Tel Aviv Stock Exchange Ltd. — Investor Presentation 2020

Nov 24, 2020

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Third quarter 2020

1

IMPORTANT: You must read the following before continuing. The following applies to the presentation with respect to The Tel-Aviv Stock Exchange Limited and its subsidiaries and affiliates (collectively, "TASE"). In accessing the presentation, you agree to be bound by the following terms and conditions.

The presentation does not constitute or form part of, and should not be construed as an offer or the solicitation of an offer to subscribe for or purchase the securities of TASE, and nothing contained therein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, nor does it constitute a recommendation regarding the securities. Any investment decision in respect of the securities should be made solely on the basis of the information to be contained in the public reports of TASE.

The information in the presentation is basic and concise while the public reports of TASE contain more detailed information which may be different from, or additional to, the information contained in this presentation. In the event of any contradiction or discrepancy between the presentation and the public reports, the information in the public reports prevails. Thus, the presentation is not intended to serve as a substitute to reading TASE's public reports.

The Information contains statements and information that are forward-looking. Such forward-looking statements and information are only predictions and cannot assure TASE's future performance. Investors have been cautioned that any such forward-looking statements and information are subject to many risks and uncertainties relating to the operations and business of TASE. As a result of such risks and uncertainties, the actual results of TASE may be materially different from any future result expressed or implied in the forward-looking statement or information contained herein. Any opinions expressed in this presentation are subject to change without notice and TASE is not under obligation to update or keep current any of the forward-looking statement or information contained herein.

No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained therein. The information, including but not limited to forward-looking statements, applies only as of the date of this presentation and is not intended to give any assurances as to future results. TASE expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data or forward-looking statements, and will not publicly release any revisions it may make to the information that may result from any change in TASE's expectations, any change in events, conditions or circumstances on which these forward-looking statements are based, or other events or circumstances arising after the date of this document

TASE at a Glance / Q3'20 by the Numbers

Established in 1953, TASE is the only Securities Exchange in Israel and a cornerstone of its growing capital market

TASE plays a critical role in the market infrastructure of Israel as well as the overall growth of its economy

"Home court" for Israeli companies looking to raise capital

• Primary source of capital raising for the Israeli government
• Only clearing house infrastructure in Israel, including clearing/ settlement of mutual funds (major retail investing channel)

(1) Includes corporate, government bonds ,ETFs and structured bonds. (2) Excludes options on single shares and TA-Banks indices. (3) Includes corporate, government and structured bonds.

The results for Q3'20

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	September 30, 2020	September 30, 2019	Difference -%
Revenue from services	72,030	66,048	9%
Expenses	64,069	60,287	6%
Profit before financing income, net	7,961	5,761	38%
Financing income	(900)	3,065	)129%(
Taxes on income	1,692	2,021	)16%(
Net profit	5,369	6,805	(21%)
Diluted EPS (in NIS)	0.052	0.067	(22%)
Non GAAP
Adjusted EBITDA	19,338	17,008	14%
%EBTDA Adjusted margin	27%	26%
Adjusted net profit	5,619	7,237	(22%)
Adjusted net profit margin	7.8%	11%

Revenue Q3'20

NIS, in thousands

							43% transactional
	Quarter Ended						57% non-transactional
	September 30, 2020	% of the Company's total revenues	September 30, 2019	% of the Company's total revenues	Difference - %		1% 16%
Trading and clearing commissions	31,097	43%	28,193	43%	10%	The increase was due mainly to the higher trading volumes on TASE following the coronavirus outbreak. The higher trading volumes in shares accounted for close to 9%, while the increased trading volumes in corporate bonds contributed close to 1% of the increase in total revenue from trading and clearing services.	Q3'20 Revenue 43%
Listing fees and levies	14,856	21%	13,508	20%	10%	The increase is due to an increase in revenue from examination fees (4%). In addition, an increase in revenue from listing fees, an increase in the charging of new annual fees prescribed in 2019 and 2020 and an increase in existing fees, each contributed 2% to the increase in total revenue from listing fees and levies.	72.0 19% NIS Millions
Clearing House services	13,952	19%	12,918	19%	8%	The increase is due to an increase in existing Clearing House services, which contributed 5% to the increase in total revenue from Clearing House services, and to new Clearing House services to companies, which contributed 3% to the increase in total revenue from Clearing House services.	21%
Distribution of data and connectivity services	11,738	16%	10,422	16%	13%	The increase is due mainly to revenue from private and business customers (6% and 2%, respectively) and from the launch of the colocation and BSO activities in 2019 (2%) . Additionally, TASE started charging business customers for data previously distributed free of charge, a measure that accounted for 3% of the increase in total revenue from data distribution and connectivity services.	Trading and clearing commissions Clearing House services
Other revenue	387	1%	1,007	2%	(62%)	Most of the decrease derives from the shutting down of the Conference Center activities in March 2020 as a result of the coronavirus outbreak.	Securities listing fees, and annual levies
Total revenue	72,030	100%	66,048	100%	9%		Distribution of data and connectivity services Other

