Tel Aviv Stock Exchange Ltd. — Earnings Release 2025

May 13, 2025

The Tel-Aviv Stock Exchange Ltd.

THE TEL-AVIV STOCK EXCHANGE LTD REPORTED FIRST QUARTER 2025 RESULTS

May 13, 2025 (Tel Aviv) -Tel Aviv Stock Exchange Ltd. (TASE:TASE) today announced its financial results for the first quarter ended March 31, 2025. 1

1. General

TASE crosses the NIS 131 million revenues, with a 39% increase in net profit in the first quarter of 2025 to NIS 35.8 million, compared to NIS 25.7 million net profit in the corresponding quarter last year.

1.1 Highlights of TASE's Results for the First Quarter of 2025

First Quarter Results

• TASE revenues amounted to NIS 131 million in the first quarter of 2025, an increase of 21% compared to the corresponding quarter last year. most of the increase in revenue is due to an increase across all the activities, mainly revenue from clearing house services and revenue from trading and clearing commissions.
• The adjusted EBITDA in the first quarter of 2025 totaled NIS 61.8 million, compared to NIS 48.6 million in the corresponding quarter last year, an increase of 27%. The increase is due to an increase in profit before financing in the amount of NIS 13.3 million.

The adjusted profit in the first quarter of 2025 totaled NIS 36.9 million, compared to NIS 27.8 million in the corresponding quarter last year, an increase of 32%. most of the increase is due to an increase in the revenue from services, net of the increase in costs and tax expenses.

1.2 Business and Corporate Highlights for the First Quarter of 2025 BUSINESS HIGHLIGHTS

• The average daily trading volume of shares in the first quarter of 2025 amounted to approximately NIS 2.9 billion, a 35% increase compared to the volumes in the corresponding quarter in the previous year.
• The average daily trading volume of corporate bonds in the first quarter of 2025 amounted to approximately NIS 1.1 billion, a 5% decrease compared to the volumes in the corresponding quarter in the previous year. The average daily trading volume of government bonds in the first quarter of 2025 amounted to approximately NIS 3.2 billion, a 6% decrease compared to the volumes in the corresponding quarter in the previous year.
• The average daily trading volume of T-bills in the first quarter of 2025 amounted to NIS 1.3 billion compared with NIS 1.9 billion in the corresponding quarter in the previous year, a decrease of 32%.
• The average daily redemptions or creations volume of mutual funds in the first quarter of 2025 amounted to NIS 2.4 billion compared with NIS 1.8 billion in the corresponding quarter in the previous year, an increase of 32%.

¹ The Board of Directors of TASE today approved the Consolidated Financial Statement as of March 31, 2025. 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 June 2025.

The Tel-Aviv Stock Exchange Ltd. First Quarter 2025 Results

• The daily average trading volume of derivatives in the first quarter of 2025 amounted to 208.2 thousand units a day, compared with 151.1 thousand units in the corresponding quarter in the previous year, an increase of 37%.
• In the first quarter of 2025, NIS 3 billion was raised on TASE in shares, an increase of 18% over the corresponding quarter in the previous year, of which NIS 0.7 billion was raised in an IPO (compared with NIS 0.1 billion in the corresponding quarter in the previous year).
• In the first quarter of 2025, NIS 44.3 billion was raised on TASE in corporate bonds, an increase of 103% over the corresponding quarter in the previous year. NIS 48.9 billion was raised on TASE in government bonds, a decrease of 6% over the corresponding quarter in the previous year.
• In the first quarter of 2025, NIS 113.3 billion was raised on TASE in T-bills, an increase of 11% over the corresponding quarter in the previous year.
• The leading indices TA-35, TA-125, TA-90 and TA-SME60 increase by 1%, 0.8% and decreased by 0.6%, 3.2% respectively, in the first quarter of 2025.
• The balance of monthly average market cap of the assets in custodianship at TASE-CH for the first quarter of 2025 was NIS 3.7 trillion, an increase of 14% compared to year ended December 31, 2024.
• Net financing in the first quarter of 2025 totaled NIS 0.9 million, as compared to net financing incomes of NIS 1.4 million in the corresponding quarter last year, a 38% decrease. The decrease was mainly due to a decrease in the balance of deposits and a decrease from gains on marketable securities.

2. Summary of Information Relating to the Results for the First Quarter of 2025 (NIS, in thousands)

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Statement of Profit or Loss

	Quarter ended		Difference
	31.3.2025	31.3.2024	Amount	%
Revenue from services	131,030	108,293	22,737	21%
Expenses	84,844	75,367	9,477	13%
Profit before financing income, net	46,186	32,926	13,260	40%
Financing income, net	890	1,437	(547)	(38%)
Profit before taxes on income	47,076	34,363	12,713	37%
Taxes on income	11,285	8,653	2,632	30%
Net profit	35,791	25,710	10,081	39%
% of total revenue from services for the quarter	27.3%	23.7%

• Revenue in the first quarter of 2025 totaled NIS 131 million, compared to revenue of NIS 108.3 million in the corresponding quarter last year, an increase of 21%. The increase in revenue is due to an increase from all the activities, and due mainly to an increase in revenue from clearing house services, and from trading and clearing commissions.
• Costs in the first quarter of 2025 totaled NIS 84.8 million, compared to costs of NIS 75.4 million in the corresponding quarter last year, 13% increase. The increase in costs is due mainly to an increase in employee benefits expenses, and computer and communication expenses.
• Net financing in the first quarter of 2025 totaled NIS 0.9 million, as compared to net financing incomes of NIS 1.4 million in the corresponding quarter last year, a 38% decrease. Net financing income decreased mainly due to a decrease in the balance of deposits, and a decrease in gains from marketable securities.
• The profit in the first quarter of 2025 totaled NIS 35.8 million, compared to NIS 25.7 million in the corresponding quarter last year, an increase of 39%. The increase in profit is due mainly to an increase in revenue, less the increase in costs, as explained above.

