NZX Investor Day and Earnings Guidance update

NZX Investor Day and Earnings Guidance update
2 December 2020 –
NZX is today hosting an Investor Day to update analysts and investors on business
activities and strategy. The full presentation is available in the Investor Centre on nzx.com.
NZX announced that, based on the performance to date, 2020 EBITDA (operating earnings) is expected
to be around the top of the guidance range of $30.0 million to $33.5 million.
This is consistent with the update in NZX’s Interim Results released in August, that there was a greater
expectation for the full-year outcome to be towards the top end of the range.
This guidance is subject to market outcomes for the remainder of the year, including total capital raised,
secondary market trading and clearing values, derivatives volumes traded, and funds under management
and administration growth.
NZX notes the global health and macroeconomic environment remains unusually volatile and guidance
assumes no material adverse events, significant one-off expenses, major accounting adjustments or
other unforeseen circumstances.
NZX Limited will be announcing results for the year ending 31 December 2020 on 17 February 2021.
ENDS

For further information, please contact:
Media – David Glendining 027 301 9248
Investors – Graham Law 029 494 2223


About NZX:

For more than 150 years we have been creating opportunities for Kiwis to grow their personal wealth and
helping businesses prosper. As New Zealand’s Exchange, we are proud of our record in supporting the
growth and global ambitions of local companies.

NZX operates New Zealand's equity, debt, funds, derivatives and energy markets. To support the growth
of our markets, we provide trading, clearing, settlement, depository and data services for our customers.
We also own Smartshares, New Zealand's only issuer of listed Exchange Traded Funds (ETFs), and
KiwiSaver provider SuperLife. Our NZX Wealth Technologies subsidiary is an online asset management
platform. Learn more about us at: www.nzx.com

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1
2 December 2020
NZX Investor Day

2
Welcome & Strategy Overview
9.30am
CapitalMarkets 2029
9.55am
Smartshares
11.50am
IssuerRelationships
10.05am
Wealth Technologies
12.10pm
Secondary Markets
10.25am
Key Performance Indicators
12.30pm
Environment and Energy
10.45am
Close & Lunch
1.00pm
Dairy Derivatives
10.55am
Morning Tea
11.15am
Data and Insights
11.30am
Today’s Agenda
Welcome & Strategy Overview
Importantnotice
This investor presentation should be read in conjunction with the financial statements in the 2020 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 and administration growth.
Additionally they assume no material adverse events, significant one-off expenses, major accounting adjustments, other unforeseeable circumstances, or future acquisitions ordivestments.
Actual outcomes could be materially different. We 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.

3
We are doing what we said we would....
delivering a growth business
Welcome & Strategy Overview
2018
Removed Blockages
2019
Delivered Results and
Proof Points
GrowingOur Market
•Sold the non core businesses
•Enabled liquidity growth through pricing and
policy changes, alongside trading functionality
•Rebuilding of our customer relationships
•Technology projects completed -clearing &
settlement upgrades, data centre and telecoms
infrastructure. Further work identified and
advanced
•Built our international profile through
partnership development
•De-risked the balance sheet through issuing
the sub note and implementing the derivatives
mutualised default fund
•Capital raised –$18.7b (up 95.7% on 2018)
•On market liquidity –54.3% (up 5.3%)
•Data revenue –(up 17.7%)
•Dairy derivatives lots traded –359k (up
3.8%)
•Smartshares FUM –$3.97b (up 36% on
2018)
•Wealth Technologies –$2.3b (up 15.6% on
2018)
•Staff engagement –Gallup Survey result
4.15 (the 7
th
successive lift) with 94%
participation
•Growth in issuance and IPO’s
•Growth in liquidity
•Growth in participation
•Delivery of partnerships for growth –Dairy and
Carbon
•Refined strategy
•Driving towards more mature and transformed
capability
NEW ZEALAND’S EXCHANGE
2020

4
The environment in which we operate supports growth and
the NZX strategic direction
Welcome & Strategy Overview
Shifting dynamics support growth in NZX issuance
The current economic environment has highlighted the value of the public markets, access to capital is in
high demand to shore up balance sheets and for growth –public markets and the capital they provide have
a critical role in assisting the rebuildingof the New Zealand economy and creating greater prosperity for
everyone
Global markets and partnerships set the scene for future growth opportunities
Expansion in areas of dairy and carbon support new essential markets for the New Zealand economy globally,
partnershipswith global players enhance NZX’s position as a leading player in these markets and greatly
enhances capability and speed to market
Capital flows will help drive markets growth
Net inflows increasing and expected to keep growing, NZX footprint in financial services market helps drive
market development and future revenue generation from both funds management and technology services

5
The heart of our strategy remains the same
Welcome & Strategy Overview
5
Grow Markets –The previously named ‘Refocus Core’ and ‘Grow
Opportunities’ are consolidated under ‘Grow Markets’ with
particular focus on driving listings,leveraging the New Zealand
advantage
Maximise Financial Services previously named ‘Maximise
Options’,to deliver super-normal growth and sustain the
business in the long term
Grow markets
Maximise financial
services
Empower
performance
New Zealand’s Exchange
“Helping to Build New Zealand’s Tomorrow”
Act with greater purpose
Empower Performance –
ensuring the right technical and
people capabilities creating
efficiencies in execution and
innovation to drive growth
“By combining the needs of our customers,
with innovation and modern technology we
build enduring markets to deliver capital
pathways, investment opportunitiesand
economic success for New Zealand”

6
However, NZX is building an integrated business to support the
growth of NZ capital markets
Welcome & Strategy Overview
2. Liquidity.
Along with the tradingof these listed securities
3. Data and Insights.
Creates the data and information used by the
eco-system
4. Capital Flows.
Coupled with investment products that suit the needs of savers –
ETF’s, Managed Funds, Kiwisaver and Superannuation.
5. Infrastructure for Financial Advisors.
And the platform that delivers administration,
portfolio management, reporting, tax and compliance
1. Product.
Listed equity, fixed income and fund securities
6. Delivers.
....will fuel growth to New Zealand’s capital markets
and the wider economy.
$
NZX 2.0

7
Clear business priorities for 2021 support
growth across the board
Welcome & Strategy Overview
We will focus on growing markets, with the
near term primary focus being on gaining new
equity listings
We will focus on all markets but in the near term the primary
focus in this highly competitive environment will be Driving
New Listings and Participation through growth of all markets
A continued focus on growing Wealth Technologies FUA and
operating earnings net of CAPEX and driving Smartshares
FUM and operating earnings
We will maximise financial services through
driving execution and operating earnings
Ensuring excellence in operational basics, excellence is
achieved with the right capabilities which will drive
efficiencies and support growth ambitions
We will empower performance through
operational excellence, advanced capability,
innovative delivery and risk reduction

