Tel Aviv Stock Exchange Ltd. — Investor Presentation 2020

Aug 11, 2020

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Second 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 / Q2'20 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 Q2'20

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	June 30, 2020	June 30, 2019	Difference -%
Revenue from services	73,547	62,910	17%
Expenses	63,908	60,951	5%
Profit before financing income, net	9,639	1,959	392%
Financing income	3,505	2,286	53%
Taxes on income	3,114	1,739	79%
Net profit	10,030	2,506	300%
Diluted EPS (in NIS)	0.097	0.025	288%
Non GAAP
Adjusted EBITDA	20,977	16,645	26%
%EBTDA Adjusted margin	29%	26%
Adjusted net profit	10,400	5,514	89%
Adjusted net profit margin	14.1%	8.8%

Revenue 2Q'20

NIS, in thousands

	Quarter Ended						44% transactional 56% non-transactional
	June 30, 2020	% of the Company's total revenues	June 30, 2019	% of the Company's total revenues	Difference - %		0%
Trading and clearing commissions	32,187	44%	25,915	41%	24%	The increase was due mainly to the higher trading volumes on TASE following the coronavirus outbreak. The increased trading volumes in the various segments contributed 29% to the increase in revenue from trading and clearing, while the smaller number of trading days in the second quarter reduced revenue by 5%	17% 2Q'20
Listing fees and levies	14,765	20%	13,478	22%	10%	The increase was due mainly to the recognition of revenue from listing fees (5%). Another increase stemmed from the charging of new levies (2%) and revenue from existing levies (2%).	Revenue 44% 73.5 19%
Clearing House services	14,127	19%	12,878	20%	10%	The increase is due mainly to an increase in Clearing House services to members (6%) and to revenue from new Clearing House services (3%).	NIS Millions
Distribution of data and connectivity services	12,183	17%	9,670	15%	26%	The increase is due mainly to revenue from private and business customers (9% and 6%, respectively). Another increase resulted from the launch of the colocation and BSO activities in 2019 (5%).	20%
Other revenue	285	0%	969	2%	(71%)	Most of the decrease derives from the shutting down of the Conference Center activities in March 2020 as a result of the coronavirus outbreak.	Trading and clearing commissions Clearing House services
Total revenue	73,547	100%	62,910	100%	17%		Securities listing fees, and annual levies
						Distribution of data and connectivity services

Other

Adjusted Expenses(*) 2Q'20

NIS, in thousands

	Quarter Ended
	June 30, 2020	% of the Company's total Expenses	June 30, 2019	% of the Company's total Expenses	Difference -%
Compensation	34,568	54%	32,051	55%	8%
Computer and Communications	6,850	11%	5,615	10%	22%
Property Taxes and Building Maintenance	2,277	4%	3,076	5%	)26%(
Marketing	3,981	6%	434	1%	817%
Fee to the Israel Securities Authority	2,689	4%	2,658	5%	1%
General and Administrative	2,205	4%	2,431	4%	)9%(
Depreciation & amortization	10,968	17%	11,099	19%	)1%(
Other	-	0%	579	1%	)100%(
Total Expenses	63,538	100%	57,943	100%	9.7%

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 June 30th 2020 | NIS Thousands

Assets:

Current assets
Cash and cash equivalents	138,658
Financial assets at fair value through profit or loss	204,597
Trade receivables	11,822
Other receivables	12,875
Total )1(	367,952
Assets derived from clearing operations in respect of open derivative positions	462,406
	830,358
Non-current assets
Cash restricted as to use	542
Other long-term receivables	2,866
Property and equipment, net	335,104
Intangible assets, net	115,978
Deferred tax assets	12,953
Total non-current assets	467,443
Total assets	1,297,801
Liabilities and Equity:
Current liabilities
Trade payables	10,857
Short-term liabilities for employee benefits	40,069
Other payables	3,146
Current maturities of lease liabilities	7,334
Current tax liabilities	4,598
Deferred income in respect of listing fees and levies	35,376
Total )1(	101,380
Liabilities derived from clearing operations in respect of open derivative positions	462,406
Total current liabilities	563,786
Non-current liabilities:
Non-current liabilities for employee benefits	32,012
Lease liabilities	10,585
Deferred income in respect of listing fees and levies	74,413
Other liabilities	542
Total non-current liabilities	117,552
Total equity	616,463
Total liabilities and equity	1,297,801
Equity Ratio (1)	48%

