Tel Aviv Stock Exchange Ltd. — Investor Presentation 2022

Mar 21, 2022

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Fourth quarter 2021

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 / 2021 by the Numbers

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

• 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)

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

The results for Q4'21

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	December 31, 2021	December 31, 2020	Difference -%
Revenue from services	85,727	77,482	11%
Expenses	68,707	63,897	8%
Profit before financing income, net	17,020	13,585	25%
Financing income (expenses)	1,270	1,229	3%
Taxes on income	4,189	3,539	18%
Profit for the quarter	14,101	11,275	25%
Diluted EPS (in NIS)	0.136	0.110	236%
Non GAAP
Adjusted EBITDA*	29,502	25,944	14%
% EBITDA Adjusted margin	34%	33%
Adjusted net profit*	14,235	11,521	24%
% Adjusted net profit margin	17%	15%

Revenue Q4'21

NIS, in thousands

							43% transactional
	Quarter Ended						57% non-transactional
	December 31, 2021	% of the Company's total revenues	December 31, 2020	% of the Company's total revenues	Difference -%		1% 16%
Trading and clearing commissions	36,625	43%	33,487	43%	9%	The increase in revenue from trading and clearing is due mainly to the increase in trading volumes between the quarters, which contributed 12% to the increase in revenue, of which half is attributed to the higher trading volumes in shares. In opposition, a reduction in the number of trading days this quarter compared to the corresponding quarter last year deducted 2% from the increase in revenue	Q4'21 Revenue 43%
Listing fees and levies	17,440	20%	15,289	20%	14%	The increase is due mainly to the rise in revenue from listing fees, which contributed 7% to the increase in revenue, and to the 4% increase in revenue as a result of the higher number of companies and funds that pay an annual fee and the charging of new annual fees.	85.7 20% NIS Millions
Clearing House services	17,578	20%	15,006	19%	17%	The increase in revenue is due mainly to the rise in revenue from custodian fees, which contributed 10% to the increase in revenue, this as a result of the increase in the value of assets that are held at TASE-CH compared to the corresponding quarter last year, and to the higher revenue from Clearing House services to members, which contributed 6% to the increase in revenue.	20%
Data distribution and Connectivity services	13,516	16%	12,872	17%	5%	The increase in revenue is due mainly to the rise in revenue from data distribution to customers outside Israel, which contributed 5% to the increase in revenue, and to a 2% rise in revenue from connectivity services, which stemmed mainly from the higher number of Colocation and BSO customers and from new connectivity services.	Trading and clearing commissions Securities listing fees, and annual levies
Other revenue	568	1%	828	1%	)31%(	The decrease in revenue is due mainly to revenue from technological consulting services provided in the corresponding quarter last year.	Clearing House services Data distribution and connectivity services Other
Total revenue	85,727	100%	77,482	100%	11%

5

Adjusted Expenses(*) Q4'21

NIS, in thousands

	Quarter Ended
	December 31, 2021	% of the Company's total Expenses	December 31, 2020	% of the Company's total Expenses	Difference -%
Compensation	37,666	55%	33,407	52%	13%
Computer and Communications	7,400	11%	6,879	11%	8%
Property Taxes and Building Maintenance	3,458	5%	3,275	5%	6%
Marketing	3,244	5%	2,289	4%	42%
Fee to the Israel Securities Authority	2,176	3%	2,994	5%	(27%)
General and Administrative	2,281	3%	2,694	4%	(15%)
Depreciation & amortization 12,193		18%	11,545	18%	6%
Other	155	0%	568	1%	(73%)
Total Expenses	68,573	100%	63,651	100%	8%

• 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 and Liquidity Position

as of December 31st 2021 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents	179,768
Financial assets at fair value through profit or loss	210,289
Trade receivables	15,438
Other receivables	9,307
Total	414,802
Assets derived from clearing operations in respect of open derivative positions	665,271
	1,080,073
Non-current assets
Cash restricted as to use	720
Other long-term receivables	1,689
Property and equipment, net	333,109
Intangible assets, net	128,680
Deferred tax assets	15,157
Total non-current assets	479,355
Total assets	1,559,428
Liabilities and Equity:
Current liabilities
Trade payables	18,985
Short-term liabilities for employee benefits	32,878
Other payables	3,872
Current maturities of lease liabilities	8,726
Current tax liabilities	2,181
Deferred income in respect of listing fees and levies	24,588
Total )1(	91,230
Liabilities derived from clearing operations in respect of open	665,271
derivative positions
Total current liabilities	756,501
Non-current liabilities:
Non-current liabilities for employee benefits	39,490
Lease liabilities	14,410
Deferred income in respect of listing fees and levies	86,439
Other liabilities	720
Total non-current liabilities	141,059
Total equity	661,868
Total liabilities and equity	1,559,428
Equity Ratio (1)	42%