The Tel-Aviv Stock Exchange Ltd. First Quarter 2025 Results

	Quarter ended
	31.3.2025	31.3.2024	Difference %
Weighted average number of ordinary shares used to compute
Basic earnings per share	91,703,066	92,444,048	(1%)
Diluted earnings per share	93,741,926	95,107,023	(1%)
Basic earnings per share in NIS	0.390	0.278	40%
Diluted earnings per share in NIS	0.382	0.270	41%

The revenue in the first quarter of 2025 – below is the composition of the first quarter's revenue, compared to the corresponding quarter last year (NIS, in thousands):

	Quarter ended
Revenue from services	31.3.2025	% of the Company's total revenues	31.3.2024	% of the Company's total revenues	% change
Trading and clearing commissions	49,490	38% 17% of the increase in revenue from trading and clearing commissions is due mainly to an increase in the trading volume of shares and derivatives and in the volume of creations/redemptions of mutual fund units, as well as to there being an additional trading day this quarter compared to the corresponding quarter last year, which increased revenue by 2%. In opposition, a reduction in the effective commission rate, mainly in relation to shares and mutual funds, reduced revenue by 4%.	42,954	40%	15%
Listing fees and levies	24,269 18% 21,603 20% 12% 8% of the increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of an increase in income from fees, which were affected by the appreciation of the listed securities, and due to the linkage of the levy rates to the CPI. In addition, an increase in revenue from listing fees, mainly due to an increase in the volumes raised by companies and ETFs and an increase in revenue from examination fees, increased revenue by 2%, each.
Clearing house services	31,879	24% 35% of the increase in revenues from Clearing House services stems from an increase in revenues from Clearing House services to members, both as a result of the higher volumes of activity, and due to the completion of the regulation of OTC clearing in the fourth quarter of 2024 and the linkage of the clearing rates to the CPI. In addition, 23% of the increase in revenues is due to an increase in custodian fees as a result of the increase in the value of the assets held in custody at TASE-CH, as well as to the updating of the custodian fees (account management fees) pricelist, and 2% of the increase in revenues is due to the increase in revenues from companies and funds.	19,980	18%	60%
Data distribution and connectivity services	24,519 TASE indices.	19% 6% of the increase in revenues from data distribution and connectivity services is due to an increase in revenues from data distribution, mainly from private and business customers in Israel, and 2% of the increase is due to an increase in revenues from authorizations to use the TASE indices, mainly as a result of the increased use of the	22,601	21%	8%
Other revenue	873 in the first quarter of 2024.	1% Most of the decrease in other revenue is due to the termination of the rent agreement	1,155	1%	(24%)
Total revenue from services	131,030	100%	108,293	100%	21%

Adjusted Net Profit and Adjusted EBITDA Data²

	Quarter ended		Difference
	31.3.2025	31.3.2024	Amount	%
Adjusted EBITDA for the quarter:
Profit before financing income, net	46,186	32,926	13,260
Adjustments:
Share-based payment expenses	1,063	2,113	(1,050)
Depreciation and capital losses	14,582	13,529	1,053
Adjusted EBITDA for the quarter:	61,831	48,568	13,263	27%
% of total revenue from services for the quarter	47.2%	44.8%
Adjusted profit for the quarter:
Profit for the quarter	35,791	25,710	10,081
Adjustments:
Share-based payment expenses	1,063	2,113	(1,050)
Adjusted profit for the quarter:	36,854	27,823	9,031	32%
% of total revenue from services for the quarter	28.1%	25.7%

• The adjusted EBITDA in the first quarter of 2025 totaled NIS 61.8 million, compared to NIS 48.6 million in the corresponding quarter last year, an increase of 27%. Most of the increase is due to an increase in profit before financing, in an amount of NIS 13.3 million, as described above.
• The adjusted profit in the first quarter of 2025 totaled NIS 36.9 million, compared to NIS 27.8 million in the corresponding quarter last year, an increase of 32%. The increase is due mainly to an increase in revenue from services, net of increase in costs and tax expenses, as explained above.

² Adjusted data for the profit and EBITDA (operating profit before interest, tax, depreciation and amortization): This data is 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.

Summary of Information Relating to the Financial Position as of March 31, 2025 (NIS, in thousands):

	As of 31.03.2025	As of 31.12.2024
	NIS, in thousands		Difference	% Change
Cash and cash equivalents and short-term financial assets	337,147	531,408	(194,261)	(37%)
Other current assets	44,504	29,452	15,052	51%
Property and equipment and intangible assets, net	475,471	472,458	3,013	1%
Other non-current assets	9,451	8,138	1,313	16%
Total assets (*)	866,573	1,041,456	(174,883)	(17%)
Current liabilities	181,953	170,433	11,520	7%
Non-current liabilities	179,694	149,755	29,939	20%
Total liabilities (*)	361,647	320,188	41,459	13%
Total equity	504,926	721,268	(216,342)	(30%)
Ratio of equity to total assets (*)	58%	69%
Ratio of adjusted equity to total assets () (*)	71%	80%
Surplus equity over regulatory requirements (in NIS millions)	409	627	(218)	(35%)
Surplus liquidity over regulatory requirements (in NIS millions)	105	172	(67)	(39%)

• (*) The total assets and liabilities in the balance sheet as of 31.3.2025 and 31.12.2024, include a balance of assets and liabilities in respect of open derivative positions amounting to NIS 642 million and NIS 784 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 31.3.2025 amounted to NIS 866.6 million, a 17% decrease compared to 31.12.2024. Most of the decrease is due to a decrease in cash and cash equivalents.
  • The total liabilities as of 31.3.2025 amounted to NIS 361.6 million, a 13% increase compared to 31.12.2024. Most of the increase is due to an increase in income received in advance with respect to annual levies, and an increase in loan from a bank.
  • The total equity as of 31.3.2025 amounted to NIS 504.9 million, a 30% decrease compared to 31.12.2024. The decrease in equity is due mainly to from buyback of the Company's shares, in an amount of NIS 202.4 million.

