Tel Aviv Stock Exchange Ltd. — Investor Presentation 2024

Nov 20, 2024

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Quarter ended September 30, 2024

1

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

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

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

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

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

TASE at a Glance / Q3'24 by the Numbers

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

(1) Includes ETFs. (2) Includes structured bonds.

(3) Excludes government bonds via swap transactions.

(4) Excludes TASE-UP

(5) Value of the mutual funds' assets, as recorded in the in TASE Clearing House

TASE at a Glance / Q3'24 by the Numbers

Continued

Issuance Volume

(2) Excludes Private Placements. Includes TASE-UP (3) Excludes companies that were listed without raising capital

5) Excluding amounts raised by way of swap auctions, totaling NIS 5.7 billion and NIS 6.3 billion in the threemonth periods ended 30.09.2024 and 30.09.2023, respectively.

The results for Q3'24

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	September 30, 2024	September 30, 2023	Difference -%
Revenue from services	109,045	95,488	14%
Expenses	79,135	72,063	10%
Profit before financing income, net	29,910	23,425	28%
Financing income, net	4,034	1,988	103%
Taxes on income	7,912	7,186	10%
Profit	26,032	18,227	43%
Basic EPS (in NIS)	0.282	0.196	44%
Non GAAP
Adjusted EBITDA(1)	45,123	38,412	17%
% EBITDA Adjusted margin	41.4%	40.2%
Adjusted net profit(1)	27,198	20,110	35%
% Adjusted net profit margin	24.9%	21.1%

Revenue Q3'24

NIS, in thousands

	Quarter Ended
	September 30, 2024	% of the Company's total revenues	September 30, 2023	% of the Company's total revenues	Difference - %
Trading and clearing commissions	41,809	38%	36,948	39%	13%
Listing fees and levies	22,397	21%	20,489	21%	9%
Clearing House services	21,266	19%	19,155	20%	11%
Data distribution and Connectivity services	22,951	21%	18,111	19%	27%
Other revenue	622	1%	785	1%	)21%(
Total revenue	109,045	100%	95,488	100%	14%

12% of the increase in revenue from trading and clearing commissions is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units, and 7% of the increase in revenue is due to there being four more trading days this quarter. In opposition, a reduction in the effective commission rate, particularly in revenue from mutual funds, shares and derivatives, reduced the aforesaid increase in revenue by 6%.

5% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, 4% of the increase is due to an increase in revenue from examination and listing fees, mainly as a result of an increase in companies' applications for listing and offerings and an increase in the volumes raised with T-bills this quarter compared to the corresponding quarter last year.

5% of the increase in revenue from Clearing House services is due to an increase in revenue from Clearing House services to companies and funds, and 4% of the increase is due to an increase in revenue from custodian fees as a result of the increase in the value of the assets that are held in custodianship at TASE-CH. In addition, 2% of the increase is due to an increase in the revenue from Clearing House services to members..

21% of the increase in revenue from data distribution and connectivity services is due to an increase in revenue from authorizations to use the TASE indices, mainly as a result of the updating of the index-usage fees and the increased value and use of the TASE indices, 4% of the increase is due to an increase in revenue from data distribution to private customers, and 2% of the increase is due to an increase in revenue from connectivity services.

Most of the decrease in other revenue is due to a decrease in rent income as a result of the termination of the agreement with the embassy of the United Arab Emirates

38% Transactional

62% Non-transactional

Data distribution and connectivity services

Other revenue

Q3'24 Revenue Composition

Adjusted Expenses(*) Q3'24

NIS, in thousands

			Quarter Ended
	September 30, 2024	% of the Company's total expenses	September 30, 2023	% of the Company's total expenses	Difference -%
Compensation	41,744	54%	38,071	54%	10%
Computer and Communications	11,240	14%	10,183	15%	10%
Property Taxes and Building Maintenance	3,791	5%	3,836	5%	)1%(
Marketing	1,799	2%	820	1%	119%
Fee to the Israel Securities Authority	2,167	3%	1,242	2%	74%
General and Administrative	2,353	3%	2,166	3%	9%
Other operating expenses	823	1%	760	1%	8%
Depreciation & amortization	13,995	18%	13,046	19%	7%
Other	57	0%	56	0%	2%
Total Expenses**	77,969	100%	70,180	100%	11%

(**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 79.1 millions in Q3'24 and to NIS 72.1 millions in Q3'23.

