ASX LIMITED — Annual Report 2017

Aug 16, 2017

Full-Year 2017 Results ASX Limited

17 August 2017

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Agenda

Performance and strategic highlights

Business performance Summary and outlook

Q&A – analysts followed by media

Dominic Stevens – CEO Peter Hiom – Deputy CEO Dominic Stevens – CEO

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2 |

Highlights – financial results FY17 Continued growth in profit and returns to shareholders

Revenue	+$17.8m	• •	$764.1 million, up 2.4% Solid performances across all businesses
Expenses	($10.3m)	• •	$180.9 million, up 6.0% Investment in staff to support growth initiatives
EBITDA	+$7.5m	• •	$583.2 million, up 1.3% 5th straight annual increase
Net profit after tax	+$7.9m	• •	$434.1 million, up 1.9% Five year CAGR 5.7%
Earnings per share	+4.1 cps	•	Earnings per share of 224.5 cents, up 1.9%
Dividends per share	+3.7 cps	• •	Final dividend of 99.8 cents per share Full-year dividends of 201.8 cents per share, up 1.9%
Capital expenditure	Flat	• •	$50.3 million, in line with guidance Continued investment in new technology

Revenue and expenses 5 year change ($million)

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764
Up
$154m
610
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181
141
Up
$40m
FY12 FY17
Revenue Expenses
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3 | Revenue and expenses as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

Highlights – activity levels Lower capital raised, higher trading activity

Total capital raised ($billion)

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89
79
66
56
46
FY13 FY14 FY15 FY16 FY17
Secondary capital Scrip-for-scrip IPO capital
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Futures - contracts (million)

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137 142
126
116 118
FY13 FY14 FY15 FY16 FY17
3 year bonds 90 day bank bills 10 year bonds SPI Other
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ASX on-market value traded ($billion)
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1,059 1,080
967
830 831
FY13 FY14 FY15 FY16 FY17
Continuous trading Centre Point and Auctions
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Equity options - contracts (million)
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157
125 121
101 104
FY13 FY14 FY15 FY16 FY17
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4 |

Highlights – FY17 revenue Solid diversified revenue growth

Revenue movement ($million)

Revenue $764.1 million, up 2.4%

Listings and Issuer Services

• Revenue $192.7 million, flat on FY16

• More IPOs and secondary raisings but smaller issuance sizes

• Higher annual listing fees

Derivatives and OTC Markets

• Revenue $269.1 million, up 1.2%

• Higher futures volume and ETO activity stabilised

• Strong OTC and ASX Collateral growth

Trading Services

• Revenue $196.0 million, up 7.2%

• Growth in equities trading and increased use of Centre Point

• BBSW interest rate benchmark data from January 2017

• ALC community continues to expand

Equity Post-Trade Services

• Revenue $104.4 million, up 2.3%

• Increased value and use of settlement services

• Clearing fees reduced 10% from 1 July 2016

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13.2 2.4
0.0 3.3 (1.1)
764.1
746.3
Revenue up 2.4%
$17.8m
FY16 Listings and Derivatives Trading Equity Post- Other FY17
Issuer and OTC Services Trade
Services Markets Services
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Revenue ($million)

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370.1 377.5
352.0
329.0
312.6
304.8 329.3 348.7 376.2 386.6
FY13 FY14 FY15 FY16 FY17
1H 2H
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5 | Revenue as per the Group segment reporting Variance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

Revenue composition – FY17

Attractive and diversified business model

Diversification supports revenues across different market cycles

• Product and service diversification

• Primary market facilitation via listings

• Cash market trading, clearing and settlement

• Exchange-traded futures and options

• OTC clearing

• Depository services

• Information and technical services

• Asset class diversification

• Equities

• Fixed income

• Energy

• Commodities

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6 | Revenue as per the Group segment reporting

Strong core value proposition

Underlying macro drivers plus ASX initiatives supporting growth

Listings Trade execution Post-trade Ongoing liquidity Core customer Initial and ongoing access to capital Capital efficiency Hedging and risk transfer Lower cost of capital Risk reduction/netting value proposition Market integrity Listings integrity Operational efficiency Efficient and timely access Branding Settlement certainty Data services Demand for financial assets Globalisation of markets Regulatory developments Macro growth Savings system Automation of OTC markets Operational efficiency goals drivers Capital needs 24 hour trading Capital efficiency needs Product diversification

Expansion of listings franchise Offshore customer acquisition CHESS replacement/DLT (technology and foreign) ASX Benchmarks (BBSW) OTC Clearing, Client Clearing ETF/ETP listings Centre Point innovation Futures/OTC cross margining ASX initiatives mFund expansion ALC/ASX net solutions ASX Collateral Data analytics Infrastructure upgrades Customer service

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7 |

Calendar year 2016 IPO capital raised ASX is a globally competitive market

US $billion

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25
14
13
10
9
6
4
1 1
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Source: ASX, HKEX, TSX, EY, Nasdaq, JPX, LSE, NYSE, SGX

• 8 | ASX includes stapled securities; HKEX includes GEM; TSX includes TSX-V listings; Tokyo Stock Exchange main board; MOTHERS and JASDAQ listings; LSE includes AIM listings; Singapore Exchange includes Catalist Capital raised reflects funds raised through the IPO

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Calendar year 2016 number of IPOs ASX is a globally competitive market

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133
115
103
98
91
84
66
37
16
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9 | Source: ASX, HKEX, TSX, EY, Nasdaq, JPX, LSE, NYSE, SGX