Capital requirements in respect of the risk components:
Credit risk	35,930
Market risk	5,748
Legal and operational risk (2)	39,579
Business continuity and reorganization (3)	111,084
Contribution against default waterfall	26,518
Total capital requirements in respect of the risk components	218,859
Capital base components:
Total equity	616,463
Less:
Intangible assets	)105,548(
Total qualifying capital base	510,915
Capital surplus (qualifying capital base, less requirements)	292,056
Liquidity requirements in respect to the risk components
Business continuity and reorganization	111,084
Contribution against default waterfall	26,518
Total requirements for liquid assets	137,602
Cash and cash equivalents	138,658
Securities portfolio at fair value	204,597
Less – amortization coefficients on the assets	(10,617)
Credit line	30,000
Less – current liabilities	(81,453)
Net liquid assets	281,185
Liquidity surplus (net liquid assets, less requirements)	143,583

144 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).

	Item	1Q'20	2Q'20	1H'20	1Q' 19	2Q' 19	1H'19
Operating Activities	Adjusted EBITDA	28.9	21.0	49.9	14.2	16.6	30.8
	Changes in working capital	16.7	2.3	19.0	6.2	0.3	6.5
	Financing and tax	1.0	)2.3(	(1.3)	4.3	1.5	5.8
	Total	46.6	21.0	67.6	24.7	18.4	43.1
Investing Activities	Investments in property and equipment and in intangible assets	(8.1)	(9.0)	(17.1)	(10.2)	(7.7)	(17.9)
	Acquisition of financial assets at fair value	1.5	(3.5)	(2.0)	0.1	(29.6)	(29.5)
	Total	(6.6)	(12.5)	(19.1)	(10.1)	(37.3)	(47.4)
Financing Activities	Lease payments	(2.5)	(2.5)	(5.0)	(2.3)	)2.5(	(4.8)
	Dividend payment	-	)8.8(	(8.8)	-	-	-
	Total	(2.5)	(11.3)	(13.8)	(2.3)	(2.5)	(4.8)
	Total increase in cash and cash equivalents	37.5	)2.8(	34.7	12.3	)21.4(	(9.1)
	Free Cash Flow(1)	36.0	9.5	45.5	12.2	8.2	20.4

(2) .

(1) FCF includes the net cash from operating activities, less Investments in property and equipment and in intangible assets and Lease payments 8

Revenue Trends

NIS in Millions

(1) The revenue from the distribution of data includes revenue in respect of connectivity, which was previously presented net. (2) Revenue in respect of connectivity was presented in the previous quarters of 2019 in other revenue.

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

NIS in Millions

Adjusted Net Profit & Margin (1)

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

2018 2019 H1'20

2018 )2( 2019 H1'20

APPENDIX

13

Q2'20 Revenue Composition

• Trading and clearing commissions
• Clearing House services
• Securities listing fees, and annual levies
• Distribution of data and connectivity services
• Other

Trading and Clearing Commissions

Securities Listing Fees and Annual Levies

Clearing House Services

• Custodian services, clearing of corporate actions, and transfer activities
• Commissions and custodian fees charged monthly based on asset values

Distribution of Data and Connectivity Services(1)

• Real-time data offering to data distributors and financial institutions
• Monthly subscription fees on terminals, indices and data. Additional revenues based on extent of usage and access

Services Indices and historical data

Connectivity

Full Terminal -

Full Terminal - Foreign

Usage based feeds

Israel

Other

Rent and conference center revenues and other revenues-NIS 0.6M

Revenue Drill Down | Transactional - Shares

Revenue Drill Down | Transactional - Bonds

Revenue Drill Down | Transactional - Mutual Funds

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

Custodian fees (Clearing House Services)

Asset Value (NIS bn)

0.00105% 0.00105% 0.00105% 0.00108% 0.00105% 0.00105% 0.00105% 0.00105% 0.00105% 0.00105% 0.00105% 0.00106% 0.00109% 0.00111%

Revenue (NIS mm)

Yield

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 previously presented net.

