Tel Aviv Stock Exchange Ltd. — Investor Presentation 2023

Aug 8, 2023

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Second quarter 2023

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 / Q2'23 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)

Issuance Volume

(1) Includes TASE-UP (2) Excludes Private Placements. Includes TASE-UP

The results for Q2'23

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	June 30, 2023	June 30, 2022	Difference -%
Revenue from services	92,903	90,986	2%
Expenses	72,591	68,145	7%
Profit before financing income, net	20,312	22,841	)11%(
Financing income (expenses)	3,616	)3,416(	-
Taxes on income	5,153	5,220	)1%(
Profit for the quarter	18,775	14,205	32%
Diluted EPS (in NIS)	0.188	0.136	38%
Non GAAP
Adjusted EBITDA (1)	35,575	35,755	)1%(
% EBITDA Adjusted margin	38.3%	39.3%
Adjusted net profit(1)	20,420	14,337	42%
% Adjusted net profit margin	22.0%	15.8%

Adjusted Net Profit and Adjusted EBITDA Reconciliation

NIS in Thousands

		Quarter ended,			Six months ended	Year ended December 31,
		June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022	2022	2021
	Profit for the year	18,775	14,205	44,256	28,924	50,836	45,470
Adjusted Net Profit Reconciliation	(+) Expenses in respect to share-based payments	1,645	132	2,256	263	530	739
	Adjusted Net Profit	20,420	14,337	46,512	29,187	51,366	46,209
		Quarter ended,			Six months ended	Year ended December 31,
		June 30, 2023	June 30, 2022	June 30, 2023	June 30, 2022	2022	2021
	Profit before financing income, net	20,312	22,841	50,352	47,111	83,198	54,421
	(+) Expenses in respect to share-based payments	1,645	132	2,256	263	530	739
Adjusted EBITDA Reconciliation	(+) Depreciation and amortization expenses	13,040	12,736	25,908	21,184	51,335	47,618
	(+) Loss from disposal of property and equipment and intangible assets	578	46	593	46	131	262
	Adjusted EBITDA	35,575	35,755	79,109	68,604	135,194	103,040

Revenue Q2'23

NIS, in thousands

Q2'23 Revenue Composition

Adjusted Expenses(*) Q2'23

NIS, in thousands

		Quarter Ended
	June 30, 2023	% of the Company's total expenses	June 30, 2022	% of the Company's total expenses	Difference -%
Compensation	37,067	52%	38,333	56%	)3%(
Computer and Communications	8,914	13%	7,362	11%	21%
Property Taxes and Building Maintenance	3,234	5%	3,347	5%	)3%(
Marketing	2,428	3%	1,583	2%	53%
Fee to the Israel Securities Authority	2,428	3%	2,307	3%	5%
General and Administrative	2,357	3%	1,885	3%	25%
Other operating expenses	599	1%	414	1%	45%
Depreciation & amortization	13,040	19%	12,736	19%	2%
Other	879	1%	46	0%	-
Total Expenses	70,946	100%	68,013	100%	4%

Other The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 72.6

millions in the first quarter of 2023 and to NIS 68.1 millions in the corresponding quarter last year.

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

Q2'23 Adjusted Expense Composition

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

Compensation

General and Administrative

professional services, overhead, supplies, utilities, and insurance

▪ Costs associated with

▪ Q2'23: NIS 37.1M

Computer and Communications

• Expenses associated with maintenance, support, and software licenses
• Q2'23 : NIS 8.9M

Property Taxes and Building Maintenance

• Expenses associated with owning the TASE headquarters
• Q2'23 : NIS 3.2M

Marketing

• General marketing expenses including marketing to increase listings and capital raises
• Q2'23: NIS 2.4 M