Adjusted Expenses(*) Q3'20

NIS, in thousands

	Quarter Ended
	September30, 2020	% of the Company's total Expenses	September 30, 2019	% of the Company's total Expenses	Difference -%
Compensation	34,989	55%	33,088	55%	6%
Computer and Communications	6,736	11%	6,320	10%	7%
Property Taxes and Building Maintenance	3,076	5%	3,075	5%	-
Marketing	2,693	4%	1,746	1%	54%
Fee to the Israel Securities Authority	2,694	4%	2,658	5%	1%
General and Administrative	2,504	4%	2,153	4%	16%
Depreciation & amortization	11,126	17%	10,809	19%	3%
Other	1	-	6	1%	)83%(
Total Expenses	63,819	100%	59,855	100%	7%

Compensation Computer and communication Property taxes and building maintenance General and administrative Marketing Fee to the Israeli Securities Authority Depreciation and amortization Other

Balance Sheet, Capital and Liquidity Position

as of September 30th 2020 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents	140,311
Financial assets at fair value through profit or loss	202,392
Trade receivables	12,755
Other receivables	13,146
Total )1(	368,604
Assets derived from clearing operations in respect of open derivative positions	303,155
	671,759
Non-current assets
Cash restricted as to use	542
Other long-term receivables	2,477
Property and equipment, net	333,111
Intangible assets, net	117,556
Deferred tax assets	14,912
Total non-current assets	468,598
Total assets	1,140,357
Liabilities and Equity:
Current liabilities
Trade payables	14,112
Short-term liabilities for employee benefits	36,447
Other payables	2,745
Current maturities of lease liabilities	5,843
Current tax liabilities	3,056
Deferred income in respect of listing fees and levies	28,257
Total )1(	90,460
Liabilities derived from clearing operations in respect of open derivative positions	303,155
Total current liabilities	393,615
Non-current liabilities:
Non-current liabilities for employee benefits	39,775
Lease liabilities	9,860
Deferred income in respect of listing fees and levies	76,470
Other liabilities	542
Total non-current liabilities	126,647
Total equity	620,095
Total liabilities and equity	1,140,357
(1) Equity Ratio	54%

Capital requirements in respect of the risk components:
Credit risk	36,297
Market risk	5,836
Legal and operational risk (2)	40,150
Business continuity and reorganization (3)	112,503
Contribution against default waterfall	26,838
Total capital requirements in respect of the risk components	221,624
Capital base components:
Total equity	620,095
Less:
Intangible assets	)106,912(
Total qualifying capital base	513,183
Capital surplus (qualifying capital base, less requirements)	291,559
Liquidity requirements in respect to the risk components
Business continuity and reorganization	112,503
Contribution against default waterfall	26,838
Total requirements for liquid assets	139,341
Cash and cash equivalents	140,311
Securities portfolio at fair value	202,392
Less – amortization coefficients on the assets	(10,717)
Credit line	30,000
Less – current liabilities	(70,067)
Net liquid assets	291,919
Liquidity surplus (net liquid assets, less requirements)	152,578

153 NIS in Millions Excess Liquidity

(1) Excluded balance derived from clearing operations in respect of open derivative positions (2) A capital allocation equivalent to 15% of the average gross income in the last twelve quarters. (3) A capital allocation equivalent to six months' operating expenses (on an annual basis).

