Tel Aviv Stock Exchange Ltd. — Earnings Release 2021

Nov 22, 2021

THE TEL-AVIV STOCK EXCHANGE LTD. REPORTED THIRD QUARTER 2021 RESULTS

November 22, 2021 (Tel Aviv) -Tel Aviv Stock Exchange Ltd (TASE:TASE) today announced its financial results for the third quarter ended September 30, 2021.¹

General

Coronavirus morbidity rate trends diversified in the first nine months of 2021. The beginning of the period was characterized by the gradual lifting of the restrictions that were imposed on the business sector following the coronavirus outbreak in 2020, arriving at the second quarter of 2021 with almost no restrictions. At the end of the second quarter, the outbreak of the Delta variant caused morbidity rates to rise well into the third quarter. The Government's policy in handling this outbreak was to maintain the continuity of economic, educational and cultural activities alongside the implementation of steps for the mitigation of the outbreak. Within this framework, specific restrictions were set for the various activities, testing was expanded, and a campaign was launched for "booster" shots for those previously vaccinated and for encouraging vaccination among the non-vaccinated. Following these steps, morbidity rates started to drop by the end of the third quarter.

In the first nine months of 2021, the capital market in Israel was characterized by an increase in the number of companies that carried out an IPO on TASE (84 companies), from all the sectors that are traded on TASE, alongside an appreciation in the value of the assets traded on TASE since the beginning of the year. The average trading volumes in the third quarter of 2021 were similar to the average trading volumes in the corresponding quarter last year, whereas the average trading volumes in the reported period were lower than those recorded in the corresponding period last year, due to the uncertainty that prevailed at the time on the backdrop of the coronavirus outbreak and its implications.

The changes in morbidity trends that took place in the third quarter of 2021 did not materially affect the aforementioned trends concerning the value of the assets traded on TASE and the trading volumes. Based on the trading data and the activity volumes of the Company in the third quarter of 2021, the Company believes that, provided that the Government continues to maintain regular activities in the market, as described above, no material adverse effect on the activity of the Company is expected, even in the event of a rise in morbidity rates in the foreseeable future.

^1. The Board of Directors of TASE today approved the Consolidated Financial Statement as of September 30, 2021. The consolidated financial statements of the Company were prepared in accordance with IFRS. This is an English translation of parts of the information included in the approved financial statements. In the event of any discrepancy between the original Hebrew and the translation to English, the Hebrew version alone will prevail. The consolidated financial statements in the English Version will be published on the website by the end of December 2021.

1.1 Highlights of TASE's Results for the third quarter of 2021

• The revenue in the third quarter of 2021 amounted to NIS 75 million, compared to revenue of NIS 72 million in the corresponding quarter last year, an increase of 4%. The increase in revenue is due mainly to an increase in revenue other than from trading and clearing (aprx. 7% of total revenue), which was partly offset by a reduction in revenue from trading and clearing (aprx. 3% of total revenue), as a result of the fewer trading days in the quarter compared to the corresponding quarter last year.
• The adjusted EBITDA in the third quarter of 2021 totaled NIS 22.8 million, compared to NIS 19.3 million in the corresponding quarter last year, an increase of 18%. The increase is due to an increase in revenue from services, other than trading and clearing.
• The adjusted profit in the third quarter of 2021 totaled NIS 9.8 million, compared to NIS 5.6 million in the corresponding quarter last year, an increase of 74%. The increase is due mainly to an increase in revenue from services, other than trading and clearing, and to and the transition to financing income .

1.2 Business and Corporate Highlights for the third quarter and for the nine months ended September 30,2021

BUSINESS HIGHLIGHTS

• In the third quarter of 2021, a total of NIS 4.9 billion was raised on TASE in shares, an increase of 6% over the corresponding quarter in the previous year, of which a total of NIS 2.0 billion was raised in 21 IPO's. In the first nine months of 2021, NIS 22.2 billion was raised on TASE in shares, an increase of 124% over the corresponding period in the previous year, of which a total of NIS 9.8 billion was raised in 84 IPOs (27 IPOs in total during the entire year of 2020), mostly in the high-tech sector. For information regarding deferred income from listing fees as of September 30,2021 and the forecast for recognition of income, see Appendix hereto– Deferred income from listing fees.
• The leading indices TA-35, TA-90, TA-125 and TA-SME60 have risen by 7%, 2%,5% and 1% respectively, in the third quarter of 2021 and by 20.2%, 17.4% ,18.6% and 18.3% respectively, in the first nine months of 2021. The average daily trading volume of shares in the third quarter of 2021 amounted to approximately NIS 1.8 billion, 5% over the corresponding quarter in the previous year and a 4% decrease compared to the volumes in the year 2020.
• The average daily trading volume of corporate bonds in the third quarter of 2021 amounted to approximately NIS 0.9 billion, a 5% decrease compared to the volumes in the corresponding quarter of the previous year. The average daily trading volume of government bonds in the third quarter of 2021 amounted to approximately NIS 2.5 billion, an 6% decrease compared to the volumes in the third quarter of 2020 and a 18% decrease compared to the volumes in the year 2020.
• Pursuant to the agreement that TASE and TASE-CH have signed with the Government of Israel regarding the listing fees of government bonds in May 2021 (see details in section 4.2 below), in the years 2021 to 2025 (inclusive) the Company will recognize income of 3.2 million a year and, in the years 2026 to 2031 (inclusive) income of NIS 2.1 million will be recognized each year.

CORPORATE HIGHLIGHTS

• Activities of the Clearing Houses TASE-CH On November 22, 2021, the Board of Directors of TASE-CH approved the acceptance of The Phoenix Insurance Company Ltd. as a "custodial member" of TASE-CH. The activity of a custodial member in TASE-CH is limited to custodial activities, clearing and settlement of rights in its clients' assets that are listed on TASE, as well as lending in the Central Lending Platform of TASE-CH.
• Dual Listing of Foreign Currency Government Bonds - On October 27, 2021, the Accountant General in the Ministry of Finance and the Company issued a joint announcement that, pursuant to the parties' initiative, government bonds issued overseas in foreign currency that are held by the DTCC or Euroclear clearing houses can now dual list on TASE. These bonds will be traded in shekels, while the payments to the holders of the bonds (principal and interest) will be made in the currency in which the bond is denominated. Accordingly, on October 31, 2021, 3 series of government bonds denominated in U.S. dollars and 3 series of government bonds denominated in Euros, aggregating NIS 40 billion, were listed on TASE.