Summary of Cash Flows for the Three Months Ended March 31, 2025 (NIS, in millions):

		Three months ended March 31
	Item	2025	2024	Explanations of the Company
Opening balance		438.3	408.5
	Adjusted EBITDA	61.8	48.5	The increase in adjusted EBITDA is due mainly to an increase in profit before financing in an amount of NIS 13.3 million
Net cash from operating activities	Changes in working capital	15.7	4.9	The increase in working capital is due mainly to the increase in liabilities for employee benefits.
	Financing and tax	(19.7)	(11.4)	The increase is due mainly to higher tax payments and a reduction in interest receipts in the quarter, compared to the corresponding quarter last year.
	Total	57.8	42.0	Cash flows from operating activities increased by 37.6% between the quarters.
Net cash for investing activities	Investments in property and equipment and in intangible assets and capitalized payroll costs	(20.0)	(13.0)	The increase is due to the timing of implementation of the Group's investment work plans during the quarters.
	Disposal of financial assets, net	-	0.5	Disposal (acquisition) of assets in accordance with the Company's investments policy.
	Total	(20.0)	(12.5)
	Lease payments	(2.2)	(2.4)
Net cash for financing activities	buyback of company's shares	(202.6)	-	For information on the buyback of Company shares, see section 4.9 below.
	Receipt of Long term loan	130.0	-	For information on a loan obtained by the Company from a bank, see section 4.10 below.
	Repayment of long term loan	(107.2)	(12.5)	For information on a bank loan repaid by the Company, see section 4.10 below.
	Dividends paid	(50.7)	(272.7)	Dividend paid. For additional information, see section 4.3 below.
	Receipt carried directly to equity within the framework of implementing the TASE Restructuring Law, net	-	242.5	Receipts from a shareholders that realized shares that are subject to the provisions of the TASE Restructuring Law.
	Total	(232.7)	(45.1)
Total increase in cash and cash equivalents		(194.9)	(15.6)
Effect of changes in exchange rates on cash balances held in foreign currency		0.4	0.1
Closing balance		243.8	393.0

3. Seasonality

As a rule, the company's area of activity is not characterized by seasonality.

The revenue of the Company from trading and clearing is affected, inter alia, by the number of trading and clearing days. In the first quarter of 2025, there were 64 trading days, compared to 63 in the corresponding quarter last year.

Presented below are expected trading days:

	Q1	Q2	Q3	Q4	TOTAL
Year
2024	63	57	65	60	245
2025	64	60	62	60	246

4. Events During the Reporting Period and Thereafter

4.1 Disclosure on the effects of the "Swords of Iron" War–

On October 8, 2023, the Government of Israel declared a state of war (which is still ongoing after subsequent to the reporting date), following the surprise attack by Hamas. This has had an unsettling effect on TASE, mirroring the overall economic climate. Prices dropped, the Fear Index surged and the exchange rate of the dollar crossed the NIS 4 mark. Despite the aforesaid, 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 and TA-90, increased by 4%, each, and by the end of 2023 the devaluation of the shekel subsided and the Fear Index dropped.

In 2024, trading continued under the shadow of security and geopolitical tensions, which caused market volatility and even led to a downgrade of Israel's credit rating by the international credit rating agencies:

• Moody's: downgraded the rating during the year from A1 to Baa1, maintaining the negative outlook.
• S&P: downgraded the rating during the year from AA- to A, maintaining the negative outlook.
• Fitch: downgraded the rating from A+ to A, maintaining the negative outlook.

In the first seven months of 2024, moderate price gains were recorded in the local market, which, alongside positive macroeconomic data indicating economic stability, continued to show underperformance. Due to military initiatives and the return of a sense of civilian security, the last five months of the year saw a significant recovery that included sharp price gains which positioned TASE as a top-yielder, ahead of leading indices in the U.S. and Europe.

Overall, in 2024, Israel's risk premium dropped significantly, the average trading volumes in the equity and bond markets increased, and TASE continued to serve as a significant source of fundraising for the State of Israel and the companies.

In the first quarter of 2025, the developments at TASE fell under two distinct periods. In the first period, from the beginning of 2025 until the resumed fighting in Gaza (1.1.25-17.3.25), a ceasefire with Hamas was in placeand some of the hostages were returned. The second period commenced with the resuming of hostilities in Gaza and the initiation of proceedings for the dismissal of the Director of the Israel Security Agency and the Attorney General and ended at the end of the first quarter (18.3.25-31.3.25).

4.1 Disclosure on the effects of the "Swords of Iron" War–(Cont.)

In the first period, the equity indices presented substantial price gains, and ranked among the top global performers. In contrast, during the second period the equity indices experienced price drops and underperformance. At the same time, Israel's risk premium, as reflected in the CDS and the yields of the government bonds, increased. Overall, in the first quarter, the TASE indices outperformed their U.S. counterparts, but were outperformed by European counterparts

In January 2025, the aforementioned rating agencies published announcements indicating that a successful implementation of the ceasefire agreement between Israel and Hamas may ease economic pressures. However, they emphasized that they will continue to monitor the implementation of the agreement, as there is still uncertainty as to its sustainability and whether it would lead to a durable cessation of the war and to a reduction in the prolonged heightened risks that are currently reflected in Israel's negative rating outlook.

After the fighting resumed, in March 2025, the rating agencies, Moody's and Fitch, published a rating update, maintaining the State of Israel's current credit rating and the negative outlook.

Additionally, in January 2025 the Bank of Israel updated its macroeconomic forecast to a more positive outlook. The quarterly macroeconomic forecast published by the Bank of Israel in April incorporated the impacts of changes to the Israeli tax system that took effect on January 1, 2025 and the resuming of hostilities, and addressed the U.S. President's tariff plan. The updated forecast projects lower GDP growth than that anticipated in the January forecast, while the deficit forecast was revised downwards due to anticipated increased revenues following the raising of the tax rates. In its forecast, the Bank noted that a scenario involving a significant expansion of the hostilities in Southern Israel would increase the deficit and the Debt-GDP ratio, and would also raise the risk premium and adversely affect the exchange rate of the shekel. Such scenario could result in a lower growth rate than that anticipated in the forecast, and in higher inflation and interest rates.