Cash Flow NIS in Millions

	Item	Q1-Q3'20	Q3'20	Q2'20	Q1'20	Q1-Q3'19	Q3'19	Q2'19	Q1'19
Operating Activities	Adjusted EBITDA (1)	69.2	19.3	21.0	28.9	47.8	17.0	16.6	14.2
	Changes in working capital	8.6	)10.4(	2.3	16.7	1.3	(5.1)	0.3	6.2
	Financing and tax	(2.7)	)1.4(	)2.3(	1.0	6.7	0.9	1.5	4.3
	Total	75.1	7.5	21.0	46.6	55.8	12.8	18.4	24.7
Investing	Investments in property and equipment and in intangible assets	(23.5)	)6.4(	(9.0)	)8.1(	(24.4)	(6.5)	(7.7)	)10.2(
Activities	Acquisition of financial assets at fair value	(2.8)	)0.8(	(3.5)	1.5	(29.2)	0.3	(29.6)	0.1
	Total	(26.3)	)7.2(	(12.5)	)6.6(	(53.6)	(6.2)	(37.3)	)10.1(
	Lease payments	(7.4)	)2.4(	(2.5)	)2.5(	(7.3)	(2.5)	)2.5(	)2.3(
Financing	Receipts from shareholders within the framework of implementing the ownership restructuring, net	3.7	3.7	-	-	22.2	22.2	-	-
Activities	Dividend payment	(8.8)	-	)8.8(	-	-	-	-	-
	Total	(12.5)	1.3	(11.3)	)2.5(	14.9	19.7	(2.5)	)2.3(
	Total increase in cash and cash equivalents	36.3	1.6	)2.8(	37.5	17.1	26.3	)21.4(	12.3
	Free Cash Flow (2)	44.2	(1.3)	9.5	36.0	24.1	3.8	8.2	12.2

(1) Exclude expenses in respect to share-payments in 2019 and 2020.

(3) .

(2) FCF includes the net cash from operating activities, less Investments in property and equipment and in intangible assets and Lease payments

Revenue Trends

NIS in Millions

(1) The revenue from the distribution of data includes revenue in respect of connectivity, which was presented net in the previous quarters in 2018 and 2017. (2) Revenue in respect of connectivity was presented in the previous quarters of 2018 and 2017 in other revenue.

Adjusted Operating Expenses(1) Trends

NIS in Millions

Quarterly Expenses(1)

Profitability Trends

-10%

0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0

-5%

0%

5%

10%

15%

20%

NIS in Millions

Adjusted Net Profit & Margin (1)

12.0%

35%

130.0

45.0

11 (1) Excludes the reversal of the impairment provision in 2018 and expenses in respect to share-payments in 2017, 2019 and 2020.

Issuance Volume

(1) Excludes Private Placements

(2) Corporate Bond Issuances in 2018 includes NIS 6.6bn raised by foreign companies attracted to our market

APPENDIX

13

Q3'20 Revenue Composition

Revenue Drill Down | Transactional - Shares

Revenue Drill Down | Transactional - Bonds

Revenue Drill Down | Transactional - Mutual Funds

Average Daily Turnover (NIS billions)

Revenue Capture %

Revenue (NIS millions)

Revenue Drill Down | Transactional – Derivatives

0.528

Daily Contracts (thousands)

Average Daily Turnover (in '000 units)

Revenue Capture % Commission / Contract

Revenue (NIS millions)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

Revenue (NIS

millions)**

billions)*

Yield

* The asset value is for the end of the period.

** The collection of revenues based on the value of assets at the end of each month.

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

(*) The revenue from the distribution of data includes revenue in respect of connectivity, which was presented net in the previous quarters in 2018 and 2017.