Capital requirements in respect of the risk components:
Credit risk	37,124
Market risk	6,059
Legal and operational risk (2)	44,204
Business continuity and reorganization (3)	119,573
Contribution against default waterfall	27,809
Total capital requirements in respect of the risk components	234,769
Capital base components:
Total equity	661,868
Less:
Intangible assets	)116,561(
Total qualifying capital base	545,307
Capital surplus (qualifying capital base, less requirements)	310,538
Liquidity requirements in respect to the risk components
Business continuity and reorganization	119,573
Contribution against default waterfall	27,809
Total requirements for liquid assets	147,382
Cash and cash equivalents	179,768
Securities portfolio at fair value	210,289
Less – amortization coefficients on the assets	)10,222(
Credit line	-
Less – current liabilities	)67,054(
Net liquid assets	312,781
Liquidity surplus (net liquid assets, less requirements)	165,399

311 NIS in Millions Excess Capital

165 NIS in Millions Excess Liquidity

(1) A capital allocation equivalent to 15% of the average gross income in the last twelve quarters. (2) A capital allocation equivalent to six months' operating expenses (on an annual basis).

Cash Flow

NIS in Millions

	Item	2021	Q4'21	Q3'21	Q2'21	Q1'21	2020	Q4'20	Q3'20	Q2'20	Q1'20
Operating Activities	Adjusted EBITDA (1)	103.0	29.5	22.8	26.2	24.6	95.1	25.9	19.3	21.0	28.9
	Changes in working capital	13.8	11.1	)8.4(	)7.3(	18.4	6.7	(1.9)	)10.4(	2.3	16.7
	Financing and tax	)10.4(	)4.0)	)3.6(	)1.6(	)1.2(	(6.4)	(3.7)	)1.4(	)2.3(	1.0
	Total	106.4	36.5	10.8	17.3	41.8	95.4	20.3	7.5	21.0	46.6
Investing Activities	Investments in property and equipment and in intangible assets	)35.6(	)6.2(	)6.6(	)9.6(	)13.3(	(37.9)	(14.5)	)6.4(	(9.0)	)8.1(
	Acquisition of financial assets at fair value	)4.6(	)1.5(	0.7	)2.3(	)1.4(	(4.2)	(1.4)	)0.8(	(3.5)	1.5
	Total	)40.2(	)7.7(	)5.9(	)11.9(	)14.7(	(42.1)	(15.9)	)7.2(	(12.5)	)6.6(
	Lease payments	)9.1(	)2.3(	)2.3(	)2.3(	)2.3(	(9.9)	(2.4)	)2.4(	(2.5)	)2.5(
Financing Activities	Receipts from shareholders within the framework of implementing the ownership restructuring, net	)0.8(	)0.8(	-	-	-	3.7	-	3.7	-	-
	Dividend payment	)18.5(	-	-	)18.5(	-	(8.8)	-	-	)8.8(	-
	Total	(28.4)	(3.1)	)2.3(	)20.8(	)2.3(	(15.0)	(2.4)	1.3	(11.3)	)2.5(
	Total increase in cash and cash equivalents	37.8	25.8	2.6	)15.4(	24.8	38.3	2.0	1.6	)2.8(	37.5
	(2) Free Cash Flow	61.6	28.1	1.9	5.4	26.2	47.6	3.4	(1.3)	9.5	36.0

(1) Exclude expenses in respect to share-payments

(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

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

NIS in Millions

18%

20.0

Adjusted Net Profit & Margin (1) 5% 7% 9% 11%

-1%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

1%

3%

13%

15%

17%

(1) Excludes the reversal of the impairment provision in 2018 and expenses in respect to share-payments in 2019, 2020 and 2021

17%

Issuance Volume

APPENDIX

13

Q4'21 Revenue Composition

2021 Revenue Composition

Revenue Drill Down | Transactional - Shares

Average Daily Turnover (NIS billions)

Velocity

(NIS millions)

Revenue

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

Revenue Drill Down | Transactional - Bonds

Average Daily Turnover (NIS billions)

Velocity

Revenue Capture %

Revenue (NIS millions)

Corporate Bonds

Revenue Drill Down | Transactional - Mutual Funds

Average Daily Turnover (NIS billions)

0.0117%

0.0125% 0.0116% 0.0116%

0.0124% 0.0130%

0.0113%

0.0120%

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Revenue Drill Down | Non-transactional

Custodian fees (Clearing House Services)

Yield

0.00109%

Revenue (NIS

millions)**

* As of 2020, the value of assets in each period is calculated as the monthly average in the period. The value of assets in 2018 and 2019 is presented as the value 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 2018.