The Amendment to the Provident Funds Law - the Arrangements Law recently approved by the Knesset (together with the approval of the State Budget for the years 2021 and 2022) contains, inter alia, an amendment to the Financial Services Law (Provident Funds), 2005 (hereafter: "the Amendment to the Provident Funds Law"). The Amendment determines that, commencing in July 2022, the State will discontinue the issue of earmarked bonds to the Israeli pension funds as a means to ensure the funds' achievement of a specific target yield. Instead, the State will provide the pension funds with a "safety net" in the form of a current financial subsidy mechanism that will be paid out by the State to ensure the achievement of the target yield that has been defined, to the extent that the pension fund's investment portfolio is unable to achieve such target yield. Consequently, the pension funds are expected to channel funds that had previously been dedicated to the purchase of the earmarked bonds towards various other permitted investments. The Company believes that a part of these funds is likely to be used to invest in securities that are listed on TASE, thereby increasing the investment amounts and the trading volumes in such securities. It is also reasonable to assume that the State would require financing sources in lieu of the earmarked bonds. Therefore, the Amendment to the Provident Funds Law could also increase the volumes of debt raising through the listing of government bonds on TASE.

It should be noted that the Company's assessment with regard to the channeling of the funds by the pension funds to securities that are listed on TASE and their effect on the investment amounts and the trading volumes therein and with regard to the expansion of debt raising by way of listing of government bonds constitutes forward-looking information that is not in the control of the Company and therefore may not necessarily be realized or may be realized in a manner and to an extent different than that described above. This could come to pass, inter alia, in the event of the cancellation or deferral of the implementation of the Amendment to the Provident Funds Law, or in case that the bodies that manage the investments of the pension funds choose to focus on investment instruments and/or securities that are not listed on TASE, or in the event that the State chooses to raise debt through instruments that would not be listed on TASE.

SEASONALITY

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the third quarter of 2021, there were 56 trading days, compared to 62 days in the corresponding quarter last year (a 10% decrease). In the first nine months of 2021 there were 179 trading days, compared to 182 trading days in the corresponding period last year, a 2% decrease. In the fourth quarter of 2021 there are 65 days.

2. Presented below is condensed information relating to the results for the third quarter of 2021 (NIS, in thousands):

	Quarter ended		Difference	Change %
Condensed Statement of Profit or Loss	30.09.2021	30.09.2020
Revenue from services	74,968	72,030	2,938	4%
Costs	64,433	64,069	364	1%
Profit before financing income (expenses), net	10,535	7,961	2,574	32%
Financing income (expenses)	1,798	(900)	2,698	-
Taxes on income	2,698	1,692	1,006	59%
Profit for the quarter	9,635	5,369	4,266	79%
% of total revenue from services for the quarter	12.9%	7.5%

• Revenue in the third quarter of 2021 amounted to NIS 75 million, compared to revenue of NIS 72 million in the corresponding quarter last year, an increase of 4%. The increase in revenue is due mainly to an increase in revenue other than from trading and clearing (aprx. 7% of total revenue), which was partly offset by a reduction in revenue from trading and clearing (aprx. 3% of total revenue), as a result of the fewer trading days in the quarter compared to the corresponding quarter last year.
• The costs in the third quarter of 2021 amounted to NIS 64.4 million, compared to costs of NIS 64.1 million in the corresponding quarter last year, an increase of 1%.
• Net financing income (expenses) in the third quarter of 2021 amounted to NIS 1.8 million income, compared to net financing expenses of NIS 0.9 million in the corresponding quarter last year. The transition to financing income resulted from a difference in the yields on the Company's investments in Israeli Government bonds managed in marketable securities' portfolios (1.0% yield this quarter, compared to a negative yield of 0.4% in the corresponding quarter last year).
• The profit in the third quarter of 2021 totaled NIS 9.6 million, compared to NIS 5.4 million in the corresponding quarter last year, an increase of 79%. The increase in profit was due to higher revenue from services other than trading and clearing services and to the transition to financing income, as described above.

	Quarter ended
	30.09.2021	30.09.2020	Difference %
Weighted average number of ordinary shares used to compute
Basic earnings per share	101,358,635	100,778,900	0.6%
Diluted earnings per share	104,203,805	103,405,349	0.8%
Basic earnings per share in NIS	0.095	0.053	79%
Diluted earnings per share in NIS	0.092	0.052	77%

▪ The revenue in the third quarter of 2021 – below is the composition of the quarter's revenue, compared to the corresponding quarter last year.

Revenue from services	30.09.2021	% of the Company's total revenues	30.09.2020	% of the Company's total revenues	% change
	28,727	39%	31,097	43%	)8%(
Trading and clearing commissions	The decrease in revenue is due mainly to the fewer trading days this quarter compared to the corresponding quarter last year (Decrease of 6 trading days), due to the Jewish new year holidays, which resulted in a 10% reduction in revenue. This reduction was partly offset )at a total rate of 3%( by an increase in the effective commission.
	16,867	22%	14,856	21%	14%
Listing fees and levies	The increase is due mainly to an increase in revenue from listing fees, which contributed aprx. 7% to the increase in revenue. Another 6% rise in revenue is attributed to the higher number of companies and funds that pay an annual levy and to the charging of new annual levies.
	15,931	21%	13,952	19%	14%
Clearing House services	Most of the increase is due to a rise in custodial fees )which increased revenue by aprx. 11%(, resulting from the appreciation in the value of the Clearing House managed assets compared to the corresponding quarter last year, and to an increase in revenue from Clearing House services to members )a contribution of to the increase in revenue 3%(.
	12,927	17%	11,738	16%	10%
Data distribution and connectivity services	The increase in revenue is due mainly to an increase in revenue from data distribution to customers outside Israel )contributing aprx. 5% to the increase in revenue(, mainly in view of a modification to the pricelist that came into effect at the beginning of the second quarter of 2021. Additionally, a rise in revenue from the distribution of derivative data and in revenue from connectivity services, have each contributed to a 3% increase in revenue.
	516	1%	387	1%	33%
Other revenue	The increase between the quarters is due mainly to the increase in rent with the introduction of a new tenant, and to the growth in the activity of the Conference Center compared to the corresponding quarter last year, in view of the lifting of certain coronavirus-related restrictions.
Total revenue from services	74,968	100%	72,030	100%	4%

Quarter ended

	Quarter ended		Difference
	30.09.2021	30.09.2020	Amount	%
Adjusted EBITDA for the quarter:
Profit before financing income )expenses(, net	10,535	7,961	2,574
Adjustments:
Share-based payment expenses	136	250	)114(
Depreciation and capital losses	12,084	11,127	957
Adjusted EBITDA for the quarter:	22,755	19,338	3,417	18%
% of total revenue from services for the quarter	30.4%	26.8%
Adjusted profit for the quarter:
Profit for the quarter	9,635	5,369	4,266
Adjustments:
Share-based payment expenses	136	250	)114(
Adjusted profit for the quarter:	9,771	5,619	4,152	74%
% of total revenue from services for the quarter	13.0%	7.8%

Adjusted net profit and adjusted EBITDA data²

• The adjusted EBITDA in the third quarter of 2021 totaled NIS 22.8 million, compared to NIS 19.3 million in the corresponding quarter last year, an increase of 18%. The increase is due to an increase in revenue from services, other than trading and clearing.
• The adjusted profit in the third quarter of 2021 totaled NIS 9.8 million, compared to NIS 5.6 million in the corresponding quarter last year, an increase of 74%. The increase is due mainly to an increase in revenue from services, other than trading and clearing, and to the transition to financing income, as described above.

²Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): These data are based on the data in the Company's financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company's operating activities.

It is hereby clarified that the data presented above are not presented in accordance with generally accepted accounting principles and do not reflect the Company's cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Company's financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company's opinion, these data enable a better comparison to be made of the Company's performance in the reported periods.

Presented below is information relating to the results for the nine months ended September 30,2021 (NIS, in thousands)

Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020 Statement of Profit or Loss

	Nine-month period ended		Difference	Change %
Condensed Statement of Profit or Loss	30.09.2021	30.09.2020
Revenue from services	237,930	226,784	11,146	5%
Costs	200,529	191,597	8,932	5%
Profit before financing income (expenses), net	37,401	35,187	2,214	6%
Financing income (expenses)	3,270	(1,802)	5,072	-
Taxes on income	9,302	7,756	1,546	20%
Net profit for the period	31,369	25,629	5,740	22%
% of total revenue from services for the period	13.2%	11.3%

• − Revenue in the first nine months of 2021 amounted to NIS 237.9 million, as compared to revenue of NIS 226.8 million in the corresponding period last year, a 5% increase. The increase in revenue is due to the increase in revenue other than from trading and clearing (aprx. 7% increase in total revenue) and from a non-recurring income from the Ministry of Finance in respect of the listing for trade, until December 31, 2020, of Government bonds in an amount of NIS 3.8 million in the lending pool (an increase of aprx. 2% in total revenue, see section 1.2.2 below), which were offset by a reduction in revenue from trading and clearing (a decrease of aprx. 4% in total revenue).
• − The costs in the first nine months of 2021 totaled NIS 200.5 million, compared to costs of NIS 191.6 million in the corresponding period last year, a 5% increase. The increase in the costs is due mainly to employee benefits expenses (approx. 3% of total costs) and to an increase in depreciation and amortization expenses (approx. 1% of total costs).
• − Financing income (expenses), net in the first nine months of 2021 totaled financing income of NIS 3.3 million, as compared to financing expenses, net of NIS 1.8 million in the corresponding period last year. The transition to financing income resulted from positive yields of 1.76% in the period on the Company's investments in Israeli Government bonds managed in marketable securities' portfolios, compared to negative yields of 0.6% in the corresponding period last year.
• − The profit in the first nine months of 2021 totaled NIS 31.4 million, compared to NIS 25.6 million in the corresponding period last year, a 22% increase. The increase in profit was due to the increase in revenue from services other than trading and clearing, and to the transition to financing income, which were partly offset by the increase in expenses, as described above.

	Nine Months ended
	30.09.2021	30.09.2020	Difference %
Weighted average number of ordinary shares used to compute
	101,245,979	100,261,529	0%
Diluted earnings per share	104,339,832	102,336,917	2%
	0.310	0.256	21%
Diluted earnings per share in NIS	0.301	0.250	20%
Basic earnings per share Basic earnings per share in NIS

The revenue in the nine months ended of 2021 – below is the composition of the revenue, compared to the corresponding period last year.

	Nine-month period ended
Revenue from services	30.09.2021	% of the Company's total revenues	30.09.2020	% of the Company's total revenues	% change
	94,491	40%	102,964	45%	(8%)
Trading and clearing commissions	The decrease in revenue is due mainly to the reduction in trading volumes, which contributed 11% to the decrease in revenue. In the corresponding period last year, trading volumes were high as a result of the uncertainty following the coronavirus outbreak and its implications. In addition, the fewer trading days (3 less) in the current period compared to the corresponding period last year contributed 2% to the decrease in revenue. In opposition, an increase in the effective commission rate counteracted the decrease in revenue by 5%.
	51,616	22%	44,598	19%	16%
Listing fees and levies		Most of the increase is due to a rise in revenue from listing fees, which contributed 7% to the increase in revenue, including 5% in respect of an agreement that TASE and TASE-CH entered into with the Ministry of Finance in May 2021 (effective from the beginning of 2021, see details in section 4.2 below) In addition, an increase in the number of prospectuses submitted for review resulted in a 4% increase in revenue, while the increase in the number of new companies and funds that pay an annual levy contributed another 3% to the increase in revenue.
	47,927	20%	42,447	19%	13%
Clearing House services	Most of the increase in revenue from Clearing House services is due to an increase in custodial fees, which contributed 9% to the increase in revenue and that resulted from the appreciation in the value of the Clearing House managed assets compared to the corresponding period last year, as well as to the increase in revenue from Clearing House services to members and from new Clearing House services, which resulted in an increase of 3% and 2% in revenue, respectively.
	38,752	16%	35,536	16%	9%
Data distribution and connectivity services	Most of the increase in revenue from data distribution and connectivity services is due to the increase in revenue from data distribution to customers outside Israel, which contributed 3% to the increase in revenue, mainly in view of a modification to the pricelist that came into effect at the beginning of the second quarter of 2021. Additionally, a rise in revenue from the distribution of derivative data, in revenue from data distribution to private customers, and in revenue from connectivity services, have contributed 3%, 2% and 2%, respectively to the increase in revenue.
Other	5,144	2%	1,239	1%	315%
	The increase in other revenue is due mainly to the effect of an agreement that TASE and TASE-CH entered into with the Ministry of Finance in May 2021 (see details in section 4.2 below), which provides for the payment to the company of a settlement amount of NIS 3.8 million in respect of government bonds that were listed in the period up to December 31, 2020 in the Ministry of Finance's lending pool.
Total revenue from services	237,930	100%	226,784	100%	5%

Adjusted net profit and adjusted EBITDA data³

	30.09.2021	30.09.2020	Difference	% Change
Adjusted EBITDA for the nine months:
Profit before financing income (expenses), net	37,401	35,187	2,214
Share-based payments expenses	605	1,034	(429)
Depreciation and capital losses	35,532	32,984	2,548
Adjusted EBITDA for the nine months	73,538	69,205	4,333	6%
% of the total revenue from services for the nine months	30.9%	30.5%
Adjusted net profit for the nine months:
Net profit for the period	31,369	25,629	5,740
Share-based payments expenses	605	1,034	(429)
Adjusted net profit for the nine months	31,974	26,663	5,311	20%
% of the total revenue from services for the nine months	13.4%	11.8%

Nine-month period ended

• − The adjusted EBITDA in the first nine months of 2021 totaled NIS 73.5 million, compared to NIS 69.2 million in the corresponding period last year, a 6% increase. The increase is due to the higher revenue from services, with the exception of trading and clearing, which was partly offset, mainly by the increase in employee benefits expense.
• − The adjusted profit in the first nine months of 2021 totaled NIS 32.0 million, compared to NIS 26.7 million in the corresponding period last year, a 20% increase. The increase is due mainly to the higher revenue from services, with the exception of trading and clearing, and to the transition to financing income, which were mainly offset by the increase in employee benefits expense, and depreciation and amortization expenses.

³ Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): These data are based on the data in the Company's financial statements for the reported periods, after eliminating the effects of certain events and factors, as explained above, that are not typical of the Company's operating activities.

It is hereby clarified that the data presented above are not presented in accordance with generally accepted accounting principles and do not reflect the Company's cash flows from operating activities or its operating profits and net profit and, accordingly do not constitute a substitute for the data in the Company's financial statements regarding the operating profit and/or the net profit. Nevertheless, in the Company's opinion, these data enable a better comparison to be made of the Company's performance in the reported periods.

Presented below is condensed information relating to the financial position as of September 30, 2021 (NIS, in thousands):

	NIS, in thousands
			Difference	% Change
Cash and cash equivalents and short term financial assets	362,483	346,712	15,771	5%
Other current assets	28,829	19,303	9,526	49%
Property and equipment and intangible assets	460,965	451,196	9,769	2%
Other non-current assets	16,802	17,460	)658(	)4%(
Total assets (*)	869,079	834,671	34,408	4%
Current liabilities	85,250	75,141	10,109	13%
Non-current liabilities	136,568	128,690	7,878	6%
Total liabilities (*)	221,818	203,831	17,987	9%
Total equity	647,261	630,840	16,421	3%
Ratio of equity to total assets (*)	74.5%	75.6%
Surplus equity over regulatory requirements (in NIS millions)	299	298	1	0%
Surplus liquidity over regulatory requirements (in NIS millions)	144	142	2	1%

30.09.2021 31.12.2020

(*) The total assets and liabilities in the statement of financial position as of September 30, 2021 and December 31, 2020, include a balance of assets/liabilities in respect of open derivative positions amounting to NIS 451.7 million and NIS 353.2 million, respectively, which for reasons of convenience in analyzing the financial position have been offset against each other in this report.

• − The total assets as of September 30, 2021 amounted to NIS 869.1 million, a 4% increase compared to December 31, 2020. Most of the increase is due to an increase in cash and cash equivalents, in property and equipment and intangible assets, in other receivables and in trade receivables.
• − The total liabilities as of September 30, 2021 amounted to NIS 221.8 million, a 9% increase compared to December 31, 2020. Most of the increase is due to annual levies and listing fees collected in advance and lease liabilities.
• − The total equity as of September 30, 2021 amounted to NIS 647.3 million, a 3% increase compared to December 31, 2020. Most of the increase is due to the profit in the first ninemonth period of 2021, totaling NIS 31.4 million, which was partly offset by a dividend payment in an amount of NIS 18.5 million.

Presented below are Cash flows for the three months ended September 30, 2021 (NIS, in millions):

		Data for the three months ended 30.09.2021	Data for the three months ended 30.09.2020	Explanations of the Company
	Adjusted EBITDA	22.8	19.3	The increase in adjusted EBITDA is due mainly to an increase in revenue from services, other than trading and clearing.
Net cash from operating activities Net cash for investing activities	Changes in working capital	(8.4)	(10.4)	The decrease in working capital is due mainly to the timing of payments and receipts between the quarters, primarily with respect to employee benefits, trade payables and trade receivables.
	Financing and tax	(3.6)	(1.4)	The decrease is due to tax payments, net in the quarter, compared to the corresponding quarter last year.
	Total	10.8	7.5	Cash flows from operating activities increased by 43% between the periods.
	Investments in property and equipment and in intangible assets and capitalized payroll costs	(6.6)	(6.4)
	Acquisition costs of financial assets, net	0.7	(0.8)	Disposal of assets in accordance with the Group's investment policy.
	Total	(5.9)	(7.2)
	Lease payments	(2.3)	(2.5)
	Dividend paid	-	-
Net cash for financing activities	Receipts from shareholders as part of the listing and change in the ownership structure	-	3.7	An amount of NIS 3.7 million in the third quarter of 2020 reflects amounts received as part of the implementation of the change in the ownership structure.
	Total	(2.3)	1.2
Total decrease in cash and cash equivalents		2.6	1.5

		Data for the nine months ended 30.09.2021	Data for the nine months ended 30.09.2020
Net cash from operating activities	Adjusted EBITDA	73.5	69.2	The increase in adjusted EBITDA is due mainly to an increase in revenue from services, other than trading and clearing services, and was partly offset by an increase in expenses, primarily employee benefits expenses.
	Changes in working capital	2.7	8.6	The decrease in working capital is due to the timing of payments and receipts between the periods, primarily with respect to employee benefits, trade receivables and other receivables and was partly offset by an increase in the balance of deferred revenue from listing fees and levies, trade payables and other payables.
	Financing and tax	(6.4)	(2.7)	The change is due mainly to the increase in tax payments in the period compared to the corresponding period last year.
	Total	69.8	75.1	Cash flows from operating activities decreased by 7% between the periods.
Net cash for investing activities	Investments in property and equipment and in intangible assets and capitalized payroll costs	(29.5)	(23.4)	The increase is due to the timing of implementation of the Group's investment work plans in the quarters.
	Acquisition of financial assets, net	(3.1)	(2.8)	Disposal of assets in accordance with the Group's investment policy.
	Total	(32.6)	(26.2)
	Lease payments	(6.9)	(7.5)
Net cash for financing activities	Dividend payment	(18.5)	(8.8)	The increase reflects the effect of the increase in profit between 2019 and 2020 on the amount of the dividend distribution.
	Receipts from shareholders as part of the listing and change in the ownership structure	-	3.7	An amount of NIS 3.7 million reflects amounts received as part of the implementation of the change in the ownership structure in the third quarter of 2020.
	Total	(25.4)	(12.6)
Total increase in cash and cash equivalents		11.8	36.3

4 Events at the reporting date and there after

4.1 On April 5, 2021, a dividend of NIS 18,450 thousand (representing NIS 0.1823 per ordinary share) was paid to the Company's shareholders of record as of March 25, 2021.

4.2 Claim Against the Ministry of Finance Concerning Listing Fees

On May 5, 2020, the Company filed a monetary claim by summary procedure with the Tel Aviv District Court against the State of Israel, the Ministry of Finance - Accountant General, in an amount of approximately NIS 20.13 million (including VAT). The cause of the claim is default in payment of the listing fees payable by virtue of the TASE Rules in respect of Government bonds that had been issued in the period from May 2013 to March 2020 (inclusive), within the framework of the Ministry of Finance's lending pool.

