Investor Day Presentation

NZX Investor Day
7 N O V E M B E R 2 0 2 4

Who you will be hearing from today
Mark Peterson
NZX Chief Executive
Jeremy Anderson
GM, Listings, Information Services and
Environmental Markets
Nick Morris
GM, Cash & Derivatives
Anna Scott
Smart Chief Executive
Lisa Turnbull
NZX Wealth Technologies Chief Executive
Graham Law
Chief Financial and Corporate Officer
Page 3

Today’s Agenda
Important notice
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 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.
Page 2
Welcome & Introduction 10.30am
Mark Peterson

Capital Markets 10.45am
Jeremy Anderson & Nick Morris

Smart 11.15am
Anna Scott

NZX Wealth Technologies 11.30am
Lisa Turnbull

NZX Value Proposition 11.45am
Graham Law
Close 12.15pm
Mark Peterson

Mark Peterson
Chief Executive Officer
Delivering resilient
and scalable growth

We operate under a strategic framework with interconnected
businesses driving scale and operating leverage for shareholders and
that help New Zealand grow
STRATEGY
VISION
C A P I T A L
M A R K E T S
S M A R T
N Z X W E A L T H
T E C H N O L O G I E S
I n t e r co n n e c t i v i t yI n t e r co n n e c t i v i t y
S t a b l e /s e c u r e p l at f o r m – w e l l m a n a ge d r i s k ; h e a l t hy c u l t u r e
Growing , Connecting , Creating Value
“A trusted New Zealand business, delivering sustainable wealth, value & opportunities for all”
Scale
Listed securities and
volume
Client Requirements/
Product Expansion
NZX Dark, Derivatives
Client Requirements/
Product Expansion
Enhanced passive range
Scale
Funds Under Management
Scale
Annual Reoccurring Revenue
Funds Under Administration
Client Requirements/
Product Expansion
Platform functionality
Operational leverageOperational leverage
P l a n et | Pe o p l e | P r i n c i p l e s o f G o ve r n a n c e | P r o s p e r i t y
OPERATING
RESPONSIBLY
STRATEGIC THEMES
VALUES
Operational leverage
•Assist NZ to grow and improve its
productivity
•Three connected and complimentary
businesses
•Capital Markets– round out our product
offering, buildscale in clearing and
settlement and capitalise on the
operating leverage as markets recover
•Smart – continue the organic growth,
invest in our brand, product, client
service automation and operating
platform
•NZXWT – continue to transition the
client demand and capitalise on the
competitive position
•Leverage the NZXWT capabilities for
Smart
•Operate a well-managed, scalable,
secure operations and technology
environment
Page 5

68%
18%
2%
11%
52%
37%
7%
4%
2017 HY Revenue
2024 HY Revenue
In 2024 the business is now larger and has more diverse revenue streams – which
makes it more resilient through cycles
2017 HY Revenue: $36.8M
+58.2%
Larger, more diverse and resilient revenue
sources – and positioned for further growth
Revenue line susceptible to capital
market cycles
2024 HY Revenue: $57.9M
Markets
Smart
(Smartshares)
Wealth TechnologiesOtherMarkets
Smart
(Smartshares
Wealth TechnologiesOther
Page 6

What you will hear today
Capital markets
A tightly managed businesswhich is through the bottom of the
cycle and has new product and economic upside with
meaningful operating leverage
Page 7
Structural tailwinds to support future organic growth, will make
theappropriate investment to improve market presence, a more
efficient client experience and operating margins
Approaching cashflow positive and, with contracted clients,
will result in NZX WT becoming NPAT accretive. Client demand
and competitive position is strong into the foreseeable future
Looking Ahead
A bright future - on the cusp of positive change on many fronts

Jeremy Anderson
Nick Morris
Capital Markets

While public markets have faced challenging times, capital market activity is turning
- each $1b of capital raised and listed generates ~$380k of revenue to NZX
$0
$50
$100
$150
$200
$250
$0
$5
$10
$15
$20
$25
201020112012201320142015201620172018201920202021202220232024
Total Market Cap
Billions
Total Capital Raised
Billion
Total Capital Raised and Listed and Total Market Cap
EquityDebt2024 AnnualisedTotal Market Cap - Period End
Page 9