• 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

The results for Q1-Q3'24

NIS, in thousands

	Nine months Ended
IFRS (GAAP)	September 30, 2024	September 30, 2023	Difference -%
Revenue from services	322,448	288,407	12%
Expenses	229,268	214,630	7%
Profit before financing income, net	93,180	73,777	26%
Financing income, net	7,470	8,132	)8%(
Taxes on income	24,628	19,426	27%
Profit	76,022	62,483	22%
Basic EPS (in NIS)	0.822	0.645	27%
Non GAAP
Adjusted EBITDA(1)	139,503	117,521	19%
% EBITDA Adjusted margin	43.3%	40.7%
Adjusted net profit(1)	80,706	66,622	21%
% Adjusted net profit margin	25.0%	23.1%

Revenue Q1-Q3'24

NIS, in thousands

38% Transactional

62% Non-transactional

11% of the increase in revenue from trading and clearing commissions is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units, and 1% of the increase in revenue is due to there being two more trading days this period. In opposition, a reduction in the effective commission rate, particularly in revenue from mutual funds, T-bills and derivatives, reduced the aforesaid increase in revenue by 4%.

4% of the total increase in revenue from listing fees and levies stems from an increase in revenue from annual levies, both as a result of the increase in the number of companies and funds that pay an annual levy, and due to the linkage of the levy rates to the CPI. In addition, the higher revenue from examination fees and listing fees, each, accounted for 2% of the increase, and derived mainly from an increase in the listing applications and in the volumes raised this period compared to the corresponding period last year.

4% of the increase in revenue from Clearing House services is due to the rise in revenue from custodian fees as a result of the increase in the value of the assets that are held in custodianship at TASE-CH. In addition, 3% of the increase in revenue is due to Clearing House services to members, mainly as a result of the expansion of the services in relation to information on OTC transactions and the linkage of the clearing fees to the CPI, and 3% of the increase is due to an increase in revenue from Clearing House services to companies and funds.

21% of the increase in revenue from data distribution and connectivity services is due to an increase in revenue from authorizations to use the TASE indices, mainly as a result of the updating of the index-usage fees and the increase in the value and use of the TASE indices, 5% of the increase is due to an increase in revenue from data distribution to private and business customers, and 3% of the increase is due to an increase in revenue from connectivity services

Most of the decrease in revenue is due to one-time income received in the first quarter last year - a refund of municipal taxes for prior years in an amount of NIS 0.6 million.

Data distribution and connectivity services

Other revenue

11

Q1-Q3'24 Revenue Composition

Adjusted Expenses(*) Q1-Q3'24

NIS, in thousands

	Nine months Ended
	September 30, 2024	% of the Company's total expenses	September 30, 2023	% of the Company's total expenses	Difference -%
Compensation	120,072	53%	113,309	54%	5%
Computer and Communications	32,546	14%	28,110	13%	16%
Property Taxes and Building Maintenance	10,445	5%	10,297	5%	-
Marketing	3,803	2%	4,111	2%	)7%(
Fee to the Israel Securities Authority	6,302	3%	6,099	3%	3%
General and Administrative	7,254	3%	6,768	3%	7%
Other operating expenses	2,523	1%	1,893	1%	33%
Depreciation & amortization	41,551	19%	38,954	19%	7%
Other	88	0%	950	0%	)91%(
Total Expenses**	224,584	100%	210,491	100%	7%

(**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 229.3 millions in Q1-Q3'24 and to NIS 214.6 millions in Q1-Q3'23.