Shortly before the end of May 2021, within the framework of discussions for a compromise in the Company's claim, the Company and TASE-CH entered into a series of agreements with the Ministry of Finance pursuant to which, inter alia, the term of the agreement for the management of the lending pool will be extended until December 31, 2025 (this despite TASE-CH's notification from July 2020 that is does not wish to extend the aforesaid agreement beyond September 2021, its end-date at the time of the notification), and, in settlement of all the Company's claims against the Ministry of Finance in said claim with respect to the period ending on December 31, 2020, the Company will be paid a settlement amount of NIS 3,846 thousand (plus VAT). As the Company has so far not recognized in its financial statements revenue from the listing fees that are covered in this claim, the settlement amount (before tax) was fully recognized as other income in the second quarter of 2021.

In addition to the aforesaid, the agreement provides for the payments by the Ministry of Finance for the listing of securities that are issued by the State, in an amount of NIS 0.3 million per calendar quarter under the lending pool and NIS 1.2 million per calendar quarter outside the lending pool. In June 2021, an amendment to the TASE Rules concerning the listing fees for the aforesaid securities was approved within the framework of and in accordance with the compromise scheme.

It should be noted that, upon the termination of the agreement (at the end of 5 years), unless otherwise agreed between the parties, the Ministry of Finance will pay for the listing of government bonds in the lending pool a fixed quarterly amount of NIS 150 thousand and for bonds that are listed outside the lending pool, the Ministry of Finance will pay listing fees to TASE in accordance with the TASE Rules and the related Regulations, as set out in Section 6.C. in Chapter Thirteen of the Regulations pursuant to Part Two of the TASE Rules, which determines that the listing fees of binding certificates that are issued by the State, other than short-term government bonds, will be an amount equal to 0.004% of their value. Notwithstanding the foresaid, no listing fees will be payable on binding certificates issued by the State overseas, which on the date of their listing on TASE are also listed overseas.

The listing fees on binding certificates issued by the State that are short-term government bonds will be an amount equal to 0.0007% of their value.

4.3 Investment in the capital of the Company and transactions in its shares – transfer of surplus consideration from the sale of Company shares by other shareholders

For information regarding the position of the Israel Securities Authority's Staff on the contemplated scheme for the acquisition of shares from the TASE members and the allotment of new shares of the Company in an equal amount and the applicability of the transitional provision set out in Amendment No. 63 of the Securities Law, see the immediate report of the Company dated April 5, 2021 (reference no.: 056313). The information provided in said report is included herein by way of reference. Further to the aforesaid, over the past period, the Authority's Staff and the representatives of the Company have held multiple discussions with regard to the interpretation of the aforementioned transitional provision and the examination of alternatives for the advancement of the matter. As they were unable to reach understandings, at this stage the discussions have been suspended.

• 4.4 In April 2021, the Company entered into an agreement with a foreign state for the rent of one floor at the TASE building (with an option to rent an additional floor), to serve as the offices of the foreign state's embassy. The first rent period was set at two years commencing on April 19, 2021 (with an option to extend the period for an additional three years, but subject to a right of exit with an advance notice of at least 6 months).
• 4.5 Collaboration agreements – negotiations for a joint venture in connection with the Ukraine Stock Exchange

On May 23, 2021, the Company informed the representatives of the group of investors that, in view of the prolonged process and the uncertainty surrounding the feasibility of the joint venture in a manner that involves the Government of Ukraine, at this stage it is suspending further discussions for the advancement of the move.

4.6 Compensation Plan for the Chairman of the Board of Directors for the Years 2018 through 2020

On May 25, 2021, the general meeting of the Company approved the granting of the discretionary annual bonus component to the Chairman of the Board of Directors of the Company, in an amount of NIS 154 thousand (before VAT).

4.7 Approval of a retirement bonus to Mr. Amnon Neubach, Chairman of the Board of Directors of the Company

On June 29, 2021, the Chairman of the Board of Directors of TASE, Mr. Amnon Neubach, announced his decision to retire several months earlier than planned and end his office on August 1, 2021.

On July 6, 2021, the Board of Directors of the Company, after obtaining the approval of the Compensation Committee on July 4, 2021, approved the payment of a Retirement Bonus to Mr. Neubach in an amount of NIS 700 thousand. The retirement bonus was approved by a special general meeting that convened on August 31, 2021. The Company recognized the expense in its financial statements for the third quarter of 2021.

4.8 Officers' Insurance

Pursuant to the stated in note 24 D. (2) of the annual financial statements, In August 2021 an engagement was approved in a new officers' liability insurance policy, for the period from August 1, 2021 through July 31, 2022 (inclusive), with a liability limit of US\$ 40 million per incident and in aggregate for the insurance period, for a premium of US\$ 268 thousand (hereafter: "the Current Policy"). The maximum deductible in the Current Policy (payable by the Company alone) is US\$ 400 thousand.

Each of the subsidiaries will bear its pro-rata share of the cost of the premiums in accordance with the principles of the allocation model set forth in note 24 C. (2) (a) to the annual financial statements.

5. Information relating to the results for the third quarter of 2021 (NIS, in thousands) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands)

	September
	2021	2020
Assets
Current assets
Cash and cash equivalents	154,140	140,311
Financial assets at fair value through profit or loss	208,343	202,392
Trade receivables	15,009	12,755
Other receivables	13,820	13,146
	391,312	368,604
Assets derived from clearing operations in respect of open
derivative positions Total current assets	451,739	303,155
	843,051	671,759
Non-current assets Cash restricted as to use	720	542
Other long-term receivables	2,074	2,477
Property and equipment, net	333,003	333,111
Intangible assets, net	127,962	117,556
Deferred tax assets	14,008	14,912
Total non-current assets	477,767	468,598
Total assets	1,320,818	1,140,357
Liabilities and Equity
Current liabilities
Trade payables	8,282	14,112
Short-term liabilities for employee benefits	29,669	36,447
Other payables	4,046	2,745
Current maturities of lease liabilities	8,821	5,843
Current tax liabilities	2,568	3,056
Deferred income from listing fees and levies	31,864	28,257
	85,250	90,460
Liabilities derived from clearing operations in respect of open derivative positions
	451,739	303,155
Total current liabilities	536,989	393,615
Non-current liabilities
Non-current liabilities for employee benefits	36,263	39,775
Lease liabilities	16,377	9,860
Deferred income from listing fees and levies	83,208	76,470
Other liabilities	720	542
Total non-current liabilities	136,568	126,647
Equity
Remeasurement of net defined benefit	(14,212)	(17,133)
liability
Share-based payment reserve	33,123	32,272
Other capital reserves	46,002	46,802
Retained earnings	582,348	558,154
Total equity	647,261	620,095
Total liabilities and equity	1,320,818	1,140,357

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(NIS, in thousands)

