Tel-Aviv Stock Exchange (TASE) Investors Presentation

Quarter ended June 30, 2024

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 / Q2'24 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) Includes options on individual equities

(4) Excludes government bonds via swap transactions.

(5) Excludes TASE-UP

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

TASE at a Glance / Q2'24 by the Numbers

Continued

	Financial Metrics
	(NIS Millions)			(NIS Millions)							(NIS Millions)						)NIS(
		105.1		45.8				43.6%			25.7		24.4%				0.263
	Revenue				Adj. EBITDA)1(	%		Adj. EBITDA)1(		Adj. net profit )1(			% Adj. net profit )1(				Basic EPS
		13% Y-o-Y Growth			29% Y-o-Y Growth					26% Y-o-Y Growth							38% Y-o-Y Growth

		Revenue (NIS Millions)			Adjusted EBITDA & Margin(1)				(NIS Millions)	Adjusted Net Profit & Margin(1)				(NIS Millions)			Basic EPS (NIS)
			389.9	410.3				40%	42%	25%			23%	23%
304.3	323.7	361.0			40% 31% 35% 30%	32%	37% 135.2	157.6	172.9	20% 13% 15%	14%	14%	89.3	96.3				0.859	0.961
					25% 20% 95.1 15% 10% 5%	103.0				10% 5% 38.2 0%	46.2	51.3			0.368	0.449	0.500
2020	2021	2022	2023	LTM	0% 2020	2021	2022	2023	LTM	-5% 2020	2021	2022	2023	LTM	2020	2021	2022	2023	LTM

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 5.4 billion and NIS 6.3 billion in the threemonth periods ended 30.06.2024 and 30.06.2023, respectively.

The results for Q2'24

NIS, in thousands

	Quarter Ended
IFRS (GAAP)	June 30, 2024	June 30, 2023	Difference -%
Revenue from services	105,110	92,903	13%
Expenses	74,766	72,591	3%
Profit before financing income, net	30,344	20,312	49%
Financing income, net	1,999	3,616	)45%(
Taxes on income	8,063	5,153	56%
Profit for the quarter	24,280	18,775	29%
Basic EPS (in NIS)	0.263	0.191	38%
Non GAAP
Adjusted EBITDA(1)	45,812	35,575	29%
% EBITDA Adjusted margin	43.6%	38.3%
Adjusted net profit(1)	25,685	20,420	26%
% Adjusted net profit margin	24.4%	22.0%

Revenue Q2'24

NIS, in thousands

		Quarter Ended
	June 30, 2024	% of the Company's total revenues	June 30, 2023	% of the Company's total revenues	Difference - %
Trading and clearing commissions	38,812	37%	35,528	38%	9%
Listing fees and levies	21,715	21%	20,143	22%	8%
Clearing House services	21,531	20%	18,974	20%	13%
Data distribution and Connectivity services	22,119	21%	17,367	19%	27%
Other revenue	933	1%	891	1%	5%
Total revenue	105,110	100%	92,903	100%	13%

15% of the increase in revenue is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units. In opposition, a reduction in the effective commission rate in revenue from mutual funds and T-bills reduced the aforesaid increase in revenue by 4%, and there being one less trading day in the current quarter reduced revenue by an additional 2%.

5% of the increase in revenue is due to an increase in revenue from annual levies, both as a result of an 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, 3% of the increase is due to an increase in revenue from examination and listing fees.

6% of the increase in revenue is due to an increase in revenue from Clearing House services to companies and funds, 4% of the increase is due to Clearing House services to members, mainly as a result of the services expansion in relation to information on OTC transactions and the linkage of fees to the CPI and 3% of the increase in revenue is due to the rise in revenue from custodian fees as a result of the increase in the value of assets that are held in custodianship at TASE-CH.

19% of the increase in revenue is due to an increase in revenue from TASE indices usage, mainly as a result of the updating of fees and the increased use of the TASE indices, 5% of the increase is due to an increase in revenue from data distribution to private customers, and 3% of the increase is due to an increase in revenue from connectivity services.

Most of the increase in other revenue is due to an increase in the activity of the Conference Center.

