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Tel Aviv Stock Exchange Ltd. Investor Presentation 2021

Mar 16, 2021

7071_rns_2021-03-16_383f05c9-936f-464d-bc28-d9f59378c05b.pdf

Investor Presentation

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Tel-Aviv Stock Exchange (TASE) Investors Presentation

Fourth 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 / 2020 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 Q4'20

Quarter Ended
IFRS (GAAP) December 31,
2020		 December 31,
2019		 Difference
-%
Revenue from services 77,482 66,416 17%
Expenses 63,897 62,867 2%
Profit before financing income, net 13,585 3,549 283%
Financing income 1,229 )402( )406%(
Taxes on income 3,539 317 1016%
Net profit 11,275 2,830 298%
Diluted
EPS (in NIS)		 0.110 0.028 296%
Non GAAP
Adjusted EBITDA 25,944 15,103 72%
%EBTDA
Adjusted margin		 33% 23%
Adjusted net profit 11,521 3,248 255%
Adjusted net profit margin 15% 5%

Revenue Q4'20

43% transactional
Quarter Ended 57% non-transactional
December
31,
2020		 % of the
Company's
total
revenues		 December
31,
2019		 % of the
Company's
total
revenues		 Difference
-
%		 1%
17%
Trading and
clearing
commissions		 33,487 43% 26,339 40% 27% The
increase
in
revenues
is
due
to
the
increased
trading
volumes
in
shares,
derivatives
and
government
bonds,
which
accounted
for
6%,
2%
and
1%,
respectively.
In
addition,
the
increase
in
revenues
is
also
due
to
an
increase
in
the
number
of
trading
days
as
compared
to
the
corresponding
quarter
last
year
(12%),
and
due
to
the
higher
effective
commission
rate
(7%)		 Q4'20
Revenue
43%
Listing fees
and levies		 15,289 20% 14,209 21% 8% The
increase
in
revenues
is
due
mainly
from
the
increase
in
revenue
from
examination
fees
(5%).
In
addition,
an
increase
in
revenue
from
listing
fees
and
an
increase
in
the
charging
of
new
annual
fees
prescribed
in
2019
and
2020
contributed
1%
and
2%,
respectively,
to
the
increase
in
total
revenue
from
listing
fees
and
levies.		 77.5
19%
NIS Millions
Clearing
House
services		 15,006 19% 14,184 21% 6% The increase is due to the increase in existing Clearing House services, which
contributed 3% to the increase in total, and from new Clearing House services to
companies, which contributed 3% to the increase in total revenue from Clearing
House services.		 20%
Distribution
of data and
connectivity
services		 12,872 17% 10,688 16% 20% The
increase
is
due
mainly
to
revenue
from
private
customers
(8%)
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
9%
of
the
increase
in
total
revenue
from
data
distribution
and
connectivity
services.		 Trading and clearing commissions
Other
revenue		 828 1% 996 1% )17%( 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
Clearing House services
Total
revenue		 77,482 100% 66,416 100% 17% Distribution of data and connectivity services
Other

Adjusted Expenses(*) Q4'20

Quarter Ended
September30,
2020		 % of the
Company's
total
Expenses		 September
30,
2019		 % of the
Company's
total Expenses		 Difference
-%
Compensation 33,407 52% 34,298 55% )3%(
Computer and
Communications		 6,879 11% 6,148 10% 12%
Property Taxes and
Building
Maintenance		 3,275 5% 3,428 5% )4%(
Marketing 2,994 5% 1,942 3% 54%
Fee to the Israel
Securities
Authority		 2,694 4% 2,706 4% -
General and
Administrative		 2,289 4% 2,791 5% )18%(
Depreciation &
amortization		 11,545 18% 11,057 18% 4%
Other 568 1% 79 - 619%
Total Expenses 63,651 100% 62,449 100% 2%

