Investor Day Presentation

24 November 2022
NZX Investor Day

Welcome & Business Update
9.30am
CapitalMarkets
9.55am
Strategic Delivery
10.45am
Morning Tea
11.15am
Smartshares
11.30am
Wealth Technologies
11.50am
NZX Value Proposition
12.10pm
Close & Lunch
12.30pm
Today’s Agenda
Importantnotice
This investor presentation should be read in conjunction with NZX's other periodic and
continuous disclosure announcements, and the financial statements in the 2022 Interim
Report, which provides additional information on many areas covered in this presentation.
These are available at nzx.com.
This presentation contains certain 'forward-looking statements' such as indications of, and
guidance on, future earnings and financial position and performance.
This includes statements regarding NZX's current assumptions, which are subject to market
outcomes, particularly with respect to market capitalisation, total capital listed and raised,
secondary market value and derivatives volumes traded, funds under management and
administration growth, acquisition integration costs and technology costs.
Additionally they assume no material adverse events, significant one-off expenses, major
accounting adjustments, other unforeseeable circumstances, or future acquisitions or
divestments.
Any indications of, or guidance or outlook on, future earnings or financial position or performance
and future distributions are also forward-looking statements.
Forward-looking statements are not guarantees or predictions of future performance and involve
known and unknown risks and uncertainties and other factors, many of which are beyond the
control of NZX, and may involve significant elements of subjective judgement and assumptions as
to future events which may or may not be correct. There can be no assurance that actual
outcomes will not materially differ from these forward-looking statements.
A number of important factors could cause actual results or performance to differ materially from
the forward-looking statements. The forward-looking statements are based on information
available to NZX as at the date of this presentation.
Except as required by law or regulation (including the Listing Rules), NZX undertakes no
obligation to provide any additional or updated information whether as a result of new information,
future events or results or otherwise.

Business
Update
Mark Peterson
Chief Executive Officer

4
Key messages you should take away from today –the NZX investment case
The Capital Markets opportunity: Since 2017, we have rebuilt our capital markets platform and have still achieved growth in a
challenging 2022. We have the building blocks for further opportunities and growth and as markets recover, we expect to see
capital markets activity levels accelerate
Maturing our Market: We know our product offering could be expanded (equity derivatives, carbon markets) which is key to driving
further growth in capital markets activity and greater global connections–rounding out our product offering will broaden our
earnings base and add scale to our settlement and clearing activities
We are globalising our footprintacross all businesses, (SGX, EEX, GDT, global participation in markets)and we see opportunities with a
‘star alliance’ strategy
Continued secular growth: Inaddition, thereare long-term structural market tail winds that support growth in the managed
funds and platform businesses
Continued M&A activity: We will continue to exploreM&A activity to help drive and accelerate growthwhere appropriate
Operating Leverage: Still investing for growth but also focusing on efficiencies and driving operating leverage
Maintaining through market cycles: Market cycles are inevitable, maintaining earnings through these challenging periods while
continuing to develop, sets a platform to capture upside opportunities in market recovery phase

0.36
0.50
1.87
2.15
2.70
2.91
3.97
5.08
6.54
9.71*
15
25
0
5
10
15
20
25
30
Dec-13Dec-14Dec-15Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Dec-26Dec-27
FUM AnnualHypothetical FUM Growth
Our latest acquisition (QuayStreet) provides another step change towards
achieving scale & operating leverage -in Smartshares
5
NZX acquires Superlife
Acquisition of
QuayStreet
Acquisition of
ASB SMT
SMS achieves default KiwiSaver
status
Funds under management
(Annually, NZ$bn)
Scale and operating leverage
areimportant elements for a
funds management
business.From our market
analysis $15B-$20B of FUM is the
point for NZ Managers at which
cost bases are at their most
efficient
Whilst scale has been achieved organically over time, step change acquisitions provide the opportunity to materially change the average costby:
•Spreading the fixed costs (corporate cost base and fixed fund costs) over greater FUM
•Providing purchasing power on the variable fund costs
Source: NZX Metrics; *October 22 FUM incl 1.6bn from Quay Street -$1.6bn
FUM from QuayStreetis shown on the graph as an indication of total pro-
forma FUM.The FUM will be attributed to Smartshareswhen the transaction
is completed in Q1 2023 and Smartsharesis appointed Manager of the
QuayStreetschemes
NZX acquires
Superlife, integrates
withSmartshares,
hires new
management
2
SMS develops a more
robust operating platform,
builds out capability and
team
3
Focus on net cash
inflows, gaining
mandates and market
visibility
4
SMS becomes a
default KiwiSaver
provider and
acquires ASB SMT
Acquires
QS,continue the
organic growth
strategy and deliver
operating leverage
NZX managed
Smartshareswith
only five listed funds
–slow growth
5
6
1

The acquisition of QuayStreetAsset Management Limited (QuayStreet) will
provide additional channels to market and $1.6bn in FUM...
6
Smartshares to acquire the management rights of QuayStreetAsset Management Limited (QuayStreet)
Transaction
summary
•Acquiring $1.6 billion
1
in funds under management for upfront consideration of $31.25 million, to be satisfied by a $22.5 million cash
payment and the issuance of $8.75 million of NZX shares (at a 10% premium to the five-day volume-weighted average price)
•Additional earn out of up to $18.75 million, based on net FUM inflows from the Craigs network over a three-year period
•Long-term product support and distribution agreement agreed with Craigs
•No immediate change for QuayStreet clients. The QuayStreet funds will be offered as a premium product set, complementing
Smartshares' existing systematic and passively managed product offering
•In time, Smartshares, with input from Craigs and clients, will work to align and refine the products to ensure the funds continue tomeet
customerneeds and represent value for money
•Smartshares will explorelisting theQuayStreet funds
Quay Street
•Specialist fund manager with $1.6 billion
1
under management offering a range of diversified and sector specific funds
•27.5% three year FUM CAGR and a 22.1% three year gross revenue CAGR
2
Notes:
1.FUM balance as at September 2022
2.To FY21

...and is expected to contribute between $3.3 -$3.6m to NZX FY23 operating
earnings
7
Smartshares to acquire the management rights of QuayStreetAsset Management Limited (QuayStreet)
Transaction
rationale
•Attractive opportunity for NZX to acquire a high-growth fund manager (aligned with a powerful private wealth network)
•Drives further scale for Smartshares, building on recent ASB SMT acquisition and Default Kiwisaver appointment
•Enables increased in-house capability supporting potential further synergies, including the internalisation of investment management
across existing funds
•Provides a long-term product support agreement to expand Smartshares product set by jointly developing new products that are desired
by the Craigs network
•Aligned with NZX Group’s growth strategy of securing complementary opportunities across our Funds Management, Wealth Technologies
and Markets businesses
Financial
impact on
NZX
•Expected to contribute between $3.3 million –3.6 million
1
to NZX FY23 operating earnings
2
. Operating earnings
2
is expected to exceed $5
million if the full FY24 earnout is achieved
•Integration into the Smartshares business in several phases over 36 months, with most functions transferred in 12 months
•Internal and external integration costs of circa$4.0 million are expected across 2023/24
Notes:
1. Annual equivalent operating earnings if the investment approach transitioned at the beginning of FY23
2. Excluding transaction costs, integration costs, amortisation, interest expenses and tax expense

We are guided by our core purpose,
vision and strategy...
Our Strategy
Growing, connecting,
creating value
Our Vision
A trusted New Zealand
business, delivering
sustainable wealth,
value and opportunities
for all
Our Purpose
Committed to
connecting people,
business and capital
everyday
Our Values
We Deliver
Creative
Integrity
Open
Resilient