The economy is slower to recover compared to past crises and has yet to resume its pre-war level of activity. The war, the duration and scope of which cannot be estimated, could have adverse effects on the Israeli market and the economy, including economic slowdown, exchange rate fluctuations, disruptions in the manufacturing and supply chain, rise in food, commodity and energy prices, and increase in the government

deficit. 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.

4.2 Adoption of a Dividend Distribution Policy

On March 6, 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 December 31, 2024 through to the date of approval of the financial statements as of December 31, 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.

4.3 Dividends

On January 2, 2024 the Company paid a dividend of NIS 2.5 per share, in a total amount of NIS 231,110 thousand. For additional information, see the immediate report published by the Company on 14.12.2023 (reference no.: 2023-01-136920).

On March 21, 2024 the Company paid a dividend of NIS 0.45 per share, in a total amount of NIS 41,608 thousand. For additional information, see the immediate report published by the Company on 6.3.2024 (reference no.: 2024-01-019909).

In accordance with the aforesaid dividend distribution policy, on March 20, 2025, the Company paid a dividend to its shareholders in an amount of NIS 50,697 thousand (representing NIS 0.5556392 per share), in accordance with its Board of Directors resolution from March 4, 2025. For additional information, see the immediate report published by the Company on 5.3.2025 (reference no.: 2025-01-014716).

4.4 Receipts from shareholders as part of the implementation of the change in ownership structure

As mentioned in note 1 B to the company's annual financial statements for 2024, as of the date of the TASE ownership restructuring, 94,000,000 shares had been held by shareholders (hereafter: Arrangement Shares"). In accordance with the TASE Ownership Restructuring Law, and to the extent that the consideration from their sale exceeds the value of the means of control sold pursuant to the Law, the excess consideration will be transferred to TASE to be used for investment in TASE's technology infrastructure. To the reporting date, 93,999,167 Arrangement Shares have been realized, and TASE's part in the consideration for those shares totaled NIS 316 million.

4.4 Receipts from shareholders as part of the implementation of the change in ownership structure (Cont.)

To the best of the Company's knowledge, as of the reporting date and further to the aforesaid, 833 shares are held by two holders of Arrangement Shares. Shortly before the date of approval of the company's financial statements, the share price as of May 11, 2025 was NIS 48.81. According to the TASE Restructuring Law, as stated in note 1B 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.

4.5 Warrants granted to new EVP

On March 4, 2025, an officer reporting to the company's CEO, who took office as EVP, member of management, Director of the Economics Department in the Company, was granted 95,248 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 60. The warrants were allotted on April 1, 2025, subsequent to the reporting date.

4.6 Warrants allotted to new directors

On March 4, 2025, two offerees serving as directors in the Company were granted 33,184 warrants (16,592 warrants, each) 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 54.37. The warrants were allotted on March 11, 2025. Following the dividend distribution on March 20, 2025, the exercise price of these warrants has been adjusted from NIS 54.37 to NIS 53.81.

4.7 Revenue recognition - income from listing fees on shares and ETFs

Further to the stated in note 2N(2)(a) of the company's annual financial statements for 2024 concerning the recognition of income from the listing of securities, income from listing fees on shares and ETFs is recognized over the period in which the securities of the customer on which the listing fees were paid are expected to be traded on TASE, since the customer simultaneously receives and consumes the rewards from the performance of the Group, where the Group provides such listing services.

In the first quarter of 2025, as part of a process for the validation of estimates, the Company, with the assistance of an independent external consultant, examined, for revenue recognition purposes, the estimate concerning the period over which the securities of the customer are traded on TASE. Similar to the estimate used by the Company in prior periods, it has been decided that the period of recognition of revenue from listing fees on the initial listing of shares and on the listing of ETFs and ETNs is 12 years, and on the secondary offering of shares, 6 years. The aforementioned estimate was approved by the Board of Directors of the Company on May 13, 2025.

4.8 Distribution model between TASE and the subsidiaries

Pursuant to the stated in note 25E(2) to the annual company's financial statements for 2024 with regard to the distribution model between TASE and the subsidiaries, in the first quarter of 2025 the Company examined the model with the assistance of an independent external consultant. As part of the examination, it has been decided that the procedure for the distribution of the economic profit between TASE and the subsidiaries will continue to be calculated as a percentage of the Company's revenue. The economic profitability and the distribution of the mixed-income were updated in accordance with a recent market survey.

The aforementioned updated model was approved by the Board of Directors of the Company and by the Boards of Directors of the Company's subsidiaries on May 13, 2025.

4.9 Plan for the buyback of the Company's shares from Manikay Fund

On January 9, 2025, after obtaining the approval of the Audit Committee and the Board of Directors of the Company (as well as following the review by the Risk Management Committee of the Company's Board of Directors of the aspects pertaining to the capital and liquidity requirements), the Company entered into a transaction with Manikay Global Opportunities Holdings 1, LLC (hereafter: "Manikay Fund"), an interested party in the Company, for the buyback of 4,622,028 ordinary shares of the Company (hereafter: "the Purchased Shares"), representing 4.82% of the issued share capital of the Company (Excluding dormant shares held by the Company), at a price of NIS 43.79 per Purchased Share and for a total consideration of NIS 202.4 million before transaction costs (hereafter: "the Transaction"). As a result of the Transaction, the Company recognized a reduction in its retained earnings in the amount of the Transaction's consideration. The Transaction was executed as an off-exchange transaction.

