ASX LIMITED — Interim / Quarterly Report 2017

Feb 16, 2017

Half-Year 2017 Results

ASX Limited

17 February 2017

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Agenda

Results overview Financial and operational detail Summary and outlook Q & A – analysts followed by media

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

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Highlights Macro drivers providing long-term growth opportunities

1H17

Listings

Outlook

Expanding listings franchise, satisfactory result against record pcp

Continued earnings growth as initiatives gain traction

Derivatives and OTC Markets

Investment in new products and services yielding results

Trading Services

Strong growth in Centre Point and continued ALC sales success Equity Post-Trade Services Solid growth consistent with activity levels, investing for the future

Macro factors and ASX initiatives providing longterm growth opportunities

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Highlights - financial results 1H17 Continued profit growth

Revenue Expenses EBITDA NPAT EPS DPS $386.6m $90.1m $296.5m $219.4m 113.4c 102.0c 2.8% (6.0%) 1.9% 3.0% 2.9% 2.9%

Revenue up $10.4 million to $386.6 million with solid performances across all businesses Expenses up $5.0 million, in line with guidance reflecting current strategic initiatives Interest and dividend income up 11.3% due to higher margin balances NPAT up 3.0% to $219.4 million

EPS and DPS both up 2.9%, interim dividend of $1.02 per share fully franked Capex of $20.3 million, on track for approximately $50 million as per guidance

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Operating revenue and operating expenses as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

4

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Highlights - activity levels Growth in trading, lower capital raisings

Total capital raised ($billion)

Cash market trading ASX value on-market ($billion)

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529.6
50.3 24.0 512.2
449.2 413.9
2H 29.3 2H
1H 20.2 1H
54.6 529.5 539.0
36.7 38.6 36.8 380.4 417.1 454.3
26.2
FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
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Futures[1] - contracts (million)

Equity options - contracts (million)

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76.8
73.4
2H 59.2 66.0 2H 61.5 56.3
64.2
1H 1H 51.2
80.5
51.4 58.9 60.3 63.4 69.0 63.1 64.2 50.3 50.8
FY13 FY14 FY15 FY16 FY17 FY13 FY14 FY15 FY16 FY17
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1. Consists of futures and options on futures

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Highlights - 1H17 revenue Solid diversified revenue growth

Highlights

Revenue $386.6 million, up 2.8%

Revenue movement ($million)

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1.9
4.6
6.2
(2.3)
386.6
376.2 Revenue up 2.8%
$10.4m
1H16 Listings and Derivatives & Trading Equity Post- 1H17
Issuer OTC Markets Services Trade Services
Services
Revenue ($million)
370.1
352.0
329.0
312.6
304.8 329.3 348.7 376.2 386.6
FY13 FY14 FY15 FY16 FY17
1H 2H
6
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Listings and Issuer Services

• Revenue $103.3 million down 2.1%

• Lower secondary listing fees versus a record pcp that included capital raisings by the four major banks

Derivatives and OTC Markets

• Revenue $133.0 million up 4.9%

• Higher futures volume and strong OTC growth

Trading Services

• Revenue $96.0 million up 5.0%

• Growth in equities trading and increased use of Centre Point. ALC community continues to expand

Equity Post-Trade Services

• Revenue $52.9 million up 3.8%

• Increased volume and use of settlement services

Operating revenue as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp)

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Strong core value proposition

Underlying macro drivers plus ASX initiatives drive growth

Global leader in A$ and NZ$ markets

	Listings	Trade execution	Clearing and settlement
Core customer value proposition	Initial and ongoing access to capital Lower cost of capital Listings integrity Branding	Ongoing liquidity Hedging and risk transfer Market integrity Efficient and timely access Data services	Capital efficiency Risk reduction/netting Operational efficiency Settlement certainty

Macro growth Demand for financial assets Globalisation of markets Regulatory developments Savings system Automation of OTC markets Operational efficiency goals drivers Capital needs 24 hour trading Capital efficiency needs New futures platform Offshore customer acquisition CHESS replacement ASX initiatives Expansion of listing franchise 20 year bond futures OTC Clearing - World-class infrastructure (NZ, tech, offshore) Serial options Futures/OTC cross margining - Outstanding experience ETF/ETP listings ASX Benchmarks (BBSW) Client clearing - Investment supermarket mFund expansion Centre Point innovation ASX Collateral ALC technical solutions

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Highlights - strategic initiatives Progress across all businesses

• Expanding listings franchise

Listings

• Enhanced admission rules implemented

• Regulatory approval for mFund expansion to long-form product disclosure statements

• New futures trading platform post March futures roll with improved functionality

Derivatives and OTC Markets

• Continued growth in OTC Clearing, new functionality rolling out February

• Increased activity from offshore investors and traders

• Collateral management balances growing strongly

• Centre Point continues to grow as trading venue of choice

Trading Services

• Appointed BBSW administrator, customers transferring, new methodology from mid 2017

