Tel Aviv Stock Exchange Ltd. — Earnings Release 2024

Nov 20, 2024

THE TEL-AVIV STOCK EXCHANGE LTD REPORTED THIRD QUARTER 2024 RESULTS

November 20, 2024 (Tel Aviv) -Tel Aviv Stock Exchange Ltd (TASE:TASE) today announced its financial results for the third quarter ended September 30, 2024. 1

1. General

TASE continue to achieve strong financial results. The revenue totaled to NIS 109 million, and increased by 14% compared to the corresponding quarter of 2023. Adjusted net profit increased significantly by 35% in the third quarter of 2024 to NIS 27.2 million, compared to NIS 20.1 million in the corresponding quarter last year and the Adjusted EBITDA amounted in the third quarter of 2024 to NIS 45.1 million, increased by 17%, compared to corresponding quarter last year.

1.1 Highlights of TASE's Results for the Third Quarter of 2024

Third Quarter Results

• TASE revenues amounted to NIS 109 million in the third quarter of 2024, an increase of 14% compared to NIS 95.5 million in the corresponding quarter last year. The increase in revenue is due mainly to an increase in revenues deriving from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees, this in addition to the increase in trading and clearing commissions as a result of the increase in the trading volumes and in the volume of creations/redemptions of mutual fund units.
• Adjusted EBITDA in the third quarter of 2024 totaled NIS 45.1 million, compared to NIS 38.4 million in the corresponding quarter last year, an increase of 17%, stemming mainly from the increase in revenue.
• Adjusted net profit in the third quarter of 2024 totaled NIS 27.2 million, compared to NIS 20.1 million in the corresponding quarter last year, an increase of 35%, stemming mainly from the increase in revenue from services, less the increase in costs and in tax expenses.

1.2 Business and Corporate Highlights for the Third Quarter of 2024 BUSINESS HIGHLIGHTS

• The average daily trading volume of shares in the third quarter of 2024 amounted to approximately NIS 2 billion, an increase of 7% compared to the volumes in the corresponding quarter in the previous year.
• The average daily trading volume of corporate bonds in the third quarter of 2024 amounted to approximately NIS 1 billion, a decrease of 11% compared to the volumes in the corresponding quarter in the previous year.
• The average daily trading volume of government bonds in the third quarter of 2024 amounted to approximately NIS 3.3 billion, an increase of 34% compared to the volumes in the corresponding quarter in the previous year.

consolidated financial statements in the English Version will be published on the website by the end of December 2024.

¹ The Board of Directors of TASE today approved the Consolidated Financial Statement as of September 30, 2024. 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

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

• The average daily trading volume of T-bills in the third quarter of 2024 amounted to NIS 1.1 billion compared with NIS 1.3 billion in the corresponding quarter in the previous year, a decrease of 15%.
• The average daily redemptions or creations volume of mutual funds in the third quarter of 2024 amounted to NIS 1.9 billion compared with NIS 1.4 billion in the corresponding quarter in the previous year, an increase of 33%.
• The daily average trading volume of derivatives in the third quarter of 2024 amounted to 191.9 thousand units a day, compared with 158.8 thousand units in the corresponding quarter in the previous year, an increase of 21%.
• In the third quarter of 2024, NIS 2.5 billion was raised on TASE in shares, a decrease of 24% over the corresponding quarter in the previous year.
• In the third quarter of 2024, NIS 47.5 billion was raised on TASE in corporate bonds, an increase of 139% over the corresponding quarter in the previous year and NIS 46.6 billion was raised on TASE in government bonds, an increase of 163% over the corresponding quarter in the previous year.
• In the third quarter of 2024, NIS 111.8 billion was raised on TASE in T-bills, an increase of 18% over the corresponding quarter in the previous year.
• The leading indices TA-35, TA-90, TA-125 and TA-SME60 increased by 13.8%, 9.5%, 12.3% and by 14.7% respectively, in the first nine months of 2024.
• The marketing expenses of the company totaled NIS 1.8 million in the third quarter of 2024, an increase of 119% over the corresponding quarter in the previous year. The expenses in the quarter include the cost of a new campaign launched at the end of the quarter, as compared to campaign launched in the corresponding quarter last year.
• Net financing income in the third quarter of 2024 totaled NIS 4 million, compared to net financing income of NIS 2 million in the corresponding quarter last year, an increase of 103%. Financing income in the quarter increased due to interest income on the deposits and profits from marketable securities. The aforementioned increase was partially offset by the increase in financing expenses as a result of a bank loan obtained at the end of 2023.

2. Summary of Information Relating to the Results for the Third Quarter of 2024 (NIS, in thousands)

Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023 Statement of Profit or Loss

	Quarter ended		Difference
	30.9.2024	30.9.2023	Amount	%
Revenue from services	109,045	95,488	13,557	14%
Expenses	79,135	72,063	7,072	10%
Profit before financing income, net	29,910	23,425	6,485	28%
Net financing income	4,034	1,988	2,046	103%
Profit before Taxes on income	33,944	25,413	8,531	34%
Taxes on income	7,912	7,186	726	10%
Net profit	26,032	18,227	7,805	43%
% of total revenue from services for the quarter	23.9%	19.1%

• Revenue in the third quarter of 2024 totaled NIS 109 million, compared to NIS 95.5 million in the corresponding quarter last year, an increase of 14%. The increase in revenue is due mainly to an increase in revenues deriving from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees, this in addition to the increase in trading and clearing commissions as a result of the increase in the trading volumes and in the volume of creations/redemptions of mutual fund units.
• Costs in the third quarter of 2024 totaled NIS 79.1 million, compared to NIS 72.1 million in the corresponding quarter last year, a 10% increase. The increase in the costs is due mainly to an increase in employee benefit expenses, computer and communication expenses and marketing expenses.
• Net financing income in the third quarter of 2024 totaled NIS 4 million, compared to net financing income of NIS 2 million in the corresponding quarter last year. Financing income in the quarter increased due to interest income on the deposits and gains from marketable securities. The aforementioned increase was partially offset by the increase in financing expenses as a result of a bank loan obtained at the end of 2023.
• Tax expenses, net, in the third quarter of 2024 totaled NIS 7.9 million, compared to NIS 7.2 million in the corresponding quarter last year, a 10% increase. The increase in the tax expenses this quarter was due mainly to the increase in the profit before taxes on income.
• The profit in the third quarter of 2024 totaled NIS 26 million, compared to NIS 18.2 million in the corresponding quarter last year, an increase of 43%. The increase in profit was due mainly to the increase in revenues less the increase in costs and in tax expenses, as described above.