New Zealand has a low market capitalisation to GDP ratio.
This provides a significant growth opportunity which we are focused on.
...to capture opportunitiesRenewed team focus...
Total addressable market by number of companies
above $30 million of revenue is 1200 and origination
model has provided pipeline
Consistent levels of debt market issuance has enabled
reliable revenues throughout the cycles alongside
strong growth in GSS bond activity
Foreign companies with strong presence in New
Zealand represent significant opportunity
Opportunities to address market capitalisation to GDP
ratio seen in several areas including public assets and
co-operatives
Page 10
New leadership in Listings team building on
origination model and focus on developing existing
issuer relationships
Focus on key opportunity types that are going to drive
capital listed/raised as well as total market
capitalisation
Improving engagement with key eco-system players
and the role that NZX plays in the listing pipeline
Leverage ongoing government engagement with
reduced barriers to listing and taking opportunities to
represent market voice

0%
2%
4%
6%
8%
10%
12%
14%
$0
$100
$200
$300
$400
$500
$600
$700
$800
Jun-24Jul-24Aug-24Sep-24
% of Value Traded in Dak
Cumulative Price Improvement
Thousands
Cumulative Price Improvement% of Total Value Traded in Dark
Linear (% of Total Value Traded in Dark)
Each $bn in traded value is ~$210k in additional trading
and clearing fee revenue*
NZX Dark: delivering liquidityand price improvement
As interest rates start to fall, we are seeing a recovery in trading volumes
*excludes other fees associated with increased volume - such as messaging fees, depository, margin fees
Bars are rolling six-month periods ended 30 April and 31 October for respective years
$14.8b
$20.8b
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
$0
$5
$10
$15
$20
$25
$30
201920202021202220232024
OCR
Value Traded
Billions
Value TradedOCR
+41%
Page 11
6 months to October
31st

Buy-side support*
New trading vendor
Market Makers/Liquidity providers
New Participants
New Participant types and
streamlined ruleset
Upgraded depository
Global best
practice Cash &
Derivatives
platform
Initiativesunderway to further open up NZX's secondary market
*NZX has established a ‘Cornerstone Group’ of institutional end users for the Index Future relaunch project
Page 12
Cash Market
Liquidity
Stock
lend/borrow
Depository
flows
Clearing
Collateral held
Data Streams
Platform for new
derivatives

Dairy derivatives partnership with SGX delivering structural growth
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
201620172018201920202021202220232024
Open Interest (lots)
Lots Traded
Annual volumeOpen Interest
Migration to SGX
Trading Platform
*
* Annualised
Multiple of underlying includes Milk Futures and Options which have a larger contract size than ingredient at 6000 kgMS per contract.
The opportunity ahead is inline with other global commodity
derivatives markets which trade a multiple of the underlying
market
306,000
428,000
579,000
671,000
2,400,000
4,800,000
12,000,000
0.18x
0.28x
0.33x
0.36x
1x
2x
5x
100,000
1,000,000
10,000,000
100,000,000
10,000
100,000
1,000,000
10,000,000
2021202220232024*
Revenue (USD)
Lots Traded
LotsRevenue
* Annualised
Multiple of underlying
Since migration to SGX:
Average daily volume +95% Open interest +143% CAGR +30%
1x
5x
6x
26x
Trading volume for 2024 is an annualised estimate based on lots traded for the year-to-date as of September 30. Change in ADV is for 3 months ended September 30, 2024, against 3
months ended September 30, 2021. CAGR uses 2021 lots traded as starting value and the annualised 2024 figure as the ending value.
Page 13

Key messages
Broaden Participation
and Product
Page 14
Develop Policy and Technology
Customer Growth
Leverage Partnerships

Anna Scott

16
Our brand change is a foundational step in our growth plans.
This consolidates a wide range of funds, products & services from a single trusted source
Smartshares Limited
Increased market awareness and sales focus - both direct and through partner distribution channels

17
Smart has multiple complimentary business areas,
giving multiple sources of positive FUM flows
Smart ETFs
Smart Funds
Smart KiwiSaver
Smart Super
Quay St
Quay St KiwiSaver
2024 H1 FUM
FUM $bn