Fee to the Israel Securities Authority

• Annual fee to the Company's primary regulator
• Q2'23: NIS 2.4M

Depreciation & Other

▪ Q2'23: NIS 14.5M

▪ Q2'23: NIS 2.4M

10

Balance Sheet and Liquidity Position

as of June 30st 2023 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents	118,958
Financial assets at fair value through profit or loss	200,026
Trade receivables	16,420
Other receivables	20,093
Total(1)	355,497
Assets derived from clearing operations in respect of open derivative positions	1,545,977
Total current assets	1,901,474
	Non-current assets
Cash restricted as to use	731
Deferred tax assets	4,660
Property and equipment, net	303,672
Intangible assets, net	146,482
Other long-term receivables	6,791
Total non-current assets	462,336
Total assets	2,363,810
	Liabilities and Equity:
	Current liabilities
Current maturities of lease liabilities	6,563
Trade payables	8,889
Other payables	5,437
Deferred income in respect of listing fees and levies	28,213
Current tax liabilities	5,853
Short-term liabilities for employee benefits	41,423
Total )1(	116,334
Liabilities derived from clearing operations in respect of open derivative positions	1,545,977
Total current liabilities	1,662,311
	Non-current liabilities:
Lease liabilities	4,542
Deferred income in respect of listing fees and levies	76,577
Non-current liabilities for employee benefits	5,008
Other liabilities	731
Total non-current liabilities	86,858
Total equity	614,641
Total liabilities and equity	2,363,810
Equity Ratio (1)	88%

Capital requirements in respect of the risk components:
Credit risk	5,489
Market risk	5,699
Legal and operational risk (1)	51,163
Business continuity and reorganization (2)	67,921
Contribution against default waterfall	28,339
Total capital requirements in respect of the risk components	158,611
	Capital base components:
Total equity	614,641
Adjustments
Deferred income in respect of listing fees less deferred tax	80,374
Total qualifying capital base	695,015
Capital surplus (qualifying capital base, less requirements)	536,404
Liquidity requirements in respect to the risk components
Business continuity and reorganization	67,921
Projected cash flow, net	15,905
Contribution against default waterfall	28,339
Total requirements for liquid assets	112,165
Cash and cash equivalents	118,958
Securities portfolio at fair value	200,026
Less – amortization coefficients on the assets	)8,821(
Less – current liabilities	)7,615(
Net liquid assets	302,548
Liquidity surplus (net liquid assets, less requirements)	190,383

NIS in Millions Excess Capital(*)

12% reduction compared to 31.12.22

190 NIS in Millions Excess Liquidity(*)

26% reduction compared to 31.12.22

Cash Flow NIS in Millions

		Item	H1'23	Q2'23	Q1'23	2022	Q4'22	Q3'22	Q2'22	Q1'22
	Operating Activities	Adjusted EBITDA(1)	79,109	35,575	43,534	135,194	32,076	30,514	35,755	36,849
		Changes in working capital	6,652	)2,151(	8,803	)6,994(	)1,543(	)6,603(	)11,943(	13,095
		Financing and tax	)6,461(	)2,462(	)3,999(	)8,618(	)842(	)1,699(	)3,505(	)2,572(
	Investing Activities	Total	79,300	30,962	48,338	119,582	29,691	22,212	20,307	47,372
		Investments in property and equipment and in intangible assets and capitalized payroll costs	)22,225(	)10,776(	)11,449(	)48,258(	)8,394(	)10,436(	)13,875(	)15,553(
		Acquisition of financial assets at fair value	)2,623(	)1,223(	)1,400(	)4,632(	)8,169(	374	3,129	34
		Total	)24,848(	)11,999(	)12,849(	)52,890(	)16,563(	)10,062(	)10,746(	)15,519(
	Financing Activities	Lease payments	)4,398(	)2,273(	)2,125(	)8,815(	)2,150(	)2,201(	)2,216(	)2,248(
		Payments for the acquisition of treasury shares	)132,408(	)108,030(	)24,378(	)31,318(	)939(	)20,454(	)9,925(	-
		Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net	8,620	6,771	1,849	8,220	-	-	4,427	3,793
		Short-term credit	-	)889(	889	-	)506(	)649(	1,155	-
		Dividend payment	-	-	-	)22,735(	-	-	)22,735(	-
		Total	)128,186(	)104,421(	)23,765(	)54,648(	)3,595(	)23,304(	)29,294(	1,545
		Total increase (decrease) in cash and cash equivalents	)73,734(	)85,458(	11,724	12,044	9,533	)11,154(	)19,733(	33,398
		Opening balance	192,416	204,271	192,416	179,768	182,884	193,868	213,259	179,768
		Effect of changes in exchange rates on cash balances held in foreign currency	276	145	131	604	-	170	342	93
		Closing balance	118,958	118,958	204,271	192,416	192,416	182,884	193,868	213,259
		Free Cash Flow(2)	52,677	17,913	34,764	62,509	19,147	9,575	4,216	29,571