• 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

Balance Sheet and Liquidity Position

as of September 30, 2024 | NIS Thousands

Current assets
Cash and cash equivalents	405,295
Financial assets at fair value through profit or loss	92,983
Trade receivables	18,255
Other receivables	19,494
Total(1)	536,027
Assets derived from clearing operations in respect of open derivative positions	882,136
Total current assets	1,418,163
	Non-current assets
Deferred tax assets	3,064
Property and equipment, net	303,753
Intangible assets, net	160,419
Other long-term receivables	6,688
Total non-current assets	473,924
Total assets	1,892,087
	Liabilities and Equity:
	Current liabilities
Current maturities of a loan from a bank	49,924
Current maturities of lease liabilities	8,406
Trade payables	8,683
Other payables	5,524
Income received in advance with respect to annual levies	11,277
Deferred income in respect of listing fees and levies	29,553
Current tax liabilities	12,881
Short-term liabilities for employee benefits	37,902
Total )1(	164,150
Liabilities derived from clearing operations in respect of open derivative positions	882,136
Total current liabilities	1,046,286
	Non-current liabilities:

Adjusted Equity Ratio	79%
Total liabilities and equity	1,892,087
Total equity	686,669
Total non-current liabilities	159,132
Other liabilities	6,187
Non-current liabilities for employee benefits	0
Deferred income in respect of listing fees and levies	78,785
Lease liabilities	11,705
Loan from a bank	62,455

Capital requirements in respect of the risk components:
Credit risk	10,040
Market risk	2,721
Legal and operational risk	57,952
Business continuity and reorganization	73,967
Contribution against default waterfall	30,515
Total capital requirements in respect of the risk components	175,195
	Capital base components:
Total equity	686,669
Adjustments:
Deferred income in respect of listing fees less deferred tax	83,014
Total qualifying capital base	769,683
Capital surplus (qualifying capital base, less requirements)	594,488
Liquidity requirements in respect to the risk components
Business continuity and reorganization	73,967
Projected cash flow, net	32,656
Contribution against default waterfall	30,515
Total requirements for liquid assets	137,138
Cash and cash equivalents	405,295
Securities portfolio at fair value	92,983
Less – amortization coefficients on the assets	)4,126(
Less- the balance earmarked for investment in TASE's technological infrastructure	)210,431(
Less – current liabilities	)8,459(
Net liquid assets	275,262

NIS in Millions Excess Capital(1)(2)

87% Growth compared to 31.12.23

138 NIS in Millions Excess Liquidity(1)

5% Reduction compared to 31.12.23

(1) The Board of Directors also approved a safety cushion, which serves as an additional layer for handling stress scenarios and is at the discretion of the Board of Directors. (2) The capital includes consideration from the sale of the Arrangement shares

Cash Flow NIS in Millions

	Item	Q1-Q3'24	Q3'24	Q2'24	Q1'24	Q1-Q3'23	Q3'23	Q2'23	Q1'23
	Adjusted EBITDA(1)	139,503	45,123	45,812	48,568	117,521	38,412	35,575	43,534
Operating Activities	Changes in working capital	)15,219(	2,854	)22,933(	4,860	1,251	)5,401(	)2,151(	8,803
	Financing and tax	)17,196(	)2,774(	)3,008(	)11,414(	)8,046(	)1,585(	)2,462(	)3,999(
	Total	107,088	45,203	19,871	42,014	110,726	31,426	30,962	48,338
	Investments in property and equipment and in intangible assets	)35,204(	)13,113(	)9,093(	)12,998(	)33,976(	)11,751(	)10,776(	)11,449(
Investing Activities	Disposal (acquisition) of financial assets at fair value	)477(	)594(	)355(	472	107,475	110,098	)1,223(	)1,400(
	Total	)35,681(	)13,707(	)9,448(	)12,526(	73,499	98,347	)11,999(	)12,849(
	Lease payments	)7,008(	)2,311(	)2,347(	)2,350(	)6,623(	)2,225(	)2,273(	)2,125(
	Payments for the acquisition of treasury shares	-	-	-	-	)153,748(	)21,340(	)108,030(	)24,378(
Financing	Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net	242,457	-	-	242,457	12,753	4,133	6,771	1,849
Activities	Credit and loan	)37,500(	)12,500(	)12,500(	)12,500(	527	527	)889(	889
	Dividend payment	)272,718(	-	-	)272,718(	-	-	-	-
	Total	)74,769(	)14,811(	)14,847(	)45,111(	)147,091(	)18,905(	)104,421(	)23,765(
	Total increase (decrease) in cash and cash equivalents	)3,362(	16,685	)4,424(	)15,623(	37,134	110,868	)85,458(	11,724
	Opening balance	408,484	388,705	392,955	408,484	192,416	118,958	204,271	192,416
	Effect of changes in exchange rates on cash balances	173	)95(	174	94	789	513	145	131
	Closing balance	405,295	405,295	388,705	392,955	230,339	230,339	118,958	204,271
	Net cash provided by operating activities	107,088	45,203	19,871	42,014	110,726	31,426	30,962	48,338
	Investments in property and equipment and in intangible assets	)35,204(	)13,113(	)9,093(	)12,998(	)33,976(	)11,751(	)10,776(	)11,449(
Free Cash	Lease payments	)7,008(	)2,311(	)2,347(	)2,350(	)6,623(	)2,225(	)2,273(	)2,125(
Flow	cash earmarked for investments in technology infrastructure(2)	32,026	10,160	9,447	12,419	-	-	-	-
	Free Cash Flow	96,902	39,939	17,878	39,085	70,127	17,450	17,913	34,764