...and NZX’s focus is to create value while delivering a positive impact on
society and the environment
9
Our ESG Strategy runs through the heart of our business –as the
operator of New Zealand’s stock exchange and markets, as a financial
services and technology business, and as a regulator. In particular, robust
governance (such as the updated Corporate Governance Code), is
paramount to the role that NZX plays in New Zealand
The four “Ps” –Planet, People, Prosperity and Principles of governance –
are the core pillars of NZX’s ESG approach. We ensure it aligns with our
organisationalpurpose, vision and strategy, and with New Zealand’s long-
term sustainability goals and international commitments
As a business, NZX is committed to taking action on climate change. In 2022
NZX achieved net carbon zero certification from ToitūEnvirocare.
Sustainable economic growth is a priority for NZX: increasing productivity
while reducing the carbon intensity of our emissions and that of the
Exchange. Public markets will continue to play an important role in facilitating
the flow of capital towards decarbonisingthe New Zealand economy
Principles of
Governance
PlanetPeopleProsperity
The definition of
governance is evolving
as organisationsare
increasingly expected to
define and embed their
purpose at the centreof
their business. But the
principles of agency,
accountability and
stewardship continue to
be vital for truly “good
governance”
An ambition to protect
the planet from
degradation, including
through sustainable
consumption and
production, sustainably
managing its natural
resources and taking
urgent action on climate
change, so that it can
support the needs of the
present and future
generations
An ambition to end
poverty and hunger, in
all their forms and
dimensions, and to
ensure that all human
beings can fulfill their
potential in dignity and
equality and in a healthy
environment
An ambition to ensure
that all human beings
can enjoy prosperous
and fulfilling lives and
that economic, social
and technological
progress occurs in
harmony with nature
Source: World Economic Forum

Removed blockages
Rebuilt for growth
Demonstrated resilience
•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
•Updated market structure and pathways to listing
•Enhanced NZX’s IT capabilities, security services improved to
mitigate impact of cyber attacks, implemented Bloomberg in
SMS, completed development and went live with new trading
system, completed actions required of plan agreed with the
FMA
•Delivery of partnerships for growth –Dairy and Carbon
•FY21:
•SmartsharesFUM +28.8% and operating earnings
excluding acquisition costs +64.2%, KiwiSaverDefault
status obtained
•Wealth Technologies FUA +53.2%, new clients onboarded
and operating earnings positive
•Traded value +18.5% up on 5 year rolling average,
depository assets under custody +32.7%
•True origination model established, new pathways to
listing, $19.8bn in capital raised vs $10bn target
•Despite challenging market conditions NZX is
achieving revenue growth across all businesses and
earnings stability
•Delivering a targeted M&A strategy to achieve scale
and ultimately increased operational leverage
•Delivering promised growth through innovative
global partnerships
•Maintaining operational excellence with 100% up
time in 2022 and robust risk management
NEW ZEALAND’S EXCHANGE
2019 /2021
2018
2022
We are doing what we said we would, delivering a business with strong growth
prospects and scalability...
10

2017 (Sept YTD)2022 (Sept YTD)Growth
FINANCIAL PROFILE
REVENUE$46.6m$70.9m+52%
OPERATING EARNINGSFY = $27.2mFY Guidance = $33.5–$38.0m+23% to +39%
REVENUE DRIVERS
CAPITAL RAISED $6.2bn$16.6bn+167%
VALUE TRADED$27.2bn$29.0bn+6.3%
DATA REVENUE$9.6m$13.6m+41%
FUM$3.7bn$7.8bn+110%
FUA$1.2bn$10.0bn+730%
DAIRY LOTS TRADED223k331k+42%
GLOBAL
PARTNERSHIPS
-EEX (Carbon), SGX (Dairy),
GDT (Dairy)
...and the numbers reflect the strength of our strategy
On TrackWork to doExceeded Target
* All numbers compared on a like for like basis
8

Our evolving
environment
«Macro-economic shifts impacting cost of capital
«Tight labourmarket impacting costs
«Shift in cycle in medium term (2024) should be good for
NZX as growth/recoveryphase in the economy should
mean more interest in investing
Economic
«Significant investment made into capacity, resilience and
security of thetechnology base
«Emerging with a stronger and more resilient operating
model
«Global and local compliance and regulatory environments
continue to strengthen and evolve.
Operational
«Economic conditions have impacted market activity -cash
market trading, FUM and FUA, and institutional investors
activity
«Shift to debt over equity
«Across many markets, equity derivatives trading is higher
Market
The current market conditions are part of a macro environment which has
evolved significantly in the past year...
01
02
03
12

...and the current market environment has highlighted opportunities that could
add products/scale, and would strengthen our revenue base
Further maturity in our cash market function also required –through alternative market venues and advanced connectivity, while leverage and scale required
in technology services and product provision
Exchange peers include global and regional stock exchanges
13
OTHER
Peer exchange footprint
NZX footprint
Data & Insights
PRE-TRADE DECISIONING
Public Issuance and Issuer
Services
CAPITAL FORMATION
& ISSUANCE
Cash
Commodities
Derivatives
TRADE EXECUTION
Scaled up clearing and
settlement
POST TRADE
TECHNOLOGY SERVICES
& PRODUCT PROVIDER
Investment Products
Funds Technology
In place/scaled up Significant opportunity exists
In mature markets, derivatives are coreto revenue generation -unsurprisingly the resulting revenues sit in the trading & post trading functions
Derivatives, in particular equity derivatives, are core to revenue stability, derivatives also drive growth across multiple layers of the capital markets including cash market trading, participation and data revenues.
In NZX post trade there is headroom for scale, supporting new product developments essential to market growth e.g. derivatives, additional services and efficiencies essential to market participants

Our strategy to 2027 is simple –round out ourproduct offer in Capital Markets
and drive scale and operating leverage across the businesses
Capital Markets
“A trusted New Zealand business, delivering sustainable wealth, value & opportunities for all”
Scale
•Listed Securities
•Trade volumes
•Depository/Clearing
volumes
Product Expansion
•Derivatives (Equity, FI,
Commodities)
Strategic Themes
Smartshares
Scale
•FUM
Operational Leverage
Wealth Technologies
Scale
•FUA
Operational Leverage
2.0
2.0
Stable/Secure Platform –Well Managed Risk; Healthy Culture
Growing, Connecting, Creating Value
14

What you will hear today....
15
The work since 2017 has reset our capital markets business and it is
showingstrength through market cycles. We have built a robust
platform for further growth
We have opportunities to strengthen our revenue base through
rounding out our product offering in line with our peers
We are driving scale and profitability in our funds management and
platformadministration businesses
We continue to ensureoperating excellence in an environment of
greater regulatory requirements and cyber threats
We are committed to driving sustainable profit growth and
shareholderreturn

Capital Markets
Origination
Sarah Minhinnick
General Manager

0
5
10
15
20
25
20182019202020212022
Ttoal Capital Raised (NZDbn)
Total Capital Raised
DebtEquityTotal Est Remaining FY22
We have seen good growth in capital raising activity showing the strength of
the public market through cycles
The goal of NZX is to provide business with access to capital to fuel their growth & contribution to the economy. We have seen asteady upward trend in
total capital listed and raised on market over the past 5 years
17
15% CAGR
$17.77 billion
Total capital raised (YTD)
+39.5%
(YOY)
$6.18 billion
Primary issuance (YTD)
+2.5%
(YOY)
$11.59 billion
Secondary issuance (YTD)
+72.7%
(YOY)
$9.51 billion
Debt capital raised (YTD)
+30.4%
(YOY)
42 ESG bonds on NZDX
Statistics as of 31 October 2022. Source: S&P/NZX Shareholder Metrics *Estimated
$9.50bn
$18.70bn
$17.60bn
$19.76bn
$19bn*