(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

APPENDIX

13

Revenue Trends

NIS in Millions

.

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

NIS in Millions

Adjusted Net Profit & Margin (1)

26%

20%

90.0

-10%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

-5%

0%

5%

10%

15%

20%

25%

30%

(1) Excludes the expenses in respect to share-payments

19%

Revenue Drill Down | Transactional - Shares

Revenue

(NIS millions)

Average commissions %

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.

Revenue Drill Down | Transactional - Mutual Funds

Average Daily Turnover (NIS billions)

Average commissions %

(NIS millions)

Revenue

Revenue Drill Down | Transactional – Derivatives

0.530

Daily Contracts (thousands)

Revenue Capture %

Commission / Contract

Average commissions

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

Average commissions %

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 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

• In the first quarter of 2022, an update was made to the period of revenue recognition from listing fees on shares and ETFs pursuant to International Financial Reporting Standard, "Revenue from Contracts with Customers" (IFRS 15).

Transactional Metrics

	Six months ended		Quarter Ended				Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
Number of trading days	122	125	58	64	58	61	61	64	244	244	248
SHARES
Market cap of Shares (ex. ETFs)	927	1,008	927	893	949	1,007	1,008	1,135	949	1,125	842
Market cap of ETFs on share indices	82	70	82	71	71	71	70	76	71	75	61
Total market cap (in NIS billions)	1,009	1,078	1,009	964	1,020	1,078	1,078	1,211	1,020	1,200	903
Shares ADV (ex. ETFs)	1,715	2,019	1,696	1,733	1,635	1,804	1,942	2,093	1,874	1,543	1,465
ETFs on share indices ADV	387	477	369	403	355	368	448	504	421	335	393
Total average daily volume (in NIS millions)	2,102	2,496	2,065	2,136	1,990	2,172	2,391	2,597	2,295	1,878	1,858
Average commissions	0.01106%	0.01025%	0.01129%	0.01085%	0.01083%	0.01055%	0.01004%	0.01043%	0.01044%	0.01081%	0.01067%
Revenue (in NIS thousands)	28,353	31,982	13,526	14,827	12,496	13,991	14,642	17,340	58,469	49,538	49,150
BONDS
Market cap of government bonds -unlinked	292	322	292	278	287	299	322	331	287	364	351
Market cap of government bonds -linked	309	321	309	306	300	299	321	334	300	341	280
Market cap of corporate bonds	425	415	425	411	409	419	415	422	409	426	388
Market cap of bonds (ex.ETFs)	1,026	1,058	1,026	995	996	1,017	1,058	1,087	996	1,131	1,019
Market cap of ETFs on bond indices	28	28	28	27	27	28	28	30	27	32	31
Total market cap (in NIS billions)	1,054	1,086	1,054	1,022	1,023	1,045	1,086	1,117	1,023	1,163	1,050
Government bonds - unlinked ADV (in NIS millions)	1,774	1,517	1,651	1,885	1,569	1,304	1,324	1,702	1,476	1,868	1,959
Government bonds - linked ADV (in NIS millions)	1,047	1,008	979	1,109	825	969	984	1,030	955	1,155	1,100
Corporate bonds ADV excluding ETFs (in NIS millions)	905	978	834	969	903	799	1,144	820	916	781	928
ETFs on bond indices ADV	112	148	98	125	109	112	144	152	130	125	148
Total average daily volume (in NIS millions)	3,838	3,651	3,562	4,088	3,406	3,184	3,596	3,704	3,477	3,929	4,135
Government bonds unlinked - average commissions	0.00196%	0.00191%	0.00198%	0.00195%	0.00198%	0.00199%	0.00195%	0.00188%	0.00195%	0.00193%	0.00188%
Government bonds linked - average commissions	0.00296%	0.00288%	0.00298%	0.00294%	0.00297%	0.00290%	0.00292%	0.00283%	0.00290%	0.00285%	0.00294%
Corporate bonds - average commissions	0.00703%	0.00696%	0.00705%	0.00701%	0.00707%	0.00735%	0.00699%	0.00693%	0.00707%	0.00709%	0.00696%
Government bonds - unlinked (in NIS thousands)	4,247	3,624	1,897	2,350	1,804	1,582	1,571	2,053	7,010	8,817	9,116
Government bonds - linked (in NIS thousands)	3,775	3,623	1,690	2,085	1,421	1,716	1,754	1,869	6,760	8,022	8,022
Corporate bonds (in NIS thousands)	8,720	9,800	3,811	4,909	4,150	4,086	5,491	4,309	18,036	15,674	18,573
Other (MTS) (in NIS thousands)	138	135	64	74	37	36	32	103	208	299	135
Revenue (in NIS thousands)	16,880	17,182	7,462	9,418	7,412	7,420	8,848	8,334	32,014	32,812	35,846