Q3'20 Adjusted Expense Composition

• Compensation
• Computer and communication
• Property taxes and building maintenance
• General and administrative
• Marketing
• Fee to the Israeli Securities Authority
• Depreciation and amortization
• Other

Compensation

The 2017 Collective Agreement sets the maximum annual increase in employee base compensation to the greater of 3.5% or CPI plus 1.5%(1)

General and Administrative

professional services, overhead, supplies, utilities, and insurance

Q3'20: NIS 35.0M

Costs associated with

Q3'20: NIS 2.5M

Computer and Communications

• Expenses associated with maintenance, support, and software licenses
• Q3'20: NIS 6.7M

Property Taxes and Building Maintenance

• Expenses associated with owning the TASE headquarters
• Q3'20: NIS 3.1M

Marketing

General marketing expenses including marketing to increase listings and capital raises

Depreciation & Other

Q3'20: NIS 2.7M

Fee to the Israel Securities Authority

• Annual fee to the Company's primary regulator
• Q3'20: NIS 2.7M

Q3'20: NIS 11.1M

Note: Expenses exclude expenses to share-based payments. (1) The Chairman of the Board, CEO and Vice Presidents have individual employment contracts, not subject to the 2017 Collective Agreement.

21

Adjusted Net Profit and Adjusted EBITDA Reconciliation

NIS in Thousands

			Quarter Ended	Nine Months Ended		Year Ended December 31,
		September 30, 2020	September 30, 2019	September 30, 2020	September 30, 2019	2019	2018
Adjusted Net Profit Reconciliation	Profit (loss) for the year	5,369	6,805	25,629	14,728	17,558	86,422
	(-) Reversal of impairment provision	-	-	-	-	-	)85,108(
	(+) Expenses in respect to share-based payments	250	432	1,034	3,440	3,858	-
	(+) Impact of taxes on reversal of impairment provision	-	-	-	-	-	19,575
	Adjusted Net Profit	5,619	7,237	26,663	18,168	21,416	20,889

			Quarter Ended	Nine Months Ended		Year Ended December 31,
		September 30, 2020	September 30, 2019	September 30, 2020	September 30, 2019	2019	2018
Adjusted EBITDA Reconciliation	Profit (loss) before financing income, net	7,961	5,761	35,187	10,611	14,160	113,622
	(-) Reversal of impairment provision	-	-	-	-	-	)85,108(
	(+) Expenses in respect to share-based payments	250	432	1,034	3,440	3,858	-
	(+) Depreciation and amortization expenses	11,126	10,809	32,965	32,514	43,571	32,672
	(+) Loss (gain) from disposal of property and equipment and intangible assets	1	6	19	1,279	1,358	280
	Adjusted EBITDA	19,338	17,008	69,205	47,844	62,947	61,466

