPEX guidance range
continues to be $7.5 million to
$8.5 million
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
10,000,000
20062007200820092010201120122013201420152016201720181H 2019
PP&EOther softwareTrading systemClearing HouseEnergySuperLifeNZXWT

Balance Sheet
•Cash and cash equivalents includes:
–Clearing House risk capital ($20 million) which is not available for
general use
–Clearing House also complies with International Organisationof
Securities Commissions principles requiring retention of sufficient
working capital (including cash of approximately $2.0 million)
–Funds management maintains sufficient net tangible assets
(including cash of approximately $1.7 million)
•Receivables balances are higher each half year due to the timing of
annual listing fee invoicing. We continue to be focused on receivables
collection and working capital management
•Funds held on behalf of third parties (assets and liabilities) offset.
These relate to issuer bond deposits, participants’ collateral deposits
and deposited funds. Amounts are repayable to issuers and
participants and not available for general use
•Right-of-use lease assets and lease liabilities relate to the adoption of
NZ IFRS 16 Leases; which required operating leases to be recognised
on balance sheet as:
–Right-of-use asset – which is depreciated; and a corresponding
–Lease liability –which has an interest unwind (i.e. interest expense)
and reduces with lease payments
•Other current liabilities includes income in advance related to the
annual listing fee invoicing. Other non-current liabilities mainly relate to
deferred tax
NZX HALF YEAR 2019 RESULTS
17
The June 2018 Balance Sheet has been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.
June 2019
$000
June 2018
$000
Change
Fav/(unfav)
Current assets
Cash and cash equivalents
35,785 38,307
(6.6%)
Receivables and prepayments
22,25821,944
1.4%
Current investment
83-
N/A
Funds held on behalf of third parties
71,309 89,373
(20.2%)
Assets held for sale
-5,606
(100.0%)
Total current assets
129,435 155,230
(16.6%)
Non-current assets
Right-of-use lease assets
6,421 6,673
(3.8%)
Other non-current assets
69,808 66,752
4.6%
Total non-current assets
76,229 73,425
3.8%
Current liabilities
Trade payables
4,489 6,508
31.0%
Other current liabilities
16,161 16,799
3.8%
Lease liabilities
1,390 1,099
(26.5%)
Funds held on behalf of third parties
71,309 89,373
20.2%
Liabilities held for sale
-1,055
100.0%
Total current liabilities
93,349 114,834
18.7%
Non-current liabilities
Interest bearing liabilities
38,824 38,770
(0.1%)
Lease liabilities
7,8878,640
8.7%
Other non-current liabilities
3,442 3,242
(6.2%)
Total non-current liabilities
50,153 50,652
1.0%
Net assets/equity
62,162 63,169
(1.6%)

Cash flows
•Cash flow from operating
activities includes net interest
and income tax paid. The
decrease reflects lower Net
Profit After Tax and working
capital movements (e.g. timing of
receivables receipts and trade
payables payments)
•Investing activities relates to
CAPEX; primarily software
development for Wealth
Technologies and the trading
system upgrade. Prior year
included payment of SuperLife
earnout
•Financing activities includes
dividends which are net of
participation in the dividend
reinvestment plan. Prior year
included receipts from
subordinated note issue net
of bank debt repayment
NZX HALF YEAR 2019 RESULTS
18
June 2019
$000
June 2018
$000
Change
Fav/ (unfav)
Continuing
operations
Discontinued
operationsTotal
Continuing
operations
Discontinued
operationsTotal
Continuing
operations
Operating activities1,151-1,1515,6044806,084(79.5%)
Investing activities(4,159)-(4,159)(12,579)-(12,579)66.9%
Financing activities(6,592)-(6,592)9,921-9,921(166.5%)
Net increase / (decrease) in
cash and cash equivalents(9,600)-(9,600)2,9464803,426(425.9%)
The June 2018 Cash Flows has been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.