All pathways to listing are working well –7 new issuers joining NZX in 2022
Promoting all pathways to listing, including direct listings, were a key part of Capital Markets 2029
18
1 x Foreign Exempt
1 x Reverse Listing
1 x Fund
1 x Direct Listing
3 x Debt Listings
$8.01 billion
Market Capitalisation
$11.83 million
Market Capitalisation
of unsecured, senior, fixed rate bonds
$150million
of unsecured subordinated notes
$600million$100million
of unsecured, unsubordinated fixed rate
bonds
Listing application
received, pending
NZRegCoapproval
Scheduled to list on
6December 2022

We are driving forward on connecting with prospects in a large addressable
market
19
A broad addressable market exists providing significant opportunities to grow off
the back of a now embedded origination model
•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 the listed market
•Over 1,000 contacts have been made with potential issuers and nurturing the
most likely to list
•While the origination model has a long pipeline and is highly dependent on the
surrounding ecosystem, we are starting to see results
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
Number of securities/companies
Adressable Market
Materials
Energy
Technology
Financials
Consumer Discrectionary
Consumer Staples
Real Estate
Communication Services
Utilities
Industrials
Health Care
339 total listed securities on NZX
Total addressable market*
* Capital Markets 2029

We are driving this growth through an embedded origination model
20
•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
•Engagingwith the market through
sponsorships and partnerships, 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
2020-2021
True
Origination
Model
Embedded
Origination
Model
•Team of 7 with true focus on origination
•Integration on digital content and
communications personnel under this umbrella
•Actively engaging with all market influencers
•Actively connecting the right parties in the
capital market ecosystem
•28 new listings since January 2020 (equity,
funds and debt)
•Focused prospects list of over 1000 (from an
initial list of 4000)
•Effective sponsorships and partnerships
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
2022

Actively connecting participants in the capital markets ecosystem here and
globally...
21
Legal
Capital&advisers
NZX brokers with
distributionnetworks
Partnerships
Networks

...and delivering on NZX objectives from
Capital Markets 2029 to reach prospects
and support existing issuers
22
Capital Markets 2029 recommended NZX increase its marketing
efforts to capture the significant opportunity. This marketing
activity extends to supercharging our digital content offering
We support our issuers through high quality communication and
engagement offerings:
•20 Podcasts YTD
•5 Spotlight Videos YTD
•8 Virtual Investor Events YTD showcasing 33 issuers
•4 Issuer Education Workshops YTD
•20,000+ Social Media Impressions
•15,000+ Social Media Followers
•53,000+ Subscriber Reach

We are developing a vibrant capital raising business across equity, funds and
debt, driving scale across all areas of issuance
23
2027 Aspirations
•400 listed securities
•35% of NZDX bonds with GSS
designation
•Organic podcast growth to 500
listeners
•VIE organic growth to
1000investors
2022
•339 listed securities
•27% of NZDX bonds with
a GSS designation
•Podcast listeners ofcirca
300
•VIE viewers of circa 200
live and up to 600
subsequent views
Efficient Debt Market
Domestic Listings Ecosystem
Marketing Transformation
Traditional Fund Listings and SmartsharesETFs
New Listings
Expanded ETFsand Funds
offering
ExtendedEcosystem
Expanded Debt Offering
Complete Marketing Offering
Growth across all Markets

This is how we will get there
24
Optimisedigital content creation and grow
audience to support issuers’ investor
engagement and the NZX origination model
Pursue engagement with additional ecosystem
participants to facilitate new listings
Pursue listings from other ETF providers and
from a wider range of funds.Work with
providers to develop offerings to harness latent
investor demand
Expanded ETFs and
Funds Offering
Extended
Ecosystem
Expand Debt
Offering
Complete Marketing
Offering
Grow the New Zealand listed debt market to
>$60 billion.Target more new names for debt
issuance and focus on growth of GSS debt
market

We have come a long way in our support of existing customers and bringing
new business to market
25

Capital Markets
Development
Jeremy Anderson
General Manager

Progress since 2017 has significantly improved the health of our market, with
opportunities out to 2027
31.2 billion
YTD Oct total traded value
Oct 17 -$30.76 bn (+1.4%)
20.2 billion
YTD Oct on-market traded value
Oct 17 = $13.2b (+52.8%)
%
65
YTD Oct on-market traded value
FY2017 = 40% (+62.5%)
New Participants
2 Cash Trading, Clearing & Depository
2 Depository
69 thousand
Depository transactions -Oct 22
Oct 17 = 23k (+202%)
6.1 billion
Depository assets under custody -Oct 22
Oct 17 = $447m (+1,265%)
#
$
$
$
8.5 YoY revenue growth
Information Services Business Unit
FY2017 -FY2021
6835
Professional Terminals
Oct 17 -6,157 (+10%)
#%
27

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 of key initiatives since 2017 is driving this growth and has established
the platform for the next level of development
Actively managing the pipeline of prospective Participants including
trading, clearing and depository participants
Documented Relationship Management Framework rolled out across
Participants with clear plan to drive engagement and growth
With Trading System Upgrade complete, focus turns to creating
efficiencies in clearing and development of the CSD
Discovery project completed to deliver roadmap for CSD
modernisation and deliver of straight through processing
Continued growth in real time market data sales strong indicator of
interest in market and latent opportunity
Connectivity roadmap enhanced by delivering Minimum Connectivity
Standards due for completion in June 2023
28

Overall activity continues to grow through market cycles, driving liquidity &
revenues
29
Increased on-market trading is key to driving
new participation, particularly globally, and
increasing overall transparency and liquidity in
our market
Total value traded is facing challenges in 2022*
but we anticipate activity levels to lift as new
capability (GCP, Derivatives, NZX Dark) is
delivered
Data revenues continue to grow and will be a
source of recurring revenue growth into the
future as we develop new product and delivery
mechanisms
*Valuetraded/cleared
•Lowerlevelsoftotalvaluetradedreflectsacombinationoflowertradedvolumesandlowersharepricesduetosignificantmarketuncertaintyasaresultofhighinflation,interestraterises,reversalofquantitativeeasing,andglobalconflictcontributingtoaflightoutofequities
globally
•ReducednumberoflargetradingdaysinH1-22comparedtoH1-21duetolowernumberofindexrebalancedays,particularlyrelatedtotherebalanceoftheS&PCleanEnergyIndexinApril2021
-
2
4
6
8
10
12
14
16
18
20
201720182019202020212022 (YTD Sept)
Data & Insight Revenue ($’m)
-
10
20
30
40
50
60
200820092010201120122013201420152016201720182019202020212022
(Oct
YTD)
Value Traded / Cleared ($'b)
On MarketOff Market5 Year Rolling Average (Oct YTD)

Global footprint being extended in relevant jurisdictions in preparation for new
products and new investors...
30
Professional terminal usage is a good proxy for where the
interest in our market lies:
Significant professional terminal growth in APAC
jurisdictions over last 2 years indicating that push for
regional relevance is succeeding
Shift between UK and Europe may present
opportunities to continue to grow presence
Positive indicators with new investor types as product
development continues and barriers to entry are reduced
Building out infrastructure to make it easier for regional
and global participants to connect through points of
presence
0
1000
2000
3000
4000
5000
6000
7000
8000
Jan
2021
Feb
2021
Mar
2021
Apr
2021
May
2021
Jun
2021
Jul
2021
Aug
2021
Sep
2021
Oct
2021
Nov
2021
Dec
2021
Jan
2022
Feb
2022
Mar
2022
Apr
2022
May
2022
Jun
2022
Jul
2022
Aug
2022
Sep
2022
Professional Terminal x Country
New ZealandUnited StatesAustraliaHong KongUnited KingdomPhilippinesSingaporeJapanEuropeOther