37% Transactional

Clearing House services

Data distribution and connectivity services

Other revenue

Q2'24 Revenue Composition

**Adjusted Expenses(*) Q2'24**

NIS, in thousands

	June 30, 2024	% of the Company's total expenses	June 30, 2023	% of the Company's total expenses	Difference -%
Compensation	39,298	54%	37,067	52%	6%
Computer and Communications	10,469	14%	8,914	13%	17%
Property Taxes and Building Maintenance	3,390	5%	3,234	5%	5%
Marketing	663	1%	2,428	3%	)73%(
Fee to the Israel Securities Authority	2,043	3%	2,428	3%	)16%(
General and Administrative	2,416	3%	2,357	3%	3%
Other operating expenses	1,000	1%	599	1%	67%
Depreciation & amortization	14,060	19%	13,040	18%	8%
Other	22	0%	879	1%	)97%(
Total Expenses**	73,361	100%	70,946	100%	3%

(**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 74.8 millions in Q2'24 and to NIS 72.6 millions in Q2'23.

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 H1'24

NIS, in thousands

	Six months Ended
IFRS (GAAP)	June 30, 2024	June 30, 2023	Difference -%
Revenue from services	213,403	192,919	11%
Expenses	150,133	142,567	5%
Profit before financing income, net	63,270	50,352	26%
Financing income, net	3,436	6,144	)44%(
Taxes on income	16,716	12,240	37%
Profit for the quarter	49,990	44,256	13%
Basic EPS (in NIS)	0.541	0.448	21%
Non GAAP
Adjusted EBITDA(1)	94,380	79,109	19%
% EBITDA Adjusted margin	44.2%	41.0%
Adjusted net profit(1)	53,508	46,512	15%

% Adjusted net profit margin 25.1% 24.1%

Revenue H1'24

NIS, in thousands

62% Non-transactional

11% of the increase in revenue is due to an increase in the trading volumes and in the volume of creations/redemptions of mutual fund units. In opposition, a reduction in the effective commission rate in revenues from trading and clearing commissions on mutual funds and T-bills deducted 3% from the increase in revenue and there being two trading days less this period compared to the corresponding period last year reduced revenues by an additional 2%.

4% of the increase in revenue is due to an increase in revenue from annual levies, both as a result of an 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, 3% of the increase is due to an increase in revenue from examination fees and listing fees.

4% of the increase in revenue is due to an increase in revenue from Clearing House services to members, mainly as a result of the services expansion in relation to information on OTC transactions and the linkage of fees to the CPI, 2% of the increase is due to an increase in revenue from services to companies and funds, and 3% of the increase is due to an increase in revenue from custodian fees, as a result of the increase in the value of assets that are held in custodianship at TASE-CH

20% of the increase in revenue is due to an increase in revenue from TASE indices usage, mainly as a result of the updating of fees and the increased use of the TASE indices, 7% of the increase is due to an increase in revenue from data distribution to business and private customers, and 3% of the increase is due to an increase in revenue from connectivity services.

The reduction in revenue is due mainly 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

H1'24 Revenue Composition

**Adjusted Expenses(*) H1'24**

NIS, in thousands

			Six months Ended
	June 30, 2024	% of the Company's total expenses	June 30, 2023	% of the Company's total expenses	Difference -%
Compensation	78,328	53%	75,238	54%	3%
Computer and Communications	21,306	15%	17,927	13%	19%
Property Taxes and Building Maintenance	6,654	5%	6,461	5%	-
Marketing	4,135	3%	4,857	3%	)15%(
Fee to the Israel Securities Authority	1,700	1%	1,133	1%	50%
General and Administrative	2,004	1%	3,291	2%	)39%(
Other operating expenses	4,901	3%	4,602	3%	6%
Depreciation & amortization	27,556	19%	25,908	18%	6%
Other	31	0%	894	1%	)97%(
Total Expenses**	146,615	100%	140,311	100%	4%

(**) The total expenses include expenses in respect to share-payments expenses for share-based payments amounted to NIS 150.1 millions in H1'24 and to NIS 142.6 millions in H1'23.