Interim dividend
Policy
•The policy is to pay between 80% to 110% of adjusted Net Profit After
Tax over time, subject to maintaining a prudent level of capital to meet
regulatory requirements
•Adjustments include reversing the impact of intangible asset
impairments
Interim Dividend
•The Board has declared an interim dividend (fully imputed) of 3.0 cps
(2018: 3.0 cps)
•Dividend to be paid on 13 September 2019 to shareholders registered
as at 30 August 2019
Dividend reinvestment plan
•Available for interim dividend, shares will be issued at 1.0% discount
NZX HALF YEAR 2019 RESULTS
19

2019 earnings guidance
The board reiterates the 2019 full year guidance, NZX expects full year
2019 EBITDA to be in the range of $28.0 million to $31.0 million.
The guidance is subject to market outcomes, particularly with respect to
market capitalisation, total capital raised, secondary market value and
derivatives volumes traded, and funds under management growth.
Additionally this guidance assumes no material adverse events, significant
one-off expenses, major accounting adjustments, other unforeseeable
circumstances, or future acquisitions or divestments.
NZX HALF YEAR 2019 RESULTS
20

Questions?
21
NZX HALF YEAR 2019 RESULTS

Appendices
NZX HALF YEAR 2019 RESULTS
22

Operating earnings divisional results
NZX HALF YEAR 2019 RESULTS
23
Notes:
1.Issuer Relationships includes the Issuer Relationship, Energy and Issuer Compliance teams (for the equity, energy and Fonterra shareholders’ markets)
2.Secondary Markets includes the Secondary Markets, Clearing House, Dairy Derivatives, Surveillance and Participant Compliance teams
3.Corporate Services provides legal, accounting, IT, HR and communications and marketing support to the other business units. Related costs are currently not recharged to these businesses
4.The Funds Management operating model for Smartshareschanged (October 2018) to align with SuperLife; fund expenses now incurred by the funds and FUM based revenue is now received net of fund expenses. Consequently June 2018 hasbeen restated to
ensure comparability of operating revenue and operating expenses (both restated by $1.965m).
5.The June 2018 divisional results have been restated for the adoption of the new accounting standard NZ IFRS16 Leases (operating expense restated for W ealth Technologies $0.0576m and Corporate Services $0.582m). Refer to Note 5 in the interim financials
statements.
Six months ended 30 June 2019
$000
Issuer
Relationships
(1)
Secondary
Markets
(2)
Data &
Insights
Funds
Management
Wealth
Technologies
Corporate
Services
(3)
Total
continuing
operations
Agri
(discontinued
operations)Total
Operating revenue12,115 7,070 6,349 6,305 838
186 32,863 -32,863
Operating expenses(2,667)(3,156)(927)(3,120)(1,024)(7,524)(18,418)-(18,418)
Operating earnings9,448 3,914 5,422 3,185 (186)(7,338)
14,445 -14,445
FTEs36.6 29.7 9.5 47.5 36.0
60.3 219.6 -219.6
Operating margin78.0%55.4%85.4%50.5%(22.2%)N/A44.0%-44.0%
Six months ended 30 June 2018 (Proforma)
$000
Issuer
Relationships
Secondary
Markets
Data &
Insights
Funds
Management
(4)
Wealth
Technologies
Corporate
Services
Total
continuing
operation
(4)/(5)
Agri
(discontinued
operations)
Total
(4)/(5)
Operating revenue11,500 8,546 5,574 5,355 483 -31,458 3,803 35,261
Operating expenses
(2,544)(2,640)(850)(2,855)(1,034)(7,679)(17,602) (3,088)(20,690)
Operating earnings
8,9565,9064,7242,500(551)(7,679)13,856 71514,571
FTEs36.428.410.045.138.561.9220.218.5238.7
Operating margin77.9%69.1%84.7%46.7%(114.1%)N/A44.0%18.8%41.3%
PROFORMA: 2018 FUND EXPENSES ADJUSTED TO NET AGAINST REVENUE FOR COMPARABILITY