8
Our maturing, growth business requires the right building
blocks to empower performance
Welcome & Strategy Overview
Operational Excellence
We aspire to excellence in delivery through strong technology and operational
governance, automation of tasks, continuous improvement, measurement and
transparency
01
Capability and Delivery
Develop highly automated systems and a wide range of applicable skill sets, an
appropriate build, buy, partner strategy to quickly scale up capability and
increase speed of delivery
02
People and Culture
Continuing to build a customer orientated, team minded, respectful but
delivery and growth driven culture
03
Best Practice and Risk Model
Ensure NZX meets all regulatory requirements, is aligned with best practice and
ongoing strengthening of the risk model
04

9
Empowering our performance will be supported by initiatives
emerging from the EY review
Welcome & Strategy Overview
NZX experienced unprecedented secondary trading volume uplift during March/April (daily trading levels up
almost 400% on 2019 highs) which caused some stress on parts of the market infrastructure. As a result, the NZX
Board commissioned an independent report to look into the issues and look for the lessons from the experience.
EY completed the report and their findings cover the themes of:
•Governance
•Wider market collaboration and engagement
•Future technology requirements and architecture
•Technical hygiene
•Communication
NZX has committed to deliver a series of recommendations within these themes

10
Further structural changes strengthens our regulatory model
and our alignment to global best practice
Welcome & Strategy Overview
NZX Shareholders
NZX Shareholders
Regulators
NZX Board
NZX CEO
NZX employees
NZ RegCo Board
NZ RegCo CEO
NZ RegCo employees
Regulatory model reviewNZX is finalising implementation of its revised
regulatory operating and governance model,
due to be delivered in December 2020.
NZ RegCo designNZ RegCo will be:
•Structurally separate from NZX's
commercial and operational activities
•Governed by a separate board, with an
independent Chair (and the majority of
members independent of the NZX Group)
•Targeting to operate on a cost-neutral
basis.
NZX BoardfocusEnables the NZX Board increased capacity to
focus on NZX’s commercial mandate and
initiatives, to deliver shareholder value.
PeopleNZRegCo Establishment Board led by Trevor
Janes (Chair), with Elaine Campbell, Annabel
Cotton, John Hawkins and Michael Heron QC.
NZ RegCo CEO is Joost van Amelsfort.

11
Capital Markets
2029 –Update

12
CM2029 sets the scene for growing our capital markets
Capital Markets 2029
•Outlines the vision and growth agenda to grow
New Zealand’s capital markets
•Reflects views of market experts and industry
leaders
•Identifies areas for all stakeholders to grow the
capital markets to support New Zealand
•An estimated 1,200 private companies in
NZ with annual revenues > $30m
•Many of these companies are not yet
aware of the options or benefits for
listing
•Significant untapped opportunity to
grow listed market
•COVID-19 has reinforced the value of the listed market
which has enabled efficient access to capital and
strong secondary market liquidity for investors –a
compelling story
•Provides a strong platform to market the benefits of
listing
Capital
Markets
2029
Opportunity
Vision
Dynamics

13
Marketing is a focus area for NZX and will help drive the sales
pipeline
Capital Markets 2029
•Capital Markets 2029 recommended NZX increase its marketing efforts
to capture the significant opportunity
•Our recent focus has been on removing blockages to growth. New
marketing efforts will support sales activity: this has been a missing
piece
•We will focus on:
•Building brand presence
•Strong physical presence with a new Auckland office
•Updatenzx.com to support retail participation
•Increased activityvia sponsorships and industry events
•Targeted marketing: social media and advertising
•New activity has the twin benefit of offering support to new listings and
promoting the benefits of listing more broadly
•Promoting Direct Listings a high priority: expected to be a popular
pathway. Recent Listing Rule changes removes the requirement for
Prospective Financial Information (PFI)

14
Our marketing starts with a well defined brand
Capital Markets 2029

15
Showcasing our issuers: Harmoney
Capital Markets 2029

16
Issuer
Relationships

17
Markets have been delivering strong outcomes during 2020
with the most new listings since 2014
Issuer Relationships
Source: NZX October 2020 Shareholder Metrics
2 IPOs
With 1 more scheduled for late December
13.8billion
Total capital raised
4.6 billion
Debt issuance raised
1 direct
Scheduledfor mid-December
3 reverse
1new debt issuer
With two more scheduled for late December
4 newETF
1 foreign exempt
Scheduled for mid-December
L I S T I N G S
C A P I TA L R A I S E D ( N Z $ )

18
Growth is being driven by a greater focus on origination
Issuer Relationships
•No Issuer Relationships team
•Listed companies engaging with NZX on an ad-hoc
basis
•No origination activity –inbound enquiry only
•Issuer Relationships team established
•Tasked with setting up comprehensive relationship
coverage
•Dedicated NZX relationship manager assigned to
each listed issuer
•Good customer relationships established and
strengthened
•Resource recruited in 2019 to focus on equity
origination
•Team of 6 with heavy focus on origination
•Engaging with the market through sponsorships,
organisations and collaboration, alongside a cold-
calling programme to drive demand
•Actively connecting the right parties in the capital
markets ecosystem
•Consideration of additional resource to focus on
equity origination
•Issuer Relationships No.1 goal is gaining new listings
Pre-2017
Limited
Relationships
2017-2019
Rebuilt
Customer
Connections
2020
True
Origination
Model
T R A N S F O R M AT I O N O F E X I S T I N G R E L AT I O N S H I P S , P R O S P E C T I N G A N D C O N V E R S I O N S I N C E 2 0 1 7

19
The new origination model is reaching prospects previously
untouched
Issuer Relationships
COLD LEADS: 1,200+ companies identified as potential listing candidates.
The Issuer Relationships team have targets of 8+ “cold calls” per week
and are reaching out to companies daily to generate discussion
WARM LEAD: From our cold calls, we are seeing
around 50% of companies taking a meeting
PROGRESS: For those companies wishing to
progress, we are able to connect them to
appropriate advisers and pools of capital to
support their objectives
LISTING
POST-LISTING SUPPORT
Service
Sales
Identification
We have identified a prospects list of over 1,200 companies that could be potential listing candidates
Equity –Listing Sources
•Investment Banks
•Major Banks / Law & Accounting
Firms
•ASX Listed companies (Foreign
Exempt Listings)
•Private companies
•Private equity
•Incubators & Networks
•Local councils
•Infrastructure
•Financials
Funds –Listing Sources
•Open ended funds/exchange traded
funds
•Closed ended funds
Debt –Listing Sources
•Retail bonds
•Green bonds
•Wholesale debt
Potential revenue
•Initial listing fees
•Annual listing fees
•Subsequent listing fees
•Trading fees
•Clearing fees
•Data fees