	Quarter ended
	30.9.2024	30.9.2023	Difference %
Weighted average number of ordinary shares used to compute
Basic earnings per share	92,444,048	92,953,041	(1%)
Diluted earnings per share	96,519,285	94,705,333	2%
Basic earnings per share in NIS	0.282	0.196	44%
Diluted earnings per share in NIS	0.270	0.192	40%

The revenues in the third quarter of 2024 – below is the composition of the third quarter's revenue, compared to the corresponding quarter last year:

	Quarter ended
Revenue from services	30.9.2024	% of the Company's total revenues	30.9.2023	% of the Company's total revenues	% change
	41,809	38%	36,948	39%	13%
Trading and clearing commissions				12% of the increase in revenue from trading and clearing commissions is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units, and 7% of the increase in revenue is due to there being four more trading days this quarter. In opposition, a reduction in the effective commission rate, particularly in revenue from mutual funds, shares and derivatives, reduced the aforesaid increase in revenue by 6%.
	22,397	20%	20,489	21%	9%
Listing fees and levies	corresponding quarter last year.			5% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, 4% of the increase is due to an increase in revenue from examination and listing fees, mainly as a result of an increase in companies' applications for listing and offerings and an increase in the volumes raised with T-bills this quarter compared to the
	21,266	20%	19,155	20%	11%
Clearing House services	5% of the increase in revenue from Clearing House services is due to an increase in revenue from Clearing House services to companies and funds, and 4% of the increase is due to an increase in revenue from custodian fees as a result of the increase in the value of the assets that are held in custodianship at TASE-CH. In addition, 2% of the increase is due to an increase in the revenue from Clearing House services to members.
	22,951	21%	18,111	19%	27%
21% of the increase in revenue from data distribution and connectivity services is due to an Data distribution increase in revenue from authorizations to use the TASE indices, mainly as a result of the and connectivity updating of the index-usage fees and the increased value and use of the TASE indices, 4% services of the increase is due to an increase in revenue from data distribution to private customers, and 2% of the increase is due to an increase in revenue from connectivity services.
	622	1%	785	1%	(21%)
Other revenue				Most of the decrease in other revenue is due to a decrease in rent income as a result of the termination of the rent agreement with the embassy of the United Arab Emirates.
Total revenue from services	109,045	100%	95,488	100%	14%

Adjusted Net Profit and Adjusted EBITDA Data¹

	Quarter ended		Difference
	30.9.2024	30.9.2023	Amount	%
Adjusted EBITDA for the quarter:
Profit before financing income (expenses), net	29,910	23,425	6,485
Adjustments:
Share-based payment expenses	1,166	1,883	(717)
Depreciation and capital losses	14,047	13,104	943
Adjusted EBITDA for the quarter:	45,123	38,412	6,711	17%
% of total revenue from services for the quarter	41.4%	40.2%
Adjusted profit for the quarter:
Profit for the quarter	26,032	18,227	7,805
Adjustments:
Share-based payment expenses	1,166	1,883	(717)
Adjusted profit for the quarter:	27,198	20,110	7,088	35%
% of total revenue from services for the quarter	24.9%	21.1%

• Adjusted EBITDA amounted in the third quarter of 2024 NIS 45.1 million, compared to NIS 38.4 million in the corresponding quarter last year, an increase of 17%. Most of the increase is due to the NIS 6.5 million increase in profit before financing.
• Adjusted net profit amounted in the third quarter of 2024 NIS 27.2 million, compared to NIS 20.1 million in the corresponding quarter last year, an increase of 35%, stemming mainly from the increase in revenue from services, less the increase in costs and in tax expenses.

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.

¹ Adjusted data for the profit and EBITDA (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.

3. Presented below is information relating to the results for the first nine months of 2024 (NIS, in thousands)

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023 Summary of Statement of Profit or Loss

	Nine months ended
	30.9.2024	30.9.2023	Difference	% Change
Revenue from services	322,448	288,407	34,041	12%
Costs	229,268	214,630	14,638	7%
Profit before financing income, net	93,180	73,777	19,403	26%
Financing income, net	7,470	8,132	(662)	(8%)
Taxes on income	24,628	19,426	5,202	27%
Net profit	76,022	62,483	13,539	22%
% of total revenue from services for the period	23.6%	21.7%

• Revenue in the first nine months of 2024 totaled NIS 322.4 million, compared to revenue of NIS 288.4 million in the corresponding period last year, an increase of 12%. The increase in revenue is due mainly to an increase in revenues deriving from data distribution and connectivity services, as a result of the increased volume of activity and the impact of the updated index-usage fees, this in addition to the increase in trading and clearing commissions as a result of the increase in the trading volumes and in the volume of creations/redemptions of mutual fund units.
• The costs in the first nine months of 2024 totaled NIS 229.3 million, compared to costs of NIS 214.6 million in the corresponding period last year, a 7% increase. The increase in costs are due mainly to the increase in payroll expenses and in computer and communication expenses.
• Net financing income in the first nine months of 2024 totaled NIS 7.5 million, compared to net financing incomes of NIS 8.1 million in the corresponding period last year. Financing income in the nine-month period increased due to interest income on the deposits and gains from marketable securities. At the same time, financing expenses also increased as a result of a bank loan obtained at the end of 2023, resulting in reduced net financing income.
• Net tax expense in the first nine months of 2024 totaled NIS 24.6 million, compared to NIS 19.4 million in the corresponding period last year. The increase in the tax expense stemmed mainly from the higher profit before taxes on income.
• The profit in the first nine months of 2024 totaled NIS 76 million, compared to NIS 62.5 million in the corresponding period last year, a 22% increase. The increase in profit is due mainly to the increase in revenue from services less the increase in costs and in tax expenses, as described above.

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

	Nine Months ended
	30.9.2024	30.9.2023	Difference %
Weighted average number of ordinary shares used to compute
Basic earnings per share	92,444,048	96,851,792	(5%)
Diluted earnings per share	95,914,758	98,514,071	(3%)
Basic earnings per share in NIS	0.822	0.645	27%
Diluted earnings per share in NIS	0.793	0.634	25%

The revenue in the first nine months of 2024 – below is the composition of the first nine months revenue, compared to the corresponding period last year:

		Nine Months ended
Revenue from services	30.9.2024	% of the Company's total revenues	30.9.2023	% of the Company's total revenues	% change
Trading and clearing commissions	123,575	38%	114,399	40% 11% of the increase in revenue from trading and clearing commissions is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units, and 1% of the increase in revenue is due to there being two more trading days this period. In opposition, a reduction in the effective commission rate, particularly in revenue from mutual funds, T-bills and derivatives, reduced the aforesaid increase in revenue by 4%.	8%
Listing fees and levies	65,715	20%	60,934	21% 4% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, the higher revenue from examination fees and listing fees, each, accounted for 2% of the increase, and derived mainly from an increase in the listing applications and in the volumes raised this period compared to the corresponding period last year.	8%
Clearing House services	62,777 and funds.	20%	57,242	20% 4% of the increase in revenue from Clearing House services is due to the rise in revenue from custodian fees as a result of the increase in the value of the assets that are held in custodianship at TASE-CH. In addition, 3% of the increase in revenue is due to Clearing House services to members, mainly as a result of the expansion of the services in relation to information on OTC transactions and the linkage of the clearing fees to the CPI, and 3% of the increase is due to an increase in revenue from Clearing House services to companies	10%
Data distribution and connectivity services	67,671 connectivity services.	21%	52,602	18% 21% of the increase in revenue from data distribution and connectivity services is due to an increase in revenue from authorizations to use the TASE indices, mainly as a result of the updating of the index-usage fees and the increase in the value and use of the TASE indices, 5% of the increase is due to an increase in revenue from data distribution to private and business customers, and 3% of the increase is due to an increase in revenue from	29%
Other revenue	2,710	1%	3,230	1% Most of the decrease in revenue is due to one-time income received in the first quarter last year - a refund of municipal taxes for prior years in an amount of NIS 0.6 million.	(16%)
Total revenue from services	322,448	100%	288,407	100%	12%

Adjusted net profit and adjusted EBITDA data¹

	Nine Months ended		Difference
	30.9.2024	30.9.2023	Amount	%
Adjusted EBITDA for the period:
Profit before financing income (expenses), net	93,180	73,777	19,403
Adjustments:
Share-based payment expenses	4,684	4,139	545
Depreciation and capital losses	41,639	39,605	2,034
Adjusted EBITDA for the period:	139,503	117,521	21,982	19%
% of total revenue from services for the period	43.3%	40.7%
Adjusted profit for the period:
Net profit	76,022	62,483	13,539
Adjustments:
Share-based payment expenses	4,684	4,139	545
Adjusted profit for the period:	80,706	66,622	14,084	21%
% of total revenue from services for the period	25.0%	23.1%

• The adjusted EBITDA in the first nine months of 2024 totaled NIS 139.5 million, as compared to NIS 117.5 million in the corresponding period last year, an increase of 19%. The increase is due to an increase in profit before financing in an amount of NIS 19.4 million, eliminating share-based payment expenses and depreciation expenses in an amount of NIS 2.6 million.
• The adjusted profit in the first nine months of 2024 totaled NIS 80.7 million, compared to NIS 66.6 million in the corresponding period last year, a 21% increase. The increase in profit is due mainly to the increase in revenue from services, less the increase in costs and in tax expense, and the adjustment of the increase in costs with respect to share-based payments.