• Value proposition of ALC driving further users, connections and ASX Net usage

• Dual focus on CHESS replacement program

Equity Post-Trade Services

• Significant stakeholder consultation. Dedicated demonstration suite showcasing potential benefits - over 50 presentations, 40 workshops involving 350 people

• Building enterprise grade base-level DLT equity post-trade functionality to assist our decision on next steps late 2017

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Extensive public consultation program

Working with a range of stakeholders to improve market environment

Upgrading Australia’s post-trade equity market infrastructure	Business requirements for CHESS replacement (ongoing since September 2016)
Building the cyber awareness of Australian business	ASX 100 Cyber Health Check (November 2016 - March 2017)
Keeping standards and investor confidence high	New listings admission rules (May - November 2016)
Promoting systemic stability	Raising minimum core capital requirements for clearing participants (June 2016 - January 2017)
Operational excellence and market	Engaging with customers and regulators to further refine our operational processes and
communication	market communication protocols

Upcoming in first-half of 2017

Giving shareholders their say	Bidder shareholder approval for reverse takeovers
Maintaining Australia’s attractiveness for raising capital	Review of and new guidance for capital raising rules

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CHESS replacement Enhanced and ongoing stakeholder engagement

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• Engagement to support robust markets

• Customers

Code of Practice

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• Increased Business

• Committee engagement

• Over 50 presentations, 40 workshops, 350 attendees

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• Market consultation

• • 40 responses received
• • Secondary consultation underway ASIC
• • Market structure
• • Engagement to support

• Technical Committee

• • Supporting operational design

• RBA

• • FSS compliance - Systemic risk

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Peter Hiom – Deputy CEO Financial and operational detail

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Listings and Issuer Services Expanding listings franchise, satisfactory result against record pcp

Total capital raised ($billion) and number of IPOs

1H17 1H16 Var $ Var % 60 100 Revenue ($million) 103.3 105.6 (2.3) (2.1%) Listings 80.7 82.4 (1.7) (2.0%) 50 80 Issuer Services 22.6 23.2 (0.6) (2.4%) 40 60 30 40 20 Number of IPOs 86 77 9 11.7% 20 10 IPO capital ($billion) 11.1 13.5 (2.4) (17.8%) Secondary capital ($billion) 25.8 41.1 (15.3) (37.3%) 0 0 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 CHESS holding statements (million) 7.3 7.4 (0.1) (2.0%) Secondary capital IPO capital Scrip-for-scrip Number of IPOs (RHS)

Revenue ($million)

Key drivers

Highlights

Revenue $103.3 million, down 2.1%

• Annual listing $39.3 million, up 7.3%

• Increases in market capitalisation and fee changes

• Initial listing $9.7 million, down 17.2%

• Increase in number of new listings offset by lower capital raised per listing

• Secondary capital raisings $26.7 million, down 8.0%

• Lower capital raised, pcp included $18.1 billion of capital raised by the four major Australian banks

• Issuer Services $22.6 million, down 2.4%

Revenue contribution

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27%
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• Lower holding statements

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12

Operating revenue as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

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Listings and Issuer Services

Foreign and technology listings, and expanding the investment product offering

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New Zealand companies
90 60
80
50
70
60 40
50
30
40
30 20
20
10
10
0 0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
Total market cap A$billion Total number ASX-listed NZ companies (RHS)
ETP/ETF
30 250
25
200
20
150
15
100
10
50
5
0 0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
Market cap value ($billion) No. of ETPs (RHS)
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ASX initiatives

New products and services

• New listing rules from 19 December 2016 further strengthen ASX brand as a premier listing venue

• Longer form funds on mFund approved by ASIC

Sales and distribution

• New Zealand – simplified dual listings process; 7 listings in 1H17, 51 entities now listed

• Tech sector – 15 listings¹ in 1H17, 190 entities now listed

• Exchange-traded products (ETPs) – 24 listings in 1H17, 199 ETPs listed, total value $25.8 billion

• Unlisted managed funds through mFund service – 56 fund managers offering 170 funds via 18 brokers

Customer service

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

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13

1. Includes IPOs and backdoor listings

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Derivatives and OTC Markets

Investment in new products and services yielding results

1H17 1H16 Var $ Var % Revenue ($million) 133.0 126.8 6.2 4.9% Futures and OTC 97.2 91.6 5.6 6.2% Equity options 11.0 11.3 (0.3) (3.0%) Austraclear 24.8 23.9 0.9 3.7% Key drivers (millions) Futures volumes 69.0 63.4 5.6 8.8% OTC cleared value ($billion) 2,159.7 817.4 1,342.3 164.2% Equity options volumes 50.8 50.3 0.5 1.1% Austraclear transactions 0.7 0.7 (0.0) (1.0%)	4 122 102 704 817 1,925 2,160 1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17 OTC notional value cleared ($billion)