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2021	2020	2021	2020	2020
Revenue from services:
Trading and clearing commissions	94,491	102,964	28,727	31,097	136,451
Listing fees and levies	51,616	44,598	16,867	14,856	59,887
Clearing House services	47,927	42,447	15,931	13,952	57,453
Data distribution and connectivity services	38,752	35,536	12,927	11,738	48,408
Other revenue	5,144	1,239	516	387	2,067
Total revenue from services	237,930	226,784	74,968	72,030	304,266
Cost of revenue:
Employee benefits expenses	110,729	105,948	35,423	34,989	139,355
Share-based payments expenses	605	1,034	136	250	1,280
Computer and communications expenses	20,423	19,874	6,389	6,736	26,753
Property taxes and building maintenance expenses	9,732	8,487	3,482	3,076	11,762
General and administrative expenses	7,639	7,084	2,924	2,504	9,373
Marketing expenses	9,027	8,104	1,715	2,693	11,098
Fee to the Israel Securities Authority	6,842	8,082	2,280	2,694	10,776
Depreciation and amortization	35,425	32,965	12,076	11,126	44,510
Other expenses	107	19	8	1	587
Total costs	200,529	191,597	64,433	64,069	255,494
Profit before financing income (expenses), net	37,401	35,187	10,535	7,961	48,772
Total financing income (expenses), net	3270	)1,802(	1,798	(900)	(573)
Profit before taxes on income	40,671	33,385	12,333	7,061	48,199
Taxes on income	9,302	7,756	2,698	1,692	11,295
Profit for the period	31,369	25,629	9,635	5,369	36,904
Basic earnings per share (NIS)	0.310	0.256	0.095	0.053	0.368
Diluted earnings per share (NIS)	0.301	0.250	0.092	0.052	0.358

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (NIS in thousands)

	Share based payment reserve	Remeasurement of net defined benefit liability	Other capital reserves	Retained earnings	Total
Balance at January 1, 2021	32,518	(17,909)	46,802	569,429	630,840
Profit for the period Other comprehensive	-	-	-	31,369	31,369
loss for the period	-	3,697	-	-	3,697
Total comprehensive income for the period	-	3,697	-	31,369	35,066
Dividend declared	-	-	-	(18,450)	(18,450)
Share-based payment	605	-	-	-	605
Taxes for previous years	-	-	(800)	-	(800)
Balance at September 2021 ,31	33,123	)14,212(	46,002	582,348	647,261

	Share based payment reserve	Remeasureme nt of net defined benefit liability	Other capital reserves	Retained earnings	Total
Balance at July 1, 2021	32,987	(14,457)	46,802	572,713	638,045
Profit for the period	-	-	-	9,635	9,635
Other comprehensive loss for the period	-	245	-	-	245
Total comprehensive income for the period	-	245	-	9,635	9,880
Share-based payment	136	-	-	-	136
Taxes for previous years	-	-	(800)	-	(800)
Balance at September 30, 2021	33,123	(14,212)	46,002	582,348	647,261

CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands)

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2021	2021	2021	2020	2020
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year	31,369	25,629	9,635	5,369	36,904
Expenses in respect of share-based payments	605	1,034	136	250	1,280
Tax expenses recognized in profit or loss	9,302	7,756	2,698	1,692	11,295
Net financing expenses (income) recognized in profit or loss	)3,270(	1,802	)1,798(	900	573
Depreciation and amortization	35,425	32,965	12,076	11,126	44,510
Loss from disposal of property and equipment and intangible assets	107	19	8	1	587
	73,538	69,205	22,755	19,338	95,149
Changes in asset and liability items:
Decrease (increase) in trade receivables and other receivables	)9,471(	)4,451(	2,032	)815(	2,514
Increase in receivables in respect to open derivative positions	)98,546(	48,587	42,285	159,251	(1,451)
Decrease (increase) in trade payables and other payables	)1,513(	)3,631(	)3,892(	)1,237(	(2,673)
Increase in deferred income from listing fees and levies	15,362	11,429	)7,376(	)5,062(	6,412
Increase in payables in respect to open derivative positions	98,546	)48,587(	)42,285(	)159,251(	1,451
Increase in liabilities for employee benefits	)1,693(	5,240	800	)3,274(	436
	76,223	77,792	14,319	8,950	101,838
Interest received	3,218	4,192	1,695	2,278	5,008
Interest paid	)635(	)582(	)285(	)187(	(723)
Tax Payments - operating activities	)8,962(	)6,355(	)4,970(	)3,529(	(10,694)
	)6,379(	)2,745(	)3,560(	)1,438(	(6,409)
Net cash provided by operating activities	69,844	75,047	10,759	7,512	95,429
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	)5,307(	)5,600(	)448(	)950(	(11,145)
Proceeds from the disposal of property and equipment	14	-	-	-	-
Acquisitions of intangible assets	)10,049(	)6,733(	)2,296(	)2,330(	(11,161)
Payments in respect to costs capitalized to property and equipment and to intangible assets	)14,114(	)11,106(	)3,824(	)3,096(	(15,583)
Disposal (acquisition) of financial assets at fair value through profit or loss, net	)3,057(	)2,827(	679	)796(	(4,206)
Net cash used in investing activities	)32,513(	)26,266(	)5,889(	)7,172(	(42,095)
CASH FLOW FROM FINANCING ACTIVITIES:
Lease payments	)6,859(	)7,453(	)2,274(	)2,461(	(9,929)
Dividend paid	)18,450(	)8,770(	-	-	(8,770)
Receipts from shareholders within the framework of implementing the ownership restructuring, net	-	3,723	-	3,723	3,723
Net cash used in financing activities	)25,309(	)12,500(	)2,274(	1,262	(14,976)
Net increase in cash and cash equivalents	12,022	36,281	2,596	1,602	38,358
Cash and cash equivalents, beginning of the period	142,154	103,928	151,612	138,658	103,928
Effect of changes in exchange rates on cash balances held in foreign currency	)36(	102	)68(	51	(132)
Cash and cash equivalents, end of the period	154,140	140,311	154,140	140,311	142,154

Quarterly statements of profit or loss for 2020 and for the first second and third quarters of 2021 (NIS, in thousands)