ASX includes stapled securities and debt listings; HKEX includes GEM; TSX includes TSX-V listings; LSE includes AIM listings; Singapore Exchange includes Catalist; NZX includes NXT listings

Expanding listings franchise Foreign and technology listings success

• Globally respected market - 3[rd] largest in Asia based on free float market capitalisation

• Developing critical mass of technology listings. Technology sector is now third largest by number of listings and continues to grow with 40 new listings[1] in FY17

• Success in attracting foreign listings including from New Zealand, Singapore, Malaysia, Israel and the United States. Focused effort in Israel yielding 10 listings during FY17

• ‘Sweet spot’ for companies listing with a market capitalisation between $50 million and $500 million

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ASX technology new listings [1]
50
40
30
20
10
0
FY13 FY14 FY15 FY16 FY17
60
ASX foreign new listings [1]
50
40
30
20
10
0
FY13 FY14 FY15 FY16 FY17
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10 |1. Includes IPOs and backdoor listings

New futures trading platform Implemented March 2017

• Replaced proprietary SYCOM platform introduced in the late 1990s

• Significant testing and preparation with close customer collaboration

• Approximately 50 ASX participants plus 30 other customers

• Broad range of global data vendors and software providers

• 120 customer applications supported through conformance

• Over 820 users connected

• Legacy systems rationalised

• 7 systems, comprising 17 separate applications, decommissioned

• 20 databases across multiple environments eliminated

• Richer functionality and technical enhancements

• Real-time platform and user interface monitoring

• Improved latency

• Enhanced pre-trade risk management

• Customers able to manage own trading limits

• Faster resolution of customer issues

• Smooth go-live with positive customer feedback

• Improved capacity and functionality particularly around contract roll

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Above: Commemorating the replacement of SYCOM: Plaque incorporating chip from the replaced infrastructure

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11 |

CHESS replacement

On track for assessment of DLT in December 2017

• Industry wide formal consultation and follow up questionnaires

• Quarterly webinars with over 150 attendees

Stakeholder engagement

• Over 60 DLT system demos to 110 companies and 450 attendees from global financial services industry

• A series of stakeholder engagement workshops in progress with around 25 industry participants

• Six Business Committee meetings with exchanges, C&S participants, and industry association representatives

• • Six ISO 20022 Technical Committees with approximately 30 member organisations

• Enterprise-grade DLT software development of equity clearing and settlement functionality on track for December assessment

Project update

• Global standard SWIFT / ISO 20022 message definition work (to replace proprietary CHESS messaging) via the Technical Committee on track

• Potential for significant operational efficiency and new service offerings for the entire industry

• Assessment of the technology to replace CHESS in late calendar 2017

Timeframe

• ‘Day 1’ functional scope for equity clearing and settlement – final consultation anticipated in March 2018

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12 |

ASX Trade execution innovation – Centre Point Mid-point anonymous matching referencing ASX liquidity

• Australia's largest anonymous mid-point trade matching system

• Offers customers deep liquidity, meaningful price improvement and reduced risk of information leakage – tangible benefits in a fragmented market

• Centre Point value traded in FY17 was $107 billion, representing 9.9% of ASX on-market value traded

• Increased utilisation of advanced order types - particularly single fill, where orders are executed only when the minimum acceptable quantity is filled by a single opposing order

• Success a reflection of greater end user understanding of the costs of a fragmented market

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120 Centre Point value traded ($billion)
100
80
60
40
20
0
FY13 FY14 FY15 FY16 FY17
Standard Block Sweep
Preference Single fill Dark limit
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13 |

Capital expenditure Continued investment in existing and new technology

FY17 projects completed

• New futures trading platform implemented in March 2017

• Enhancement to OTC Clearing service including extended hours

• BBSW platform

• Cyber security command centre

FY17 projects in progress

• DLT development for potential CHESS replacement

• OTC clearing service expansion including NZ$

• Investment in existing infrastructure and platform upgrades

Outlook

• FY18 guidance approximately $50 million

• Assessment of DLT during FY18

• Accelerating other key infrastructure projects

• Secondary data centre upgrade

• ASX Net upgrade and expansion

Capital expenditure ($million)

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60
50
40
30
20
10
0
FY13 FY14 FY15 FY16 FY17
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• Trading gateway upgrades

• Market announcement platform

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14 |

Peter Hiom – Deputy CEO Business performance

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25%
Initial and secondary capital raised ($billion)
60 and average fees per $ million capital raised 1,200
900
40
600
20
300
0 0
FY13 FY14 FY15 FY16 FY17
Initial capital raised (LHS) Secondary capital raised (LHS)
Average fee per $m of initial capital (RHS) Average fee per $m of secondary capital (RHS)
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Listing and Issuer Services Expanding listings franchise, revenue flat despite lower capital raised

	FY17	FY16	Var$	Var%
Revenue ($million)	192.7	192.7	0.0	0.0%
Listings	150.3	149.4	0.9	0.6%
Issuer Services	42.4	43.3	(0.9)	(2.0%)
Key drivers
Number of new listings	152	124	28	22.6%
IPO capital ($billion)	14.7	23.6	(8.9)	(37.9%)
Secondary capital ($billion)	41.3	55.0	(13.7)	(24.9%)
CHESS holding statements (million)	13.6	14.0	(0.4)	(2.8%)

Revenue $192.7 million, flat on record pcp

• Annual listing $79.3 million, up 5.5%

• Increases in market capitalisation and fee changes

• Initial listing $16.0 million, down 13.8%

• Increase in number of new listings, however lower capital raised

• Secondary capital $46.5 million, up 3.1%

• Lower capital raised with fewer large raisings. Increased number of smaller capital raisings leading to higher average fee