Q4'21 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)

General and Administrative

professional services, overhead, supplies, utilities, and insurance

▪ Q4'21: NIS 37.7M

▪ Costs associated with

Computer and Communications

• Expenses associated with maintenance, support, and software licenses
• Q4'21: NIS 7.4M

Property Taxes and Building Maintenance

▪ Expenses associated with owning the TASE headquarters

Fee to the Israel Securities Authority

▪ Annual fee to the Company's

primary regulator

▪ Q4'21: NIS 2.2M

▪ Q4'21: NIS 3.5M

Marketing

• General marketing expenses including marketing to increase listings and capital raises
• Q4'21: NIS 3.2M

Depreciation & Other

▪ Q4'21: NIS 12.3M

▪ Q4'21: NIS 2.3M

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.

2021 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)

General and Administrative

professional services, overhead, supplies, utilities, and insurance

▪ 2021: NIS 148.4M

▪ Costs associated with

Computer and Communications

• Expenses associated with maintenance, support, and software licenses
• 2021: NIS 27.8M

Property Taxes and Building Maintenance

▪ Expenses associated with owning the TASE headquarters

Fee to the Israel Securities Authority

▪ Annual fee to the Company's

primary regulator

▪ 2021: NIS 9.1M

▪ 2021: NIS 13.2M

Marketing

• General marketing expenses including marketing to increase listings and capital raises
• 2021: NIS 11.2M

Depreciation & Other

▪ 2021: NIS 47.9M

▪ 2021: NIS 10.9M

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.

Adjusted Net Profit and Adjusted EBITDA Reconciliation

NIS in Thousands

Quarter Ended
December 31, December 31, 2021 2020		Adjusted Net Profit
14,101 11,275	Profit for the year
134 246	(+) Expenses in respect to share-based payments	Reconciliation
14,235 11,521	Adjusted Net Profit
Quarter Ended
December 31, December 31, 2021 2020
17,020 13,585	Profit before financing income, net
134 246	(+) Expenses in respect to share-based payments
12,193 11,545	(+) Depreciation and amortization expenses	Adjusted EBITDA Reconciliation
155 568	(+) Loss from disposal of property and equipment and intangible assets
29,502 25,944	Adjusted EBITDA