On the one hand, following the execution of the Transaction, Manikay Fund's percentage holding decreased to approximately 15.2% of the issued share capital of the Company (excluding dormant shares held by the Company, including the Purchased Shares). On the other hand, due to the Purchased Shares becoming dormant shares, the percentage holdings of the other equity holders in the Company increased by a uniform rate of approximately 5.07% of the issued share capital of the Company (excluding dormant shares held by the Company, including the Purchased Shares).

To complete the picture, it should be noted that, as part of the move and despite the existence of sufficient liquid balances, the company's Board of Directors has approved TASE's engagement in an agreement with a bank for the receipt of a loan in an amount of NIS 130 million, which was used by the Company to make an early repayment of a previous loan, as described in note 4.10 below, the balance of which at the transaction date (principal and interest) was NIS 100 million. In addition, in order to maintain a positive cash balance at the level of the Company (stand-alone), a wholly-owned subsidiary of the Company distributed to the company a dividend of NIS 30 million out of its liquid balances.

In addition, since the balance of the receipts from the sale of the Arrangement Shares, which is designed to finance the investments in the Group's IT systems, cannot be included in the liquid means of the Group fo

purposes of the compliance with the Capital and liquidity Requirements, the Company has also entered into an agreement with the Bank for the receipt of a credit facility of NIS 120 million for a period of one year.

To the date of this report, the credit facility has not been utilized.

4.10. Bank Loan

On January 9, 2025, concurrently with the transaction for the buyback of Company shares (see note 4.9 above), the Company obtained a loan from a bank in an amount of NIS 130 million ("the New Loan"). The New Loan was used by the Company to make a full early repayment of a previous loan, the balance of which was NIS 100 million (principal and interest) on the repayment date. The New Loan bears annual interest at the rate of Prime with the addition of a 0.2% margin and is repayable in 36 equal monthly principal installments at the end of each month, commencing in February 2025 through to January 2028 (inclusive). The interest on the loan is payable concurrently with the aforesaid principal installments. The Company has made undertakings to the bank that are customary in agreements such as the loan agreement.

The New Loan contains undertakings with similar characteristics to those prescribed for the Repaid Loan, including an undertaking to refrain from pledging the TASE building and an undertaking not to sell, transfer or make any transaction in the rights of the Company in the real estate that is used for the offices of TASE, as well as an undertaking to comply with covenants that are calculated in relation to the Company's (stand-alone) data, as described below.

In addition, the Company received a credit facility from the bank in an amount of NIS 120 million, for a period of one year ("the Credit Facility"). With respect to the Credit Facility, the Company will pay a setting-up fee in an amount equal to 0.33% of the amount of credit therein. In the event of utilization of the Credit Facility, the credit amounts will bear interest at an identical rate to that of the New Loan. The Company's undertakings to the bank in respect of the New Loan shall also apply in relation to the Credit Facility. To the date of this report, the Company has not utilized the Credit Facility.

Covenant	Description of covenant	Required ratio	Actual ratio as of 31.03.2025
Ratio of equity to total assets	The Company has undertaken to maintain a minimum ratio of equity to total assets (*)	45% (minimum)	60%
Debt coverage ratio	The Company has undertaken to maintain a maximum ratio of the balance of its non-subordinated liabilities to banks, financial institutions and other lenders, including shareholders/related parties in the operating profit to debt servicing (**)	2.5 (maximum)	1.0
Debt servicing ratio	The Company has undertaken to maintain a minimum ratio of operating profit to debt servicing (**) with the addition of the balance of cash and cash equivalents and financial assets at fair value through profit or loss (T-bills and government bonds), in the debt servicing (current maturities of the loan including financing expenses payable according to the loan's repayment schedule).	1.25 (minimum)	3.5
	(*) Based on its separate financial statements on the date of review.

As of March 31, 2025, the Company has also undertaken to the bank to comply with the following covenants:

(**) Based on its separate financial statements on the date of review. Operating profit to debt service profit before financing, net and taxes with the addition of depreciation and amortization expenses for the past 12 months.

4.11. Legal Proceedings

1. Further to the stated in note 18F(1) to the Annual Financial Statements concerning a petition filed by the Israeli Association of Mutual Fund Managers Ltd. (hereafter: "the Association") against the Israel Securities Authority and TASE (hereafter: "the Respondents"), on March 11, 2025 the State submitted its preliminary response to the petition.

On April 1, 2025, after the reporting date, the Association submitted a response to the preliminary responses, arguing that there are no grounds for the dismissal of the petition due to delay, since the Respondents had caused various delays in the delivery of documents designed to serve as the foundation for the filing of the petition. The association further argues in its response that the preliminary responses do not clarify how and on what data the Authority based its resolution.

It is the assessment of the Company's legal advisors, taking into account the grounds of the petition and the timing of its filing, that the petition is more likely to be rejected than accepted.

1. Further to the transaction for the buyback of Company shares, as described in note 4.9 above, on January 16, 2025, the Company received a motion for the certification of a class action filed against it with the Economic Department of the Tel Aviv-Jaffa District Court (hereafter: "the Motion") by a named plaintiff who, on January 9, 2025, had allegedly held 12 shares of the Company (hereafter: "the Plaintiff"). The Motion alleges that the Company prejudiced its shareholders in violation of the provisions of the law, including the provisions of Section 191 of the Companies Law, which concerns the prohibition of shareholder oppression. This, according to the Plaintiff, due to the Company's engagement with Manikay Fund, an interested party in the Company (hereafter: "Manikay Fund") in a transaction for the buyback of Company shares at a premium of 2% above the market price, instead of making a tender offer under the same terms to all of its shareholders (including the Plaintiff). The class on the behalf of which the Plaintiff seeks to conduct the class action is "anyone who has held shares of The Tel-Aviv Stock Exchange Ltd. on January 9, 2025, excluding the Respondent and/or Manikay Fund". According to the court's ruling from April 10, 2025, the Company is required to submit its response by June 1, 2025. In the opinion of the Company's legal advisors, at this preliminary stage the chances of the Motion cannot be estimated.