Q2'20 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

Q2'20: NIS 34.6M

Costs associated with

Q2'20: NIS 2.2M

Computer and Communications

• Expenses associated with maintenance, support, and software licenses
• Q2'20: NIS 6.9M

Property Taxes and Building Maintenance

• Expenses associated with owning the TASE headquarters
• Q2'20: NIS 2.3M

General marketing expenses including marketing to increase listings and capital raises

Marketing

Q2'20: NIS 4.0M

Fee to the Israel Securities Authority

• Annual fee to the Company's primary regulator
• Q2'20: NIS 2.7M

Depreciation & Other

Q2'20: NIS 11.0M

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	Six Months Ended		Year Ended December 31,
		June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2019	2019	2018
Adjusted Net Profit Reconciliation	Profit (loss) for the year	10,030	2,506	20,260	7,923	17,558	86,422
	(-) Reversal of impairment provision	-	-	-	-	-	)85,108(
	(+) Expenses in respect to share-based payments	370	3,008	784	3,008	3,858	-
	(+) Impact of taxes on reversal of impairment provision	-	-	-	-	-	19,575
	Adjusted Net Profit	10,400	5,514	21,044	10,931	21,416	20,889
			Quarter Ended	Six Months Ended		Year Ended December 31,
		June 30, 2020	June 30, 2019	June 30, 2020	June 30, 2019	2019	2018
	Profit (loss) before financing income, net	9,639	1,959	27,226	4,850	14,160	113,622
	(-) Reversal of impairment provision	-	-	-	-	-	)85,108(
Adjusted EBITDA	(+) Expenses in respect to share-based payments	370	3,008	784	3,008	3,858	-
Reconciliation	(+) Depreciation and amortization expenses	10,968	11,099	21,857	22,978	43,571	32,672
	(+) Loss (gain) from disposal of property and equipment and intangible assets	-	579	-	-	1,358	280
	Adjusted EBITDA	20,977	16,645	49,867	30,836	62,947	61,466

Transactional Metrics

	Six months ended		Quarter Ended						Year Ended
	30.6.2020	30.6.2019	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
Number of trading days	120	123	57	63	62	57	60	61	244	245	245
SHARES
Shares (ex. ETN / ETFs)	680	767	680	649	703	780	767	745	820	703	801
ETN / ETFs on share indices	50.071764	64	50.071764	46.1	60	64	64	64	64.3	60	75
Market value (in NIS billions)	730	831	730	695	763	844	831	809	884	763	876
Shares (ex. ETN / ETFs)	1,578	993	1,484	1,663	1,164	1,144	1,056	932	1,081	1,124	1,103
ETN / ETFs on share indices	467	211	401	527	1016	223	206	217	219	470	301
Average daily turnover (in NIS millions)	2,045	1,204	1,885	2,190	2,180	1,367	1,262	1,149	1,300	1,594	1,404
Average commissions	0.01040%	0.01036%	0.01086%	0.01004%	0.00654%	0.01027%	0.01026%	0.01047%	0.01022%	0.00900%	0.01000%
Revenue (in NIS thousands)	25,517	15,346	11,668	13,849	9,124	8,698	7,770	7,577	32,434	33,976	34,584
BONDS
Government bonds -Unlinked	341	295	341	313	248	319	295	290	316	248	252
Government bonds -Linked	225	211	225	210	236	218	211	208	216	236	240
Corporate bonds	372	402	372	373	380	410	402	373	411	380	372
Bonds (ex. ETN / ETFs)	938	908	938	896	864	947	908	892	943	864	864
ETN / ETFs on bond indices	27	28	27	26	27	29	28	21	29	27	39
Market value (in NIS billions)	965	936	965	922	891	976	936	913	972	891	903
Government bonds - Unlinked ADV (in NIS millions)	2,313	1,685	2,116	2,492	1,794	1,968	1,593	1,773	1,722	1,741	1,602
Government bonds - Linked ADV (in NIS millions)	1,204	911	1,091	1,307	831	940	952	872	897	907	1,010
Corporate bonds ADV excluding ETNs (in NIS millions)	1,056	796	1,071	1,043	923	708	786	793	798	899	893
ETN / ETFs on bond indices	172	86	160	182	241	105	78	106	95	160	134
Average daily turnover (in NIS millions)	4,745	3,478	4,438	5,023	3,788	3,721	3,409	3,543	3,512	3,706	3,639
Government bonds Unlinked - Average commissions	0.00185%	0.00193%	0.00183%	0.00187%	0.00188%	0.00189%	0.00188%	0.00197%	0.00192%	0.00190%	0.00193%
Government bonds Linked - Average commissions	0.00295%	0.00293%	0.00313%	0.00281%	0.00285%	0.00287%	0.00293%	0.00292%	0.00291%	0.00289%	0.00287%
Corporate bonds - Average commissions	0.00689%	0.00698%	0.00679%	0.00698%	0.00671%	0.00704%	0.00708%	0.00688%	0.00694%	0.00694%	0.00685%
Government bonds (in NIS thousands)	5,142	3,999	2,210	2,932	2,159	2,300	1,798	2,201	8,052	8,106	7,588
Government bonds (in NIS thousands)	4,263	3,279	1,949	2,314	1,515	1,674	1,676	1,603	6,367	6,431	7,096
Corporate bonds (in NIS thousands)	10,153	7,569	4,766	5,386	4,992	3,547	3,671	3,896	15,116	17,998	17,239
Other (MTS) (in NIS thousands)	75	99	33	42	56	59	38	61	187	281	288
Revenue (in NIS thousands)	19,633	14,946	8,958	10,674	8,722	7,581	7,183	7,761	29,722	32,816	24,623