• Issuer Services $42.4 million, down 2.0%

• Fewer holding statements. Significant activity from major bank raisings in the pcp

Revenue composition

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Annual
22%
Initial
41%
Secondary
5%
Other
Issuer Services
24%
8%
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16 |Revenue as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

Listings and Issuer Services

Foreign and technology listings, expanding the investment product offering

ASX foreign listings by select countries at 30 June 2017

New products and services

• Updated listing rules strengthen ASX brand as a premier global listing venue

• Long-form funds on mFund settlement service approved by ASIC

Sales and distribution

• Success attracting foreign listings

• number of foreign listed entities doubled since FY13

• New Zealand: simplified dual listings process; 8 listings¹ in FY17

• Israel: 10 listings¹ in FY17

• Tech sector – 40 listings¹ in FY17, 207 entities now listed

• Exchange-traded products (ETPs) – 38 listings in FY17, 213 ETPs listed, total market value $29.5 billion, up 31% on pcp

• Unlisted managed funds through mFund service – 55 fund managers offering 174 funds via 18 brokers, $370 million FUM, up 146% on pcp

Customer service

• Updated and improved guidance notes for companies to meet ASX standards

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300 Number of foreign and technology companies listed
at 30 June
250
200
150
100
50
0
FY13 FY14 FY15 FY16 FY17
Foreign companies Technology companies
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17 |1. Includes IPOs and backdoor listings

35%

Derivatives and OTC Markets

Strong futures activity, expansion and growth in new services

Revenue ($million) Futures and OTC	FY17 269.1 197.4	FY16 265.8 194.3	Var$ 3.3 3.1	Var% 1.2% 1.6%
Equity options	21.7	23.1	(1.4)	(6.4%)
Austraclear	50.0	48.4	1.6	3.4%
Key drivers
Futures volumes (million)	142.4	136.8	5.6	4.1%
OTC cleared value ($billion)	5,166	2,742	2,424	88.4%
Equity options volumes (million)	103.7	101.5	2.2	2.2%
Collateral balance ($billion)	16.2	4.8	11.4	237.1%

Revenue $269.1 million, up 1.2%

• Futures and OTC $197.4 million, up 1.6%

• Futures contracts traded up 4.1%

• Change in customer mix and increased rebates

• Equity options $21.7 million, down 6.4%

• Contracts traded up 2.2%

• Change in product mix with increase in single stock options and lower index option volumes in a low volatility environment

• Austraclear $50.0 million, up 3.4%

• Average holdings balance up 3.1%, transactions up 0.6%

• 18 |Revenue as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

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15
Futures volumes 3 month rolling average (million)
14
13
12
11
10
9
8
7
6
5
Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17
5,166
OTC notional value cleared ($billion)
2,742
806
n/a 124
FY13 FY14 FY15 FY16 FY17
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Derivatives and OTC Markets

Focus on global distribution and OTC service enhancements

New products and services

• Growth in weekly equity options (introduced October 2016) with average daily volumes of 21,240

• Preparation well underway for ETF options

• NZ$ OTC clearing development underway

Sales and distribution

• Growth in offshore futures traders and activity

• New trading platform implemented March 2017, improved functionality

• Continued growth in OTC Clearing with $5.2 trillion value cleared up 88%, open interest $2.9 trillion

• OTC Clearing extended trading hours introduced, client clearing enhancements, compression cycles planned

• ASX Collateral Management service growth with $16.2 billion of balances at June, focus on growing ecosystem

Customer service

• Austraclear applications processed online, delivering transparency and efficiency to the onboarding process

• NTP platform, new standards of customer readiness, proactive operations

• ‘Transformational’ impact of ASX Collateral Management service

19 |

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60,000 Weekly equity option volumes 30 day rolling average
40,000
20,000
0
Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17
20 ASX Collateral Management balance 30%
at 30 June ($billion)
25%
15
20%
10 15%
10%
5
5%
0 0%
FY13 FY14 FY15 FY16 FY17
Balance ASX % of RBA open market operations
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26%
ASX on-market value traded ($billion) and average
1,200 trading fee per side per $ value (bps) 0.25
1,000
800 0.20
600
400 0.15
200
0 0.10
FY13 FY14 FY15 FY16 FY17
Continuous trading Auctions
Centre Point Avg trading fee per side (RHS)
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Trading Services

Strong growth in Centre Point, expanded data services and growth in Technical Services

Revenue ($million) Cash Market trading	FY17 196.0 46.3	FY16 182.8 40.7	Var$ 13.2 5.6	Var% 7.2% 13.8%
Information Services	82.5	80.1	2.4	3.0%
Technical Services	67.2	62.0	5.2	8.4%
Key drivers
On-market value ($billion)	1,079.5	1,059.2	20.3	1.9%
Auctions value ($billion)	237.0	209.4	27.6	13.2%
Centre Point value ($billion)	107.0	78.9	28.1	35.6%
Number of ALC customers	116	108	8	7.4%

Revenue $196.0 million, up 7.2%

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Tech Services revenue composition ($million)
70
60
50
40
30
20
10
0
FY13 FY14 FY15 FY16 FY17
Liquidity Access Community and Connectivity
Hosting Application Services
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• Cash Market trading $46.3 million, up 13.8%