Nevertheless, based on a preliminary review of the arguments and considering the information furnished to the Company's legal advisors, it is their assessment, at this stage, that the chances of the Motion being accepted are low.

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 EVP, CFO			Orna Goren 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

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

17

Information relating to the results for the first quarter of 2025 (NIS, in thousands)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF (NIS, in thousands)

	March 31,		December 31,
	2025	2024	2024
Assets
Current assets
Cash and cash equivalents	243,789	392,955	438,288
Financial assets at fair value through profit or loss	93,358	90,059	93,120
Trade receivables	24,832	22,387	17,859
Other receivables	19,672	14,939	11,593
	381,651	520,340	560,860
Assets derived from clearing operations in respect of open derivative positions	642,024	1,752,755	783,916
Total current assets	1,023,675	2,273,095	1,344,776
Non-current assets
Deferred tax assets	4,036	4,432	3,248
Property and equipment, net	310,046	313,466	308,950
Intangible assets, net	165,425	157,551	163,508
Other long-term receivables	5,415	8,766	4,890
Total non-current assets	484,922	484,215	480,596
Total assets	1,508,597	2,757,310	1,825,372

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

	March 31,		December 31,
	2025	2024	2024
Liabilities and Equity
Current liabilities
Current maturities of a loan from a bank	43,646	49,876	49,953
Current maturities of lease liabilities	8,596	8,183	8,537
Trade payables	9,885	10,286	11,331
Other payables	6,553	4,081	6,345
Income received in advance with respect to annual levies	33,381	31,472	-
Deferred income from listing fees and levies	30,288	28,850	29,853
Current tax liabilities	8,853	7,561	17,388
Short-term liabilities for employee benefits	40,751	42,602	47,026
	181,953	182,911	170,433
Liabilities derived from clearing operations in respect of open derivative positions	642,024	1,752,755	783,916
Total current liabilities	823,977	1,935,666	954,349
Non-current liabilities
Loan from a bank	79,444	87,486	49,971
Lease liabilities	7,687	15,782	9,692
Deferred income from listing fees and levies	82,888	77,940	80,967
Deferred tax liabilities	-	41	-
Non-current liabilities for employee benefits	9,675	9,690	9,125
Total non-current liabilities	179,694	190,939	149,755
Equity
Remeasurement reserve of net liabilities in respect to defined benefit	6,284	5,058	6,212
Capital reserve in respect to share-based payments	46,762	42,040	45,699
Other capital reserves	319,498	309,432	319,498
Retained earnings	132,382	274,175	349,859
Total equity	504,926	630,705	721,268
Total liabilities and equity	1,508,597	2,757,310	1,825,372

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(NIS, in thousands)

	Three months ended March 31,	Year ended December 31,
2025		2024	2024
Revenue from services:
Trading and clearing commissions	49,490	42,954	166,626
Listing fees and levies	24,269	21,603	88,025
Clearing House services	31,879	19,980	88,926
Distribution of data and connectivity services	24,519	22,601	90,794
Other revenue	873	1,155	3,494
Total revenue from services	131,030	108,293	437,865
Cost of revenue:
Employee benefits expenses	44,617	39,030	165,255
Expenses in respect to share-based payments	1,063	2,113	5,772
Computer and communications expenses	12,553	10,837	43,088
Property taxes and building maintenance expenses	3,319	3,264	14,026
Other operating expenses	1,251	700	3,619
General and administrative expenses	2,704	2,485	10,522
Marketing expenses	1,766	1,341	6,672
Fee to the Israel Securities Authority	2,596	2,092	8,369
Depreciation and amortization	14,582	13,496	55,976
Other expenses	393	9	130
Total costs	84,844	75,367	313,429
Profit before financing income, net	46,186	32,926	124,436
Financing income	3,557	4,213	19,738
Financing expenses	2,667	2,776	9,713
Total financing income, net	890	1,437	10,025
Profit before taxes on income	47,076	34,363	134,461
Taxes on income	11,285	8,653	33,067
Profit for the period	35,791	25,710	101,394
Basic earnings per share (NIS)	0.390	0.278	1.093
Diluted earnings per share (NIS) 0.382

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (NIS in thousands)

	Capital reserve in respect to share based payment	Remeasure ment of net defined benefit liability	Other capital reserves	Retained earnings	Total
Balance as of January 1, 2025	45,699	6,212	319,498	349,859	721,268
Profit for the period	-	-	-	35,791	35,791
Other comprehensive loss for the period	-	72	-	-	72
Total comprehensive income for the
period	-	72	-	35,791	35,863
Share-based payment	1,063	-	-	-	1,063
Dividend paid	-	-	-	(50,697)	(50,697)
Acquisition of Treasury shares	-	-	-	(202,571)	(202,571)
Balance as of March 31, 2025	46,762	6,284	319,498	132,382	504,926

CONSOLIDATED STATEMENTS OF CASH FLOWS (NIS, in thousands)