(1) Exclude expenses in respect to share-payments

.

(2) Investments in technological infrastructure were funded by the consideration from the sale of the Arrangement Shares

APPENDIX

16

Revenue Trends

NIS in Millions

.

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

NIS in Millions

Adjusted Net Profit & Margin (1)

26%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35.0

26%

23% 24%

Revenue Drill Down | Transactional - Shares

Average Daily Turnover (NIS billions) Velocity 1.88 2.30 2.00 2.10 2.60 2.39 2.17 1.99 2.14 2.07 1.87 1.93 2.14 2.16 2.00 2021 2022 2023 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 40% 43% 43% 40% 49% 43% 40% 40% 46% 44% 39% 42% 39% 42% 39%

Revenue

(NIS millions)

Average commissions %

Revenue Drill Down | Transactional - Bonds

Average commissions %

Revenue (NIS millions)

Revenue Drill Down | Transactional - Mutual Funds

Average Daily Turnover (NIS billions)

0.89 0.99 1.42 1.84 0.94 0.87 0.92 1.23 1.50 1.31 1.41 1.47 1.83 1.83 1.86 2021 2022 2023 Q1-Q3'24 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24

Revenue (NIS millions)

22

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Average Daily Turnover (in '000 units)

Commission / Contract Average commissions

Revenue Capture %

Revenue (NIS millions)

Revenue Drill Down | Non-transactional

NIS in Millions Unless Otherwise Noted

As of April 1, 2024, the custodian fees commission is charged daily based on the value of the assets recorded at TASE-CH on that date, this in place of the monthly charging based on the value of the assets on the last day 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