Transactional Metrics

	Nine Months Ended		Quarter Ended							Year Ended
	30.09.20	30.09.19	30.09.20	30.06.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
Number of trading days	182	185	62	57	63	59	62	60	63	244	245	245
SHARES
Shares (ex. ETN / ETFs)	714	780	714	680	649	820	780	767	745	820	703	801
ETN / ETFs on share indices	53	64	52	50	46	64	64	64	64	64	60	75
Market value (in NIS billions)	766	844	766	730	695	884	844	831	809	884	763	876
Shares (ex. ETN / ETFs)	1,503	1,043	1,357	1,484	1,663	1,200	1,144	1,056	932	1,081	1,124	1,103
ETN / ETFs on share indices	423	215	339	401	527	231	223	206	217	219	470	301
Average daily turnover (in NIS millions)	1,926	1,259	1,696	1,885	2,190	1,431	1,367	1,262	1,149	1,300	1,594	1,404
Average commissions	0.01049%	0.01032%	0.01070%	0.01086%	0.01004%	0.00994%	0.01027%	0.01026%	0.01047%	0.01022%	0.00900%	0.01000%
Revenue (in NIS thousands)	36,776	24,044	11,259	11,668	13,849	8,389	8,698	7,770	7,577	32,434	33,976	34,584
BONDS
Government bonds -Unlinked	328	275	328	307	270	275	275	253	254	275	248	252
Government bonds -Linked	269	262	269	260	254	257	262	253	248	257	236	240
Corporate bonds	383	410	383	372	373	411	410	402	373	411	380	372
Bonds (ex. ETN / ETFs)	980	946	980	938	896	947	947	908	892	943	864	864
ETN / ETFs on bond indices	29	29	29	27	26	29	29	22	21	29	27	39
Market value (in NIS billions)	1,010	975	1,010	965	922	972	976	936	913	972	891	903
Government bonds - Unlinked ADV (in NIS millions)	2,059	1,780	1,568	2,116	2,492	1,541	1,968	1,593	1,773	1,722	1,741	1,602
Government bonds - Linked ADV (in NIS millions)	1,168	921	1,097	1,091	1,307	824	940	952	872	897	907	1,010
Corporate bonds ADV excluding ETNs (in NIS millions)	967	766	794	1,071	1,043	898	708	786	793	798	899	893
ETN / ETFs on bond indices	158	92	132	160	182	103	105	78	106	95	160	134
Average daily turnover (in NIS millions)	4,352	3,559	3,591	4,438	5,023	3,366	3,721	3,409	3,543	3,512	3,706	3,639
Government bonds Unlinked - Average commissions	0.00187%	0.00191%	0.00192%	0.00183%	0.00187%	0.00193%	0.00189%	0.00188%	0.00197%	0.00192%	0.00190%	0.00193%
Government bonds Linked - Average commissions	0.00294%	0.00291%	0.00291%	0.00313%	0.00281%	0.00291%	0.00287%	0.00293%	0.00292%	0.00291%	0.00289%	0.00287%
Corporate bonds - Average commissions	0.00689%	0.00700%	0.00690%	0.00679%	0.00698%	0.00677%	0.00704%	0.00708%	0.00688%	0.00694%	0.00694%	0.00685%
Government bonds (in NIS thousands)	7,008	6,300	1,866	2,210	2,932	1,752	2,300	1,798	2,201	8,052	8,106	7,588
Government bonds (in NIS thousands)	6,246	4,953	1,982	1,949	2,314	1,414	1,674	1,676	1,603	6,367	6,431	7,096
Corporate bonds (in NIS thousands)	14,111	11,116	3,959	4,766	5,386	4,000	3,547	3,671	3,896	15,116	17,998	17,239
Other (MTS) (in NIS thousands)	104	158	29	33	42	28	59	38	61	187	281	288
Revenue (in NIS thousands)	27,469	22,527	7,836	8,958	10,674	7,195	7,581	7,183	7,761	29,722	32,816	24,623

Transactional Metrics | Continued

	Nine Months Ended		Quarter Ended								Year Ended
	30.09.20	30.09.19	30.09.20	30.06.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
TREASURY BILLS	182	185	62	57	63	59	62	57	60	244	245	245
TREASURY BILLS
Market value (in NIS billions)	91	120	91	93	112	120	120	117	114	120	108	92
Treasury bills ADV (in NIS millions)	688	411	482	667	911	421	452	341	436	413	431	214
Average commissions	0.00195%	0.00259%	0.00221%	0.00184%	0.00188%	0.00248%	0.00212%	0.00305%	0.00272%	0.00256%	0.00343%	0.00194%
Revenue (in NIS thousands)	2,439	1,964	660	699	1,080	617	595	623	746	2,581	3,622	1,019
MUTUAL FUNDS
Market value (in NIS billions)	224	248	224	215	200	259	248	238	230	259	220	243
Average daily value of creation / redemptions (in NIS millions)	1,117	876	772	864	1686	907	868	821	913	883	960	946
Average commissions	0.00975%	0.01103%	0.01249%	0.01166%	0.00763%	0.01093%	0.01138%	0.01164%	0.01044%	0.01100%	0.01016%	0.01000%
Revenue (in NIS thousands)	19,826	17,867	5,978	5,743	8,106	5,849	6,127	5,732	6,007	23,716	23,900	23,325
DERIVATIVES
Derivatives on indices (in '000 units) (1)	114.1	100	110.1	111.3	120.6	84.7	107.0	101.2	93.1	96.6	134.3	131.4
Derivatives on FX (in '000 units)	56.6	43	53.6	57.7	58.7	54.3	47.4	40.2	40.2	45.4	58.5	55.2
Single stock Derivatives (in '000 units)	3.1	3	2.9	3.7	2.8	3.4	4.2	3.2	1.8	3.1	2.6	2.9
Average Daily Volume of Contracts (in '000 units)	173.8	146	166.6	172.7	182.0	142.4	158.6	144.6	135.0	145.1	196.0	189.0
Average commissions	0.520	0.528	0.519	0.520	0.521	0.510	0.528	0.531	0.525	0.524	0.521	0.528
Revenue (in NIS thousands)	16,454	14,259	5,364	5,119	5,971	4,288	5,192	4,607	4,461	18,546	25,042	24,429
Total revenue from Trading and clearing commissions	102,964	80,661	31,097	32,186	39,680	26,338	28,193	25,915	26,552	106,999	119,355	107,980