20
The removal of barriers has also widened the pathways for
more companies to list
Issuer Relationships
Prospective Financial Information (PFI) for direct listings has been
removed –a game changer for the listings market, expanding
deal teams actively bringing companies to market
We expect direct listings to be the route of choice for many
companies such as family owned or tightly held, also those re-
assessing capital structures where there is a strong focus on
access to capital
Direct listings have seen significant success globally
02 –Direct Listing
Templated disclosure has been introduced for Foreign Exempt
listings. We expect this pathway to be popular for companies with a
strong presence in New Zealand, as well as those who may look to
raise money in the New Zealand retail bond market
03 –Foreign Exempt
Provides solutions for a full range of companies looking
to list and NZX has implemented a research solution
provided by Smartkarma to support all listed
companies particularly small caps
01 –IPO Primary
Rule changes for
direct listings
expected to drive
companies coming
to market

21
Issuer Relationships
Actively marketing the benefits of listing and working with the
ecosystem to achieve results
We are working with
the entire capital
markets community
(advisers, brokers,
distribution networks,
lawyers, commercial
banks and sponsorship
networks) to solve
issues and allow deals
to progress. The work
we are doing is really
encouraging people
across the market to
work together to lift
activity

22
We remain keenly focused on supporting existing NZX
issuers
Issuer Relationships
22
Strong digital engagement strategy:
•Retail investor webinars -attendance has dramatically increased with 630+
investors registered for the latest webinar
•Prioritisingissuers with low retail liquidity as webinar participants
•“Issuer Spotlight Series” and creation of video content for new listings
•Partnering in webinars for high net worth US investors seeking New Zealand
visas (latest company participants EROAD, Pushpay and Serko)
Research solution provided by Smartkarma:
•The Smartkarma research platform is based in Singapore
•It runs a contract model with analysts who have 8+ years of experience with
global investment banks
•Research analysts are sector matched to the listing candidate
•Initiation reports, half and full year updates and material event updates will
be provided
•They will be distributed to retail investor networks
“MHM Automation presented at an NZX Retail Investor
Forum in September. Companies of our scale can find it
difficult to get our story out to investors given we are not
covered by equity research analysts. The NZX Retail
Investor Forum provided a great platform for us to tell our
story. We had over 200 people attend the online
presentation and were really happy with the number of
questions and comments that were sent through
afterwards. In the days and weeks following we saw
increased liquidity in our stock which was a great result. We
thank the NZX for their commitment to assisting smaller
cap companies”
Richard Rookes
CEO
MHM Automation

23
Issuer Relationships
Vision and Objectives: Drive new listings and grow
market cap
23
Long term
2021
•Increased broker and adviser
promotion of new listings
•New frequent issuers joining the
debt market
•Establish NZX as GSS hub
•Further new listing structures (e.g.
Special Purpose Acquisition
Company)
•Ambitious target 7+ new listings
per annum
•Increased uptake of alternative
pathways to market
•Green Social Sustainability (GSS)
Bonds Category established
•Engagement and collaboration
strategy built out
•Research provided for new listings
•New nzx.com website supporting
issuers and investors
•Ambitious target is 5+ new listings
per annum
•Fully-functioning “end-to-end”
listings ecosystem
•Infrastructure funding solutions
listed on market
•NZX established as a GSS leader in
Asia-Pacific
•Research for all companies trading
on-market
•Ambitious target 10+ new listings
per annum
Growth
Time
Medium term

24
Secondary Markets

25
Significant progress since 2017, positioned for delivery through
2021 and beyond
Secondary Markets
44.7 billion
YTD Oct total traded value +43.6% YoY
27.9 billon
YTD Oct on-market traded value
FY2017 = $17.4b (+56%)
%
62.5
YTD Oct on-market traded value
FY2017 = 40% (+55%)
New Participants
2 Cash Trading, Clearing & Depository
2 Depository
72 thousand
Depository transactions -Oct 20
FY2017 = 28k (+259%)
4.2 billion
Depository assets under custody -Oct 20
FY2017 = $494m (+850%)
#
$
$
$

26
LIQUIDITY
Grow Broker
Participants
Grow
Investor
Participation
Grow Retail
Trading Base
Increase on-
market
liquidity
Broaden
Trading Tools
Increase
Efficiencies in
Clearing
NZX CSD of
choice for
listed
product
Build strong
market wide
engagement
Delivery against all key elements is driving success
Secondary Markets
•New trading and clearing Participants
•Increased access through Point of Presencefor
Direct Market Accessconnectivity
•Ongoingengagement with international trading
desks and buy-side businesses
•Record retail participation in the market
•Record on-market liquidity
•Active engagement with Third-Party Clearer for
implementation in 2021 and new Central Securities
Depository (CSD) Participants
•Trading System Upgrade expectedtobe delivered
Q1 2021,with launch of NZX DARK, NZX’s exchange
based dark pool, and Self Match Prevention to
follow in Q2 2021

27
Better Pricing
Increase
Liquidity
Price
Transparency
Increased
Market Quality
Greater
Participation
Increased Total
Value Traded
2020 has delivered a step change in market value and
distribution
Secondary Markets

28
2021 will heavily focus on driving participation and increasing
market access...
Secondary Markets
2021 Objectives:
•Pursue a General Clearing Participant (GCP) to
unlock offshore remote broker Participation, driving
greater liquidity and traded value
•Continue to drive Depository growth to increase
efficiencies of the New Zealand market and capture
last leg of securities settlement value chain
•Continue to reduce barriers and movement towards
global standards for largest possible access to post-
COVID growth story for NZX and New Zealand’s
capital markets
“BNP Paribas is a leading Third Party Clearer (TPC) in Asia Pacific, with a number
of clients using our services in Hong Kong, Singapore and Australia.
In line with our commitment to the ongoing development of New Zealand’s
capital markets, we are pleased to bring our technical expertise in this area to
become a clearing participant for the NZX equities market.
In 2021, we plan to bring our innovative TPC model to New Zealand to serve our
regional and global clients’ growth objectives as they consider more cost
effective ways to access the New Zealand market.”
Luc Renard -Head of Financial Intermediaries and Digital Transformation –Asia
Pacific, BNP Paribas Securities Services
We already have a running start:

29
...and on optimising market structure and delivering improved
functionality and efficiencies
Secondary Markets
Optimising trading tools and
ensuring efficient regulation
•Delivering Trading System Upgrade -
Q1
•Drive adoption of NZX DARK, and Self
Match Prevention –Q2
•Consult with marketplace settings to
ensure NZX’s markets reflect a 2021
environment and beyond. Includes
crossings, price setting trades and
order types
Driving further post trade
efficiencies
•Scalable and stable technology
supporting transaction growth
•Go-live with third party clearer -ready
to support new Trading Participants
•Increased Depository usage and
Participation to drive lower cost and
more efficient settlement for market
and greater revenue capture for NZX’s
CSD
Aligning with to global best
practice for NZX Clearing
•Conclude second consultation on NZX
Clearing’s recovery and wind-down
planning -implement
•Working with regulators for the
implementation of the Financial
Market Infrastructures (FMI) Bill
requirements
•Achieving enhanced automation of
corporate action processing and cash
movements to increase efficiency and
decrease risk