• Centre Point value traded up 35.6%

• Auctions value traded up 13.2%

• Trading rebate discontinued, $2.2 million pcp

• Information Services $82.5 million, up 3.0%

• BBSW interest rate benchmark revenue from January 2017

• Fee changes and stable activity levels

• Technical Services $67.2 million, up 8.4%

• Increased service connections, automated data feeds and lower latency services

• Number of customer cabinets hosted in the ALC increased from 231 to 285

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20 | Revenue as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

Trading Services

Focus on distribution, community growth and expanding ASX data

New products and services

• BBSW administrator from January 2017, 700+ customers on-boarded, live as calculation agent July 2017, new calculation methodology in FY18

• Increased diversity of ASX Net content

• Introduced futures data product for traders and machines

• Data analytics

Sales and distribution

• On-market trading market share 87.5% (88.7% pcp)

• Centre Point value 9.9% of ASX on-market value traded

• Auctions value 22.0% of ASX on-market value traded

• Growth in hosting as customers utilise ALC as primary data centre; further capacity available

• Upgrade of secondary data centre and ASX Net underway

• Expansion of ALC ecosystem – 8 new customers

Customer service

• Response times on operational customer queries reduced by 50% and on resolution by 40% across ASX

• Single source of information for communications on system outages; utilised in new trading platform

Australian Liquidity Centre

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300 1,000
900
250
800
700
200
600
150 500
400
100
300
200
50
100
0 0
FY13 FY14 FY15 FY16 FY17
ALC cabinets (LHS) ALC service connections (RHS)
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21 |

14%

Equity Post-Trade Services Solid growth consistent with increased activity levels, investing for the future

	FY17	FY16	Var $	Var %
Revenue ($million)	104.4	102.0	2.4	2.3%
Cash Market Clearing Cash Market Settlement	53.3 51.1	54.1 47.9	(0.8) 3.2	(1.6%) 6.8%
Key drivers
On-market value cleared ($billion)	1,155.7	1,116.1	39.6	3.5%
Dominant settlement messages
(million)	17.8	17.1	0.7	2.9%
Average trades per day (million)	1.1	0.9	0.2	13.4%

Revenue $104.4 million, up 2.3%

• Clearing $53.3 million, down 1.6%

1,300 1,200 1,100 1,000

900 800

Total billable value cleared ($billion)

• Value cleared up 3.5%

• Clearing fees reduced 10% from 1 July 2016

700

• Revenue sharing rebate nil, $3.2 million pcp

600

• Settlement $51.1 million, up 6.8%

• Dominant settlement messages up 2.9%

• Revenue sharing rebate $1.1 million, $2.1 million pcp

• 22 |Revenue as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

500 400 FY13 FY14 FY15 FY16 FY17

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Equity Post-Trade Services

Focus on DLT for CHESS replacement, new opportunities in other ASX businesses

CHESS replacement

• Significant engagement continues with issuers, investors, intermediaries, market operators, industry associations and service providers

• Engagement key to define users’ requirements for CHESS replacement

• Work continues to prepare for the replacement of CHESS messages with SWIFT / ISO 20022 standard messaging

• Development of DLT enterprise grade base level clearing and settlement software required for assessment is on track

• Software build necessary to assess DLT and Digital Asset Holdings

• ASX will make its decision in December 2017, informed by a 3[rd] party specialist review of the technology

Other business opportunities

• Demand from users for new services to reduce their back office, technology and general operating costs

• Progress subject to positive ASX decision in December

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23 |

Operating expenses FY17 – in line with guidance

Expense movement ($million)

Operating expenses up 6.0% in FY17

Primarily investment in staff to support customer and growth-related initiatives

• Staff costs up 9.3%

• Average headcount up 4.1% to 556 FTEs

• Annual remuneration increases

• Changing staff mix to better support initiatives and sales

• Other costs up 1.3%

• Inclusive of new costs to support BBSW (offset by new revenue)

FY18 guidance

• Expenses up approx. 6.0% (excluding ASIC supervision levy)

• Continued investment in staff

• Significant increase in market rates for electricity and postage costs

• Accounting impact of renewed premises lease

• Expenses up approx. 8.0% (including ASIC supervision levy)

• ASIC levy increasing under new industry funding regime

24 |Operating expenses as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

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9.5 0.8
170.6 180.9
Expenses up 6.0%
$10.3m
FY16 Staff Other FY17
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FY18 expense guidance
Composition of approx. 8% total growth
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2% 2%
4%
FY17 Staff and other Electricity, postage ASIC supervision FY18 expense
and renewed levy guidance
premises lease
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Interest and dividend income

Collateral balances driving net increase in income

$million	FY17	FY16	Var $	Var %
ASX Group net interest income	17.8	22.3	(4.5)	(20.0%)
Net interest earned on collateral
balances	47.5	37.7	9.8	25.9%
Total net interest income	65.3	60.0	5.3	8.9%
Dividend income	13.9	13.1	0.8	6.1%
Interest and dividend income	79.2	73.1	6.1	8.4%

Interest and dividend income ($million)

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100
80
60
40
20
0
FY13 FY14 FY15 FY16 FY17
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Dividend income ASX Group net interest income Net interest earned on collateral balances

Highlights

• ASX Group net interest income down 20.0% due to lower interest rates

• Net interest on collateral balances up 25.9%

• Average collateral balances up 34% to $5.9 billion

• Increased margins due to Brexit and US elections in 1H17. Lower volatility leading to higher open positions in 2H17

• Investment spread 37 bps (41 bps pcp)

• Portfolio transitioned to new regulatory standards; bps investment spread for FY18 expected to be in the mid 20s