Issuer Relationships
Highlights
•NZX Regulation assisted issuers with the transition to the updated market structure and rules
•Enhanced marketing events and communications to showcase current customers,
demonstrate benefits of listing on NZX and enhance financial knowledge of investors
•Total capital (primary and secondary) raised $7.7 billion; including 9 IPOs of equity and funds
and $4 billion of new debt listing
•Awaiting the Capital Markets 2029 report to determine the role NZX can play in implementing
the recommendations
•Positioning to secure new revenue opportunities in the energy and emissions markets
Operating revenue
•Annual listing fees have been positively impacted by the growth in number and value of debt
instruments, and the growth in equity market capitalisationdespite delistings
•Primary listing fees driven by strong debt listings (retail and wholesale)
•Secondary issuance fees driven by equity and funds raised
•Other issuer services revenue relates to NZX Regulation issuer compliance function
•Earning consulting and development revenue through systems enhancements has been a
focus post completion of the electricity market operator upgrade program in late 2018
•Contractual revenue in line with long term contracts
Operating expenses
•Personnel costs are higher due to the use of short term contractors to assist with the delivery
of increased energy consulting revenue. Note Issuer Relationships includes the energy and
NZX Regulation issuer compliance teams.
•Energy IT costs benefited from consolidation projects completed in prior years; resulting in
efficiencies and centralisation of costs to Corporate Services
NZX HALF YEAR 2019 RESULTS
24
TASKED WITH CREATING A COMPELLING AND ATTRACTIVE PROPOSITION FOROUR CURRENT AND PROSPECTIVE EQUITY, FUND AND DEBT
CUSTOMERS AND DELIVERING ON OUR CONTRACTED SERVICE PROVIDER OFFERINGS
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Operating revenue
Annual listing fees
5,148
5,0821.3%
Primary listing fees
370
434(14.7%)
Secondary issuance fees
1,548
1,15833.7%
Other issuer services
223
313(28.8%)
Consulting and development revenue
499
155221.9%
Contractual revenue
4,327
4,358(0.7%)
Total operating revenue
12,115
11,5005.3%
Total operating expenses(2,667)(2,544)(4.8%)
Operating earnings9,4488,9565.5%
FTEs
36.6
36.4(0.5%)
Strategic metrics
June
2019
June
2018
Change
Fav/(unfav)
Number of unique issuers
202
2001.0%
Equity market capitalisation
$149 billion
$133 billion12.1%
Funds market capitalisation
$4.3 billion
$3.9 billion8.2%
Debt market capitalisation (incl. green
bonds)
$32.5 billion
$27.6 billion17.9%
Value of primary capital listed
$4.0 billion
$1.7 billion140.3%
Value of secondary capital raised
$3.6 billion
$2.8 billion32.6%