Transactional Metrics

Quarter ended Year ended 31.12.21 30.09.21 30.06.21 31.03.21 31.12.20 30.09.20 30.06.20 31.03.20 31.12.21 31.12.20 31.12.19 31.12.18 Number of trading days 65 56 61 62 66 62 57 63 244 248 244 245 SHARES Market cap of Shares (ex. ETN / ETFs) 1,125 1,015 958 877 842 714 680 649 1,125 842 820 703 Market cap of ETN / ETFs on share indices 75 68 70 66 61 52 50 46 75 61 64 60 Total market cap (in NIS billions) 1,200 1,083 1,028 943 903 766 730 695 1,200 903 884 763 Shares ADV (ex. ETN / ETFs) 1,596 1,424 1,594 1,545 1,363 1,357 1,484 1,663 1,543 1,465 1,081 1,124 ETN / ETFs on share indices ADV 373 362 289 315 307 339 401 527 335 393 219 470 Total average daily volume (in NIS millions) 1,969 1,786 1,883 1,859 1,670 1,696 1,885 2,190 1,878 1,858 1,300 1,594 Average commissions 0.01090% 0.01098% 0.01045% 0.01091% 0.01123% 0.01070% 0.01086% 0.01004% 0.01081% 0.01067% 0.01022% 0.00900% Revenue (in NIS thousands) 13,956 10,997 12,007 12,578 12,373 11,259 11,668 13,849 49,538 49,150 32,434 33,976 BONDS Market cap of government bonds -unlinked 364 369 367 361 351 328 307 270 364 351 275 248 Market cap of government bonds -linked 341 300 306 293 280 269 259 254 341 280 257 236 Market cap of corporate bonds 426 403 393 389 388 383 372 373 426 388 411 380 Market cap of bonds (ex. ETN / ETFs) 1,131 1,072 1,066 1,043 1,019 980 938 897 1,131 1,019 943 864 Market cap of ETN / ETFs on bond indices 32 32 31 31 31 30 27 26 32 31 29 27 Total market cap (in NIS billions) 1,163 1,104 1,097 1,074 1,050 1,010 965 923 1,163 1,050 972 891 Government bonds - unlinked ADV (in NIS millions) 1,962 1,521 1,595 2,354 1,682 1,568 2,116 2,492 1,868 1,959 1,722 1,741 Government bonds - linked ADV (in NIS millions) 1,011 994 1,260 1,346 914 1,097 1,091 1,307 1,155 1,100 897 907 Corporate bonds ADV excluding ETNs (in NIS millions) ^{855 763 804 696 822 794} 1,071 1,043 ^{781 928 798 899} ETN / ETFs on bond indices ADV 132 115 117 135 120 132 160 182 125 148 95 160 Total average daily volume (in NIS millions) 3,960 3,393 3,776 4,531 3,538 3,591 4,438 5,024 3,929 4,135 3,512 3,706 Government bonds unlinked - average commissions 0.00194% 0.00195% 0.00191% 0.00193% 0.00190% 0.00192% 0.00183% 0.00187% 0.00193% 0.00188% 0.00192% 0.00190% Government bonds linked - average commissions 0.00297% 0.00288% 0.00288% 0.00270% 0.00294% 0.00291% 0.00313% 0.00281% 0.00285% 0.00294% 0.00291% 0.00289% Corporate bonds - average commissions 0.00726% 0.00701% 0.00695% 0.00712% 0.00718% 0.00690% 0.00679% 0.00698% 0.00709% 0.00696% 0.00694% 0.00694% Government bonds - unlinked (in NIS thousands) 2,478 1,665 1,854 2,820 2,108 1,866 2,210 2,932 8,817 9,116 8,052 8,106 Government bonds - linked (in NIS thousands) 1,950 1,606 2,212 2,254 1,776 1,982 1,950 2,314 8,022 8,022 6,367 6,431 Corporate bonds (in NIS thousands) 4,657 3,446 3,905 3,666 4,462 3,959 4,766 5,386 15,674 18,573 15,116 17,998 Other (MTS) (in NIS thousands) 95 54 77 73 31 29 33 42 299 135 187 281 Revenue (in NIS thousands) 9,180 6,771 8,048 8,813 8,377 7,836 8,958 10,674 32,812 35,846 29,722 32,816

Transactional Metrics | Continued

	Quarter ended									Year ended
	31.12.21	30.09.21	30.06.21	31.03.21	31.12.20	30.09.20	30.06.20	31.03.20	31.12.21	31.12.20	31.12.19	31.12.18
Number of trading days	65	56	61	62	66	62	57	63	244	248	244	245
TREASURY BILLS
Market cap (in NIS billions)	115	105	101	91	87	91	93	112	115	87	120	108
Treasury bills ADV (in NIS millions)	367	222	228	449	278	482	667	911	320	579	413	431
Average commissions	0.00273%	0.00287%	0.00307%	0.00240%	0.00262%	0.00221%	0.00184%	0.00188%	0.00269%	0.00203%	0.00256%	0.00343%
Revenue (in NIS thousands)	652	357	427	668	481	660	699	1,080	2,104	2,920	2,581	3,622
MUTUAL FUNDS
Market cap (in NIS billions)	292	279	272	255	239	224	215	200	292	239	259	220
Average daily value of creation / redemptions (in NIS millions)	952	788	864	942	882	772	864	1,686	890	1,055	883	960
Average commissions	0.01134%	0.01297%	0.01240%	0.01160%	0.01163%	0.01249%	0.01166%	0.00763%	0.01200%	0.01016%	0.01100%	0.01016%
Revenue (in NIS thousands)	7,015	5,726	6,537	6,776	6,768	5,978	5,742	8,106	26,054	26,594	23,716	23,900
DERIVATIVES
Derivatives on indices (1)	120.8	109.1	90.7	104.1	106.6	110.1	111.3	120.6	106.4	112.1	96.6	134.3
Derivatives on foreign currency	43.8	44.0	49.5	54.3	50.5	53.6	57.7	58.7	47.9	55.0	45.4	58.5
Derivatives on individual shares	3.4	7.3	5.1	4.6	2.8	2.9	3.7	2.8	5.0	3.0	3.1	2.6
Total derivative contracts (in '000 units)	168.0	160.4	145.3	163.0	159.9	166.6	172.7	182.0	159.3	170.1	145.1	196.0
Average commissions	0.533	0.543	0.522	0.522	0.520	0.519	0.520	0.521	0.530	0.520	0.524	0.521
Revenue (in NIS thousands)	5,822	4,876	4,630	5,280	5,488	5,364	5,119	5,971	20,608	21,941	18,547	25,042
Total revenue from trading and clearing commissions	36,625	28,727	31,649	34,115	33,487	31,097	32,187	39,680	131,116	136,451	107,000	119,355