		Nine months ended			Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
Number of trading days	185	183	65	57	63	66	61	58	64	249	244	244
SHARES
Market cap of Shares (ex. ETFs)	1,050	964	1,050	964	1,038	953	964	927	893	953	949	1,125
Market cap of ETFs on share indices	134	92	134	123	117	102	92	82	71	102	71	75
Total market cap (in NIS billions)	1,184	1,056	1,184	1,087	1,155	1,055	1,056	1,009	964	1,055	1,020	1,200
Shares ADV	1,624	1,628	1,547	1,731	1,607	1,515	1,453	1,696	1,733	1,598	1,874	1,543
ETFs on share indices ADV	473	396	454	431	531	411	413	369	403	400	421	335
Total average daily volume (in NIS millions)	2,097	2,024	2,001	2,162	2,138	1,926	1,866	2,065	2,136	1,998	2,295	1,878
Average commissions	0.01118%	0.01123%	0.01115%	0.01131%	0.01110%	0.01147%	0.01164%	0.01129%	0.01085%	0.01129%	0.01044%	0.01081%
Revenue (in NIS thousands)	43,386	41,597	14,500	13,934	14,952	14,579	13,244	13,526	14,827	56,176	58,469	49,538
BONDS
Market cap of corporate bonds	485	427	485	447	457	447	427	425	411	447	409	426
Market cap of ETFs on bond indices	30	29	30	30	30	29	29	28	27	29	27	32
Total market cap (in NIS billions)	515	456	515	477	487	476	456	453	438	476	436	458
Corporate bonds ADV	973	916	849	1,024	1,054	861	939	834	969	902	916	781
ETFs on bond indices ADV	103	121	109	96	105	95	139	98	125	114	130	125
Total average daily volume (in NIS millions)	1,076	1,037	958	1,120	1,159	956	1,078	932	1,094	1,016	1,046	906
Corporate bonds - average commissions	0.00713%	0.00703%	0.00713%	0.00718%	0.00708%	0.00713%	0.00702%	0.00705%	0.00701%	0.00705%	0.00707%	0.00709%
Revenue from corporate bonds (in NIS thousands)	14,193	13,334	4,440	4,581	5,172	4,499	4,614	3,811	4,909	17,833	18,036	15,674
Market cap of government bonds -unlinked	370	284	370	347	328	308	284	292	278	308	287	364
Market cap of government bonds –linked and others	335	297	335	315	304	304	297	309	306	304	300	341
Total market cap (in NIS billions)	705	581	705	662	632	612	581	601	584	612	587	705
Government bonds - unlinked	2,310	1,721	2,266	2,183	2,469	2,406	1,615	1,651	1,885	1,902	1,476	1,868
Government bonds – linked and others	1,013	968	993	1,084	970	1,121	811	979	1,109	1,009	955	1,155
Total average daily volume (in NIS millions)	3,323	2,689	3,259	3,267	3,439	3,527	2,426	2,630	2,994	2,911	2,431	3,023
Government bonds unlinked - average commissions	0.00198%	0.00197%	0.00193%	0.00200%	0.00202%	0.00212%	0.00199%	0.00198%	0.00195%	0.00202%	0.00195%	0.00193%
Government bonds linked - average commissions	0.00299%	0.00298%	0.00299%	0.00298%	0.00299%	0.00315%	0.00306%	0.00298%	0.00294%	0.00303%	0.00290%	0.00285%
Government bonds - unlinked (in NIS thousands)	8,467	6,207	2,837	2,484	3,146	3,372	1,960	1,897	2,350	9,579	7,010	8,817
Government bonds - linked (in NIS thousands)	5,601	5,288	1,929	1,844	1,828	2,327	1,513	1,690	2,085	7,615	6,760	8,022
Revenue from Government bonds (in NIS thousands)	14,068	11,495	4,766	4,328	4,974	5,699	3,473	3,587	4,435	17,194	13,770	16,839

Transactional Metrics | Continued

		Nine months ended	Quarter Ended								Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
Number of trading days	185	183	65	57	63	66	61	58	64	249	244	244
TREASURY BILLS
Market cap (in NIS billions)	231	316	231	249	256	305	316	282	272	305	209	115
Treasury bills ADV (in NIS millions)	1,473	1,335	1,128	1,365	1,926	1,568	1,323	1,302	1,377	1,397	783	320
Average commissions	0.00329%	0.00411%	0.00362%	0.00359%	0.00290%	0.00302%	0.00327%	0.00407%	0.00492%	0.00379%	0.00334%	0.00269%
Revenue (in NIS thousands)	8,970	10,047	2,657	2,797	3,516	3,123	2,638	3,077	4,332	13,170	6,375	2,104
MUTUAL FUNDS
Market cap (in NIS billions)	405	313	405	375	357	330	313	297	277	330	272	292
Average daily value of creation / redemptions (in NIS millions)	1,840	1,406	1,864	1,826	1,828	1,474	1,406	1,306	1,498	1,424	987	890
Average commissions	0.00752%	0.00825%	0.00742%	0.00769%	0.00748%	0.00779%	0.00846%	0.00860%	0.00779%	0.00813%	0.01027%	0.01200%
Revenue (in NIS thousands)	25,608	21,243	8,993	8,005	8,610	7,576	7,259	6,516	7,468	28,819	24,732	26,054
DERIVATIVES
Derivatives on TA-35 index	116.5	107.7	130.8	117.9	100.6	110.8	106.2	106.4	110.1	108.5	114.6	106.4
Derivatives on foreign currency	36.8	37.7	41.0	39.8	29.8	31.5	34.2	36.7	42.0	36.1	40.3	47.9
Derivatives on shares and other	17.9	13.6	20.1	14.5	20.8	10.0	18.4	10.1	12.3	12.7	4.3	5.0
Total derivative contracts (in '000 units)	171.2	159.0	191.9	172.2	151.2	152.3	158.8	153.2	164.4	157.3	159.2	159.3
Average commissions	0.543	0.567	0.514	0.536	0.598	0.565	0.585	0.557	0.559	0.566	0.538	0.530
Revenue (in NIS thousands)	17,211	16,489	6,413	5,126	5,672	5,681	5,664	4,947	5,878	22,170	20,900	20,608
OTHER
Other (MTS) (in NIS thousands)	139	194	40	41	58	33	56	64	74	227	208	299
Total revenue from trading and clearing commissions	123,575	114,399	41,809	38,812	42,954	41,190	36,948	35,528	41,923	155,589	142,490	131,116