Highlights

Revenue $133.0 million, up 4.9%

Revenue contribution

• Futures and OTC $97.2 million, up 6.2%

• Futures contracts traded up 8.8%

• OTC value cleared $2,159.7 billion, $817.4 billion pcp

• 1H17 interest rate futures rebate $8.2 million; FY17 estimate $18-20 million, $14.4 million pcp

• Equity options $11.0 million, down 3.0%

• Contracts traded up 1.1%

• Change in product and customer mix

• Austraclear $24.8 million, up 3.7%

• Holdings balance up 5.3%, transactions down 1.0%

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34%
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14

Operating revenue as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

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Derivatives and OTC Markets

Focus on global distribution and OTC service extension

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Futures night session contracts (million)
and % contribution
45 35%
30%
40
30%
35
25%
30
25 16% 20%
20 15%
15
10%
10
5%
5
0 0%
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16
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ASX initiatives

New products and services

• Growth in 20 year bond futures, average daily volume 2,600, open interest 24,000

• Weekly and serial equity options, average daily volume 11,800

Sales and distribution

• Growth in offshore futures traders and activity

• Futures trading platform replacement on track

• Eight active OTC Clearing participants with $2.2 trillion value cleared, open interest $2.0 trillion

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Proprietary trader contracts (million)
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and % contribution
30 36% 40%
35%
25
30%
26%
20
25%
15 20%
15%
10
10%
5
5%
0 0%
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
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• OTC Clearing extended trading hours, client clearing enhancements from early 2017

• Collateral management balance $11.7 billion as at December. Service enhancements introduced November 2016

Customer service

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

• Implementation of eGAINS, the industry invoicing standard for brokerage on give-ups

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Trading Services Strong growth in Centre Point and continued ALC sales success

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ASX on-market value traded ($billion) and
600 average trading fee per side per $ value (bps) 0.20
500
0.15
400
300 0.10
200
0.05
100
0 0.00
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
Open trading Auctions trading
Centre Point Avg trading fee (RHS)
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	1H17	1H16	Var $	Var %
Revenue ($million)	96.0	91.4	4.6	5.0%
Cash Markets	23.3	20.3	3.0	14.7%
Information Services	39.9	40.6	(0.7)	(1.8%)
Technical Services	32.8	30.5	2.3	7.6%
Key drivers ($billion)
On-market value	539.0	529.5	9.5	1.8%
Auctions value	113.7	103.7	10.0	9.6%
Centre Point value	54.0	35.7	18.3	51.2%
Number of ALC customers	111	99	12	12.1%

Highlights

Revenue $96.0 million, up 5.0%

Revenue contribution

• Cash market trading $23.3 million, up 14.7%

• Centre Point activity up 51.2%

• Higher daily average on-market value traded

• Trading rebate discontinued, $1.0 million pcp

• Information services $39.9 million, down 1.8%

• Fee changes and stable activity levels

• Lower index royalties

• Technical services $32.8 million, up 7.6%

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25%
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• Increased service connections, automated data feeds and lower latency services

• Number of customer cabinets hosted in the ALC increased from 219 to 270

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16

Operating revenue as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

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Trading Services Focus on distribution, community growth and commercialising ASX data

ASX initiatives

Centre Point value traded ($billion)

New products and services

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60
50
40
30
20
10
0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
Standard Block Sweep Preference Single fill Dark limit
Australian Liquidity Centre
300 1000
250
800
200
600
150
400
100
200
50
0 0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
ALC cabinets (LHS) ALC service connections (RHS)
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• ASX appointed administrator of BBSW interest rate benchmark by AFMA effective January 2017

Sales and distribution

• On-market trading market share 87.9% (88.4% pcp)

• Centre Point value traded up 51.2% on pcp, 10.0% of ASX onmarket value traded

• First customer connected through Hong Kong hub

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

• Increased diversity of ASX Net content

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 NTP, extending to core platforms early 2017

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

Value cleared ($billion)

	1H17	1H16	Var $	Var %
Revenue ($million)	52.9	51.0	1.9	3.8%
Cash Market Clearing	26.8	27.2	(0.4)	(1.4%)
Cash Market Settlement	26.1	23.8	2.3	9.8%
Key drivers
On-market value cleared ($billion)	574.7	559.3	15.4	2.8%
Dominant settlement messages	9.4	8.5	0.9	10.3%
Avg trades per day (million)	1.0	0.8	0.2	19.9%

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700
600
500
400
300
200
100
0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
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Highlights

Revenue $52.9 million, up 3.8%

Revenue contribution

• Clearing $26.8 million, down 1.4%

• Value cleared up 2.8%

• Clearing fees reduced 10% from 1 July 2016

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14%
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• Revenue sharing rebate nil, $1.7 million pcp

• Settlement $26.1 million, up 9.8%

• Dominant settlement messages up 10.3%

• Revenue sharing rebate $1.1 million, pcp $0.8 million

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18

Operating revenue as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

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Equity Post-Trade Services Building the next generation platform

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ASX demonstration suite
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CHESS replacement