Non-Transactional Metrics

		Quarter ended								Year ended
	31.12.21	30.09.21	30.06.21	31.03.21	31.12.20	30.09.20	30.06.20	31.03.20	31.12.21	31.12.20	31.12.19	31.12.18
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)*	3,131	3,034	2,958	2,776	2,602	2,467	2,390	2,505	2,975	2,491	2,639	2,310
Avg. commissions from Custodian Fees	0.00109%	0.00108%	0.00108%	0.00108%	0.00107%	0.00107%	0.00107%	0.00107%	0.00108%	0.00107%	0.00105%	0.00105%
Revenue from: (in NIS thousands)
Custodian Fees	8,500	8,219	8,007	7,495	6,983	6,625	6,397	6,671	32,221	26,676	26,534	26,435
Clearing House services for members / company events	7,803	6,485	7,646	6,229	6,733	6,024	6,534	6,514	28,163	25,805	21,160	18,907
Other	1,275	1,227	1,292	1,327	1,290	1,303	1,196	1,183	5,121	4,972	4,637	4,263
Total revenue from Clearing House services	17,578	15,931	16,945	15,051	15,006	13,952	14,127	14,368	65,505	57,453	52,331	49,605

	Quarter ended									Year ended
	31.12.21	30.09.21	30.06.21	31.03.21	31.12.20	30.09.20	30.06.20	31.03.20	31.12.21	31.12.20	31.12.19	31.12.18
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	530	532	536	545	524	527	529	531	535	527	541	563
Mutual funds and ETNs / ETFs	2,208	2,217	2,226	2,182	2,135	2,141	2,154	2,150	2,210	2,142	2,132	1,511
Avg. revenue from levies (in NIS thousands)
Companies	5.4	5.4	5.4	5.4	5.2	5.3	5.2	5.2	21.6	20.9	18.9	12.9
Mutual funds and ETNs / ETFs	1.8	1.8	1.8	1.9	1.8	1.8	1.9	2.0	7.4	7.6	7.2	7.3
Revenue from Annual Levies from: (in NIS thousands)
Companies	2,859	2,869	2,881	2,938	2,740	2,767	2,766	2,766	11,547	11,039	10,198	7,236
Mutual funds and ETNs / ETFs	4,067	4,059	4,113	4,096	3,923	3,946	4,002	4,353	16,335	16,225	15,339	11,033
Nominee Company and others	1,339	1,320	1,263	1,256	794	772	750	751	5,178	3,067	2,530	1,883
Total revenue from Annual levies	8,265	8,248	8,257	8,290	7,457	7,486	7,518	7,870	33,060	30,331	28,067	20,152