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.

¹ Adjusted data for the profit and EBITDA (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,

Summary of Information Relating to the Financial Position as of September 30, 2024 (NIS, in thousands):

	As of 30.9.2024	As of 31.12.2023
	NIS, in thousands		Difference	% Change
Cash and cash equivalents and short term financial assets	498,278	498,666	(388)	(0%)
Other current assets	37,749	28,048	9,701	35%
Property and equipment and intangible assets, net	464,172	460,460	3,712	1%
Other non-current assets	9,752	9,391	361	4%
Total assets (*)	1,009,951	996,565	13,386	1%
Current liabilities	164,150	399,390	(235,240)	(59%)
Non-current liabilities	159,132	195,455	(36,323)	(19%)
Total liabilities (*)	323,282	594,845	(271,563)	(46%)
Total equity	686,669	401,720	284,949	71%
Ratio of equity to total assets (*)	68%	40%
Adjusted ratio of equity to total assets () (*)	79%	51%
Surplus equity over regulatory requirements (in NIS millions)	594	318	276	87%
Surplus liquidity over regulatory requirements (in NIS millions) (**)	138	145	(7)	(5%)

(*) The total assets and liabilities in the balance sheet as of September 30, 2024 and December 31, 2023, include a balance of assets and liabilities in respect of open derivative positions amounting to NIS 882 million and NIS 1,695 million, respectively, which for reasons of convenience in analyzing the financial position have been offset against each other in this report.

• (**) The adjusted equity also includes the total deferred income from listing fees.
• The total assets as of 30.9.2024 amounted to NIS 1,010 million, compared to NIS 996.6 million as of 31.12.2023. The change in total assets is due mainly to an increase in other receivables and property and equipment
• The total liabilities as of 30.9.2024 amounted to NIS 323.3 million, compared to NIS 594.8 million as of 31.12.2023, a 46% decrease. Most of the decrease is due to a dividend payment and to principal payments of a bank loan.
• The total equity as of 30.9.2024 amounted to NIS 686.7 million, compared to NIS 401.7 million as of 31.12.2023, a 71% increase. The increase in the equity is due mainly to an increase in a capital reserve as a result of receipts from the sale of shares within the framework of the TASE ownership restructuring, in an amount of NIS 242.5 million.

Summary of Cash Flows for the Three Months Ended September 30, 2024 (NIS, in millions):

		Three months ended September 30,
	Item	2024	2023	Explanations of the Company
	Adjusted EBITDA	45.1	38.4	The increase in adjusted EBITDA is due mainly to an increase of NIS 6.5 million in profit before financing.
Net cash from operating	Changes in working capital	2.9	(5.4)	The increase in working capital is due mainly to the increase in trade and other receivables and to an increase in deferred income from listing fees, levies and other income.
activities	Financing and tax	(2.8)	(1.6)	The decrease is due mainly to higher tax payments, net, compared to the corresponding quarter last year.
	Total	45.2	31.4	Cash flows from operating activities increased by 13.8% between the quarters.
Net cash for	Investments in property and equipment and in intangible assets and capitalized payroll costs	(13.1)	(11.8)	The decrease is due to the timing of implementation of the Group's investment work plan in the quarters.
investing activities	Disposal (acquisition) of financial assets, net	(0.6)	110.1	Disposal of assets in accordance with the Company's investments policy.
	Total	(13.7)	98.3
	Lease payments	(2.3)	(2.2)
	Short-term credit	-	0.5
Net cash for financing	Acquisition of treasury shares	-	(21.3)
activities	Long-term loan	(12.5)	-
	Proceeds carried directly to equity within the framework of implementing the ownership restructuring, net	-	4.1	Proceeds from shareholders that realized shares that are subject to the provisions of the TASE ownership Restructuring.
	Total	(14.8)	(18.9)
equivalents	Total increase in cash and cash	16.7	110.8

Presented below are Cash Flows for the nine months Ended September 30, 2024 (NIS, in millions):

		Nine months ended
	Item	September 30, 2024	2023	Explanations of the Company
	Adjusted EBITDA	139.5	117.5	The increase in adjusted EBITDA is due mainly to an increase of NIS 19.4 million in profit before financing, net of share-based payment expenses and depreciation expenses of NIS 2.6 million.
Net cash from operating	Changes in working capital	(15.2)	1.2	The decrease in working capital is due mainly to a reduction in the liability for employee benefits.
activities	Financing and tax	(17.2)	(8.0)	The decrease is due mainly to higher tax payments, net, and interest payments compared to the corresponding period last year.
	Total	107.1	110.7	Cash flows from operating activities decreased by 3.3% between the periods.
Net cash for	Investments in property and equipment, intangible assets and capitalized payroll costs	(35.2)	(34.0)	The decrease is due to the timing of implementation of the Group's investment work plan in the quarters.
investing activities	Disposal (acquisition) of financial assets, net	(0.5)	107.5	Disposal of assets in accordance with the Company's investments policy.
	Total	(35.7)	73.5
	Lease payments	(7.0)	(6.6)
	Payments for the acquisition of treasury shares	-	(153.7)
	Short-term credit	(37.5)	-
Net cash for financing	Dividend paid	(272.7)	-
activities	Short-term credit	-	0.5
	Proceeds carried directly to equity within the framework of implementing the ownership restructuring, net.	242.4	12.7	Proceeds from shareholders that realized shares that are subject to the provisions of the TASE ownership Restructuring.
	Total	(74.8)	(147.1)
Total increase cash equivalents	(decrease) in cash and	(3.4)	37.1

4. Seasonality

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days.

Presented below are expected trading days:
--------------------------------------------

	Q1	Q2	Q3	Q4	TOTAL
Year
2023	64	58	61	66	249
2024	63	57	65	60	245

5. Events During the Reporting Period and Thereafter

5.1 Disclosure on the effects of the Iron Swords War

On 8.10.2023, the Government of Israel declared a state of war (which is still ongoing after the reporting date). This has had an unsettling effect on TASE and on the Israeli economy as a whole. The capital market declined, the Fear Index surged and the exchange rate of the dollar broke the NIS 4 ceiling. Nevertheless, the local market proved resilient, and already close to the end of October 2023 managed to curb the price drops and resume growth, as the indices regained and even somewhat exceeded their pre-war levels. Overall, in 2023 TASE's leading indices: TA-35, TA-90 and TA-125, increased by 4%, each, and by the end of 2023 the devaluation of the shekel subsided, and the Fear Index dropped close to its pre-war level.