30
What further success looks like in 2021
Secondary Markets
30
ObjectivesPotential Revenue
Liquidity
$45 billion in traded value
Trading and Clearing fees
67% trading on-market
NZX DARK concentrating liquidity to NZX, converting at least 5%
current off-market activity
Participation
Strong progress towards at least one new offshore Trading
Participant
Annual participant fees, incremental additional trading and
clearing fees
One General Clearing Participant
Annual fees, clearing revenue from new Trading Participants and
Stock Lending and Borrowing revenue
Two active depositoryparticipants/clientsDepository Over The Counter settlement fees
Trading
Tools
Broaden trading tools suite: design for market expanding tools
completed, trading system project on track for Q2 2020
New revenue for fees relating to style, venue and type of trading

31
Vision and Objectives: Drive trading and expand clearing
Secondary Markets
31
Long term
2021
•Growth in offshore cash market
participation
•Demonstrable value delivered by
NZX various ‘venues’ with NZX
CENTRAL, NZX DARK and CSPA*
operating as complementary
sources for liquidity
•Addition of an international CSD
as a depository Participant under
an account operator model
•BNP accredited as General
Clearing Participant for cash
market
•Active discussions with potential
offshore remote Participants
•Trading System Upgrade
launched successfully
•NZX DARK launched and
attracting +5% market turnover
•Commence market settings
consultations
•Cash -NZX secondary markets
landscape reflects a:
•Competitive broker
community made up of
local, global and remote
Trading Participants.
•Trade clearing is efficient
with 2-3 General Clearing
Participants servicing >70%
Trading Participants
•Investor settlement is
efficient, leveraging NZX’s
CSD solution
Medium term
* Closing Single Price Auction
Growth
Time

32
Secondary Markets –
Environment and Energy

33
We are delivering on the strategic objectives laid out in
2017...
Energy and Environmental
•Cooperation Agreement with European Energy Exchange (EEX)
•EEX is a fast growing exchange
•Strong in Europe and North American emissions markets
•Successful joint bid to implement and operate NZU Auctions
•Commercialised our exchange relationships
•Assist in bringing liquidity and connectivity to NZ market
•Exploring new opportunities for environmental markets/products in the Asia-Pac
regions
2017 Strategy Progress
Market Positioning
Engaging the Market
Policy Dialogue with
Government
Asia-Pac Hub
Development
Infrastructure
Development
NZU Auction
Platform
NZ ETS Registry
Connectivity
Coupling to the
Secondary Market
Enhance Secondary
Clearing
Product
Development
Spot and Derivatives
Contracts
Data and Insights
Products
Complete or in progress
Future Opportunities
Partnerships are vital to global ambitions and enhancing
capability
“Carbon pricing is one the most effective ways to reduce emissions.
I am confident that the combined synergies and unparalleled experience of NZX and
EEX will add a new dimension to the NZ ETS and auctioning will help bring carbon
costs into the mainstream of NZ business and the economy.”
Peter Reitz, EEX’s Chief Executive Officer

34
Positioning in the environment and energy markets offers
pathways to future opportunities...
Energy and Environmental
The Electricity Authority (EA) contracts
provide the platform for opportunities:
Electricity market operator since 1996 and are
midway through current 8 year contract term
We have successfully delivered Market Operator
Service Provider (MOSP) enhancement program of
work
We are a trusted advisor to EA and participants
We support EA market development initiatives
•Wind offer arrangements
•Real time pricing implementation
Environment:
Appointed to operate NZU Auctions
Opportunity to align primary and secondary markets
Build out derivatives product set
Support NZ’s objectives to decarbonise
Energy:
Well positioned to capitalize and support the energy
sector’s transitional strategic themes:
•Decarbonisation
•Digitisation
•Decentralisation

35
Those opportunities are enhanced by a growing global market
place
Energy and Environmental
Consumer sentiment for environmentally conscious goods and
services is driving governments and business to reduce/offset
emissions and create structures whereby:
•Markets set a price for emissions reductions
•Compliance products are developed to meet Paris
commitments
•Harmonisation between Emissions Trading Scheme (ETS)
arrangements creates new trading opportunities –Article 6
Paris Agreement
•There is a positive outlook in volume growth in traded
emissions markets
•Clear evolution into global traded products in
transportation units
•There is a growing importance of voluntary products
(carbon emission offsets) e.g. Australia
Billion tonnes
Billion EUR
World Carbon Markets 2012-2019
Value by segment, total volume
Source: Refinitiv, January 2020

36
Energy and Environmental
Vision and Objectives: Embed the current business and secure
longer term opportunities
Long term
2021
•NZU auction maturity with
partners build out carbon into
secondary markets
•Broaden exchange platform into
related environmental products
and markets
•Re-secure MOSP contracts
•Support EA on implementing the
real time pricing initiative
•With EEX, deliver NZU auction
platform
•Position for MOSP contract
renewal in 2024
•Maintain operational excellence in
MOSP services
•Integrated operator of both
centralized (grid) and
decentralized (distribution) energy
markets
•Harmonised global carbon market
–New Zealand is centre of
excellence in Asia-Pac region
Growth
Time
Medium term

37
Secondary Markets –
Dairy Derivatives

38
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
Dec
Feb
Apr
Jun
Aug
Oct
20102011201220132014201520162017201820192020
NZX Dairy Futures and Options –Volumes since launch
(Open Interest -shaded)
Ingredients OIMilk OIIngredients VolumeMilk Volume
A decade of dairy –a successful foundation in the long term life
cycle of a derivatives market
Dairy Derivatives
Source: NZX Data, *Foreign Board of Trade –US CFTC Classification allowing US traders to trade foreign markets
Launch
WMP
Futures
1 million
lots traded
NZ Milk Price
Futures &
Options launch
NZX & SGX HOA
signed for strategic
partnership
FBOT*
Status
received
100k lots
traded

39
Progress on the core ingredients for success has been good, but
further development is required
Dairy Derivatives
Broad depth of distribution and trade
functionality
Distribution
Use as an efficient and reliable risk
management function
Risk Management
Industry support and demand for risk
transfer and price hedging
Industry Support
Transparent and credible cash settlement
benchmark
Underlying Benchmark
Large and volatile underlying physical
market
Physical Market
02
01
05
04
03
In place
Complete with some constraints
Needs work