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 June 30, 2024 | NIS Thousands

Assets:
Current assets
Cash and cash equivalents	388,705
Financial assets at fair value through profit or loss	90,402
Trade receivables	19,956
Other receivables	18,700
Total(1)	517,763
Assets derived from clearing operations in respect of open derivative positions	1,303,830
Total current assets	1,821,593
	Non-current assets
Deferred tax assets	3,101
Property and equipment, net	309,214
Intangible assets, net	158,432
Other long-term receivables	7,483
Total non-current assets	478,230
Total assets	2,299,823
	Liabilities and Equity:
	Current liabilities
Current maturities of a loan from a bank	49,934
Current maturities of lease liabilities	8,270

Trade payables	9,156
Other payables	4,424
Income received in advance with respect to annual levies	22,838
Deferred income in respect of listing fees and levies	28,246
Current tax liabilities	10,048
Short-term liabilities for employee benefits	32,255
Total )1(	165,171
Liabilities derived from clearing operations in respect of open derivative positions	1,303,830
Total current liabilities	1,469,001
	Non-current liabilities:

Loan from a bank	74,936
Lease liabilities	13,768
Deferred income in respect of listing fees and levies	76,664
Non-current liabilities for employee benefits	6,451
Other liabilities	-
Total non-current liabilities	171,819
Total equity	659,003
Total liabilities and equity	2,299,823
Adjusted Equity Ratio	77%

Capital requirements in respect of the risk components:
Credit risk	9,919
Market risk	2,706
Legal and operational risk	56,248
Business continuity and reorganization	72,305
Contribution against default waterfall	29,461
Total capital requirements in respect of the risk components	170,639
	Capital base components:
Total equity	659,003
Adjustments:
Deferred income in respect of listing fees less deferred tax	80,849
Total qualifying capital base	739,852
Capital surplus (qualifying capital base, less requirements)	569,213

Liquidity requirements in respect to the risk components
Business continuity and reorganization	72,305
Projected cash flow, net	31,106
Contribution against default waterfall	29,461
Total requirements for liquid assets	132,872

Cash and cash equivalents	388,705
Securities portfolio at fair value	90,402
Less – amortization coefficients on the assets	)4,103(
Less- the balance earmarked for investment in TASE's technological infrastructure	)220,591(
Less – current liabilities	)6,761(
Net liquid assets	247,652

NIS in Millions Excess Capital(1)(2)

79% Growth compared to 31.12.23

115 NIS in Millions Excess Liquidity(1)

21% 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

	סעיף	H1'24	Q2'24	Q1'24	Q1'23	Q2'23	Q3'23	Q4'23	2023
Operating Activities Investing Activities	Adjusted EBITDA(1)	94,380	45,812	48,568	43,534	35,575	38,412	40,061	157,582
	Changes in working capital	)18,073(	)22,933(	4,860	8,803	)2,151(	)5,401(	9,904	11,155
	Financing and tax	)14,422(	)3,008(	)11,414(	)3,999(	)2,462(	)1,585(	)418(	)8,464(
	Total	61,885	19,871	42,014	48,338	30,962	31,426	49,547	160,273
	Investments in property and equipment and in intangible assets	)22,091(	)9,093(	)12,998(	)11,449(	)10,776(	)11,751(	)16,589(	)50,565(
	Disposal (acquisition) of financial assets at fair value	117	)355(	472	)1,400(	)1,223(	110,098	114	107,589
	Total	)21,974(	)9,448(	)12,526(	)12,849(	)11,999(	98,347	)16,475(	57,024
	Lease payments	)4,697(	)2,347(	)2,350(	)2,125(	)2,273(	)2,225(	)2,225(	)8,848(
Financing Activities	Payments for the acquisition of treasury shares	-	-	-	)24,378(	)108,030(	)21,340(	)1,507(	)155,255(
	Payments carried directly to equity within the framework of implementing the TASE Restructuring Law, net	242,457	-	242,457	1,849	6,771	4,133	-	12,753
	Credit and loan	)25,000(	)12,500(	)12,500(	889	)889(	527	149,473	150,000
	Dividend payment	)272,718(	-	)272,718(	-	-	-	-	-
	Total	)59,958(	)14,847(	)45,111(	)23,765(	)104,421(	)18,905(	145,741	)1,350(
	Total increase (decrease) in cash and cash equivalents	)20,047(	)4,424(	)15,623(	11,724	)85,458(	110,868	178,813	215,947
	Opening balance	408,484	392,955	408,484	192,416	204,271	118,958	230,339	192,416
	Effect of changes in exchange rates on cash balances	268	174	94	131	145	513	)667(	122
	Closing balance	388,705	388,705	392,955	204,271	118,958	230,339	408,485	408,485
Free Cash	Net cash provided by operating activities	61,885	19,871	42,014	48,338	30,962	31,426	49,547	160,273
	Investments in property and equipment and in intangible assets	)22,091(	)9,093(	)12,998(	)11,449(	)10,776(	)11,751(	)16,589(	)50,565(
	Lease payments	)4,697(	)2,347(	)2,350(	)2,125(	)2,273(	)2,225(	)2,225(	)8,848(
Flow	cash earmarked for investments in technology infrastructure(2)	21,866	9,447	12,419
	Free Cash Flow	56,963	17,878	39,085	34,764	17,913	17,450	30,733	100,860