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

Balance Sheet, Capital and Liquidity Position

as of September 30th 2020 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents 142,154
Financial assets at fair value through profit or loss 204,558
Trade receivables 12,854
Other receivables 6,449
Total )1( 366,015
Assets derived from clearing operations in respect of open
derivative positions		 353,193
719,208
Non-current assets
Cash restricted as to use 542
Other long-term receivables 2,110
Property and equipment, net 330,075
Intangible assets, net 121,121
Deferred tax assets 14,808
Total non-current assets 468,656
Total assets 1,187,864
Liabilities and Equity:
Current liabilities
Trade payables 12,159
Short-term liabilities for employee benefits 32,013
Other payables 3,684
Current maturities of lease liabilities 4,302
Current tax liabilities 1,919
Deferred income in respect of listing fees and levies 21,064
Total )1( 75,141
Liabilities derived from clearing operations in respect of open
derivative positions		 353,193
Total current liabilities 428,334
Non-current liabilities:
Non-current liabilities for employee benefits 40,413
Lease liabilities 9,089
Deferred income in respect of listing fees and levies 78,646
Other liabilities 542
Total non-current liabilities 128,690
Total equity 630,840
Total liabilities and equity 1,187,864
Equity Ratio
(1)		 53%
Capital requirements in respect of the risk components:
Credit risk 35,562
Market risk 6,138
Legal and operational risk (2) 40,994
Business continuity and reorganization (3) 113,284
Contribution against default waterfall 27,019
Total capital requirements in respect of the risk components 222,997
Capital base components:
Total equity 630,840
Less:
Intangible assets )110,197(
Total qualifying capital base 520,643
Capital surplus (qualifying capital base, less requirements) 297,646
Liquidity requirements in respect to the risk components
Business continuity and reorganization 113,284
Contribution against default waterfall 27,019
Total requirements for liquid assets 140,303
Cash and cash equivalents 142,154
Securities portfolio at fair value 204,558
Less –
amortization coefficients on the assets		 )10,631(
Credit line -
Less –
current liabilities		 )54,183(
Net liquid assets 281,898
Liquidity surplus (net liquid assets, less requirements) 141,595

142 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 2020 Q4'20 Q3'20 Q2'20 Q1'20 2019 Q4'19 Q3'19 Q2'19
Adjusted EBITDA
(1)		 95.1 25.9 19.3 21.0 28.9 62.9
15.1		 17.0 16.6
Operating Changes in working capital 6.7 (1.9) )10.4( 2.3 16.7 12.4
11		 (5.1) 0.3
Activities Financing and tax (6.4) (3.7) )1.4( )2.3( 1.0 1.0
(0.9)		 0.9 1.5
Total 95.4 7.5 7.5 21.0 46.6 81.1
25.2		 12.8 18.4
Investments in property and
equipment and in intangible assets		 (37.9) (14.4) )6.4( (9.0) )8.1( (33.9)
(9.5)		 (6.5) (7.7)
Investing
Activities		 Acquisition of financial assets at fair
value		 (4.2) (1.4) )0.8( (3.5) 1.5 (17.0)
12.2		 0.3 (29.6)
Total (42.1) (15.8) )7.2( (12.5) )6.6( (50.9)
2.7		 (6.2) (37.3)
Lease payments (9.9) (2.5) )2.4( (2.5) )2.5( (9.8)
(2.5)		 (2.5) )2.5(
Financing Receipts from shareholders within
the framework of implementing the
ownership restructuring, net		 3.7 - 3.7 - - 29.4
7.2		 22.2 -
Activities Dividend
payment		 (8.8) - - )8.8( - -
-		 - -
Total (15.0) (2.5) 1.3 (11.3) )2.5( 19.6
4.7		 19.7 (2.5)
Total increase in cash and cash
equivalents		 38.3 2.0 1.6 )2.8( 37.5 49.8 32.6 26.3 )21.4(
Free Cash Flow
(2)		 47.6 3.4 (1.3) 9.5 36.0 37.4 13.2 3.8 8.2

(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

The results for 2020

Year Ended
IFRS (GAAP) December 31,
2020		 December 31,
2019		 Difference
-%
Revenue from services 304,266 260,001 17%
Expenses 255,494 245,841 4%
Profit before financing income, net 48,772 14,160 244%
Financing income )573( 8,969 )106%(
Taxes on income 11,295 5,571 103%
Net profit 36,904 17,558 110%
Diluted
EPS (in NIS)		 0.358 0.174 106%
Non GAAP
Adjusted EBITDA 95,149 61,589 54%
%EBTDA
Adjusted margin		 31% 24%
Adjusted net profit 38,184 21,416 78%
Adjusted net profit margin 13% 8%