2027 Aspirations
•$60 billion value traded
•80%on-market trading
•Dominant institutional market
share in CSD
•7500 professional terminals
*2022 forecast
2022*
•$31.2billion value traded (Oct YTD)
•65%on-market trading
•$6 billion assets under
administration in CSD
•6835 professional terminals
Digital Transformation
Refreshed Connectivity
Dual Trade Liquidity
NZX20 Futures Project
Fragmented Market
NZ Trading and Clearing Participants
Regional and Global
Participants
Enlarged Enhanced
Connectivity Footprint
Modern Data Hub
Preferred Liquidity Venue
Advanced Investment
Strategies
Venue Optionality
...along with delivering specific building blocks to broaden our product set and
drive scale...
31

Differentiated Liquidity
Pools
Provide differentiated venues for segmented order types (including large
anonymous deals with NZX Dark) adding value to off market trades.
Regional and Global
Participants
Advanced Connectivity
Modern Data Hub
Preferred Liquidity Venue
Advanced Investment
Strategies
Venue Optionality
...and this is how we will get there to drive regional relevance
Diversified Investor Base
Larger Liquidity Pools
Greater Reach
Global Footprint
Regional Relevance
Attracting more liquidity through providing the tools for advanced investment
strategies (including equity derivatives and short selling)
Compete for liquidityin dual listed securities through building stronger
relationships with investment managers and participants
Delivering market data and insights via modern delivery mechanisms including
cloud, API’s and replacing legacy portals.
Easy access to trading system being addressed with next evolution of
connectivity and offering co-location to attract electronic flow providers
A broader product offering brings new liquidity, more diversified liquidity,
reduces concentration risk and delivers scale to the market.
32

Market
Operations
Felicity Gibson
General Manager

34
Continuous enhancement in capital market operations will drive scale and
revenue...
We will...
Broaden our earnings base and add scale to our settlement and clearing
activities
Drive post trade efficiencies through automation and operations development to
support global and local participants
Continue to develop risk management tools in-line with international best
practice to support the New Zealand capital markets ecosystem
Risk
Management
Best Practice
Operations
Post Trade
Efficiency

...and we are clear on the objectives to getting there
ObjectivesSupports
Automation
Clear codification of requirements, for straight through processing
Reduces operational risk for all stakeholders in a growing market and
allows automation to reduce market costs
Automation of front end market operations (instrument and capital
raisings)
Speed to market for listings and corporate actions
Automation of corporate action processing
Reduces operational risk for NZX and custodians in a growing
market.Attractive to global custodians
Risk
Management
Introduction of global risk management tools
Risk management of infrastructure is fit for growing market, including
equity derivatives. Required for global participation in trading and
clearing of NZX markets
Risk management capital structure review
Clearing
Regulation
New Zealand moving towards global standard: Introduction of PFMI into
legislation, and QCCP qualification linked to this
Global and local participation in the market due to New Zealand
legislationmeeting expected global standards
35

Our aspiration: A New Zealand market aligned with changes in global
standards
36
2027 Aspirations
•3 global custodianparticipants
•28 fully automated corporate
actions
•Transitionedto new legislation
and QCCP eligible
•Global standard default waterfall
includingrecovery tools
2022
•1 global
custodianparticipant
•14 semi-automated
corporate actions
•New Zealand legislation in
process to move to global
standard
•Recovery tools under
consultation
Sufficient Capital Structure
Domestic Capability
Manual Depository
Fragmented Market
Capital structure that supports
growth
Globally aligned
Low touch operations, straight
through processing
At scale capabilityand
optimisedfor marketefficiency

Strategic
Delivery
Nick Morris
General Manager

DERIVATIVES
•SGX-NZX Global Dairy Derivatives
•Global Dairy Trade (GDT) investment & settlement
price development
•Fonterra private market services
•S&P/NZX20 Index Futures + Future products
ENVIRONMENTAL
•MFE NZX/EEX NZU Carbon Auction
mechanism
•Electricity Authorities licensed service
provider for NZ Energy markets
Agricultural
export market
leadership
(Dairy)
Local capital
market risk
management
tools (Equity
Index futures)
Renewable
Energy Source
(EA contract
service
provider)
Environmental
and ESG focus
(Carbon
Primary and
Secondary)
Strategic Delivery drives new and emerging growth opportunities for NZX,
continually developing our product offering
These opportunities are synergistic to NZX’s broader business and built on the New Zealand advantage
38
The goal: todeliver a more diversified set of revenue streams through maturing our markets in new
products andpartnerships

39
Settlement
Prices
DATA
Market analytics
and research
DATA
PHYSICAL MARKET
(GDT shareholding)
FINANCIAL MARKET
(Strategic partnership with SGX)
DATA
Dairy Data and insights
NZX invested a 33% shareholding in
GDT alongside Fonterra (33%) and
EEX (33%)
NZX Dairy contracts listed on SGX
Trading and Clearing platforms
NZX retains market & product
development, sales, and industry
engagement responsibilities
Distribution of data analysis across
financial and physical market
Insights include value add activities to
develop market knowledge in dairy
NEW ZEALAND’S EXCHANGE
Liquid trading platform
Credible reference prices
Increasing global relevance
Global distribution
Large Asian profile
Local NZ dairy data to global markets
Well known data delivery business
In dairy, NZX is now positioned across all key pillars –physical, financial, and
data -to drive growth
DAIRY DERIVATIVES

In the financial markets, the SGX partnership is achieving objectives, and
progress in developing GDT has begun under its new ownership structure
40
1.As measured by SGX 2. Measured in 6months FY21 March –Sept vs FY22 March –Sept, 3. estimate of NZX ‘crossing’ trades + blocktrades vs SGX=NZX Negotiated Large Trade (NLT) volumes;Source: NZX Data & Insights
Active Clearing Participants
1
From 4 to 8
Average Daily Volume (lots)
2
1,482 to >2,093
On screen liquidity
3
45% to 74%
On 2021 YTD Volumes+42%
Record Open Interest>125k lots
GDT
Weekly auctions launched
EU sales office expansion
Dairy Data & InsightsRedeveloped reports
DAIRY DERIVATIVES
198,303
311,675
345,651
358,928
360,887
305,937
372,599
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
0
20,000
40,000
60,000
80,000
100,000
120,000
2016201720182019202020212022 Oct
YTD
Volume and Open Interest Growth
Open InterestTotal Volume
October YTD
+42%
November 2021
tradingbegins on
SGX
Expanded International sales coverage
1x NZ
2.25m
5x NZ
11.3m
5x World
24.3m
Hypothetical
production multiples
(lots)

41
Dairy derivatives are global
products on a global
platform...our focus is also on
developing local
infrastructure and risk
management products
We know that equity
derivatives are a vital
component in delivering
more stable revenue
streams as well as multiple
other benefits across an
exchange business

In particular, we understand the core nature of these revenues in mature
exchanges and how they provide offset revenues in challenging markets...
A broader market offering provides a revenue ‘hedge’
42
19%
35%
38%
14%
23%
37%
-27%
-6%
-23%
17%
19%
29%
10%
8%
14%
-10%
12%
-18%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
ASXEuronextHKEXSGXNZX
Growth Over Time
International Exchange Comparison: Index Futures Contracts and Equity Value Traded
2021 -2022 YoY Growth Over Time
Index Futures Contracts Traded - 1H21 vs 1H22Cash Market Value Traded - 1H21 vs 1H22
Index Futures Contracts Traded -2H21 vs 1H22Cash Market Value Traded - 2H21 vs 1H22
The absence of a domestic
equity/debtderivatives market leaves
NZX significantly exposed in current
market conditions
EQUITY DERIVATIVES
*Data from WFE and Exchange Reports