Transactional Metrics | Continued

	Six months ended		Quarter Ended							Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
Number of trading days	122	125	58	64	58	61	61	64	244	244	248
TREASURY BILLS
Market cap (in NIS billions)	282	134	282	272	209	144	134	126	209	115	87
Treasury bills ADV (in NIS millions)	1,341	632	1,302	1,377	1,194	702	803	470	783	320	579
Average commissions	0.00453%	0.00247%	0.00407%	0.00492%	0.00463%	0.00284%	0.00236%	0.00265%	0.00334%	0.00269%	0.00203%
Revenue (in NIS thousands)	7,409	1,952	3,077	4,332	3,205	1,218	1,155	797	6,375	2,104	2,920
MUTUAL FUNDS
Market cap (in NIS billions)	297	262	297	277	272	267	262	284	272	292	239
Average daily value of creation / redemptions (in NIS millions)	1,407	908	1,306	1,498	1,232	915	874	940	987	890	1,055
Average commissions	0.00815%	0.01127%	0.00860%	0.00779%	0.00838%	0.01065%	0.01121%	0.01134%	0.01027%	0.01200%	0.01016%
Revenue (in NIS thousands)	13,984	12,795	6,516	7,468	5,992	5,945	5,977	6,818	24,732	26,054	26,594
DERIVATIVES
Derivatives on indices (1)	108.4	122.0	106.4	110.1	107.4	106.4	118.5	125.3	114.6	106.4	112.1
Derivatives on foreign currency	39.5	41.2	36.7	42.0	39.3	39.6	39.0	43.3	40.3	47.9	55.0
Derivatives on individual shares	11.3	5.3	10.1	12.3	3.5	2.9	3.1	7.5	4.3	5.0	3.0
Total derivative contracts (in '000 units)	159.2	168.5	153.2	164.4	150.2	148.9	160.6	176.1	159.2	159.3	170.1
Average commissions	0.557	0.542	0.557	0.559	0.534	0.533	0.536	0.546	0.538	0.530	0.520
Revenue (in NIS thousands)	10,825	11,406	4,947	5,878	4,656	4,838	5,250	6,156	20,900	20,608	21,941
Total revenue from trading and clearing commissions	77,451	75,317	35,528	41,923	33,761	33,412	35,872	39,445	142,490	131,116	136,451