40
NZX has been a successful incubator –partnering with SGX will
help drive dairy derivatives forward
Dairy Derivatives

41
The physical dairy market is global and logically supports an
Asia growth strategy...
Dairy Derivatives
•NZX dairy derivatives are being
used in over 43 locations
globally
•New Zealand remains the
primary source for butter and
WMP on the international
market and is projected to
account for ~42% and 52%of
market share respectively, by
2029
1
•Rabobank forecasts the
combined annual milk deficit of
the ASEAN-6 (Indonesia,
Malaysia, the Philippines,
Singapore, Thailand and
Vietnam) countries to increase
47.3% by 2030
2
•51% of physical market volumes
(GDT) are sold to Asian buyers
3
20%
47%
7%
16%
1%
Source: NZX Data, NZX dairy derivatives customers globally, notexhaustive. 1 OECD-FAO Agricultural Outlook 2020-2029; 2 Rabobank -Dairy Export Boom Beckons in
ASEAN-6, October 2020; 3 https://www.globaldairytrade.info/assets/Uploads/Global-Dairy-Trade-Annual-Report-2019-v2.pdf

42
...and the partnership leverages the strengths of both
parties
Dairy Derivatives
NZX Dairy Derivatives
NZX
Marketing &
Sales
Data &
Insights
Product
Development
GDT
Relationship
SGX
Surveillance
Rules and
Regulations
Compliance
Trading
Platform
Clearing (Risk)OperationsData
Consultative working partnership

43
Dairy Derivatives
Which offers a faster route to maturity
Sources: NZX Data & Insights; Fonterra. *40% average growth over 5 years under partnership. Years split into half years due to expected go-live date being in 2021
0.35 million
0.36 million
0.38 million
0.46 million
0.59 million
0.86 million
1.3 million
~30.11 million
~40.26 million
20182019202020212022202320242025
12.1 million
2.4 million
2.1 million
1x
New Zealand
physical trade
Lots traded
per annum
5x
New Zealand
physical trade
5x
New Zealand
and European
physical trade
5x
the world’s
physical trade
0.15x of
New Zealand
physical trade
Hypothetical growth scenario: growth at 40%*

44
Data and Insights

45
Data and Insights
Data and Insights is delivering growth with further
opportunity to be captured
22
Increase in non-display licence revenue YTD
72
YoY increase in retaildata terminals
6,179
Professional terminals
Source: NZX Data & Insights
41
Countries with professional data users
12
Q3 YTD Revenue Growth
%
#
%
%
125
Indices provided in partnership with
S&P
#

46
Data and Insights
Data & Insights business performs a number of functions that
either grow or support
GROW MARKET DATA REVENUE
•Disciplined relationship management
•Products aligned with customer value
•Resource sales to capture opportunity
GROWTH
DRIVE LIQUIDITY WITH INDICES
•Deliver local ESG indices with S&P
•Execute well on S&P partnership
•Leverage indices in funds management
CONNECT PARTICIPANTS
•Centralised management of connectivity
•Simplify and strengthen network offering
•Deliver to low latency requirements
SUPPORT
BUSINESS INTELLIGENCE
•Automate data value chain end to end
•Deliver appropriate data governance
•Embed data culture across business
TURN DATA INTO INSIGHT
•Create product for information gaps
•Position as internal insights engine
•Provide research to drive strategy
INFORMATION DELIVERY
•Manage current external platforms
•Transform website as retail channel
•Partner to enhance institutional channels

47
Data and Insights
Exchange Data & Insights businesses operate in a complex
environment...
GROWTH OPPORTUNITIES
TECHNOLOGY ADOPTION
INVESTOR BEHAVIOUR
CUSTOMER RELATIONSHIPS
•M&A activity high in the exchanges globally
•Accelerate capability building in growth areas
•Extraordinary deal size that is difficult to replicate
•Opportunity to take stakes and partner where required
•Data technologies are maturing with NZ behind in uptake
•Applications are diverse across capital markets infrastructure
•Advanced analytics growing globally and offerings adjusting
•Low latency requirements have increased
•Insight and research teams under pressure as margins reduce
•Indices data is a key area for growth for exchanges
•Alternate data sets continue to be battle ground
•ESG maintains momentum as responsible investment grows
•Customer relationships critical to understanding wider market
•Data costs being cut puts “traditional” revenue under threat
•Compliance continues to be a burden so relationship focus
•Global relationships challenging in COVID-19 environment

48
Data and Insights
Connecting our intermediaries
directly to the information
they and their customers
require to achieve outcomes
Channel
•Data
vendors
•API’s
Product
•Market data
•Connectivity
•Licences
Segment
•Brokers
•Electronic
traders
•Vendors
Providing relevant information
that will inform investment
decision making processes
where gaps exist in the
market
Channel
•Vendors
•Cloud
•nzx.com
Product
•Market data
•Indices
•Insights
Segment
•Fund
Managers
•Retail
Creating awareness of our
issuers so that they can access
liquidity and providing
relevant insights to help
decision making
Channel
•nzx.com
•API’s
Product
•Marketdata
•Insights
•Research
Segment
•Prospects
•Sub NZX50
•Sectors
Which needs a response where products deliver clear value to
prioritised customer segments
ISSUERS
Capital Issuers
INVESTORS
Liquidity Providers
INTERMEDIARIES
Direct Participants

49
ESG key area for leadership to support New Zealand issuers to
achieve sustainable outcomes
Data and Insights
•Sustainable Stock
Exchange Initiative
–2017
Champions for Change
Member –2020
Green bonds –2018
(AKC, ARG, CEN, MCY,
MEL)
Sustainability bond –2019 (HNZ)
EEX Partnership Carbon
Market –2020
•NZX 50 ESG Reporting Uptake
–2019 and 2020
S&P ESG Indices Series
Collaboration –2020/21
•Annual NZX Issuer
Gender Diversity Report
–since 2012
•Aotearoa Circle
Sustainable Finance
Forum –2020
Updated ESG Guidance Note –
2021
Revised Corporate Governance
Code to include ESG –2017
Rule change to
include Director &
Officer gender
reporting –2012
Providing information and
transparency to support capital
markets to deliver sustainable
outcomes
Providing a regulatory framework
and applying the rule settings to
support change and sustainable
outcomes
Delivering sustainable and
transparent markets that direct
flow of capital to sustainable
outcomes
Participating in the conversation
amongst the capital markets
community to help achieve
sustainable outcomes
“Helping To Build
New Zealand’s
Tomorrow”