	Jan-Mar 2020	Apr-Jun 2020	Jul-Sep 2020	Oct-Dec 2020	Jan-Mar 2021	Apr Jun 2021	Jul Sep 2021	2020
Item				(Unaudited)				(Audited)
Number of trading days	63	57	62	66	61	62	56	248
Revenue from services:
Trading and clearing commissions	39,680	32,187	31,097	33,487	34,115	31,649	28,727	136,451
Listing fees and levies	14,977	14,765	14,856	15,289	16,402	18,347	16,867	59,887
Clearing House services	14,368	14,127	13,952	15,006	15,051	16,945	15,931	57,453
Data distribution and connectivity services	11,615	12,183	11,738	12,872	12,630	13,195	12,927	48,408
Other revenue	567	285	387	828	172	4,456	516	2,067
Total revenue from services	81,207	73,547	72,030	77,482	78,370	84,592	74,968	304,266
Cost of revenue
Employee benefits expenses, net	36,391	34,568	34,989	33,407	37,396	37,910	35,423	139,355
Share-based payments expenses	414	370	250	246	233	236	136	1,280
Computer and communications expenses	6,288	6,850	6,736	6,879	6,709	7,325	6,389	26,753
Property taxes and building maintenance expenses	3,134	2,277	3,076	3,275	3,048	3,202	3,482	11,762
General and administrative expenses	2,375	2,205	2,504	2,289	2,681	2,034	2,924	9,373
Marketing expenses	1,430	3,981	2,693	2,994	1,727	5,585	1,715	11,098
Fee to the Israel Securities Authority	2,699	2,689	2,694	2,694	2,253	2,309	2,280	10,776
Depreciation and amortization expenses	10,871	10,968	11,126	11,545	11,572	11,777	12,076	44,510
Other expenses	18	-	1	568	55	44	8	587
Total cost of revenue	63,620	63,908	64,069	63,897	65,674	70,422	64,433	255,494
Profit before financing income (expenses), net	17,587	9,639	7,961	13,585	12,696	14,170	10,535	48,772
Financing income	(4,243)	3,785	(735)	1,603	315	1,513	2,105	410
Financing expenses	164	280	165	374	181	175	307	983
Total financing income (expenses), net	(4,407)	3,505	(900)	1,229	134	1,338	1,798	(573)
Profit before taxes on income	13,180	13,144	7,061	14,814	12,830	15,508	12,333	48,199
Taxes on income	2,950	3,114	1,692	3,539	3,169	3,435	2,698	11,295
Net profit	10,230	10,030	5,369	11,275	9,661	12,073	9,635	36,904
Other comprehensive income (loss):
Remeasurement of net defined benefit liability, net of tax	7,890	(2,408)	(5,710)	(776)	2,332	1,120	245	(1,004)
Comprehensive income for the year	18,120	7,622	(341)	10,499	11,993	13,193	9,880	35,900

ABOUT TASE

The Company, including by means of the subsidiaries consolidated in its financial statements (collectively, "the Group"), is engaged in the trading and clearing of securities

Within this framework, the Group is engaged in setting rules regarding the TASE companies, rules for listing securities on TASE (including the obligations that apply to companies whose securities are listed) and rules regarding trading on TASE. The Group operates trading systems and provides clearing services for both listed and non-listed securities. In addition, the Group operates a derivatives clearing house that writes derivatives that are traded on TASE, clears them and serves as a central counterparty for transactions in them. The Group provides central counterparty (CCP) services for transactions in securities and derivatives that are executed on TASE and also provides central securities depository (CSD) services for securities. The Group engages in calculating security indices, in authorizing the use of indices for the creation of financial instruments that track the indices, and in distributing TASE trading data. In addition, since January 2018, the Group has been operating a nominee company as defined in the Securities Law (securities traded on TASE are registered in the nominee company's name). The Company has one area of activity that is reported as a business segment in the Company's consolidated financial statements – trading and clearing transactions in securities

CONTACTS
Yehuda van der Walde		Orna Goren
EVP, CFO		Head of Communication and Public Relations Unit
Email:	cfo@tase.co.il	Email:	ir.tase@tase.co.il
Tel:	+972-76-8160442	Tel:	+972-76-8160405

22

Appendix – Transactional Metrics

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2021	2020	2021	2020	2020
Number of trading days SHARES	179	182	56	62	248
Market cap of Shares (ex. ETFs)	1,015	714	1,015	714	842
Market cap of ETFs on share indices	68	52	68	52	61
Total market cap (in NIS billions)	1,083	766	1,083	766	903
Shares ADV (ex. ETFs)	1,524	1,503	1,424	1,357	1,465
ETFs on share indices ADV	321	423	362	339	393
Total average daily volume (in NIS millions)	1,845	1,926	1,786	1,696	1,858
Average commissions	0.01077%	0.01049%	0.01098%	0.01070%	0.01067%
Revenue (in NIS thousands)	35,582	36,776	10,997	11,259	49,150
BONDS Market cap of government bonds - unlinked	369	328	369	328	351
Market cap of government bonds - linked	300	269	300	269	280
Market cap of corporate bonds	403	383	403	383	388
Market cap of bonds (ex. ETFs)	1,072	980	1,072	980	1,019
Market cap of ETFs on bond indices	32	30	32	30	31
Total market cap (in NIS billions)	1,104	1,010	1,104	1,010	1,050
Government bonds - unlinked ADV (in NIS millions)	1,835	2,059	1,521	1,568	1,959
Government bonds - linked ADV (in NIS millions)	1,207	1,168	994	1,097	1,100
Corporate bonds ADV excluding ETFs (in NIS millions)	754	967	763	794	928
ETFs on bond indices ADV	122	158	115	132	148
Total Average daily volume (in NIS millions)	3,918	4,352	3,393	3,591	4,135
Government bonds unlinked - average commissions	0.00193%	0.00187%	0.00195%	0.00192%	0.00188%
Government bonds linked - average commissions	0.00281%	0.00294%	0.00288%	0.00291%	0.00294%
Corporate bonds - average commissions	0.00703%	0.00689%	0.00701%	0.00690%	0.00696%
Government bonds - unlinked (in NIS thousands)	6,339	7,008	1,665	1,866	9,116
Government bonds - linked (in NIS thousands)	6,072	6,246	1,606	1,982	8,022
Corporate bonds (in NIS thousands)	11,017	14,111	3,446	3,959	18,573
Other (MTS) (in NIS thousands)	204	104	54	29	135
Revenue (in NIS thousands)	23,632	27,469	6,771	7,836	35,846

	Nine months ended Three months ended September 30, September 30,		Year ended December 31,
	2021	2020	2021	2020	2020
TREASURY BILLS
Market cap (in NIS billions)	105	91	105	91	87
Treasury bills ADV (in NIS millions)	303	688	222	482	579
Average commissions	0.00268%	0.00195%	0.00287%	0.00221%	0.00203%
Revenue (in NIS thousands)	1,452	2,439	357	660	2,920
MUTUAL FUNDS
Market cap (in NIS billions)	279	224	279	224	239
Average daily value of creation/redemptions (in NIS millions)	867	1,117	788	772	1,055
Average commissions	0.01227%	0.00975%	0.01297%	0.01249%	0.01016%
Revenue (in NIS thousands)	19,039	19,826	5,726	5,978	26,594
DERIVATIVES
Derivatives on indices	101.1	114.1	109.1	110.1	112.1
Derivatives on foreign currency	49.4	56.6	44.0	53.6	55.0
Derivatives on individual shares	5.6	3.1	7.3	2.9	3.0
Total derivative contracts (in '000 units)	156.1	173.8	160.4	166.6	170.1
Derivatives on indices - average commissions (in NIS)	0.58	0.58	0.58	0.58	0.58
Derivatives on foreign currency - average commissions (in NIS)	0.36	0.36	0.36	0.36	0.36
Derivatives on individual shares - average commissions (in NIS)	1.00	1.00	1.00	1.00	1.00
Revenue (in NIS thousands)	14,786	16,454	4,876	5,364	21,941
Total revenue from trading and clearing commissions	94,491	102,964	28,727	31,097	136,451