18
Delivering
investment
choice
Smart offers a wide range of
fund building blocks...
•Equity funds
•Bond funds
•Geographic exposures
•Thematics
•Multi-asset
•Passive Index & Active
.... with funds covering...
•Dividend / Income / Growth
•Large / Mid / Small Cap
•ESG
•Financials
•Resources
•Technology
•Infrastructure
•Healthcare
•Automation & Robotics
6 + 1 QS
NZ Equities
3 + 1 QS
NZ Bond,
Cash
5 + QS 5
Diversified
Alternates
5
Bitcoin
Gold
Property
Global
Equity
Global Bonds
3
3 Index +
2 Active QS

19
Total Addressable Market Tailwinds
KiwiSaver FUM $bn
•Retail:
1
$175b market to grow at 7.7% CAGR. TAM to grow 1.7x by 2029
•ETFs:
1
Low penetration vs global benchmarks
•KiwiSaver:
1
$110b market to $200b by 2029
•NZ wealth accumulation:
2
3-7x bigger in real terms by 2050
Source: 1. NMG Research, 2. FSC

$$$
Operating Earnings
Costs
Volume
(FUM)
Price
(net of fund
costs)
20
Drivers for growth
in profitability
Volume
•Market share: Upside
from ~2% (KiwiSaver,
Funds, Quay St)
•ETFs:
Grow NZ market and
ETF penetration
•$20b+ 2029 potential
(subject to market
movements)
•Strong potential to grow faster than FUM
•Key sensitivities: growth execution via customer acquisition,
fee compression, operating model transformation
Price
•Fund product range to
meet customer demand
•Omni-channel distribution
•Competitive fees & value
proposition
Costs
•Single operating model synergies, fixed
cost leverage
•Reducing cost-to-serve via improved
customer tools
•Savings Reinvestment to support ‘positive
jaws’. Innovate & improve

21
Investing for growth
Via 2025 & 2026 investments in...
Brand & Vision
Customer
Product
Operating Model
People
New brand, new vision
A common Smart goal (Smartshares + SuperLife)
Growth & sales in ETFs, Quay St & KiwiSaver
Direct to retail including tools for customer service
Distribution channels & intermediaries
Manufacturing of attractive fund building blocks
Ready-made diversified investment packages
Common backbone for Smart & Quay St
Leverageable for external Investment service clients
Depth in key areas
Breadth of skills including use of partners

Lisa Turnbull
NZX Wealth
Technologies

NZX WT is driving scale with growth in FUA andRevenue off an
increasingly flat cost base
Page 23
Funds under administration
5-YR CAGR +50%
Revenue 5-YR CAGR +41%
EBITDA 5-YR CAGR +47%
RevenueEBITDA (rhs)

The NZXWT strategy is working - growth and increased scale reflects a strong delivery record, a high customer
conversion rate and a robust contracted pipeline
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
Annual Recurring Revenue (ARR) $m
Page 24

A strong focus on profitable growth – lifting ARR & FUA
•Significant growth in Custody and Operations service leveraging scale with
higher revenue and margin
•Simpler onboardings with faster payback – typically 1 to 2 years
•Another large Saas onboarding is in progress
•Onboardings for large Saas are more complex but add beneficial platform
functionality
•Saas clients have the option to move to Custody & Operational service in the
future
Page 25
Custody & Operations Service Funds under
administration 5-YR CAGR +42%
Technology Only Clients Funds under administration 5-YR
CAGR +4%
FUAAvg bps (rhs)

We will continue path to scale and
dominance in the $190bn TAM

Why we are growing
•Building our customer base
leveraging our superior
proposition in a high-cost
environment driving users to seek
greater efficiencies and move
from legacy systems that are at
the end of life (of the Sept 2024
$15.6b FUA; 53% from
competitors,47% from in-house).
Already contracted 24% of known
in-house or other providers TAM
•Structural KiwiSaver and
demographic tail winds to drive
long term industry growth
•Recognised for modern
technology, service delivery and
NZ customer focus
$190bn
$275bn
Page 26
Total Addressable Market

The NZXWT strategy is working - growth& increased scale reflects a strong
delivery record, a high customer conversion rate and a robust contracted
pipeline
Current Contracted Clients – impact of future migrationsActive pipeline of prospects
Page 27
Contracted FUA and ARR (September
2024)