• Purpose built suite at Exchange Square for demonstrations and workshops

• Stakeholder consultation commenced in Q4 2016 to gather and prioritise business requirements

• Supplementary consultation paper issued in December 2016

• Summary of consultation papers and ASX response to be released in Q1 2017

• Business requirements (including ISO 20022 messaging) to be refined during 2017

• Decision in late 2017 on which technology to use

• Building base-level DLT equity post-trade functionality

• Testing enterprise-grade capabilities of DLT (eg scale, speed, persistence, security)

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1H17 Expenses

In line with guidance

Highlights

Operating expenses up 6.0%

Higher investment in staff to support customer and growthrelated initiatives

• Staff costs up 8.9%

• Average headcount up 6.2% to 556 FTEs

• Increase focused in business development and technology

• Annual remuneration increases

Expense movement ($million)

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4.5
0.5
85.1 90.1
Expenses up 6.0%
$5.0m
1H16 Staff Other 1H17
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• Other costs up 1.6%

• Higher equipment costs supporting new technology platforms

• FY17 guidance 6.0% increase (unchanged)

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

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Expenses ($million)
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85.5
76.4 78.7
74.9
71.3 77.2 81.4 85.1 90.1
FY13 FY14 FY15 FY16 FY17
1H 2H
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20

Operating expenses as per the Group segment reporting Variance relative to the prior comparative period (1H16 pcp) expressed favourable / (unfavourable)

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Interest and dividend income Collateral increases driving net interest income

$million 1H17 1H16 Var $ Var % ASX Group net interest income 9.4 11.3 (1.9) (16.9%) Net interest earned on collateral balances 23.2 17.5 5.7 32.7% Total net interest income 32.6 28.8 3.8 13.2% Dividend income 4.9 4.9 - 0.0% Interest and dividend income 37.5 33.7 3.8 11.3%	3.4 3.7 3.9 3.8 3.8 3.7 4.1 5.9 5.8 Margin balance at period end ($billion)
	1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17

Highlights

• ASX Group net interest income down 16.9% due to lower interest rates

• Net interest on collateral balances up 32.7%

• Average collateral and commitment balances up 28.5% to $5.6 billion from $4.3 billion pcp

• Driven by heightened margins from Brexit to US elections

• Investment spread 41 bps (37 bps pcp)

• Portfolio transition in line with regulatory standards underway. Investment spread in 2H17 expected to be between 25-30 bps

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21

Variance expressed favourable / (unfavourable)

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Capital expenditure Continued investment in systems and technology

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$million
31.4 31.5
24.6
23.5
20.3
18.6 18.7
15.4
13.0
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
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Highlights

• Futures trading platform on track for March 2017 go-live

• Additional enhancements post outage handled within ongoing capex envelope

• Inclusive of DLT development for potential CHESS replacement

• FY17 guidance approximately $50 million (unchanged)

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22

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Dominic Stevens – CEO Summary and outlook

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Summary and outlook Solid result, initiatives gaining traction

Highlights

• 1H17 NPAT $219.4 million, up 3.0% on pcp

• Five year NPAT CAGR 3.9% (FY11-16)

• EPS and DPS growth consistent with profit, 90% payout ratio, fully franked

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

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Statutory NPAT ($million)
213.1
199.2
193.6
177.1
171.1 189.6 198.6 213.1 219.4
FY13 FY14 FY15 FY16 FY17
1H 2H
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Outlook

• Global uncertainty – US trade and economic policy, Brexit, European elections supporting short-medium term market volatility

• New trading platform, 24 hour OTC clearing and OTC client clearing enhancements providing contemporary technology and additional functionality

• Consultation with stakeholders on CHESS replacement continuing – more work to do

• DLT technology decision expected late 2017, enterprise-grade functionality development on track

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Q & A

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Appendices

1. Income statement

2. Balance sheet

3. Key financial ratios

4. Transaction and activity levels

5. Free cash flow summary

6. Capital attribution

7. Cash market clearing and settlement income statement

8. Post balance date activity levels

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1. Income statement

	1H15	2H15	1H16	2H16	1H17
	$million	$million	$million	$million	$million
Annual listing fees	34.8	35.9	36.7	38.5	39.3
Initial listing fees	11.4	9.5	11.7	6.9	9.7
Subsequent listing fees	21.2	21.5	29.0	16.1	26.7
Other listing fees	3.5	5.5	5.0	5.5	5.0
Listings	70.9	72.4	82.4	67.0	80.7
Issuer Services	20.4	19.8	23.2	20.1	22.6
Listings and Issuer Services	91.3	92.2	105.6	87.1	103.3
Cash market trading	17.7	18.4	20.3	20.4	23.3
Information services	36.7	37.0	40.6	39.5	39.9
Technical services	30.2	29.9	30.5	31.5	32.8
Trading Services	84.6	85.3	91.4	91.4	96.0
Cash market clearing	23.1	24.2	27.2	26.9	26.8
Cash market settlement	22.5	22.0	23.8	24.1	26.1
Equity Post-Trade Services	45.6	46.2	51.0	51.0	52.9
Equity options	12.8	11.8	11.3	11.8	11.0
Futures and OTC clearing	90.4	91.2	91.6	102.7	97.2
Austraclear	23.6	24.2	23.9	24.5	24.8
Derivatives and OTC Markets	126.8	127.2	126.8	139.0	133.0
Other revenue	0.4	1.1	1.4	1.6	1.4
Operating revenue	348.7	352.0	376.2	370.1	386.6