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25 |Variance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable) Net interest income per segment reporting

Dominic Stevens – CEO Summary and outlook

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Summary and outlook

Continued growth in earnings, initiatives gaining traction

Highlights

• FY17 NPAT $434.1 million, up $7.9 million on pcp

• Five year NPAT CAGR 5.7% (FY13-17)

• Full-year dividends of 201.8 cents per share, including final dividend of 99.8 cents per share fully franked

• Strong balance sheet underpinned by AA- long-term S&P credit rating

Outlook

• Solid start to FY18 with trading activity levels up in first 6 weeks

• Global uncertainty remains underlying theme with pockets of volatility over next 12 months

• Ongoing focus on foreign and tech listings, OTC clearing, ASX Collateral and Centre Point

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• Continued investment in technology to support core business and growth initiatives, and increasing opportunities in data and analytics

• 27 | Revenue and expenses as per the Group segment reportingVariance relative to the prior comparative period (FY16 pcp) expressed favourable / (unfavourable)

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Q&A

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Appendices

1. Income statement

2. Balance sheet

1. Key financial ratios

2. Transaction and activity levels

3. Free cash flow summary

6. Capital attribution

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1. Income statement

	FY13	FY14	FY15	FY16	FY17
	$ Million	$ Million	$ Million	$ Million	$ Million
Annual listing fees	60.0	62.1	70.7	75.2	79.3
Initial listing fees	7.2	17.9	20.9	18.6	16.0
Subsequent listing fees	37.4	38.4	42.7	45.1	46.5
Other listing fees	8.6	8.6	9.0	10.5	8.5
Listings	113.2	127.0	143.3	149.4	150.3
Issuer Services	32.7	34.2	40.2	43.3	42.4
Listings and Issuer Services	145.9	161.2	183.5	192.7	192.7
Equity options	28.3	22.2	24.6	23.1	21.7
Futures and OTC clearing	169.1	185.5	181.6	194.3	197.4
Austraclear	40.8	43.4	47.7	48.4	50.0
Derivatives and OTC Markets	238.2	251.1	253.9	265.8	269.1
Cash market trading	33.6	33.6	36.1	40.7	46.3
Information services	61.7	68.8	73.7	80.1	82.5
Technical services	52.2	55.6	60.1	62.0	67.2
Trading Services	147.5	158.0	169.9	182.8	196.0
Cash market clearing	41.9	43.3	47.3	54.1	53.3
Cash market settlement	42.6	43.0	44.5	47.9	51.1
Equity Post-Trade Services	84.5	86.3	91.8	102.0	104.4
Other revenue	1.3	1.7	1.6	3.0	1.9
Operating revenue	617.4	658.3	700.7	746.3	764.1

Operating revenues and operating expenses as per the Group segment reporting

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1. Income statement

	FY13	FY14	FY15	FY16	FY17
	$ Million	$ Million	$ Million	$ Million	$ Million
Staff	87.2	92.4	96.4	101.1	110.6
Occupancy	13.7	14.3	13.7	14.1	14.6
Equipment	22.4	23.0	24.0	27.0	27.9
Administration	15.6	16.3	17.2	19.2	18.2
Variable	3.8	4.3	5.1	6.3	6.7
ASIC supervision levy	3.5	3.3	3.7	2.9	2.9
Operating expenses	146.2	153.6	160.1	170.6	180.9
EBITDA	471.2	504.7	540.6	575.7	583.2
Depreciation and amortisation	30.4	33.8	38.6	42.7	46.0
EBIT	440.8	470.9	502.0	533.0	537.2
Net interest income	13.1	28.6	26.9	22.3	17.8
Net interest on participants’ balances	31.0	31.3	32.3	37.7	47.5
Dividend revenue	9.4	10.8	12.7	13.1	13.9
Interest and dividend income	53.5	70.7	71.9	73.1	79.2
Underlying profit before tax	494.3	541.6	573.9	606.1	616.4
Income tax expense	(146.1)	(158.4)	(170.7)	(179.9)	(182.3)
Underlying profit after tax	348.2	383.2	403.2	426.2	434.1
Significant items (net of tax)	-	-	(5.4)	-	-
Statutory profit after tax	348.2	383.2	397.8	426.2	434.1

Operating revenues and operating expenses as per the Group segment reporting

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2. Balance sheet

	30 Jun 13	30 Jun 14	30 Jun 15	30 Jun 16	30 Jun 17
	$ Million	$ Million	$ Million	$ Million	$ Million
Assets
Cash and available-for-sale financial assets	4,496.2	5,015.6	4,879.0	7,072.8	9,085.6
Intangibles (excluding software)	2,317.6	2,317.6	2,317.6	2,317.6	2,326.6
Investments	185.6	250.5	376.8	424.8	497.8
Other assets	369.3	425.1	485.2	636.4	1,301.7
Total assets	7,368.7	8,008.8	8,058.6	10,451.6	13,211.7
Liabilities
Amounts owing to participants (including funded commitments)	3,753.1	3,986.1	3,886.2	6,088.2	8,084.7
Other liabilities	293.8	351.8	412.7	539.3	1,218.9
Total liabilities	4,046.9	4,337.9	4,298.9	6,627.5	9,303.6
Equity
Capital	2,746.4	3,027.2	3,027.2	3,027.2	3,027.2
Retained earnings	427.6	480.9	526.3	576.9	622.2
Reserves	147.8	162.8	206.2	220.0	258.7
Total equity	3,321.8	3,670.9	3,759.7	3,824.1	3,908.1