In the first three quarters of 2024, trading on TASE was conducted on the backdrop of the security and economic events and the geopolitical tensions, which affected the volatility of the market. Overall in said period, the dollar appreciated by 2.3% in relation to the shekel, the TA-35 index increased by 13.8%, and the TA-90 index increased by 9.5%.

The War, the duration and intensity of which or its potential expansion into additional fronts are uncertain, has adverse effects on the Israeli market and economy, including: economic slowdown, exchange rate fluctuations, disruptions in the manufacturing and supply chain, further rise in food, commodity and energy prices, increase in the government deficit and in the Debt-GDP ratio, as well as impact on the State of Israel's sovereign credit rating, which in the third quarter of 2024 was downgraded by the three international rating agencies that rate Israel:

International rating agency, Moody's, was the first to update Israel's credit rating. In February 2024, it downgraded the rating from A1 with a "stable" outlook to A2 with a "negative" outlook, and on 27.9.2024 it announced a further downgrading of the rating, from A2 to Baa1, maintaining the "negative" outlook; international rating agency, S&P, also downgraded Israel's rating (in April), from AA- to A+, maintaining the "negative" outlook, and on 1.10.2024 announced a further downgrading of the rating, from A+ to A, maintaining the "negative" outlook; and international rating agency, Fitch, also downgraded Israel's credit rating (in August), from A+ to A, maintaining the "negative" outlook.

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

5. Events During the Reporting Period and Thereafter (CONT.)

In October 2024, the Bank of Israel updated the macroeconomic forecast, which anticipates a lower GDP rate, a more prolonged immobility of the interest rate, and a higher annual inflation rate than those reflected in its previous forecast. In addition, the annual deficit rate was updated upwards, with a corresponding correction of the Debt-GDP ratio. The forecast was formulated based on the assumption that the direct economic effect of the fighting will persist through to the beginning of 2025.

The forecast is characterized by a high degree of uncertainty, and more acute security scenarios than those embodied in the forecast could come to pass, such as further prolonging of the war and enhancement of its intensity on the various fronts. Prolonging and intensification of the fighting could aggravate its effects and have a more substantial adverse macroeconomic impact.

Alongside the anticipated impact of the Swords of Iron War on Israel's macroeconomic indicators and the growing uncertainty in the market, the War is also expected to affect the operations and profitability of corporations in Israel and increase the occurrence of insolvency proceedings and debt arrangements, which will entail higher credit losses and provisions for credit losses by financiers. Those effects, combined with the macroeconomic effects, could also affect, both indirectly and directly, the operations and profitability of TASE, this, inter alia, as a result of: changes in the prices of shares, changes in the prices of government and corporate bonds, changes in the volumes of activity in the various channels, change in the activity of the foreign investors and the institutional investors, and change in the volumes of capital and debt raising on TASE. At this stage, while a significant amount of time had elapsed since the breakout of the War, due to the uncertainty surrounding the intensity, duration and long-term effects of the War, the Company is unable to assess the impact of those changes on its operations and profitability.

5.2 Move for the Sale of the Arrangement Shares

On 14.12.2023, the Board of Directors of TASE approved a move concerning the Arrangement Shares (hereafter in this section: "the Move"), this following the discussions held over the past two years between TASE and the five TASE members that hold the Arrangement Shares, which included controversies in relation to their continued holding of the Arrangement Shares and their entitlement to a dividend and TASE's resolution to discontinue the dividend distribution policy and adoption and execution of buyback plans. Within the framework of the Move, it was agreed that, subject to the payment by TASE of a special dividend in an amount of NIS 2.5 per share to all shareholders at TASE, the five TASE members that hold 17,156,677 Arrangement Shares (hereafter: "the Selling Shareholders") granted an irrevocable power of attorney to Leader & Co. Investment House Ltd. (hereafter: "Leader") for the sale of the aforesaid shares, for the duration of 12 months from the payment date of the aforesaid dividend, whereby, for each such sale TASE will receive the Excess Consideration (net of commissions and other related expenses).

It should be noted that, on 31.12.2023, the position of the Israel Securities Authority was received, pursuant to which it does not intervene in TASE's position that the Move does not contradict the provisions of Amendment No. 63.

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

5. Events During the Reporting Period and Thereafter (CONT.)

The move included the mutual waiver by the parties of any contention, demand or claim in connection with arguments that had been exchanged between them in relation to the Arrangement Shares, as aforementioned.

On 24.1.2024, the book building process was completed for the acquisition of the 17,156,677 Arrangement Shares by a number of Israeli public institutions and foreign public institutions (hereafter collectively: "the Acquiring Institutions"), at a price of NIS 20.6 per share.

The (gross) consideration for the shares totaled NIS 353.4 million, of which NIS 87 million was paid to the Selling Shareholders and TASE received (net, after deduction of commissions and other related expenses) NIS 242.5 million.

The consideration transferred to TASE was carried directly to the equity of TASE and, in

accordance with the provisions of Amendment No. 63 of the Securities Law, will be used for investment in technological infrastructure of TASE. To complete the picture, it should be noted that, for the purpose of implementing the move and arranging the settlement of the transactions with the foreign Acquiring Institutions, TASE, Leader and Jefferies LLC entered into a distribution agreement. For information on indemnification in relation to the distribution agreement, see note 18 F to the annual financial statements.

It should also be noted that, as part of the Move and despite the existence of sufficient liquid balances, the Board of Directors of TASE has approved TASE's engagement in an agreement with a bank for the receipt of a loan in an amount of up to NIS 150 million, for details see note 13 B to the annual financial statements for 2023 (hereafter: "the 2023 Annual Report").

To the best of the Company's knowledge, as of the reporting date and further to the aforesaid, 261,250 shares are held by holders of Arrangement Shares. Shortly before the date of approval of the financial statements, the share price as of 18.11.2024 was NIS 41. According to the TASE Ownership Restructuring Law and as stated in note 1 B to the Annual Financial Statements, in the event that the shareholders realize the shares that they hold, the amount of consideration in excess of NIS 5.08 per share will be transferred to TASE and used for the purposes prescribed in the Law. Such excess consideration will be carried directly to the equity of the Company.

5.3 Dividends

On 2.1.2024, the Company paid a dividend of NIS 2.5 per share, in a total amount of NIS 231 million. For additional information, see the immediate report published by the Company on 14.12.2023 (reference no.: 2023-01-136920).

On 21.3.2024, the Company paid a dividend of NIS 0.45 per share, in a total amount of NIS 41.6 million. For additional information, see the immediate report published by the Company on 6.3.2024 (reference no.: 2024- 01-019909).

5.4 Dividend Distribution Policy

On 6.3.2024, the Board of Directors of the Company approved a dividend distribution policy in connection with the profits of the Company in the years 2024 to 2026 (hereafter: "the Dividend Distribution Policy"), pursuant to which, commencing on the date of approval of the financial statements as of 31.12.2024 through to the date of approval of the financial statements as of 31.12.2026, the termination date of the Dividend Distribution Policy, the Company will work to distribute to its shareholders a cash dividend at the rate of 50% of the annual net profit as per the Company's consolidated annual financial statements, this on the date of approval of the annual financial statements.