50
Data and Insights
Vision and Objectives: Deliver a growth engine
50
Long term
2021
•High performance sales
organisation
•Growth attributed to recurring
revenue
•Low-latency connectivity offering
to support market growth
•Advanced analytics incorporated
into product set where practical
•nzx.com primary source of market
information for retail investors
•Maintain revenue growth
•Adoption of relationship
management methodology
•Create new products and channels
to allow for advanced analytics
•Invest into S&P relationship for
growth and deliver local ESG
indices
•Simplify connectivity product
offering
•Building nzx.com out as retail
channel and deliver new products
•Trusted partner for middle office
functions across all participants
•Innovative range of indices with
greater control of outcomes
•Centre of excellence for New
Zealand capital markets insights
and research
•Thriving data culture across
business being lead by Data &
Insights
•nzx.com cornerstone information
delivery channel and shop front
Growth
Time
Medium term

51
Smartshares

52
We are delivering well against targets
Smartshares
15%
YTD increase in direct
Smartshares investors
4.6 billion
FUM up 21% YTD.
(Exceeding target of +14% rolling 3yr average)
634 million
Net cash flow up 33% YTD. (Exceeding
target of $450 million by 2023)
Data to 30 October 2020. Comparisons to 30 Oct 2019.
Source: NZX Data & Insights
248
Qualified sales opportunitiesactively
pursued
$
#
$

53
Smartshares has a clear business strategy...
Smartshares

54
...and we have a strong competitive advantage
Smartshares
Only ETF issuer. Scale
in passive investing
Licenced fund
manager
In-house member
admin and IT
Broad product
coverage
Diverse sales channels
High barriers to
competitor market
entry
Well positioned in
high-growth
KiwiSaver, ETF and
retail markets
Direct and indirect
channels including
high-growth
platforms and
financial adviser
pools
We have full
control over
customer service
and cost
Fastest growing
market segment.
New Zealand in
catch up

55
We are well positioned to catch global trends...
Smartshares
Global driver How Smartshares is well positioned
Emerging Asia
•Future-proofed with expertise in cross-border fund distribution: Asia Region Funds Passport
•Option to cross-list high-yield NZX ETFs across the region
•Proven leadership and growth in the Pacific Islands
Technology and automation
•Developing a new generation of digital tools provide efficiency, self-service, and advice
•Strong relationships with new self-directed investment platforms
•Able to leverage NZX investment in data and insights
Regulatory change
•Fee-for-service advice driving shift to ETFs and passive products
•Improved disclosure driving fee transparency and margin compression –and we are already low cost
Retirement and demographic
shift
•Increased public engagement in savings
•Retirement income, insurance and investment products, packaged as financial wellbeing solutions
•Strong brand in relevant demographics

56
...and we are making the most of the opportunity
Smartshares
Capturing FUM growth
•KiwiSaver (16%CAGR)
•Retail unlisted funds
•ETF
and positive net cash flows
•39% CAGR since 2017
•2023 target $450 million
and growth in secondary tradingof
ETFs on the NZX
•104% CAGR in totalETF value traded
since 2017
•YTD 2020 4.4% of NZX value traded is
ETF units
Source: NZX
Source: Smartshares, RBNZSource: Smartshares

57
Can we follow the same trajectory as other ETF
markets?
Smartshares
•Australian CAGR from 2b AUM to 54b = 35%
•Inflection point was the 5b mark
•Australian market 30% CAGR from 8b mark to
30b over 5 years
•If the New Zealand passive market experiences
the same CAGR over the next 5 years total FUM
would equal 26b
•Caveats:
•This chart includes active and passive
ExchangeTraded Product (ETP) but is seen as
a good proxy for Australian passive
•Australian superannuation much more
mature with mandatory and much higher
contributions and self managed
•Their total national FUM is around 7-8 times
larger than New Zealand
•The Australian ETF market is still
predominantly retail (80%+).
•Smartshares has only had a full product
range since the SuperLife transaction in
2015, when the number of ETFs expanded
significantly
Note: this is comparing growth curves from when both markets were @ 2b FUM
Source: Betashares; Smartshares; NZX Finance
2,000
2,500
3,500
5,0005,000
8,000
13,000
19,000
24,000
30,000
40,000
54,000
2,000
2,154
2,700
2,919
3,969
3,912
4,525
5,137
5,750
7,109
10,000
15,000
20,000
26,000
0
10,000
20,000
30,000
40,000
50,000
60,000
$m
Australian ETPs vs NZ ETFs
Australian market (start year 2008)SMS (Start year 2015)
SMS 2023 Strategic High TrackNZ Passive @ 30% CAGR

58
Smartshares
Vision and Objectives: Further develop ETF market, grow
FUM
58
Long term
2021
Broadening distribution and building scale
Platform
Transformation of client experience with a “digital
first” model. Completion of operational automation.
Full straight-through processing for passive
investment management processes
Continued development of investment capability
Growth
Improved retail investor platform
Expanded investment product range including
commodity and primary sectors funds
Segregated mandates across all NZ and AU
securities
Emerging cross-border opportunities
Deliver incremental growth on scalable, stable and
compliant platform
Platform
Further develop team capability including
leadership, digital, product and investments
Continuous progress with ops model and product
compliance creating further efficiencies and
reducing risk
Growth
Brand review complete with refreshed digital tools,
new ETFs, expanded Pacific and Iwi schemes
Further rationalisation, expansion and marketing of
ETF & unlisted products together with segregated
account capabilities –to drive net cash flows and
FUM growth
Continued growth of KiwiSaver in line with market.
Option to accelerate
Leveraging scale to enable cost-effective
systematic and passive access to markets for all NZ
and Asian investors
Platform
Expanded investment team and in-house
investment management as scale grows
Digital advice and distribution tools incl. financial
education for corporate scheme members. Digital
operating model
Growth
Expanded product offer. Further alternative funds
supporting investment in the NZ economy (e.g.
forestry, commodities, primary industries)
Broaden cross-border fund offering
Partnership, joint-venture or other restructure to
partially realise value for NZX and/or further access
offshore markets
Medium term
Growth
Time

59
Wealth Technologies

60
We are delivering against our growth strategy
Wealth Technologies
2017
Removed Blockages
2018
2019
Delivering ResultsGrowing to Scale
2020
•Resources added to enable delivery
•Appropriate team structure put in place
•Project management discipline embedded
•NZXWT Board and governance structures put
in place
•Focus on platform completion
•Platform launched with 20,000 plus portfolios
•Robust operational support processes put in
place
•Pipeline developed for 2020 delivery of funds
under administration growth
•Functionality enhanced adding Investment
Strategy, DIMs module and various regulatory
updates
•Delivered on schedule on boarding projects for
JBWere, Saturn Advice and Hobson Wealth
Partners
•Continue to develop sales pipeline
2.3 billion
+92
Funds under administration
%
6.5 billion
+182
Funds under administration
%
1.2 billion
Funds under administration
$
$$