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Operating revenues and operating expenses as per the Group segment reporting

27

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1. Income statement

	1H15	2H15	1H16	2H16	1H17
	$million	$million	$million	$million	$million
Staff	49.9	46.5	50.7	50.4	55.2
Occupancy	6.7	7.0	6.8	7.3	7.3
Equipment	11.8	12.2	13.1	13.9	14.6
Administration	8.4	8.8	9.9	9.4	8.1
Variable	2.8	2.3	3.1	3.1	3.4
ASIC supervision levy	1.8	1.9	1.5	1.4	1.5
Operating expenses	81.4	78.7	85.1	85.5	90.1
EBITDA	267.3	273.3	291.1	284.6	296.5
Depreciation and amortisation	18.6	20.0	20.8	21.9	22.1
EBIT	248.7	253.3	270.3	262.7	274.4
Net interest income	14.9	12.0	11.3	11.0	9.4
Net interest on participants’ balances	14.6	17.7	17.5	20.2	23.2
Dividend revenue	4.9	7.8	4.9	8.2	4.9
Interest and dividend income	34.4	37.5	33.7	39.4	37.5
Underlying profit before tax	283.1	290.8	304.0	302.1	311.9
Income tax expense	(84.5)	(86.2)	(90.9)	(89.0)	(92.5)
Underlying profit after tax	198.6	204.6	213.1	213.1	219.4
Significant items (net of tax)	-	(5.4)	-	-	-
Statutory profit after tax	198.6	199.2	213.1	213.1	219.4

Operating revenues and operating expenses as per the Group segment reporting

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2. Balance sheet

	31 Dec 14	30 Jun 15	31 Dec 15	30 Jun 16	31 Dec 16
	$million	$million	$million	$million	$million
Assets
Cash and available-for-sale financial assets	5,027.3	4,879.0	5,356.3	7,072.8	7,002.2
Goodwill	2,317.6	2,317.6	2,317.6	2,317.6	2,317.6
Investments	394.6	376.8	373.6	424.8	473.2
Other Assets	341.5	485.2	527.9	636.4	462.8
Total assets	8,081.0	8,058.6	8,575.4	10,451.6	10,255.8
Liabilities
Amounts owing to participants (including funded commitments)	3,997.4	3,886.2	4,308.5	6,088.2	5,987.7
Other liabilities	331.7	412.7	479.7	539.3	394.0
Total liabilities	4,329.1	4,298.9	4,788.2	6,627.5	6,381.7
Equity
Capital	3,027.2	3,027.2	3,027.2	3,027.2	3,027.2
Retained earnings	505.6	526.3	555.5	576.9	604.8
Reserves	219.1	206.2	204.5	220.0	242.1
Total equity	3,751.9	3,759.7	3,787.2	3,824.1	3,874.1

	31 Dec 14	30 Jun 15	31 Dec 15	30 Jun 16	31 Dec 16
	$million	$million	$million	$million	$million
Assets
Cash and available-for-sale financial assets	5,027.3	4,879.0	5,356.3	7,072.8	7,002.2
Goodwill	2,317.6	2,317.6	2,317.6	2,317.6	2,317.6
Investments	394.6	376.8	373.6	424.8	473.2
Other Assets	341.5	485.2	527.9	636.4	462.8
Total assets	8,081.0	8,058.6	8,575.4	10,451.6	10,255.8
Liabilities
Amounts owing to participants (including funded commitments)	3,997.4	3,886.2	4,308.5	6,088.2	5,987.7
Other liabilities	331.7	412.7	479.7	539.3	394.0
Total liabilities	4,329.1	4,298.9	4,788.2	6,627.5	6,381.7
Equity
Capital	3,027.2	3,027.2	3,027.2	3,027.2	3,027.2
Retained earnings	505.6	526.3	555.5	576.9	604.8
Reserves	219.1	206.2	204.5	220.0	242.1
Total equity	3,751.9	3,759.7	3,787.2	3,824.1	3,874.1