Non-Transactional Metrics

	Six months ended				Quarter Ended					Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)*	2,853	3,060	2,877	2,829	2,865	2,946	3,004	3,116	2,983	2,975	2,491
Avg. commissions from Custodian Fees	0.00110%	0.00109%	0.00110%	0.00109%	0.00109%	0.00109%	0.00109%	0.00108%	0.00109%	0.00108%	0.00107%
Revenue from: (in NIS thousands)
Custodian Fees	15,632	16,604	7,891	7,741	7,841	8,015	8,160	8,444	32,460	32,221	26,676
Clearing House services for members	11,999	10,752	5,574	6,425	6,362	5,435	5,443	5,309	22,549	16,892	15,075
Clearing House services for companies & funds	7,637	5,723	4,071	3,566	2,436	2,640	3,423	2,300	10,779	11,271	10,730
Other	2,819	2,618	1,438	1,381	1,232	1,250	1,319	1,299	5,100	5,121	4,972
Total revenue from Clearing House services	38,087	35,697	18,974	19,113	17,871	17,340	18,345	17,352	70,908	65,505	57,453
	Six months ended			Quarter Ended					Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	627	615	624	630	608	612	615	617	612	535	527
Mutual funds and ETFs	2,326	2,290	2,309	2,341	2,345	2,339	2,310	2,270	2,314	2,210	2,142
Avg. revenue from levies (in NIS thousands)
Companies	10.9	11.4	5.5	5.4	5.7	5.7	5.7	5.7	22.8	21.6	20.9
Mutual funds and ETFs	4.0	3.8	2.0	2.0	1.9	1.9	1.9	1.9	7.7	7.4	7.6
Revenue from Annual Levies from: (in NIS thousands)
Companies	6,840	7,003	3,443	3,397	3,479	3,484	3,488	3,515	13,966	11,547	11,039
Mutual funds and ETFs	9,392	8,770	4,652	4,740	4,541	4,467	4,420	4,350	17,778	16,335	16,225
Nominee Company and others	3,658	3,150	1,820	1,838	1,621	1,610	1,586	1,564	6,381	5,178	3,067
Total revenue from Annual levies	19,890	18,923	9,915	9,975	9,641	9,561	9,494	9,429	38,125	33,060	30,331

Non-Transactional Metrics | Continued

		Six months ended	Quarter Ended						Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
LISTING FEES AND LEVIES
The value of issuance used to calculate Listing fees (in NIS millions)
Companies – Shares, Bonds and ETFs(1)	59,470	75,626	30,806	33,266	29,659	38,383	32,281	43,409	143,732	182,966	118,413
Government bonds (including swap transactions)(2)	40,379	25,307	23,928	16,451	9,338	6,856	9,889	15,418	41,501	157,956	164,779
Treasury-bills	208,889	80,580	79,196	129,693	106,376	44,202	39,651	40,929	231,158	130,926	100,924
Number of issuances
Number of public offerings of shares on TASE (including on TASE UP)	35	41	19	16	16	21	12	29	78	170	115
Number of new issuers of shares	1	9	0	1	0	4	1	8	13	94	27
Number of new (dual-listed) companies	2	1	0	2	1	-	-	1	2	2	3
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	145	1,416	0	145	0	926	25	1,391	2,342	10,490	4,616
Amount raised in bond offerings by new issuers (in NIS millions)	523	370	418	105	231	366	98	272	967	364	100
Number of corporate bond offerings to the public	67	85	34	33	25	55	34	51	165	177	145
Number of corporate bond offerings to the public by new companies	3	3	1	2	2	3	1	2	8	5	1
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETFs	0.0173%	0.0177%	0.0180%	0.0142%	0.0167%	0.0177%	0.0176%	0.0178%	0.0175%	0.0172%	0.0182%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	3,726	4,449	1,780	1,946	1,661	2,135	2,129	2,320	8,245	8,986	6,843
Receipts from listing fees
Listing fees – shares, bonds & ETF's	10,273	13,429	5,543	4,728	4,941	6,813	5,688	7,741	25,183	31,388	21,570
Listing fees - government bonds	3,133	2,976	1,566	1,567	1,488	1,488	1,488	1,488	5,952	5,812	5,881
Listing of T-bills	1,462	377	554	908	745	496	90	287	1,618	916	707
Levies and examination fees from members	57	796	0	57	0	54	638	158	850	290	133
Other	122	82	96	26	106	48	29	53	236	162	218
Total receipts	15,047	17,660	7,759	7,286	7,280	8,899	7,933	9,727	33,839	38,568	28,439
Accounting adjustments to revenue recognition	1,782	4,013	689	1,095	935	)668(	700	3,313	4,280	)11,558(	(5,796(
Total revenue from listing fees	16,829	21,673	8,448	8,381	8,215	8,231	8,633	13,040	38,119	27,010	22,643
Total revenue from examination and listing fees (in NIS thousands)	20,555	26,122	10,228	10,327	9,876	10,366	10,762	15,360	46,364	35,996	29,556
Total revenue from listing fees and levies	40,445	45,045	20,143	20,302	19,517	19,927	20,256	24,789	84,489	69,056	59,887