Non-Transactional Metrics

	Nine Months Ended		Quarter Ended								Year Ended
	30.09.20	30.09.19	30.09.20	30.06.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
CLEARING HOUSE SERVICES
Market value of assets (in NIS billions)	2,464	2,564	2,464	2,363	2,265	2,639	2,564	2,478	2,419	2,639	2,310	2,455
Avg. commissions on custodian fees	0.00110%	0.00105%	0.00110%	0.00111%	0.00109%	0.00106%	0.00105%	0.00105%	0.00105%	0.00105%	0.00105%	0.00105%
Revenue from: (in NIS thousands)
Custodian fees	19,693	19,564	6,625	6,397	6,671	6,970	6,691	6,503	6,370	26,534	26,435	25,480
Clearing House services for members / company events	19,072	15,121	6,024	6,534	6,514	6,039	5,090	5,362	4,669	21,160	18,907	15,157
Other	3,681	3,461	1,303	1,196	1,183	1,175	1,136	1,013	1,312	4,637	4,263	3,905
Total revenue from Clearing house services	42,447	38,147	13,952	14,127	14,367	14,184	12,918	12,878	12,351	52,331	49,605	44,542

	Nine Months Ended		Quarter Ended								Year Ended
	30.09.20	30.09.19	30.09.20	31.6.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	528	544	527	529	531	551	536	539	540	541	563	535
Mutual funds and ETNs / ETFs	2,142	2,093	2,124	2,154	2,150	1,479	2,099	2,088	2,087	2,132	1,511	1,397
Avg. revenue from levies (in NIS thousands)
Companies	15.7	14.1	5.3	5.2	5.2	3.3	4.7	4.7	4.8	18.9	12.9	13.0
Mutual funds	5.7	5.5	1.9	1.9	2.0	2.1	1.8	1.8	1.8	7.2	7.3	7.1
Revenue from annual levies from: (in NIS thousands)
Companies	8,299	7,679	2,767	2,766	2,766	1,799	2,540	2,543	2,596	10,198	7,236	6,949
Mutual funds & ETFs	12,301	11,513	3,946	4,002	4,354	3,115	3,843	3,821	3,850	15,339	11,033	9,882
Nominee Company	2,273	1,706	772	750	751	610	588	549	568	2,530	1,883	340
Total revenue from Annual levies	22,874	20,898	7,486	7,518	7,871	5,524	6,971	6,913	7,014	28,067	20,152	17,171