Non-Transactional Metrics

	Nine months ended		Quarter Ended								Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
CLEARING HOUSE SERVICES
Average Monthly Market value of assets (in NIS billions)*	3,160	2,884	3,239	3,132	3,110	2,908	2,946	2,877	2,829	2,890	2,983	2,975
Avg. commissions from Custodian Fees	0.00109%	0.00110%	0.00110%	0.00108%	0.00108%	0.00110%	0.00110%	0.00110%	0.00109%	0.00110%	0.00109%	0.00108%
Revenue from: (in NIS thousands)
Custodian Fees	25,768	23,726	8,893	8,458	8,417	7,986	8,093	7,891	7,741	31,711	32,460	32,221
Clearing House services for members	20,231	18,457	6,832	6,510	6,889	7,365	6,459	5,574	6,425	25,823	22,549	16,892
Clearing House services for companies & funds	12,425	10,840	4,084	5,209	3,132	4,280	3,203	4,071	3,566	15,120	10,779	11,271
Other	4,353	4,219	1,457	1,354	1,542	1,335	1,400	1,438	1,381	5,554	5,100	5,121
Total revenue from Clearing House services	62,777	57,242	21,266	21,531	19,980	20,966	19,155	18,974	19,113	78,208	70,908	65,505
		Nine months ended				Quarter Ended				Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
LISTING FEES AND LEVIES
Weighted avg. number of companies / funds
Companies	619	626	617	619	622	612	618	624	630	621	612	535
Mutual funds and ETFs	2,300	2,319	2,277	2,289	2,334	2,300	2,303	2,309	2,341	2,314	2,314	2,210
Avg. revenue from levies (in NIS thousands)
Companies	17.1	16.4	5.7	5.7	5.7	5.6	5.5	5.5	5.4	22.0	22.8	21.6
Mutual funds and ETFs	6.5	6.0	2.2	2.2	2.1	2.0	2.0	2.0	2.0	8.0	7.7	7.4
Revenue from Annual Levies from: (in NIS thousands)
Companies	10,635	10,256	3,535	3,543	3,557	3,414	3,416	3,443	3,397	13,670	13,966	11,547
Mutual funds and ETFs	14,796	14,054	4,937	4,926	4,933	4,628	4,662	4,652	4,740	18,682	17,778	16,335
Nominee Company and others	7,119	5,531	2,510	2,408	2,201	1,868	1,873	1,820	1,838	7,399	6,381	5,178
Total revenue from Annual levies	32,550	29,841	10,982	10,877	10,691	9,910	9,951	9,915	9,975	39,751	38,125	33,060

As of April 1, 2024, the custodian fees commission is charged daily based on the value of the assets recorded at TASE-CH on that date, this in place of the monthly charging based on the value of the assets on the last day of each month.