	31 Dec 14	30 Jun 15	31 Dec 15	30 Jun 16	31 Dec 16
	$million	$million	$million	$million	$million
Assets
Cash and available-for-sale financial assets	5,027.3	4,879.0	5,356.3	7,072.8	7,002.2
Goodwill	2,317.6	2,317.6	2,317.6	2,317.6	2,317.6
Investments	394.6	376.8	373.6	424.8	473.2
Other Assets	341.5	485.2	527.9	636.4	462.8
Total assets	8,081.0	8,058.6	8,575.4	10,451.6	10,255.8
Liabilities
Amounts owing to participants (including funded commitments)	3,997.4	3,886.2	4,308.5	6,088.2	5,987.7
Other liabilities	331.7	412.7	479.7	539.3	394.0
Total liabilities	4,329.1	4,298.9	4,788.2	6,627.5	6,381.7
Equity
Capital	3,027.2	3,027.2	3,027.2	3,027.2	3,027.2
Retained earnings	505.6	526.3	555.5	576.9	604.8
Reserves	219.1	206.2	204.5	220.0	242.1
Total equity	3,751.9	3,759.7	3,787.2	3,824.1	3,874.1

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3. Ke financial ratios y

	1H15	2H15	1H16	2H16	1H17
Basic EPS (including significant items)	102.7c	103.0c	110.2c	110.2c	113.4c
Diluted EPS (including significant items)	102.7c	103.0c	110.2c	110.2c	113.4c
Underlying EPS (excluding significant items)	102.7c	105.7c	110.2c	110.2c	113.4c
Dividend per share – interim	92.3c	-	99.1c	-	102.0c
Dividend per share – final	-	95.1c	-	99.0c	-
Statutory return on equity (including significant items)	10.8%	10.8%	11.4%	11.3%	11.5%
Underlying return on equity	10.8%	11.0%	11.4%	11.3%	11.5%
EBITDA / operating revenue	76.6%	77.6%	77.4%	76.9%	76.7%
EBIT / operating revenue	71.3%	71.9%	71.9%	71.0%	71.0%
Total expenses (including depreciation and amortisation) / operating revenue	28.7%	28.1%	28.1%	29.0%	29.0%
Capital expenditure ($m)	$13.0	$31.4	$18.7	$31.5	$20.3
Net tangible asset backing per share	$6.97	$6.97	$7.12	$7.25	$7.45
Net asset backing per share	$19.38	$19.42	$19.56	$19.75	$20.01
Shareholders’ equity as a % of total assets (excluding participants’ balances)	91.9%	90.1%	88.8%	87.6%	90.8%
Shareholders’ equity as a % of total assets (including participants’ balances)	46.4%	46.7%	44.2%	36.6%	37.8%
Share price at end of period	$36.74	$39.90	$42.46	$45.76	$49.74
Ordinary shares on issue at end of period	193,595,162	193,595,162	193,595,162	193,595,162	193,595,162
Weighted average number of ordinary shares (excluding treasury shares)	193,413,893	193,413,893	193,413,893	193,413,893	193,416,713
Market value of ordinary shares on issue ($m)	$7,113	$7,724	$8,220	$8,859	$9,629
Market to book ratio	1.90	2.05	2.17	2.32	2.49
Full-time equivalent permanent staff – number at period end	523	515	534	546	547
Full-time equivalent permanent staff – average during the period	526	522	523	544	556

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4.1 Listing and Issuer Services

0	1H15	2H15	1H16	2H16	1H17
Total domestic market capitalisation ($bn) – period end	$1,575	$1,612	$1,629	$1,620	$1,760
Total number of listed entities (includes all stapled entities) - period end	2,208	2,220	2,238	2,204	2,215
Number of new listings	71	49	77	47	86
Average annual listing fee	$15,752	$16,192	$16,381	$17,467	$17,752
Average initial listing fee	$160,588	$193,630	$152,508	$146,415	$113,020
Average fee per $m of secondary capital	$1,082	$706	$707	$1,156	$1,037
Initial capital raised ($m)	$18,956	$19,960	$13,477	$10,110	$11,080
Secondary capital raised ($m)	$17,746	$21,041	$35,597	$9,702	$23,619
Other secondary capital raised including scrip-for-scrip ($m)	$1,860	$9,310	$5,501	$4,203	$2,137
Total capital raised (including other) ($m)	$38,562	$50,311	$54,575	$24,015	$36,836
Number of new warrant series quoted	1,507	1,396	1,290	1,669	915
Total warrant series quoted	3,107	3,050	2,925	2,886	2,804
Number of CHESS holding statements issued (m)	6.7	6.4	7.4	6.6	7.3

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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
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
31
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4.2 Trading Services – cash market trading

	1H15	2H15	1H16	2H16	1H17
Trading days	130	124	130	124	129
Total cash market trades ('000)	92,984	97,663	110,091	125,832	130,984
Average daily cash market trades	715,263	787,602	846,853	1,014,772	1,015,381
Open trading ($bn)	$326.180	$372.135	$390.115	$380.690	$371.262
Auctions trading ($bn)	$91.469	$101.823	$103.701	$105.711	$113.659
Centre Point ($bn)	$36.657	$38.276	$35.725	$43.216	$54.034
Trade reporting ($bn)	$72.258	$73.651	$75.727	$69.264	$76.518
Total cash market value ($bn)	$526.564	$585.885	$605.268	$598.881	$615.473
Average daily on-market value ($bn)	$3.495	$4.131	$4.073	$4.271	$4.178
Average daily value (including trade reporting) ($bn)	$4.050	$4.725	$4.656	$4.830	$4.771
Average trade size ($)	$5,663	$5,999	$5,498	$4,759	$4,699
Total billable value ($bn)	$519.707	$573.092	$596.515	$592.647	$607.884
Average fee per dollar of value (bps)1	1.18	1.08	1.15	1.17	1.22
Velocity (total value / average market capitalisation)2	80%	85%	92%	92%	89%