...and how the positive impacts of an equity derivatives market reach across
the group
43
NZX 20
index
futures
Participant, trading and clearing,
data, stock borrowing and lending
fees and additional cash market fees
New sources of revenue
Becoming aligned with global trading and
clearing rules enables further product
expansion
Builds a globally aligned exchange
Delivering tools to Fund
Managers includingSmartshares
to better manage risk and
capital flows in their funds
Funds management investment tool
Demand for risk management products is
driving global clearers to explore connectivity
to NZX which opens future opportunities in
trading and clearing of other core products
such as cash/debt
Global connectivity expands
Trading in derivatives stimulates growth in the
underlying cash markets through arbitrage
and other risk management strategies
Cash market liquidity increases
EQUITY DERIVATIVES

In equity derivatives, we have broad support and the pre-conditions for a
successful launch
44
Key success factors
1
Differentiation to other
markets
Description
•Sufficient differentiation (new tradable commodity, new index),
no existing product available
Appropriate stage of
development
•Correct sequencing with groundwork to develop spot market if
required
•Sufficiently diverse number of sellers and buyers
•Further room to converge and grow
Support of major participants
•Liquidity fund to ascertain firm commitments to use the venue
•Availability of market makers
•Regulatory and legal certainty of exchange contracts and
delivery
•Confidence in prices realised–transparent market micro-
structure
•Appropriate regulation
Transparency and
governance
NZX Status (NZX20)
•No existing exchange traded derivatives product exists that provides
an accurate hedging tool for NZ equities
•NZX Cash market liquidity has increased by 69% since 2014*
•NZ Fund Manager allocation to NZ equities has grown 186% to $48bn**
since 2014
•NZ Fund Manager allocation to derivatives has grown by 1452% from
2014**
•Industry commitment from a ‘Cornerstone Group’ of 12 large end users
providing written demand via signed Letters of Intent including indicative
volumes
•Market makers engaged
•Large global Clearing Participants engaged
•NZX a regulated derivatives exchange
•Transparent underlying market
•Appropriate rules set being developed to be in line with global best
practice
Why the timing is right:
The goal to re-establish a liquid Index Futures market derives from improved underlying market conditions, and an extensive process to bring
together the required ingredients for a successful relaunch
*NZX Data, ** + **RBNZ Managed Funds survey –Derivatives include futures, options, interest rate swaps FRAs, FX, Cross currencyinterest rate swaps.1. Source: Oliver Wyman “How to build a derivatives market” 2015
EQUITY DERIVATIVES

45
The extension of our capital
markets clearing
infrastructure and product set
supports other domestic
product opportunities
The Carbon and Energy
markets provide product
opportunities that are
strategically beneficial to
New Zealand and to which
NZX can add significant value
as a trusted and established
exchange operator in these
sectors

In energy markets, the drive towards 100% renewable electricity will facilitate
ourtransition into supplying an integrated market operator platform
46
ENVIRONMENTAL
The market environment is changing...
Decarbonisationis fueling electricity demand...
•30% demand growth by 2035, further 30%by 2050 (exclNZAS)*
•Growth stemming from Electric Vehicle uptake, shifts inprocess
heating, and population increases
The supply mix will also change...
•Wind and solarsupply become moreprominent
•Thermal retirements and reduced relianceon baseloadhydro
Leading to increased price volatility and a need for evolved and
decentralised market operator services ...
•Shift to greater short-term volatility aspower system becomes
reliant to resourcessubject weather variability
•Market operators globally are adapting to meet this paradigm shift
...creating new upside opportunities for NZX
Existing service uplift...
•Re-secure long term marketoperator contracts
•Build out current datadeliveryplatforms with addedproducts and
functionality
Providea widersuite of products and services aligned to
international market models...
•Develop electricity price riskmanagement products
•Advance market operator servicesinto the growing
demandresponsemarkets
•Scalableand replicable distributedmarket operatorplatform
•Evolve into widercommodity product set;eg, water,green hydrogen
*EA, Price Discovery Under 100% Renewable Electricity Supply, March 2022

In carbon markets, successful entry into the primary (NZU auctions), positions
NZX to further assist with secondary market liquidity development
47
Working with MfEand EEX to enhance settings within the NZU Auction
platform
Building outdata and insight initiatives to improve transparency in the
carbon markets
ENVIRONMENTAL
0
10
20
30
40
50
60
70
80
90
100
JanFebMarAprMayJunJulAugSepOctNovDec
billion Euros
EU EUA Value by Trading Venue*
Exchange: 85%OTC: 15%
Globally, carbon and ESG markets are becoming an attractive investment opportunity to achieve decarbonisation and deliver socialbenefits
The NZ ETS isinternationally recognised and demand for well governedmarkets is developing, with regulated exchange trading thevenue of
choice in international marketplaces
Primary
Secondary
Voluntary
Nov 2022: NZ Government announced an RFI for a centralised,
regulated exchange operator for the trading of spot carbon
NZX is scoping with ETS participants and institutions on listing a NZU
futures product
The voluntary carbon markets in NZ are still in the early stages of
development, with the NZ Government pursuing an increase in
regulatory oversight
A deeper offering in the compliance (NZU) markets positions NZX for
emerging opportunities in the voluntary space
Initiatives
*ESMA,Final Report on the European Union Carbon Market,2022 (2021 data)

EA Service provision, subject to regularrenewal
process
Carbon: Successful Primary Market Entry
GDT: prices provided by single seller in
single region
Illiquid equity market risk
management tools
Hub for NZ Carbon trading across
primary + secondary
Integrated market operatorwith a
broader scope of services
Diversified, pre-eminent global
dairy platform for price discovery
Liquidity built in Index Futures
market providing foundation for
other domestic contract launches
Mature (>1x physical) global dairy
derivatives market
Nascent Global Dairy
Derivatives Market
48
Dairy
Equity
Energy
Environmental
The next 5 years seeks growth across the four pillars...
The pursuit of scalable growth opportunities both globally and locally are to be supported by structuring lower risk earningsprofiles in New Zealand’s Carbon
and Energy markets
2022
•440kdairylotstraded*
•Zero S&P/NZX20
Futures lots Traded
•5energy market
operator contracts**
•Auctionsfor NZU’s
*FY22 traded lots trajectory **Contracts >$500k p.a
2027
•>1.5m dairy lots traded p.a
•>Liquidindex futures market
•8energy market operator
contracts**
•Primary and Secondary market
functionsfor NZU carbon markets

...and this is how we will get there
49
Product development and education to attract new brokers and end users +
further development of the settlement mechanism (GDT)
Deliver on GDT’s initiatives that support increased supply of volumes traded on
GDT to improve the functioning of financial markets
Re-secure long term market operator contracts while developing new products
and services to meet the change to a100% renewable electricity sector
Participate in Government centralisedspot exchange operator RFI/RFP
process in 2023 + pursue NZU derivatives
Carbon Market Hub
Integrated Market Operator in
Electricity
Pre-eminent dairy platform
Liquid Index Futures Market
Mature Global Dairy Derivatives
Market
Building the infrastructure required to attract a more global participant base for
an S&P/NZX20 Index Futures relaunch

Smartshares
Hugh Stevens
Chief Executive Officer, Smartshares Ltd

8
Smartsharesis a licensed Fund
Managerwith 8 registered
schemes incl. Smartshares
ETFs and SuperLifeKiwiSaver
70
Members in the Smartshares
team
119,000
Members we directly manage
savings, investment and
insurance services for
$8 billion
Assets under management
100%
Owned by NZX Limited and
with an independent
governance structure
35
Smartshareshas 35 exchange
traded funds listed on the NZX,
accounting for more than 6% of
value traded
Smartsharesis NZ's leading passive investment manager and is well
positioned for further growth
51

Smartsharesawarded fund
manager of the year
Research IP Fund Manager Of The Year Awards 2022
52
Fund Manager of the Year 2022; and
Global Equities Fund of the Year
-SmartsharesUS 500
Australian Equities Fund of the Year
-SmartsharesAustralian Top 20
Longevity Award
-SmartsharesUS 500