	Three months ended March 31,		Year ended December 31,
	2025	2024	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the period	35,791	25,710	101,394
Share-based payments expenses	1,063	2,113	5,772
Tax expenses recognized in profit or loss	11,285	8,653	33,067
Net financing income recognized in profit or loss	(890)	(1,437)	(10,025)
Depreciation and amortization	14,582	13,496	55,976
Loss from deduction of assets	-	33	141
	61,831	48,568	186,325
Changes in asset and liability items:
Increase in trade receivables and other receivables	(15,577)	(12,647)	(936)
Decrease (increase) in receivables in respect to open derivative positions	141,892	(57,673)	911,166
Increase (decrease) in trade payables and other payables	1,200	(2,764)	(796)
Increase in income received in advance with respect to annual levies	33,381	31,472	-
Increase in deferred income from listing fees and levies	2,356	998	5,028
Increase (decrease) in payables in respect to open derivative positions	(141,892)	57,673	(911,166)
Decrease in liabilities for employee benefits	(5,631)	(12,199)	(6,841)
	15,729	4,860	(3,545)
Interest received	2,928	4,125	17,652
Interest paid	(2,018)	(2,808)	(8,699)
Tax payments from operating activities	(20,630)	(12,731)	(26,528)
	(19,720)	(11,414)	(17,575)
Net cash provided by operating activities	57,840	42,014	165,205
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(9,204)	(2,384)	(16,194)
Investments in intangible assets	(5,526)	(5,237)	(19,946)
Payments in respect to costs capitalized to property and equipment and to intangible assets	(5,283)	(5,377)	(18,813)
Disposal (acquisition) of financial assets at fair value through profit or loss, net	(17)	472	(731)
Net cash used in investing activities	(20,030)	(12,526)	(55,684)
CASH FLOW FROM FINANCING ACTIVITIES:
Repayment of lease liabilities	(2,175)	(2,350)	(9,472)
Acquisitions of treasury shares	(202,571)	-	-
Dividends paid	(50,697)	(272,718)	(272,718)
Receipts from shareholders within the framework of implementing the TASE Restructuring Law, net	-	242,457	252,523
Repayment of long-term loan	(107,222)	(12,500)	(50,000)
Loan from a bank	130,000	-	-
Net cash used in financing activities	(232,665)	(45,111)	(79,667)
Net increase (decrease) in cash and cash equivalents	(194,855)	(15,623)	29,854
Cash and cash equivalents, beginning of the period	438,288	408,484	408,484
Effect of changes in exchange rates on cash balances held in foreign currency	356	94	(50)
Cash and cash equivalents, end of the period	243,789	392,955	438,288

Quarterly statements of profit or loss for 2024 and for the first quarter of 2025 (NIS, in thousands)

	Jan-Mar 2024	Apr-Jun 2024	Jul-Sep 2024	Oct-Dec 2024	Jan-Mar 2025	2024
Item			(Unaudited)			(Audited)
Revenue from services:
Trading and clearing commissions	42,954	38,812	41,809	43,051	49,490	166,626
Listing fees and levies	21,603	21,715	22,397	22,310	24,269	88,025
Clearing House services	19,980	21,531	21,266	26,149	31,879	88,926
Distribution of data and connectivity services	22,601	22,119	22,951	23,123	24,519	90,794
Other revenue	1,155	933	622	784	873	3,494
Total revenue from services	108,293	105,110	109,045	115,417	131,030	437,865
Cost of revenue
Expenses in respect of employee benefits, net	39,030	39,298	41,744	45,183	44,617	165,255
Share-based payment expenses	2,113	1,405	1,166	1,088	1,063	5,772
Computer and communication expenses	10,837	10,469	11,240	10,542	12,553	43,088
Property taxes and building maintenance expenses	3,264	3,390	3,791	3,581	3,319	14,026
General and administrative expenses	2,485	2,416	2,353	3,268	2,704	10,522
Marketing expenses	1,341	663	1,799	2,869	1,766	6,672
Fee to the Israel Securities Authority	2,092	2,043	2,167	2,067	2,596	8,369
Other operating expenses	700	1,000	823	1,096	1,251	3,619
Depreciation and amortization expenses	13,496	14,060	13,995	14,425	14,582	55,976
Other expenses	9	22	57	42	393	130
Total cost of revenue	75,367	74,766	79,135	84,161	84,844	313,429
Profit before financing income, net	32,926	30,344	29,910	31,256	46,186	124,436
Financing income	4,213	4,508	6,337	4,680	3,557	19,738
Financing expenses	2,776	2,509	2,303	2,125	2,667	9,713
Total financing income, net	1,437	1,999	4,034	2,555	890	10,025
Profit before taxes on income	34,363	32,343	33,944	33,811	47,076	134,461
Taxes on income	8,653	8,063	7,912	8,439	11,285	33,067
Net profit	25,710	24,280	26,032	25,372	35,791	101,394

. The Tel-Aviv Stock Exchange Ltd. First Quarter 2025 Results

Transactional Services

	Three months ended March 31,	Year ended December 31,
	2025	2024	2024
Number of trading days	64	63	245
SHARES
Market cap of Shares (ex. ETFs)	1,216	1,038	1,218
Market cap of ETFs on share indices	151	117	151
Total market cap (in NIS billions)	1,367	1,155	1,369
Shares ADV	2,317	1,607	1,703
ETFs on share indices ADV	579	531	495
Total average daily volume (in NIS millions)	2,896	2,138	2,198
Average commissions	0.01010%	0.01110%	0.01095%
Revenue (in NIS thousands)	18,720	14,952	58,970
BONDS
Market cap of corporate bonds	531	457	504
Market cap of ETFs on bond indices	32	30	32
Total market cap (in NIS billions)	563	487	536
Corporate bonds ADV	1,011	1,054	974
ETFs on bond indices ADV	91	105	103
Total average daily volume (in NIS millions)	1,102	1,159	1,077
Corporate bonds - average commissions	0.00710%	0.00708%	0.00711%
Revenue from corporate bonds (in NIS thousands)	5,005	5,172	18,752
Market cap of government bonds -unlinked	408	328	395
Market cap of government bonds –linked and others	375	304	356
Total market cap (in NIS billions)	783	632	751
Government bonds - unlinked	2,105	2,469	2,316
Government bonds – linked and others	1,144	970	1,028
Total average daily volume (in NIS millions)	3,249	3,439	3,344
Government bonds unlinked - average commissions	0.00199%	0.00202%	0.00200%
Government bonds linked - average commissions	0.00291%	0.00299%	0.00299%
Government bonds - unlinked (in NIS thousands)	2,682	3,146	11,343
Government bonds - linked (in NIS thousands)	2,128	1,828	7,534
Revenue from Government bonds (in NIS thousands)	4,810	4,974	18,877
TREASURY BILLS
Market cap (in NIS billions)	228	256	222
Treasury bills ADV (in NIS millions)	1,319	1,926	1,419
Average commissions	0.00343%	0.00290%	0.00336%
Revenue (in NIS thousands)	2,894	3,516	11,683
MUTUAL FUNDS
Market cap (in NIS billions)	446	357	429
Average daily value of creation / redemptions (in NIS millions)	2,414	1,828	1,924
Average commissions	0.00702%	0.00748%	0.00744%
Revenue (in NIS thousands)	10,843	8,610	35,082
DERIVATIVES
Derivatives on indices	149.6	101.6	123.7
Derivatives on foreign currency	47.6	29.8	37.6
Derivatives on shares	11.0	20.1	11.8
Total derivative contracts (in '000 units)	208.2	151.5	173.1
Average commissions	0.539	0.595	0.544
Revenue (in NIS thousands)	7,187	5,672	23,090
OTHER
Other (MTS) (in NIS thousands)	31	58	172
Total revenue from trading and clearing commissions	49,490	42,954	166,626