Average daily on-market value ($bn)

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4.131 4.073 4.271 4.178
2.949 3.651 3.208 3.365 3.495
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
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1. Average fee earned (both sides) for Trading, Clearing and Settlement

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1. Total value transacted on all venues

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4.2 Trading Services – technical services

	1H15	2H15	1H16	2H16	1H17
Technical services (number at period end)
Liquidity access
ASX sessions	1,277	1,185	1,141	1,113	1,074
ASX gateways	221	207	197	192	184
ASX liquidity cross-connects	60	55	59	57	58
Futures gateways	230	228	222	208	199
ASX ITCH access	30	31	35	39	40
ASX OUCH access	45	44	56	58	68
Futures liquidity cross-connects	353	357	288	306	292
Futures ITCH access	33	36	41	45	53
Community and connectivity
ASX Net connections	135	126	122	116	112
ASX Net service feeds	363	358	370	382	389
Australian Liquidity Centre service connections	689	679	746	819	907
Application services
ASX trader workstations / ASX Best terminals	283	277	268	251	243
Hosting
Australian Liquidity Centre cabinets	179	188	219	231	270
Other data centre cabinets	7	8	8	8	11

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4.3 Equity options

	1H15	2H15	1H16	2H16	1H17
Trading days	130	124	130	124	129
Single stock equity options (‘000)	58,515	51,031	44,050	44,651	45,241
Index options (‘000)	5,685	5,273	6,201	6,567	5,580
Total contracts (‘000)	64,200	56,304	50,251	51,218	50,821
Average daily options contracts	493,843	454,070	386,549	413,049	393,960
Average fee per options contract	$0.20	$0.21	$0.23	$0.23	$0.22

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
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
34
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4.3 Futures and OTC Markets

	1H15	2H15	1H16	2H16	1H17
Trading days	130	126	130	127	129
Total contracts - futures ('000)
ASX SPI 200	5,171	5,130	5,919	6,186	6,040
90 day bank bills	13,942	14,764	13,728	15,839	14,061
3 year bonds	24,117	25,600	23,708	26,397	25,431
10 year bonds	13,707	15,791	15,996	20,083	20,038
20 year bonds¹	-	-	192	231	336
30 day interbank cash rate	1,169	2,509	1,817	2,295	1,467
Agricultural	88	47	75	57	58
Electricity	130	94	105	152	158
Other	19	88	83	54	52
NZD 90 day bank bills	523	871	898	1,017	690
Total futures	58,866	64,894	62,521	72,311	68,331

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1. Introduced 21 September 2015

35

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4.3 Futures and OTC Markets

	1H15	2H15	1H16	2H16	1H17
Total contracts - options on futures ('000)
ASX SPI 200	313	141	189	174	120
3 year bonds	108	137	137	219	119
Overnight 3 year bonds	496	400	249	330	194
Intra-day 3 year bonds	523	404	329	331	250
Other	39	20	16	17	25
Total options on futures	1,479	1,102	920	1,071	708
Total futures and options on futures contract volume ('000)	60,345	65,996	63,441	73,382	69,039
Daily average contracts - futures and options	464,196	523,776	488,009	577,819	535,185
Average fee per contract - futures and options	$1.50	$1.38	$1.44	$1.40	$1.41
OTC markets
Total notional cleared value ($bn)1	$101.671	$704.198	$817.445	$1,924.557	$2,159.682

Futures and options average daily contracts

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577,819
509,194 453,007 469,548 464,196 523,776 488,009 535,185
398,834
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
36
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1. Cleared notional value is double-sided

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4.3 Austraclear

	1H15	2H15	1H16	2H16	1H17
Settlement days	130	124	130	124	129
Transactions ('000)
Cash transfers	299	303	300	290	292
Fixed interest securities	379	395	363	354	367
Discount securities	80	77	75	75	74
Foreign exchange	11	11	6	5	4
Other	5	4	2	0	1
Total transactions	774	790	746	724	738
Average daily settlement volume	5,956	6,366	5,736	5,838	5,724
Securities holdings (monthly average $bn)	$1,620.9	$1,722.2	$1,828.2	$1,887.1	$1,930.5
Securities holdings (period end $bn)	$1,692.8	$1,752.5	$1,849.0	$1,895.6	$1,947.3
Average settlement and depository fee (including portfolio holdings) per transaction (excludes registry services revenue)	$14.77	$14.98	$15.62	$16.39	$16.74