Non-Transactional Metrics | Continued

		Nine months ended	Quarter Ended								Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
LISTING FEES AND LEVIES- Continued
The value of issuance used to calculate Listing fees (in NIS millions)
Shares, Bonds and ETFs(1) Companies –	125,757	97,397	52,312	30,356	43,089	41,655	37,927	30,806	28,664	139,052	143,732	182,966
Government bonds (including swap transactions)(2)	170,735	64,370	54,248	49,156	67,331	51,953	23,991	23,928	16,451	116,323	41,501	157,956
Treasury-bills	327,335	303,858	111,763	113,658	101,914	99,602	94,969	79,196	129,693	403,460	231,158	130,926
Number of issuances
Number of public offerings of shares on TASE (including on TASE-UP)	41	52	11	10	20	14	17	19	16	66	78	170
Number of new issuers of shares	5	1	2	1	2	-	-	-	1	1	13	94
Number of new (dual-listed) companies	2	2	-	2	-	-	-	-	2	2	2	2
Number of Offerings and Volumes Raised
Amount raised in share IPOs of new issuers (in NIS millions)	832	145	374	313	145	-	-	-	145	145	2,342	10,490
Amount raised in bond offerings by new issuers (in NIS millions)	915	863	779	136	-	1,186	340	418	105	2,049	967	364
Number of corporate bond offerings to the public	149	107	60	34	55	30	40	34	33	137	165	177
Number of corporate bond offerings to the public by new companies	4	7	3	1	-	2	4	1	2	9	8	5
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETFs	0.0163%	0.0166%	0.0174%	0.0144%	0.0165%	0.0168%	0.0155%	0.0180%	0.0165%	0.0166%	0.0175%	0.0172%
Revenue from Examination and Listing Fees (in NIS thousands)
Examination fees	6,539	5,466	2,338	2,161	2,040	1,582	1,740	1,780	1,946	7,048	8,245	8,986
Receipts from listing fees
Listing fees – shares, bonds & ETF's	20,551	16,163	9,081	4,368	7,102	6,989	5,890	5,543	4,728	23,152	25,183	31,388
Listing fees - government bonds	4,857	4,700	1,619	1,619	1,619	1,566	1,567	1,566	1,567	6,266	5,952	5,812
Listing of T-bills	2,292	2,127	784	795	713	697	665	554	908	2,824	1,618	916
Levies and examination fees from members	1,032	171	139	863	30	55	114	0	57	226	850	290
Other	746	320	342	181		170	198	96	26	490	236	162
Total receipts	29,478	23,481	11,965	7,826	9,687	9,477	8,434	7,759	7,286	32,958	33,839	38,568
Accounting adjustments to revenue recognition	)2,852(	2,146	)2,888(	851	)815(	)783(	364	689	1,095	1,363	4,280	)11,558(
Total revenue from listing fees	26,626	25,627	9,077	8,677	8,872	8,694	8,798	8,448	8,381	34,321	38,119	27,010
Total revenue from examination and listing fees (in NIS thousands) (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.	33,165	31,093	11,415	10,838	10,912	10,276	10,538	10,228	10,327	41,369	46,364	35,996
(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. Total revenue from listing fees and levies (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,	65,715	60,934	22,397	21,715	21,603	20,186	20,489	20,143	20,302	81,120	84,489	69,056 29
"Revenue from Contracts with Customers" (IFRS 15)

Non-Transactional Metrics | Continued

	Nine months ended		Quarter Ended								Year ended
	30.09.24	30.09.23	30.09.24	30.06.24	31.03.24	31.12.23	30.09.23	30.06.23	31.03.23	31.12.23	31.12.22	31.12.21
DATA DISTRIBUTION AND CONNECTIVITY SERVICES
Average number of data terminals
Domestic business clients(1)	7,407	7,312	7,332	7,397	7,491	7,446	7,311	7,245	7,379	7,345	7,419	7,551
Overseas business clients	5,296	5,871	5,174	4,866	5,848	5,955	5,924	5,968	5,722	5,892	5,447	4,927
Non-display data(2)	217	252	221	200	231	287	219	230	308	261	288	286
Revenue from data distribution and connectivity services (in NIS thousands)
Domestic business clients(1	14,042	13,284	4,663	4,656	4,723	4,516	4,454	4,380	4,450	17,800	16,693	16,516
Overseas business clients	8,587	9,119	2,850	2,728	3,009	3,211	3,496	3,034	2,589	12,330	9,251	7,160
Private clients	8,365	6,324	2,988	2,879	2,498	2,260	2,204	2,017	2,103	8,584	8,254	8,577
Derivative data and non-display data(3)	3,387	3,338	1,056	1,165	1,166	1,275	1,065	1,074	1,199	4,613	4,775	3,954
Data files and other data	3,909	3,453	1,330	1,320	1,259	1,203	1,158	1,128	1,167	4,656	4,147	3,381
Authorization for indices usage	18,345	7,446	6,302	5,757	6,286	2,735	2,473	2,511	2,462	10,181	3,202	3,093
Connectivity services	11,036	9,638	3,762	3,614	3,660	3,374	3,261	3,223	3,154	13,012	11,738	9,587
Total revenue from data distribution and connectivity services	67,671	52,602	22,951	22,119	22,601	18,574	18,111	17,367	17,124	71,176	58,060	52,268

(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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