(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

Revenue Trends

NIS in Millions

Adjusted Operating Expenses(1) Trends

NIS in Millions

Profitability Trends

NIS in Millions

26%

-10%

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

-5%

10%

15%

20%

25%

30%

26%

Revenue Drill Down | Transactional - Shares

Revenue

(NIS millions)

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

Revenue Drill Down | Transactional - Bonds

Average commissions %

Revenue (NIS millions)

Revenue Drill Down | Transactional - Mutual Funds

0.0120%

Average Daily Turnover (NIS billions)

Revenue

Revenue Drill Down | Transactional – Derivatives

Daily Contracts (thousands)

Average Daily Turnover (in '000 units)

Commission / Contract Average commissions

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

	Six months ended		Quarter Ended				Year ended
	30.06.24	30.06.23	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	120	122	57	63	66	61	58	64	249	244	244
SHARES
Market cap of Shares (ex. ETFs)	964	927	964	1,038	953	964	927	893	953	949	1,125
Market cap of ETFs on share indices	123	82	123	117	102	92	82	71	102	71	75
Total market cap (in NIS billions)	1,087	1,009	1,087	1,155	1,055	1,056	1,009	964	1,055	1,020	1,200
Shares ADV (ex. ETFs)	1,666	1,715	1,731	1,607	1,515	1,453	1,696	1,733	1,598	1,874	1,543
ETFs on share indices ADV	483	387	431	531	411	413	369	403	400	421	335
Total average daily volume (in NIS millions)	2,149	2,102	2,162	2,138	1,926	1,866	2,065	2,136	1,998	2,295	1,878
Average commissions	0.01120%	0.01106%	0.01131%	0.01110%	0.01147%	0.01164%	0.01129%	0.01085%	0.01129%	0.01044%	0.01081%
Revenue (in NIS thousands)	28,886	28,353	13,934	14,952	14,579	13,244	13,526	14,827	56,176	58,469	49,538
BONDS
Market cap of corporate bonds	447	425	447	457	447	427	425	411	447	409	426
Market cap of ETFs on bond indices	30	28	30	30	29	29	28	27	29	27	32
Total market cap (in NIS billions)	477	453	477	487	476	456	453	438	476	436	458
Corporate bonds ADV	1,040	905	1,024	1,054	861	939	834	969	902	916	781
ETFs on bond indices ADV	101	112	96	105	95	139	98	125	114	130	125
Total average daily volume (in NIS millions)	1,141	1,017	1,120	1,159	956	1,078	932	1,094	1,016	1,046	906
Corporate bonds - average commissions	0.00712%	0.00703%	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)	9,753	8,720	4,581	5,172	4,499	4,614	3,811	4,909	17,833	18,036	15,674
Market cap of government bonds -unlinked	347	292	347	328	308	284	292	278	308	287	364
Market cap of government bonds –linked and others	315	309	315	304	304	297	309	306	304	300	341
Total market cap (in NIS billions)	662	601	662	632	612	581	601	584	612	587	705
Government bonds - unlinked	2,333	1,774	2,183	2,469	2,406	1,615	1,651	1,885	1,902	1,476	1,868
Government bonds – linked and others	1,024	1,047	1,084	970	1,121	811	979	1,109	1,009	955	1,155
Total average daily volume (in NIS millions)	3,357	2,821	3,267	3,439	3,527	2,426	2,630	2,994	2,911	2,431	3,023
Government bonds unlinked - average commissions	0.00201%	0.00196%	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%	0.00296%	0.00298%	0.00299%	0.00315%	0.00306%	0.00298%	0.00294%	0.00303%	0.00290%	0.00285%
Government bonds - unlinked (in NIS thousands)	5,630	4,247	2,484	3,146	3,372	1,960	1,897	2,350	9,579	7,010	8,817
Government bonds - linked (in NIS thousands)	3,672	3,775	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)	9,302	8,022	4,328	4,974	5,699	3,473	3,587	4,435	17,194	13,770	16,839