INSTITUTIONSRETAIL
SPONSORS
Employers, Iwi &
Pacific
SOLUTIONS
Savings, Investment, Insurance
PRODUCTS
ETFs, Managed Funds
Investment philosophy & capability, digital transition, process
automation, risk & quality management, compliance culture
Direct online,
platforms, brokers &
financial advisers.
Customers
Segments
Offers
Delivery
Platform
Outcome
Competitive fees, scalable business with excellent customer
outcomes
Consultants, Advisers,
Direct
Channels
Diverse, multi-channel
distribution
1
Vertically integrated
(we manufacture and
distribute)
Index-tracking and systematic in-
house investment management
Robust, scalable, operating model
2
3
4
The Smartsharesbusiness model has become more complete since 2017
53

VERTICAL
INTEGRATION
MARKET
POSITIONING
IN-HOUSE ADMIN
& IT
LICENSED FUND
MANAGER
PRODUCT
DIVERSITY
MULTI CHANNEL
Present in fastest
growing market
segments. New
Zealand in catch
up on shift to
passive
Full control over
customer service
and cost
Pricing flexibility &
opportunity for
operating leverage
‘One stop shop’ -
fewer providers for
customers to
manage
Diverse customer
base from direct and
indirect channels and
multiple client
segments incl.
institutions, sponsors,
retail
High barriers to
entry, significant
regulatory fixed
costs and long-
term relationships
We hold competitive advantages that help drive leverage and growth in FUM
and revenues...
54

FUM
Net Cashflow
Funds Under Management (FUM)
grew at a significantly higher rate
than expected.
Net Cashflow success represents
Smartshares’ ability to attract new
customers and deliver operating
leverage.
Funds Under Management
Net Cashflow
...and this is showing through in the key areas where we are exceeding
expectations
FUM 31 Oct 2022:
$8.1 billion
-
200
400
600
800
1,000
1,200
201720182019202020212022 Oct YTD
Cash Flows ($'million)
55

Emerging Asia
Technology and Automation
Regulatory Change
Retirement and Demographic Shift
Virtual Business Models
•Option to expand regionally. Expertise in cross-border fund distribution: Asia
Region Funds Passport and Trans-Tasman funds portability
•Option to cross-list high-yield NZX ETFs across the region
•Proven leadership and growth in the Pacific Islands
•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
•Strong relationships with global, credible outsource providers.
•Increased public engagement in savings
•Retirement income, insurance and investment products, packaged as financial
wellbeing solutions
•Strong brand in relevant demographics
•Policy pressure to increase contribution rates to match international benchmarks
•Developing a new generation of digital tools to provide efficiency, self-
directed capability, and advice
•Strong relationships with new self-directed investment platforms incl.
Sharesiesand InvestNow
•Able to leverage NZX investment in data and insights
We are also benefitting from global trends driving broad based growth
56

57
2027
Manual customer service model
Management focus on ops and tech
Mid-tier KiwiSaver
Passive investment management
Operating outside risk tolerance
Manual Operations
(Staff arethe machine)
Holistic risk and compliance management.
Best practice SDLC, procurement & PMO
Management focus on customers and
growth
Digital customer service model
Full-service financial wellbeing solution
Full in-house systematic investment
management with ESG
Automated Operations
(Staff operatethe machine)
Our ambition is to grow into a full service, automated, digital fund manager

The Smartsharesaspiration...
58
All investors have access to trusted, cost effective, financial solutions to build a future unconstrained by financial worries
•In-house investment management
•Build systematic investment
management capability
•Broad product coverage through
multiple client segments
•Thought leadership in ETF and
systematic
•Best-in-class investor outcomes
through liquidity risk management
and low tracking errors and
differences
•Consistently above average
returns in diversified funds
•Market-leading digital services and
advice
•Combined investment and
insurance offer
•Investment solutions for retail,
wholesale and institutional
•Deliver market liquidity through
ETF trading
•Support NZX listed issuers’ capital
raising
•Support NZX indexes
•Support market infrastructure
including participants and brokers
•Automated operational workflows
•Effective digital capability
•Leader in compliance and risk
management.
•Leader in multi-segment, multi-
channel distribution.
•Continue white-label and fund
hosting capability.
•Efficient product structure
•Knowledgeable and engaged team
•Excellent customer services
Lead in Systematic
Investment Management
by supporting retail &
institutional flows
Lead in Systematic
Products
1
2
3
4
Lead in Financial
Wellbeing Solutions by
developing KiwiSaver&
Corporate Super
Lead in Financial
Solutions
Build an efficient operating
platform with great
customer outcomes
Establish an Efficient
Platform
Support NZX 2.0 through
capital flows and earnings
growth
Support
NZX 2.0

We have multiple options to deliver further margin growth and reduce
operating risk
59
Lead in Systematic
Products
1
2
3
4
Lead in Financial
Solutions
Establish an Efficient
Platform
Support
NZX 2.0
•Further in-housing ofinvestment
management
•Complete automation of middle office
and investment data interfaces
•Develop model-based systematic
investment management.
•Implement an annual product and
pricing refresh (incl. ETF listings,
funds, KiwiSaverand supporting NZX
2.0)
•Grow securities lending average
balances
•2 formal market makers by 12/23
•Launch first ARFP offer
•Deliver mass-market sales capability
•Implement digital customer lifecycle
management through CRM
•Automate selected investor
communications and onboarding
•Simplify insurance offer
•Onboard ASB SMT to standard ops
model
•Deliver digital financial advice tools
•Continue to develop cross border
funds distribution, Pacific and Iwi
services
•Expand market liquidity through
increased ETF trading by market
education (additional ETF use
cases),improved tracking, increased
ETF distribution and product
structuring.
•Expand product choice by listing
further ETFs tracking NZX listed
securities
•Drive growth in securities lending by
increasing inventory, sec lending
participation and participant training
•Develop capability to further support
NZX issuers’ capital raising
•Review case for NZX index funds
incl. NZX2.0 initiatives
•Further develop our staffculture and
engagement
•Automate operational workflows
•Develop best-in-class IT and digital
development capability
•Deliver FMA-mandated compliance
changes.
•Product structure & efficiency review.
•Deliver refreshed risk management
framework and Compliance
Assurance Programme.
•Develop in-house Smartshares
change management capability

Wealth
Technologies
Lisa Turnbull
CEO -NZXWT

Key metrics
Revenue
$6.0m*
+36% YoY growth
FY22B FTE
77
15 groups
>33k accounts
(as at Oct-22)
FUA
$10.1bn
(as at Oct 22)
Aligned to NZX Purpose
>The NZXWT platform provides core market infrastructureto the NZ financial advice community, aligning to NZX’s
purpose of connecting people, business and capital everyday
What we offer and who are
we for?
>NZXWT offers an open, modern and efficient specialised platformfor advisers and financial services providers to
manage, trade, administer and reportperformanceof their clients’ investments
Overview of NZXWT
>NZX Wealth Technologies (NZXWT) is one of the fastest growing, most comprehensive, feature-rich custodial
investment platformsavailable in New Zealand
>$10.1bn in FUAacross 15 groupsand >33k portfolios
>Wide spectrum of functionality, including Wrap, KiwiSaver, NZ Super, QROPS, broker integration, investor portal and
direct registration all in one unified solution
>Fully cloud-based platform leveraging the Microsoft technology stack and driven by API
>The platform was built and is now supported by highly experienced, wealth technology professionals to ensure a full
lifecycle solution that covers all investor, intermediary and custody interactions
NZX Wealth Technologies (NZXWT) is a high growth business opportunity over
the medium term
*Revenue of $6.0m is based on Q3 YTD revenue metrics
61