Non-Transactional Metrics | Continued

	Quarter ended								Year ended
	31.12.21	30.09.21	30.06.21	31.03.21	31.12.20	30.09.20	30.06.20	31.03.20	31.12.21	31.12.20	31.12.19	31.12.18
LISTING FEES AND LEVIES
The value of issuance used to calculate Listing fees (in NIS millions)(1)
Companies – Shares, Bonds and ETN / ETFs(2)	50,434	35,071	43,388	54,073	34,905	34,583	26,126	22,796	182,966	118,413	91,415	74,661
Government bonds (including swap transactions)(3)	55,418	17,434	35,471	49,633	45,026	55,580	45,621	18,552	157,956	164,779	86,115	59,709
Treasury-bills	36,992	30,985	30,953	31,996	28,990	26,986	16,986	27,962	130,926	100,924	131,684	137,712
Number of issuances
Number of public offerings of shares on TASE	31	36	46	57	42	29	21	23	170	115	60	64
Number of new issuers of shares	10	21	30	33	15	6	4	2	94	27	7	11
Number of new (dual-listed) companies	-	-	1	1	1	-	1	1	2	3	3	3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	656	2,037	4,696	3,101	2,480	1,136	563	437	10,490	4,616	3,206	1,844
Amount raised in bond offerings by new issuers (in NIS millions)	105	-	140	119	100	-	-	-	364	100	1,728	7,196
Number of corporate bond offerings to the public	57	42	44	34	37	38	37	33	177	145	160	142
Number of corporate bond offerings to the public by new companies	1	-	2	2	1	-	-	-	5	1	4	13
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETN / ETFs	0.0184%	0.0194%	0.0160%	0.0154%	0.0185%	0.0170%	0.0198%	0.0179%	0.0172%	0.0182%	0.023%	0.023%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	2,223	1,866	2,565	2,332	1,992	1,690	1,682	1,479	8,986	6,843	5,416	7,985
Listing fees - shares & bonds	9,295	6,815	6,949	8,329	6,443	5,870	5,171	4,086	31,388	21,570	20,958	16,922
Listing fees - government bonds	1,453	1,453	1,157	1,749	1,578	1,985	1,643	675	5,812	5,881	3,045	2,388
Listing of T-bills	259	217	216	224	203	189	119	196	916	707	922	964
Levies and examination fees from members	131	53	53	53	80	-	53	-	290	133	1,208	-
Other	18	49	90	5	94	95	29	-	162	218	746	774
Effect of IFRS on Listing Fees	(4,204)	)1,834(	)940(	)4,580(	(2,558(	)2,459(	(1,450)	671	(11,558)	(5,796(	(5,684)	(2,660)
Total revenue from Examination and Listing Fees (in NIS thousands)	9,175	8,619	10,090	8,112	7,832	7,370	7,247	7,107	35,996	29,556	26,611	26,373
Total revenue from Listing fees and levies	17,440	16,867	18,347	16,402	15,289	14,856	14,765	14,977	69,056	59,887	54,678	46,525

(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules.

28 (2) The issuance volume in 2018 and 2019 presented as the actual issuance amount was raised. (3) Commencing in 2021, listing fees on government bonds will be charged based on a new pricelist, as signed between the Company and the Ministry of Finance, which provides for the payment of a fixed amount over the entire period set out in the agreement, rather than a percentage of the amount raised.

Non-Transactional Metrics | Continued

	Quarter ended									Year ended
	31.12.21	30.09.21	30.06.21	31.03.21	31.12.20	30.09.20	30.06.20	31.03.20	31.12.21	31.12.20	31.12.19	31.12.18
DATA DISTRIBUTION AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients	7,658	7,184	7,584	7,785	7,471	7,504	7,652	7,607	7,551	7,559	7,274	8,073
Domestic private clients	6,015	6,298	8,012	10,467	9,106	9,097	9,298	7,766	7,698	8,816	6,489	-
Overseas	5,141	5,043	4,939	4,946	4,843	4,506	4,598	4,293	5,017	4,560	4,886	4,745
Quote generator	267	276	326	273	329	260	279	272	286	285	245	-
Revenue from data terminals and data (in NIS thousands)
Domestic business clients	4,114	3,854	4,072	4,181	4,056	4,075	4,153	4,132	16,221	16,416	15,528	17,438
Domestic private clients	632	661	841	1,099	956	955	977	815	3,233	3,703	2,726	-
Overseas	1,911	1,925	1,903	1,426	1,409	1,375	1,429	1,346	7,165	5,559	6,270	6,148
Quote generator	486	499	573	440	483	401	413	400	1,998	1,697	1,430	-
Usage based	3,110	2,724	2,602	2,535	2,814	2,132	2,438	1,682	10,971	9,066	5,793	8,342
Indices and data	742	742	765	844	927	623	625	1,014	3,093	3,189	3,019	3,026
connectivity services	2,521	2,522	2,439	2,105	2,227	2,177	2,148	2,226	9,587	8,778	7,654	-
Total revenue from Data distribution and connectivity services	13,516	12,927	13,195	12,630	12,872	11,738	12,183	11,615	52,268	48,408	42,419	34,954

CONTACTS

Yehuda van der Walde EVP CFO

Email: cfo@tase.co.il

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

30

Email: tase.ir@tase.co.il

Tel: +972-76-8160405