Revenue 2020

45% transactional
Year Ended 55% non-transactional
December
31,
2020		 % of the
Company's
total
revenues		 December
31,
2019		 % of the
Company's
total
revenues		 Difference
-
%		 1%
16%
Trading and
clearing
commissions		 136,451 45% 107,000 41% 28% The
increase
in
revenues
is
due
to
the
increased
trading
volumes
in
share,
in
the
volume
of
creations
and
redemptions
in
mutual
funds,
in
the
trading
volumes
of
corporate
bonds,
derivatives,
government
bonds
and
T-bills,
which
contributed
13%,
4%,
3%,
3%,
2%
and
1%,
respectively.
Additionally,
the
greater
number
of
trading
days
in
2020
as
compared
to
2019
contributed
2%
to
the
increase
in
revenues.		 2020
Revenue
45%
Listing fees
and levies		 59,887 20% 54,678 21% 10% The
increase
in
revenues
is
due
to
the
increase
in
revenue
from
examination
fees
(3%).
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,
contributed
3%,
2%
and
2%,
respectively,
to
the
increase
in
total
revenue
from
listing
fees
and
levies.		 304.3
19%
NIS Millions
Clearing
House
services		 57,453 19% 52,331 20% 10% The
increase
is
due
to
an
increase
in
existing
Clearing
House
services,
which
contributed
6%
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.		 19%
Distribution
of data and
connectivity
services		 48,408 16% 42,419 16% 14% The
increase
is
due
mainly
to
revenue
from
private
customers
(6%)
and
from
the
launch
of
the
colocation
and
BSO
activities
in
2019
(3%)
Additionally,
TASE
started
charging
business
customers
for
data
previously
distributed
free
of
charge,
a
measure
that
accounted
for
4%
of
the
increase
in
total
revenue
from
data
distribution
and
connectivity
services.		 Trading and clearing commissions
Other
revenue		 2,067 1% 3,573 1% )42%( 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		 304,266 100% 260,001 100% 17% Clearing House services
Distribution of data and connectivity services
Other

Adjusted Expenses(*) Q4'20

NIS, in thousands

Quarter Ended
September30,
2020		 % of the
Company's
total Expenses		 September
30,
2019		 % of the
Company's
total Expenses		 Difference
-%
Compensation 139,355 55% 132,973 55% 5%
Computer and
Communications		 26,753 11% 23,819 10% 12%
Property Taxes and
Building
Maintenance		 11,762 5% 12,602 5% )7%(
Marketing 11,098 4% 7,858 3% 41%
Fee to the Israel
Securities Authority		 10,776 4% 10,680 4% 1%
General and
Administrative		 9,373 4% 9,122 4% 3%
Depreciation &
amortization		 44,510 17% 43,571 18% 2%
Other 587 55% 1,358 1% )57%(
Total Expenses 254,214 100% 241,983 100% 5%

Compensation

Computer and communication

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

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

Profitability Trends

NIS in Millions

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

0%

0%

0.0

5.0

10.0

15.0

20.0

25.0

5%

0.0

30.0

10.0

20.0

30.0

40.0

50.0

60.0

5%

10%

15%

20%

25%

30%

35%

40%

45%

Issuance Volume

(1) Excludes Private Placements

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

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APPENDIX

16

Q4'20 Revenue Composition

2020 Revenue Composition

Revenue Drill Down | Transactional - Shares

Revenue Capture %

Revenue

(NIS millions)

Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs and ETNs

Revenue Drill Down | Transactional - Bonds

Velocity Represents: Calculated as annualized trading volumes divided by average market capitalization Includes ETFs and ETNs

Revenue Drill Down | Transactional - Mutual Funds

Revenue Drill Down | Transactional – Derivatives

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

* 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.