	30 Jun 13	30 Jun 14	30 Jun 15	30 Jun 16	30 Jun 17
	$ Million	$ Million	$ Million	$ Million	$ Million
Assets
Cash and available-for-sale financial assets	4,496.2	5,015.6	4,879.0	7,072.8	9,085.6
Intangibles (excluding software)	2,317.6	2,317.6	2,317.6	2,317.6	2,326.6
Investments	185.6	250.5	376.8	424.8	497.8
Other assets	369.3	425.1	485.2	636.4	1,301.7
Total assets	7,368.7	8,008.8	8,058.6	10,451.6	13,211.7
Liabilities
Amounts owing to participants (including funded commitments)	3,753.1	3,986.1	3,886.2	6,088.2	8,084.7
Other liabilities	293.8	351.8	412.7	539.3	1,218.9
Total liabilities	4,046.9	4,337.9	4,298.9	6,627.5	9,303.6
Equity
Capital	2,746.4	3,027.2	3,027.2	3,027.2	3,027.2
Retained earnings	427.6	480.9	526.3	576.9	622.2
Reserves	147.8	162.8	206.2	220.0	258.7
Total equity	3,321.8	3,670.9	3,759.7	3,824.1	3,908.1

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3. Key financial ratios

	FY13	FY14	FY15	FY16	FY17
Basic EPS (including significant items)	195.5c	198.5c	205.7c	220.4c	224.5c
Diluted EPS (including significant items)	195.5c	198.5c	205.7c	220.4c	224.5c
Underlying EPS (excluding significant items)	195.5c	198.5c	208.4c	220.4c	224.5c
Dividend per share – interim	87.9c	88.2c	92.3c	99.1c	102.0c
Dividend per share – final	82.3c	89.9c	95.1c	99.0c	99.8c
Statutory return on equity (including significant items)	11.5%	10.6%	10.8%	11.4%	11.4%
Underlying return on equity	11.5%	10.6%	10.9%	11.4%	11.4%
EBITDA / Operating revenue	76.3%	76.7%	77.1%	77.1%	76.3%
EBIT / Operating revenue	71.4%	71.5%	71.6%	71.4%	70.3%
Total expenses (includingdepreciation and amortisation) / Operatingrevenue	28.6%	28.5%	28.4%	28.6%	29.7%
Capital expenditure ($m)	$38.9	$43.2	$44.4	$50.2	$50.3
Net tangible asset backing per share	$5.04	$6.53	$6.97	$7.25	$7.59
Net asset backingper share	$18.05	$18.96	$19.42	$19.75	$20.19
Shareholders’ equityas a % of total assets (excluding participants’ balances)	91.9%	91.3%	90.1%	87.6%	76.2%
Shareholders’ equity as a % of total assets (includingparticipants’ balances)	45.1%	45.8%	46.7%	36.6%	29.6%
Shareprice at end ofperiod	$33.07	$35.64	$39.90	$45.76	$53.61
Ordinaryshares on issue at end ofperiod	184,066,764	193,595,162	193,595,162	193,595,162	193,595,162
Weighted average number of ordinaryshares (excludingtreasuryshares)¹	178,068,323	193,022,315	193,413,893	193,413,893	193,415,430
Market value of ordinaryshares on issue ($m)	$6,087	$6,900	$7,724	$8,859	$10,379
Market to book ratio	1.83	1.88	2.05	2.32	2.66
Full-time equivalentpermanent staff – number atperiod end	529	526	515	546	554
Full-time equivalentpermanent staff – average duringtheperiod	515	534	524	534	556

Operating revenues and operating expenses as per the Group segment reporting

¹ Weighted average number of ordinary shares used to calculate EPS

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4.1 Listings and Issuer Services

	FY13	FY14	FY15	FY16	FY17
Total domestic market capitalisation ($bn) – period end	$1,347	$1,552	$1,612	$1,620	$1,777
Total number of listed entities (includes all stapled entities) – period end	2,185	2,192	2,220	2,204	2,239
Number of new listings	82	107	120	124	152
Average annual listing fee	$27,463	$28,333	$31,859	$34,101	$35,419
Average initial listing fee	$87,139	$166,786	$174,080	$150,199	$105,680
Average fee per $m of initial capital	$721	$645	$537	$790	$1,096
Average fee per $m of secondary capital	$1,026	$1,002	$854	$819	$1,124
Initial capital raised ($m)	$9,908	$27,659	$38,916	$23,587	$14,652
Secondary capital raised ($m)	$32,448	$33,378	$38,787	$45,299	$37,160
Other secondary capital raised including scrip-for-scrip ($m)	$4,027	$4,985	$11,170	$9,704	$4,156
Total capital raised (including other) ($m)	$46,383	$66,022	$88,873	$78,590	$55,968
Number of new warrant series quoted	6,690	4,206	2,903	2,959	1,828
Total warrant series quoted	5,140	3,564	3,050	2,886	2,827
Number of CHESS holdingstatements issued (m)	11.1	11.8	13.1	14.0	13.6

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Total capital raised (including other) ($bn)
54.6
50.3
36.7 38.6 36.8
29.3
26.2 24.0
20.2 19.2
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17
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4.2 Equity Options

	FY13	FY14	FY15	FY16	FY17
Trading days	252	253	254	254	253
Single stock equity options (‘000)	145,531	116,343	109,546	88,701	93,295
Index options (‘000)	11,762	8,249	10,958	12,768	10,388
Total contracts traded (‘000)	157,293	124,592	120,504	101,469	103,683
Average daily options contracts	624,179	492,460	474,426	399,486	409,814
Average fee per options contract	$0.18	$0.18	$0.20	$0.23	$0.21