Transactional Metrics | Continued

	Six months ended		Quarter Ended							Year Ended
	30.6.2020	30.6.2019	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
TREASURY BILLS
Market value (in NIS billions)	93	117	93	112	108	120	117	114	120	108	92
Treasury bills ADV (in NIS millions)	795	390	667	911	638	452	341	436	413	431	214
Average commissions	0.00186%	0.00286%	0.00184%	0.00188%	0.00683%	0.00212%	0.00305%	0.00272%	0.00256%	0.00343%	0.00194%
Revenue (in NIS thousands)	1,779	1,370	699	1,080	2,786	595	623	746	2,581	3,622	1,019
MUTUAL FUNDS
Market value (in NIS billions)	215	238	215	200	220	248	238	230	259	220	243
Average daily value of creation / redemptions (in NIS millions)	1296	879	864	1686	1038	868	821	913	883	960	946
Average commissions	0.0089%	0.0109%	0.0117%	0.0076%	0.0094%	0.0114%	0.0116%	0.0104%	0.0110%	0.0102%	0.0100%
Revenue (in NIS thousands)	13,848	11,739	5,743	8,106	6,276	6,127	5,732	6,007	23,716	23,900	23,325
DERIVATIVES
Options on indices	116.1	97.0	111.3	120.6	140.5	107.0	101.2	93.1	96.6	134.3	131.4
Derivatives on FX	58.2	40.2	57.7	58.7	51.1	47.4	40.2	40.2	45.4	58.5	55.2
Derivatives on single shares	3.2	2.4	3.7	2.8	2.5	4.2	3.2	1.8	3.1	2.6	2.9
Total derivative contracts (in '000 units)	177.5	139.6	172.7	182.0	194.1	158.6	144.6	135.0	145.1	196.0	189.0
Average commissions	0.521	0.528	0.520	0.521	0.530	0.528	0.531	0.525	0.524	0.521	0.528
Revenue (in NIS thousands)	11,090	9,067	5,119	5,971	6,586	5,192	4,607	4,461	18,546	25,042	24,429
Total revenue from Trading and clearing commissions	71,867	52,468	32,186	39,680	33,494	28,193	25,915	26,552	106,999	119,355	107,980

Non-Transactional Metrics

	Six months Ended		Quarter Ended							Year Ended
	30.6.2020	30.6.2019	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
CLEARING HOUSE SERVICES
Market value of assets (in NIS billions)	2,363	2,478	2,363	2,265	2,310	2,564	2,478	2,419	2,639	2,310	2,455
Avg. commissions on custodian fees	0.00108%	0.00105%	0.00111%	0.00109%	0.00105%	0.00105%	0.00105%	0.00105%	0.00105%	0.00105%	0.00105%
Revenue from: (in NIS thousands)
Custodian fees	13,068	12,873	6,397	6,671	6,501	6,691	6,503	6,370	26,534	26,435	25,480
Clearing House services for members / company events	13,048	10,032	6,534	6,514	5,472	5,090	5,362	4,669	21,160	18,907	15,157
Other	2,379	2,324	1,196	1,183	1,024	1,136	1,013	1,312	4,637	4,263	3,905
Total revenue from Clearing House services	28,495	25,229	14,127	14,367	12,997	12,918	12,878	12,351	52,331	49,605	44,542