1.2
2.0
2.3
7.2
11.0
10.0
0
10
20
30
40
50
60
70
80
Dec-16Dec-17Dec-18Dec-19Dec-20Dec-21Dec-22Dec-23Dec-24Dec-25Dec-26Dec-27
Throughout its history NZXWT has successfully onboarded several large
clients and has a high conviction pipeline driving FUA growth targets
62
FUA growth driven by a large
contracted client
being onboarded over
FY23F and FY24F
and other high & medium
conviction prospects
3
4
5
1
2
Funds under administration
(Monthly, NZ$bn)
NZX acquire Amadeus
and rebrand to NZX
Wealth Technologies
Limited
Operating legacy
platform
Begin to build out team
and technical capability
to deliver new product
Focus on acquiring
large foundation clients
to build functional
capability through
development projects
Developed a new platform
built
on Microsoft Technologies and
driven by APIs
Functionality built to support
efficient small and medium
adviser migration
Focus on building scale and
delivering positive cash flows
Shift in focus to onboarding clients
suited to existing technologies with fast
migration times
Maintain outstanding customer service
Large Family
Office
+++
FUA growth largely driven by
potential clients of medium
conviction

Price pressure on all target customersis forcing the
market to look for technology solutions for
efficiencies
Compliance costs are rising for customers and good
customer conduct is becoming more important
Most competitor and in-house target client platforms are
legacy and/or at the end of lifeand requiring
significant upgrade
Structural KiwiSaver and demographic tail winds to
drive long term industry growth
•NZXWT was the first investment platform to provide
KiwiSaver self-select functionality in New Zealand
Financial advice is becoming more prevalent and
necessary as investment options expand
Structural tailwinds are expected to drive future growth within the investment
platform market...
Source: OECD Global Pension Statistics
229%
213%
180%
170%
132%
127%
100%
34%
171%
119%
124%
119%
92%
71%
64%
14%
DenmarkNetherlandsCanadaUSAustraliaUKOECDNZ
Pension assets as a % of GDP (%)
2020 (or latest year available)2010 (or first year available)
63

...and we hold key competitive advantages that help us capitaliseon
structural tail winds...
64
STRONGNZ
OWNERSHIP
MODERN
TECHNOLOGY
FEATURE RICH
FUNCTIONALITY
COMPLIANCE
FLEXIBILITY OF
ACCESS
STRONG SERVICE
ETHIC
Clean state, open
API technology
enables agile
development and
strong threatcontrol
Full wealth product
suite.Individually
managed account,
discretionary
investment
management
service,super
schemes, self-
selectKiwiSaver
100% NZ owned by
a strong regulator
entity and 100%
focused on NZ
market
Available as
Software as a
Service through to
full custody &
administration
outsourcing and
highly configurable
Customer centric
service ethic.Strong
reputation for
successful delivery of
complex multi-year
projects. Full history
data migration
capability
NZ regulatory and
tax compliant,
mandate and
compliance
obligation
monitoring and
reporting

...and the pipeline of growth is strong
65
The probability and timing of the medium conviction pipeline is
highly contingent on prospects.We can influence but not control
Customer interest in the platform is strong
2022 development laid the foundation for a significant Saas
onboarding to occur over 2023 and 2024
There is a significant focus on attracting Adviser Groups to the
full operations and custody service.There is a strong pipeline
2020 2021 2022 2023 2024 2025 2026 2027
High to Medium Conviction Pipeline
Existing clientsOnboarding project underwayHigh conviction prospect
Medium conviction prospectFuture pipeline

66
Significant FUA secured
Large SAAS on-boarding project underway –strong focus on growth in Custody and Operations segment
2023 will have a strong sales focus on Custody & Operations service
There will be significant FUA growth from SaaS clients over 2023 and 2024
Growth in revenue will be driven also by Custody & Operations service, the
fuller service attracts a high average revenue bps
Current resource level allows up to four concurrent projects per annum,
resource can be added should more opportunities present themselves
Custody &
Operations
Saas
Tiered revenue bps range dependenton
individual customer FUA5bps –22bps0.25bps –15bps
* Total average bps is estimated to range from 3.4 –5.0 bps.This is highly dependent on the FUA mix
between Saasand Custody & Operations service as well as the size and complexity of clients.
2022 2023 2024 2025 2026 2027
Split between FUA Saas& Full Custody & Ops
Service $bn
SaasCustody & Ops
0%
50%
100%
2022 2023 2024 2025 2026 2027
Forecast revenue split between Saas & Full
Custody & Ops Service
%
SaasCustody & Ops

The operating model delivers revenue at both ends of the FUA scale
67
►Current FTEs 77 –this level of resourcing enables the migration growth path
►Once migration growth path is complete in a number of years time, and we reach steady state (business as usual), we estimate a lower level of
FTEs
►Growth landgrab phase is expected for at least the next 4 years.Additional growth initiatives are being explored. Assessment will be made to
determine if revenue upside wouldjustify an extension of the growth phase
►Staff costs account for > 85% of total costs
►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

The next 5 years: Drive FUA growth bymaintaining leading edge technology,
functionality, strong operational service and risk management
68
Market leading portfolio management functional
suite for client advisers operating within a
custodial wrap solution
Open architecture, best practice SDLC, cloud
based, secure by design, monthly release cycle
Operational capacity and capability to support a
broad range of complex SAAS and custody clients
Strong risk and compliance environment with
embedded frameworks and controls
FUA $10.1b
Continued leading edge development, setting
industry standards
The dominant system of choice for the NZ
financial services industry
Industry leading service to user community
with clients sharing knowledge and
experiences
Automated controls to further enhance the
strong risk environment
FUA $40b -$70b
2027

...and this is how we will get there
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Complete current contracted FUA onboarding project over 2023 & 2024
along with a strong focus on sales to the full custody & operations market
and secure another large SaaS client
FUA $40b -$70b
Understand the regulatory environment and obligations then integrate
regulatory management and controls into our business practices and
platform
Automated controls to further enhance the
strong risk environment
Engaging with clients, individually and through user forums, at an
operational and strategic level to understand their business issues and
development needs to ensure our solutions support their growth
Industry leading service to user
community with clients sharing knowledge
and experiences
Increasing strategic engagement with clients and prospects and industry
forums, feeding into a long term strategic functional roadmap forming
compelling solutions for financial service providers
The dominant system of choice for the NZ
financial services industry
Continue to iterate technology and frameworks. Continually assess
components to ensure the platform remains modern. The strong technical
base will allow us to dedicateresource to R&D initiatives
Continued leading edge development,
setting industry standards