To remove any doubt, it is hereby clarified that the approval of the Dividend Distribution Policy does not obligate the Board of Directors of the Company to pass a resolution on the distribution of a dividend. Any resolution on the distribution of a dividend will be passed subject to compliance with the distribution criteria set out in the Companies Law, which would be reviewed on the date of passing of a resolution to distribute a dividend, and in consideration of the current business needs of the Company, the budget and the work plan of the Company for the year pertaining to the distribution, the liquidity situation of the Company, liabilities and covenants, as well as regulatory requirements that apply to companies in the Group (e.g. liquidity requirement and minimum capital requirement), all on the date that such resolution is passed. It is

further clarified that the Board of Directors may modify and/or cancel and/or deviate from the Dividend Distribution Policy at any time.

5.5 Collective relations in the Group

Further to the stated in sections 1.25.3 and 1.42.17 of the "Description of the Company's Business" chapter included in the Company's periodic report for 2023, regarding collective relations in the Company, on 28.3.2024, after obtaining the Board of Directors' approval, the Company entered into a special collective agreement for 2024-2028 (hereafter: "the New Collective Agreement") with the New General Labor Federation and the Company's Employees Representation.

The New Collective Agreement, similarly to the previous collective agreements, contains various provisions regarding the terms of employment of the Company employees, including provisions that prescribe work hours and terms of wages as well as related benefits and conditions (such as: annual bonuses, pay rises, social and related benefits such as pension insurance, severance pay, advanced study fund, vacations, sick pay, recreation, travel expenses/company car/lease, employee loans, welfare expenses, etc.).

The principal changes in the New Collective Agreement relative to previous collective agreements include modification of the calculation of overtime; stipulation of arrangements for the employment of outsourced workers; updating of the pay rise to the effect that, starting in the New Collective Agreement and thereafter, the annual pay rise for employees will be at a rate of 3% of the total salary, and cancellation of the linkage to the CPI (*); setting of a mechanism and provisions for the payment of an annual bonus at a rate of 12% of the annual profit (before tax) as reported in the Company's statement of profit or loss, excluding extraordinary profits or losses, which shall not exceed the ceiling stipulated in the Agreement and will be payable subject to the achievement of a minimum profit target; the application of Section 14 of the Severance Law to any employee hired by TASE starting on the date of the Agreement and thereafter.

In the assessment of the Company, the effect on the results of the Company of the Collective Agreement taking effect is in an immaterial amount to the Company. Upon the signing of the New Collective Agreement, the labor dispute declared on 6.11.2022 was rescinded. The New Collective Agreement is exhaustive of the demands of the Employees Representation, including any financial demand through to the end-date of the Agreement, and includes an undertaking by the Employees Representation to refrain from industrial action throughout the period of the Agreement, while TASE, on its part, has undertaken to refrain from unilateral changes in vested rights and terms of employment.

For additional information, see the immediate report published by the Company on 28.3.2024 (reference no.: 2024-01-034611).

(*) This, compared to a pay rise at a rate of 3.5% of the salary or at the rate of increase in the CPI with the addition of 1.5%, as the greater of the two, pursuant to previous collective agreements.

5.6 Appointment and equity compensation of the Legal Counsel - 2023 warrant plan

On 15.2.2024, the Legal Counsel of the Company was granted 176,342 warrants out of the Company's pool of warrants, which are exercisable, each, into one ordinary share of the Company at an exercise price of NIS 23.58.

5.7 Equity compensation to directors

On 27.2.2024, Mr. Yoav Chelouche, an external director of the Company, stepped down. Accordingly, 52,011 warrants that had been granted to him were forfeited and returned to the Company's pool of warrants. For additional information, see note 25 C of the Company's consolidated financial statements as of 31.12.2023.

5.8 Retention plan for the CEO

On 30.5.2024, the term of the CEO's retention loan of NIS 3.5 million, which had been granted as part of a first retention plan, as described in note 14 E (2)(b) to the annual financial statements as of 31.12.2023, expired. The amount of the loan became a one-time bonus to the CEO.

5.9 Updating of TASE's Account Management Fees

On 25.9.2024, the Israel Securities Authority's approved the updating of the custody fee (account management fees) that the TASE Clearing House charges from Clearing House members that are not custodian members, following the approval of said update by the Board of Directors of TASE (further to the recommendation of the Board of Directors of TASE-CH)1. For additional information, see the immediate report published by the Company on 25.9.2024 (reference no.: 2024-01-605871).

¹ Within the framework of the Israel Securities Authority's approval, the Regulations Pursuant to the Fifth Part of the TASE Rules were amended, authorizing the TASE CEO to update the rate of the payments that are charged of customers outside Israel. Such update will be executed not more than once a year, within the price range that shall be prescribed in the Pricelist that is an appendix to the Regulations Pursuant to the Fifth Part .

5.10 Annual General Meeting

On 11.9.2024, an annual general meeting was held by the Company, in which the following resolutions were passed: (a) discussion was held of the financial statements of the Company and of the Directors' Report on the State of the Company's Affairs for the year ended 31.12.2023, (b) reappointment of the director - Mr. Salah Saabneh, (c) reappointment of an independent director - Mr. Gideon Herstein, (d) reappointment of the Company's auditors until the date of approval of TASE's annual financial statements for 2024 and authorizing the Company's Board of Directors to determine their fees.

5.11 Convening of a General Meeting

On 20.11.2024, following the reporting date, and further to the resolution of the TASE Board of Directors, a notice was published of the convening of a special general meeting that includes on its agenda the appointment of independent directors as well as the appointment of KPMG Somekh Chaikin accounting firm as auditors of the Company for a period that will commence shortly after the date of approval of TASE's annual financial statements as of December 31, 2024 until the date of approval of TASE's annual financial statements as of December 31, 2025.

5.12 Legal Proceedings

On 14.10.2024, following the reporting date, the Israeli Association of Mutual Fund Managers Ltd. filed a petition against the Israel Securities Authority and against TASE (hereafter: "the Respondents"), in which they request the Court to order the Respondents to stand before the Court and provide reasoning for not cancelling the Authority's resolution from 21.9.2022 to partly approve the resolution of the Board of Directors of TASE to amend the Pricelist that is included as an appendix to the Regulations pursuant to the Fifth Part of the TASE Rules, which provides for the raising of the rates of the commissions that TASE charges for the use of the equity and bond indices that it edits. Alternatively, the Supreme Court is requested to order the Respondents to provide reasoning for not cancelling the raising of the rates in the manner in which it was determined. The petition alleges that the Authority approved the raising of the rates that TASE charges of the members of the Association in a manner that constitutes a breach of its duty to supervise the activity of TASE. According to the Supreme Court's decision from 14.10.2024, the Respondents are required to submit their preliminary response to the petition by 28.11.2024. As of the publication date of the report, the lawyers of the Company believe that the petition is more likely to be rejected than accepted.

5.13 Internal Auditor

The Internal Auditor of TASE as of the publication date of this report is Sharon Tabib, CPA, of the Ziv Haft (BDO) firm, who took office on 15.4.2011. In December 2023, the Audit Committee of TASE decided to limit the term of office of an internal auditor at TASE to 10 years. Nevertheless, it has been decided to extend the office of the current Internal Auditor of TASE, Ms. Tabib, until the end of 2024, and the matter was reported to the Board of Directors. Further to the aforesaid, on 16.5.2024, TASE's Audit Committee decided to initiate a process for sourcing a new internal auditor for TASE, and at the conclusion of an orderly and professional process conducted by the Audit Committee, it has decided to recommend to the Board of Directors to appoint Mr. Alon Amit from Raveh Ravid & Co. as internal auditor (hereafter: "the Internal Auditor"). The recommendation to appoint Mr. Alon Amit as Internal Auditor was based on his education, expertise and professional experience (including in the capital market), and accounted for TASE being the sole stock exchange in Israel and for the scope and complexity of its operations.