Secondary Markets
Highlights
•The total number of trading, clearing and depository participants remained unchanged, with:
–BNP Paribas Securities Services Australia accredited for cash market depository services
–Sharesiesaccredited as a cash trading and clearing participant, providing investment
platform services to retail investors
–The consolidation of markets (i.e. NZAX and NXT into the main Board) resulting in the
loss of NZAX Sponsors and NXT Advisors
•SWIFT upgrade completed to better service depository business
•Record on-market trading activity in June 2019 at 61.1% for the month
•Dairy derivative lot numbers increased 27.5%
Operating revenue
•Participant services revenue decrease relates to on charges for data networks reducing due to
IT cost savings initiatives
•Securities trading and clearing revenues have been impacted, as anticipated, by the new fee
structure (implemented 1 October 2018), the total value traded and cleared being 9.7% lower,
and trading patterns have seen large peaks across index rebalance periods and lower
turnover in-between, resulting in:
–The trading fees cap resulting in greater uncharged value traded; and
–The clearing fees tiered structure resulting in lower average clearing fees
The fee structure has been updated (from 1 July 2019) to address these issues (e.g. trading
fee cap has been raised)
•Dairy derivatives revenue increase relates to growth in lots traded
Operating expenses
•Headcount and personnel costs have increased with the NZX Regulation staff increases (to
cover derivatives extended trading hours and the FMA’s Annual Market Operator Obligations
Review required action). Note Secondary Markets includes NZX Regulation participant
compliance and surveillance teams
•Information technology costs relating to the clearing system have increased due to extended
trading hours
NZX HALF YEAR 2019 RESULTS
25
TASKED WITH DRIVING SECONDARY MARKET DEVELOPMENT ACROSS ALL MARKETS AND MANAGING PARTICIPANT RELATIONSHIPS
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Operating revenue
Participant services revenue
1,851
1,935(4.3%)
Securities trading revenue
1,763
2,962(40.5%)
Securities clearing revenue
2,713
3,105(12.6%)
Dairy derivatives revenue
743
54436.6%
Total operating revenue
7,070
8,546(17.3%)
Total operating expenses(3,156)(2,640)(19.5%)
Operating earnings3,9145,906(33.7%)
FTEs
29.7
28.4(4.6%)
Strategic metrics
June
2019
June
2018
Change
Fav/(unfav)
Number of trades1.9 million1.6 million15.1%
Total value traded18.4 billion20.3 billion(9.7%)
Percentage of value on-market51.5%51.8%(0.6%)
Dairy derivatives lots traded187,610147,18027.5%
Number of participants3636-

Data & Insights
Highlights
•Non-display usage licensing continues to outperform; with demand being driven from changing
data usage
•Sales execution processes have improved e.g. following up audits to ensure direct licensing
arrangements with clients on a go forward basis
•Joint project focused on ESG data with Bloomberg and Wright Communications
commissioned
•Customer relationship management platform delivery underway; subscription management
system implemented
•Indices being co-marketed with S&P to drive market awareness and liquidity
Operating revenue
•Royalties from terminal revenue increase relates to growth in terminal numbers
•Subscriptions and licences revenue increase relates to the growth in high value subscriptions
and licences.
•Dairy data subscriptions affected by shift to a lower number of higher value subscriptions,
resulting in an increase in revenue
•Other revenue includes Fundsourcerevenue which was sold on 31 May 2019
Operating expenses
•Personnel costs are higher due to new roles introduced in 2018 to drive strategy focus on
developing deeper insights, partially offset by a role being filled by a dairy insights external
contributor
•Professional fees are higher due to external content for the dairy insight reports and increased
audit fees of $104,000 (2018: $80,000). Fees are charged as a proportion of the audit
receipts. Royalty audit receipts and audit fees are recognised on a gross basis
NZX HALF YEAR 2019 RESULTS
26
TASKED WITH GROWING EXISTING DATA REVENUES AND TURNING RAW DATA INTO INSIGHTS THAT SUPPORTS GROWTH IN ALL MARKETS
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Operating revenue
Royalties from terminals
3,521
3,3355.6%
Subscriptions and licences
1,956
1,59122.9%
Dairy data subscriptions
351
3432.3%
Indices
422
21299.1%
Other
99
936.5%
Total operating revenue
6,349
5,57413.9%
Total operating expenses(927)(850)(9.1%)
Operating earnings5,4224,72414.8%
FTEs
9.5
10.05.0%
Strategic metrics
June
2019
June
2018
Change
Fav/(unfav)
Terminal numbers (12 month average)7,629 7,200 6.0%
Licences116 96 20.8%
Proprietary security products subscriptions314 359 (12.5%)
Dairy data products subscriptions946 1,031 (8.2%)