(1) Value on listing date of a security, used to calculate the listing fees, as prescribed in the TASE Rules. The issuance volume in 2019 presented as the actual issuance amount was raised.

(2) Commencing in 2021, listing fees on government bonds will be charged according to a fixed amount over the entire period set out in the agreement between the Company and the Ministry of Finance, rather than a percentage of the amount raised. (3) In the first quarter of 2022, the Company examined the estimation of the period for recognition of revenue from listing fees on shares (in IPOs and secondary offerings) and on ETFs in accordance with International Financial Reporting Standard, "Revenue from Contracts with Customers" (IFRS 15)

Non-Transactional Metrics | Continued

	Six months ended					Year ended
	30.06.23	30.06.22	30.06.23	31.03.23	31.12.22	30.09.22	30.06.22	31.03.22	31.12.22	31.12.21	31.12.20
DATA DISTRIBUTION AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients(1)	7,312	7,589	7,245	7,379	7,221	7,279	7,459	7,718	7,419	7,551	7,559
Overseas business clients	5,845	5,347	5,968	5,722	5,514	5,580	5,214	5,480	5,447	4,927	4,496
Non-display data(2)	269	308	230	308	284	254	297	318	288	286	285
Revenue from data distribution and connectivity services (in NIS thousands)
Domestic business clients(1	8,830	8,494	4,380	4,450	4,082	4,117	4,179	4,315	16,693	16,516	16,936
Overseas business clients	5,623	4,385	3,034	2,589	2,444	2,422	2,277	2,108	9,251	7,160	5,555
Private clients	4,120	4,461	2,017	2,103	1,798	1,995	2,176	2,285	8,254	8,577	7,975
Derivative data and non-display data(3)	2,273	2,385	1,074	1,199	1,137	1,253	1,380	1,005	4,775	3,954	3,172
Data files and other data	2,295	2,001	1,128	1,167	1,093	1,053	1,019	982	4,147	3,381	2,803
Authorization for indices usage	4,973	1,670	2,511	2,462	763	769	768	902	3,202	3,093	3,189
Connectivity services	6,377	5,979	3,223	3,154	2,961	2,798	3,277	2,702	11,738	9,587	8,778
Total revenue from data distribution and connectivity services	34,491	29,375	17,367	17,124	14,278	14,407	15,076	14,299	58,060	52,268	48,408

(1) The revenue from data distribution to a business client include differently priced data packages. The number of terminals for business clients includes only the data packages that contain all data groups.

(2) The number of terminals attributed to quote generators.

CONTACTS

Yehuda Ben Ezra EVP CFO

Email: cfo@tase.co.il

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

Email: tase.ir@tase.co.il

Tel: +972-76-8160405

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