NZX Wealth Technologies is delivering positive cashflow and has
contracted clients through FY25/26 with a strongpipeline and
conversion record
Page 28
Revenue Actual (5 Year CAGR 41%)
Revenue Pipeline Conversion – High (assuming 20% CAGR)
Revenue Pipeline Conversion – Low (assuming 8% CAGR)
Estimated Cashflow- Medium (excl. Smart sprint teams) (assuming 14% CAGR)
Revenue Contracted Estimate (2 Year CAGR 40%)
Revenue Pipeline Conversion – Medium (assuming 14% CAGR)
Actual Cashflow
Estimated Cashflow – Medium (incl. Smart sprint teams) (assuming 14% CAGR)
Monthly Revenue & Cashflow
2020-2024 5-YR Revenue CAGR +41%
Contracted Clients 2025-2026 2-YR
Revenue CAGR +39%

NZX WT future CAPEX levels are dependent on the number of new
client migrations and are expected to tail off as market share increases
The amortisation profile lags the CAPEX profile by a few years
Indicative CAPEX profile is based on:
•Migration of contracted clients through FY25/26;
•Conversion and migration of some of the pipeline; and
•Retention of two sprint teams to assist Smart to mature operations
Longer term there will be a lower level of CAPEX required, to ensure that the
currency of the platform is maintained up to date.
Indicative amortisation profile will continue to rise as clients are onboarded
until peaking in FY27, before tailing off. Should new clients continue to be
won post projections then Capex will be maintained to onboard – subject to
a positive business case assessment.
There is a timing difference between the CAPEX profile and the amortisation
profile (referred to as the amortisation bubble). This results in free cash
flows initially rising faster than NPAT increases.
Page 29

Key Messages
Page 30
01
Strong growth to date
02
Increased delivery cadence
03
Approaching cashflow
positive and focusing on
optimising revenue
04
Pipeline strong with a good
conversion history

Graham Law
CF & CO
NZX Value
Proposition

The key revenue metrics are tracking well, and we have updated
Operating Earnings (excluding integration and restructure costs) guidance
2024 key revenue metrics YTDSept 2024 YTDYoY%
Revenue impact
Capital listed and raisedCapital: $11.4 billion(11.1)%
Total value traded / clearedValue Traded: $26.8 billion0.6%
Dairy derivatives lots tradedLots: 0.50 million14.6%
Information Services revenue growth
(excluding one off royalty / Indices revenue)
Revenue: $13.9 million(1.6)%
Funds under managementFUM: $12.6 billion20.2%
Annual Recurring Revenue
(and funds under administration)
ARR: $10.3 million
FUA: $15.6 billion
YTD =35.4%
YoY = 41.2%
Updated 2024 Earnings Guidance
1

NZX’s full year 2024 Operating Earnings (EBITDA)
2
, excluding acquisition, integration and restructure costs, are now expected to be in the range of $45.0
million to $49.0 million.
Notes:
1.The guidance is 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 related integration costs and technology costs. Additionally, this guidance assumes there are no further material declines in the macro-economic environment and
market conditions, and there are no significant one-off expenses, major accounting adjustments, other unforeseeable circumstances, or future acquisitions or divestments.
2.Operating earnings (EBITDA) is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures
by other entities.

✓
✓
✓
✓
Page 32

CAPEX – is starting to diminish.
The impact into Net Profit will lag by a few years (e.g. due to the NZX WT amortisation bubble)
Page 33
Trading, Clearing and
Energy Systems
•CAPEX driven by specific system
life cycles
•Systems maintained on
up-to-date versions
•Major upgrades only required if
suppliers move to next
generation systems
PP&E and Other
Software
•CAPEX now normalise levels
•Reflecting the normal life cycle
for IT equipment and software
NZX Wealth
Technologies
CAPEX level expectations:
•FY25 Slightly lower (including
support for SMS); and
•Tails off when migration
activity reduces
Smart
Smart projects:
•QS integration; and
•Maturing operations
Spend expected to be largely OPEX
rather than CAPEX