Q4'20 Adjusted Expense Composition

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • 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)
  • Q4'20: NIS 33.4M

Computer and Communications

  • Expenses associated with maintenance, support, and software licenses
  • Q4'20: NIS 6.9M

Property Taxes and Building Maintenance

  • Expenses associated with owning the TASE headquarters
  • Q4'20: NIS 3.3M
General and Administrative Marketing Fee to the Israel Securities
Authority

Costs associated with
professional services, overhead,
supplies, utilities, and insurance

Q4'20: NIS 2.3M
General marketing expenses
including marketing to increase
listings and capital raises

Q4'20: NIS 3.0M
Annual fee to the Company's
primary regulator

Q4'20: NIS 2.7M
Depreciation & Other

Q4'20: NIS 12.1M

2020 Adjusted Expense Composition

  • Compensation
  • Computer and communication
  • Property taxes and building maintenance
  • Marketing
  • Fee to the Israeli Securities Authority
  • General and administrative
  • 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)
  • 2020: NIS 139.5M

Computer and Communications

  • Expenses associated with maintenance, support, and software licenses
  • 2020: NIS 26.7M

Property Taxes and Building Maintenance

  • Expenses associated with owning the TASE headquarters
  • 2020: NIS 11.8M

Depreciation & Other Fee to the Israel Securities Authority Annual fee to the Company's primary regulator 2020: NIS 10.8M Marketing General marketing expenses including marketing to increase listings and capital raises 2020: NIS 11.1M General and Administrative Costs associated with professional services, overhead, supplies, utilities, and insurance 2020: NIS 9.4M

2020: NIS 45.1M

Adjusted Net Profit and Adjusted EBITDA Reconciliation

Quarter Ended Year Ended December 31,
December 31, 2020 December 31,
2019		 2020 2019 2018
Adjusted Net Profit
Reconciliation		 Profit (loss) for the year 11,275 2,830 36,904 17,558 86,422
(-) Reversal of impairment provision - - - - )85,108(
(+) Expenses in respect to share-based payments 246 418 1,280 3,858 -
(+) Impact of taxes on reversal of impairment
provision		 - - - - 19,575
Adjusted Net Profit 11,521 3,248 38,184 21,416 20,889
Quarter Ended Year Ended December 31,
December 31, 2020 December 31,
2019		 2020 2019 2018
Adjusted EBITDA Profit (loss) before financing income, net 13,585 3,549 48,772 14,160 113,622
(-) Reversal of impairment provision - - - - )85,108(
(+) Expenses in respect to share-based payments 246 418 1,280 3,858 -
Reconciliation (+) Depreciation and amortization expenses 11,545 10,606 44,510 43,571 32,672
(+) Loss (gain) from disposal of property and
equipment and intangible assets		 568 530 587 1,358 280
Adjusted EBITDA 25,944 15,103 95,149 62,947 61,466