The Internal Auditor meets the conditions prescribed in Section 3(A) of the Internal Audit Law, 1992, as well as the provisions of Section 146 (B) of the Companies Law and the provisions of Section 8 of the Internal Audit Law. The officer in charge of the Internal Auditor at TASE is the Chairman of the Board of Directors.

On 20.11.2024, following the reporting date, further to the recommendation of the Audit Committee and for the reasons specified above, the Board of Directors of the Company approved the appointment of Mr. Alon Amit as the Internal Auditor of TASE. The office of Mr. Alon Amit as Internal Auditor at TASE will commence on, 1.1.2025 and on the same date the office of Ms. Sharon Tabib will end.

5.14 Appointment of Auditors

See section 5.11 above concerning the process for the review and sourcing of auditors in accordance with the Proposed Best Practices for Directors, and the convening of a general meeting the agenda of which includes, inter alia, the appointment of auditors for 2025.

ABOUT TASE

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

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 derivative 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 operates 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 Ben Ezra		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

21

Information relating to the results for the third quarter of 2024 (NIS, in thousands)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands)

	September 30,		December 31,
	2024	2023	2023
Assets
Current assets
Cash and cash equivalents	405,295	230,339	408,484
Financial assets at fair value through profit or loss	92,983	88,995	90,182
Trade receivables	18,255	16,461	18,671
Other receivables	19,494	17,583	9,377
	536,027	353,378	526,714
Assets derived from clearing operations in respect of open derivative positions	882,136	1,713,318	1,695,082
Total current assets	1,418,163	2,066,696	2,221,796
Non-current assets
Deferred tax assets	3,064	2,963	4,033
Property and equipment, net	303,753	306,139	307,144
Intangible assets, net	160,419	149,685	153,316
Other long-term receivables	6,688	5,801	5,358
Total non-current assets	473,924	464,588	469,851
Total assets	1,892,087	2,531,284	2,691,647

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (NIS, in thousands) (CONT.)

	September 30,		December 31,
	2024	2023	2024
Liabilities and Equity
Current liabilities
Current maturities of a loan from a bank	49,924	-	49,946
Current maturities of lease liabilities	8,406	5,305	4,740
Trade payables	8,683	10,152	13,063
Other payables	5,524	6,053	5,204
Dividend declared	-	-	231,110
Income received in advance with respect to annual levies	11,277	10,359	-
Deferred income from listing fees, levies and others	29,553	28,211	28,734
Current tax liabilities	12,881	7,225	11,196
Short-term liabilities for employee benefits	37,902	45,573	55,397
	164,150	112,878	399,390
Liabilities derived from clearing operations in respect of open derivative positions	882,136	1,713,318	1,695,082
Total current liabilities	1,046,286	1,826,196	2,094,472
Non-current liabilities
Loan from a bank	62,455	-	99,888
Lease liabilities	11,705	9,012	9,009
Deferred income from listing fees and levies	78,785	76,194	77,058
Non-current liabilities for employee benefits	6,187	4,317	9,500
Total non-current liabilities	159,132	89,523	195,455
Equity
Remeasurement of net defined benefit liability	8,139	8,697	4,745
Capital reserve in respect to share-based payment transactions	44,611	37,926	39,927
Other capital reserves	309,432	66,975	66,975
Retained earnings	324,487	501,967	290,073
Total equity	686,669	615,565	401,720
Total liabilities and equity	1,892,087	2,531,284	2,691,647

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,
	2024	2023	2024	2023	2023
Revenue from services:
Trading and clearing commissions	123,575	114,399	41,809	36,948	155,589
Listing fees and levies	65,715	60,934	22,397	20,489	81,120
Clearing House services	62,777	57,242	21,266	19,155	78,208
Distribution of data and connectivity services	67,671	52,602	22,951	18,111	71,176
Other revenue	2,710	3,230	622	785	3,762
Total revenue from services	322,448	288,407	109,045	95,488	389,855
Cost of revenue:
Employee benefits expenses	120,072	113,309	41,744	38,071	153,643
Expenses in respect to share based payments	4,684	4,139	1,166	1,883	6,140
Computer and communications expenses	32,546	28,110	11,240	10,183	38,559
Property taxes and building maintenance expenses	10,445	10,297	3,791	3,836	13,732
Other operating expenses	2,523	1,893	823	760	2,470
General and administrative expenses	7,254	6,768	2,353	2,166	9,389
Marketing expenses	3,803	4,111	1,799	820	5,693
Fee to the Israel Securities Authority	6,302	6,099	2,167	1,242	8,098
Depreciation and amortization	41,551	38,954	13,995	13,046	52,412
Other expenses	88	950	57	56	1,380
Total costs	229,268	214,630	79,135	72,063	291,516
Profit before financing income (expenses), net	93,180	73,777	29,910	23,425	98,339
Financing income	15,058	8,472	6,337	2,128	11,952
Financing expenses	7,588	340	2,303	140	645
Total financing income, net	7,470	8,132	4,034	1,988	11,307
Profit before taxes on income	100,650	81,909	33,944	25,413	109,646
Taxes on income	24,628	19,426	7,912	7,186	26,440
Profit for the year	76,022	62,483	26,032	18,227	83,206
Basic earnings per share (NIS)	0.822	0.645	0.282	0.196	0.859
Diluted earnings per share (NIS)	0.793	0.634	0.270	0.192	0.840

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, 2024	39,927	4,745	66,975	290,073	401,720
Profit for the period	-	-	-	76,022	76,022
Other comprehensive income for the period	-	3,394	-	-	3,394
Total comprehensive income for the period	-	3,394	-	76,022	79,416
Share-based payment	4,684	-	-	-	4,684
Dividend paid	-	-	-	(41,608)	(41,608)
Receipts from shareholders within the framework of implementing the ownership restructuring, net	-	-	242,457	-	242,457
Balance at September 30,
2024	44,611	8,139	309,432	324,487	686,669

CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands)