Transactional Metrics | Continued

	Six months ended		Quarter Ended						Year ended
	30.06.24	30.06.23	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	120	122	57	63	66	61	58	64	249	244	244
TREASURY BILLS
Market cap (in NIS billions)	249	282	249	256	305	316	282	272	305	209	115
Treasury bills ADV (in NIS millions)	1,660	1,341	1,365	1,926	1,568	1,323	1,302	1,377	1,397	783	320
Average commissions	0.00317%	0.00453%	0.00359%	0.00290%	0.00302%	0.00327%	0.00407%	0.00492%	0.00379%	0.00334%	0.00269%
Revenue (in NIS thousands)	6,313	7,409	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)	375	297	375	357	330	313	297	277	330	272	292
Average daily value of creation / redemptions (in NIS millions)	1,827	1,407	1,826	1,828	1,474	1,406	1,306	1,498	1,424	987	890
Average commissions	0.00758%	0.00815%	0.00769%	0.00748%	0.00779%	0.00846%	0.00860%	0.00779%	0.00813%	0.01027%	0.01200%
Revenue (in NIS thousands)	16,615	13,984	8,005	8,610	7,576	7,259	6,516	7,468	28,819	24,732	26,054
DERIVATIVES
Derivatives on indices (1)	108.8	108.4	117.9	100.6	110.8	106.2	106.4	110.1	108.5	114.6	106.4
Derivatives on foreign currency	34.6	39.5	39.8	29.8	31.5	34.2	36.7	42.0	36.1	40.3	47.9
Derivatives on individual shares	15.3	11.3	10.1	20.1	10.0	18.4	10.1	12.3	12.7	4.3	5.0
Total derivative contracts (in '000 units)	158.7	159.2	167.8	150.5	152.3	158.8	153.2	164.4	157.3	159.2	159.3
Average commissions	0.567	0.557	0.536	0.598	0.565	0.585	0.557	0.559	0.566	0.538	0.530
Revenue (in NIS thousands)	10,798	10,825	5,126	5,672	5,681	5,664	4,947	5,878	22,170	20,900	20,608
OTHER
Other (MTS) (in NIS thousands)	99	138	41	58	33	56	64	74	227	208	299
Total revenue from trading and clearing commissions	81,766	77,451	38,812	42,954	41,190	36,948	35,528	41,923	155,589	142,490	131,116

Non-Transactional Metrics

	Six months ended		Quarter Ended							Year ended
	30.06.24	30.06.23	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)*	3,121	2,853	3,132	3,110	2,908	2,946	2,877	2,829	2,890	2,983	2,975
Avg. commissions from Custodian Fees	0.00108%	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	16,875	15,632	8,458	8,417	7,986	8,093	7,891	7,741	31,711	32,460	32,221
Clearing House services for members	13,399	11,999	6,510	6,889	7,365	6,459	5,574	6,425	25,823	22,549	16,892
Clearing House services for companies & funds	8,341	7,637	5,209	3,132	4,280	3,203	4,071	3,566	15,120	10,779	11,271
Other	2,896	2,819	1,354	1,542	1,335	1,400	1,438	1,381	5,554	5,100	5,121
Total revenue from Clearing House services	41,511	38,087	21,531	19,980	20,966	19,155	18,974	19,113	78,208	70,908	65,505

	Six months ended		Quarter Ended							Year ended
	30.06.24	30.06.23	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	620	627	619	622	612	618	624	630	621	612	535
Mutual funds and ETFs	2,288	2,326	2,264	2,311	2,300	2,303	2,309	2,341	2,314	2,314	2,210
Avg. revenue from levies (in NIS thousands)
Companies	11.4	10.9	5.7	5.7	5.6	5.5	5.5	5.4	22.0	22.8	21.6
Mutual funds and ETFs	4.3	4.0	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	7,100	6,840	3,543	3,557	3,414	3,416	3,443	3,397	13,670	13,966	11,547
Mutual funds and ETFs	9,859	9,392	4,926	4,933	4,628	4,662	4,652	4,740	18,682	17,778	16,335
Nominee Company and others	4,609	3,658	2,408	2,201	1,868	1,873	1,820	1,838	7,399	6,381	5,178
Total revenue from Annual levies	21,568	19,890	10,877	10,691	9,910	9,951	9,915	9,975	39,751	38,125	33,060