Transactional Metrics

Quarter Ended Year Ended
31.12.20 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
Number of trading days 66 62 57 63 59 62 60 63 248 244 245 245
SHARES
Shares (ex. ETN / ETFs) 842 714 680 649 820 780 767 745 842 820 703 801
ETN / ETFs on share indices 61 52 50 46 64 64 64 64 60 64 60 75
Market value (in NIS billions) 903 766 730 695 884 844 831 809 902 884 763 876
Shares (ex. ETN / ETFs) 1,363 1,357 1,484 1,663 1,200 1,144 1,056 932 1,465 1,081 1,124 1,103
ETN / ETFs on share indices 307 339 401 527 231 223 206 217 393 219 470 301
Average daily turnover (in NIS millions) 1,670 1,696 1,885 2,190 1,431 1,367 1,262 1,149 1,858 1,300 1,594 1,404
Average commissions 0.01123% 0.01070% 0.01086% 0.01004% 0.00994% 0.01027% 0.01026% 0.01047% 0.01067% 0.01022% 0.00900% 0.01000%
Revenue (in NIS thousands) 12,373 11,259 11,668 13,849 8,389 8,698 7,770 7,577 49,150 32,434 33,976 34,584
BONDS
Government bonds -Unlinked 351 328 307 270 276 275 253 250 351 275 248 252
Government bonds -Linked 280 269 259 254 257 262 253 248 280 257 236 240
Corporate bonds 388 383 372 373 411 409 402 394 388 411 380 372
Bonds (ex. ETN / ETFs) 1,019 980 938 897 944 946 908 892 1,019 943 864 864
ETN / ETFs on bond indices 31 30 27 26 29 29 28 27 31 29 27 39
Market value (in NIS billions) 1,050 1,010 965 923 973 975 936 919 1,050 972 891 903
Government bonds -
Unlinked ADV (in NIS millions)		 1,682 1,568 2,116 2,492 1,541 1,968 1,593 1,773 1,959 1,722 1,741 1,602
Government bonds -
Linked ADV (in NIS millions)		 914 1,097 1,091 1,307 824 940 952 872 1,100 897 907 1,010
Corporate bonds ADV excluding ETNs (in NIS millions) 822 794 1,071 1,043 898 708 786 793 928 798 899 893
ETN / ETFs on bond indices 120 132 160 182 103 105 78 106 148 95 160 134
Average daily turnover (in NIS millions) 3,538 3,591 4,438 5,024 3,366 3,721 3,409 3,544 4,135 3,512 3,706 3,639
Government bonds Unlinked -
Average commissions		 0.00190% 0.00192% 0.00183% 0.00187% 0.00193% 0.00189% 0.00188% 0.00197% 0.00188% 0.00192% 0.00190% 0.00193%
Government bonds Linked -
Average commissions		 0.00294% 0.00291% 0.00313% 0.00281% 0.00291% 0.00287% 0.00293% 0.00292% 0.00294% 0.00291% 0.00289% 0.00287%
Corporate bonds -
Average commissions		 0.00718% 0.00690% 0.00679% 0.00698% 0.00677% 0.00704% 0.00708% 0.00688% 0.00696% 0.00694% 0.00694% 0.00685%
Government bonds (in NIS thousands) 2,108 1,866 2,210 2,932 1,752 2,301 1,798 2,201 9,116 8,052 8,106 7,588
Government bonds (in NIS thousands) 1,776 1,982 1,950 2,314 1,414 1,674 1,676 1,603 8,022 6,367 6,431 7,096
Corporate bonds (in NIS thousands) 4,462 3,959 4,766 5,386 4,001 3,547 3,672 3,896 18,573 15,116 17,998 17,239
Other (MTS) (in NIS thousands) 31 29 33 42 29 59 38 61 135 187 281 288
Revenue (in NIS thousands) 8,377 7,836 8,958 10,674 7,196 7,581 7,183 7,761 35,846 29,722 32,816 32,211

Transactional Metrics | Continued

Quarter Ended Year Ended
31.12.20 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
TREASURY BILLS 66 62 57 63 59 62 57 60 248 244 245 245
Market value (in NIS billions)
Treasury bills ADV (in NIS millions) 87 91 93 112 120 120 117 114 87 120 108 92
Average commissions 278 482 667 911 421 452 341 436 579 413 431 214
Revenue (in NIS thousands) 0.00262% 0.00221% 0.00184% 0.00188% 0.00248% 0.00212% 0.00305% 0.00272% 0.00203% 0.00256% 0.00343% 0.00194%
MUTUAL FUNDS 481 660 699 1,080 617 595 623 746 2,920 2,581 3,622 1,019
Market value (in NIS billions)
Average daily value of creation / redemptions (in NIS
millions)		 239 224 215 200 259 248 238 230 239 259 220 243
Average commissions 882 772 864 1686 907 868 844 913 1055 883 960 946
Revenue (in NIS thousands) 0.0116% 0.01249% 0.01166% 0.00763% 0.01093% 0.01138% 0.01132% 0.01044% 0.0102% 0.01100% 0.01016% 0.01000%
DERIVATIVES 6,768 5,978 5,742 8,106 5,849 6,127 5,732 6,007 26,594 23,716 23,900 23,325
Derivatives on indices (in '000 units) (1)
Derivatives on FX (in '000 units) 106.6 110.1 111.3 120.6 84.7 107.0 101.2 93.1 112.1 96.6 134.3 131.4
Single stock Derivatives (in '000 units) 50.5 53.6 57.7 58.7 54.3 47.4 40.2 40.2 55.0 45.4 58.5 55.2
Average Daily Volume of Contracts (in '000 units) 2.8 2.9 3.7 2.8 3.4 4.2 3.2 1.8 3.0 3.1 2.6 2.9
Average commissions 159.9 166.6 172.7 182.0 142.4 158.6 144.6 135.0 170.1 145.1 196.0 189.0
Revenue (in NIS thousands) 0.520 0.519 0.520 0.521 0.510 0.528 0.531 0.524 0.520 0.524 0.521 0.528
Total revenue from Trading and clearing
commissions		 5,488 5,364 5,119 5,971 4,288 5,192 4,606 4,462 21,941 18,546 25,042 24,429
TREASURY BILLS 33,487 31,097 32,187 39,680 26,338 28,193 25,915 26,553 136,451 106,999 119,355 107,980