Funds Management
Highlights
•Continued growth in member numbers, unitholders, positive cash flows and Funds Under
Management (FUM) produced increased operating earnings of 27.4%
•The Smartsharesbusiness has been investing for growth:
–SuperLifeInvest unitisation, supports multi rate and foreign investor PIE capability, and
administration outsourcing. Overall this has reduced operations risk and widened the
product offering;
–Blackrock iShareETFs – 8 new funds listed 6 June 2019;
–SuperLifePacific Series – extended to other pacific nations; and
–Brand refresh – is currently being developed
Operating revenue
•FUM based revenue positively impacted by:
–Higher average FUM over the period which is a combination of market returns and
positive net cash flows; and
–Fund expenses efficiencies achieved through the changed operating model and
improvements to supplier arrangements
•Member based revenue has increased as investor numbers increased over the period
Operating expenses
•Headcount has increased with additional sales resources and to on board new business in line
with the strategic focus
•Investing for growth (refer above) has incurred one off professional fees and marketing costs
estimated at $235,000.
NZX HALF YEAR 2019 RESULTS
27
THIS BUSINESS COMPRISES THE SUPERLIFESUPERANNUATION AND KIWISAVERPRODUCTS AND SMARTSHARES EXCHANGE TRADED FUNDS
The Funds Management operating model for Smartshares changed (October 2018) to align with SuperLife; fund expenses now
incurred directly by the funds and FUM based revenue is now received net of fund expenses. Consequently June 2018 has been
restated to ensure comparability of operating revenue and operating expenses.
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Operating revenue(note 1)
FUM based revenue
4,901
5,940(17.5%)
Fund expenses
-
(1,965)100.0%
FUM based revenue (net of fund expenses)
4,901
3,97523.3%
Member based revenue
1,125
1,01910.4%
Other revenue
279
361(22.7%)
Total operating revenue (net of fund
expenses)
6,305
5,35517.7%
Total operating expenses (excluding fund
expenses)
(3,120)
(2,855)(9.3%)
Operating earnings3,1852,50027.4%
FTEs
47.5
45.1(5.3%)
Strategic metrics
June
2019
June
2018
Change
Fav/(unfav)
Investors numbers (ETFsand SuperLife)
72,91166,22810.1%
Net cash flow
$175.4 million$162.3 million8.1%
Total external FUM
$3.5billion$2.9 billion19.4%

Wealth Technologies
Highlights
•Continued product refinement and extension of core platform to facilitate future growth
opportunities, for example DIMs functionality including pre and post trade compliance .
•Embedding sales culture and actively managing prospective customers; pipeline remains
strong. We are managing a number of prospects for which we expect decisions within the next
six months.
•Foundation customer’s timeframes for second phase commencement have moved to Q4-19 to
allow their internal analysis and design completion with go-live dates to be determined.
Operating revenue
•Administration (FUA based) fees driven by:
–New platform – started earning fees in November 2018 when the foundation customer
transitioned phase one to new platform, increasing the FUA; off set by
–OE platform – number of customers unchanged, however there has been a decrease in
their FUA
•Development fees are specific to customer requirements and deferred income release started
when customer transitioned
Operating expenses
•Headcount is dependent at any point in time on the levels of platform investment required for
current and potential clients.
•Personnel costs are slightly down on the corresponding period reflecting the levels of
continued product refinement and extension of core platform; with Wealth Technologies’
capitalised labour being $1.6m (2018: $1.5m) and capitalised overhead being $0.3m (2018:
$0.3m)
NZX HALF YEAR 2019 RESULTS
28
THIS BUSINESS IS A PLATFORM THAT ENABLES ADVISERS AND BROKERS TOMANAGE CLIENT INVESTMENTS
The June 2018 balances have been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Operating revenue
Administration (FUA based) fees
761
393
93.6%
Development fees / deferred income
release
77
90
(14.4%)
Total operating revenue
838
483
73.5%
Total operating expenses(1,024)
(1,034)
1.0%
Operating earnings(186)
(551)
66.3%
FTEs
36.0
38.56.5%
Strategic metrics
June
2019
June
2018
Change
Fav/(unfav)
Funds Under Administration (FUA)
$2.1 billion$1.1 billion86.4%