Non-Transactional Metrics | Continued

	Nine Months Ended				Year Ended
	30.09.20	30.09.19	30.09.20	30.06.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
LISTING FEES AND LEVIES
Issuance volume and swap transactions (in NIS millions)
Shares and bonds	66,425	65,451	24,705	21,885	19,835	34,151	27,049	21,852	16,550	91,415	74,661	86,360
Government bonds	119,753	67,923	55,580	45,621	18,552	18,192	24,843	21,034	22,047	86,115	59,709	58,193
Short term T-bills	71,934	95,736	26,986	16,986	27,962	35,948	35,922	35,887	23,927	131,684	137,712	100,883
Number of issuances
Tel Aviv public offerings	73	43	29	21	23	17	13	18	12	60	64	92
New offerings	12	6	6	4	2	1	2	3	1	7	11	17
New dual-listed companies	2	3	0	1	1	-	2	1	-	3	3	3
Issuance volume and funding
IPOs (in NIS millions)	2,136	2,706	1,136	563	437	500	514	2,140	53	3,206	1,844	3,014
Preferred shares (in NIS millions)	-	-	-	-	-	-	-	-	-	-	-	798
New offerings (in NIS millions)	-	1,608	-	-	-	120	110	1,498	-	1,728	7,196	7,540
Corporate bonds Number of issuances (total)	108	117	38	37	33	43	46	41	30	160	142	177
Corporate bonds Number of issuances (new)	-	3	-	-	-	1	1	2	-	4	13	14
Average revenue from examination and listing fees
Shares and bonds	0.021%	0.021%	0.020%	0.023%	0.020%	0.021%	0.014%	0.019%	0.029%	0.023%	0.023%	0.016%
Government bonds	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%	0.004%
Revenue from examination and listing fees (in NIS thousands)
Examination fees	4,851	4,085	1,690	1,682	1,479	1,331	1,155	1,456	1,475	5,416	7,985	5,834
Listing of shares & bonds	15,127	13,648	5,870	5,271	3,986	7,310	3,864	6,238	3,545	20,958	16,922	13,458
Listing of government bonds	4,303	2,385	1,984	1,643	675	660	883	730	772	3,045	2,388	2,328
Listing of T-bills	504	670	189	119	196	252	251	251	167	922	964	706
Annual levies and handling fees from member	53	340	-	53	-	868	152	107	82	1,208	-	-
Other	122	402	95	29	98	344	171	119	112	746	774	240
Effect of IFRS on Listing Fees	)3,236(	)1,958(	)2,459(	(1,450)	673	(3,726)	62	(2,336)	316	(5,684)	(2,660)	-
Total revenue from examination and listing fees	21,723	19,572	7,370	7,347	7,107	7,039	6,537	6,565	6,469	26,611	26,373	22,566
Total revenue from Listing fees and levies	44,598	40,469	14,855	14,865	14,978	14,208	13,508	13,478	13,483	54,677	46,525	39,737

Non-Transactional Metrics | Continued

	Nine Months Ended		Quarter Ended								Year Ended
	30.09.20	30.09.19	30.09.20	30.06.20	31.03.20	31.12.19	30.09.19	30.06.19	31.03.19	31.12.19	31.12.18	31.12.17
DISTRIBUTION OF DATA AND CONNECTIVITY SERVICES:
Average number of data terminals
Domestic business clients	7,588	7,253	7,504	7,652	7,607	7,335	6,804	6,679	8,276	7,189	8,073	8,445
Domestic private clients	8,720	7,177	9,097	9,298	7,766	4,426	6,868	10,610	4,670	6,489	-	-
Overseas	4,466	4,853	4,506	4,598	4,293	4,987	4,824	4,721	5,013	4,886	4,745	5,200
Quote generator	270	242	260	279	272	254	234	242	171	245	-	-
Revenue from data terminals and data (in NIS thousands)
Domestic business clients	12,360	11,749	4,075	4,153	4,131	3,779	3,674	3,607	4,469	15,528	17,438	18,140
Domestic private clients	2,747	2,333	955	977	815	393	729	1,114	490	2,726	-	-
Overseas	4,150	4,695	1,375	1,429	1,346	1,574	1,528	1,525	1,642	6,270	6,148	6,709
Quote generator	1,214	1,077	400	413	400	353	344	322	411	1,430	-	-
Usage based	6,252	4,125	2,132	2,438	1,682	1,668	1,460	901	1,789	5,793	8,342	8,131
Indices and data	2,264	2,162	625	625	1,014	857	550	570	1,068	3,019	3,026	3,660
connectivity services	6,551	5,589	2,177	2,148	2,226	2,065	2,136	1,631	1,769	7,654	-	-
Total revenue from Distribution of data and connectivity services	35,536	31,731	11,738	12,183	11,615	10,688	10,422	9,670	11,638	42,419	34,954	36,640

27 (*) The revenue from the distribution of data includes revenue in respect of connectivity, which was previously presented net.

CONTACTS

Yehuda van der Walde EVP CFO

Email: cfo@tase.co.il

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

28

Email: tase.ir@tase.co.il

Tel: +972-76-8160405