NZX Value
Proposition
Graham Law
CF&CO

Current market conditions have impacted some of our revenues, and costs are
being limited or deferred, we don’t believe this will have a long-lasting impact
The current year market conditions have impacted:
•Value traded / cleared (29.1)% and Settlement Lines
(9.3)% September YTD –based on current pricing
the full year impact is estimated at approx. $3.25m;
and
•FUM based revenue has been impacted by the YTD
market return (9.9)% –our estimate of the impact for
the full year of approx. $2.5m
Whilst we are experiencing cost pressures, we have
been managing costs to limit or defer the increasing cost
base
External dependencies2022 SEPT
YTD
YoY %
Grow Markets
-Issuer
Relationships
Capital 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
$16.56
billion
+54.0%
-Secondary
Markets
Total value traded•Participant activity levels drive
value traded
•No major market correction
$28.96
billion
(29.1)%
Dairy derivatives lots traded•Participant activity levels and
dairy market price volatility drive
lots traded
331,000+41.8%
-Data & InsightsRevenue growth (in
subscriptions, licenses and
dairy subscriptions)
•Dependent on marketsgrowth$13.6
million
+5.0%
Funds
Management
Total funds under management•Investment market returns
•No major market correction
$7.79 billion+32.7%
[YTD excluding
ASB SMT
acquisition
(5.0)%]
Wealth
Technologies
Total funds under administration•Investment market returns
•No major market correction
$9.96 billion+25.3%
2022 Targets -Performance YTD
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NZX’s revenues have remained strong, we have a diverse range of revenue
sources the majority of which are not exposed to market capitalisation
Exposure to market capitalisationfor
H1-22 was approx. 43.1%:
•Annual Listing Fee approx. 2.5%
which is driven by the market
capitalisationon 31 May each
year
•Trading & Clearing Fees 13.8%
•FUM based revenue 21.0%
•FUA based revenue 5.8%, though
contracts have base levels of
revenue
The exposure is rising as FUM based
revenue becomes a higher portion of
revenue (H2-21: 40.7%)
Business UnitRevenu
e H1-22
%
Revenue Driver
Capital Markets Origination
CMO -Annual Listing Fees11.6%
Market Cap at 31 May, largely fixed base with some variable to market cap movements and fixed
Index fees
CMO -Primary / Secondary capital
raised5.9%Capital issued / raised -mix between equity, retail debt, wholesale debt, funds
Secondary Markets
Participant Services0.5%Number of particpants
Trading and Clearing Fees13.8%
Traded / Cleared value and settlement lines -mix between on market, auction, off market and a trading
fee cap
Dairy Derivatives1.8%Dairy lots traded
Market Operations12.0%Longer term contracts and development revenue
Data & Insights
Royalties from Terminals8.9%Terminal numbers (particularly professional terminals)
Subscriptions, licences and indices7.2%subscription / license numbers and indicies clients
Audit and back-dated licences0.5%Outcome of terminal / license audits
Connectivity2.8%Number of connected participants
Funds Management
FUM Based Revenue21.0%FUM based revenue
Member Based Revenue3.2%Monthly admin fees (including on insurance)
Other Funds Management Revenue0.6%Insurance, interest income and stock lending & borrowing
Wealth Technologies
FUA Based Revenue5.8%FUA based revenue
Development Revenue0.4%T&M basis for client specific customisation
Regulation3.9%Mostly T&M basis, some allocation from Annual Listing Fee (1.2%)
Other0.0%
72

We are actively managing or replanning activities due tocost inflation pressures
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 67%) –with cost increases being
driven by:
•higher average number of FTEs –resulting from additional roles created in 2021 e.g.in the
Securities IT team (addressing the EY Technology Report) and cyber security (addressing the
InPhySecReport),partially offset by a large vacancy factor in the current year;
•wage inflation; and
•lower levels of capitalisedlabour;
•IT costs (circa 20%) include market platform costs (which are being adversely impacted by the
movements in FX rates and contractual inflation rates), IT costs recharged to market participants
such assystems connectivity charges, and new IT costs (such as NZX’s share of IT costsunder the
SGX-NZX dairy derivatives strategic partnership and Smartsharesincurring software license costs
for the Bloomberg system and new licenses for the KSD digital tools);
•Professional fees (circa 4%) include costs relating to legal, tax and other advice, and costs directly
relating to revenue (e.g. D&I audit royalties, and external data input costs for Data & Insight reports)
The cost base continues to grow in our Financial Services Businesses (Smartsharesand Wealth
Technologies) due to:
•Corporatisationof the businesses;
•Smartsharesorganic FUM growth and the additional of resource to prepare the migration of (and in
2023 to service) the ASB SMT acquisition; and
•Wealth Technology migration of new customers (reflected in FUA growth) and dependant on their
service requirements
73

CAPEX growth is driven by Smartshares(ASB SMT integration from Q4-22 to Q3-23) and
Wealth Technologies (migration activity)as well as our related increased accommodation
requirements
Trading, Clearing and Energy Systems CAPEX
•Trading, clearing and energy systems CAPEX driven by specific system life cycles which
result in large multi-year projects
•To enable further growth, we have been upgrading systems to enable NZX20 equity
derivatives and the further automation of the Depository system
PP&E and Other Software CAPEX
•PP&E CAPEX relates to the normal life cycle replacements for IT equipment and software,
as well as commencing the implementation of a strategic storage solution. In 2021 we
established the Capital Markets Centre in Auckland.
•We are currently completing the strategic storage solution and the fit out of additional
accommodation requirements as the business grows. Thereplacement of the old Auckland
ticker has now received council approval
•Other software CAPEX relates to technology upgrades and enhancements of the NZX
technology architecture and the Network Transformation project which strengthens NZX’s
cyber security
Financial Services Growth Businesses CAPEX
•Wealth Technologies CAPEX in the current period relates to continued product
development and new client migration activity
•Smartshares CAPEX relates to the delivery of digital tools for the new KiwiSaver Default
Scheme to ensure improved client servicing / experience and automation / efficiency
•We have commenced Smartshares systems upgrades to enable the migration of the ASB
Superannuation Master Trust
74

NZX’s share price has been impacted by the perception of how the current
tough market conditions impact NZX’s revenue plus other factors including....
AGM speeches
and presentations
Interim Report
and results
Half Year Metrics
GDT partnership and
FY21 Results
Rights Issue
February / March rights issue
Low retail entitlement participation due to
uncertainty resulting from the Ukraine /
Russia war commencing
Subsequently some underwriters sold down
putting downward pressure on share price
August increase post the Kiwi Wealth
transaction announcement –indicator of
Smartsharesvaluation
Subsequently eased off on light volumes
75

A Sum of the Parts valuation is how we look at the overall value of NZX, if we
deliver on our strategy then the SOTP is higher than the current share price
Sum of the parts valuation:
•to assist we provide business unit information in
our FY / HY investor presentations and the
monthly operating metrics;
•BU macro drivers include:
Analyst Consensus:
•post HY-22 results announcement (in August 2022)
•still to consider the impact of our H2 performance
and the KiwiWealthtransaction
•differential to the current share price is
approximately +30%
•which we believe has a positive impact
Key drivers
Grow Markets
-Issuer Relationships•Long run market capitalisation growth; plus
•Primary listing capital raised, and secondary capital issued
-Secondary Markets•Traded / cleared value
•Depository settlement lines
•Dairy lots traded (and the commencement of speculative trading)
-Data & Insights•Professional terminal numbers
•Subscription / License numbers (and conversion of audits to annuity streams)
Funds Management•Continuation of the accumulation phase of NZ total FUM e.g. KiwiSaver future growth profile
•NZ ETF penetration rate (currently low compared to US/Europe)
Wealth Technologies•Large advisor firms outsourcing wealth platforms due to compliance costs (and in due course
outsourcing their operations functions)
•Medium advisor firms outsourcing their operations functions due to the cost to service clients
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Wrap Up
Mark Peterson
CEO

The Capital Markets opportunity: Since 2017, we have rebuilt our capital markets platform and have still achieved growth in a
challenging 2022. We have the building blocks for further opportunities and growth and as markets recover, we expect to see
capital markets activity levels accelerate
Maturing our Market: We know our product offering could be expanded (equity derivatives, carbon markets) which is key to driving
further growth in capital markets activity and greater global connections–rounding out our product offering will broaden our
earnings base and add scale to our settlement and clearing activities
We are globalising our footprintacross all businesses, (SGX, EEX, GDT, global participation in markets)and we see opportunities with a
‘star alliance’ strategy
Continued secular growth: Inaddition, thereare long-term structural market tail winds that support growth in the managed
funds and platform businesses
Continued M&A activity: We will continue to exploreM&A activity to help drive and accelerate growthwhere appropriate
Operating Leverage: Still investing for growth but also focusing on efficiencies and driving operating leverage
Maintaining through market cycles: Market cycles are inevitable, maintaining earnings through these challenging periods while
continuing to develop, sets a platform to capture upside opportunities in market recovery phase
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Summary –the NZX investment case

Thank you