Corporate Services
Highlights
•Consultation on NZX Policy’s proposed amendments to the NZX Participant Rules relating to
market integrity and liquidity
•Submissions in relation to the OIA proposed reforms and RBNZ prudential capital
requirements
•Awaiting the Capital Markets 2029 recommendations to facilitate growth of the capital markets
•NZX was accredited by the SEC as a designated offshore securities market
•Continued focus on fitness and automation, for example our Edge Protection project will
deliver new VPN and firewall capabilities
Operating revenue
•Revenue relates to the sublease of spare office space and NZX.com advertising revenue
Operating expenses
•Headcount has remained static within corporate services with movements representing
changes in vacancies
•Personnel costs relative to the comparable period were impacted by:
–New or extended roles to drive strategic execution in cyber security and marketing; and
–Lower levels of capitalised staff time (predominately in IT and project management office).
•Corporate IT costs are lower than the comparable period due to the efficiency impacts from
prior year projects (e.g. through modernisedand rationalisedof networks and data centre
hosting)
NZX HALF YEAR 2019 RESULTS
29
THIS FUNCTION PROVIDES FINANCE, HR, LEGAL, IT AND COMMUNICATIONSAND MARKETING SUPPORT TO THE BUSINESS
1.Corporate Services provides legal, accounting, IT, HR and communications and marketing support to all divisions (including
the Funds Management and W ealth Technologies businesses). Related costs are currently not recharged to these
businesses
2.The June 2018 balances have been restated for the adoption of the new accounting standard NZ IFRS 16 Leases.
Operating earnings
June
2019
June
2018
Change
Fav/(unfav)
Total operating revenue
186
-NA
Total operating expenses(7,524)(7,679)2.0%
Operating earnings(7,338)(7,679)4.4%
FTEs
60.3
61.92.6%

Appendix 2: operating revenue definitions
NZX HALF YEAR 2019 RESULTS
30
IssuerRelationships
Annual listing fees paid by NZX’s equity, fund and debtissuers is
driven by the number of listed issuers, andequity, debt and fund
market capitalisations as at 31 Mayeachyear.
Primary listing fees are paid by all issuers at the time oflisting.
The primary driver of this revenue is the numberof new
listings and the value of capitallisted.
Secondary issuance fees are paid by existing issuers whena
company raises additional capital through placements,rights
issues, the exercise of options, dividendreinvestment plans, or
subsequent debt issues. Theprimary driver for this revenue is
the number of secondaryissuances and the value of secondary
capitalraised.
Other issuer services revenue arises from time spent byNZX
Regulation reviewing listing and secondary capitalraising
documents, requests for listing rule waivers, andother
significant issuer matters.
Contractual and development revenue arises from the
operation of New Zealand’s electricity market, underlong-
term contract from the Electricity Authority, andthe Fonterra
Shareholders’ Market, under a long termcontract from
Fonterra. Consulting and developmentrevenue arises
on a time and materialsbasis.
SecondaryMarkets
Participant services revenue is charged to marketparticipants
(broking, clearing and advisory firms) that areaccredited for
NZX’s equity, debt and derivativesmarkets.
Securities trading revenue comes from the execution oftrades
on the equity and debt markets operated by NZX.Trading fees
are a variable fee based on the value of thetrade.
Securities clearing revenue relates to clearing and
settlement activities, and a range of securities related
services such as stock lending undertaken by NZX’s
subsidiary New Zealand Clearing and Depository
Corporation. The largest component is clearing fees,which
are based on the value of settledtransactions.
Dairy derivatives revenue relates to trading, clearing and
settlement fees for trading NZX dairy futures and options.Fees
are largely charged in USD (reflecting the globalnature of the
market) per lottraded.
Data &Insights
Royalties from terminals revenuerelate to the provision of
capitalmarkets data to global data resellers who incorporate
NZX data into their own subscriptionproducts.
Subscription and licenses revenuerelate to the provision of
capitalmarkets data to market participants andstakeholders.
Dairy data subscriptions revenuerelate to the sale of dairy
dataand analyticalproducts.
FundsManagement
Funds under management based revenue relates tovariable
Funds Under Management (FUM) fees, which arenow received
net of fund expenses for all funds. Fundexpenses include a
combination of fixed costs (principallyoutsourced fund
accounting and administration costs andregistry fees), and
variable costs proportionate toFUM (principally custodian fees,
trustee fees, index fees,settlement costs and third party
managerfees).
Member based revenue includes fixed membership
administration fees and other memberservices.
Wealth Technologies
Administration (funds under administration based) feesrelates
to administration fees for the wealth managementplatforms and
are proportionate to Funds UnderAdministration(FUA).
Development fees / deferred income release relatesto
customisation of the wealth management platformspecific
to client requirements.