Non-Transactional Metrics

Year Ended
31.12.20 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
CLEARING HOUSE SERVICES
Market value of assets (in NIS billions) 2,695 2,464 2,363 2,265 2,639 2,564 2,478 2,419 2,695 2,639 2,310 2,455
Avg. commissions on custodian fees 0.00108% 0.00110% 0.00111% 0.00109% 0.00106% 0.00105% 0.00105% 0.00105% 0.00109% 0.00105% 0.00105% 0.00105%
Revenue from: (in NIS thousands)
Custodian fees 6,983 6,625 6,397 6,671 6,970 6,691 6,503 6,370 26,676 26,534 26,435 25,480
Clearing House services for members / company events 6,733 6,024 6,534 6,514 6,039 5,090 5,362 4,669 25,805 21,160 18,907 15,157
Other 1,290 1,303 1,196 1,183 1,175 1,136 1,013 1,312 4,972 4,637 4,263 3,905
Total revenue from Clearing house services 15,006 13,952 14,127 14,367 14,184 12,918 12,878 12,351 57,453 52,331 49,605 44,542
Quarter Ended Year Ended
31.12.20 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies 524 527 529 531 531 536 539 540 527 541 563 535
Mutual funds and ETNs / ETFs 2,135 2,124 2,154 2,150 2,119 2,099 2,088 2,087 2,142 2,132 1,511 1,397
Avg. revenue from levies (in NIS thousands)
Companies 5.2 5.3 5.2 5.2 4.7 4.7 4.7 4.8 20.9 18.9 12.9 13
Mutual funds and ETNs / ETFs 1.8 1.9 1.9 2.0 1.8 1.8 1.8 1.8 7.6 7.2 7.3 7.1
Revenue from annual levies from: (in NIS thousands)
Companies 2,740 2,767 2,766 2,766 2,520 2,540 2,543 2,596 11,039 10,198 7,236 6,949
Mutual funds and ETNs / ETFs 3,923 3,946 4,002 4,353 3,827 3,843 3,821 3,850 16,225 15,339 11,033 9,882
Nominee Company and others 794 772 750 751 823 587 549 568 3,067 2,530 1,883 340
Total revenue from Annual levies 7,457 7,486 7,518 7,870 7,170 6,970 6,913 7,014 30,331 28,067 20,152 17,171