Options average daily contracts

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623,855 624,518
485,055 500,287 493,843
454,070
386,549 413,049 393,960 426,309
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17
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4.2 Futures and OTC Markets

	FY13	FY14	FY15	FY16	FY17
Trading days	255	256	256	257	256
Total contracts traded–futures ('000)
ASX SPI 200	10,259	9,715	10,301	12,105	12,255
90 day bank bills	25,866	25,903	28,706	29,567	28,931
3 year bonds	47,499	47,886	49,717	50,105	53,233
10 year bonds	21,211	25,520	29,498	36,079	41,697
20 year bonds¹	-	-	-	423	545
30 day interbank cash rate	4,780	3,517	3,678	4,112	2,455
Agricultural	354	181	135	132	91
Electricity	168	165	224	257	344
Other ²	19	20	107	137	102
NZD 90 day bank bills	1,176	1,157	1,394	1,915	1,422
Total futures	111,332	114,064	123,760	134,832	141,075

¹ Introduced 21 September 2015

² Other includes VIX and sector futures

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4.2 Futures and OTC Markets (continued)

	FY13	FY14	FY15	FY16	FY17
Total contracts traded–options on futures ('000)
ASX SPI 200	349	473	454	363	202
3 year bonds	526	416	245	356	152
Overnight 3 year bonds	1,914	1,523	896	579	478
Intra-day 3 year bonds	1,443	1,527	927	660	460
10 year bonds	20	23	24	4	19
Electricity	11	20	27	23	27
Other ¹	13	8	8	6	5
Total options on futures	4,276	3,990	2,581	1,991	1,343
Total futures and options on futures contract volume ('000)	115,608	118,054	126,341	136,823	142,418
Daily average contracts – futures and options	453,365	461,148	493,520	532,386	556,321
Average fee per contract – futures and options	$1.46	$1.57	$1.44	$1.42	$1.39
OTC Markets
Total notional cleared value ($bn) 2	-	$124.413	$805.869	$2,742.002	$5,165.949

¹ Other includes options over 90 day bank bills, overnight and intraday 10 year bonds and agricultural

² Cleared notional value is double-sided

Futures average daily contracts

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509,194 453,007 469,548 464,196 523,776 488,009 577,811 535,185 577,790
398,834
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17
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4.2 Austraclear

	FY13	FY14	FY15	FY16	FY17
Settlement days	252	253	254	254	253
Transactions ('000)
Cash transfers	587	600	602	590	582
Fixed interest securities	763	800	774	717	741
Discount securities	183	162	157	150	146
Foreign exchange	21	21	22	11	9
Other	12	10	9	2	1
Total transactions	1,566	1,593	1,564	1,470	1,479
Average daily settlement volume	6,214	6,298	6,156	5,786	5,844
Securities holdings (monthly average $bn)	$1,374.5	$1,475.5	$1,671.5	$1,857.6	$1,915.4
Securities holdings (period end $bn)	$1,406.8	$1,571.8	$1,752.5	$1,895.6	$1,860.3
Average settlement and depository fee (including portfolio holdings) per transaction (excludes registry services revenue)	$14.01	$14.18	$14.88	$15.60	$16.34

Austraclear average daily settlement volume

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6,005 6,432 6,287 6,310 5,956 6,365 5,735 5,838 5,724 5,970
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17
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4.3 Trading Services – Cash Market Trading

	FY13	FY14	FY15	FY16	FY17
Trading days	252	253	254	254	253
Total cash market trades ('000)	174,750	181,861	190,647	235,923	266,433
Average daily cash market trades	693,454	718,817	750,578	928,829	1,053,096
Continuous trading ($bn)	$645.161	$612.491	$698.315	$770.805	$735.447
Auctions ($bn)	$147.418	$157.338	$193.292	$209.412	$236.983
Centre Point ($bn)	$36.953	$61.135	$74.933	$78.941	$107.043
Trade reporting ($bn)	$216.420	$177.933	$145.909	$144.991	$167.377
Total cash market value ($bn)	$1,045.952	$1,008.897	$1,112.449	$1,204.149	$1,246.850
Average daily on-market value ($bn)	$3.292	$3.284	$3.805	$4.170	$4.267
Average daily value (including Trade reporting) ($bn)	$4.151	$3.988	$4.380	$4.741	$4.928
Average trade size ($)	$5,985	$5,548	$5,835	$5,104	$4,680
Total billable value ($bn)	$1,024.227	$989.760	$1,092.799	$1,189.162	$1,225.392
Average trading fee per dollar of value (bps)	0.31	0.33	0.32	0.33	0.37
Average fee per dollar of value (bps)¹	1.10	1.16	1.13	1.16	1.19
Velocity(total value / average market capitalisation)2	86%	78%	82%	92%	88%
Number of dominant settlement messages (m)	15.4	15.2	15.7	17.1	17.8

¹ Average fee earned (both sides) for trading, clearing and settlement

² Total value transacted on all venues

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Average daily on-market value ($bn)
4.131 4.073 4.271 4.178 4.359
2.949 3.651 3.208 3.365 3.495
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17
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4.3 Trading Services – Technical Services