Appendix 3: contacts
MarkPeterson
Chief Executive Officer
mark.peterson@nzx.com
+64 21 390636
GrahamLaw
Chief Financial Officer
graham.law@nzx.com
+64 29 4942223
NZX HALF YEAR 2019 RESULTS
31

---

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
W ellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

Results for announcement to the market
Name of issuer NZX Limited
Reporting Period 6 months to 30 June 2019
Previous Reporting Period 6 months to 30 June 2018
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$32,863 (1.7%)
Total Revenue $32,863 (11.7%)
Net profit/(loss) from continuing
operations
$6,448 (7.2%)
Total net profit/(loss) $6,448 45.8%
Interim/Final Dividend
Amount per Quoted Equity Security $ 0.030000
Imputed amount per Quoted Equity
Security
$0.041667
Record Date 30 August 2019
Dividend Payment Date 13 September 2019
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
($0.0175) ($0.0251)
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
For commentary on the results please refer to the market release, Interim
Report, and investor presentation attached
Authority for this announcement
Name of person

authorised to make
this announcement
Graham Law
Contact person for this
announcement
Graham Law
Contact phone number +64 29 494 2223
Contact email address graham.law@nzx.com
Date of release through MAP

13 August 2019

Unaudited financial statements accompany this announcement.

---

NZX Limited
Level 1, NZX Centre
11 Cable Street
PO Box 2959
W ellington 6140
New Zealand
Tel +64 4 472 7599

www.nzx.com

Section 1: Issuer information
Name of issuer NZX Limited
Financial product name/description Ordinary shares
NZX ticker code NZX
ISIN (If unknown, check on NZX
website)
NZNZXE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Close of trading on: 30/08/2019
Ex-Date (one business day before
the Record Date)
29/08/2019
Payment date (and allotment date for
DRP)
13/09/2019
Total monies associated with the
distribution
1

$8,237,431
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.041667
Total cash distribution
3
$0.030000
Excluded amount (applicable to listed
PIEs)

Supplementary distribution amount $0.005294
Section 3: Imputation credits and Resident Withholding Tax
4


1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RW T. This
should include any excluded amounts, where applicable to listed PIEs.
4
The imputation credits plus the RW T amount is 33% of the gross distribution for the purposes of this form. If the distribution is fully
imputed the imputation credits will be 28% of the gross distribution with remaining 5% being RW T. This does not constitute advice as
to whether or not RW T needs to be withheld.

Is the distribution imputed Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.011667
Resident Withholding Tax per
financial product
$0.002083
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1.0%
Start date and end date for
determining market price for DRP
Close of trading on:
28/08/2019
Close of trading on:
4/08/2019
Date strike price to be announced (if
not available at this time)
Close of trading on: 06/08/2019
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New Issue
DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
30/08/2019, 5pm (New Zealand time)

Section 5: Authority for this announcement
Name of person authorised to make
this announcement
NZX Chief Financial Officer Graham Law
Contact person for this
announcement
NZX Chief Financial Officer Graham Law
Contact phone number 04 498 2271
Contact email address
graham.law@nzx.com
Date of release through MAP
13/08/2019