Non-Transactional Metrics | Continued

Quarter Ended Year Ended
31.1220 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
LISTING FEES AND LEVIES
Issuance volume and swap transactions (in NIS millions)
Companies –
shares and bonds		 25,046 24,705 21,885 19,835 34,151 27,049 21,852 16,550 91,471 91,415 74,661 86,360
Government bonds 45,026 55,580 45,621 18,552 18,192 24,843 21,034 22,047 164,779 86,115 59,709 58,193
Short term T-bills 28,990 26,986 16,986 27,962 35,948 35,922 35,887 23,927 100,924 131,684 137,712 100,883
Number of issuances
Number of public offerings of shares on TASE 42 29 21 23 17 13 18 12 115 60 64 92
Number of new issuers of shares 15 6 4 2 1 2 3 1 27 7 11 17
Number of new (dual-listed) companies 1 - 1 1 - 2 1 - 3 3 3 3
Issuance volume and funding
Amount raised in share IPOs of new issuers (in NIS millions) 2,480 1,136 563 437 500 514 2,140 53 4,616 3,206 1,844 3,014
Preferred shares (in NIS millions) - - - - - - - - - 798
Amount raised in bond offerings by new issuers (in NIS
millions)		 100 - - - 120 110 1,498 - 100 1,728 7,196 7,540
Number of corporate bond offerings to the public 37 38 37 33 43 46 41 30 145 160 142 177
Number of corporate bond offerings to the public by new
companies		 1 - - - 1 1 2 - 1 4 13 14
Average revenue from examination and listing fees
Companies –
shares, bonds and ETFsShares
and bonds		 0.026% 0.024% 0.023% 0.020% 0.021% 0.014% 0.029% 0.021% 0.0236% 0.023% 0.023% 0.016%
Government bonds 0.004% 0.004% 0.004% 0.004% 0.004% 0.004% 0.004% 0.004% 0.0036% 0.004% 0.004% 0.004%
Revenue from examination and listing fees (in NIS thousands)
Examination fees 1,992 1,690 1,682 1,479 1,331 1,155 1,456 1,475 6,843 5,416 7,985 5,834
Listing fees -
shares & bonds		 6,443 5,870 5,171 4,086 7,310 3,864 6,238 3,545 21,570 20,958 16,922 13,458
Listing fees -
government bonds		 1,578 1,984 1,643 675 660 883 730 772 5,881 3,045 2,388 2,328
Listing of T-bills 203 189 119 196 252 251 251 167 707 922 964 706
Levies and examination fees from members 80 - 53 - 868 152 107 82 133 1,208 - -
Other 94 95 29 - 344 171 119 112 218 746 774 240
Effect of IFRS on Listing Fees (2,558( )2,459( (1,450) 671 (3,726) 62 (2,336) 316 (5,796( (5,684) (2,660) -
Total revenue from examination and listing fees 7,832 7,370 7,347 7,107 7,039 6,537 6,565 6,469 29,556 26,611 26,373 22,566
Total revenue from Listing fees and levies 15,289 14,855 14,865 14,978 14,209 13,508 13,478 13,483 59,887 54,678 46,525 39,737

Non-Transactional Metrics | Continued

Quarter Ended Year Ended
31.12.20 30.09.20 30.06.20 31.03.20 31.12.19 30.09.19 30.06.19 31.03.19 31.12.20 31.12.19 31.12.18 31.12.17
DISTRIBUTION OF DATA AND CONNECTIVITY SERVICES
Average number of data terminals
In Israel –
for business customers		 7,471 7,504 7,652 7,607 7,335 6,804 6,679 8,276 7,559 7,274 8,073 8,445
In Israel –
for private customers		 9,106 9,097 9,298 7,766 4,426 6,868 10,610 4,670 8,816 6,489 - -
Overseas 4,843 4,506 4,598 4,293 4,987 4,824 4,721 5,013 4,560 4,886 4,745 5,200
Quote generator 329 260 279 272 254 234 242 171 285 245 - -
Revenue from data terminals and data (in NIS thousands)
Data terminals in Israel charged monthly –
business customers		 4,056 4,075 4,153 4,132 3,778 3,674 3,607 4,470 16,416 15,528 17,438 18,140
Data terminals in Israel charged monthly –
private customers		 956 955 977 815 393 729 1,114 490 3,703 2,726 - -
Data terminals overseas charged monthly 1,409 1,375 1,429 1,346 1,574 1,528 1,525 1,642 5,559 6,270 6,148 6,709
Quote generator 483 401 413 400 353 344 322 411 1,697 1,430 - -
Data terminals according to extent of use
and information files		 2,814 2,132 2,438 1,682 1,668 1,460 901 1,789 9,066 5,793 8,342 8,131
Indices and data 927 623 625 1,014 857 551 570 1,068 3,189 3,019 3,026 3,660
connectivity services 2,227 2,177 2,148 2,226 2,065 2,136 1,631 1,769 8,778 7,654 - -
Total revenue from Distribution of data and
connectivity services		 12,872 11,738 12,183 11,615 10,688 10,423 9,670 11,639 48,408 42,419 34,954 36,640

32 (*) 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: [email protected]

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

Email: [email protected]

Tel: +972-76-8160405

33

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