. The Tel-Aviv Stock Exchange Ltd. First Quarter 2025 Results

Non-Transactional Services

	Three months ended March 31,		Year ended December 31,
	2025	2024	2024
CLEARING HOUSE SERVICES
Average monthly/daily market value of assets (in NIS billions)	3,685	3,110	3,238
Avg. commissions from Custodian Fees	0.00141%	0.00108%	0.00109%
Revenue from: (in NIS thousands)
Custodian Fees	13,031	8,417	35,325
Clearing House services for members	13,883	6,889	30,778
Clearing House services for companies & funds	3,465	3,132	17,011
Other	1,500	1,542	5,812
Total revenue from Clearing House services	31,879	19,980	88,926
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	621	622	617
Mutual funds and ETFs	2,335	2,311	2,281
Avg. revenue from levies (in NIS thousands)
Companies	6.6	5.7	22.9
Mutual funds and ETFs	2.3	2.1	8.7
Revenue from Annual Levies from: (in NIS thousands)
Companies	4,072	3,557	14,157
Mutual funds and ETFs	5,349	4,933	19,895
Nominee Company and others	3,082	2,201	9,573
Total revenue from Annual levies	12,503	10,691	43,625
The value of issuance used to calculate Listing fees (in NIS
millions)
Companies – Shares, Bonds and ETFs	54,431	43,089	171,989
Government bonds (including swap transactions)	58,608	67,331	219,940
Treasury-bills	113,256	101,914	439,824
Average revenue from Examination and Listing Fees
Companies – shares, bonds and ETFs	0.0168%	0.0165%	0.0172%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	2,442	2,040	8,650
Receipts from listing Fees
Listing fees - shares, bonds & ETF's	9,171	7,102	29,559
Listing fees - government bonds	1,674	1,619	6,476
Listing of T-bills	793	713	3,080
Levies and examination fees from members	-	30	1,091
Other	113	223	910
Total receipts	11,751	9,687	41,116
Accounting adjustments to revenue recognition	(2,427)	(815)	(5,366)
Total revenue from listing Fees	9,324	8,872	35,750
Total revenue from examination and listing fees (in NIS thousands)	11,766	10,912	44,400
Total revenue from listing fees and levies	24,269	21,603	88,025

. The Tel-Aviv Stock Exchange Ltd. First Quarter 2025 Results

	Three months ended March 31,		Year ended December 31,
	2025	2024	2024
DATA DISTRIBUTION AND CONNECTIVITY SERVICES (*)
Average number of data terminals
Domestic business clients(1)	7,795	7,491	7,398
Overseas business clients	5,106	5,848	5,207
Non-display data(2)	209	231	213
Revenue from data distribution and connectivity services (in NIS thousands)
Domestic business clients(1)	5,120	4,723	18,729
Overseas business clients	2,758	3,009	11,322
Private clients	3,366	2,498	10,918
Derivative data and non-display data(3)	1,142	1,166	4,553
Data files and other data	1,533	1,259	5,222
Authorization for indices usage	6,670	6,286	25,060
Connectivity services	3,930	3,660	14,990
Total revenue from data distribution and connectivity services	24,519	22,601	90,794

• (1) The revenue from data distribution to a business client include differently priced data packages. The number of terminals for business clients includes only the data packages that contain all data groups.
• (2) The number of terminals attributed to quote generators.
• (3) The revenues from non-display data packages include data packages that are differently priced for domestic clients and overseas clients, including quote generators.

The velocity of trading (1) in Israel in the reported period:

	Three months ended March 31,		% Change	Year ended December 31,
	2025	2024		2024
Velocity of trading
Shares	45.4%	38.8%	17%	40.7%
Corporate bonds (2)	51.9%	59.6%	(13%)	54.4%
Government bonds – shekel (3)	94.5%	149.3%	(37%)	131.1%
Government bonds – linked (4)	66.3%	67.0%	(1%)	66.5%
Treasury bills	139.6%	157.4%	(11%)	130.2%

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

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

• (3) Including "Shahar" fixed-interest shekel bonds and short-term government bonds.
• (4) Includes CPI-linked bonds and "Gilon" variable-interest shekel bonds, and global government bonds (foreign exchange-linked).

	Deferred income from listing fees as of	Total receipts for the Three months ended	Income recognition in Three months ended	Deferred income from listing fees as of	Income recognition in twelve months ended			Deferred income from listing fees as of
	31.12.24	31.3.25	31.3.25	31.3.25	31.3.26	31.3.27	31.3.28	31.3.28
Listing of
Shares	23.9	1.4	1.5	23.8	5.5	4.7	3.7	9.9
Corporate bonds	48.8	6.8	4.5	51.1	15.1	11.1	9.7	15.2
ETF	21.6	0.9	1.1	21.4	4.4	3.5	2.9	10.6
Government bonds	14.2	1.7	1.2	14.7	3.2	2.9	2.7	5.9
T-bills	1.5	0.8	0.8	1.5	1.5	-	-	-
Total	110.0	11.6	9.1	112.5	29.7	22.2	19.0	41.6

Deferred income from listing fees