1111	FY13	FY14	FY15	FY16	FY17
Technical Services (number at period end)
Liquidity access
ASX sessions	1,526	1,431	1,185	1,113	1,033
ASX gateways	248	233	207	192	179
ASX liquidity cross-connects	70	61	55	57	60
Futures gateways	272	241	228	208	199
ASX ITCH access	24	31	31	39	43
ASX OUCH access	19	31	44	58	73
Futures liquidity cross-connects	221	297	357	306	334
Futures ITCH access	16	25	36	45	74
Community and connectivity
ASX Net connections	140	122	126	116	123
ASX Net service feeds	356	356	358	382	437
Australian Liquidity Centre service connections	415	622	679	819	871
Application services
ASX trader workstations / ASX Best terminals	491	318	277	251	230
Hosting
Australian Liquidity Centre cabinets	117	142	188	231	285
Other data centre cabinets	7	7	8	8	13

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4.4 CCP participant collateral balances

	FY13	FY14	FY15	FY16	FY17
	$ Million	$ Million	$ Million	$ Million	$ Million
Balances at period end
ASX Clear – initial margins	561.4	549.8	673.7	815.7	672.3
ASX Clear (Futures) – initial margins House1	907.0	849.3	746.0	1,293.7	2,030.9
ASX Clear (Futures) – initial margins Client	1,866.4	2,201.3	2,067.7	3,278.6	4,856.1
ASX Clear (Futures) – additional and excess	343.8	185.7	198.8	500.2	325.4
Total margins held on balance sheet – (excluding commitments)	3,678.6	3,786.1	3,686.2	5,888.2	7,884.7
Average daily margin balance during the period (excluding commitments)	3,523.2	3,716.4	3,915.5	4,365.9	5,865.8
ASX Clear – guarantees and equity collateral held off balance sheet	3,884.7	4,305.0	3,641.2	3,400.3	3,398.3

¹ Includes margins held for OTC Clearing

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5. Free cash flow summary

	FY13	FY14	FY15	FY16	FY17
	$ Million	$ Million	$ Million	$ Million	$ Million
ASX Group cash
Total cash and short-term investments	4,496.2	5,015.6	4,879.0	7,072.8	9,085.6
Less participants’ margins and commitments – cash backed	(3,753.1)	(3,986.1)	(3,886.2)	(6,088.2)	(8,084.7)
ASX Group own cash reserves	743.1	1,029.5	992.8	984.6	1,000.9
Less specific own cash allocations	(558.3)	(768.3)	(768.3)	(768.3)	(768.3)
Available free cash	184.8	261.2	224.5	216.3	232.6
Free cash flow
Free cash flow at period open	198.2	184.8	261.2	224.5	216.3
Add:
Cash generated from business activities (including changes in fair value)	368.2	422.9	424.1	440.2	482.3
Cash from decrease in borrowings	(250.0)	-	-	-	-
Cash from issue of shares	261.6	277.9	-	-	-
Less:
Cash used forpayment of dividends	(302.9)	(329.9)	(352.4)	(375.6)	(388.8)
Cash used for other non current assets	(36.7)	(42.3)	(41.5)	(48.4)	(61.0)
Increase in inter-Groupliquiditycommitments	-	(10.0)	-	-	-
Additional equitydesignated to support the clearingdefault fund	-	(200.0)	-	-	-
Payments for investments	(53.6)	(42.2)	(66.9)	(24.4)	(16.2)
Free cash flow atperiod end	184.8	261.2	224.5	216.3	232.6

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6. Capital attribution

	FY13	FY14	FY15	FY16	FY17
	$ Million	$ Million	$ Million	$ Million	$ Million
ASX Group shareholders’ equity	3,321.8	3,670.9	3,759.7	3,824.1	3,908.1
Capital attribution
ASX Clear – default fund contributed by ASX (held in ASX Clear)	250.0	250.0	250.0	250.0	250.0
ASX Clear (Futures) – default fund contributed by ASX (held in ASX Clear (Futures))	250.0	450.0	450.0	450.0	450.0
Business risk capital – ASX Clear and ASX Clear (Futures)	75.0	75.0	75.0	75.0	75.0
Business risk capital – ASX Settlement and Austraclear	147.5	157.4	165.8	170.6	178.2
Operational, fixed assets and investment risk	109.1	121.9	172.1	206.1	232.7
Goodwill	2,317.6	2,317.6	2,317.6	2,317.6	2,326.6
Total capital attribution	3,149.2	3,371.9	3,430.5	3,469.3	3,512.5
Total paid-in clearing default fund
ASX Clear	250.0	250.0	250.0	250.0	250.0
ASX Clear (Futures)	370.0	650.0	650.0	650.0	650.0

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Disclaimer

The material contained in this document is a presentation of general information about the ASX Group’s activities current as at the date of this presentation (17 August 2017). It is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate.

To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by the ASX Group, including any of its related bodies corporate.

This document may contain forward-looking statements with respect to the financial condition, results of operations, and business strategy of the ASX Group. These forward-looking statements are based on estimates, projections and assumptions made by the ASX Group about circumstances and events that have not yet taken place. Although the ASX Group believes the forward-looking statements to be reasonable, they are not certain. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond the ASX Group’s control, and which may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results). The ASX Group makes no representation or warranty as to the accuracy of any forward-looking statements in this document and undue reliance should not be placed upon such statements.

Forward-looking statements may be identified by words such as “aim”, “anticipate”, “assume”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “should”, “will”, or “would” or the negative of such terms or other similar expressions that are predictions of or otherwise indicate future events or trends.

The forward-looking statements included in this document speak only as of the date of this document. The ASX Group does not intend to update the forward-looking statements in this document in the future.

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