61
The operating model delivers revenue at both ends of the FUA
scale
Wealth Technologies
Custody and
operations
Technology serviceTotal
LowHighLowHighLowHigh
FUA target
($ billion)
51030403550
Revenue
1
bps range dependant
individual customer
funds under
administration
5bps –25 bps1bps –15bps1 bps –25 bps
•2020 FTEs 59
•Staff costs account for > 85% of total costs
•Sales roles added in 2020 to invest in future growth
•Operational staff to be added as required however
the platform is highly scalable
•Additional development will be contingent on level
of new clients and migration
•We have sufficient resources to continue to invest
in the platform to remain market leading
1 Variables:
•Mix of custody and operations versus technology services
•Complexity and speed of on-boarding projects
•Mix of customer size will impact average revenue bps

62
Our pipeline is growing with significant near term opportunities
to grow revenue
Wealth Technologies
•Interest in the platform is strong
•With our inaugural adviser group Saturn on-board,
we expect more interest and projects to come within
this segment
•Currently actively engaged with five prospects for
near term project activity
•Current resource level allows up to four projects per
annum, resource can be added should more
opportunities present themselves
•Existing advisers will transition to the new platform in
2021 and the old platform will be decommissioned
0
5
10
15
20
25
30
35
40
45
50
2014201520162017201820192020202120222023
NZ$ bn
Funds Under Administration (FUA $'b)
2023 Strategy Low Target2024 Strategy High TargetFUA (Closing $'b)
2025 Strategy Low Track2026 Strategy High Track

63
Vision and Objectives: Drive funds under administration and
create value
Wealth Technologies
63
Long term
2021
•Scale achieved
•Cash flow positive
•Identify and implement synergies
between NZXWT and Smartshares
•Grow FUA
•EBITDA positive
•Post 2021 pipeline established
•Continue strong governance and
control environment
•Best practice development
velocity and project execution
•Operating excellence and
outstanding customer service
•Consider extending offering in
other strategic directions:
•Customer front end
•Roboadvice
•White labelled KiwiSaver and
Super
•Unit pricing and fund
accounting
•Offshore options
Medium term
Growth
Time

64
Key Performance
Indicators

65
Key Performance Indicators
Operating Earnings have grown
•In 2018 we removed barriers to growth
•There were proof pointsin 2019 indicating the five
year strategy was working
•These have continued in 2020 and we are now seeing
revenue growth
•We do see the need to for further investment in
2021, particularly in the Markets businesses, in order
to drive further growth
•Our operating margin is in line with our peers
1
and
we continue to target to be above our peers by 2023
1 Finance Technology Partners (September 2020) EBITDA Margins (median) information for
Regional/Country Based Exchanges is estimated at 2020: 44% and 2021: 51%
•All prior years operating earnings have been restated for the adoption of the new accounting standard NZ IFRS 16 Leases
•Prior to 2017 continuing operations included the Agri businesses which were classified as discontinued operations from 2017 until disposal
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
50.0%
-
10
20
30
40
50
60
201220132014201520162017201820192020202120222023
Operating Earnings ($'m) and Margin (%)
H1 Operating EarningsH2 Operating EarningsLow Target
High TargetLow trackHigh Track
Operating margin (RHS)

66
Key Performance Indicators
Capital Raised and Value Traded / Cleared are strong
Secondary Markets –Value Traded / Cleared
The removal of barriers and a drive towards global standards has seen a step
change in participation resulting in record on market liquidity and value
traded / cleared. Onboarding a General Clearing Participant will unlock
remote broker Participation
Trading System Upgrade will deliver increased functionality and trading
options for participants (e.g. NZX DARK)
Continue to drive growth in the NZX Depository business, to increase
efficiencies of NZ market and capture last leg of securities settlement value
chain
Issuer Relationships –Capital Raised
Barriers to listing have been further reduced:
•Removal of requirement for PFI for Direct Listings
•Templated disclosure for Foreign Exempt listing companies
•Research solution provided by Smartkarma
Team evolved into both a Client Relationship and True Origination model –
with active pipeline development and conversion
Debt market remains strong
-
5.00
10.00
15.00
20.00
25.00
201220132014201520162017201820192020202120222023
Capital Raised ($'b)
H1 - Capital RaisedH2 - Capital RaisedLow Target
High TargetH2-20 PTD Capital RaisedLow track
High Track
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
2008200920102011201220132014201520162017201820192020202120222023
Value Traded / Cleared ($'b)
H1 - Value TradedH2 - Value TradedLow Target
High TargetH2-20 PTD - Value TradedLow track
High Track

67
Key Performance Indicators
Data & Insights revenue improving better than expected and the
SGX dairy partnership is a global opportunity
Dairy Derivatives
SGX strategic partnership to extend market distribution and expand global
access:
•Increasing the number of trading and clearing members from four to a possible 80+; with
both proprietary and speculative firms connected
•Increasing the number of independent software providers
•Providing increased trading functionality
The SGX strategic partnership would be a revenue share agreement with NZX
retaining a base level of revenue
Data & Insights –Revenue Growth
Change to relationship management / vendor partnering to reach end users is
working:
•Retail terminal growth driven by COVID-19 lockdown and their activity continuing since
•Non-display application licencing increased awareness of licencing requirements
•Royalty revenue growth driven by real time data provision
Future revenue growth driven by:
•Developing value added services for issuers (e.g. collection of environmental, social and
governance metrics)
•Supporting S&P indices revenue growth (e.g. ESG indices)
•Review connectivity product offering
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
20162017201820192020202120222023
Data & Insights Revenue ($'m)
H1 RevenueH2 RevenueLow TargetHigh Target
H2-20 PTD RevenueLow trackHigh Track
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
20102011201220132014201520162017201820192020202120222023
Dairy Derivative Lots (#)
H1 - LotsH2 - LotsLow TargetHigh TargetH2-20 PTD LotsLow trackHigh Track

68
Key Performance Indicators
Financial Services Businesses continue to drive growth
Wealth Technologies –Funds Under Admin (FUA)
Platform:
•Whilst there has been a delayed delivery of the platform compared to original plans, we
now have a scalable platform with highly skilled operational team
Clients:
•Four clients on the platform with FUA >$6 billion;
•Capabilities and capacity to execute new customer projects;
•Strong pipeline –the 2023 aspirational targets are achievable
Performance -2021 will see positive operating earnings and we will continue to
develop and enhance the platform
Smartshares –Funds Under Management (FUM)
Macro drivers of the ETF market trajectory:
•ETFs penetration rate is low compared to US/Europe
•KiwiSaver future growth profile
FUM growth target 14% is being over achieved
•Net FUM inflow 2020 Oct YTD: $634m is approx. 16% of opening FUM
•Market return 2020 Oct YTD: $(5)m is approx. (0.1)% of opening FUM
•Sales activities: additional resources, wholesale clients offerings, strong relationships with
self-directed investment platforms, Asia Regional Funds Passport opportunities
0
1000
2000
3000
4000
5000
6000
Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23
Funds Under Management ($'m)
2023 Strategy Low Target2023 Strategy High TargetTOTAL FUM2023 Strategy Low Track2023 Strategy HighTrack
0
5
10
15
20
25
30
35
40
45
50
2014201520162017201820192020202120222023
Funds Under Administration (FUA $'b)
2023 Strategy Low Target2024 Strategy High TargetFUA (Closing $'b)