Appendix – Non-Transactional Metrics (Cont'd)

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2021	2020	2021	2020	2020
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	537	528	532	527	527
Mutual funds and ETFs	2,209	2,147	2,217	2,141	2,142
Avg. revenue from levies (in NIS thousands)
Companies	16.2	15.7	5.4	5.3	20.9
Mutual funds and ETFs	5.5	5.7	1.8	1.8	7.6
Revenue from Annual Levies from: (in NIS thousands)
Companies	8,688	8,299	2,869	2,767	11,039
Mutual funds and ETFs	12,268	12,302	4,059	3,947	16,225
Nominee Company and others	3,839	2,273	1,320	772	3,067
Total revenue from Annual Levies (in NIS thousands)	24,795	22,874	8,248	7,486	30,331
Value of Offerings Used to Calculate the Listing Fees1		(NIS, in millions)
Companies – Shares, Bonds and ETFs2	132,532	66,425	35,071	34,584	118,413
Government bonds (including swap transactions) 3	102,538	119,753	17,434	55,580	164,779
Treasury-bills	93,934	71,934	30,985	26,986	100,924
Number of issuances
Number of public offerings of shares on TASE	137	73	35	29	115
Number of new issuers of shares	84	12	21	6	27
Number of new (dual-listed) companies	2	2	-	-	3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	9,834	2,136	2,037	1,136	4,616
Amount raised in bond offerings by new issuers (in NIS millions)	259	-	-	-	100
Number of corporate bond offerings to the public	120	108	42	38	145
Number of corporate bond offerings to the public by new companies	4	-	-	-	1
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETFs	0.0167%	0.0228%	0.0194%	0.0170%	0.0182%

1 Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules.

2 The actual amount raised in the nine-month period ended September 30, 2021 and September 30, 2020 and in the one-year period ended December 31, 2020 amounted to NIS 79.7 billion, NIS 66.4 billion and NIS 91.5 billion, respectively.

3 Commencing in 2021, listing fees on government bonds will be charged based on a new pricelist, as signed between the Company and the State of Israel's Ministry of Finance, which provides for the payment of a fixed amount over the entire period set out in the agreement, rather than a percentage of the amount raised (for additional details, see section 4.2 above).

Appendix – Non-Transactional Metrics (Cont'd)

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2021	2020	2021	2020	2020
LISTING FEES AND LEVIES (Cont.)
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	6,763	4,851	1,866	1,690	6,843
Listing fees – shares, bonds & ETFs	22,093	15,127	6,815	5,870	21,570
Listing fees - government bonds (*)	4,359	4,303	1,453	1,985	5,881
Listing of T-bills	657	504	217	189	707
Levies and examination fees from members	159	53	53	-	133
Other	144	124	49	95	218
Effect of IFRS 15 on Listing Fees	(7,354)	(3,238)	(1,834)	(2,459)	(5,796)
Total revenue from Examination and Listing Fees (in NIS thousands)	26,821	21,724	8,619	7,370	29,556
Total revenue from Listing Fees and Levies	51,616	44,598	16,867	14,856	59,887
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)	2,923	2,464	3,034	2,467	2,491
Avg. commissions from Custodian Fees	0.00108%	0.00107%	0.00108%	0.00107%	0.00107%
Revenue from: (in NIS thousands)
Custodian fees	23,721	19,693	8,219	6,625	26,676
Clearing House services for members / company events	20,360	19,072	6,485	6,024	25,805
Other	3,846	3,682	1,227	1,303	4,972
Total revenue from Clearing House services	47,927	42,447	15,931	13,952	57,453
DATA DISTRIBUTION AND CONNECTIVITY SERVICES:
Average number of data terminals
In Israel – for business customers	7,515	7,588	7,178	7,504	7,559
In Israel – for private customers	8,259	8,720	6,298	9,097	8,816
Overseas	4,976	4,466	5,043	4,506	4,560
Quote generator	292	270	276	260	285
Total	21,042	21,044	18,795	21,367	21,220
Revenue from data terminals and data (in NIS thousands)
Data terminals in Israel charged monthly – business customers	12,107	12,360	3,854	4,075	16,416
Data terminals in Israel charged monthly – private customers	2,601	2,747	661	955	3,703
Data terminals overseas charged monthly	5,254	4,150	1,925	1,375	5,559
Quote generator	1,512	1,214	499	401	1,697
Data terminals according to extent of use and information files	7,861	6,252	2,724	2,132	9,066
Indices and data	2,351	2,262	742	623	3,189
Connectivity services	7,066	6,551	2,522	2,177	8,778
Total revenue from Data distribution and Connectivity services	38,752	35,536	12,927	11,738	48,408

(*) Government bonds, including swap transactions. Commencing in 2021, includes listing fees for government bonds listed on the Ministry of Finance's lending pool.

Appendix – Velocity of trading

Presented below are details regarding the velocity of trading(1) in Israel in the reported period:

	Nine months ended September 30,		% change	Three months ended September 30,		% change	Year ended December 31,
	2021	2020		2021	2020		2020
Velocity of trading
Shares(2)	40.7%	55.6%	)27%(	36.8%	50.0%	)26%(	52.9%
Corporate bonds(2) (3)	53.5%	69.1%	)23%(	51.5%	58.0%	)11%(	66.5%
Government bonds – shekel (4)	97.8%	135.9%	)28%(	83.0%	94.2%	)12%(	124.1%
Government bonds – other(5)	83.2%	97.4%	)15%(	71.6%	85.7%	(16%)	89.9%
Treasury bills	60.0%	112.9%	)47%(	44.1%	89.0%	(50%)	98.4%

(1) The velocity of trading does not include off-exchange transactions.

(2) The velocity of trading includes the ETFs / ETFs traded.

(3) The velocity of trading does not include data of TACT institutional-traded corporate bonds.

(4) Including "Shahar" fixed-interest shekel bonds and short-term government bonds.

(5) Includes CPI-linked bonds and "Gilon" variable-interest shekel bonds.

Appendix – Deferred income from listing fees

Forecast for recognition of income

	Deferred income from listing fees as of			Income recognition in Three months ended	Income recognition in Twelve months ended	Deferred income from listing fees as of
	30.09.2021	31.12.2021	31.03.2022	30.06.2022	30.09.2022	30.09.2023	30.09.2024	30.09.2024
Listing of
Shares	33.3	1.0	1.0	1.0	1.0	3.8	3.4	22.1
Corporate bonds	32.2	2.6	2.4	2.3	2.2	7.2	5.3	10.2
ETF	29.2	1.2	1.2	1.1	1.1	4.2	4.0	16.4
Government bonds	11.3	1.2	1.2	1.2	1.1	1.7	1.3	3.6
T-bills	0.4	0.2	0.1	0.1	-	-	-	-
Total	106.6	6.2	5.9	5.7	5.4	16.9	14.0	52.3