	Nine months ended September 30,		Three months ended September 30,		Year ended December 31,
	2024	2023	2024	2023	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period	76,022	62,483	26,032	18,227	83,206
Expenses in respect of share-based payments	4,684	4,139	1,166	1,883	6,140
Tax expenses recognized in profit or loss	24,628	19,426	7,912	7,186	26,440
Net financing income recognized in profit or loss	(7,470)	(8,132)	(4,034)	(1,988)	(11,307)
Depreciation and amortization	41,551	38,954	13,995	13,046	52,412
Loss from disposal of property and equipment and intangible assets	88	651	52	58	691
	139,503	117,521	45,123	38,412	157,582
Changes in asset and liability items:
Decrease (increase) in trade receivables and other receivables	(11,031)	(15,569)	1,702	22	(9,130)
Decrease (increase) in receivables in respect to open derivative positions	812,946	(776,059)	421,694	(167,341)	(757,823)
Increase (decrease) in trade payables and other payables	(1,611)	(1,351)	3,294	124	1,212
Increase (decrease) in income received in advance with respect to annual levies	11,277	10,359	(11,561)	(9,597)	-
Increase (decrease) in deferred income from listing fees, levies and others	2,546	(2,466)	3,428	(385)	(1,079)
Increase (decrease) in payables in respect to open derivative positions	(812,946)	776,059	(421,694)	167,341	757,823
Increase (Decrease) in liabilities for employee benefits	(16,400)	10,278	5,991	4,435	20,152
	(15,219)	1,251	2,854	(5,401)	11,155
Interest received	12,860	7,685	4,477	2,813	10,564
Interest paid	(7,068)	(384)	(2,069)	(66)	(567)
Tax payments - operating activities	(22,988)	(15,347)	(5,182)	(4,332)	(18,461)
	(17,196)	(8,046)	(2,774)	(1,585)	(8,464)
Net cash provided by operating activities	107,088	110,726	45,203	31,426	160,273
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(5,972)	(3,776)	(2,723)	(2,032)	(10,138)
Acquisitions of intangible assets	(15,470)	(13,350)	(5,732)	(4,280)	(20,836)
Payments in respect to costs capitalized to property and equipment and to intangible assets	(13,762)	(16,850)	(4,658)	(5,439)	(19,591)
Disposal (acquisition) of financial assets at fair value through profit or loss, net	(477)	107,475	(594)	110,098	107,589
Net cash used in investing activities	(35,681)	73,499	(13,707)	98,347	57,024
CASH FLOW FROM FINANCING ACTIVITIES:
Lease payments	(7,008)	(6,623)	(2,311)	(2,225)	(8,848)
Loan from a bank	(37,500)	-	(12,500)	-	150,000
short term credit	-	527	-	527	-
Dividend paid	(272,718)	-	-	-	-
Acquisition of Treasury shares	-	(153,748)	-	(21,340)	(155,255)
Receipts (payments) carried directly to equity within the framework of implementing the TASE Restructuring Law, net	242,457	12,753	-	4,133	12,753
Net cash provided by (used in) financing activities	(74,769)	(147,091)	(14,811)	(18,905)	(1,350)
Net increase (decrease) in cash and cash equivalents	(3,362)	37,134	16,685	110,868	215,947
Cash and cash equivalents, beginning of the period	408,484	192,416	388,705	118,958	192,416
Effect of changes in exchange rates on cash balances held in foreign currency	173	789	(95)	513	121
Cash and cash equivalents, end of the period	405,295	230,339	405,295	230,339	408,484

Quarterly statements of profit or loss for 2023 and for the first nine months of 2024 (NIS, in thousands)

	Jan Mar 2023	Apr Jun 2023	Jul-Sep 2023	Oct-Dec 2023	Jan Mar 2024	Apr Jun 2024	Jul-Sep 2024	2023
Item	(Unaudited)					(Audited)
Number of trading days	64	58	61	66	63	57	65	249
Revenue from services:
Trading and clearing commissions	41,923	35,528	36,948	41,190	42,954	38,812	41,809	155,589
Listing fees and levies	20,302	20,143	20,489	20,186	21,603	21,715	22,397	81,120
Clearing House services	19,113	18,974	19,155	20,966	19,980	21,531	21,266	78,208
Distribution of data and connectivity services	17,124	17,367	18,111	18,574	22,601	22,119	22,951	71,176
Other revenue	1,554	891	785	532	1,155	933	622	3,762
Total revenue from services	100,016	92,903	95,488	101,448	108,293	105,110	109,045	389,855
Cost of revenue
Expenses in respect of employee benefits, net	38,171	37,067	38,071	40,334	39,030	39,298	41,744	153,643
Share-based payment expenses	611	1,645	1,883	2,001	2,113	1,405	1,166	6,140
Computer and communication expenses	9,013	8,914	10,183	10,449	10,837	10,469	11,240	38,559
Property taxes and building maintenance expenses	3,227	3,234	3,836	3,435	3,264	3,390	3,791	13,732
Other operating expenses	534	599	760	577	700	1,000	823	2,470
General and administrative expenses	2,245	2,357	2,166	2,621	2,485	2,416	2,353	9,389
Marketing expenses	863	2,428	820	1,582	1,341	663	1,799	5,693
Fee to the Israel Securities Authority	2,429	2,428	1,242	1,999	2,092	2,043	2,167	8,098
Depreciation and amortization expenses	12,868	13,040	13,046	13,458	13,496	14,060	13,995	52,412
Other expenses	15	879	56	430	9	22	57	1,380
Total cost of revenue	69,976	72,591	72,063	76,886	75,367	74,766	79,135	291,516
Profit before financing income (expenses), net	30,040	20,312	23,425	24,562	32,926	30,344	29,910	98,339
Financing income	2,648	3,696	2,128	3,480	4,213	4,508	6,337	11,952
Financing expenses	(120)	(80)	(140)	(305)	(2,776)	(2,509)	(2,303)	(645)
Total financing income (expenses), net	2,528	3,616	1,988	3,175	1,437	1,999	4,034	11,307
Profit before taxes on income	32,568	23,928	25,413	27,737	34,363	32,343	33,944	109,646
Taxes on income	7,087	5,153	7,186	7,014	8,653	8,063	7,912	26,440
Net profit	25,481	18,775	18,227	20,723	25,710	24,280	26,032	83,206

Transactional Services

	Nine months ended September 30,		Three months ended	Year ended
			September 30,	December 31,
	2024	2023	2024	2023	2023
Number of trading days	185	183	65	61	249
SHARES
Shares (ex. ETFs)	1,050	964	1,050	964	953
ETFs on share indices	134	92	134	92	102
Market value (in NIS billions)	1,184	1,056	1,184	1,056	1,055
Shares (ex. ETFs)	1,624	1,628	1,547	1,453	1,598
ETFs on share indices	473	396	454	413	400
Average daily turnover (in NIS millions)	2,097	2,024	2,001	1,866	1,998
Average commissions	0.01118%	0.01123%	0.01115%	0.01164%	0.01129%
Revenue (in NIS thousands)	43,386	41,597	14,500	13,244	56,176
BONDS
Corporate bonds	485	427	485	427	447
ETFs on bond indices	30	29	30	29	29
Total market cap (in NIS billions)	515	456	515	456	476
Corporate bonds ADV excluding ETFs (in NIS millions)	973	916	849	939	902
ETFs on bond indices	103	121	109	139	114
Total average daily volume (in NIS millions)	1,076	1,037	958	1,078	1,016
Corporate bonds - Average commissions	0.00713%	0.00703%	0.00713%	0.00702%	0.00705%
Revenue from corporate bonds (in NIS thousands)	14,193	13,334	4,440	4,614	17,833
Government bonds -Unlinked	370	284	370	284	308
Government bonds -Linked	335	297	335	297	304
Total market cap (in NIS billions)	705	581	705	581	612
Government bonds - Unlinked ADV (in NIS millions)	2,310	1,721	2,266	1,615	1,902
Government bonds - Linked ADV (in NIS millions)	1,013	968	993	811	1,009
Total average daily volume (in NIS millions)	3,323	2,689	3,259	2,426	2,911
Government bonds Unlinked - Average commissions	0.00198%	0.00197%	0.00193%	0.00199%	0.00202%
Government bonds Linked - Average commissions	0.00299%	0.00298%	0.00299%	0.00306%	0.00303%
Government bonds (in NIS thousands)	8,467	6,207	2,837	1,960	9,579
Government bonds (in NIS thousands)	5,601	5,288	1,929	1,513	7,615
Revenue from Government bonds (in NIS thousands)	14,068	11,495	4,766	3,473	17,194
TREASURY BILLS
Market value (in NIS billions)	231	316	231	316	305
Treasury bills ADV (in NIS millions)	1,473	1,335	1,128	1,323	1,397
Average commissions	0.00329%	0.00411%	0.00362%	0.00327%	0.00379%
Revenue (in NIS thousands)	8,970	10,047	2,657	2,638	13,170