Austraclear average daily settlement volume

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6,432 6,287 6,310 6,366
6,005 5,956 5,736 5,838 5,724
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
37
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4.4 CCP participant collateral balances

	1H15	2H15	1H16	2H16	1H17
	$million	$million	$million	$million	$million
Balances at period end
ASX Clear – initial margins	450.5	673.7	583.5	815.7	445.5
ASX Clear (Futures) – initial margins House	727.3	746.0	853.3	1,293.7	1,425.8
ASX Clear (Futures) – initial margins Client	2,407.1	2,067.7	2,495.7	3,278.6	3,728.0
ASX Clear (Futures) – additional and excess	212.5	198.8	176.0	500.2	188.4
Total margins held on balance sheet (excluding commitments)	3,797.4	3,686.2	4,108.5	5,888.2	5,787.7
Average daily margin balance during the period (excluding commitments)	3,571.1	3,915.5	4,136.0	4,509.6	5,370.8
ASX Clear – guarantees and equity collateral held off balance sheet	3,901.8	3,641.2	3,508.5	3,400.3	3,758.5

Total margins held on balance sheet ($bn) (at period end)

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5.9 5.8
4.1
3.7 3.9 3.8 3.8 3.7
3.4
1H13 2H13 1H14 2H14 1H15 2H15 1H16 2H16 1H17
38
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5. Free cash flow summar y

	1H15	2H15	1H16	2H16	1H17
	$million	$million	$million	$million	$million
ASX Group cash
Total cash and short-term investments	5,027.3	4,879.0	5,356.3	7,072.8	7,002.2
Less participants’ margins and commitments – cash backed	(3,997.4)	(3,886.2)	(4,308.5)	(6,088.2)	(5,987.7)
ASX Group own cash reserves	1,029.9	992.8	1,047.8	984.6	1,014.5
Less specific own cash allocations	(768.3)	(768.3)	(768.3)	(768.3)	(768.3)
Available free cash	261.6	224.5	279.5	216.3	246.2
Free cash flow
Free cash flow at period open	261.2	261.6	224.5	279.5	216.3
Add:
Cash generated from business activities (including changes in fair value)	257.6	166.5	262.9	177.3	273.6
Less:
Cash used for payment of dividends	(173.9)	(178.5)	(183.9)	(191.7)	(191.5)
Cash used for other non current assets	(16.4)	(25.1)	(24.0)	(24.4)	(36.0)
Payments for investments	(66.9)	-	-	(24.4)	(16.2)
Free cash flow at period end	261.6	224.5	279.5	216.3	246.2

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6. Capital attribution

	31 Dec 14	30 Jun 15	31 Dec 15	30 Jun 16	31 Dec 16
	$million	$million	$million	$million	$million
ASX Group shareholders’ equity	3,751.9	3,759.7	3,787.2	3,824.1	3,874.1
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))	450.0	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	161.0	165.8	169.2	170.6	174.3
Operational, fixed assets and investment risk	156.0	172.1	170.0	206.1	223.8
Total capital attribution	1,092.0	1,112.9	1,114.2	1,151.7	1,173.1
Total paid in clearing default fund
ASX Clear	250.0	250.0	250.0	250.0	250.0
ASX Clear (Futures)	650.0	650.0	650.0	650.0	650.0

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7. Cash market clearing and settlement income statement

	Cash	Cash	Cash	Cash
	market	market	market	market
	clearing	clearing	settlement	settlement
	1H17	1H16	1H17	1H16
	$million	$million	$million	$million
Operating revenue	26.9	27.3	26.5	24.1
Operating expenses	5.9	5.7	7.1	6.9
EBITDA	21.0	21.6	19.4	17.2
Depreciation and amortisation	1.0	1.0	0.1	0.1
EBIT	20.0	20.6	19.3	17.1
Interest income	1.6	2.0	0.9	1.2
Profit before tax	21.6	22.6	20.2	18.3
Income tax expense	(6.5)	(6.8)	(6.1)	(5.5)
Profit after tax	15.1	15.8	14.1	12.8
Economic profit after capital charge	4.4	5.8	7.4	6.0
EBITDA margin	78.1%	79.1%	73.1%	71.5%
Total capital	238.1	218.1	143.9	143.2
Return on equity (per annum)	12.6%	14.4%	19.5%	17.8%

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8. Post balance date activity levels

	1 Jan – 14 Feb 2017	1 Jan – 14 Feb 2016	Variance %
Listings and Issuer Services(January month only)
Initial capital raised ($million)	99	37	168%
Secondary capital raised including scrip-for-scrip ($million)	754	292	158%
Total capital raised ($million)	853	329	160%
Derivatives and OTC Markets
Futures average daily volume (number of contracts)	406,600	503,126	(19.2%)
Equity options average daily volume (number of contracts)	351,299	350,113	0.3%
OTC clearing cleared notional value ($billion)	625.809	296.790	110.9%
Cash Market Trading
ASX on-market average daily value ($million)	3.781	4.045	(6.5%)

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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 February 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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