Non-Transactional Metrics | Continued

	Six months Ended		Quarter Ended						Year Ended
	30.6.20	30.6.2019	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	529	539	529	531	551	536	539	540	541	563	535
Mutual funds and ETNs / ETFs	2,151	2,089	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	10.5	9.5	5.2	5.2	3.3	4.7	4.7	4.8	18.9	12.9	13.0
Mutual funds	3.9	3.7	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	5,532	5,139	2,766	2,766	1,799	2,540	2,543	2,596	10,198	7,236	6,949
Mutual funds & ETFs	8,355	7,670	4,002	4,354	3,115	3,843	3,821	3,850	15,339	11,033	9,882
Nominee Company	1,501	1,118	750	751	610	588	549	568	2,530	1,883	340
Total revenue from annual levies	15,388	13,927	7,518	7,871	5,524	6,971	6,913	7,014	28,067	20,152	17,171
Issuance volume and swap transactions (in NIS millions)
Shares and bonds	41,720	38,402	21,885	19,835	17,504	18,862	21,852	16,550	91,415	74,661	86,360
Government bonds	64,173	43,080	45,621	18,552	17,103	24,843	21,034	22,047	86,115	59,709	58,193
Short term T-bills	44,948	59,814	16,986	27,962	47,850	35,922	35,887	23,927	131,684	137,712	100,883
Number of issuances
Tel Aviv public offerings	44	30	21	23	14	13	18	12	60	64	92
New offerings	6	4	4	2	2	2	3	1	7	11	17
New dual-listed companies	2	1	1	1	2	2	1	-	3	3	3
Issuance volume and funding
IPOs (in NIS millions)	1,000	2,192	563	437	173	514	2,140	53	3,206	1,844	3,014
Preferred shares (in NIS millions)	-	-	-	-	-	-	-	-	-	-	798
New offerings (in NIS millions)	-	1,498	-	-	241	110	1,498	-	1,728	7,196	7,540
Corporate bonds Number of issuances (total)	70	71	37	33	31	46	41	30	160	142	177
Corporate bonds Number of issuances (new)	-	2	-	-	1	1	2	-	4	13	14
Average revenue from examination and listing fees
Shares and bonds	0.0218%	0.0255%	0.0234%	0.0201%	0.0143%	0.0187%	0.0285%	0.0177%	0.0229%	0.0227%	0.0156%
Government bonds	0.0036%	0.0035%	0.0036%	0.0036%	0.0036%	0.0040%	0.0035%	0.0040%	0.0035%	0.0040%	0.0040%
Revenue from examination and listing fees (in NIS thousands)
Examination fees	3,161	2,930	1,682	1,479	1,525	1,155	1,456	1,475	5,416	7,985	5,834
Listing of shares & bonds	9,114	9,783	5,128	3,986	6,577	3,864	6,238	3,545	20,958	16,922	13,458
Listing of government bonds	2,318	1,502	1,643	675	684	883	730	772	3,045	2,388	2,328
Listing of T-bills	315	419	119	196	335	251	251	167	922	964	706
Annual levies and handling fees from member	53	189	53	-	-	152	107	82	1,208	-	-
Other	170	231	72	98	138	171	119	112	746	774	240
Effect of IFRS on Listing Fees	-777	-2,020	-1,450	673	-665	62	-2,336	316	-5,684	-2,660	-
Total revenue from examination and listing fees	14,354	13,034	7,246	7,107	8,595	6,537	6,565	6,469	26,611	26,373	22,566
Total revenue from Listing fees and levies	29,742	26,961	14,765	14,978	13,508	10,480	13,477	10,620	54,677	46,525	39,737

Non-Transactional Metrics | Continued

	Six months Ended		Quarter Ended							Year Ended
	30.6.20	30.6.19	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
DISTRIBUTION OF DATA AND CONNECTIVITY SERVICES:
Average number of data terminals
Domestic business clients	7,630	7,478	7,652	7,607	8,093	6,804	6,679	8,276	7,189	8,073	8,445
Domestic private clients	8,532	7,638	9,298	7,766	-	6,868	10,610	4,670	6,489	-	-
Overseas	4,446	4,867	4,598	4,293	4,844	4,824	4,721	5,013	4,886	4,745	5,200
Quote generator	275	246	279	272	-	234	242	171	245	-	-
Revenue from data terminals and data (in NIS thousands)
Domestic business clients	8,285	8,076	4,153	4,131	4,428	3,674	3,607	4,469	15,528	17,438	18,140
Domestic private clients	1,792	1,604	977	815	-	729	1,114	490	2,726	-	-
Overseas	2,775	3,167	1,429	1,346	1,579	1,528	1,525	1,642	6,270	6,148	6,709
Quote generator	813	733	413	400	-	344	322	411	1,430	-	-
Usage based	4,120	2,664	2,438	1,682	2,119	1,460	901	1,789	5,793	8,342	8,131
Indices and data	1,639	1,665	625	1,014	525	550	570	1,068	3,019	3,026	3,660
connectivity services	4,374	3,400	2,148	2,226	-	2,136	1,631	1,769	7,654	-	-
Total revenue from Distribution of data and connectivity services	23,798	21,309	12,183	11,615	8,651	10,422	9,670	11,638	42,419	34,954	36,640

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