Underlying Net Profit and Earnings Per Share expected to grow
in the coming years with:
i) growth of operating activities, and
ii) the impact of investing activities diminishing
NPAT / EPS Driver
NPAT
Impact
FY25
NPAT
Impact
FY26
NPAT
Impact
FY27
NPAT
Impact
FY28
Operating Activities
•Markets•Markets cycle recovers and dairy / equity derivatives maturity
•Smart
•Continued Kiwisaver growth (NZ wealth accumulation) and
increased market share
•NZX Wealth Technologies
•Migration of current contracted and future clients, as well as development / migration
resources reverting to normal BAU levels over time
Non-Operating Activities
•Integration / Restructure Costs•Smart’s integration and operational improvements costs
•GlobalDairyTrade share of profit/loss
•GDT’s three-year expansionary strategic plan will start to show progress
from H2-25
•Depreciation & Amortisation
•NZX Wealth Technologies amortisation profile currently expected to peak in FY27 and then tail
off
•Net Interest
•Reducing OCR impacts interest income in the short term until the
Subordinated Note interest rate resets in June 2028
Page 34

Group cashflow generation improves sooner than Net Profit and Earnings
per Share, providing options
Cash Flow Driver
CF Impact
FY25
CF Impact
FY26
CF Impact
FY27
CF Impact
FY28
Operating Activities
•Operating Earnings•Markets, Smart and NZX WT all improving operating earnings
•Integration / Restructure Costs•Smart's integration and operational improvements costs for 2 years
Investing Activities
•CAPEX
•CAPEX reducing in FY25
•NZX WT CAPEX reduces as migration levels reduce
•QS Earnout•Option to fund FY25 earn out by cash or debtN/AN/AN/A
Financing Activities
•Dividend Reinvestment Plan (DRP)•Option to halt DRP
•Dividend•Option of increasing cashflows flowing into dividend in timeOptionOption
•Other•Options to pay down debt, buyback sharesOptionsOptionOptionOption
Page 35

Page 36
NZX’s share price movement in FY24

We continue to believe the SOTP is greater than the current share
price, driven by
i) Cash Flow growth; including
ii) NZX WT approaching cashflow positivity; followed by;
iii) Growth in underlying Net Profit and Earnings Per Share in the coming years
Page 37
Sum of the Parts - information
To assist we provide:
•business unit information in our FY / HY investor presentations; and
•publish monthly operating metrics
Sum of the Parts - considerations
Markets value drivers:
•Capital markets activity recovers;
•Dairy derivatives growth opportunity; and
•Equity derivatives halo impact
Smart – modelling needs to reflect i) the impact of NZ’s wealth accumulation, and ii)
the potential for marketing to increase market share
Additionally comparable multiples need reflect fast growing funds managers (to mirror
NZ’s wealth accumulation rather than being a mature wealth market)
NZX Wealth Technologies – valuation approach needs to reflect i) the Annual Recurring
Revenue growth from current (and new) contracted clients, and ii) the reduction of
migration CAPEX over time
Share Price
* Limited valuation for NZX Wealth Technologies. However, they acknowledge the potential upside
Share Price at 31 October 2024
$1.36
Analyst consensus*
(October 2024 updates only)
•Average $1.605
•Range $1.60 - $1.61

Key Messages
Page 38
01
Operating Earnings
02
Net Profit / Earnings Per Share
03
Cashflows
04
Share Price
•FY24 – revenue drivers and operating earnings upgrade
•FY25 and beyond:
•Markets – cycle and new products
•Smart and NZX Wealth Technologies – structural tail
winds (i.e. NZ wealth accumulation) and market
presence
•Underlying Net Profit and Earnings Per Share expected to grow
in the coming years with:
i.growth of operating activities, and
ii.investments for growth starting to diminish
iii.Operating leverage
•Cashflows improve sooner than Net Profit and
Earnings Per Share
•Providing options to fund final QS earnout or halt
Dividend Reinvestment Plan
•Factors driving recent share price movement
•Sum of the Parts Valuation – approach

Mark Peterson
Chief Executive Officer
Wrap Up

What you have heard today
Capital markets
A tightly managed businesswhich is through the bottom of the
cycle and has new product and economic upside with
meaningful operating leverage
Page 41
Structural tailwinds to support future organic growth, will make
theappropriate investment to improve market presence, a more
efficient client experience and operating margins
Approaching cashflow positive and, with contracted clients,
will result in NZX WT becoming NPAT accretive. Client demand
and competitive position is strong into the foreseeable future
Looking Ahead
A bright future - on the cusp of positive change on many fronts

Thank you