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#NZXNOW

NZX HAS SIGNIFICANTLY UNDERPERFORMED IN RECENT YEARS ■

Suboptimal capital allocation since 2012 has resulted in poor returns on invested capital and unsatisfactory financial performance.

This has been exacerbated by poor operational performance and cost control.

NZX shares have underperformed both the domestic market and global peers.

This underperformance has seen NZX shareholders forego an estimated NZ$235M in total return, based on the underperformance of NZX vs S&P/NZX50 index*.

ELEVATION CAPITAL HOLDS APPROXIMATELY 6.2M** SHARES O N

ON BEHAL O CLIENTS

THIS PRESENTATION IS OUR VIEW ON HOW TO MATERIALL IMPRO E N

BUSINESS

FUNDAMENTALS AND PROFITABILITY.

* Source: Thomson Reuters Eikon – 31/12/2011 - 31/12/2017, based on NZX market capitalisation of NZ$274M on 31/12/2011 - Total Return includes dividends and imputation credits ** As at 12 September 2018

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Profile for Richard

Elevation Capital Research Annual 2018  

Elevation Capital Research Annual 2018