Non-Transactional Metrics | Continued

		Six months ended	Quarter Ended						Year ended
	30.06.24	30.06.23	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)
Companies – Shares, Bonds and ETFs(1)	73,445	59,470	30,356	43,089	41,655	37,927	30,806	28,664	139,052	143,732	182,966
Government bonds (including swap transactions)(2)	116,487	40,379	49,156	67,331	51,953	23,991	23,928	16,451	116,323	41,501	157,956
Treasury-bills	215,572	208,889	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)	30	35	10	20	14	17	19	16	66	78	170
Number of new issuers of shares	3	1	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)	458	145	313	145	-	-	-	145	145	2,342	10,490
Amount raised in bond offerings by new issuers (in NIS millions)	136	523	136	-	1,186	340	418	105	2,049	967	364
Number of corporate bond offerings to the public	89	67	34	55	30	40	34	33	137	165	177
Number of corporate bond offerings to the public by new companies	1	3	1	-	2	4	1	2	9	8	5
Average revenue from Examination and Listing Fees(3)
Companies – Shares, Bonds and ETFs	0.0156%	0.0173%	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	4,201	3,726	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	11,470	10,273	4,368	7,102	6,989	5,890	5,543	4,728	23,152	25,183	31,388
Listing fees - government bonds	3,238	3,133	1,619	1,619	1,566	1,567	1,566	1,567	6,266	5,952	5,812
Listing of T-bills	1,508	1,462	795	713	697	665	554	908	2,824	1,618	916
Levies and examination fees from members	893	57	863	30	55	114	0	57	226	850	290
Other	404	122	181		170	198	96	26	490	236	162
Total receipts	17,513	15,047	7,826	9,687	9,477	8,434	7,759	7,286	32,958	33,839	38,568
Accounting adjustments to revenue recognition	36	1,782	851	)815(	)783(	364	689	1,095	1,363	4,280	)11,558(
Total revenue from listing fees	17,549	16,829	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)	21,750	20,555	10,838	10,912	10,276	10,538	10,228	10,327	41,369	46,364	35,996
Total revenue from listing fees and levies	43,318	40,445	21,715	21,603	20,186	20,489	20,143	20,302	81,120	84,489	69,056

(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		Quarter Ended							Year ended
	30.06.24	30.06.23	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)	7,444	7,312	7,397	7,491	7,446	7,311	7,245	7,379	7,345	7,419	7,551
Overseas business clients	5,357	5,845	4,866	5,848	5,955	5,924	5,968	5,722	5,892	5,447	4,927
Non-display data(2)	216	269	200	231	287	219	230	308	261	288	286
Revenue from data distribution and connectivity services (in NIS thousands)
Domestic business clients(1	9,379	8,830	4,656	4,723	4,516	4,454	4,380	4,450	17,800	16,693	16,516
Overseas business clients	5,737	5,623	2,728	3,009	3,211	3,496	3,034	2,589	12,330	9,251	7,160
Private clients	5,377	4,120	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)	2,331	2,273	1,165	1,166	1,275	1,065	1,074	1,199	4,613	4,775	3,954
Data files and other data	2,579	2,295	1,320	1,259	1,203	1,158	1,128	1,167	4,656	4,147	3,381
Authorization for indices usage	12,043	4,973	5,757	6,286	2,735	2,473	2,511	2,462	10,181	3,202	3,093
Connectivity services	7,274	6,377	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	44,720	34,491	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.

(3) The revenues from non-display data packages include data packages that are differently priced for domestic clients and overseas clients, including quote generators.

CONTACTS

Yehuda Ben Ezra EVP CFO

Email: [email protected]

Tel: +972-76-8160442

Orna Goren Head of Communication & PR unit

Email: [email protected]

Tel: +972-76-8160405

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Tel Aviv Stock Exchange Ltd. Investor Presentation 2024

7071_rns_2024-08-07_f0930703-e5b7-4074-8ba4-a10ee41b15eb.pdf

Tel-Aviv Stock Exchange (TASE) Investors Presentation

Quarter ended June 30, 2024