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

	Nine months ended		Three months ended	Year ended December 31,
	September 30,		September 30,
	2024	2023	2024	2023	2023
MUTUAL FUNDS
Market value (in NIS billions)	405	313	405	313	330
Average daily value of creation / redemptions (in NIS millions)	1,840	1,406	1,864	1,406	1,424
Average commissions	0.00752%	0.00825%	0.00742%	0.00846%	0.00813%
Revenue (in NIS thousands)	25,608	21,243	8,993	7,259	28,819
DERIVATIVES
Options on indices	116.5	107.7	130.8	106.2	108.5
Derivatives on FX	36.8	37.7	41	34.2	36.1
Derivatives on single shares	17.9	13.6	20.1	18.4	12.7
Total derivative contracts (in '000 units)	171.2	159.0	191.9	158.8	157.3
Options on indices - Average commissions	0.536	0.580	0.494	0.580	0.580
Derivatives on FX -Average commissions	0.360	0.360	0.360	0.360	0.360
Derivatives on single shares- Average commissions	1.0	1.0	1.0	1.0	1.0
Revenue (in NIS thousands)	17,211	16,489	6,413	22,170
OTHER

Non-Transactional Services

	Nine months ended September 30,		Three months ended September 30,		Year ended
					December 31,
	2024	2023	2024	2023	2023
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)	3,160	2,884	3,239	2,946	2,890
Avg. commissions from Custodian Fees	0.00109%	0.00110%	0.00110%	0.00110%	0.00110%
Revenue from: (in NIS thousands)
Custodian Fees	25,768	23,726	8,893	8,093	31,711
Clearing House services for members	20,231	18,457	6,832	6,459	25,823
Clearing House services for companies & funds	12,425	10,840	4,084	3,203	15,120
Other	4,353	4,219	1,457	1,400	5,554
Total revenue from Clearing House services	62,777	57,242	21,266	19,155	78,208
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	619	626	617	618	621
Mutual funds and ETFs	2,300	2,319	2,277	2,303	2,314
Avg. revenue from levies (in NIS thousands)
Companies	17.1	16.4	5.7	5.5	22.0
Mutual funds and ETFs	6.5	6.0	2.2	2.0	8.0
Revenue from Annual Levies from: (in NIS thousands)
Companies	10,635	10,256	3,535	3,416	13,670
Mutual funds and ETFs	14,796	14,054	4,937	4,662	18,682
Nominee Company and others	7,119	5,531	2,510	1,873	7,399
Total revenue from Annual levies	32,550	29,841	10,982	9,951	39,751
The value of issuance used to calculate Listing fees (in NIS millions)
Companies – Shares, Bonds and ETFs	125,757	97,397	52,312	37,927	139,052
Government bonds (including swap transactions)	170,735	64,370	54,248	23,991	116,323
Treasury-bills	327,335	303,858	111,763	94,969	403,460
Number of issuances
Number of public offerings of shares on TASE (including on TASE-UP)	41	52	11	17	66
Number of new issuers of shares	5	1	2	-	1
Number of new (dual-listed) companies	2	2	-	-	2
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	832	145	374	-	145
Amount raised in bond offerings by new issuers (in NIS millions)	915	863	779	340	2,049
Number of corporate bond offerings to the public	149	107	60	40	137
Number of corporate bond offerings to the public by new companies	4	7	3	4	9
Average revenue from Examination and Listing Fees
Companies – shares, bonds and ETFs	0.0163%	0.0166%	0.0174%	0.0155%	0.0166%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	6,539	5,466	2,338	1,740	7,048

The Tel-Aviv Stock Exchange Ltd. Third Quarter 2024 Results

	Nine months ended		Three months ended		Year ended
	September 30,		September 30,		December 31,
	2024	2023	2024	2023	2023
Receipts from listing Fees
Listing fees - shares, bonds & ETF's	20,551	16,163	9,081	5,890	23,152
Listing fees - government bonds	4,857	4,700	1,619	1,567	6,266
Listing of T-bills	2,292	2,127	784	665	2,824
Levies and examination fees from members	1,032	171	139	114	226
Other	746	320	342	198	490
Total receipts	29,478	23,481	11,965	8,434	32,958
Accounting adjustments to revenue recognition	(2,852)	2,146	(2,888)	364	1,363
Total revenue from listing Fees	26,626	25,627	9,077	8,798	34,321
Total revenue from examination and listing fees (in NIS thousands)	33,165	31,093	11,415	10,538	41,369
Total revenue from listing fees and levies	65,715	60,934	22,397	20,489	81,120
DATA DISTRIBUTION AND CONNECTIVITY SERVICES (*)
Average number of data terminals
Domestic business clients	7,407	7,312	7,332	7,311	7,345
Overseas business clients	5,296	5,871	5,174	5,924	5,892
Non-display data	217	252	221	219	261
Revenue from distribution and connectivity services (in NIS thousands)
Domestic business clients	14,042	13,284	4,663	4,454	17,800
Overseas business clients	8,587	9,119	2,850	3,496	12,330
Private clients	8,365	6,324	2,988	2,204	8,584
Derivative date and non-display data	3,387	3,338	1,056	1,065	4,613
Data files and other data	3,909	3,453	1,330	1,158	4,656
Authorization for indices usage	18,345	7,446	6,302	2,473	10,181
Connectivity services	11,036	9,638	3,762	3,261	13,012
Total revenue from Data distribution and Connectivity services	67,671	52,602	22,951	18,111	71,176

	Nine months ended September 30,		%		Three months ended		Year ended
			Change September 30,			Change	December 31,
	2024	2023		2024 2023			2023
Velocity of trading
Shares	40.0%	42.6%	(6%)	39.1%	38.8%	1%	42.5%
Corporate bonds (2)	54.7%	58.9%	(7%)	49.4%	57.8%	(15%)	57.6%
Government bonds – shekel (3)	134.0%	127.2%	5%	125.6%	119.2%	5%	132.4%
Government bonds – linked (4)	66.7%	69.3%	(4%)	60.2%	58.3%	3%	72.2%
Treasury bills	130.3%	107.9%	21%	107.5%	93.6%	15%	110.8%

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

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

(2) The velocity of trading does not include data of corporate bonds traded on TASE UP.

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

(4) Including CPI-linked bonds, "Gilon" variable-interest shekel bonds and global government bonds.

Deferred income from listing fees

	Deferred income from listing fees as of	Total receipts for the Nine months ended	Income recognition in Nine months ended	Deferred income from listing fees as of	Income recognition in Twelve months ended		Deferred income from listing fees as of
	31.12.23	30.09.24	30.09.24	30.09.24	30.09.25	30.09.26	30.09.27	30.09.27
Listing of
Shares	25.5	3.0	(4.4)	24.1	5.5	4.7	3.8	10.1
Corporate bonds	43.0	14.3	(11.4)	45.9	13.9	10.2	7.1	14.7
ETF	22.7	3.2	(3.8)	22.1	4.7	3.8	3.0	10.6
Government bonds	12.5	4.9	(3.6)	13.8	3.3	3.0	2.8	4.7
T-bills	1.3	2.3	(2.1)	1.5	1.5	0.0	0.0	0.0
Total	105.0	27.7	(25.3)	107.4	28.9	21.7	16.7	40.1