69
Key Performance Indicators
Investing in the Markets Business and servicing growth
in the Financial Services Businesses
Gross cost base (i.e. pre capitalised personnel and overheads costs) is analysed in the
graph opposite
•Personnel costs represent the majority of the gross costs (circa 70%)
•IT costs include market platform costs (>50%) andIT costs recharged to market participants (approx.
25%)such assystems connectivity charges
•Professional fees include costs relating to NZX’s regulatory obligations / contractual requirements
(e.g. assurance, internal audits and reviews), and costs directly relating to revenue (e.g. D&I audit
royalties, and external data input costs for Data & Insight reports)
We will invest into the Markets Business including:
•Enhancing the Securities IT team (addressing the EY Technology Report) and cyber security
(addressing the InPhySecReport),with related pricing to market participants being considered;
•Marketing direct listings and the market, to convert active pipeline to new issuers; and
•Providing the new Carbon managed auction service for the MfE.
For our Financial Services Businesses (Smartshares and Wealth Technologies) we will
continue to service growth in 2021 and beyond
•Corporatisation of the Wealth Technologies businesses and Smartshares(e.g. implementation of
Bloomberg front and middle office systems); and
•Operational costs (mainly FTEs) potentially increasing dependant on service requirements of new
investors/customers reflected in FUM/FUA growth
70%
15%
6%
2%
1%
3%
1%
2%
30%
Breakdown of H1-20 Gross Cost Base
Personnel Info Technology
Professional Fees Marketing
Travel Directors Fees / Insurance / External Audit
Rent / Utilities / Office Supplies Other Expenses

70
Key Performance Indicators
CAPEX will be higher in 2021 before reverting to normal levels
in 2022
Grow Markets
•Capex driven by specific system life cycles which result in large multi-year projects, plus
the normal life cycle replacements for IT equipment and software
•Main projects in 2020 include:
•Trading System upgrade –expected implementation at end of Q1-21 (deferred as result of COVID-
19)
•Network Transformation –which strengthens NZX’s cyber security, will be completed in 2020
•2021 will focus on:
•Technology upgrades, including to the enhancement to NZX technology architecture, NZX.com
capabilities, the registry messaging interface and automation of the Depository system and
processes;
•Auckland office relocation; including replacement of the old ticker; and
•Preparing for the Clearing System upgrade which is expected in 2023
MaximiseFinancial Services
•Wealth Technologies CAPEX relates to:
•Continues to release further functionality into production; and
•Migration of a new client and transfer of the OE platform clients expected in 2021
•SmartsharesCAPEX relates to:
•Front office operating system (Bloomberg AIM and BSKT) will be complete in H2-20; and
•Digital tools –the continued delivery of digital tools for improved client servicing and efficiency

71
Key Performance Indicators
2020 deliverables are on track and we expect future growth
External dependencies2020 deliverablesFive-year aspirational target range (2023) **
LOWHIGH
NZX GroupTotal shareholder return (%) *Dependent on external factors outlined
below
TSR average of 9.29% to 11.29% p.a. by December 2022
Earnings per share *Dependent on external factors outlined
below
EPS average of 8% to 16% p.a. by December 2022
Operating Earnings ***See earnings guidance$30.0 -$33.5 million$42 million$54 million
Grow Markets
-Issuer RelationshipsCapital raised
(total primary and secondary capital issued or raised
for equity, funds and debt)
•Listing ecosystem is dependent on
other market participants
•No major market correction
$9.5 billion
(average of 2017/18)
Three year rolling average: $11 billionThree year rolling average: $12
billion
-Secondary MarketsTotal value traded•Participant activity levels drive value
traded
•No major market correction
$38.6 billion$42.5 billion$45.0 billion
Dairy derivatives lots traded•Participant activity levels and dairy
market price volatility drive lots traded
0.45 -0.55 million lots0.85 million lots1.4 million lots
-Data & InsightsRevenue growth (in subscriptions, licenses and dairy
subscriptions)
•Dependent on marketsgrowthAverage revenue growth: 3.0%Three year rolling average revenue
growth: 2.0%
Three year rolling average revenue
growth: 4.2%
Funds ManagementTotal funds under management•Investment market returns
•No major market correction
Continue 3-year rolling
average growth: 14%
FUM December 2023:
$5.0 billion
FUM December 2023:
$5.75 billion
Wealth TechnologiesTotal funds under administration•Investment market returns
•No major market correction
Migrate new clients onto the
platform
FUA December 2023:
$35 billion
FUA December 2023:
$50 billion
* Consistent with CEO long term incentive programme, see share based payments note in the financial statements for more information;
**The five year aspirational target range (2023) as presented in the Investor Presentation (February 2019) and are not financial forecasts.
***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.
Progress towards 2020 deliverables can be monitored by monthly shareholder metrics

72
Wrap Up

73
Growth
Time
The wider business priorities across five years focus on growth
option execution across the business
Long term
2021
•Regular new equity, debt and funds issuance
•New participants in cash market, growing
product base in data
•NZX established as a hub for sustainable finance
•Accelerating global dairy derivatives market
growth, new products
•Carbon auction maturity, extension into related
products
•Smartshares and NZX Wealth Technologies
become important contributors to market
growth –alongside being significant providers of
NPAT
•Our technology capability becomes a business
growth enabler
•Grow Markets: All efforts lead to driving new
equity listings
•Grow Markets: Focus on growth in all business
unit’s and on growing participation/liquidity
•Execute on dairy derivatives move to SGX and
deliver carbon market
•Drive margin growth in Smartshares
•Deliver the next wave of client transitions for NZX
Wealth Technologies
•Mature our approach to technology and position
our capability for further growth across the
business
•Excellence in operational basics
•Fully-functioning “end-to-end” listings ecosystem
(IB/broker promotion, pre-funding pools,
distribution & liquidity)
•Regional leader in sustainable financing
•Wide local and global investor access to our
market through a broad range of competitive
participant players
•Centre of excellence in data
•Mature global dairy derivatives market
•“Best in class” operating platform
Medium term

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Contact
MarkPeterson
Chief Executive Officer
mark.peterson@nzx.com
+64 21 390636
GrahamLaw
Chief Financial Officer
graham.law@nzx.com
+64 29 4942223

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